That this conference is being recorded. I now hand the conference over to Ms. Natasha Jain from Nirmal Bang Equities. Thank you, and over to you, ma'am. Thank you, Steve, and good afternoon to all participants. Nirmal Bang Institutional Equities welcomes you all to the fourth quarter FY 2024 earnings conference call for Power Mech Projects Limited. From the management team today, we have Mr. S. K. Ramaiah, Director, Business Development; Mr. Rohit Sajja, President, Business Development and Operations; and Mr. N. Aravind, Chief Financial Officer. I now hand over the call to the management for opening remarks, post which we can take questions from the participants. Thank you, and over to you, sir. Thank you, Natasha Jain. So this is N. Aravind, CFO of Power Mech Projects Limited. I have with me S. K. Ramaiah, Director of Business Development, and Mr. Rohit Sajja, President, BD and Operations. I welcome you all to the earnings call, quarter four and 12 months of operations of FY 2024. The reported total income for the quarter four financial year, FY 2024, is INR 1,312 crore, against INR 1,183 crore in Q4 FY 2023, an increase of 11% year-on-year. EBIT, EBITDA is around INR 160 crore as against INR 140 crore, a growth of 14%, and PAT is INR 84 crore, which has grown by 12% compared to INR 75 crore in Q4 FY 2023. The revenue mix for quarter four FY 2024 is as follows: Mechanical business has contributed INR 176 crore, versus INR 148 crore in Q4 FY 2023, showing an increase of 19% year-over-year growth. Civil business, including railway, water distribution, contributed INR 766 crore, versus INR 761 crore, almost flat. O&M revenues are INR 350 crore against INR 247 crore in corresponding period last year, showing a growth of 43%, and electrical business, INR 6 crore versus INR 18 crore, a decline of 66%. Other income, INR 10 crore versus INR 9 crore in Q4 FY 2023. So during quarter four FY 2024, the distribution between domestic business and international business is 90% and 10%, respectively. Contribution from core sector remained at 49%, and non-core contributed 51%. Performance for the financial year 2024, the reported total income for FY 2024 stands at INR 4,234 crore, against INR 3,618 crore reported in FY 2023, showing a growth of 17%. The EBITDA is INR 524 crore, as against INR 421 crore grown by 25%, while the profit after tax came at INR 248 crore, against INR 209 crore in last year, tracking a growth of 19%. The revenues from mechanical business were around INR 692 crore versus INR 606 crore in FY 2023, showing a growth of 14%. Civil business, INR 2,352 crore, including MDO revenue of INR 41 crore versus INR 1,995 crore in FY 2023, grown by 18%. O&M revenues rose by 18% to INR 1,109 crore, as against INR 930 crore in FY 2023. Electrical business, INR 53 crore against INR 69 crore in FY 2023, a decline of 24%. The mix between domestic and international business is 92% and 8%, and the power and non-power business contributed equally in FY 2024, with 51% and 14% contribution, respectively. With a better deployment of capital improvement in margins, the operating cash flow for the period is positive by INR 204 crore. Net current days have come down to 112 days in FY 2024 from 131 days in FY 2023 due to increase in the realization of bills. The debt levels are in control. As on 31 March 2024, the gross debt is around INR 388 crore, and the net debt stands at negative INR 155 crore. The debt/equity ratio as on 31 March 2024 stands at 0.21%. Order book status, in the financial year 2023-2024, the company has secured orders worth INR 8,759 crore, as against the set target of INR 10,000 crore. The order backlog as on 31 March 2024 is around INR 57,053 crore. If we exclude the two MDOs, the unexecuted order book stands at INR 17,362 crore. In margin profile, improvement is also seen in overall margin profile. EBITDA margin has gone up from 11.62% in FY 2023 to 12.37% in FY 2024. Expectations for FY 2025, Power Mech is well set to demonstrate execution and conversion in the range of 38%-40% in the opening order book. In addition to that, revenue from MDO business also ramping up. There is a little bit of slowdown in some areas due to prolonged election schedule. We'll keep a conservative revenue growth target of 30% for FY 2025. On the margin front, too, the direction is on the upside. We will witness further improvement in FY 2025. We will be close to achieve our peak margin levels in this year. Once the MD, MDO revenue peaks, peak during the FY 2026, the margin profile will seek a market increase. On the order book side, we have set a target of INR 12,000 crore for financial year 2024-2025. Our focus will continue to be on industrial plant, operation and maintenance, railways, and water. Going forward, O&M and MDO business will provide stability in revenues as well as margins in a significant way. Now I request Mr. Ramaiah to update on the developments. Yeah. Thanks, everybody. Good afternoon. As Aravind has given the numbers on the revenue and then the present status of these operations. So we are happy to say the market is on bullish side and hoping the elections will take a positive turn. In spite of the certain developments of the elections and all, we have done pretty well in the fourth quarter. Now, the order backlog has gone up from INR 13,733 crores of last year to INR 70,006 crores, giving a growth of some 26%. Mainly driven by the civil side, with a backlog increase from INR 7,136 crores to INR 7,814 crores, an increase of 27%. But what is very interesting thing is the O&M side has taken a quantum jump. From a backlog of INR 600 crore last year, it has gone up to INR 2,197 crore, almost 266%. The electrical also has, come to life in a big way, mainly on the many jobs, taken on the, railway electrification jobs. The backlog has gone up from INR 118 crore to INR 930 crore. That is a very positive thing in terms of the overall growth. Of course, mechanical, there is a small degrowth, INR 6,879 crore to INR 621 crore in the backlog. In the case of the power and non-power, the backlog is INR 11,145 crore for power. Non-power is INR 6,217 crore. That ratio is continued to be on the slightly in favor of the power side as on today. Now, what is important is that, you know, we expect positive things in terms of investments, and then a lot of projects are coming. In fact, we expect at least INR 60,000- INR 70,000 crore of opportunities to be focused on this year on a regular basis in the various sectors. Some of the positive things can be, the power sector is taking a quantum leap in terms of the gaps which result in these investments and installation, are adding about another 60,000 megawatts, from 218 gigawatts to, say, 280 GW. Already BHEL has got a lot of orders. In terms, you know, they have got INR 70,000 crore orders, with a megawattage of 10,640. Now, the ongoing projects are about 25,000 MW. Now, if that has to be bridged, at least 40,000 MW on priority ordering has to be done, particularly by developer, by the utility companies like NTPC, DVC, and then private companies also. Therefore, that is where we expect, you know, a lot of growth will happen in the power sector. There is going to be a revival. If, yeah, there is another important development that has happened. Just see how it can happen. Apart from the identified projects in various power sector, NTPC plan for more than 30,000 MW. Then other utility players like DVC, then this one, MPGCL, Madhya Pradesh Generative Board, then, you know, NTPC, apart from NTPC, then, you know, this one, GSECL, Gujarat State Electricity Company. All these companies are also planning capacity, including Coal India. For if these things mature, you know, they maybe the investments can go up to INR 300,000 crore-INR 400,000 crore, additionally for the power sector investment, and that should give lot of... We have got a lot of stay in power sector with our end-to-end solutions in civil, structural, mechanical, electrical, and even O&M also. Therefore, that is what we expect, is that. Now, apart from that, the other infrastructure projects, what is very important is the railways. In fact, railways, we have done extremely well. In fact, presently, we are executing projects of INR 2,500 crore, and with the three new projects of INR 1,280 crore, in South Central Railway, South Eastern Railway, and the Central Railway. That has got both the civil and track laying, and also electrical component of the business. And then the new maintenance depots and infrastructure to be developed in for various railway projects, and then even for the metro projects also. Because now we have got experience of doing the metro project. It's going pretty well in Bangalore, INR 427 crore. And that type of projects, more and more projects will come up. And railways, you know, we have seen last year, the government allocation of budget is INR 200,000 crore, and they will make a huge jump in investments for the railways and the roads also. Therefore, railways, roads, balance of the drinking water, still about 15 crore households have been penetrated as on today. We are doing a major job in UP, up to INR 2,726 crores, and we continue to have opportunities in Madhya Pradesh, Maharashtra, Karnataka, and Kerala also. That is also there. Railways, then water systems, then urban renewal projects, and sewage treatment plants. Then apart from this, you know, there is a major opportunity coming up in the private sector also, in oil and gas sector, and other sectors also. Therefore, and then there is one more area in the power sector, what I would like to say, about 11,000 MW of plants are getting revived. We have seen already the Angul 540 megawatt, 2 x 540 MW, we have taken some jobs. Now, Amarkantak, that will be revived, that is, 1,320 MW. KSK, that is Mahanadi projects, also 3,600 MW. For all these projects revived, that also adds up to the opportunities apart from the new capacity additions, what is expected. Now, on the O&M side, you know, the product mix has improved for the better in terms of O&M order backlog. Major orders we have taken in Meenakshi Energy Limited, INR 249 crore, and then INR 674 crore in the revived projects in Meenakshi. It's 1,000 MW, and they have got a, their customer has favored us in these two projects. The new projects which are going to be commissioned, Ghatampur, and then Y2, 2 x 800 MW, Ghatampur, 3 x 660 MW. Therefore, as the new projects get commissioned, the opportunity not only in the installation side and construction side, but the maintenance side also will come up. The present, unless, you know, the capacity addition goes up to 10,000 MW, you know, they cannot reach the 280 GW by end of this decade to have a grid stabilization. Overall, what we can say is that last year order booking about INR 8,500 crore. We are aiming at nearly INR 10,000 crore, and that should be seen in the context of the new government coming up and the more focused investment in infrastructure and also private sector investments. It's expected a lot of private sector investments also will come up in various sectors. Now, Power Mech is a such a, is a highly diversified group, into various sectors, infrastructure, in construction, EPC jobs. There are another important development is taking place is with the EPC sector, because, what the government is feeling is that, particularly they have to see that more, the power sector jobs should go in a faster, development mode. W e have now bid recently for this Singareni job, balance of plant, complete balance of plant based on the qualification, BHEL has provided. And BHEL will give a complete back-to-back if it takes shape finally. And then there are a couple of other projects also will come up. Even NTPC is planning a change in the contract structure between BOP and the main plant work, so that, you know, they can have better control and exposure to the sub-contracting mode, and many other customers also, like DVC also is planning. And then, with these opportunities for us, bigger size of the project, power projects can come up, and that also improve the opportunities for us. Thank you very much. Yeah, I request Mr. Rohit, President BD, to give an update on the mining and other sectors. Thank you, Ramaiah Sir. Good afternoon, everyone. I'll give a quick update on our mining activities. Coming to the two MDO projects that we're executing currently. The first MDO we have, in terms of... There were a lot of developments that took place over the last one year. The first MDO project, which happens to be Kotre Basantpur, we have achieved forest clearance, stage two forest clearance on the fourteenth of March this year, and we have already obtained a clearance to take possession of land over the next three months as well. So the request letter has been submitted to CCL for the declaration of the appointed date, which we are expected to receive by end of this month also. We anticipate the mining activity starting from tree felling and overburden removal to start somewhere in the month of September. So we are the first revenues from this mine are going to start flowing in from Q3 of this financial year as well. Coming to the second MDO, Tasra, that we won with SAIL. We have achieved a pre-production of around 288,000 tons, and we have t he dispatch of the same has started to SAIL. And the target for next year is around 1.45-1.5 million metric tons, which is pretty achievable. And we have also made a lot of progress with respect to the R&R colony in the second mine. Phase one of R&R Colony, we have to construct 190 units in 4.5 acres of land, and we are 70% through this process, and phase I should be completed over the next three months. So this is, this is an update with respect to both the mines. I would also like to take this opportunity to summarize and highlight a few of our achievements over the past financial year. So this year, we have entered into our silver jubilee, and our silver jubilee year has also coincided with PMPL achieving highest ever revenues, highest ever EBITDA, and highest ever PAT. And we have also achieved the highest ever order booking this year. International business has shown strong growth, and it also looks promising. International O&M has grown by 55% compared to FY 2023 to FY 2024. And we have successfully raised funds for our mining projects by way of QIP, and our credit rating has improved from AA to AA+. Thank you. Yeah, and we can go ahead with the Q&A. Thank you very much, sir. 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 telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. Thank you. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Mohit Khanna from Purnartha Investments. Please go ahead. Yes, thank you, sir, for taking my question, and congratulations on the good execution here. I had a question regarding the O&M segment. Your O&M orders book has reduced to 3.5%, if I consider the MDO contracts as well. So, what gives you confidence that the margins improve, should improve from here? This is my first question. And secondly, what are the margins on the current MDO contracts? If you could just give me a ballpark, that would be helpful. Thank you. Yeah, the one is the renewal of the projects that is going on wherever it comes. But what is important is that, you know, how the new project, new O&M contracts, what we have taken, I told you, that will have better, substantially better margins. Hindustan Zinc will be taken INR 229 crores, then Mahan Meenakshi, INR 674 crores, Ghatampur, and then, you know, KPCL. Now, our O&M has got a huge expertise and experience developed over the last, so, more than 10 years in O&M. And that should help us in seeing that, you know, the improvement, and actually, O&M is a good business for us, and with the improved order booking and with better orders taken, the margins profile should improve. One more thing, important thing is that the drinking water scheme, what we're executing, we have done out of INR 2,726 crore, we have done about INR 8,300 crore. Now, once these villages are getting 100% completed, there is a separate order which is there, part of the original order, which we had not captured. Now, we have captured it, INR 61 crore, that has got an installation cost for those facilities. And then with that, you know, that also will come as a revenue stream for the next 10 years, or the first full six, this INR 2,726 crore of project is get completed. Perhaps annually, we can expect about INR 60- INR 70 crore, with better margins. And, therefore, and the new projects which will be commissioned, perhaps is the another 25,000 ongoing projects in the power sector, which will come for commissioning. Therefore, that also more, we are, we are also targeting many projects there. For overall, and then more than that, the shutdown jobs and then the international business also is looking up for the O&M. Mohit is concentrating a lot on that. That will add up to substantially, apart from the AMC jobs. For FY 2025, what should be our target for order bookings in the O&M segment? O&M, we can say, I think around plus INR 2,000 crore, we can keep it. Very nice, sir. And what are the ballpark margins for the MDO segment? Right. MDO, so we have two mines, sir. The first mine, Kotre Basantpur, which doesn't include a washery, we are expecting an EBITDA of 18%-20% once we reach peak rated capacity. And the second mine, SAIL One, we are expecting to do an EBITDA of 27%-30% once we reach peak rated capacity, which is two years from, two financial years from now. Fair enough, sir. But I, when I see the numbers for Triveni, Sainik, and other guys, those margins look quite low as compared to what you just quoted. So is there, is there anything that I'm missing over here? No. I'll tell you, because we have, if you looked at our pattern in taking both of these MDOs, we have only focused exclusively on coking coal. These are both coking coal MDOs. All the other MDOs, that's mostly it's the coal MDOs, less, less stripping ratios, usually have EBITDAs of 50%-20%. People play around that region. But since, one, we have a high stripping ratio here, and also there are some risks with respect to R&R, which, you know, which automatically, innately get added to the margin profile. So that's the reason we have better margins. Any target revenue on the peak capacity for MDO business? I mean, in FY 2026, what should be our revenue from the MDO business? FY 2027 is our peak. FY 2025, 2026, yeah, FY 2027 is our peak, and peak revenues will be. 4 MTPA, that's it. 4 MTPA roughly around translates into. Translates to INR 1,800-INR 1,900 crores, sir. Both the, both the MDOs put together. Together, yeah. With the washery. Fair enough. Fair enough. Thank you so much, sir. Thank you. By the station, it'll come to 2000. Thank you. Thank you. Thank you. The next question is from the line of Pritesh Chheda from Lucky Investment. Please go ahead. Yes, sir, thank you for the opportunity. A few clarifications from your comments. So the MDO revenue booking on Coal India will start from quarter three, right? Yes, sir. The sales, you have given a 1.5 million ton target of production. That is also for FY 2025? FY 2025, sir, yes. Both these MDOs will start generating revenue this year? One already started, sir. One already started, yes, yes. L ast year we booked around INR 45 crore. Yes. Yes. And this year, we will do this 1.45-1.5 million metric tons in FY 2025. And KBP, the first MDO, is also gonna start generating revenues from Q3 onwards. You mentioned 30% revenue growth for FY 2025 as your company target? Yes. That includes this, revenue coming from the MDOs? Yes. Yes, sir, very much. How much have you assumed there on the MDO? INR 300 crore we assume, sir, from both the mines together. Okay. Will you make any EBITDA at this INR 300 crore? Because the other mine is only newly starting, so initial overheads will be there, but the Tasra, we can generate EBITDA margin in the Tasra. Yeah, we can expect some EBITDA, sir, from both of these mines, but not, not the PRC, not the peak rated capacity EBITDA. Definitely, I think it will be, the EBITDA is also going to ramp up with the ramping up of capacity. So initially, I think the first, two years KVP, you can, you cannot, really, i t will be in the range of, 11%-13%, and Tasra will be in the range of, 14%-16% EBITDA. Okay, that's. So I was just wondering when you were mentioning margins will expand this year. So, there is some EBITDA margins on this MDO business. And, on the mix side, you will see some improvement coming from the O&M, right, in your overall revenue mix? Yeah, because of the better backlog of orders. Because of the better backlog, will that push up the margins? There's slight improvement in the EBITDA margins, sir, not in a big way, because right now, in the current year also, we are having 26% mix of O&M, so we are expecting the same O&M mix and the projected turnover also. And the MDO mix will be varying from 1%-5%. So overall, there is a slight increase in the EBITDA margin, maybe by point three to point four percent. Probably around 12.6%, we will achieve the EBITDA during the FY 2025. My last question is on the Adani order progress to FGD. What is the progress there? Because that's an INR 5,000 crore backlog in your INR 17,000 crore. Yeah, I think the Udupi project is taking shape well. Already, the revenue has started coming there. This year, there'll be substantial progress. About INR 1,200 crores of ordering has been done for the Udupi project, and then the work has also started on the site also. The site has been fully started. We expect at least INR 350 crores of revenue on that. Only thing, the other projects, you know, there are, as usual, maybe issues, local issues, and then local sizing issues, and then fitting of these things are all retrofit jobs. There are other layout issues can be there. Apart from that, some PPA types also can be there. That is where it can be some this one, but Udupi is going to take up. Perhaps the end of third, third to fourth quarter, things should improve for the other projects also, other portion of the jobs to other projects. Okay. So I didn't understand, sir, out of INR 5,000 crore, how much is executed, how much will get executed this year? Sir, the FY 2025, we projected around INR 305 crore from Udupi. So far, we have recognized INR 157 crore revenue. We have done. Another INR 300 crore, we are projecting from Udupi. Is this project now become a 5, 6, 7-year execution project of INR 5,000 crore? Yeah, it depends. See, FGD has got, we know this right from the beginning, FGD had other interface issues and all. Particularly, one is the PPA is an important ingredient of the input required. For, unless the PPAs are properly in place, you know, then I have to take a call on that. That is where, this thing is detail. And then, the second aspect is the layout issues, because, you know, this has to be fitted into a limited layout, with outside, just outside the boiler. And, it just the old, old plants were all designed for FGD. Therefore, they were designed for conventionally. Now, when they fit a new system, it is the, the old layout. Obviously, there can be some issues. That is where, you know, they are more cautious and taking some time. Then perhaps, you know, once the elections are over, the new government comes, you know, the more push will come on that for the new investments also, because 104 MW gigawatts ordering has been done, rather 65 GW ordering has to be done. That also will get revived based on that. Based on that, we have to see. I agree, there can be some aspects we have to look into this. Sir, it won't, I'll just add to what Ramaya sir said. It won't be a five, six-year window. If you look at, Udupi, what we are executing currently, we are on track. There is only a delay of 6 months, I think, initially because of engineering approval delays from the client side. But otherwise, once we have proper clearances in place, it's just a matter of, 22-24 months of execution cycle. But naturally, I think there is this, a slowdown in terms of FGD across the country, so we can expect we'll get better clarity. It's still shrouded, but we are, around Q3 this year is when we'll get to know what, what's going to happen to the engineering bid for these plants, that we have been asked to slow down. Okay. Thank you very much. Thank you, sir. Thank you. The next question is from the line of Rajesh Kumar from Bright Shopping Private Limited. Please go ahead. Yeah, hi. Hello. Hi, Rajesh. Yeah, can you hear me? Yeah, yes, yes. Yeah. My question was on your this annual revenue. Annual revenue jump over last year, over March 2023, was around 18 odd%. So what is the reason actually, despite all the orders which are in hand, why there was lesser execution on the ground? Can you just repeat? Hello? No, no. Can you r epeat? Can you repeat the question again? Yeah, yeah. C an I hear the question again? Sorry. Yeah, sure. I was comparing your annual revenue over 2023 to 2024. There is a jump of 18 odd percent only. Right. Despite so much of orders in hand, what was the reason of less execution on the ground? Yeah, one is the, we have seen the, there were some issues on the FGD front. Now, that was a major portion of it. Second is, you know, the UP water schemes also, it is working on well, but what is the problems are, I won't say the problem, the issues there locally is that every village is a project management structure center is there. And then, you know, it is village-centric development, even though the lot of push is there, capital is there, and funding is there, there can be small local issues and all. There are some gap in this. But barring these two, you know, the rest of the things on the O&M and other projects we have done quite aggressively. That is a major factor. Okay. Well, in current year, what are you targeting, the FGD order? How much, FGD conversion would be there in the current year? Around INR 300 crore we are projecting to FGD, sir, current year. Sir, we have only considered the current Udupi project that's under execution and for which we have full clearances to execute. So we have only considered INR 300 from Udupi. But if anything, any other clearances we get in Q3 will be a bonus. So but only INR 300. Till now, out of INR 4,000 crore of order, what is the total billing done already? See, out of the only one Udupi project only we started billing, sir. We are actually doing work. Around 157 we billed so far, and we are targeting 300 during the current year. So we have already issued a lot of work orders to our procurement vendors and all. So we're expecting that billing will happen INR 300 crore during the current year. All of the projects put together, we probably did around INR 10 crore, only for engineering and all of that expenditure. We just billed for the engineering, sir, but nothing significant. Yeah. Okay. Thank you so much. Thank you. Thank you. The next question is from the line of Riya from Aequitas Investment. Please go ahead. Thank you for the opportunity. My question is, we've seen a resurgence in the erection work order intake. So where is this coming from? Yeah, that has come mainly, madam, in the, because we have taken INR 1,250 crores of railway jobs. This is a combination of civil track, track working, and also railway electrification. And then substantial portion of the jobs is the railway electrification. That's what I told you. There is a jump in our overall backlog of the orders for the this one, O&M. It has gone up substantially. That is the main reason. And that will, we expect, you know, the electrical business also can have some improvements with more of the railway jobs and then transmission and distribution projects coming in the picture. Yeah, yes, add to what Ramaiah has said. So we are still sticking to our strategy and objective of not aggressively expanding or tapering down our transmission and distribution in the electrical space. We are only focusing on these railway composite jobs that have some electrical and signaling and telecommunication components. A skill we have built over the last decade in executing various railway projects are standalone electric or S&T projects. So that's the only revenue increase that we have seen, because this team will be assisting a civil team in executing the overhead electrification and the S&T part of these railway projects. Got it. And in terms of my order intake for this quarter, so we've seen a little decline to around 3,000 on a quarter-on-quarter basis, it's a little bit INR 3,460 crores around. So, is this on account of election or, we're seeing a general trend of declining orders? This is because of the code of conduct, so we are not getting much of, new, tenders are not coming, and we are waiting for the, we were declared as L1 in couple of the projects, so we're waiting for the LOI copies to receive them. What was the L1 amount? This is helpful. Two L1 project status is there. One is for the Kaiga nuclear projects on the front side, that is the steam turbine side, about INR 570 crores. Another is the one- over bridge. Foot over bridge, we were L1 in yesterday, sir. Yeah, that both of them will come around nearly INR 700 crores, both the orders together. I think we can take INR 700. INR 600 crores, yearly. M ostly. For the current year, we are L1 in INR 700 crore worth of projects, and we have bid for close to INR 4,600 crore worth of projects that are yet to open. Yeah. So that's. We're expecting all these things in a gradual phase manner to open up after starting from first week of June. So a couple of them have opened. We were L1, but we are waiting for the LOI copies, again, expecting in the first week of June. And the other orders are expected to open in the first week of June as well. Right. You'll see, you'll see that inflow. The spillover of Q4, you'll see that inflow in the month of June. Okay. Got it. Thank you. That's it from my side, and thank you for further questions. Thank you. Thank you. The next question is from the line of Bapojara Mayur, an individual investor. Please go ahead. Hello, sir. Congratulations on good set of numbers. Actually, my question was around FGD project. So the slowdown we are witnessing, it is due to any technical issue, or it is from the client side, or it is from our side? That I wanted to know. No, there is no delay from our side per se. There are all these things have to lead to have a, I think I have told you earlier also, one is the engineering fit up, which is required in an existing plant with the old design. That has got challenges. The second thing is that, you know, the additional investment any customer makes, he expects a revenue stream for that, additional PPA has to be worked out with the local regulatory commissions and then the local distribution companies and all. That is the main thing. Therefore, they are committed already, INR 1,200 crores of ordering has been done, Udupi. And, as we said, you know, the third and fourth quarter, the other projects also took should take shape. Okay. And, are we bidding for any other FGD projects, sir? How is the FGD tendering going on in the thermal areas at the power plants? Yeah, it will, it has to come because 104 GW out of 116 GW of the planned FGD, 104 gigawatts have been ordered. And then the total commission is about 10 GW as on today. Now, there is a general little bit of a slowdown of so many things are there in this, because it is a new technology, and then retrofitting, then so many other aspects are there. But now, with the learning process done and more, more parts are getting commissioned, you know, perhaps, you know, it should improve. And then balance 64,000 MW ordering, they have to push it up now. Maybe that should take some sort of a push now after the, after this in the current year. What is the deadline from the government for this FGD? I think this is an international commitment, COP. Now the international commitment is COP 2026. Earlier, it started 2015, and that continues to be there to reduce the emissions both on the sulfur, SOx and NOx. And there is no delay in that fact. And in fact, when we have a net zero commitment, national commitment by 2070, these investments have to happen. Only the typical of this type of things, the investments have to be matched by the revenue stream also. That is where, after all, the power has to be sold to the public, and somebody has to pay for that. That is where these things have to be sorted out. The government will definitely has to push for that. Yeah, and Indian deadlines are, for Class A cities, it's 2026. Yeah. Class B cities, it's 27, and Class C, it's 28. So we are expecting, I think, probably after the elections, there may be a pushup by a year more of these deadlines. So we are just, we have to wait and watch. Okay. Sir, regarding the MDO projects, two quarters back, we are not planning for any new MDO. So right now, are we planning for any new MDO on this to participate in? No, sir. No, no. No new, no new MDOs. Until we reach peak rated capacity of these MDOs, we don't plan to bid for any new MDOs. Okay, so maybe on 2027. Yes. Okay. That's it from my side. Thank you. Thank you, sir. Thank you. The next question is from the line of Khadija Mantri from Capri Global. Please go ahead. Hello, sir. Am I audible? Yeah. Yeah. Sir, my first question is regarding the FGD segment. I was wondering that if more orders are awarded in FY 2025 for FGD, but then we already have an order book of INR 5,000 crore for the same. Do we have enough resources to take on more orders in the FGD segment, or we will be confined because we already have a large order book in the segment? I think as far as the resource is concerned, but we have developed a HR resource base. We've got 32,000-33,000 HR base in the widest mix of manpower base in civil, structural, mechanical, engineering formation. Now, as far as the plant construction and other aspects is concerned, procurement, we are strengthening those groups also. And then plant construction, we are perhaps the leading player in the country. And we have delivered project after project on time. And that's why we are getting repeat orders from many of the customers or valued customers is only because of this. Recently, some of the orders on the power sector side have come specifically for standing in the market of our ability to complete the projects in time. I think that is not a constraint at all for Power Mech. We are well-equipped with all the resources and equipment, and also that expertise what we have developed in diversified segments, and then that is, well in place. Also, have you received any order from BHEL for the Singrauli plant, NTPC plant? Yeah, BHEL recently, Talcher we have taken a INR 355 crore order. That is the NTPC job, 2 x 660. Then Mahan, we have taken INR 825 crores. That is a BHEL supply order on the supply order has been got from the Adani Group. Whereas the site work of INR 825 crore, civil and mechanical work, they are given to us. And BHEL is... In fact, madam, I can say, BHEL is standing with a new order of INR 70,000 crores for 10,600 megawatts, as I told you. All these things will come for tendering in terms of Lara, Talcher. Talcher is also, Singrauli they have got recently. Then Talabira also, they got recently INR 19,422 crores. Yamunanagar, they got recently INR 5,000 crores, then Raigarh, and then Mahan. Then, new orders also expected, Sipat, DVC, Ragunathpur and other jobs also. Once they come, perhaps BHEL is in the front line unless the tendering structure changes. Therefore, we are quite bullish on the power sector and also BSN. Okay, sir. My last question will be regarding this MDO project. So the order price that you have arrived at, does it consider all the price escalation in any risks, business, long-term projects? So how does the arrival technique get to the order size, and what kind of IRR that you are looking for in these two projects? Ma'am, this price doesn't naturally include price escalation. This price is exclusive of price escalation. Whatever we have set, the INR 30,000 crore of the same project that we want, and also in the first mine. And see, these tenders are usually based on it per ton of coal basis. So all the-- We have to initially... There's going to be a development phase of two years, and yeah, can you hear me? Yes, sir. Yeah. So there's going to be a development phase of two years, and we'll be progressing with some interim mining during the development phase. And we have to slowly ramp up the production facility to deliver this much amount of coal on a year-on-year basis until we reach PRC, after which we reach steady state operations, and we have to produce and give that amount of coal for the rest of the life of the mine. That's how the pricing and mining work. Okay. Thanks then. Thank you. Yeah, that's it. Awesome. Thank you. Thank you. Thank you. you. The next question is from the line of Dinesh from RDST Capital. Please go ahead. Hello, sir. Can you hear me? Yes, we can. Yeah. First of all, congratulations on the good set of numbers. My question was related to MDO. So when we say we are going to reach peak operations in maybe next, like, two years or three years, so what kind of revenues and margins you'd expect from these two MDOs? So both the MDOs put together, Dinesh, I've already mentioned earlier, I think in one Q&A, INR 2,000 crore without price escalation as of today's price. Okay. EBITDA of 17%-20% in the first mine, and an EBITDA of 27%-30% in the second mine. This is starting FY 2027 onwards. Okay, that's, that's, that's great. Just another question related to this. Do we have any consortium here or, like, the whole project is, you know, carried over by Power Mech company, sir? No, no. We had to form a consortium to bid for the project since we didn't have the credentials, all the credentials to participate. But execution-wise, both the projects are completely being executed by us with technical support from our partners in both the consortiums. Okay. So do they also share some of the revenues there in that project? No. Or is it, like, 100%, you know? 100% our revenue, Dinesh. They don't. Okay. That's great. Okay, that's it, my question. Thank you. Thank you. Thank you. The next question is from the line of Natasha Jain from Nirmal Bang Institutional. Please go ahead. Hello, Miss Natasha, your line has been unmuted. Please go ahead with your question. Yeah. So most of my questions have been answered. Just, just two questions. One is, can you give us the breakup in terms of the order inflow for each segment for fourth quarter? Yeah. So the Q1 we received f ourth quarter, okay. Mechanical, we received around INR 525 crore. Civil, around INR 1,360 crore. O&M, INR 739 crore. Electrical, INR 702 crore, and overseas, around INR 218 crore. Total together, INR 3,546 crore. Understood. So lastly, now that, you know, you've answered all about all the segments and how the order book is looking like, so at a consolidated basis, can you tell us what does now your revenue guidance stands in the medium term, maybe FY 2025 and 2026? So the 25, we are projecting around 30% growth, around maybe around INR 5,500 crore range. FY 2026, after that, we may project, because we are we are order inflow, we are expecting INR 12,000 crore for the 2026. So most likely, we may plan again 25% growth on the FY 2025 numbers. Maybe around INR 7,000 crore we can target by 2026. Understood. Sir, lastly, a ny CapEx that we are looking to do or just a maintenance CapEx? Yeah. In PMPL, regular equipment and all, around INR 100 crore CapEx we are doing in Power Mech, and washery of around INR 240 crore. So around INR 340 crore we are planning in Power Mech CapEx during the current year. Understood. Thank you, sir. That's also mine. All the best. Thank you. Thank you. The next question is from the line of Mohit Khanna from Purnartha Investments. Please go ahead. Yes, sir. I had a follow-up on MDO. So when you just mentioned that, these contracts don't include any price escalation, does that mean that our EBITDA margins are would likely to go down as the contracts age because, o r how does it work? No, no, no, sir, I said this, the value that we have declared doesn't include the price variation, it's unaccounted, but there is a price variation clause in the contract. So whenever there is an increase in diesel price, whenever there's an increase in the consumer price index, we naturally get a price variation based on a formula that's set out in the contract. Understood. And you get paid as per the quantity of coal that you mine? Yes, the quantity of coal that we mine, and we give it the delivery point in a prescribed size according to the contract. Okay. And this pricing is dependent on the coal price? No, no, not at all. There is no off-take risk here. Irrespective of the coal price or the general economic scenario, they still have to compensate, because we are building our infrastructure to achieve PRC. They have to take this summit. If they don't take this summit, there are other clauses that will kick in, compensation clauses. Yes. Sorry to interrupt, sir, but the current participant has been disconnected. The next question is from the line of Sunil, an individual investor. Please go ahead. Yeah. Thank you so much for the opportunity, sir. So the small question of the CapEx, which you have mentioned, for the maintenance and all, will be funded through internal accruals or- Sir, this INR 340 crore of CapEx, regular INR 100 crore of routine, INR 100 crore is through term loans we will raise around INR 50- INR 70 crore of term loans. Balance is through internal accruals. And Vasari, we have earmarked, FVP funds we raised for, INR 240 crore earmarked funds are there for Vasari investment. So we are using that funds, for the Vasari. Okay. Around INR 7 crore debt we will raise. Balance is the internal accruals. Okay. Thank you so much, sir. That's all. Thank you. Thank you. The next question is from the line of Satyan Wadhwa from Profusion Investment Advisors. Please go ahead. Could you guide us to what the tax rate is likely to be in FY 2025 and FY 2026? 25%, sir. As of, during the FY 2026 and 2027, we are projecting around 25%-26% will be the tax. Even in FY 2025 as well? Yes, sir. Overall margins would be similar to what they are now, or do you expect some uptick going forward based on the current order book and execution plan? Margins slightly, there is a 0.3% improvement, sir. The PAT rate will improve compared to the last year because of the tax rates. So there will be improvement in the profit margins during FY 2025. Sorry, I was asking about EBITDA margins, not PAT margins. Yeah, it's a 0.3% probably will be improvement will be there in FY 2025, compared to the FY 2024. Thank you. Thank you. As there are no further questions, I would like to hand the conference over to Ms. Natasha Jain for closing comments. We would like to hand over the question to the management for closing comments. Yeah. Thanks, everybody. Thanks for the participants. I think we have seen a significant improvement in the previous year in terms of overall order bookings. And with the new policies of the government and the focus on the investment coming in the private sector and infrastructure continued push and power sector opening up, and then exports also, we are looking at new opportunities. Perhaps, you know, we should look at improved order booking and also the margin status has been expanded. And we should reasonably do well in this year. And we have, we've got a strong base of INR 17,000 crores, that should help us to achieve the revenue, what has been projected, and with the margins, what has been informed as well. We look forward that the performance growth story will continue to maintain in the coming years also. Thank you, sir. On behalf of Nirmal Bang Institutional Equities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.