Ladies and gentlemen, good day and welcome to the JNK India Q3 FY 2025 earnings conference call hosted by IIFL Capital. As a reminder, all participants line will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Akshit Gangwal from IIFL Capital. Thank you, and over to you, sir. Thank you, Sejal. Good afternoon, everyone. On behalf of IIFL Capital, I welcome everyone to JNK India's Q3 FY 2025 earnings call. We have with us today Mr. Arvind Kamath, Chairperson and Whole-Time Director, Mr. Pravin Sathe, Chief Financial Officer, and Ms. Annie Varghese, Senior Manager, Investor Relations. Without further delay, I will now hand over the call to the management for their opening remarks, which will be followed by Q&A. Over to you, sir. Thank you, Akshit. This is Arvind Kamath here. Good afternoon, everyone, and welcome to JNK India's Q3 FY2025 earnings call. I sincerely appreciate your time and continued interest in our company. The third quarter FY2025 was centered around project execution, with several key assignments reaching their almost final phases, as although revenue recognition was lower during this stage due to milestone-based billing while fixed costs remained high, impacting our margins. While the quarter did not see major orders enclosed, our commitment to efficient execution remained strong. For the nine-month period of FY2025, total revenue was INR 295.1 crores, reflecting almost a 16% year-on-year growth. As of December 31, 2024, the order book was INR 1,226 crores, providing a strong revenue visibility and reinforcing our execution pipeline going ahead. Entering quarter four FY 2025, the momentum has picked up with a significant order secured in January 2025 from JNK Global Co., Ltd., Korea. This contract for the Pengerang biorefinery project in Malaysia includes a residual engineering procurement, fabrication, and supply of critical fired heater, along with assistance in erection, commissioning, and performance testing. This order represents another step in strengthening our global presence and demonstrates our ability to win high-value international projects, as this will be the first order for JNK India to Malaysia. Financial strength was further reinforced with an upgrade in our credit rating by CRISIL in January 2025. The long-term rating improved to A- from the earlier BBB+, while the short-term rating has been upgraded to CRISIL A2+ from CRISIL A2. This enhancement reflects the company's sound financial discipline, operational efficiency, and ability to scale effectively. Looking ahead, our confidence remains high in trying to achieve a significant revenue for the fourth quarter FY 2025, supported by a strong order book, strategic diversification, and a focus on operational excellence. The company remains committed to executing ongoing projects efficiently, expanding into new markets, and delivering long-term value for all stakeholders. I will now hand over to our CFO, Mr. Pravin Sathe, to provide a detailed financial overview. Thank you. Thank you, Mr. Kamath. Good afternoon, everyone. This is Pravin Sathe, CFO of JNK India Limited. I'm pleased to present the financial performance of JNK India for the quarter three and nine months of FY 2025. For the nine months ending December 31st, 2024, total revenue increased by 15.6% year-on-year to INR 295 crores, supported by steady project execution. Operating profit came in at INR 98.2 crores, with a margin of 33.3%. EBITDA for the period was INR 37.3 crores with a margin of 12.7%. Profit after tax was INR 17 crores with a margin of 5.8%. During Q3 FY 2025, the total revenue reached INR 96.9 crores, reflecting 9.7% sequential decline. Operating profit for the quarter was INR 29.3 crores with a margin of 13.2%, while EBITDA was INR 9.75 crores with a margin of 10.1%. Profit after tax was INR 2.8 crores. With a margin of 2.9%. This quarter primarily focused on project execution with several projects in the final stages where fixed costs remained the same, but revenue realization was lower, which has impacted margins. As a result, EBITDA margins were moderated due to the cost absorption, along with higher employee benefit expenses, which includes ESOP-related costs. However, it is important to note that ESOP-related costs will conclude by the end of FY 2025, providing a clearer margin outlook moving forward. Heating equipment continues to dominate our order book at 82%, with waste gas handling systems and process plants contributing the rest. Geographically, 92% of our orders remain domestic, while international markets account for 8% of the order book. While Q3 was largely an execution-focused quarter, we remain confident about achieving the targets for FY 2025. Our pipeline remains strong, and we expect the execution momentum to pick up in the coming quarter. Looking ahead, JNK India is well-positioned to capitalize on industry growth, and we remain committed to delivering value to our stakeholders. In closing, I would like to thank you all for your time and continued support to JNK India. We now welcome any questions if you may have. The first question is from the line of Mohit Kumar from ICICI Securities. Please go ahead. Yeah. Thanks for the opportunity. My first question is, of course, you did mention about the Q4 should be a better quarter, but I would like to dwell on that more. How do you think about the execution in Q4? I think you had mentioned that you can still execute the entire opening order book of FY 2024, which was roughly around INR 6 billion for the full fiscal. Are we still maintaining that? Our opening order book was INR 620 crore. In the last earnings call, we did mention that our endeavor is to execute the complete order book in this financial year. Now, certain projects have got delayed due to various reasons, which are not under the control of JNK India. We might suffer a reduction in the target by, say, 10%. Moreover, the projects are of PSUs, and there are export orders also. Roughly 10% reduction expected in the targets that we had placed before us for this fiscal. Understood, sir. That's a helper. My second question is with EBITDA margin of 17% and 21% in last of fiscal. Do you think given whatever we are expected to execute in Q4, we can achieve good margins in FY 2025E before ESOP expenses? What were the ESOP expense for the nine months? Yeah. If you see the EBITDA margin for the nine months before ESOP expenses was around 15.21%, and after ESOP it was 12.7%. That ESOP cost would go away in March 2025. Far as the comparison with the previous year is concerned, definitely the margins were two, three points higher than what general guidance that we had given initially of 17%-18%. This year, due to various reasons, due to increased cost, increased direct cost also, and in increasing number of employees, the post-listing effect of the ESOP reserves, we see that the guidance would come down by three to four points. Understood, sir. We had a very good Q1 in terms of order inflow. I think it was a superlative quarter. After that Q2 still had a decent order, but Q3 has been hardly any order. How do you think in this context about the Q4 and next 12 months? How is the pipeline and prospect looking like? Yeah. Hi, Mohit. Look, the pipeline looks actually very good, including India and exports. As we started off, yes, quarter to quarter finalization varies considering the size and the quantum of the projects which we bid. It is generally not uniform as we told last year as well. It could come in one of the quarters significantly and some quarters it could be a bit slow. Yeah, this quarter also, there is at least a finalization of two important opportunity. Going ahead for six months also the Pipeline in terms of the order influence or the order pipeline is very healthy, I must say, because you also might be aware there are also significant projects announced in India as well in terms of the petrochemical opportunity, including BPCL, Bina, IOCL, Paradip, Petronet LNG. In all of these projects, we have already received the inquiries, and some of the projects we already submitted the offers, and some inquiries are received, and we are in the process of submitting the firm proposals. If I can ask again, sir, do you think a lot of these opportunities will materialize in CY 2025 in terms of finalization of orders? Not for your industry, I'm saying in general. Do you see the finalization of orders happening for the industry so that we can benefit? That's the question. Do you think there could be some delay? CY 25? No, sir. I'll just rephrase, sir. Given that you just spoke about so many opportunities- Yeah I think, in your opinion, a lot of these orders will get finalized in CY 25, or we can see a delayed finalization of order, which means that CY 25 could also be a weak year. That's all I'm asking. Yeah. Actually, even last year we were in a similar situation. There are about two to three proposals which the price bid could be opened any time, and the order finalization could take place either in this quarter or it could happen in the first quarter of Q1 2026. It becomes a bit difficult for us to exactly kind of plan. We are focused there. Thank you. That's a very good answer. Very good answer. Very helpful. Thank you, sir. Yeah. Thank you. Thank you. Before we take the next question, a reminder to all the participants that you may press star and one to ask a question. The next question is from the line of Nidhi Shah from ICICI Securities. Please go ahead. Thank you so much, sir, for taking my question. Firstly, my question is on, again, could it be orderings for this quarter particularly, what was the reason why we did not see almost clearly the results? Can you please repeat your question because your voice is cracking? Am I audible now? Yes, please. Yes. Was there like an ordering stop in the industry in this quarter? Is that the reason why we did not see any orders coming this quarter, or is it that the finalization is getting delayed? Yeah. The finalization has been delayed, and we actually didn't lose any significant order in the last quarter. Nidhi Shah, that was your question, if I reported correctly. Yes. Yeah. Also, I would really like to know, what are the opportunities for JNK Global? Can you please some color on how these opportunities will pass JNK Global and then probably could transfer over to us? Yeah. As I said, the opportunity pipeline is quite large. Like Rino just said, we received the first opportunity for Malaysia. Same way, we have a big pipeline for many countries, including USA, Algeria, and also in Middle East, other than India. In India, there are projects which are already announced, which we have received the inquiries as well, which I already mentioned in the earlier message. Yeah. Last thing, just if you could corner the value for the We are unable to hear you. We are not clear. Am I audible now? Please use your handset. Due to no response from the current participant, we will move on to the next participant. The next question is from the line of Charanjit Singh from DSP Mutual Fund. Please go ahead. Hello, sir. Am I audible? Yes, sir. Hello. Yeah. Sir, while you've talked about the prospect pipeline is pretty strong. If you can just quantify the prospect pipeline, and generally, what is the kind of hit rate which we have seen in terms of these order finalizations? That's my first question. Second is you also talk about certain new businesses which you are targeting. What are these new businesses, and are they included in the prospect pipeline, or you think that they will be on top of that as we see that overall are pre-qualifications picking up in the new businesses? Those are the two questions, sir. Yes, Mr. Singh. Basically, the big pipeline is around in terms of the value. It is about INR 4,000 crores for exports, and it is about INR 4,000 crores for the domestic as well. That is the kind of a big pipeline we have, which is expected to get finalized in next about, say, six to eight months or so. Once we bid, that is the timeline for finalization. This is the kind of opportunities we have quoted for, and mainly in the product lines of fired heaters, reformers, cracking furnaces, flares. In terms of the new opportunities, not much is included in this pipeline. The other pipeline for the hydrogen plants and also some of the TGU units or incinerator, which is a new product line, that pipeline is not so large as of now, but it could be to the extent of about INR 200 to INR 50 crores. Our traditionally hit rate has been around 20% or so in terms of the orders finalized 20%-30%. We are quite sure that we will be able to maintain that hit rate and going rate as well. Sir, this 20% hit rate is for the domestic or for the export? How is that different, sir? It's generally for both put together. Okay. You also touched upon that there's a strong pipeline in U.S. market. What are the kind of prospects there and, with a lot of emphasis, which is going to come on the oil and gas space in the U.S. market, where JNK generally operates in a big way, how you see that market just now maybe going to shape up in the future? Yeah, U.S. is, yes, as you said, it is a very important market and we have not really, even including Korea, has not done practically any business in U.S.A. Whatever we received the order in Q2 of FY 2025 was the first order for U.S. based on for JNK for a fired heater. Now we have about two proposals, two large EPC contracting companies for the projects upcoming in U.S. Now more prospects we should be able to see with the new projects coming up further. These two are also a good size of projects, and I think they would probably finalize in next about five to six months. In the pipeline of the, what I mentioned, exports, these two projects in U.S. also are included. Okay. Sir, lastly from my side, in terms of if you can highlight, one, what could be our expectation in terms of the growth going forward for the next financial year, looking at all these prospects getting concluded. In terms of the margin also, if you can touch upon how we should look at the margin going forward in the next financial year. You see, as on now, our order book position is INR 1,220 crore. I think that at the end of March end, the order book position would definitely be above INR 1,000 crore. It depends on what is the order inflow in this quarter. We would definitely have to gear up and deliver the growth far better in next year because this year it has been a little bit fallen short of what we wanted to deliver. Whatever the shortfall is there, we will have to catch up in the next year, definitely, because we also have a committed delivery timeline with the customer as well. Considering that, whatever the original projection for FY 2026 is there, I think we should be able to maintain that. In terms of the margin profile, yeah, generally, traditionally, we have always told that our margin is anywhere around EBITDA of 17% - 18%. That's the EBITDA we should be able to maintain going rate as well. Whatever the EBITDA change which happened in last year and this year, it's due to certain reasons, but now we should be in a position to maintain a pretty uniform EBITDA as well. Got it, sir. Thanks a lot for taking our questions. That's all from my side. Yeah. Thank you. Thank you. The next follow-up question is from the line of Nidhi Shah from ICICI Securities. Please go ahead. Hi, am I audible this time around? Yes, ma'am. Yeah, better. Thank you so much. I wanted to ask, could you follow up the rupee amount for the ESOP for nine months and what we're expecting from this year? Nidhi, what were you looking for nine months? Nine months. We could hear a part of your question. What is the ESOP in INR value for nine months and for full year? Yeah. The ESOP reserve for this nine months is INR 7.51 crores. For the entire year, it could be around INR 10 crores or so. It's about INR two and a half crores more in the last quarter. Okay. Thank you so much. Thank you. The next question is from the line of Mohit Jain from CRIS PMS. Please go ahead. Hello. Yes, please. Yeah. Thank you for taking my question, sir. My first question is on the working capital. How is the working capital cycle shaping up for us? Sorry to interrupt, sir. I would request you to please use your handset. Can you hear me now? No, sir. Hello. Can you hear me now? Yes. Now? Yeah. How is the working capital cycle shaping up for us? Are we seeing any relaxation in the receivables side? Also, sir, I believe we were facing some issues in the collections from PSUs. Sir, can you throw some light on this? Yes, surely. See, typically, we have seen that our working capital cycle has been in the range of 120 to 140 days. At some stages, it got stretched up to 160 days also. Ideally, it should be around 120 days going forward. If you see the receivables from the PSUs also, we have improved on the receivable days also. In spite of the client being PSUs, we could now get after them somehow and push them to release our payments little faster than what they used to be in the previous year. Our utilization on the working capital lines has also considerably reduced. That will show that the working capital cycle has improved. The interest cost that we have borne for this quarter, that Q3, is hardly INR 20 lakh as compared to the Q2 interest cost. This shows that we are using the working capital lines also optimally. Things are improving for the better. Going forward, we see working capital cycle somewhere between 120 to 130 days. Okay, sir. Thank you very much. Sir, in the first nine months, we have done roughly around INR 300 crores of top line. We have guided for INR 600-650 crores initially. Sir, are we on a right track to do INR 300 crores in the coming Q4? I think couple of questions earlier, I have said about this, that the target that we had kept for this financial year may get reduced by 10% or so, because there are certain factors which have resulted in delays in execution of the project. There might be a slippage of 10% or so from the targets that we had kept for this financial year. Okay, sir. Thank you. That's all from my side. Thank you. The next question is from the line of Aashna from HDFC AMC. Please go ahead. Yeah. Hi, good afternoon, team. Sir, despite this 10% slippage that we're talking about, even if we consider our guidance to be around INR 620-INR 630 crore, so execution we planned around INR 580 crore for the full year. That again brings us to around INR 280-INR 290 crore of execution for Q4. How confident are we of hitting that top line number? Aashna, just to last two years actually, if we see our historically, whatever we have delivered in nine months revenue, the same revenue we have delivered in the last quarter as well, that is Q4. That's our endeavor to do this year as well. However, we just want to be considering the various situations because of the many executions projects that are quite far-reaching sites like Numaligarh and Paradip, et cetera, Barauni. Considering all this, that's how we said it could fall short by about 10%-12% than what we had anticipated for the complete year. Yes, sir. That's what I'm asking. Despite that 10% of shortfall, it still comes out to be around INR 280 crore-INR 290 crore of execution. Is what I wanted to understand, would we be able to do that in Q4? Yeah, that's our endeavor to achieve that. Okay. Similar, that kind of numbers in the last quarter. Okay, sir. Sir, in terms of margins for Q4, for the full year, you mentioned that there might be a shortfall of three to four percentage points. That again brings us to around 12% of full year EBITDA margin. Is that safe to assume? Somewhere around 12%-13%. Okay. This shortfall has also been mentioned because of some increased direct cost and some projects getting delayed. I am understanding those projects are now back on execution and would get completed over coming quarters? Since the projects have been getting executed, since the projects are with the PSUs and the projects are on the remote sites. There are certain conditions, environmental conditions, or the conditions which are under the control of the client. Because of that, there have been certain delays. Projects were never stalled. They were getting executed, and they are on track right now. Okay. Understood, sir. Just one last question in terms of the pipeline. You mentioned INR 4,000 crore for exports and INR 4,000 crore for domestic. These are two separate, is the understanding correct? That's right. Okay. In exports, are there any specific like for domestic you're able to highlight the two, three key projects. For exports, are there any large projects that are there in the pipeline which we might know of? There are mainly couple of projects in Russia, I mean, sorry, U.S. Russia, they're there, but Russia, the finalization has been delayed, so we are not really focusing that much because there's been a substantial delay in the Russian finalization. Now there are a couple of important projects in the U.S., which the finalization is expected in next three to six months. Other than that, there are one or two projects in Middle East as well. Okay. Good to know. Sir, just one last question. The lines order which we got in the Q1 this year, when do we expect the execution to begin and to conclude for that? The execution has already begun. We have already started booking some revenues as well, though they are small in nature. The execution completion is in the next financial year. By March 2026? Yeah, March 26. Correct. Okay. Understood. Thank you, sir. Thank you. The next question is from the line of Mahesh Bendre from LIC Mutual Fund. Please go ahead. Sir, my questions have been answered. Thank you so much. Thank you. The next question is from the line of Varun Mohanraj from Sakavia Capital. Please go ahead. Thank you for the opportunity. You mentioned that your export pipeline would be around INR 4,000 crore. In previous calls, we have mentioned that some of the export orders would be coming from the JNK Global company. I just wanted to know whether we would be having to pay any royalty or any fee for the export opportunity that comes through the JNK Global route. Thank you. I mean, just whenever the order is received from JNK Global, they take care of their cost and whatever we bid, we receive the order at that price. There is no separate royalty to be paid to them. We already received our orders in this quarter as well for Malaysia, that was from JNK Global. There is no separate royalty to be paid when we receive the order from them itself. Only if we receive the order for exports directly from the customer, then we have to pay them up to. 3%. Up to 3% of the order value. Okay. Thank you. I think in one of the previous calls we mentioned about the products being fired heaters, reformers, and cracking furnaces. I just wanted to know if the INR 1,200 crore order book is spread across these products, or do we also have a wide range of SKUs? It's about 50% of that is cracking furnace and about balance, 40% is fired heaters and 10% is the other products like flares, incinerators, et cetera. Okay. What's your vision with the green hydrogen vertical and, like three to five years down the line, how big a vertical or a revenue stream this particular product could be for us? Typically the green energy and the renewable energy is our focus, but currently what we're doing is developing our expertise in this line. As maybe three to five years, we want that line to be at least, say about 30% of our total revenue. That's our intention is. Okay. As you know, there are a lot of obviously action taking place in that, or there is a lot of work going on, but actual orderings are not really happening in green hydrogen or other allied areas. Wherever the opportunities are there, we just want to ensure that we are able to bid and we are able to get qualified and develop our capabilities in executing such projects as well. Okay. Does our existing products have a synergy with the green hydrogen industry, or should we go about developing completely newer products for this green hydrogen industry? No, I mean, the existing, they do have a synergy, and that's also one of the reason why we want to develop that expertise because, say, even currently through the reformers, we are producing hydrogen. In terms of handling capability of hydrogen, we have already developed that over a period of time. Here, instead of the reformer, we would be using the electrolyzer when we are actually producing green hydrogen that way. Okay. My last question would be on the Russian pipeline, which we mentioned in the previous call that would be like INR 2,000 crore pipeline. I think to the previous participant, you mentioned that there's been long delays. Do you think it would materialize sometime in the future or like, I just want to know what is the order for finalization from Russia? Yeah, I mean, We are under active consideration. Unfortunately, there have been delays in finalization. We are in touch regularly. If there is any progress happening, we will come to know. As of now, yes, there are still delays in terms of the order finalization from Russia. The INR 4,000 crore pipeline is excluding Russia, which you are mentioning, or is it including Russia? In the 4,000 export pipeline, there is a certain amount of Russian proposals also there. Some proposals, yeah. Okay. Thank you. That's it from my side. Thank you. Thank you. The next question is from the line of Sunil Jain from Nirmal Bang Securities Private Limited. Please go ahead. Yeah, thanks for this opportunity, sir. Sorry to interrupt, sir. Hello. I would request you to please use your handset. Yeah, I'm using handset only. Am I audible? Yes, sir. Yeah. Earlier you were guiding for 17%-18% margin. From the order visibility, you must have calculated that margin. Is there any change which has happened, or some extra cost which has come, that's why the margin has come down? We have already mentioned in our earlier calls also that the project has different execution cycles. At the initial stages of the execution cycle, typically the margins are on the higher side. During the middle stages, the margin dips. Again, at the concluding stages, when we are doing the erection work or the services portion is billed, the margin again rises. Now, in the current year, whatever revenue that is generated, that is generated out of the projects, those are in the stage wherein the margins are low. They are in the middle stages of their execution cycle. That has resulted in the dipping of the margins. Okay. Last year, we did not book new orders significantly in the last financial year. Typically, what happens is, if you book new orders, then there are certain orders in the initial stage which offset this effect when certain projects are in the middle stages. This cumulative effect has resulted in the reduction of margin. The same situation will be there in the fourth quarter also. Yeah, that is what we said, that somewhere the EBITDA would be in the range of 13%-14%. Right. From the financial year 2026 onwards, you will see that the margins will get stabilized. Mm-hmm. The last execution part will come in 2026, and then we'll have a better margin. Yes, yes. Sir, second question related to interest cost. This quarter, the interest cost came comparatively higher at over INR 5 crore. You said that the actual interest in that is only INR 20 lakh. What is the rest of the cost? Is there any one-off in that? It is not the interest cost, it is the finance cost. The finance cost includes, apart from the interest. See, in the last year, for December 2023, we were having credit facilities of INR 150 crore. Coming this December, we have credit facilities of INR 457 crore. We have availed additional limits of INR 307 crore from the last Q3 to this Q3. This has resulted in the loan processing fees and the stamp duty charges. If you take that into consideration, that itself is around INR 2.75 crore out of this. Also, there are bank guarantee charges. We have issued bank guarantees to get the advances as we got the orders from Reliance. Around INR 85 lakh is towards the bank guarantee charges. If you add these three figures, they will come to around INR 3.5 crore out of that. Okay. Typical interest cost is not the entire component of this finance cost. Okay, sir. Fine. Great. Thank you very much. Thank you. The next question is from the line of Raj Vyas from TM Investment Technologies Private Limited. Please go ahead. Yeah, thanks for the opportunity. I just wanted to know what will be the absolute ESOP cost for FY 2025. As you have mentioned. The absolute ESOP cost, I have answered this to the earlier question also. For nine months, the absolute number is INR 7.51 crores, and about INR 2.5 crores additional cost will come in this Q4. Roughly, it will be around INR 10 crores for this fiscal. Okay. INR 10 crores for this fiscal. Other thing is, in the earlier, like in Q2, you said that H2 will be far better than H1. I guess in terms of Q3 earnings, we've also seen the order book declining. I'm understanding that this is because some of the execution has played out in this quarter. Is this correct? Is my assumption right? Yeah, if you see the quarters in isolation, you will feel that order book has declined. There is an execution, of course, but in the H1 itself, we bagged the orders to the tune of around INR 880 crore. Our target for this financial year was somewhere between INR 800 crore-INR 1,000 crore. In fact, we are on the right track to achieve our target to complete the order book. As the orders get executed and till the time new orders are booked, the order book gets reduced. Okay. Do we stick to the revenue guidance of INR 600 crore as mentioned in the earlier calls result or is there some reduction in that as well? Earlier that we are anticipating about 10% decline from the target that we had kept for ourselves for this fiscal. Okay. Have you won any new orders currently? If so, can you elaborate on the same and what will be the growth forecast for the same? The completion of the orders. For this quarter? Yeah. We have already released orders. Aside from the meters orders. There is a likely finalization of about two opportunities, one domestic and one export. We wouldn't know exactly they would get, in terms of the actual ordering would happen in this quarter or the Q1 of the next year. Those two large opportunities are under finalization, that way. One for the domestic and one for export opportunity. Any tentative figure of the same? We cannot give a tentative figure of orders finalization because we will always anticipate that we will get all the orders that we bid for, right? Correct. That's true, of course. Okay. That's it from my side. Thank you. Thank you. Thank you. The next question is from the line of Anshul Jethi from LKP Securities Limited. Please go ahead. Hello, sir. Am I audible? Yes, sir. Yeah. As per your one of the filings that Suntech Infra has filed an arbitration petition against you for the contract related at Dahej site. Is it related to the Reliance project only? Yes. It is related to the Reliance project. Does this affect any execution timeline or that goes on as guided by you previously? That doesn't affect the execution timeline because we have already engaged another contractor to carry out the same work. There we have mentioned clearly in our disclosure also that there would not be significant financial implications out of this arbitration. Okay, sir. Thank you. That's it from my side. Thank you. Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to the management for closing comments. Thank you all for joining our quarterly and nine monthly FY 2025 earnings call. We truly appreciate your time and interest in learning more about our company, JNK India. We value your support and look forward to continuing this journey together. If you have any further questions, please feel free to contact us and we will be more than happy to address all your queries. Thank you so much. On behalf of IIFL Capital, that concludes this conference. Thank you for joining us and you may now disconnect your line.