Thank you, Stanford. Good day to all of you, ladies and gentlemen. This is P. Ramakrishnan. I have with me my colleague, Harish Barai, also who has joined this call. Firstly, a very warm welcome to all of you for the L&T Q3 nine months FY 2021 earnings call. The analyst presentation was uploaded on our website around an hour back. I hope you all had a chance to go through the numbers. This time around, instead of going through the entire presentation, I will give you a brief overview, and after which we will proceed into question and answers. Before I summarize the performance, a disclaimer. Essentially, this presentation and the discussions that we will have in this call would contain certain forward-looking statements concerning our business prospects and profitability, which are and would be subject to a number of risks and uncertainties, and actual results could materially differ from those in such forward-looking statements. For the Group Q3 FY 2021 was a welcome departure from H1 of the current financial year, as most of the financial parameters of the group are evidencing return to pre-COVID-19 levels. At an economic level, the pickup in high-frequency economic indicators for India, especially considering manufacturing index or power generation statistics or GST collections or even supply or cargo movements, it augurs very well and it appears that the country's GDP will grow in H2 of the current financial year as compared to the contraction that we witnessed in the first part of FY 2021. In Q3 FY 2021, we do see a strong sequential recovery. We registered a strong growth in order inflows in Q3, 76% Y-on-Y, and around 161% Q-on-Q, on the back of some very prestigious and high order wins, most notably in the Infrastructure and the Hydrocarbon segment. Consequent to such wins, our order book at INR 331,000 crore approximately is also at a record high. Our revenues for the quarter Q3 of the current financial year have registered a sequential growth of 15%, largely aided by near normal labor availability and a functional supply chain. On a year-on-year basis, our Q3 revenues have marginally declined by 2%, primarily due to productivity challenges arising out of stringent safety protocols at sites. Our PAT, profit after tax from continuing operations for Q3 FY 2021 has registered more than 100% quarter-on-quarter growth and 4% on a Y-on-Y basis. Our cash flow situation in the current quarter is again an extension of very good collections on the back of H1 FY 2021. A combination of enhanced borrowing programs at the center and states, along with the pickup in tax collections in Q3, has augured very well for us. As an example or as a statistic, our gross collections for the group for the quarter Q3 was around INR 32,000 crore, against which the parent collections attributed to around INR 18,000 crore, which is a large part of our core business. For the nine months, our absolute levels of net working capital has shown a marginal improvement, around INR 31,000 crore net, thanks to the steady customer collections. Our entire operations for this nine-month period have been funded from customer collections, and we have not had to draw on the cash reserves on the balance sheet. Our net cash flow from operations for Q3 and nine months of the current financial year are very robust. You can refer to the cash flow statement, which is there at the end of the presentation. Finally, net working capital to sales ratios appear although high because of the fall in revenues. Although it is not a guidance from our end, but we will endeavor to maintain the same levels of net working capital in March 2021 as they existed the previous financial March 2020. Having mentioned that, let me also state here that the ask rate for collections in Q4 would be higher given the likely ramp-up of operations. Hopefully, a combination of the improvement in tax collections at the government level and the remaining program for Q4 should enable us to maintain our working capital at satisfactory levels. Coming to order inflows, as I said, on the back of large domestic order wins in Infrastructure and Hydrocarbon, our order inflows for nine months stand at INR 1,248 billion, marginally lower 3% compared to the nine months of the previous year. We see total bottom-up prospects pipeline of around INR 2.65 as at December for Q4 FY 2021, of which around INR 2.2 trillion is domestic and the balance international. Infrastructure prospects, both domestic and international, account for around INR 2.7 trillion out of this total prospect pipeline of INR 2.65 trillion. It appears that the government has now turned to focus on new awards, which will boost economic recovery and generate further employment. The government is currently focusing on awards in key areas like Metro, RRTS, HSR, High-S peed Rail, Roads and Expressways, Renewables, Water, and as well as Power Transmission & Distribution. Some comments on the order book. As I said earlier, out of a record order book at INR 3,311 billion as at December 31st, the ratio of domestic to international in this order book is around 80:20. Of the domestic order book of INR 2,637 billion, the split of the order book is as follows. Central government projects 12%, state government 34%, PSUs 41%, and private 15%. In challenging times like this, a large proportion of the orders from public space mitigates credit risk. Suffice to state here, out of this order book, almost around INR 90 billion is multilateral funded. The overall group performance financial parameters are covered in the presentation, along with summary explanations for the variation. I hope you have had a chance to go through the same. The two points which I would like to mention here is that the profit from discontinued operations net of tax in Q3 is an aggregate of, A, additional consideration net of contractual adjustments against sale of the Electrical & A utomation business to Schneider, which happened in the month of August. B, gains on divestment of our U.K.-based E&A, Electrical & A utomation segment, that is Servowatch Systems. With this, L&T has completed the complete exit from the Electrical & A utomation business. Some comments on the segment performance before I move on to the final part on outlook. First is Infrastructure. Q3 ordering flows in this segment surpassed cumulative order flows in H1 FY 2021. As you are aware, we secured some large prestigious domestic orders in this segment in Q3. As I mentioned earlier, we have a healthy prospect order pipeline for Q4 in the Infrastructure segment, and we remain optimistic on the ordering outlook in this segment in the near term. Coming to revenues, this segment recorded a smart sequential revenue growth of 22% in current quarter Q3 on the back of workforce availability and supply chain normalization. However, on a Y-on-Y basis, the Q3 growth declined 7%, largely due to strict safety protocols to be followed at sites. However, through various automation initiatives and better workforce scheduling as well as work methods, hopefully going ahead, we will recover from the productivity hump and at the same time maintain our safety protocols. As you are aware, margins in the Infrastructure segment is a function of jobs mix and site productivity. As activity levels pick up, the margins will automatically improve as under recoveries would get eliminated or reduced. Having said, there could be some quarter on quarter volatility in margins depending on job mix. The second segment, Power. Power has been a little muted in the nine months of this financial year. There has been a lot of award deferments, largely on account of the pandemic. However, this segment is largely impacted from a revenue perspective because of the large opening order book and couple of quarters of award deferments will not impact this segment from a revenue perspective. The revenue growth in Q3 and nine months of the current financial year is largely due to the opening order book. However, margins is subdued as major part of the execution is yet to cross the margin recognition threshold. Heavy Engineering segment. This segment registered a reasonably robust order win in a challenging environment, and it is good to state here that around 60% of the order wins in Q3 of the current financial year is from exports. Better capacity utilization at workshops and the factories resulted in sequential revenue growth of 32% in the current Q3 and 1% growth on Y-on-Y basis. The Q3 margin again is a reflective of job mix. If you recall, during Q2, the margins for this segment were depressed largely on account of a prudential provision made towards a one-time settlement with an overseas client. Defense Engineering. Multiple small orders replenished the order book. The recent policy [governing] of the government concerning this sector are very encouraging for the domestic industry. In fact, as we speak, around INR 28,000 crore of domestic projects have been cleared by the Defence Council. We are fairly excited about the future outlook. Implementation may happen over a course of time. The final stages of execution of a large order drives revenue in the current quarter Q3 FY 2021. The revenues in Q3 having registered a sharp growth of 34% on quarter-on-quarter basis and 2% Y-on-Y. Margins again are reflective of job mix and stage of execution. Hydrocarbons segment. Big domestic order wins in Q3 replenishes our order book. The improved activity levels at yards, at our fabrication yards, drive revenues in this current quarter. The Q3 margin contributed by a very efficient job mix and execution. Coming to Development Project segment. This segment includes the Power Development business, which comprises of a 1,400 MW power plant, thermal coal-based power plant in Punjab, and a 99 MW hydropower project. The hydropower project has been fully commissioned in the current quarter, Q3 FY 2021. Besides this, the Power Development business, the segment also includes the Hyderabad Metro operations. It is important to note that the roads and the transmission line concessions are housed in IDPL, L&T IDPL, and it is consolidated at PAT level under the equity method as because it is a joint venture. The revenues in this segment for Q3 is largely contributed by Nabha Power, which is the thermal power plant in Punjab, which I stated earlier. The decline in Q3 revenue is attributed to lower plant load factor in Nabha, arising mainly because of lack of coal supply due to the Rail Roko agitation in Punjab, which affected the operations of the plant for almost a month. The metro margins are impacted by operating expenditure because of under-recovery due to low traffic in COVID times. The current traffic averaging around is 100,000 at absolute statistic level. During weekdays, it has been almost operating days or weekdays, it is around 125,000 to 130,000 ridership per day. Coming to IT and Technology Services segment. This segment comprises of three listed entities, namely, LTI, Mindtree, and LTTS. On a YTD basis, this segment has largely been unimpacted because of COVID, as they have quickly migrated to work from anywhere kind of model, and with increasing of outsourcing of services, especially in the digital engineering space. Consequently, sequential as well as Y-on-Y revenues for this segment continues to grow. Margin improvements is aided by improved utilization, better favorable onshore-offshore mix, and improved operational efficiency. The other segment comprises Realty, Construction & Mining Equipment, Rubber Processing Machinery, Industrial Valves, and Smart World & Communication. The strong revenue growth in Q3 is led by Realty, Smart World & Communication and Valves. The higher Q3 of the current year margin is primarily due to the sale of a commercial space by the Realty segment. Coming to the last one, Financial Services segment. The Q3 of the current financial year revolved around significant disbursements in rural and Infra, robust collections, improved net interest margin, and maintenance of adequate liquidity on the balance sheet. The Q3 PAT de-growth is largely due to enhanced credit cost provisions. The business continues to pursue the strategy on retailization of its portfolio, a very prudent ALM, and improving asset quality, and increasing diversity of funding sources with the overarching aim of remaining in the top quartile of ROE. Coming to the environment and outlook. This financial year can be best described as a tale of two halves. The first half witnessed lockdowns due to the spread of the COVID-19 virus, falling tax collections due to economic contraction, partly offset by government fiscal and RBI monetary easing, and the second half is about growth coming back, as evidenced by various high-frequency economic indicators, improved tax collections, start of the COVID-19 vaccination program, and continued liquidity and fiscal support from the government and Reserve Bank of India. Reflecting on the nine-month performance of the current year, our E&C performance has been fairly robust on order inflows and cash flows, primarily due to government and RBI proactiveness to create ordering opportunities and adequate abundant liquidity. On the revenue and margins, we were impacted due to lack of labor availability and supply chain bottlenecks in Q1, and in Q3, due to lower productivity arising out of strict safety protocols at the site level. Although this year we have refrained from giving any sort of guidance on the E&C business, we will try and retrieve as much ground as possible in Q4 FY 2021 on the various financial parameters. Our services business have largely been unimpacted. When I mean our IT and TS segment, they have been largely unimpacted due to COVID, and they will continue to pursue profitable growth opportunities. Once normalcy returns, we will pursue our divestments of the concessions portfolio and address the refinancing part of the Hyderabad Metro, and hopefully, I think that should get resolved with the passage of time. With the pandemic yet lingering and the aftereffects of that still continuing, the business pursuits need to factor additional risks warranted to ensure responsible conduct towards the new emerging opportunities and growth prospects. Against such a backdrop, the group will continue to focus with cautious optimism on pursuing large project wins, smart execution of its reasonably large order book, and continue to preserve liquidity and optimum use of capital and other resources. Thank you, ladies and gentlemen, for a patient hearing. We will now proceed to take question and answers. Thank you very much, sir. Ladies and gentlemen, we will now begin the question- and- answer session. Anyone who wishes to ask a question may please press star, then one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star, then two. Participants are requested to use handsets while asking a question. Anyone who wishes to ask questions, please press star, then one. The first question is from the line of Renjith Sivaram from ICICI Securities. Please go ahead. Yeah. Hi, sir. Good evening and congrats on good margins and order intake, given the overall environment. Sir, if you can just throw some more clarity on that real estate transaction, because that has been a huge amount. If you can provide some more granularity on that, it will be helpful. Renjith, as part of the Realty business is a function of either leasing or outright sale of properties. In every quarter, whenever there is a sale of space, be it residential or commercial, you will see a bump up in revenue and margins in that quarter, but it's part of the business itself. Okay. There is no one-off in that margins of Realty. Is that what we should understand? As I said that, when the real estate business, whenever there is a transfer of property in terms of be it residential or commercial, in that quarter, you will find a jump in revenues and consequently profitability. In the specific response to your question, the impact of this would be around the range of INR 340 odd crores on our PAT level. Okay. Okay, sir. Thanks. Sir, if you can throw some more light on the Infrastructure margin. This quarter was better than the last two quarters, but on a sustainable basis, what kind of trend do you see in Infrastructure? That was one segment where margins have been under pressure continuously for the last year also. How do you see that overall margin trajectory of Infrastructure panning out given the mix of jobs that we have? Renjith, I think we have maintained in this particular year that we will refrain from giving a revenue and a margin guidance. Having said this, if you see on quarter-on-quarter basis, the Infrastructure margins have stabilized, I would say. This quarter, we have done around 6.2% as compared to the previous corresponding quarter of the previous year, which was roughly around 6.1%. We do have, I would say, a more better order mix in terms of having secured some large orders in this segment. A combination of smart cost saving and better execution will hopefully improve the margins. It is a complete, I would say, a resultant of how the overall job mix across the quarters pans out. We do believe that quarter-on-quarter with near normalcy coming in, Infrastructure revenues should hopefully go up. To that extent, the under-recovery of overages will happen and hopefully margins should go up. As I said, margins in all the entire core business is a function of execution and job mix and proportion of jobs going into the respective valuation thresholds. Okay, sir. Sir, if I can ask one more, like within the working capital, which is that element where you are seeing major improvement? We see that your order intake has been a huge pickup, so advances would have increased a lot. We would have ideally expected a much more better improvement in the working capital. Is it the debtors or is it the payables that is still hurting us in the working capital front? Okay. Let me tell you that our actual net working capital, which is maintained at December as of even March 2020 levels, is largely because of a drop in the gross working capital, which is mainly due to improved collections from customers. Having said that, it is also important as a company, as we get collections from our customers, which has been quite robust in this COVID year, we also ensure that our supply chain doesn't get affected. To that extent, we have also been quite supportive of all our supply chain vendors and ensuring that they get paid so that they are in a position to ensure supplies are unaffected to our sites. Okay. Regarding the advances from these orders which we have received, wouldn't that had a support for the working capital? In Q3, one important advance which we secured was the advance of almost around INR 450 crores against the HSR, High-Speed Rail order. Okay. Okay, sir. Thanks, and I'll join for further questions. Thanks. Thank you. Next is from the line of Mohit Kumar from DAM Capital. Please go ahead. Sir, congratulations on a very excellent quarter. My first question, order inflow. We announced order inflow of mere INR 630 billion, versus the order inflow announced at the exchanges till date of INR 760 billion. This is a marked departure from the earlier quarters, where the announced order inflow was higher. Is it something that we have withheld for Q4? Secondly, is it possible to tell us what is the L1 order inflow? How much worth of the projects there via L1? I would not like to comment on the second question, Mohit, just because in the domain we may have been announced as L1. As a company, we do take into order inflows only after the due process of getting a proper LOA or a letter of award is done. I would not like to comment on that part. As far as the first question is concerned, kindly note that when you are asking me about a number of December 2019, vis-à-vis December 2020, it is quite possible that some announcements which have happened in the subsequent quarter could relate to orders for which the letter of awards was given in the previous quarter itself. Okay. Understood, sir. Secondly, sir, given the fact that the order inflow from the Middle East or international order inflow for the Infrastructure and the other segment has been pretty slow, how do you see it panning out over next 12-18 months? Are we seeing more order inquiry, more tenders? Do we expect more tenders to get finalized? I'm talking about a larger horizon of 12-18 months, not for the Q4. Mohit, as we speak, our order prospects, even as I just now told, is largely from the domestic space. Okay? As far as opportunities outside of India is concerned, we do see opportunities in the range of almost, I would say, INR 40,000 crore worth of prospects. They are largely coming from areas like Water, Renewables, Power Transmission & D istribution. We don't see any major prospects per se, in the other segments where we cater to in the Middle East area. I'm asking about the prospect from the timeline of around 12-18 months. Are you seeing any traction in Middle East, in Hydrocarbon especially? Considering the fact that the crude prices still continue to have, as per the forecast, the crude prices are expected to be, I would say, very moderate in the current calendar, CY 2021. It would not be proper of us to really forecast as to what kind of increased opportunities may happen. We do see, if you really ask me from a Hydrocarbons perspective, the areas where we see more traction happen is more on the mid and downstream, and largely in the area of Petrochemicals. Maybe we would be in a better position to give a perspective on this segment from Middle East, maybe when we close the current financial year. Sir, last question, sir. How much cash you infused in L&T Hyderabad Metro, Hyderabad Metro in Q3? In Hyderabad Metro, we have infused around INR 500 crore during the quarter. Is there any plan to increase this infusion further in Q4? If you recall, in the September call, when we had the earnings call where we disclosed our H1 results, we clearly communicated that we have set aside a sum of around INR 2,000 crore towards funding into Hyderabad Metro. I guess out of that, we have advanced INR 500 crore in Q3. Based on the requirements, we will continue to fund the Metro operations till we reach this threshold. Hopefully by then, we should be in a better position to have refinanced or restructured a major part of the balance sheet of this particular operation. Understood, sir. Thank you, sir. Thanks for answering my question. Best of luck. Thank you. Thank you. The next question is from the line of Puneet Gulati from HSBC. Please go ahead. Yeah, hi. Good evening, and thanks for the opportunity. Congratulations on great numbers. My question relates to the work that was done in Q1 and Q2. Obviously, there were difficulties in or delays in work. Is there any discussion with your customers about how that loss can be or that's been set aside? You are referring to the Q1 and Q2 claims regarding the COVID interruptions? Yes. Okay. As you are aware that most of our customers are all repeat customers, okay? We are not, instead of pursuing through protracted and negotiations, we would rather adopt a conciliation approach and ensure that we are able to manage a sort of a win-win situation. We do expect, and as you know, that most of these cases where our customers are government parties, and immediate settlements may not be possible. Hopefully, in the next three to four quarters, we should expect some of these claims towards COVID, which we have already expensed out in the P&L, should materialize. It is too early for us to comment a number on that. Yeah. There is a positive movement in that direction? 100%, yes. As I said, because we are also executing the project, not only one project, but multiple projects with the same client. We have to ensure that we are able to create, as I said, some sort of a win-win situation. The clients accept the fact that we have incurred expenses. They are completely aware of it. As you know, that the government process on such clearances does take some time. Hopefully, I think in the next three to four quarters, we should achieve our business progress. That's great. My second question relates to your current investments, cash, and equivalents. That number seems to be sitting quite high, it was high last quarter as well, and continue to remain high at INR 450 billion. Any thoughts on why you're keeping so much of cash? We did talk about, again, in H1, you see the total around INR 45,000 crore, which we talk as surplus investments. Okay? Yes. Out of that, our Financial Services has around INR 7,000 crores. Okay? Our IT and TS subsidiaries, they have another around INR 7,000 odd crores. Okay? Okay. The rest is lying in the core business, which is largely in the parent. Right. As I talked about, and we have also discussed how we plan to utilize when we closed H1 results. Right. Having set some amounts for Hyderabad Metro, for infusion as part of our share into L&T Finance, and also use some of the cash proceeds to retire the debt. As we speak, in month of Q3 itself, we have reduced debt around almost INR 5,000 odd crore. A combination of subscription to defined commitments like Hyderabad Metro, L&T Finance rights issue, and also reduction of debt, hopefully should bring down our overall investable surplus as we close the financial year. Okay. That's all from my side. Thank you so much. Thank you. The next question is from the line of Sumit Kishore from Axis Capital. Please go ahead. Good evening, P.R. Good evening. You had mentioned that the order prospect base for H2 at the end of September quarter was about INR 6 trillion, and that figure has now come down to about INR 2.6 trillion. We understood that the High-Speed Rail contracts were not part of the prospect base. Would you say that there has been certain slippage of order prospects that we have seen to the next financial year? It is like this that when we gave the prospects as of September, that was for the balance six months of the current financial year. When I gave a number of INR 2.65 trillion, it is largely what we think is the canvas we have in terms of what orders could likely come up for tendering or bid or getting awarded. A combination, as you see the number of INR 6 trillion in September, some of that could have been deferred to the subsequent financial year or the next financial year, and there is a good possibility that some of those work could have tendered and maybe there are others who would have got those projects. It's a number which is dynamic, and as I said in the early part of my call, that this is a completely bottom-up approach, starting from each and every BU under each every segment, and that is how it is done. INR 2.65 trillion is a number which we are working on, which should see some awards happening or tenders happening and crystallizing and hopefully in our favor, and that is only for Q4 of the current financial year. Sure. Could you also talk about the impact of commodity prices on margins, especially as the commodity prices have gone up and qualitatively how you're looking at the impact on business and 3Q ongoing forward? The impact of, I would say, the steel price is in the range of 9% and 6% on cement, which are the two important commodities we have in terms of procurements. That has happened. Whatever those prices have happened, that has been factored while we have reported the margins. Having said this, we do believe that these prices are unsustainable, and as you know, the government itself has made out some public pronouncements that this is completely out of whack. We do expect that the prices to stabilize in the near term. As you are aware, 50% of our contracts are on cost-plus basis. Wherever because of these inflation buffers, we'll ensure that some part of this gets compensated in the future. Sure. Finally, on productivity levels, where do you see them now? When do we get back to normal? What is the last vestige of impact of productivity on core business? The productivity challenges, especially at site level, is most visible in the Infrastructure segment. As I stated, that continued to have some impact in Q3. As you see from the numbers, there has been a vast improvement in terms of the overall progress of execution, what we have achieved, and that is reflective in the numbers for Q3. We do expect that, with the caveat that this pandemic, there is no relapse or no resurgence again, the productivity levels so need to improve. Hopefully with the vaccination efforts, which should hopefully cover a large part of the population in the next two quarters, we do expect that the productivity should come back to normalize. It will be difficult for us to say whether it will happen in Q4 or Q1 of the next financial year. Sure. Thank you and wish you all the best. Thank you. The next question is from the line of Ankur Sharma from HDFC Life Insurance. Please go ahead. Yeah. Hi, sir. Good evening, and thanks for your time. A couple of questions. One, when you look at the competition across your Infra segment, Hydrocarbons, both value one sizable order in Q3, would you want to believe that competition has also gone down in terms of the number of players participating? Or is it that we have gone is a little more aggressive in terms of winning orders? Okay. First thing, let me tell you that when we bid for any tender or any project, the company has and continues to review each project on a standalone basis. A complete reassessment of that project happens in terms of pricing and other technical conditions. I don't think we have compromised in any form to get projects where margins are significantly or severely compromised. Having said this, it is also important to note that from an India perspective, I do believe that we are reasonably well-placed in terms of our ability to contract large orders, which has a lot of complexity, be it on engineering or execution. To that extent, I do believe that we have an edge over the competition. As you are aware, that there are various projects which have been tendered out in Q3, where we have not been placed in L1. It's a combination of, I would say, our ability or technical complexity being more or the size being more. We do have the competency both in Financial and Engineering part to bid successfully for these projects. That's the way I will probably answer to your question. In your view, you don't believe that the number of players participating would have also gone down meaningfully and therefore our win rates are so much better? If I have to give as a statistic now, for any job which is between, say, INR 500 crore-INR 1,000 crore, we do witness bid competition of almost eight to 10 parties. The moment it comes to very large jobs, as I say, a large job may be around INR 2,000 crore-INR 2,500 crore above, then depending on the sector which we compete, the list comes down maybe around four or five. There, the technical evaluation is one of the very important criteria before the client actually goes into the price bid process. Fair. Okay. That's good to know. Sir, secondly, on the Hydrocarbon margins during this quarter, at that 12% odd number, are there any claims or any provision write-backs sitting over there, or is it just a function of execution of better margin projects? In this quarter, Q3, it is primarily on account of efficient execution. Okay. Wonderful. Okay. Thirdly, sir, on the Defence pipeline, in your comments, you did talk about these INR 28,000 odd crore orders. Not orders, but the approvals by the Defence Council. I am just wondering, how much are we left with the Vajra order and any update on the follow-on on that? I think there were some talks on getting some more of those Vajra orders, once the first one gets over. Okay. What I mentioned during the early part of the call was the government coming out through their Council saying that around INR 28,000 crores of opportunities will be put onto the domestic bid. That we believe is a very positive development. As you're aware, the ordering in Defense usually is very patchy and sketchy, but when it comes, it usually comes with a large order value. As we speak now, roughly around, I would say INR 3,500 odd crore are the prospects which we are pursuing, and we do believe that we are quite well-placed to take care of these opportunities, and this number, what I said, is for the current quarter. Fair. On the Vajra Gun, sir, are we over or is there some still left somewhere? Of the 100 supplies, we have almost delivered till now 91. Okay. In Q3, we did 13, and prior to that, totally around 87 has been delivered. Fair. Okay. Just one last one from my side, sir. On the debt levels on the balance sheet, when I look at the numbers you've given, I believe the INR 33,000 which relates to the others on your balance sheet in the presentation would be for largely the standalone debt, which I believe historically used to be in that INR 10,000 crore, INR 12,000 crore, INR 15,000 crore number. Given the fact that we've done a brilliant job on the working capital side, we obviously have limited infusions into our subsidiaries, if any. When do we see these debt levels come back to normalized levels? As you're aware, in the first quarter of this financial year, as a preemptive measure, the parent actually took into a market borrowing of almost INR 12,000 crores. Okay. That's one of the main reasons where the debt levels shot up. Yeah. After the E&A IC divestments, once we have got the proceeds, we have already started pruning the debt levels, and hopefully in the times to come, the next two to three quarters. We do expect that the standalone debt levels to come down from where it is today. Setting aside wherever there is no possibility of retirement prior to its maturity. Otherwise, we don't expect any sort of additional incremental debt, is absolutely ruled out to be at the parent level. We will pursue opportunities as and when debt can be redeemed as early as possible and bring down. Today, our net debt equity ratio at the parent level is around 0.1. The expectation is we will probably post March it should become almost negligible. Perfect. Okay. All right, sir. Great. Thank you so much, and best of luck. Thank you. The next question is from the line of Renu Baid from IIFL. Please go ahead. Hi, good evening, sir. A few questions from my side. First, on the execution side, I remember when we spoke last in November, December, the broad expectations were that we're still running lower than last year's utilization levels. Probably somewhere by January also we were expecting to come back to previous years' level. Your comments which mentioned that it's unsure whether during 4Q or by the end of 4Q you would be back to previous years' level. Does that mean that the overall ramp-up, which we were anticipating a couple of months back, or the level of productivity improvement has been relatively softer than what we anticipated, and larger projects will take time to scale up in terms of revenues for the core Infra portfolio? Renu, it is like this, that as you observe in all the segments, on a quarter-on-quarter basis, our revenues have actually gone up, and that's why at an overall level we are talking 15%. If you go segment-wise as well, that the improvement in revenue is largely because of, I would say, more larger execution given the fact that our mobilization at site levels have improved. Sequentially, usually 2Q is a softer quarter from execution perspective, and it was also impacted by COVID. Anyway, 3Q always is higher than 2Q in terms of execution. Essentially you're trying to assess that to come back to normalized levels, even if you look at February, March, are we seeing inherent bottlenecks to continue at sites which might delay this? See, as I said earlier, as far as supply chain is concerned, any supplies which are relating movements within the country, the bottleneck seems to have largely been taken out. There are still some restrictions as far as imports or cross-border transactions are concerned. That also has significantly improved. We do expect that Q4, as far as Infrastructure segment and other E&C segments are concerned, that there are no further restrictions from a supply perspective. As I said earlier, that the effects of the COVID situation is still, although it has vastly improved as we speak for the Q3 as compared to what it was in the situation in Q2. Yes. It would be conservative and prudent of us not to specifically target a number. That's the reason that we have refrained from giving any sort of revenue guidance as far as this year is concerned. One comforting factor is that as we speak, the workforce is almost at 100% of the requirements of almost 265,000 people across the 900 odd sites we have in this country. We do expect that this will enable us to demonstrate a better growth prospects in Q4. The target is to ensure that whether we will be able to manage the Q4 of previous levels. In fact, we need to do far more than that. Yes. The base is lower for last year anyway. We will try our level best. I would request that I will not be in a position to provide you a guidance as to how Q4 will actually plan to be. The only thing is, we do see that the return to normalcy as we speak into Q4 as well. Sure. The second question is, if you look at the standalone financials and that is also partially reflected in the consolidated financials, there is a sharp jump in other income. Any particular drivers for this sharp rise on a sequential basis as well? Are there any one-off, either dividend or otherwise, if you can highlight that? Renu, the other income in the standalone financials is mainly on account of higher investable surplus, as you're aware, the E&A IC divestment proceeds. I would attribute a far more better treasury management which has happened that has enabled us to have a reasonably large other income in the group results for this quarter. Sure. Sir, Sir, can you also share the headline PBT, PAT numbers for Hyderabad Metro as well, especially in terms of for the quarter or nine months? Okay. I will put across like this. The revenues for Hyderabad Metro for Q3 was in the order of around INR 50 crores, out of which INR 30 odd crores arises out of passenger ridership. The operating expense of the Hyderabad Metro as it stands now is roughly around order of around INR 50 crores-INR 60 crores. The depreciation charge is in the range of INR 75 odd crores, and interest for each quarterly is around in the nature of INR 365 odd crores. I've given you a rough estimate of the entire operations of HMRL. Got it. Thank you for that clarification, sir. Lastly, as you did mention that inflationary both steel, cement have had 9% and 6% impact, and part of this was also seen in 3Q financials, would it be possible for you to broadly quantify in terms of basis point, the impact on the margins because of these super normal rise in commodities that you have seen on a sequential basis? Renu, okay. It's a very good question you have, but my first answer is that I don't have the ready answer to your question. The only thing I can articulate is to the extent of jobs where we don't have a cost pass through- Right. To that extent, whatever procurements have happened at these inflated prices has been obviously reflected into the margins that has got reported. Okay, got it. Thank you so much, sir, and all the best. Thank you. Thank you. The next question is from the line of Venugopal Garre from Bernstein. Please go ahead. Hi. Thanks a lot for the opportunity. Just a few small questions. Firstly, on the real estate side of things, there seems to be some optimism growing in the market. I just wanted to understand two things. One is this reflecting in any way in positivity for you in terms of sales in your existing projects, and is that triggering any potential new launches that you could share? Secondly, at this juncture in the order backlog, what is probably the exposure you have to real estate construction for others, more in terms of the residential side, and is there any faster movement happening out there? Could this be another area of positive strength? Venugopal, I guess you have asked me two questions. One is on our Realty business. Yeah. The other one is on our contracting business, if I have understood you right. Yeah. Correct? That's correct. Yes, there are two distinct questions. Yeah. Coming to if I say about Realty business, the total number of units, what we have as an overall plan as far as whatever developments we are doing across the country, the number of residential units, if I sum it up, at around 5,600. Against that, around 2,600 have already been sold, which means we have already booked the revenue. Sold and transferred. Balance 3,000, again, order of magnitude around 1,900 has been contracted to be sold. That means as and when we hand over, we will accrue the revenue. We have an unsold inventory of around 1,100 odd residential units. Our response to the second phase in our Navi Mumbai property and also phase two or three in our Bangalore property has been quite favorable. There has been, I would say, in the Q3, the residential real estate, in terms of especially the mid-ticket, not the elite or the high-end stuff, but more on the mid-size, that is the classic 2 BHK, 3 BHK segment, has seen an uptick, and we do believe that it will continue to be favorable in the next two or three quarters. Coming to the other part of the business as far as contracting opportunities in real estate are concerned, we do see mass housing opportunities in a more pronounced form and other public space projects like hospitals, data centers, and so on. As far as hospitals are concerned, we have seen some orders coming from state-owned corporations setting up hospitals. We do expect a large uptick onto this area, especially on the health sector, on the data centers or data concerning the IT and TS space, and low-cost residential housing. I hope I have answered. Sorry, in terms of the projects that you have, what is the broad exposure today in the order book for the real estate in terms of quantum? In the real estate space, our overall exposure is in the range of, I would say, around INR 45,000 crore, and a large part of them are under execution. We don't have any major, I would say, non-moving order barring for maybe the Navi Mumbai airport. That is non-moving, but otherwise, a major part of this entire real estate part is a moving order book, I would say executable order book as we speak. Okay, got it. The second very quick question is, I just want to understand this, that there seems to be a fairly good acceleration in the market in terms of order inflows. I also wanted to know that at the same time, is there any quicker pace of, let's say, site access that is being given to you for the orders that have been awarded, or is it like the usual timeline? Just wanted to see how quick is the government trying to push things. Is it just about announcing orders and selecting the vendor, or is it more also about on the ground where things are moving faster? Most of the orders that we have secured in the current year for nine months are all orders where a large part of the financing has been secured, number one. Number two is, especially the large projects, whatever we have secured, I would say High-Speed Rail and all, our understanding is there are no significant right-of-way restrictions in terms of land or site availability. Got it. I think this is really helpful. Thanks. Thank you. The next question is from the line of Apoorva Bahadur from Jefferies. Please go ahead. Hi, sir. Thank you for the opportunity. Sir, just wanted to understand, you gave a pipeline of INR 2.65 trillion for 4Q, of which INR 2.2 trillion was domestic. If you could share the same number for last year, if that is possible, and also how much is the infra pipeline, if you can give that number. Last year, which means you are referring to December 2019 quarter, right? Yes, sir. That was in the range of around INR 290,000 odd crores total. Okay? Order prospects for Q4 of FY 2020. Got it. Sorry, I don't have a breakup of that in Infrastructure right now. Okay. Sir, for this year what's the Infrastructure portion? I think INR 2.7 trillion? Infrastructure is around 80%, INR 220,000 odd crores. Okay. Got it. Secondly, I think you mentioned on the Hyderabad Metro refinance, and so that is being pursued, but closure is probably some time away once the normalcy resumes. How far do you see it? Discussions are progressing with all the other stakeholders, especially the government and also our lenders. As we stated in the September call, given the size of the project and the complexity, it would take some time. Our talks have been with all the stakeholders as we have progressed during Q3 has been positive. I do think that it could take some time before we can come to a clear solution to this. I do believe hopefully by March 2021 or maybe first quarter of the next financial year, we should see substantive progress in terms of how we have progressed on the entire refinancing of this particular project. Okay. Got it, sir. Sir, if I may just ask one more question, and that is, could you share the slow-moving orders in the order book, the overall number? I will tell you that as far as the order book of INR 331,000 is concerned, the amount of orders which are what we call as slow-moving is minuscule and negligible. Okay. Got it, sir. Thank you very much. Thank you. The next question is from the line of Sujit Jain from ASK Investment Managers. Please go ahead. Our compliments on good set of numbers, P.R. and team. A few details, if you can just note them down. The net working capital for the core business, that is standalone plus Hydrocarbons. The ROE ex of the E&A sale. We had spoken about Uttaranchal Hydropower PPA being signed. Any progress there? Progress on exit from Nabha. If you can give me Hyderabad Metro's absolute debt and equity numbers, and from the numbers of the P&L that you just explained, Hyderabad Metro, which means that, and correct me if we are wrong on this, is INR 375 crores of quarterly cash burn. Yeah, that's about it. Thanks. Okay. You asked me almost four or five questions. Let me put it, as far as cash operating expense of Hyderabad Metro is concerned, I talked about interest at INR 365, and maybe a shortfall in revenue vis-à-vis OpEx may be around INR 10. Number of INR 375 is what you can consider at the current levels of ridership. Okay. Now, coming to Uttaranchal, the hydro power project has been fully commissioned. We are discussing with the state government to tie up a long-term PPA. We have not done it as of December. Since the plant is commissioned, we are started selling power through the merchant power short-term PPAs. That's how the operations of the company has started. As far as sale of Nabha Power is concerned, we are pursuing, but we have not yet concluded in any definitive form in terms of identifying a buyer and coming out with a proper sale agreement. That I guess it should take some more time, because today currently thermal power generation is not in the best of times in terms of valuation perspective, but we are following up very closely to achieve the desired result of exiting Nabha Power and hopefully after some time even Uttaranchal as well. As a clear strategy in terms of moving out of the, or divesting the assets in the Power Development business. The core business working capital is roughly in the range of, I would say about INR 35,000 crore, around INR 22,000 odd crore. If I have to take out the E&A IC gain from the PAT of the current year, then the return on equity would be around 10.3%. Hyderabad Metro debt equity absolute numbers. Debt would be in the range of INR 14,000 odd crores and equity would be around INR 2,500 crores. The EBITDA margins that you report in the slides segment-wise, these are core operating margins without apportioned other income, right? Yes. Whatever other income is reflected is reflected in the corporate segment. Okay. One last question is on the sense of at the PAT level, because you give corporate separately, IT business will be contributing to how much in L&T today? At the PAT level. I think that is mentioned at the last part of our analyst presentation. One second. Which is what I was referring to. There is a large corporate item, so it is difficult to figure out post-EBIT or let's say post-EBITDA. Let me summarize that for you. If you see that, one second. Yeah, slide number 29, right? Yeah. Okay. We have IT and TS is the PAT that flows directly from those companies. Okay. Yeah Financial Services also flows largely from, there are no adjustments at the L&T consolidation, largely coming from the L&T consolidation of L&T Finance Holdings Group. Okay? Development Projects is again a combination of Hyderabad Metro and Nabha, that is our Power Development business. The rest of what we call as the core business, that you see it as in the first column as excluding services, and whereas the interest and the tax part is residing in corporate. Okay. Okay? Okay. I will take this offline maybe. Thanks. Thank you. The next question is on the line of Ashish Shah from Centrum Broking. Please go ahead. Yeah, thank you for the opportunity. Sir, you did say that about 50% of the contracts have some sort of a price variation clause. Were you referring to the domestic order book or the overall order book? Overall. Okay. Of the overall order book, about 50%. That would include some international orders also which have the price variation. Our general understanding was that international orders are fixed price contracts. That's why I'm asking this. Yeah. When I talk about 50% fixed price contract is comprising the international order book as well. In international orders, the large part of the orders is almost fixed price contracts. There are certain international orders where we have, especially, commodity price variations, but that proportion is less as you compare it to domestic order book. It will be a small proportion there. Fine. Sir, I just want to ask, it's not about this one particular bid as such, but there is one bid for this tunneling contract where we were below the authority cost. I understand you did say that you have certain competency, a certain edge against the competitors and in complex projects. What would be the sort of a thought process or rationale in a bid which is below the authority cost to say, what is that goes into that bid? What kind of savings we think we can manage in such bids? I'm not asking specifics about this one contract, but in general, whenever, if that situation happens. If you can just talk a bit about it. You are taking off a one-off situation where possibly, maybe what we quoted is below the, what the client's overall cost parameters is. As I said earlier during the call, that each and every project is evaluated on a standalone basis from a pricing and engineering perspective. When we build up the cost estimate, that is based on what our course and likely procurement prices we will have for either the materials or the various machinery that we need to procure for executing or as part of the overall supply order. There have been lot of cases, and most of the cases, some of these estimates could be dated, and what we have quoted is actually many a time more than what is the customer's own estimate. It would not be proper of us to conclude that way, that if we have bid at a lower than what the client is estimating, is that something going wrong or in terms of our pricing? As I said, each and every bid is taken into account. The pricing is done based on its own merits in terms of both technical and commercial basis. Sure. Sir, just coming back on the margin part. You did say that the Q3 margins are reflective of the increase that you've seen in steel and cement. Is there, from perspective of a cost to completion estimate, do you think we can anticipate any negative surprise in Q4? From a cost to completion point of view where we assess that probably because of the input prices going up, our margins need to be marked down. You think that has been corrected, done, as we see the Q3 result and there is no cost to completion assessment revision need to be done in Q4? Ashish, see, in terms of when we do projects business now every quarter when we report revenues and margins, it is just not the progress of the job as per that quarter is concerned. We also have to reevaluate the overall cost to complete the job, and based on that, the site progress or the project progress and the margin is determined. Okay? While we have closed the books for December, it does factor into account the overall cost to complete the job. That will as well factor any changes into the price parameters for the remaining portion of the job. Having said this, that in terms of whether we do see any sort of one-offs coming in Q4, it would not be proper of me to comment at this juncture because one-off elements do come as a surprise based on the progress of job in a particular quarter when we are proceeding on a particular project. In the next quarter, we do see when we go into the next phase of the project, we could have some I would say geological or site level surprises, either way, positive or negative. Based on that, we need to reassess and recompute the margins and the revenue as the project progresses. Sure, sir, I appreciate that. Only thing that I wanted to check is that the increase which we have seen up to 31st of December in the steel, cement prices, or let's say diesel prices, whether that has been accounted in the numbers as far as the December quarter is concerned from a cost to completion of the project point of view. Of course, new surprises can come. Yeah. I did refer that when we take the cost for the quarter, that also is blended into cost for the portion which is yet to be completed. That is all will be taken at contracted rates. If orders have not been placed for those materials where we see a price increase, that also gets inbuilt into the cost to complete. Got it, sir. Very clear. Thank you very much for your time, sir. Thank you. Thank you. The next question is on the line of Parikshit Kandpal from HDFC Securities. Please go ahead. Hi, P.R. Good evening, sir. Congratulations on good set of numbers. My question was, you did mention about the Hyderabad Metro refinancing maybe in couple of quarters time, first half of next year. You are incurring almost INR 500 crores of cash burn. You did mention that. At the debt of INR 14,000, about INR 1,450 crores is the interest cost, roughly about 10%. If you can give some sense on what could be after the refinancing, what could the interest cost, how much can it come down, and whether we'll be able to achieve breakeven levels wherein there won't be any shortfall to be funded from the L&T side. Parikshit, there are two parts to your question. One is the Metro traffic, which is averaging out to roughly around 100,000 ridership on a monthly average basis. During the weekday, it touches around 125 to 130 per day. I think the first threshold of what we call as a satisfactory operation in terms of Metro ridership, that would be a number what we have already seen in last year of around 300,000 to 400,000 ridership. I guess from a business perspective, that's the first threshold which we need to witness. Hopefully with all the vaccination being successful and most of the companies in Hyderabad telling their employees to resume work from office, because a major part of the Metro network also covers the IT intensive zones. In most of the IT companies, still that work from home continues. To that extent, that traffic is affected. The target to what we believe is something which we believe is coming to a number which enables us to show a profit on as far as operating cost is concerned, that should be in the range of 300,000 to 400,000 per day. I guess maybe it will take some more time. The second part, since the project has, I would say, a large outlay in terms of the overall project value, and there is a significant amount of equity and debt. We do expect that it requires, I would say, a combined efforts of the concessionaire, that is the Telangana government, the lenders, and L&T. Such kind of discussions, we don't expect to get closed out in one or two quarters. As I said earlier, that we have achieved some positive progress, but not yet conclusive. We do expect, hopefully by March or next quarter, we should witness some progress on the refinancing part. It is still too early days for us to commit any sort of a clear path ahead. Having said this, one of the reasons we have set aside INR 2,000 crore for Hyderabad Metro is precisely to ensure that pending the restructuring of the overall balance sheet, at least it is very important for L&T as a responsible investor, as a responsible developer, to demonstrate to the stakeholders that despite the company's operations being affected, we still are to reserve some money to that. Hopefully, with the money having set aside, we do expect some amount of resolution soon. I guess time is of essence, and hopefully in the next one or two quarters, I should be in a position to communicate, what to say, constructive progress. That's the way I'll put it. Okay. You said that about INR 14,000 crore is debt and INR 2,500 crore is equity. That is about INR 16,500. What is the total capitalized cost of this project? I think the Metro operations is around- INR 16,000, okay. INR 16,000, yeah. Metro operations is INR 16,000. We have not done much on the transit-oriented development. I guess we have around 18.5 million sq ft of development that we can do. Against that, what we have done is only around 1.2 million sq ft. I was referring basically to the cost overruns part, so which you have funded. The INR 16,500 includes your cost overrun? Yes, includes the cost overrun. We don't expect any increase in the Metro cost, okay. Whatever cost will come in the project will be only towards transit-oriented development. Okay. The other question was on the mobilization advance. You did touch upon that INR 450 crores you have received for the High-Speed Rail. Are these advances interest-bearing or these are interest-free mobilization advance? They are interest-free advances, and I think there is another installment of a similar amount coming this quarter. Okay. One more question was on the AP receivables. If you remember a year back, I think May 2019, these orders were canceled. May 2020, sorry. All these orders were canceled by the AP government. Have you received any monies from their pending receivables? If you can update on the status, how much is the dues still pending and how much you have recovered? There has been some progress there. It is not that we have not been able to collect, but collection is coming in a trickle. Okay? I don't see any major improvement in the collections, but having said this, we are actively discussing with the government to resolve this matter and adequately, we have done with the ECL provisions, and we do believe that we should be in a position to resolve this entire, all the orders under that particular state is concerned, which we had, I think last year removed it from our order book. We are talking to the government to collect as much as possible. The government does recognize for whatever work we have done, it should get paid. As I told earlier, any government-related job in terms of whenever it comes to claims or settlements will take time. We have been realizing, but it's not of the very satisfactory amount. Hopefully, I guess in the next one or two quarters, we should see some progress. How much is the amount which is pending still? The amount would be in the range of, I would say, net of receivables will be around, say, INR 1,800 crores-INR 1,900 crores. After the ECL provisioning, you are saying. This is the gross amount or after the ECL provision? This would be the gross amount, please. Okay, how much of ECL, if you recollect, how much of ECL provision would have already done? That would be in the range of maybe INR 100 odd crores. Okay. This set remains standard and as of now, you believe that it will come over the due course of time. Yeah, we do evaluate this whole thing. We do evaluate it, and we will adequately provide in case we see any lack of progress on this. It is being continuously evaluated and pursued with the government authorities. Okay. Thanks, P.R. That's it from my side. Thank you, and all the best. Thank you. The next question is on the line of Atul Tiwari from Citi. Please go ahead. Yes, thanks a lot. Sir, just one clarification. For the net working capital for core business, you said INR 22,000 crore out of INR 35,000 consol, right? INR 31,000, no? Is the net working capital we have at the group level? Okay. At the group level INR 31,000 and for the core business, the parent and Hydrocarbon and other E&C. INR 20,000. Yeah. That number is INR 22,000, right? Yes. Okay. You expect to maintain this at the same absolute level by the fourth quarter, I think. That is our intention. Atul, I don't know whether you heard me. The intention is to maintain the L&T group's working capital position as of March 2021 at the same or almost the same level as at March 2020. Hopefully with good collections and yet have a vastly improved Q4. We are monitoring it. We also like to mention here with response to this part that we are also prospectively ensuring that wherever there is visibility of collection happening from that client, in all those projects, we are ramping up our operations. Wherever we are seeing visibility of collections not happening, in all such sites, we are ensuring that execution is in line with the collections momentum. The focus on working capital at an absolute number is a combination of these two factors. That you progress on execution at a higher pace in places where you see visibility of collections, and in places we don't see visibility of collections, the work is only to the extent of the monies collected. Okay, sir. That's very clear. Sir, my last question is on that 50% order book which is on the fixed cost. Is there some kind of partial hedging that you do at the group level on commodity exchanges or in Forex market to at least partially hedge some of the commodity price risk in that part of the order book which is on the fixed cost? It is like this. At the time of bid itself, as I said, the risk management protocol the way we follow in L&T is we do give our corporate treasury team provides the bid teams the kind of expected rates which need to be factored for procurements that may happen over the period of the project execution. Hopefully till now, at least in the near term past, I don't remember having witnessed any sort of a cost overrun because of adverse movement in commodity prices and where we have not even have a pass-through. Okay. Sir, over past, I don't know, two, three months, the kind of movement that we have seen, that kind of movement had not been seen for the past several years, I guess. There is also a possibility that, okay, we are only talking of this current volatility in the commodity prices in this quarter, but there have been quarters where commodity prices have been also benign. That extent is a combination, and at the end of the day, we have to ensure that the job margins do not get affected as and when they were bid because of any sort of commodity price variations. As I said, we have not had any substantial impact in the near past in terms of having margins impacted because of adverse movement. Great, sir. Very clear. Thanks a lot. Thank you. Ladies and gentlemen, we'll take the last question from the line of Priyankar Biswas from Nomura Financial Services. Please go ahead. Yeah, good evening, sir. First, quickly, can you give me the split, firstly, of how much of the order book is right now multilateral funded? Secondly, in the prospects pipeline that you said, the domestic prospects is INR 2.2 trillion. Can you just split that up? How much do you see in, let's say, Metro, then Expressways, Water, the splits that you used to? Okay. As far as multilateral, see, we have a INR 331,000 odd crores order book. The amount of orders or the projects which are under multilateral funding is in the range of around INR 91,000 crore. Okay? That's my first response to your question. As far as our order book composition sector-wise is concerned, we talked about core business domestic, around INR 220,000 odd crore. Okay? A major part of that is coming from Infrastructure itself and more uniformly spaced across all the four or five segments we have in Infrastructure. We have, I would say, INR 15,000 odd crore on the Hydrocarbon side, and other businesses roughly around, I would say, INR 8,000 crore-INR 9,000 crore, and the rest is all under infrastructure. They are, I would say, broadly at the same level across the segments of be it B&F or Heavy Civil or Transportation Infra or Water. Mm-hmm. Sir, just one more, if I may. What I was observing that in the Infrastructure segment that you've reported, it seems that the international execution is lagging far more compared to the domestic execution. I mean, that's what I observed. Has this anything to do with logistics constraints, like lack of container availability or the sharp rise in shipping rates? If so, what is the hedging strategy here? What are the steps being taken? It is not with respect to any sort of cargo movement prices, but as I said in the early part of the call, that especially with regards to supply-like constraints, it is more manifest when it refers to cross-border shipments. To that extent, there has been, I would say, but the amount of impact what we had witnessed in Q2, to a large extent, that has also got normalized. Hopefully into Q4, the progress of execution in the international projects also should become near normal, like the way we have seen in domestic. Sir, just I missed one figure. In Hyderabad Metro, can you repeat what was the amount for depreciation? INR 75 crores per quarter. Okay. That's all from my side. Thank you. Ladies and gentlemen, that was the last question. I now hand the conference over to Mr. P. Ramakrishnan for closing comments. Thank you everyone for participating in the call. I hope we have been able to answer all of your queries and questions. Given the expanse of our business, I'm sure you will have some follow-on questions. Please feel free to call me or Harish in case you would like to have any clarifications. Thanks for taking your time off this evening, and looking forward to meeting all of you in person soon. Thank you. Thank you.