Ladies and gentlemen, good day and welcome to the Q2 FY25 earnings conference call of PNC Infratech Limited, hosted by Centrum Broking Limited. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as of the 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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mangesh Bhadang from Centrum Broking Limited. Thank you, and over to you, Mr. Bhadang. Thanks, Mishal. Good afternoon, ladies and gentlemen. On behalf of Centrum Broking, I'm pleased to welcome you all on the PNC Infratech Limited second quarter FY25 earnings conference call. We have with us today the Managing Director of the company, Mr. Yogesh Jain, along with the senior management team of the company. We'll begin the call with the opening remarks from the management, which will be followed by the interactive Q&A session. Thank you, and over to you, sir. Good afternoon, everyone. On behalf of PNC Infratech Limited, I extend a warm welcome to everyone for joining us today on this call. Let me start wishing everyone on the call a very happy recovery and a prosperous new year from PNC Infratech family. Today, I have with me Mr. T.R. Rao, Director (Infra), Mr. D.K. Maheshwari, Senior Vice President Finance, and SGA, 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 updates of the industry, followed by operational developments of the company, and highlights of financial performance during the second quarter and the first half year of financial year 2025, post which we will be happy to answer your questions. Over the past six months, the infrastructure sector experienced unprecedented subdued execution activities, largely impacted by intensely widespread monsoon during the period from mid-May till mid-September, critically low new project awarding activity by MORTH, including NHAI, over the past one and a half years, and the delayed deliberation of appointed dates for the already awarded projects due to non-availability of enough vacancies for this land. For commitment of construction, complete hold on the Bharatmala program and the general election of 2024. MORTH and NHAI awarded only around 700 km of new projects until August 31, 2024, while around 2,700 km of national highways was constructed during this period. Both were significantly lower than 1,750 km awarded and 3,200 km constructed during the corresponding period in financial year 2024. Though, as per the MORTH and NHAI, the bidding awarding activity would be expedited in coming months, starting from December 2024 onwards. Across all the modes of implementation, commitment of physical execution of awarded projects will always be subject to availability of sufficient land in continuous stretches for uninterrupted construction. It is also a fact worth recognizing that even though a large number of projects could be awarded before the end of the current financial year, visibility of progress and translation into revenue could only be seen from the second half of financial year '26, not before that. While national highway and expressway awarding activity remained muted over the past one and a half years at the central level, industry witnessed a significant headwind in new projects bidding activity by the Indian Railways, across its zones, and by some of central PSUs. New governments have recently been formed in the state of Telangana, Andhra Pradesh, Haryana, and Jammu and Kashmir, and after the ongoing elections, new governments will be formed in Maharashtra and Jharkhand. Significant new business opportunities in the infrastructure space are expected to emerge in the near future in these states. New projects are also expected to be launched in airports development space in coming months, and many of the domestic airports are poised for major upgradation and expansion activities. On the project implementation front, during the quarter, company subsidiary PNC Challakere Hiriyur Highways Private Limited received provisional completion certificate for four lanes of Challakere to Hiriyur project on 11th September 2024, and PNC Bithoor Kanpur Highways Private Limited received final completion certificate on 29th October 2024 for four lanes of Aligarh-Kanpur Package 5 project. During the third quarter of current financial year, the company subsidiaries Hathras Highways Private Limited and Hardoi Highways Private Limited are expected to receive provisional completion certificate for four lanes of Mathura 1C and Hardoi Bypass project, respectively. On the project awarding front, the company received LOA on 10th October 2024 for an EPC project of contract value of 2,040 crores from CIDCO Bombay for integrated infrastructure development in town planning scheme 8912 of NAINA project. Second, received LOA for two EPC projects from Maharashtra State Road Development Corporation, MSRDC, for an aggregate contract value of INR 4,630 crores on 14th October 2024, including construction of access-controlled Pune Ring Road Package E2 for INR 2,268 crores and construction of access-controlled expressway from Jalna to Nanded Package JNE 4, which is connected to Nagpur, Mumbai, is Samruddhi Mahamarg, for INR 2,362 crores. With the award above mandate, the total new business secured in the current financial year till date comes to INR 6,670 crores. Company has received INR 62 crores in the month of August 2024 and INR 108 crores in the month of 2024, totaling INR 170 crores out of the total outstanding of 222 crores from the government of Andhra Pradesh towards work done in the Canal upgradation project in AP. Company will be resuming execution of remaining works of the Canal project of value over INR 98 crores shortly. Moving on to the operational and financial performance of the company. Out of the company's 28 fund-based projects, three are BOT toll projects, two are BOT NOT projects, and 23 are HAM projects. Aggregate bid project cost of 23 HAM projects is over INR 30,000 crores, which is one of the largest highway HAM projects portfolio in the country. Out of total 23 HAM projects, company achieved PCOD COD for 11 projects. Eight projects are under construction, out of which four projects are expected to achieve PCOD before the end of the current financial year. Three projects achieved financial closure and appointed dates are expected to be delivered shortly. For one project, construction agreement was executed with the authority on 7th March 2024, and financial closure document has been executed and submitted to MPRDC for the financial closure. Total equity investment requirement for ongoing and awarded HAM projects is INR 3,092 crores. As of September 24, company already invested INR 2,220 crores and remaining equity of INR 872 crores to be invested over the next two to three years. The internal accruals that would be generated over the next two to three years should be adequate to meet the above equity investment requirements. Now moving on to our order book, as of 30th September 2024, the company's unexecuted order book stands over Rs 19,900 crores, which includes three EPC contracts secured by the company for aggregate contract value of Rs 6,670 crores. Out of the unexecuted order book, highway and expressway contracts contribute around 65%, while water, canal, area development, and railway projects contribute around 35%. In terms of the components of the total unexecuted order book of over Rs 19,900 crores, value of MORTH, including NHAI contracts, comes to 33%, and value of contracts awarded by other authorities and other clients comes to 67%. During the first half of financial year '25, company has booked a total revenue of Rs 429 crores in the drinking water segment. Now I would present the result for the quarter and half year end date September 30, 2024. Standalone revenue for the second quarter of financial year 2025 is INR 1,149 crores. The EBITDA for the second quarter of financial year 2025 is INR 134 crores. The EBITDA margin for the second quarter of financial year 2025 is 11.6%. The profit for the second quarter of financial year 2025 is INR 81 crores. The PAT margin for the second quarter of financial year 2025 is 7%. Standalone revenue for H1 financial year 2025 is INR 2,894 crores. The EBITDA for H1 2025 is INR 727 crores, which is higher by 54% as compared to INR 473 crores in the H1 financial year 2024. The EBITDA margin for H1 financial year 2025 is 25.1%. The profit for H1 financial year 2025 is INR 502 crores as compared to INR 296 crores in H1 financial year 2024. A growth of 69% on a year-to-year basis. The PAC margin for H1 financial year 2025 is 17.3%. Consolidated revenue for the second quarter of financial year 2025 is INR 1,427 crores. The consolidated EBITDA for the second quarter of financial year 2025 is INR 356 crores. The EBITDA margin for quarter two financial year 2025 is 25%. The consolidated PAC for the second quarter of financial year 2025 is INR 83 crores. The PAC margin for quarter two financial year 2025 is 5.8%. Consolidated half-yearly revenue for financial year 2025 is INR 3,595 crores. The consolidated EBITDA for H1 financial year 2025 is INR 1,325 crores as compared to INR 836 crores in H1 financial year 2024. A growth of 58%. The EBITDA margin for H1 financial year 2025 is 36.9%. The consolidated PAC for H1 financial year 2025 is INR 659 crores as compared to INR 329 crores in H1 financial year 2024. A growth of 100%. The PAT margin for H1 financial year 2025 is 18.3%. On the standalone balance sheet side, as of 30th September 2024, our net working capital cycle is 144 days. Our net worth on standalone basis is Rs 5,269 crores as of 30th September 2024, whereas total standalone bank is Rs 410 crores. The total cash and debt balance as of 30th September 2024 is Rs 640 crores. We have a net surplus of 230 crores. This translates to net debt to equity of 0.08 times. Our net worth is Rs 5,269. Consolidated net worth is Rs 5,830 crores, whereas total debt is Rs 8,780 crores as of 30th September 2024. The total cash and bank balance, including current investment, is Rs 1,535 crores. This translates to net debt to equity of 1.5 times. With this, we now open the floor for questions and answers. Thank you. Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask questions may press star and one on the touchscreen phone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use only handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. You may please press star and one to ask questions. The first question is from the line of Shravan Shah from Dolat Capital. Please go ahead. Thank you, sir. Sir, just to check on what we recently discussed regarding the marked one-year ban. So any update for us? What kind of even, I think, our repeat has been rejected. So what's the course of action for us? And by when can we have some clarity on that part? So that is one. And then if there is no clarity, then in terms of how we are now looking at how much more and from which segment sectors we are looking at to get the orders? We understand that re-tendering has not been allowed by the single judge in the case of Allahabad High Court. We are evaluating options, including filing of an appeal against the order of the MORTH as well as the order of the single judge. We are evaluating that one of the options. We are also taking measures to mitigate the impacts because of this order. How we can mitigate to what extent we are able to mitigate. And in case of any positive results, we'll certainly share after intimating to the exchanges. However, we are hopeful of getting certain relief from current challenging situation for that matter. Second thing, we'll keep all the stakeholders updated. Any material development in this matter after due intimation to the exchanges. We appreciate and we trust that you'll understand the sensitivity of the matter and will not seek any further details or further elaboration on the matter, being the matter sensitive. With regard to order book, we still maintain, as I had mentioned in the beginning of the year, that our order book for the current financial year guidance would be between 13,000-15,000. Already, we secured around 6,700 crores of orders. So remaining, we are expecting another 6-8,000 orders from authorities and proponents other than MORTH. There are opportunities we identified. So we'll be pursuing those opportunities to secure further business before the end of the current financial year. Sir, if you can help there, which sector, which authority, even at state level, any state authority road projects are we looking at? Are there any bids where we have already bid and the outcome is yet to come? And how much more are we planning to bid, maybe sector-wise possible? That will be helpful because this is the most important thing for us too in terms of to get revenue visibility. We have already submitted around eight bids for projects floated by authorities other than NHAI and MORTH. Some of them are state and some of them are central, including railway bids, with a value of over INR 11,000 crores. The price bids of these bids have to be opened. So maybe next one and a half months, price bids of these bids should open. So we are hopeful of getting some projects from these bids. And further, MORTH, other than again MORTH and this one, there are around 12 bids that have been invited by other agencies and other authorities, having an aggregate value of 14,000 crores, which we have identified for bidding. And we'll be bidding these projects. We'll be evaluating these opportunities and bidding these projects in the coming months. So 11,000 already bid and 14,000 we identified. So total 25,000 crores worth of projects we are pursuing. We need to get a very good success rate in this 25,000 crores to get the 6 to 8,000 crores kind of orders that we are looking at. So now, just to get back in terms of the guidance, what we previously said. So in terms of revenue, so till now, 19% growth is the standalone. Last time we said flat to minus 10% growth. So now, what's the stance for FY26? We said 15%-20% growth. So what's the revised guidance? And also on the EBITDA margin also? Within the situation, the revised guidance for the FY25 would be 15%-20% on decline. And accordingly, FY26 would be up to 30% plus growth. Margin, will be the same 12%-10% we previously guided? Yes, yes. Okay. Sir, if you can help us with a couple of balance sheet data points, that would be grateful. And even the project-wise order book. So just to mobilize this on advance retention money, HAM data, water data. We can again discuss this one because there are other requirements out there. So request you to again, we'll come back on this one going forward. Okay. Okay. Thank you. The next question is from the line of Sarvesh Gupta from Maximal Capital Private Limited. Please go ahead. Thank you, sir. Good afternoon. Thank you. Sir, before I ask the question, just. I'm sorry to interrupt, sir. I would request you to please use your handset because your voice is not clear. Yeah, yeah. Before I asked the question, I could not hear the revised guidance. So is it 15%-20% decline or what was it? Yes. It is minus 15%-20% decline. And next year, 13% growth? Growth. And margins to remain at. Yeah, yeah. Margins will be around 13%. In MY26. MY26 should be around 13%. And sir, now that this matter which has come up of the ban by MORTH, so you must have had discussions about this asset sale with the counterparties. So is there any problem in terms of doing that transaction or everything is going as per plan? We don't see any problem in the transaction. Everything is as per the plan. Sir, by when are we planning to close this thing and when can we expect to receive the money? Out of 12 assets for which we had entered into a master security purchase agreement in the month of January, we expect to close 10 mandates, 10 assets before the end of the current financial year. And the remaining two assets will be in the next financial year. Meaning in the next two financial years. Okay. Sir, now coming to your growth, the execution in this quarter, that has been sort of very subdued. Almost for H1 also, sir, it is almost down by 30%. So how do we see the execution? I mean, I can understand that now no new orders will flow through. But in any case, if they were to come, that would have been probably impacting the revenue of FY26 and not FY25, which is coming from the current order book only. So why should we have such a decline in FY25, 15%-20%? And why are we seeing such slow execution on our existing order book in terms of revenue transmission? See, I really appreciate your kind concern about the decline in the revenues. Personally, what has happened in the, if you see the background of last one and a half years, nearly two years, the awarding activity has been very slow by the MORTH, which was one of our focus sectors and focus authorities. As you know, last one and a half to two years, our awarding activity has been very slow. One way the ministry talks about 40 kilometers of road per day. They are targeting 40 kilometers of road per day, whereas they are awarding less than 10 kilometers per day awarding. Awarding is less than 10 kilometers. In this current, for last five months, the awarding activity has been less than 6 kilometers, whereas they are talking about 40 kilometers of per day construction. So awarding activity has been very slow. So we could not get the new orders last one and a half years, particularly from the MORTH. And then strategically, we shifted our focus and we shifted our efforts to other areas and other state governments. That is one aspect. Second thing, they also, as our MD has mentioned, they put a brake on the Bharatmala project. There were the general elections this year to the parliament. And also, the monsoon was very active, very insistent rains, and very widespread across our project areas. This time, unprecedentedly, monsoon continuously was raining. And particularly in our water sector, where we need to lay the pipelines below this thing and also construct the water tanks right from the underground. So all these projects have been severely affected, progress. That has happened in the second quarter. This is one. And third thing, third important thing, though we got more than 6,000 worth of new projects before last year, these projects could not be taken up due to non-availability of sufficient land, particularly in the contiguous stretches. That is Varanasi to Kolkata, three HAM projects, one MPRDC project, and one project in Gujarat. So nevertheless, we have eight new mandates, five already awarded mandates, and three recently awarded mandates from MSRDC and CIDCO. These eight mandates will have a value of over INR 11,000 crores for which we are expecting our appointed dates before the end of this calendar year. We are quite hopeful that we will commence the construction and pre-construction activities right now. In case of Maharashtra projects, immediately after the current election process and code of conduct gets over, we'll commence. We'll see some sizable income from these new eight projects in the Q4 of FY25. We'll get a significant income from FY26 onwards from these projects. Understood, sir. In the Maharashtra, the two projects now, in case there is a change in the government, do you foresee any problems in terms of getting the final orders for these two projects, which are sizable part of your order book? No, no, no. We don't foresee. It's a continuity of going. Policies are there. Even last time also, there has been a change in government when we are executing Nagpur-Mumbai Expressway, and we didn't get any issue over there and now also, contract agreements have been signed for all these projects. So we don't foresee any issue. And advance is also taken. The mobilization advance has been received. So we don't foresee any issue in any of the Maharashtra projects because these are the very developmental projects and very crucial for the socioeconomic development of the state. We don't see any issue. Okay. So thank you and all the best. Thank you. Thank you. We'll take the next question from the line of Niteen Dharmawat from Aurum Capital. Please go ahead. May I be able? Yes, sir. Please proceed. Okay. My question is, after this order which has come, have we won any new contracts or we have yet to get that from authorities other than NHAI, of course? Yeah, yeah. As I mentioned, we submitted eight bids to Indian Railways, different zones, and one bid to Haryana Rail Infrastructure Development Corporation, and also four bids to MSRDC. These are all other than the MORTH bids. The opening of price bids are awaited because the code of conduct is in place in Maharashtra. So these 11,000 crores, we expect some projects will secure. We are hopeful of that. Got it. And what is the growth you mentioned? I missed that in the top line this year and next year. What is the guidance that you have given? We had already mentioned this year there will be a decline between 15%-20% in the top line. And whereas next year, we see a growth on the plus side up to 30% for FY25. Got it. And what is the EBITDA guidance that you have given for this year, sir? Current year, we have given up to 12.5%. And next year would be around 13%. Okay. Got it. Thank you so much. Thank you. Thank you. We'll take the next question from the line of Jyoti Gupta from Nirmal Bang. Please go ahead. Thank you so much, sir, for taking my question. This is related to your—so am I audible? I just want to know how does this affect your credit rating in terms after this order? Do you think will that impact in any way your balance sheet items because of this order? After this order, they have already reviewed our rating, and they have gone through their committee. It still stays double A plus long term. Sorry, sir, I missed that. What did you say? They reconfirmed the same rating. There is no change in the rating. The rating agency, Julie, scrutinized the thing, post-declaration of this order, and they reconfirmed the thing same as a double A plus for long term. Okay. That is it. That's my question. Thank you. Thank you. Thank you. We'll take the next question from the line of Bhupinder Shah from JM Financial Limited. Please go ahead. Yes, sir. Thanks for the opportunity. Sir, can you just provide the data on the detail of 10 assets which you are going to monetize now in FY25? So what would be the equity value, and what was the investment in those 10? Earlier, we had broken up in seven and five assets. So can you provide similar data for 10 and two assets? The 10 assets, equity value is INR 1,490 crores, and again, the INR 1,739 crores of 12 assets. And enterprise value will be around INR 7,690 crores. And that will be around INR 5,500 crores. Okay. Okay. And secondly, sir, we saw that muted execution in JJM for the second quarter. So was it only due to the heavy monsoon or also due to delayed payments? So how have been the payments so far on the JJM side? And last time, we had guided for revenue of INR 1,500 crores from JJM. So what would be the revised guidance given the weaker execution in first half? The revised guidance is INR 1,200 crores. And this is basically essentially due to the active monsoon. Many of the works are affected at the site because it's even post-monsoon, also post-rain, also this after-effects will be there because most of the works are to be executed below the ground. Essentially, we heard that. And since we have sufficient working capital, any delay in the payment would affect our work. And with regard to the payment, we are getting the payments. Certain payments are due. Exact figures we'll share separately. But we don't foresee because the 50% grant has to come from the central government, and 50% has to be given by state. And being a priority sector, we don't foresee any long-term issues in payments. But maybe there will be slight interruptions in the payments. And lastly, can you provide a breakup of equity investment over 25 to 27 of that 872 crore pending equity? Yes. In case we receive the Appointed Date of all the BOT projects, this year we have to include around 486 crores, and FY26 is 256, and FY27 is 132 crores. This includes these going forward. Yeah. Eight ongoing projects. And so they expect appointments to all the projects by December 24? Yeah. We are expecting, yeah. Yeah. Okay. Thank you, sir. Those are my questions. Thank you. We'll take the next question from the line of Dipesh Agarwal from UTI AMC. Please go ahead. Yeah. Good afternoon, sir. So my first question is to understand is on the pipeline on the JJM projects. I think it has been quite long since we have last run the projects in JJM. How is the pipeline looking at, and are we active in bidding for those projects? No, no. We are certainly looking very actively for in case of any further projects come up in the JJM space. As of now, there's no major projects in the JJM because of the elections and Madhya Pradesh and all that happened last year. And that followed by general elections for the Lok Sabha. So if any projects are coming up in JJM, certainly we'll look into those opportunities for pursuing. Sure. And sir, I want to understand on the diversification side. Now, with the restriction on the major customer on the road, how are you thinking about diversification beyond road and water? I understand you are bidding for some railway projects, but beyond this, what is your preparedness in bidding for projects, team building, etc.? No. Apart from railway projects, as you know, we got the area development project, major area development project from CIDCO. It is certainly a diversification because it's not a highway project. It's not a railway project. It's an area development project. With the aura of the Navi Mumbai Airport, this NAINA project is Navi Mumbai Airport Influence Notified Area. They're constructing a new city over there under different town planning schemes. It's a comprehensive development of a new city. So we got that project for more than INR 2,000 crores. It certainly is a big thing, and it will also open the stock for us for the entering into the area development projects across the country. So this is the one diversification area. And also, we are pursuing similar projects. Some of the projects are coming up in UP also by UPSIDA, the area development and industrial area development. And we are also railway. We have built railways, and we have a senior railway officer we supervise from railway. So they are also pursuing. And railways also. And the water segment, apart from the JJM mission, we are also looking at the other water projects, including treatment plants and some collaboration with the infrastructure. So we are looking at all the options. So to foray into diversification, foray into new sectors and new spaces. Okay. Okay. Thank you. All the best. Thank you. We'll take the next question from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. Hello. Sir, my first question is these two projects which you said will move into FY26. So these are the Khajuraho and the Bundelkhand projects? They are Challakere and Meerut projects. Challakere and Meerut. So these two where the issue has been, the bidding has been suspended. So they continue to be part of that and projects which will get executed in FY25? Yes, yes, yes. As you know, these two are the SPV projects. Any suspension of bidding and award doesn't have any consequence to these projects because these projects meant for exclusively for implementation of a particular project. So the bidding and award is a total inconsequential to these two projects. So these two projects will be a part of first tranche which we expect to close before the end of the current financial year. Only Meerut and Najibabad and areas where we got the PCOD delay lately. So those two projects will be in the next financial year. That also will be able to close during the first quarter of next financial year. Okay. So second question is when someone will debar. Like now, I mean, if the bids are not opened and generally the bids are disqualified, the contractor gets disqualified. But in case where the LOA has been signed and FC has been achieved, like in case of three projects which are pending AD, so how does the authority assess those projects? So will those projects be progressed, or is it legally binding now on the authority to pursue and award those projects? Or there's still some room that they will still reevaluate and look at how it gets awarded? No, no, no. This awarding project and this thing is irreversible. And this department have been affecting from 18th of October. This has nothing to do with those projects. So these projects will go as per the thing. And whatever projects we secure, those projects will go ahead with the execution and we'll complete those projects. So there is no point of any kind of a review of these projects in view of the ordering question. So the LOA is the main document which basically is the cut-off kind of a document where if it has been issued before that date, so then it has to be honored by the authority. Even we have executed the contract agreements for these projects, and we have received the mobilization advance also. Okay. So for all these three projects, Varanasi, Ranchi, and these three packages, so you have received mobilization advance also? Those projects' appointed dates are to be declared. Those concession agreements have been signed. Concession agreements are signed. And the financial closure is secured. So those projects' appointed dates will be declared. So that has nothing to do with this order. So I just want to understand legally how it is binding in terms of what the cut-off date. So is it the LOA which decides that or the signing of concession agreement that decides that the authority will not take any punitive actions against these three projects? So what confidence do you have on that? So what determines that? I want to understand. Even opening of the bid itself with the cut-off date before LOA is the bids. Financial bids are open. Okay. The figures which say only for bidding process, so that is the thing. If LOA is given, it's totally irreversible. Okay. So now just on the AP side, so one thing you touched upon was that the project, the canal project, is now restarting and you have received the payments. Just wanted to understand any of the opportunities you look at now, the building out of the AP city, AP state. So any further opportunities you're looking at kind of replace the shortfall which may happen with your NHAI f rom the AP state? Yeah, yeah, yeah. We are certainly looking at the opportunities because even for the Amaravati, new capital for the AP, World Bank is granting INR 15,000 crores for the infrastructure development there. And also state government is coming with some other projects. Also, the state government is contemplating connecting both Godavari and Krishna and the Pennar rivers. So many irrigation projects that may come up in the state government. So certainly, we will look at those opportunities. We'll pursue it because this government has got more than four and a half years, more than four and a half years of tenure. Certainly, we'll pursue opportunities there. I mean, because your guidance of 14, 15,000 projects here, despite not factoring anything from NHI itself, so you have that confidence that you will be able to deliver that, right? Yes, yes, yes. Okay, sir. Sure. Thank you. Thank you. The next question is from the line of Jinay Mehta from LKP Securities. Please go ahead. Good afternoon, sir. Am I audible? Yes, you're audible, sir. Please go ahead. Yeah. Sir, in the investor presentation, I see the bidder margins for the H1 FY25, 25%. So are we maintaining the same, or did you mention 13%? If the margin FY25 as told by our PRR, it will be around 12-12.5% in FY25. But however, in FY26, it will be around 13%. Okay. Because the first half, I see it is mentioned 25% for the H1 as of now. No, no. Actually, H1, it includes the arbitration award. So it is. I'm sorry. You are shaking your head. No, no. It will be just a standalone also because H1 includes the arbitration award. So it is showing that one, reflecting that one as a higher thing. Otherwise, the EBITDA margin without considering the arbitration award, what we have received, it will be between 12-12.5%, what you had mentioned earlier. Without extraordinary income. Okay, sir. That's it from my side. Thank you. Thank you. We'll take the next question from the line of Vishal Periwal from Antique Stock Broking. Please go ahead. Yes, sir. Thanks for the opportunity. Just a couple of clarifications. I think you mentioned that the pipeline of project that you will be bidding or your bid is 25,000 crores. So 11,000 crores is railway. So this 14,000 crores is from which authority? Can you give some breakup on that front? Let's see. 11,000 crores, 14,000 crores, what we are thinking, there is eight railway bids are there. And there is one UP State Industrial Development Authority and one UP Expressways Industrial Development Authority. There is one bid by Airports Authority of India and one bid by Maharashtra State Road Development Corporation. So there are 12 bids, other than MORTH and NHAI. So of a total value of 14,000 crores. Okay. Got it, sir. And I mean, is that the right way to understand the next year growth rate of 30%? I mean, again, it will be dependent upon the timely receipt of AD, which we are expecting by December 24. That's the right way to understand, right, sir? Yes, yes, yes, yes. See, whatever spillover things are there and the ongoing projects because the eight HAM projects are ongoing. And also water project and canal projects, these are the projects which are ongoing. Definitely, there will be spillover of these projects with the parallel work. Apart from that, the eight projects, what we are going to receive appointed dates before end of the current calendar year. So these projects are valued more than INR 11,000 crores. So coupling both will be 30% growth. 30% growth is also because of the low base effect of FY25. Right. Got it, sir. And maybe one last thing. How are you seeing the CapEx for this year and anything on next year that you have planned as of now? This year, CapEx, we want to revise from 80-122, 30-40 crores, sir. And next year, it will be around 100-120 crores. Got it, sir. Yeah, that's all from my side, sir. Thank you very much. Thank you. We'll take the next question from the line of Vasudev from Nuvama. Please go ahead. Yeah. Thank you for the opportunity, sir. So you said CapEx you are planning is 30-40 crores in FY25. So out of this, how much have we done in H1? In H1, around 7 crores only. Okay. 7 crores. And can you help me with the toll collection numbers? Yes. Toll collection in MP Highway, it was 9.8 crores. In Kanpur Highway, it's 18.1 crores. And Bareilly-Almora is INR 15.1 crores. Okay. And Narela one, sir? Narela, INR 11.2 crores. And Raebareli, Annuity, INR 32.2 crores. Okay. And so just some clarification, what is the amount that we've received from Andhra Pradesh, you sa id? INR 170 crores. 170. Okay. And it goes into 20. Okay. Sure. So that's it from my side. Thank you. Thank you. We'll take the next question from the line of Shravan Shah from Dolat Capital. Please go ahead. Sir, will you now be able to share the balance sheet data points? Yeah, yeah. Thank you. Thank you. Thank you for your kind pati ence. Yeah. Sir, mobilization advance, retention money, HAM datas, water datas. And the mobilization advance is INR 290 crores. Retention is INR 140 crores. And HAM datas is INR 500 crores. 500 crores. And water datas? Water is INR 712 crores. 700? 710. 710. Okay. Okay. Sir, is it possible to share a couple of outstanding project-wise order book value? Yes. Sir, Haryana Orbital Rail Corporation? 670 crores. And this irrigation project AP? 950 crores. So it seems some increase has happened there. There was a revised estimate. No, no. There's a revised estimate. The increase happened from 1,000 crores to 1,100 crores. Okay. And Kanpur-Lucknow Expressway Package 1 and Package 2? Package 1? One is 400 and Package 2 is 430. Okay. And Mathura Bypass Gaju Village? It's almost complete over here. It's Yamuna 1B, it's 275 crores. Sorry. Mathura Bypass Gaju Village, last time it was 342 crores. You said it is completed. No, no. I think there's been some confusion because there are two projects, 1B and 1C of Mathura. So 1B is 275 outstanding and 1C only 20 crores. Okay. Okay. Hardoi, sir. Hardoi, how much is value left now? 80. 80 crores, sir. Hardoi is also almost completed. They are expecting PCOD soon. Yeah. And this Unnao, Lalganj, Meerut, and Najibabad, that is also completed? Almost completed. Around 20 crores, 15 crores is outstanding. Both projects will receive PCODs. Okay. And last, Challakere, Hiriyur? 70 crores. 70 crores, sir. 70. Okay, sir. Thanks. Yeah. Sir, got it. Thank you. Thank you very much, sir. Thank you. Thank you. Thank you. We'll take the next question from the line of Sarvesh Gupta from Maximal Capital Private Limited. Please go ahead. Mr. Gupta? Yeah, please proceed. Yes, sir. So this year, when this 10 road assets will be sold to the counterparty, I missed the earlier communication. So how much of the debt reduction will happen from the consolidated entity and how much of your profit will be booked? Profit will be booked at the time of the closing date after adjustment of the NCDs. As regards the debt, as we already informed that total debt was 6,480 of the all to NHs. So from your consolidated, 6,480 will go away? Yeah, yeah. So 8,500, 6,500, approximately, the debt will remain 2,000 crores only. Against this 1,400 invested, 1,400 crore invested equity, how much is the equity sale value for this? We have invested 1,739 crores in all the 12 assets. No, for these 10 assets. All the 12 assets. No, no. He's talking about 10 assets. 10 assets, only 1,490. 1,490. And how much are you getting in return? It will depend at the closing of the deal when we will receive the payment, sir. Because we have certain adjustments. See, this is a material and a financially significant information. So we will not be able to share now without intervening into the exchanges. The total enterprise value is around INR 7,700 crores. Okay. Okay. Understood. Thank you. Thank you. We'll take the next question from the line of Vaibhav Shah from JM Financial Limited. Please go ahead. Yeah. So thanks for the follow-up. Sir, for the CIDCO project, what would be our EPC share? Which project? NAINA project. 95%. 95%. 95%. Okay. And sir, for AP canal, now what is the outstanding receivable after the receipt of INR 172 crores? Excuse me. To state correctly, for NAINA project, our share is 90% of the EPC value. 90. 90. Okay. Okay. And AP canal, we have an outstanding of INR 225 crores. Out of that, we received INR 170 crores. The balance outstanding will be around INR 55 crores. Okay. Sir, now how do we see the execution panning out for this UP project in the next 25, 26, and 27? See, we are expecting to commence the works in the month of December because in both canals, main canal and the branch canal, still water is flowing for the irrigation purpose. Once the water supply is stopped in these canals, we'll start from either mid of December or from January. We expect a works done of INR 200-300 crores before the end of current financial year. And again, next year, it will be around INR 400 crores. We'll be able to share some tangible figures only once we commence the work and how it will progress. Maybe in the next quarter, we'll be able to tell you. What is the revenue in first term from the project? Revenue? See, the first term, no, no. No revenue in the current Q2 because we are not able to do any work over there because both the canals are full. Okay. Okay. And sir, lastly, when do we expect the money to come from the asset monetization deal for both the phases? First tranche of 10 assets, what my colleague had mentioned, before end of the current financial year, we should be able to release the money. And the remaining two before end of Q1, FY26. Okay. Thank you, sir. Those are my questions. Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to the management for closing comments. Over to you, sir. Thank you. 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 advisers, or feel free to get in touch with us. Thank you. Thank you so much, sir. Thank you, members of the management. On behalf of Centrum Broking Limited, that concludes this conference. We thank you for joining us, and you may now disconnect your lines. Thank you.