Ladies and gentlemen, good day and welcome to the PNC Infratech Limited Q1 FY 2023 Earnings Conference Call hosted by Dolat Capital. As a reminder, all participant lines will be in the 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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Shravan Shah from Dolat Capital. Thank you. Now to you, sir. Thank you. Good afternoon, everyone. I would like to welcome you all for Q1 FY 2023 results conference call of PNC Infratech Limited. We thank the management for giving us the opportunity to host the call. We have senior management team of PNC Infratech with us. I congratulate the entire team for PNC Infratech for robust performance in Q1 FY 2023. Without wasting much time, I would now hand over the floor to Mr. Yogesh, sir, for opening remarks, and then we can have a Q&A session. Over to you, sir. Good afternoon, everyone, and a very warm welcome to all of you present on the call to discuss our financial year for quarter one, financial year 2023. Today along with me, I have Mr. T.R. Rao, Director, Infra, Dr. Bhupinder Sawhney, CFO, and Mr. D.K. Maheshwari, Vice President, Finance, and Strategic Growth Advisors, our Investor Relations advisor. First, I will share my thoughts on a few sectoral highlights, which will be followed by financial and operational highlights of the company. The pace of highway construction in quarter one of financial year 2023 in the country slowed down and stood at 22 kilometers a day compared to 25 kilometers a day on the year-on-year basis due to higher input cost and early onset of monsoon in some parts of the country. Ongoing active monsoon across the country, continuous rains and flood-like situation in some parts expected to affect pace of construction in the first half of quarter two of financial year 2023. MoRTH and NHAI contemplating to reduce the upfront payment by half in HAM projects. In such case, 20% of bid project cost would only be paid during construction compared to current norm of 40%. As there would be increased private investment in HAM projects, NHAI would be able to bid out and fund higher number of projects with the same capital. NHAI is planning to award around 10% of projects on BOT-T oll mode from its target of 6,500 kilometers in the current fiscal, with certain modifications in the contract conditions. Now, coming to the key update of the company. The company received INR 37 crore towards bonus on 20th April 2022 for early completion of Purvanchal Expressway Package 6, proving the company efficient execution capability. During quarter one, company signed concession agreement with NHAI for 6 HAM projects out of 7 HAM projects awarded to company during the quarter four of financial year 2022. Concession agreement of remaining projects, four-laning of Sonauli-Gorakhpur will be signed shortly. During the quarter, the company has completed sale of its entire 35% stake in Ghaziabad-Aligarh Expressway Private Limited to Cube Highways and realized the capital. Discussions are underway with the potential investor for monetization of other fund-based projects which are already in operation and expected to be completed during next one year. We will keep you updated on the same going forward. As mentioned in the previous earnings call, the company continues to look for a calibrated diversification, maintain the growth momentum without assuming the concentration risk. However, our focus area remains the road sector. At present, the company has total 24 projects in PPP mode, comprising BOT-T oll, BOT annuity, OMT, and HAM assets. Out of 24 projects, the company has 18 HAM with an aggregate bid project cost of INR 24,590 crores. In HAM portfolio of 18 projects, the company achieved PCOD and COD for 5 projects. Six projects are under construction, and balance seven projects are recently awarded. In terms of equity investment, the total requirement for all 18 HAM projects is approximately INR 2,390 crores. Out of this, we have already invested INR 1,029 crore till June 2022, and the balance will be invested over the next two, three years. The internal accruals that would be generated over next two, three years should be sufficient to fund the total equity investment. The company received robust order book and order inflow in quarter four, financial year 2022. Our unexecuted order book as on 30th June 2022 was over INR 20,000 crore after including seven new HAM projects of INR 7,439 crore from NHAI, where the company received letters of award. Out of the total order book of over INR 20,000 crore, roads EPC contract including HAM contribute around 61% and water and irrigation projects contribute around 39%. Now, I would present the results of quarter ended June 30, 2022. Revenue of first quarter of financial year 2023 is INR 1,758 crore, which is higher by 41% as compared to INR 1,251 crore in first quarter of financial year 2022. The EBITDA for the first quarter is INR 258 crore, which is higher by 47% as compared to INR 175 crore in quarter one of financial year 2022. The EBITDA margin for the first quarter of financial year 2023 is 14.7%. The PAT for the first quarter of financial year 2023 is INR 167 crore as compared to INR 93 crore in the first quarter of financial year 2022, a growth of 79% on year-over-year basis. Consolidated revenue of first quarter of financial year 2023 is INR 2,053 crore as compared to INR 1,463 crore in quarter one of financial year 2022, growth of 40%. The consolidated EBITDA for the first quarter of financial year 2023 is INR 518 crore, which is higher by 43% as compared to INR 363 crore for the first quarter of the corresponding quarter last year. The EBITDA margin for quarter one financial year 2023 is 25.2%. The consolidated PAT for quarter one financial year 2023 is INR 241 crore as compared to INR 118 crore in quarter one financial year 2022, a growth of 104%. As on thirtieth June 2022, our net working cycle is 68 days as compared to 77 days as on 31st March 2022. Our net worth on stand-alone basis is INR 3,506 crore as on 30th June 2022, whereas total stand-alone debt is INR 300 crore. The total cash and bank balance as on thirtieth June 2022 is INR 463 crore. We have a net cash of INR 163 crore. This translates to net debt to equity of 0.109x. On consolidated basis, our net worth is INR 3,868 crore, whereas total debt is INR 5,129 crore as on 31st March 2022. The total cash and bank balance, including current investment, is INR 1,048 crore. This translates to net debt to equity of 1.19x. With this, we now open the floor for question answer. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. Before starting the question and answer, just would like to declare the disclaimer clause and also safe harbor for whatever the discussions that will happen, including the forward-looking statements, what we are going to make. Okay. Sir, do you want me to go ahead with the disclaimer? Yeah. Okay, sir. Please give me a moment. Shravan? Please go ahead with the disclaimer. Sir, if you speak the disclaimer, that will be better from your side. You can read out. If you have readily available, you can read out the disclosure. Uh, sir- Standard disclosure. Okay. I do not have that readily available. Okay, sir. I'll just read it out. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not guarantees of future performance and involve risk and uncertainties that are difficult to predict. Sir, can we go ahead with the questions? Yeah. Yeah, please. Okay. The first question comes from the line of Bharanidhar Vijayakumar from Spark Capital. Please go ahead. Yeah. Good morning, sir. Regarding MoRTH's and NHAI's contemplation to reduce their contribution in HAM projects from 40% to 20%, how are the contractors and developers like you on board for this? Would your aggressiveness in bidding going forward be the same given now the equity outflow would be higher from our side? First of all, see, whatever bids we take forward, they are not aggressive per se. These are all calibrated, well-calibrated bids, what we have done. Second thing, it's a 20% more funding to be done. This will effectively result into only another 5% kind of equity because we have to get the debt for that remaining 20% what we have to fund. We should able to fund those kind of their equity requirements, even if NHAI goes for the 20% kind of a model. Because earlier also we bid for a conventional annuity project, wherein we used to put a 100% of our entire funding from our side. You don't foresee Any issues from our side? Yeah, yeah. We don't foresee any major challenges in funding these projects. This will go just like similar to annuity projects. Yeah, yeah. Conventional annuity projects. Yeah, yeah. Okay. The second question is on land acquisition status for the projects recently awarded to us, the seven projects where there is not appointed dates declared yet. What would be the land acquisition status there, 3G land acquisition status there, and when do you expect these appointed dates, sir? Out of 7 projects, for 5 projects already, 3D completed up to 80%, and also then awards have been made under 3G, and the distribution is in progress under 3H. Under 2 projects, up to 60% awards have been made under 3G and distribution is in progress under 3H. Since we have a five-month term post signing of the agreements, both sides, this should be what we expect, the sufficient length of land would be available at the time of declaration of appointed date, and we don't foresee any major constraint in that aspect. Sure, sir. Thank you, and all the best. Thank you. The next question comes from the line of Mohit Kumar from DAM Capital. Please go ahead, sir. Yeah. Good morning, sir, and congratulations on a very, very good quarter. My first question is on the margins. Of course, margins have improved in this quarter. But last Q4, there was margin compression. Given that the input inflation is easing, can we expect to go back to 14% margin for the fiscal? Actually, in this first quarter, the margin is 14.60% EBITDA margins, and if we exclude the bonus of INR 37 crore, it's come to 12.83 crore. If we exclude the bonus and EPE business, where we are having a collection of INR 104 crore and margin only of 2%, then the operational EBITDA margin 13.5% of this quarter. I'm asking, sir, about the expectation for the FY 2023. Can we expect the margin going back to 14%-14.5% given that the inflation is also easing now, right? Is that a fair assumption? It can be 13.5%-14%. Understood, sir. Secondly, sir, you alluded to diversification of the order book. Of course, we have a large order book for UP. Do you mean geographically or sectorally you want to diversify the order book? Apart from water, is there any segment which you think you can build upon in the next few years? What we are looking at the diversification, the areas which will have a synergy with our current operations. Water, of course, we'll see. We are looking at the opportunities in the water sector. If new further opportunities come, so we'll pursue those opportunities. As of now, other than water and support some kind of a canal or irrigation project, apart from the road projects, now, presently we are not looking at any other specific sector to diversify into. Of course, geographically, we are always ready to take up the projects across the country should there be any new good project opportunities. Lastly, sir, can we expect the completion of monetization this fiscal? At least one of the BOT or HAM? As regards the monetization, strategic advisor retained and discussions are underway with the potential investor for monetization of the few other pending projects, and we will keep you updated on the same going forward. Understood. Discussions are going on with the potential investor. Understood, sir. Thank you and best of luck, sir. Thank you. Thank you. Next question comes from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. Hi, sir. Congratulations on a good quarter. My first question is on the JJM project. If you can tell us what was the execution revenue this quarter from the JJM project? Please? Could you come again, please? Sir, what is the execution or revenue booked from the JJM order during this quarter? That's my first question. So far, under JJM, we booked a revenue of around INR 250 crores. That includes the INR 108 crores revenue what we booked during the last financial year. We also done a work done of another INR 150 crores. That revenue would be booking during the month of August. I can say around INR 400 crores value of work done till now under the JJM project, JJM sector. Most of the other companies are seeing good execution in JJM, but somehow we have not been able to catch up, and these orders are, like, very old in the order book now. If you can just spell out for this year, how much of revenue can we book from the JJM orders, and also the outstanding order backlog from the JJM? See, though we have, as you know, we secure projects under three different phases. First phase is a small surface water, which has around INR 250 crores. Phase II, we have around 1,600 gram panchayat. Around 3,500 kind of a thing. Phase III, we have another 1,500 that's also in the similar kind of a thing. So far, we sign the DPR for 702 GPs approved and the loan agreement signed was worth INR 1,552 crores. The total order book, I would say which is an executable order book, 1,552 plus phase I is another 250. Total, we have an order book of INR 1,700 crores. I would say that is a practical, better order backlog. Out of the INR 1,700 crores, so we executed around INR 400 crores worth of projects worth done now. Going forward, we should be able to execute anything between INR 1,200 crores-INR 1,500 crores during the current financial year. Okay. Sir, in the order book, how much is the total INR 20,000 crore order book? How much is the value of the JJM orders in that order book? It is now as I said now almost 39%. Thirty, 30% is, uh... No, 39%. 39%. 39%. Comes to around 6,000, 39% of two. Canal cover. Including canal. Yes. Including canal. If you exclusively That is almost 30%. Uh, yeah, 7,000 package 35%. Yeah, 35%. Because, sir, you are also saying that only. Pardon? 30%. Sir, you are saying that only INR 1,700 crore worth of order is right now executable. But you are saying in the order book about INR 6,000 crore is the value of the project. Balance, 6,000 minus 1,700, that is not executable as of now, right? Yeah. See, now they are progressively approving this DPR and, another INR 1,000 crore worth of DPRs are going to be approved in next, before the end of the current calendar month, calendar year. Maybe, a total INR 1,500 crore worth of projects will be approved during the current financial year. The executable work could be around INR 3,200 crore. The remaining, they would be approving during the next financial year. Okay. Just last question, sir, on the AP project. If you can just tell us what is the progress and what's our total order book outstanding and what was the revenue booked for this quarter? AP? AP irrigation project. What is the total revenue booked during the quarter and what is the outstanding order book? See, AP is actually contract value is INR 1,000 crore. I think how much we booked. Hundred. 100? Actually, we have done the work till as on date is around INR 150 crore till date. Because certain works which were not partly complete in June and not been booked in June, it was in WIP. Till date, around INR 150 crore we have executed and remaining INR 850 crore is outstanding. Order book, yeah. As on date. Hundred and- Okay, sir. Because there is no movement on this project also. I mean, water projects are being very sluggish for us from the execution side. In the last quarter, the execution is only coming from roads. Though water starts contributing, then the revenues can actually ramp up significantly. Just wondering why there is no movement on these water order books. No, no. In water total payment received under phase I and phase II, we have received INR 377 crore including mobilization advance. Yeah. Work done is around INR 300 crore. Yes, sir. We have received payment. Okay. This year and the last year, INR 100 crores. INR 400 crores work done we have done. The government itself is always slow. No, sir. The payment is fine, but execution is not ramping up. Is it because the government approvals are little delayed and that's the reason why we've not been able to ramp up execution here? Just wanted to understand that. DPR award. The problem is, sir, inflation, 60% bottom item pass through. Balance 40% is kind of a fixed price. If there is too much of delay, that could hit us our margin. Okay. Sir. Thank you. Thank you. Next question comes from the line of Jayesh Gandhi from Harshad Gandhi Securities. Please go ahead. Congratulations on a good set of numbers. Sir, actually, I have recently started following the company, so my questions might be not very, very particular. One question which I have is, when we get a HAM order, how much portion do we consider it as an EPC and recognize it in revenue? It is, you can say, 90% of EPC. Of EPC? Oh, okay. 90% amount of EPC. Up to 90% of the EPC, yeah. No, I think what I'm saying is EPC. Yeah, EPC is a construction cost. No. If I'm getting INR 100 crore worth of a HAM order, EPC recognition is to what amount? It is INR 900 crore. Nine- INR 100 crore or INR 90 crore? INR 90 crore. INR 90 crore. See, INR 100 crores of typical HAM projects will roughly translate into INR 90 crores of EPC order. Okay. Approximately. That we take into revenue recognition as and when it is progressing or once it is completed, then, after that we take into revenue recognition. On a progressive basis. On a progressive basis, as and when, physical work is done. Okay. On work basis. Say for example, if a project takes two years, 50% is completed this year and 50% next year, so 50% we take as revenue this year and 50% next year? Yeah, yeah. Yeah, yeah. Yeah. 50% of the EPC. Okay. That's all from my side, sir. Thank you very much and best of luck for future. Thank you. Next question comes from the line of Vibhor Singhal from PhillipCapital. Please go ahead. Yeah. Good afternoon, sir. Thanks for taking my question, and congrats on great execution again. Sir, just wanted to understand, sir. I don't know, I'm sorry if somebody's asked this question already before. Sir, given that in this quarter we have already done almost INR 1,700 crore of revenue, excluding the bonus of course, what is the full year revenue that we are looking at? In terms of guidance, what is the revenue that we are looking for and for margin for the full year? Revenue would be around 15% guidance growth we are looking at this year. See, last year's revenue of we have INR 6,306 crores. So with the 15%, that will be around INR 7,200 crores this year for full year. EBITDA margin will be, as our managing director told, it would be between around 13.5%. 13.5%? Yes, around. Sir, to do 13.5%, given that in this quarter we did around 12.8%, if I exclude the early completion bonus. Do you expect margins to pick up in the next coming quarters, either because of commodity prices coming down or what could be the reasons for that? No, actually. In this quarter, EBITDA margin is 13.53% after deducting bonus and EPE. EPE margin. Because EPE margin is only 2%. Operational margin of the road project is still in the, this quarter, 13.5%. Sir, We are expecting same. Got it, sir. Sure. Sir, We are bidding in the same area. Do you still think that we will continue to bid for these projects? No, we are bidding in the same area. Sure sir. It takes six months. Road sector, same thing. Road sector maybe when we get BOT or something like that, where we have to do design. In In design also, for design or financial closure, we get six months time. Similarly, six months time is required in this also. Sometimes on road also. Sometimes on road also, sometimes when we go to build road, even there 80% land is not available. Similarly, here also suppose you have taken a work of INR 1,000 crores, so land is available for INR 800 crores, not for INR 200 crores. This can happen. Right. Right. Right. Sure. Sure. It is responsibility of state government. State government. Directly district collector is responsible. Okay, sir. Right. Yeah. Sir, just last question from my side. Sir, asset monetization, what is the development? HAM projects, we were thinking that, we will do. What is the status and when can we expect some good news on that front? We are expecting FY 2023 and the discussions are underway with the potential investors. Okay. No change in that. The discussions are still going on and we expect year end. Yes. We are expecting. Sure, sir. Thank you, sir. Thank you so much for taking my questions and wish you all the best. Thank you. Thank you. Next question comes from the line of Dhruv Bhimrajka from Monarch AIF. Please go ahead. Hello? Hello. Yes. Yes. Yes, sir. My question is regarding the impairment in the Ghaziabad-Aligarh Expressway project, Expressway Package 2. I wanted to understand why we had to book an impairment during the sale of this project. That impairment we have already booked in the FY 2022, sir. Okay. There are certain challenges there because account was going in the SMA 2. Uh. We have to construct a six lane in. Our partners were not in a position to infuse further money in the project. That is why we have finalized this project. Okay. That is why we took an impairment and then sold off the project. Right. Okay. What is the total impairment which we took for this project that is INR 129 crores, right? For, in all. Total, it is around INR 167. 160 Seven. Yeah, INR 167 crore. We have booked in the December quarter and the March quarter. Total is INR 167 crore, you told. Yeah. Okay. Last thing, what was the bonus that we received for early completion in FY 2022, sir? In FY 2022, we received for one project, Purvanchal Expressway Package 5, INR 82 crores bonus. Total bonus for early completion in FY 2022 was INR 82 crores, and impairment for this project overall is INR 167 crores. Yes, yes. Okay. In FY 2023, first quarter, we received bonus of INR 37 crores for Purvanchal Expressway Package 6. Right. That I've noted down. Okay, sir. Thank you so much. Thank you. Next question comes from the line of Jiten Rushi from Axis Capital. Please go ahead. Yeah. Good afternoon, sir. Thank you for taking my question. Sir, first I would need the order book breakup of the projects. I will just Sir, Delhi Vadodara Package 31, Delhi Vadodara Package 29. The, uh, 31 is 789, and 79 is 758. Sir, I'm not asking the original order book, sir. Sorry. This is 351 and 298. Okay, sir, Bhojpur-Buxar and Koilwar-Bhojpur. Bhojpur- Buxar is hardly INR 29 crore and Bhojpur. Koilwar- Bhojpur. Yeah. Koilwar- Koli... Uh. Is only INR 7 crore. It is negligible. Sir, Chakeri- Allahabad, sir? Chakeri- Allahabad, INR 268 crore. This OMT contract, how much is outstanding now, sir? OMT? OMT nothing is outstanding. It's Eastern Peripheral Expressway, sir. Toll collection. Toll collection is progressively whatever we get, so there is no auto backlog per se. Otherwise, I think Q1 we have INR 100. It is in case we have bid at INR 369, accordingly it is outstanding around INR 175 crore in next six months. Okay. INR 175 crore. Okay. You have done good collection this quarter. Sir, on this, you have given the breakup of the seven HAM projects, not the breakup, but the total value of INR 7,439 crore. That is the total EPC value of the seven HAM projects, right, sir? Right. Yes. Sir, again, on the JJM project, sir, I, what I can understand is you have done execution of INR 142 crore in Q1, and in August, you will be booking INR 150 crore of revenue in the JJM project, so basically INR 292 crore. What could be the execution, or what could be the revenue booking we can expect in the balance eight months? INR 1,000 crore, as you said, or it will be higher in JJM project? It is INR 1,000 crores in total. Sir, you're talking about FY 2023, INR 1,000 crore in JJM? No, FY 2023 would be with around INR 1,200 crores. INR 1,200 crore. Sir, what could be the execution for AP project now? Because we have just done INR 150 crore, and you are saying you couldn't see some pickup in execution. What could be the execution this year then? Which project? Please. Andhra Pradesh canal project, sir. Yeah, yeah. Andhra Pradesh canal project, we have done execution of INR 150 crore till now. Okay. INR 150 crores. Because what happens, only we're able to execute only for six months, because the remaining six months, the water comes into the canal system. We'll resume the work in the month of January. We'll have another three working months in the current financial year. That could only contribute INR 1 crore, another INR 150 crore. Around INR 150 crores-INR 200 crores should be within the financial year. Basically, sir, in Q1, we have not done any revenue, right, sir? No. There's no revenue in Q1, yeah. No revenue in Q1. Sir, is it possible to give us the breakup later of the irrigation and water project separately? Because, we can see that last quarter you had given a number of INR 7,800 crore, which has gone up by INR 8,000 crore. Obviously, there was some correction which included in this escalation, but again, the number has gone up by INR 200 crore. Is there any further change in the project cost? No. That is only because of the inflation, escalation, change of the scope, price and variation. Offline we will discuss and we will give you. We'll share with you. This water project includes 60% buyout items component, 40% civil work. Right, sir? JJM project. Right. Approximately. Okay. Sir, can you give me the toll collection breakdown, sir, for the quarter? The total toll collection is INR 222 crore. Okay. MP Highway is INR 13.9 crore. Okay. OMT project, Kanpur highway is INR 125.3 crore. Kanpur highway is INR 23.3 crore. Narela INR 11.9 crore. Bareilly-Almora INR 15.3 crore and Raebareli INR 32.16 crore. Total INR 222 crore, which is higher by 16% as compared to corresponding year of first quarter FY 2022. Right. Sir, on the equity breakup, if you can give, you said the balance equity requirement is around INR 1,029. You have invested INR 1,020 and the balance, which will be invested next two to three years. Can you give the breakup what is invested in Q1 and full year 2023, 2024 and 2025? In first quarter we have invested INR 114 crore and remaining nine months we are expecting to invest around INR 330 crore rupees. In FY 2024, around INR 480 crore and FY 2025, INR 350 crore. Okay. INR 350 crore. Sir, CapEx for guidance done so far in Q1 and balance nine months and CapEx in first quarter is very negligible, but in current FY 2023 we are expecting around INR 100 crore-INR 120 crore. Sir, can you give us the balance sheet numbers, debtors, creditors, inventory, retention, mobilization advance as on June? Retention is INR 189 crore and advance is INR 496 crore. Debtor days is 60 days and working capital days is 68 days. Can you give the absolute number of debtors, creditors and inventory, if possible? Debtors amount. Standalone. Inventory INR 626 crore and debtors is INR 1,163 crores. Creditors, payments? INR 462 crore. Okay, sir. That's it from my side. I have more question, I'll come back in the queue. Thank you. Okay, thank you. Thank you. Thank you. Next question comes from the line of Vasudev from Edelweiss. Please go ahead. Thank you for the opportunity, sir. Sir, currently, what is the order intake that we are anticipating for FY 2023? Between INR 8,000 crore. Sorry, sir. I could not hear it properly. Can you please repeat? We expect new orders to the tune of around INR 8,000 crore-INR 10,000 crore. Okay. INR 8,000 crore-INR 10,000 crore. What would be our bid pipeline currently then for this? It is around INR 50,000 crore. By NHAI. Bids in pipeline by NHAI. It is around 50 projects. We are working on the same projects. The bid due dates are staggered up to 30th September 2022. We expect our debt levels to be in the same range, right? We don't expect it to increase. FY 2023 we are expecting debtor days around 75 days. Leverage. Leverage will be around in the same line. Same. Now 1.1.09. That we might- In control. Control. Control in the HAM projects. Just last one thing, we are not L1 in any projects currently, right? Not in this quarter. Yeah, not in this quarter. In fact, the NHAI has not bid out in many projects during the Q1. Yeah, yeah. Exactly. Okay. Sir, finally, can you give the fund-based and the non-fund-based limits? Fund-based, we are having a sanction of INR 1,000 crore and non-fund-based sanction is around INR 55,000 crore. Okay, INR 5,000 crore. Okay. That's it from my side, sir. Thank you and all the best. Thank you. Next question comes from the line of Mohit Kumar from DAM Capital. Please go ahead. Sir, one clarification, sir. How much is the impact of toll revenue on our standalone business? What is the EBITDA? Toll revenue in all FPE around INR 222 crores. No. My question is from the Eastern Peripheral Expressway. EPE. That amount is getting reflected in the standalone, correct? Yeah. One minute. The EPE. That is, INR 104 crore. INR 104 crore. What is the EBITDA margin in that, sir? Around 2.2%. Around 2%. Understood, sir. Secondly on this, sir, there is a lot of delay in Sonauli-Gorakhpur, you know, the concession agreement signing. When do you expect the concession agreement to get signed for this particular road project? See, except the Sonauli-Gorakhpur, we signed concession agreement for all the remaining six HAM projects. Yes. Sonauli-Gorakhpur also, we are expecting it will be signed before end of the August. Post which, NHAI have five months time, so there should not be any issue in acquisition of land at the time of appointed day. I have received the LOA, sir. LOA for Sonauli-Gorakhpur. Yeah, we have received the LOI. Okay. We'll be signing this agreement within this month. Understood, sir. Thank you, sir. All the best, sir. Thank you. Thank you. Next question comes from the line of Vibhor Singhal from PhillipCapital. Please go ahead. Yeah. Hi, sir. Thanks for taking my question again. So sir, I just missed out on the number. What is the total equity that we have invested, and what is our equity that is left to be invested in the HAM projects? Total equity. Can you repeat, please? Sir, total equity invested and total equity left to be invested? Total equity to be invested, INR 1,361 crore. Okay. Out of that, we have invested INR 114 crore in this quarter and INR 330 crores in the next nine months. Right. Got it, sir. Got it. Also, sir, lastly, just wanted to check, basically, if I look at the debt number for this quarter, which is around INR 300 crores, do you believe that we could end the financial year with the same number, almost around the same number? Yeah. despite equity requirement for HAM projects and other things also? It should be in the same line, almost. It should be in the same line. Sure, sir. Great, sir. That is all from my side. Thank you so much for taking my questions, and wish you all the best again. Thank you. Next question comes from the line of Mangesh Bhadang from Nirmal Bang Securities Private Limited. Please go ahead. Hello, sir. My question is related to the related party transactions that you have done. If you can just explain that out of the total investments to related parties, there have been certain others in terms of loans given to parties which are not related to the party. party. If you can just highlight some of that. What is the reason, and when do you expect all that money to be received back? In FY. INR 30 crore. In FY 2022, about INR 30 crore we have given in the month of February. That has been repaid by the subsidiary. The INR 30 crore has been. In FY 2022, we have given only INR 30 crore by our one of the subsidy that has been refunded. Anything more that you expect going forward? No, nothing. Nothing. Okay. Okay. That's the question. Thank you. Thank you. Next question comes from the line of Shravan Shah. Please go ahead. Yes, sir. Sir, couple of things. First, in terms of the fund-based and non-fund-based limit, you mentioned INR 1,500 crore. How much we have utilized fund and non-fund? Fund-based, there is no utilization. About non-fund-based, INR 2,950 crore something we have. No, 28631. INR 286, INR 2,863 crore. Just repeat. How much? INR 63 crore. Okay. INR 2863 crore. Second, sir, when we say in terms of the monetization of HAM projects, sir, we are expecting a good news by end of this year. Here we are looking at 5 HAM and 1 Annuity project, where around INR 680-odd crore we have invested. We are talking about the 6 HAM, one Annuity and one BOT. That debt around INR 4,700 crore and equity INR 940 crore. INR 940 crore equity. INR 40 crore. Okay. Other is, sir, that out of the total debtors, how much is the HAM debtors? HAM debtors is 68%, that is INR 793 crore. EPC 369 crore. Okay. HAM debtors remains the same, which was there at the end of March. More or less same. Okay. Second is, are we expecting any early completion bonus in remaining nine months? See, we are targeting for some of the EPC projects. We'll have a better clarity post-monsoon. We'll able to share during the next quarter. Which project, if you highlight the name of the project? Delhi-Vadodara Expressway of Delhi-Mumbai Expressway, package 29 and package 31. Just, I want to add, in regard the utilization of fund-based limit, no doubt TP limit is no utilization, but in the month of June quarter, we have taken the bill discount of INR 100 crore, which is reflecting in our debt outstanding. Okay. Second, you mentioned that around INR 50,000 crore kind of opportunity is in the pipeline from NHAI, 50-odd projects. How much of that would be the HAM and EPC? EPC is around INR 30,000 and HAM is around INR 20,000, so it's been the ratio of 60-40. Okay. All these are still the reduction in the EPC part from the NHAI from 50 to 20. In this 50-odd projects, that is INR 20,000-odd crore HAM, these clauses obviously will not be there. Is there any change which is already implemented, or it is the same which was previously also? Now the O&M is also removed from here because that was the case earlier the O&M, we need to bid the BPC and O&M. Here the same condition also, the NHAI has removed the O&M part. The NHAI has removed the O&M part. It's now only you have to put only one BPC. BPC. Certain percentage of that BPC will be paid as O&M, and the 40% will be the payment during the construction. Okay. All the seven HAM projects, we said the appointed date will be there by? Yeah. Between, you can say, before end of this. November. Current financial year we'll get anything between November and February. February month. Any specific project you want to highlight where we expect the COD by November or December out of seven? We will receive this, Kanpur-Lucknow by November. By November. Okay. Rest of mostly from the fourth quarter, January to March, we will be getting the appointed dates. That's right. Right. Right. Okay. I have no other question. Operator, is there any other queue? Yes, we have one question. Yeah, please take. Okay. The next question comes from the line of Jiten Rushi from Axis Capital. Please go ahead. Yeah. Thank you for taking my question. Sir, on the recent related party transaction, you said that out of INR 60 crore, we have received INR 30 crore. INR 30 crore is still outstanding, right, sir? Yeah, yeah. Yeah. You are right. When are we expected to receive that money back, sir? Any target? By this fin- Mm-hmm. By the end of this financial year, we can revert back. Revert back. Okay. Sir, you said about the monetization of assets. You said 6 HAM projects, one OMT and one BOT. Total eight projects we are looking to monetize. Yeah. Is my understanding correct? Right. Which has a equity investment INR 940 crore, and what is the debt investment, debt amount, debt outstanding, sir? Four, INR 4,700 crore. INR 4,700 crore. Okay. Sir, on the Mumbai-Nagpur, we have completed the project, because we were expecting some bonus. So the outstanding is it two? We have already completed this project, and we are expecting, so we are trying in the department, so we can't say presently anything about this. Yeah, yeah. We can't say anything with certainty, but we completed the project. Basically there is no outstanding right now. Okay. Sir, on the Aligarh-Muzaffarnagar you were supposed to receive bonus. What is the status now? Now we submitted our final bill, so we expect some discussions are going on. That there are certain issues there. Maybe in another before end of this current financial year, we'll get the clarity. Sir, any outstanding as you highlighted the outstanding base. Sir, in the order inflow guidance of INR 8,000-INR 10,000 crore, what could be the mix between water projects and road projects? Any thought on that, sir? See, we have no thought on that because this will depend upon how the opportunities will be flowing. As of now, we are focusing on the road projects. There are, as mentioned by our MD, INR 50,000 crore worth of road projects are on the anvil. We are pursuing those opportunities. We'll be bidding those projects before end of the Q2, that is, before end of the September. That's kind of what will be the ratio between water and all that we'll be able to tell going forward. Okay, sir. That's it from my side. Thank you and all the best, sir. Thank you. Thank you. Thank you. Next question comes from the line of Uttam Kumar Srimal from Axis Securities Limited. Please go ahead. Yeah. Thanks for the opportunity and congratulations on this set of numbers. Sir, you have guided for 15% revenue guidance for this year. That comes to around INR 7,000 crore-INR 7,200 crore. How would this be divided between HAM, EPC and Jal Jeevan Mission? You mean to say about this revenue guidance of what we are expecting. Yeah, yeah. INR 7,000 crore. Yeah, yeah. So- Around 80%- Yeah, 80%. On the road sector and 20% from the 20% from the water and irrigation sectors. Sir, what is the current executable order book in our order pipeline now? Current order book is about INR 20,000 crore. How much will be executable during this year, if we are, because we have not yet received appointment in several HAM projects. The executable order book is around INR 13,000 crore. INR 13,000 crore? Yes. Okay, sir. Okay. That's all from my side and, yeah. Thank you and best of luck for future. Thank you. Thank you. Next question comes from the line of Vasudev from Edelweiss. Thank you for the opportunity again, sir. What is the competitive intensity that you are seeing currently? Sir, in comparison to last year, what we see the intensity would be moderate this year because whatever the concessions given, like, bid security waiver and also the dilution of the prequalification criteria with respect to turnover and net worth criteria, those have been restored. The bidders have to now provide the bid security and also the net worth criteria is also increased. Going forward, we see the intensity would be lesser than what it was last financial year. Okay. The last thing that how much of bids have you already submitted, if you can quantify that? See, as I said, during FQ1, very few bids floated by NHAI. Whatever the bids we submitted only, there are only two bids pending to be opened around INR 1,000 crore worth of those bids. Two EPC bids. Total INR 2,000 crore. You know, put together INR 1,000 crore. Okay, okay. That's it from my side, sir. Thank you. Thank you. A reminder to all the participants, please press star one to ask a question. As there are no further questions, we have reached the end of question and answer session. I would now like to hand the conference over to Mr. Shravan Shah for closing comments. Thank you. Thank you, management, for giving us the opportunity to host the call and thank you all the participants. Sir, do you have any closing comments? Yeah, thank you everyone for your participation in our earnings call. We have uploaded the presentation to our company's website. In case of further queries, you may get in touch with the ICICI Group advisors, our investor relations advisors. Feel free to get in touch with us. Thank you very much. Thank you. On behalf of Dolat Capital, that concludes this conference. Thank you for joining us. You may now disconnect your lines.