Ladies and gentlemen, good day, and welcome to the PNC Infratech Limited Q3 FY 2024 Results Conference Call, hosted by Dolat Capital. 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 the guarantees of future performance and involve risks and uncertainties that are difficult to predict. 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Shravan Shah. Thank you, and over to you, sir. Thank you, Sagar. Good afternoon, everyone. On behalf of Dolat Capital, I am pleased to welcome you all on the PNC Infratech Limited third quarter Q4 FY 2024 earnings conference call. We have with us Managing Director of the company, Mr. Yogesh Jain, along with senior management team. We will begin with the opening remarks from the management, followed by interactive Q&A session. Thank you, and over to you, sir. Good evening, everyone. On behalf of PNC Infratech Limited, I extend a very warm welcome to everyone for joining us today on this call. I have with me Mr. T.R. Rao, Director, Infra, Mr. D.K. Agarwal, CFO, Mr. D.K. Maheshwari, VP, Finance, and Strategic Growth Advisors, our Investor Relations Advisors. We have uploaded the financial results and investor presentation on the stock exchange and company website for your reference. Initially, I would like to mention key update of the industry, followed by operational development of the company and highlights of financial performance during the third quarter and nine months of financial year 2024, post which we will be happy to answer your questions. In the interim budget for financial year 2025, the government continue its focus on development of infrastructure across the sectors with a total capital outlay of INR 1.1 million crore, which is 11.1% higher than the outlay for the financial year 2024. Project awarding activity in the roads and highway sector continue to be sluggish in the third quarter of the current financial year also. During the current financial year, so far, the overall length of new contract awarded in November 2023 was 2,815 kilometers only, out of the target of 13,000 kilometers set forth for financial year 2024. Though it is expected the MoRTH and NHAI will hasten the awarding process from the middle of this month onwards, it remains to be seen to what extent the awarding target set for the current financial year will be met before the year and before the Code of Conduct for the general elections comes into force. However, the awarding activity during the next financial year, during financial year 25, is expected to be swift, with a large number of new projects. On the execution front, there is 10% increase in national highway construction, with 5,248 km completed in November 2023, compared to 4,756 km completed during the corresponding period of the last financial year. There has been significant growth in the toll revenue from national highways, increasing from INR 17,759 crore in financial year 2016 to INR 48,028 crore in financial year 2023. With fast increasing national highways and expressway network in the country and widespread upgradation projects being undertaken, the government aims for INR 1,30,000 crore toll revenue by 2030, with an ambitious annual compounded growth rate of 15%. Now, coming to the update on the company. I am delighted to announce a significant milestone for our company in line with our multi-phased state strategic vision, which prioritizes value creation and efficient utilization of operational assets for both reinvestment and shareholder value enhancement. We successfully executed definitive agreement with the Highways Infrastructure Trust, which is Infrastructure Investment Trust, predominantly sponsored by KKR, USA. This deal solidifies our commitment to unlocking our investment and maximizing value for our esteemed shareholders. This strategic move aligns with our ongoing efforts to fortify our position and contribute to sustainable growth. Under the proposed transaction, the company agreed to divest 12 of its road assets, comprising 11 national highways HAM assets and one state highway BOT assets of approximately 3,800 total lane kilometers located in the states of Uttar Pradesh, Madhya Pradesh, Karnataka and Rajasthan. The enterprise value of transaction is INR 9,006 crore, together with the earn outs, translating to an equity value of INR 2,902 crores, including cash on the invested equity of INR 1,740 crores. The transaction is subject to meeting certain regulatory and contractual conditions, including obtaining necessary approvals from respective concession authorities and lenders. These transactions would help the company to further strengthen its balance sheet and would give a large headroom to continue pursuing the company's growth plans. During the quarter ending 31st December 2023, the company received a provisional completion certificate for two HAM projects of NHAI, located in the state of Uttar Pradesh. The company achieved the financial closure for for all four HAM projects that were awarded during the financial year 2023, which is Prayagraj-Kaushambi Highway Package three and Package two, three, and four of Varanasi-Ranchi-Kolkata Greenfield Highway. Company received LOA for the construction of Western Bhopal Bypass HAM Project from MPRDC during third quarter for bid project cost of INR 1,174 crore. Company's strong balance sheet and financial prudence, resulting credit rating upgrades, which enable us to secure debt at competitive rates. Out of the company's 28 fund-based projects, three are BOT toll projects, two are BOT-NOT projects, and 23 HAM projects. Aggregate bid project cost of all the 23 HAM projects is around INR 30,000 crore, which is one of the largest highway HAM projects portfolio in the country. Out of the total 23 HAM projects, the company has achieved PCOD and COD for nine projects. Nine projects are under construction and four projects achieved financial closure. For one project, the company has received the letter of award in January 2024. Regarding equity investment, the cumulative requirement for the HAM projects, which are under construction, amounts to approximately INR 3,000 crore. As of December 2023, the company already infused INR 1,881 crore, and the remaining equity of INR 1,062 crore is to be invested over next two-three years. The internal accruals that would be generated over the next two-three years should be adequate to meet the above equity investment requirements. As on 31 December 2023, the company unexecuted order book stands over INR 117,380 crore, which includes EPC value of about INR 5,580 crore of the five new HAM projects secured towards the end of last financial year and recently in the current financial year. Out of the unexecuted order book, highway and expressway contract contribute around 75%, while water project contributes around 25%. The company has achieved notable progress in rural drinking water projects under the Jal Jeevan Mission during the first three quarters of current financial year. Till thirty-first December 2023, the company has booked a total revenue of INR 2,383 crores in drinking water segment, while during the third quarter, booked a revenue of INR 533 crores. Now, I would present the result for the quarter ended December thirty-first, 2023, and nine months of financial year 2024. Before discussing financial performance, I would like to share that during first quarter of financial year 2023, the company received an early completion bonus of INR 37 crore 2 lakh, 37.02 crore, which was included in the revenue for the nine months of financial year 2023. We have moderated the same in key financials for the nine months of financial year 2023 to make the financial performance of nine months of financial year 2024 objectively comparable with the corresponding periods. I would also like to highlight that nine months of financial year 2023 includes revenue of INR 251 crore from Eastern Peripheral Expressway project, which is not adjusted from nine months financial year 2023 financials. Revenue, standalone revenue for the third quarter of financial year 2024 is INR 1,803 crore, which is higher by 11% as compared to INR 1,627 crore in the third quarter of financial year 2023. The EBITDA for the third quarter is INR 239 crore, which is higher by 15% as compared to INR 208 crore in the third quarter of financial year 2023. The EBITDA margin for the third quarter of financial year 2024 is 13.28%. The profit for the third quarter of financial year 2024 is INR 151 crore, as compared to INR 129 crore in the third quarter of financial year 2023, a growth of 17% on a year-over-year basis. The PAT margin for the third quarter of financial year 2024 is 8.4%. The standalone revenue for nine months of financial year 2024 is INR 5,357 crores, which is higher by 9% as compared to INR 4,909 crore in nine months of financial year 2023. The standalone EBITDA of nine months of financial year 2024 is INR 712 crore, which is higher by 12% as compared to INR 636 crore in nine months of financial year 2023. The standalone profit for the nine months of financial year 2024 is INR 447 crore as compared to INR 390 crore in nine months of financial year 2023, with a growth of 15%. The PAT margin for the nine months of financial year 2024 is 8.4%. Consolidated revenue of third quarter of financial year 2024 is INR 2,047 crore, as compared to INR 1,803 crore in third quarter of financial year 2023, a growth of 13%. The consolidated EBITDA for the third quarter of financial year 2024 is INR 432 crore as compared to INR 345 crore in the third quarter of financial year 2023, a growth of 25%. The EBITDA margin for third quarter of financial year 2024 is 21.1%. The consolidated PAT for third quarter of financial year 2024 is INR 185 crore as compared to INR 140 crore in third quarter of financial year 2023, a growth of 32%. The PAT margin for the third quarter of financial year 2024 is 9%. The consolidated revenue for nine months of financial year 2024 is INR 6,050 crore, which is higher by 8% as compared to INR 5,614 crore in nine months of financial year 2023. The consolidated EBITDA for the nine months of financial year 2024 is INR 1,268 crore, as compared to INR 1,152 crore in nine months of financial year 2023, a growth of 10%. The EBITDA margin for nine months of financial year 2024 is 21%. The consolidated profit for nine months of financial year 2024 is 514 crores as compared to INR 475 crores in nine months of financial year 2023. The PAT margin for the nine months of financial year 2024 is 8.5%. As on 31st December 2023, our net working capital cycle is 73 days as compared to 87 days as on 31 March 2023. Our net worth on a standalone basis is INR 4,378 crore as on 31st December 2023, whereas total standalone debt is INR 280 crore. The cash and bank balance as on 31st December 2023 is INR 315 crore. We have a net surplus of INR 35 crore. This translates to net debt to equity of 0.09 times. Our net worth is, on consolidated basis, is INR 4,798 crore, whereas total debt is INR 7,652 crore as on 31st December 2023. The total cash and bank balance, including current investment, is INR 1,118 crore. This translates to net debt to equity of 1.57 times. With this, we now open the floor for question answer. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone phone. If you wish to remove yourself from the question queue, you may press star and two. Participants use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Mohit Kumar from ICICI Securities. Please go ahead. Good evening, sir, and congratulations on signing the definitive agreement with the KKR. The first question is, how are you going to utilize the cash flow from the proceeds, and what is the timeline in which you think you can complete the deal? Actually, as already we have informed that we have signed the share purchase agreement for 12 assets. There are two phases, phase I and phase II. In phase one, there are seven assets, six HAM and one BOT toll, and the second phase, there are five assets. In first phase, timeline is August 2024. We have the enterprise value INR 5,015 crore, and remaining second phase is by December 2024, we have the enterprise value INR 3,990 crore. How we are looking? Okay. The equity value of breakup is, first phase is INR 1,790 crore, as against our infusion of INR 1,000 crore, and second phase is INR 1,113 crore, as against our infusion of INR 740 crore. What, what utilization of this cash for, sir? Majorly, In projects. In the projects. For future. For future. Understood, sir. My second question is, how do you think about the order inflow outlook, given that we are already in February, and it seems, of course, the pipeline seems to be decent at NHAI. But do you think that, given in your opinion, that we can have a decent substantial order flow in the remaining months? And related question is that, do you intend to bid for the toll roads? See, as you, you all know, the awarding activity, as our MD just now said, has been very sluggish during the nine months of the current financial year. Even in the month of January also, awarding activity was very, very low. Though the government set a target of 13,000 kilometers, they could not even award even 3,000 kilometers, which is just less than 25%. So this, the whole industry has the, the same issue, challenge in getting the new projects. Nevertheless, as of now, there are 200 project opportunities have been floated by both the NHAI as well as the MoRTH and the state government. Here, around 100 EPC opportunities are there for INR 10,000 crore, INR 70,000 crore, and around another 100 HAM opportunities for INR 90,000 crore, and the 11 DBFO toll opportunities for INR 30,000 crore. We are evaluating all these opportunities. We expect, on the 15th of this month, until the end of current financial year or otherwise before model code of contract fixing. So the awarding activity would be there. So we are hoping to get some decent order book this year also, to the extent of cumulatively around INR 8,000 crore. That's what we are expecting. With regard to toll projects, and the final model concession agreement or draft concession agreement have not come out. We are very carefully evaluating these toll assets because there is a traffic risk involved, and also there is a huge investment involved. We are not so aggressive. We will not be so aggressive in the toll assets. However, we will be carefully evaluating, and based on our detailed traffic studies and financial viability studies and the bankability studies, we will take a call whether to bid or not. If at all, if we want to bid, we'll see which is the best project. Accordingly, we'll take a call. Understood, sir. Thank you, and all the best. Thank you. The next question is from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. Hi, Rajeshji, congratulations on the deal, sir. So my question was that, with INR 1,740 crores of equity investment, so how much is the pending equity investment in this? Pending equity investment, INR 1,000. Out of the 1,700, sir? Yeah, out of the 12 assets, 11 HAM and one toll, so out of the INR 1,740 investment which you have to make, so how much is still pending to be invested? It's around INR 438 crore, sir. INR 438 crore is yet to be invested? Yeah. But the INR 1029.02 crore, sir, will change the or the, it will be same only, even after this investment of INR 438 crore. This INR 1029.02 crores of equity valuation, will it increase? Because we are yet to invest INR 438 crores in this. No, no, we have considered entire equity to be infused or to be infused. So which this includes in the INR 2,903 crore, sir. So okay, so you have to still infuse cash of INR 438, so you will receive INR 2,902, so your net proceeds will be INR 2,902 minus INR 438, right? Right, right, right. Okay. And just one thing, one more thing, sir. In this 2902, what will be the total cash when the cut-off date which you have taken for this 2902, so what is already the cash which is lying on these assets, 12 assets? In 2903, cash and bank is INR 375 crore, sir. INR 375 crore, right? Yes. So you will use this cash for, I mean, is it unencumbered cash or, again, DSRA and MMR, or can it be used for funding this INR 438 crore of equity? This includes everything. This includes the DSRA, MMR, and free cash. But you cannot use it for investing INR 438 crore of equity. The 438 you have to bring in separately, right? Yeah, yeah. Okay, got it, sir. Just for the last question, sir, any update on beyond the NHAI pipeline which you are evaluating? I mean, whatever NHAI awards this year for rest of the financial year, what are the other segments where you see you can give us some color on the bid pipeline in water, railways, other segments which we are targeting, metro and all, beyond the existing NHAI awards? See, beyond the NHAI and beyond the highway sector, see, water sector, we are already doing projects, drinking water sector. If the similar kind of projects opportunities are coming in the other states, drinking water, that, we, looking at those opportunities also. Apart from the, highway projects that are being floated by NHAI, MSRDC State Government is also coming out with certain highway projects. So we are looking at that opportunity also, evaluating the opportunity. Water sector, what has happened, three states, which were also floating tenders like, Chhattisgarh, Madhya Pradesh and Rajasthan, because there was a pause because of the elections held there. Now, since, new governments are formed in all three states, we are looking forward to have some kind of a, bidding opportunities in water sector in these three states. Once the bids are floated, we will evaluate the opportunities. Okay. And just that yesterday, the UP budget was announced, so any major projects you are expecting out of that budget on the? Come again, which state? Excuse me? Yesterday, the UP government announced their financial budget for the year, I think yesterday or day before yesterday. So any major projects you expect from the state side, beyond the Ganga Expressway, any more projects to come in, in the next financial year? See, UPEIDA is what we heard, that UPEIDA has commissioned certain studies for the DPRs, that the full details are not available, but we'll see that, if some projects are coming up from within the UP, including any opportunities of the state highways, we'll look into it. Anything on the metro projects in UP, any metro projects you are targeting in Varanasi, Kanpur or any other city, anything coming up? Yeah, some metro projects are coming. Yeah, yeah, coming. Expansion of Kanpur metro and, Gorakhpur, Varanasi. Varanasi and also in Agra also. In further expansion of the metro lines, which are already there, alignment. So we look at those opportunities also. Okay. Okay, sir. Thank you and all the best. Thank you. Thank you. The next question is from the line of Shravan Shah from Dolat Capital. Please go ahead. Hi, sir. Congratulations on the monetization deal. Sir, couple of questions. So first, in terms of the coming to the guidance front, so nine months we have done 8.3% revenue growth. So what's the guidance for the full year? And for FY 2025, what kind of a revenue growth we are looking at? This year, we are looking at 10% for the full year because there was some active and prolonged monsoon during the second quarter and also some this thing. So, we have achieved 8.33% as of nine months, so we are expecting around 10% revenue growth for the current financial year over the previous financial year. And also next year also, we are expecting the similar kind of a growth, 10%, over the current financial year. Okay. And the EBITDA margin will be the remaining the same, 13%-13.5%? Yes, yes. Okay. EBITDA margin will sustain the same thing. Yeah. And in terms of the order inflows, so when we say that we are looking at another 8,000-odd crore to be received, so by March. So in this, how much are we looking at NHAI, HAM and any other segments that we are looking at? Primarily, this will be HAM projects of NHAI and also then EPC projects of highway sector only. As of now, we are looking at cumulative of INR 8,000 crore. Out of that, we already got INR 1,174 crore. So another INR 7,000 crore new order book we are expecting before thirty-first. It will be roughly say 50% HAM and 50% EPC. So, sir, let's say this is relatively less versus what we initially had thought. So, let's say in the next year, even if, let's say, we don't get this INR 7,000, also maybe a INR 2,000-INR 3,000 less, for next year, how much we can... So if we get the INR 8,000, how much number are we looking at in terms of the order inflow for next year? Yes, yes, the managing director has mentioned, definitely next year the awarding activity will be very active because the projects which NHAI could not be bid out during this year, and also the NHAI's allocation and overall capital outlay is very high, INR 11,000, 11 lakh crores. So we are looking at a very major bidding opportunities in the highway sector and also other sectors, where this thing. So next year, we are expecting a order inflow of not less than INR 12,000 crore. Okay, got it. So broadly speaking, in terms of the till March, how much value you mentioned the opportunity definitely, but how much value of projects have we already bidded and where the outcome is yet to come? And second, how much more are we planning to bid by March? See, already we had submitted 17 bids, comprising six HAM projects as well as 11 EPC projects for a total aggregate value of INR 14,000 crore. These bids we have submitted, and we are waiting for the opening of the price bids. So we expect some orders from this INR 14,000 crore. Apart from that, NHAI, MoRTH, and also MSRDC floated bids for nearly 200 projects, and with a total estimated cost of INR 190,000 crore. So we are evaluating these opportunities. So definitely, going forward, right from maybe around the second week of February till the end of March, so we'll be bidding these things. So we expect, the order book from these thing also, these projects also. As I said, at least INR 7,000 crore of new orders we are expecting before thirty-first March. Okay, okay. And for this, the three HAM projects, so one we have got the appointed date of FY 2023. So remaining three, when we expect the appointed date and the recent MPRDC, when the appointed date are expected? First, one project we got the appointed date with effect from first of February, that is Prayagraj-Kaushambi MOT projects. Other three projects, also the land acquisition process is in progress, and also disbursements are being made to the landowners. So we are expecting at least two projects before the end of the current financial year. And in case of MPRDC project, it's a state government acquisition, it's a greenfield. It is not under NH Act, but still, land control, everything is under the control of state administration and district administration. There, the progress is good. So that also we expect. Second quarter. Before the second quarter, we expect the appointed date for that also. So we don't expect any delay in the declaration of appointed date for MPRDC project. It has been a state project. The remaining one, so two, NHAI AD, you said by March, and the one will be in Q1 FY 2025? Yes, yes, yes. Early Q1 FY 2025. Sir, in terms of the equity for what you mentioned, that INR 1,062 crore to be invested. So in Q4, how much in FY 2025, 2026 and 2027? And does this include the MPRDC project equity also? Yes, sir. This MPRDC equity we have not considered INR 1,062 crore. The total requirement in January, February, March is INR 118 crore, and FY 2025, around INR 450 crore, and FY 2026, INR 360 crore, and remaining in the FY 2027. Okay, got it. Sir, a couple of project-wise order book, if you can help us. I will name the project, and if you can help me the outstanding order book as on December. So Chakeri-Allahabad? It is only INR 22 crore, sir. Okay. Challakere-Hariyur? 110. 110, okay. And Jagdishpur-Faizabad? Only INR 10 crore, sir. Negligible, INR 10 crore only. Almost, almost completed. Aligarh-Kanpur Package five? It is INR 50 crore, sir. 350? Sir, it was 90. Only, only INR 50 crore, 50. Okay, INR 50 crore. Unnao Lalganj? Unnao-Lalganj is only INR 80 crore, sir. 80. Meerut-Najibabad? Meerut-Najibabad is INR 42 crore, sir. INR 42 crore, okay. And Delhi-Vadodara Package 31? Almost completed. Hardly INR 20-25 crore. Okay. Irrigation project is how much? It is still INR 950 crore, 950. 950. Gaju Village-Devinagar Bypass, Package 1C? 1C, INR 330 crore. INR 30 crore. And, Haryana Orbit Rail project? It is 7:70. 717? Yeah, 770. 770. Okay. And on the balance sheet front, sir, if you can help us with the inventory, debtor, and payable absolute value as on December? The debtor is INR 1,810 crore. Okay. Inventory? INR 830 crore, sir. INR 830 crore, and the payable is, sir? Payable, INR 750 crore. INR 750 crore. Seven fifty? Yeah. Okay, and mobilization advance, retention money and HAM debtor, water debtors, if it is available. Mobilization advance is INR 630 crore. Six- Retention is INR 130 crore, 130. Okay. HAM debtor and water debtors? Water debtor was INR 730 crore. Out of that, around INR 220 crore we have released in the month of January. Okay. HAM debt is INR 750 crore. INR 750 crore. Okay, okay. Got it, sir. Thank you, and on the rest I will be with you. Thank you. Thank you. Participants may press star and one to ask a question. The next question is from the line of Vishal Periwal from IDBI Capital. Please go ahead. Yes, sir, thanks for the opportunity. Sir, just wanted to check, like, you know, a couple of data points that you provided. I mean quarter, you are also open to sharing. So is it possible to keep this in PPT? PPT? PPT. No, no, what I'm saying, like, you know, the data point that you are providing, I mean, just, I mean, before this question, you are open to providing all the data points. So can you include everything in the PPT? Like, you know, it could just save time and then probably just a thought. Okay. Okay, we will, we will look into. So we'll try to include these things in the. From next quarter. From next quarter onwards, so that, Yeah It is available to all the interested parties. Yeah, sure, sir. Thank you, thank you. And then, on our deal that we have signed, what do you see a tax implication on this particular thing, the amount of INR 2,900-odd crores, eventually, how much we get after the taxing? Actually, recalculate, sir, because as on date we can't say, because not net current assets, the valuation over at the time of the closing. So at that point of time, actual we can inform. Got it. Got it. And sir, in terms of phasing that you mentioned, phase one and couple of assets, and then secondly, couple of assets are there. So is it like, you know, the deal is like independent to the phases or probably like both the deals will happen? How exactly it is structured? Actually, at the time of the initial talking with them and by signing of the non-binding offer, the projects which were, we have received the PCOD and COD, we have completed the phase one, and projects which were under construction, we have completed the phase two. Okay. That was only. These are, in case phase II project, it can complete the phase one also. There's no restriction on that also. Okay, okay, okay. So basically, they are independent, but, that. Yeah. Independent, completely, we have, specifically we have done, because at that point of time, they were under construction. Then the phase II out of five projects, we have already received the PCOD as on date. So, we can consider out of five, three projects in the phase I also. So all the opportunities are there. There's no restriction. We have, we have built in the flexibility in the shapes, security purchase agreement. There is the interchangeability is possible, either it can be in two tranches or one tranche, and this seven + five also could change, may like eight + four or nine + three kind of a thing. So that is there. Okay. And then, when this agreement is signed, which, is this a signing fee be involved with that? Initially, whether the other party provides you? No, there is no signing fee as such. We signed it on fifteenth of January. There is no signing fee. Okay, okay. No, actually, but the reason I'm asking everything is like, you know, can a party sign just a phase one, and can they, like, not get into phase II with you later on? We have signed simultaneously all the 12 assets. SPA, we have signed single. Okay, okay. Got it. And, and last thing... Yeah, sorry, sir. Both parties are interested to sell and purchase all the 12 assets. Okay, okay. And then, last thing from me is on the awards. I think there were comments from Secretary MoRTH that there will be a new MCA, Model Concession Agreement will be there, and then, like, you know, they are doing some changes. So I think, though, and like, you know, as an industry participant, everyone is quite hopeful that, you know, next two months there will be awards. But is it like in terms of steps, if one has to see, there will be a new MCA and then the awarding will happen? Or how exactly you are seeing things, sir? Yeah. See, now they have floated about 11 tenders. Out of 11 tenders, they issued a draft concession agreement for the three, three tenders, and based on the old format. So they have not revised. We expect the revised MCA will be issued maybe in a couple of weeks. The award will be based on the new concession agreement, revised concession agreement only. So the revised concession agreement, they have not issued so far. Okay. And sorry, tender announced, 11, when this came out? This came out during the month of January and some towards the end of December. But though they issued the RFP and NIT, the schedules they issued only in the month of January, and very recently, they issued the schedule as well as draft concession agreement for Guwahati, that is in towards the end of January. Okay. So, I mean, basically everything is recent, so they are still going ahead. Yes. Okay. They are still going ahead with the old agreement, and then MCA will further come, and then further you need, you need to reevaluate everything, and then the bidding will happen, or how exactly it will happen? Yes, yes. We have to at least. They will bid. All the bids will be with the new MCA. Okay, okay. And this new MCA is for both. Is it for HAM and BOT, or it's only for one? No, no, it's for HAM. It's for BOT only. It's for only BOT. Be okay. Okay, okay. Sure, sir. That's all from my side, sir. Thank you very much. Thank you. Thank you. Thank you. The next question is from the line of Jiten Rushi from Axis Capital. Please go ahead. Good evening, sir. Thank you for taking my question, and congratulations on the Highways Infrastructure Trust. So my first question is on the claims. We had received approvals from NHAI of more than INR 750 crore. So when do we expect the proceeds from the claims? Yeah, this NHAI's offers we received in the month of December, and then we accepted those offers. And post that, there is a procedure to be followed. The applications, what we filed, to execute these awards, execution applications, as well as the applications filed by NHAI challenging the award under Section 34, these petitions have to be withdrawn. So we have already withdrawn in 2 matters, execution petition. NHAI withdrawn the Section 34 application in one matter. Post-withdrawal of the applications, the settlement agreement has to be signed. Within 30 days from the date of settlement agreement, NHAI has to pay the amount to the parties. This is the procedure. We expect, out of three pro- so far, we accept for 3 projects, 3 awards. We expect at least one or two cases to be settled before the end of this financial year. We receive the proceeds. This would be in value terms, how much? The total, INR 766 crore. Mm-hmm. Correct. the offers what we had accepted. Mm-hmm. So at least, if you combine two, maybe two out of three, maybe something around INR 300 crore could be this year, and the remaining would be next year. Okay. Before in Q1, in Q1 FY 2025, you can expect the money. Maybe, yeah, if you can say it's something like 50/50 kind of a thing. Mm-hmm. So I, because you have received one more claim recently of INR 42 crore, that is a different claim or that as well? Yeah, yeah. That's because, it's not under case first. Mm-hmm. It's a regular kind of a thing. Section 34 application was dismissed, and accordingly, the amount deposited by the respondent with the court; court has released them INR 42 crore. That's a state government project, Haryana State Roads and Bridge Development Corporation. We received the amount. Okay. And so coming back to the deal with Highways Infrastructure Trust, so as you said, there is a balance equity requirement. So that you'll invest the balance equity requirement before the longstop date of August 20 of December 2024 for the remaining HAM projects. Is my understanding correct, sir? Actually, at the same time of the long block date, total equity were required, but as on date, on 31st December, only INR 90 crore is outstanding, all the projects. But as on 31st March 2023, where it was a long block date, it was outstanding, INR 438 crore. We already invested during this year. Now to you to just invest INR 90 balance crore, that is, that will be done. 90 as on 31st December, all in, all these projects. Mm-hmm. So, sir, I think, Before closure of the deal. Yeah. Closure of the deal. Okay. So this is included in this equity requirement of INR 1,062 crore, right, sir? Yeah, yeah. Sir, so by August 2024 and December 2024 respectively, if you take two, the, separately, the two phase, we have to just finally conclude the deal and the proceeds will follow after the longstop date, that is, after August 2024 and December 2024. Is my understanding correct? Right. Right. We can expect that first proceeds of first phase I by Q3 and second one by Q4, if at all, we follow the same structure. Yes. Yes, yes. Okay. And, sir, one more thing. So, sorry, another thing, that's, sir, the deal which we have entered, so what will be the outstanding debt as on date? Actually, we have calculated in the other manner. What was the outstanding, what we have to take, because there are certain projects which are under construction. Mm-hmm. We have to execute the work and we have to take the disbursement. Correct. Compare all these things; it was INR 6,479 crore, sir. By the time of the deal, this debt can come down because we must have repaid for. Come down because certain repayment has already been started on the. Yeah. All the projects which are under. Yeah. Construction. Yeah. So then there has to be some change in the valuation, right, sir? Okay, okay. Sir, final thing from my side, can you give me toll collection data for the operational toll projects? Yes. In the Kanpur highway, it is INR 24 crore in third quarter. Mm-hmm. Bareilly-Almora is INR 17 crore. Mm-hmm. Raebareli-Jaunpur, INR 32 crore. That is, annuity amount, yeah. Annuity project. And what about the other one, the Narela? Narela it is, INR 13.6 crore. 13.6, okay. So these are the four. Yeah. Sir, on the irrigation project, canal project, sir, the revenue is not moving, but you said that there could be some movement in Q4? So are we going to, because now the government, are we going to hand over, are we looking to hand over the project, or we are going to still persist to complete the project? So what is the thought behind it? Because it's been lagging for quite some time now. Which one, sir? The irrigation project of INR 950 crore, which has been the order by clerk. Okay. See, as of now, we are not executing. Of course, there is a water in the canal system also. We are vigorously pursuing with the government for realization of whatever the bill amount. Mm-hmm. And also then we see, because now next two months, there'll be elections, because state government, state assembly elections are coupled with the general elections. Mm. We'll take the strategic decision with the election. Okay. And sir, on the final question from my side on the GGN project. So the outstanding, also what is the targeted revenue for FY 2024, 2023, 2026? Jal Jeevan Mission, we have already achieved INR 1,350 crores of revenue. Mm-hmm. during the current financial year till 31st December. Mm. Subsequently also, we executed more than INR 400 crore as of date. We are expecting INR 2,000 crore plus revenue. Mm-hmm. in the current financial year. Mm-hmm. INR 3,000+ crore as a cumulative revenue at the end of the current financial year. Next financial year, we are expecting a revenue of INR 3,000 crore. The remaining anything will be there, that will be for a commissioning and other things, the whole 10%, that will be realized in FY 2026. So basically, you have done INR 1,351 crore in nine months, and you are targeting almost INR 2,000 crore plus in FY 2024. I see. Thanks, Thanks, sir, that's it from my side. Congratulations, and all the best. Thanks. Thank you. The next question is from the line of Vasudev from Nuvama. Please go ahead. Yeah, thank you for the opportunity, sir, and congratulations for the monetization. So most of my questions are answered. I just need one data point on CapEx. So what is the CapEx that you did in Q3, and how much are we planning for Q4 then? Actually, we have earlier, we have estimated around INR 100-120 crore in the FY 2024, but till December, CapEx was INR 35 crore. Now we are changing. It should be not more than INR 50-60 crore rupee in FY 2024, sir. Okay, that's it from my side, sir. Thank you, and all the best. Thank you. The next question is from the line of Vaibhav Shah from JM Financial Limited. Please go ahead. Sir, what would be the tax implication on the arbitration award that you'll receive on from the Vivad Se Vishwas Scheme? On the INR 760 crore. It's a regular tax, will be there, and tax implication will be regular. Will be 20% or 25%? Twenty-five percent. 25%. Okay. And sir, in the AP project, what is the outstanding debtors that we have as of now? Irrigation project. Which one? AP. Irrigation project is INR 179 crore. That is the receivable from the government? Yes. Okay. And what is the cumulative execution that we have done in the project to date? Around, INR 250 crore? Yeah, it'll be around that. Okay. So any timeline and when, when would we be able to recover this amount? See, we are expecting some, some part payment, before the end of the, February, and, some more payment before the end of the current financial year. But, we are crossing our fingers, as, state government are, is in already in election mode. And, also then there is a paucity of funds with the state government. But we are expecting some amount, before end of the current month. Okay. And sir, lastly, when do we expect to receive PCOD for the remaining two HAMs which are in the deal? One HAM project, we are expecting, before end of this month. Another also, we are trying to get before end of this month. Both the projects, Meerut-Najibabad as well as Challakere-Hariyur. By between fifteenth of February and twenty-ninth of February, we're expecting, PCOD for these two projects. Okay. Okay. Thanks a lot. Those are my questions. Thank you. As there are no further questions from the participants, I would like to hand the conference over to Mr. Shravan Shah for closing comments. Sir, before concluding this, one question in terms of the early completion bonus. So I think we've in the two projects, Aligarh-Kanpur, where we are expecting a bonus and Unnao-Lalganj INR 5.21. So, again, are we going to receive and what's the value of the early completion bonus? Yeah, see, as you said, Unnao-Lalganj is around INR 55 crore odd, and in case of this Aligarh-Kanpur package, so also around INR 6 crore. As per the terms of the concession agreement, the bonus, the NHAI will release along with the first annuity. Okay. So apart from this, there is no project where we are expecting any bonus? ... as of now, we are not expecting any awards for any, any other projects. Okay. Got it. And sir, these three states where we mentioned, MP, Rajasthan, and Chhattisgarh water projects, so any ballpark, ballpark idea in terms of the size, how much it could be, the, a broader idea? No, because, see, these states have not floated the tenders. Until and unless they float the tenders, we know there are certain projects to be executed across these three states, but since they have not floated the tenders owing to elections and the formation of government and all, we would not share any ballpark figure as of now. Certainly, going forward, once the tenders are floated, they will be able to share. So some clarity will emerge maybe during the next quarter. Okay. And sir, these 4 end projects that we received in FY 2023, so in the presentation, I can see the EPC value is higher than the BPC value, so, what could be the reason? See, BPC value is exclusion of GST, whereas EPC value, we are including the GST. But then also, sir, if the GST, even if we take 18%, so normally, if I add the BPC plus 18% GST, so the EPC should be closer to 90% of BPC, but it seems the EPC value is much higher. We'll just relook into it. We have not gone through the thing in detail, so we'll share it to you separately, offline. Okay. Thank you. Thank you everyone, and thank you, management for giving us the opportunity to host the call. Sir, do you have any closing comments? Yes, yes. Thank you everyone for your participation in our earnings call. In case of further queries, you may get in touch with the Strategic Growth Advisors, our investor relations advisors, or feel free to get in touch with us. Thank you. Thank you. On behalf of Dolat Capital, that concludes this conference. Thank you for joining us. You may now disconnect your lines.