Good morning, ladies and gentlemen. I am the moderator for this conference. Welcome to the conference call of RITES Limited, discussing Q1 FY 2025 results. We have with us today Sri Rahul Mithal, Chairman and Managing Director; Sri Gopi Sureshkumar Varadarajan, Director of Projects; Sri Anil Vij, Director Technical; and Sri Bibhu Prasad Mahapatra, Director of Finance. At this moment, all participants are in the listen-only mode. Later, we will conduct a question-and-answer session. At that time, if you have a question, please press star and one on your telephone keypad. Please note this conference is being recorded, and in the interest of time and fairness to all participants, you are requested to restrict yourselves to one question per participant. Participants, time permitting, you may come back in the question queue. I would now like to hand the conference over to Sri Rahul Mithal, Chairman and Managing Director. Thank you, and over to you, sir. Moderator, at the outset, a correction. I think the convener was not updated. I have my full board with me: my Director of Finance and CFO, Mr. K. G. Agarwal; my Director of Projects, Mr. A. K. Singh; and my Director of Technical, Mr. D. Tripathi; and my Company Secretary, Mr. Mishra. With that, let me start with giving the safe harbor statement. The presentation and the press release, which we uploaded on our website and exchanges yesterday, and discussions during the call today, may have some forward-looking statements. These statements consider the environment we see as of today and obviously carry a risk in terms of uncertainty, because of which the actual results could be different. We do not undertake to update those statements periodically. Let me give you a brief overview of Q1 performance with my opening comments, and then I throw the line open for questions. The performance of Q1 has been muted. Let me analyze the numbers in a nutshell. The two main challenges which we have been talking about in the past, the dynamics which changed in the inspection of IR business and the export business, this quarter, if you compare Q1 to Q1 YoY, hit us full on. The impact was full on in this quarter. So, INR 35 crore was the export revenue in last Q1, last FY, and it was nearly nil in this Q1. The impact of the QA business of IR had a hit of about INR 25 crore on YoY Q1 to Q1. So, this INR 60 crore was the net impact, which you see has, and both being high margin streams of revenue, hit the top line and the bottom line. So, the encouraging trend is that the order book, as you see, jumped by about 11% from 31st March to 30th June, an addition of about INR 1,300+ crore orders, which were across sectors, whether it was export, rail infra, highways, buildings, tunnels, airports, etc. And in fact, if you compare the two quarters, H1 of last FY, the orders we got were about INR 600 crore. And in the last few quarters, we've got an order of about INR 3,000 crore. So, it's about five times. And that is what we need to focus on: execution of these orders in the coming quarters so that sequentially we are able to build up both on our top line and bottom line in the entire FY. So, with those opening comments, I leave the floor open for questions. 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 telephone. If you wish to remove yourself from the question queue, you may press star and two. Ladies and gentlemen, you are requested to limit your questions to one per participant. If you have a follow-up question, please call back in the question queue. Thank you. The first question is from the line of Vishal Periwal from IDBI Capital. Please go ahead. Yes, and thanks for the opportunity. And first of all, congratulations on the receipt of the orders and build-up in order book. My question is on the margin front. Though in the previous quarters, we have been alluding to that margins will see some bit of impact. So, can we say, if I just go segment by segment, maybe consultancy a bit margin of 40%? So, this is a new normal for us going ahead. Morning, Vishal. Yes, I think across the four streams of revenue, what we see today, both on an individual stream-wise margin as well as the blended margin, say in a particular quarter, the blended margin may be varying a little bit depending on the contribution of each stream of revenue. But averaged out over a longer period of time, let us say a half year or an FY, what we see is really where the margins are going to settle on a blended margin as well as the margins in the individual stream. And why I say this is, you see, till about 2 to 3 years back, our order intake, if you compare the ratio between competitive and nomination, was roughly about 2/3 nomination, 1/3 competitive. As we have progressed over the recent quarters, in fact, this quarter itself, the ratio has been changing roughly to about 75-25 in competition, whether it is domestic or international orders. That is seen in the breakup of the order book also. The fact that we are competing and still getting orders, yes, moving forward, margins will be definitely not comparable to the earlier trends. I think this, to my mind, where we are today could be, let's say, the new normal and would be where the margins would settle down in the coming quarters and years. Okay. So just on the margins only, I think consultancy for Q1, but for Q2, I mean, we used to get maybe like 3.5%-4% kind of a bit. In this quarter, it's 1.2% kind of number. So, did we increase seasonality or even for this we are seeing a bit of competition? I think your voice got muffled. I couldn't get your question. But I think maybe. I'll just try again, sir. So, I think I was saying on the consultancy, we did mention like 40% is a new normal for us. But for turnkey, in this quarter, the margins, a bit margin is roughly 1.2% kind of number. Yes. So, in turnkey, you see the margins normally on, again, on an overall average over, in any case, around about 2.5%-3%. And they may vary in quarter- to- quarter depending on the stage of execution of the turnkey project. In some quarter, the material supply is more and the execution is lesser. In some of the quarters, the manpower execution is more. So, it varies quarter-to-quarter, but turnkey would still remain between about 2%-3% on an average. Sorry to interrupt, sir. The current participants have been disconnected. We'll move on to the next question. It's from the line of Yash Gupta from NovaaOne Capital. Please go ahead. Yeah, hi. Good morning, everyone. Sir, so my first question is on the export. What's your plan for the current export order, and when will it start to book some revenue out of it, and what's the expected number for the complete year? You see, there are two export orders which we got: INR 900 crore Bangladesh coaches, 200, and INR 300 crore Mozambique, 10 locomotives. As far as coaches are concerned, while they have a lesser period of manufacture, the process being lesser compared to a locomotive, we expect that with the necessary approvals, etc., in coordination with Bangladesh for the prototype design, because there are about 10 types of coaches in these 200 orders, we expect that they start generating revenue by Q1 of next FY, or we would try and maybe slip in a few coaches maybe by the end of this FY. Efforts would be on, but I think realistically, by the time the prototypes are approved, they may slip over to the quarter one. Once the manufacturing starts, the entire lots can be delivered very soon. So, that is as far as the coaches are concerned. As far as locomotives are concerned, by nature, they take about 12 months to 18 months for manufacture. However, having said that, we are very keen that we try and at least, again, ship out a few of those 10 locomotives by the end of this FY. So, for both those orders, our aim is to aim for by the end of this FY, Q4, but it may slip into Q1. So, between Q4 and Q1, definitely some shipments should start. Okay, sir. So, second thing on the NHAI and DMRC, we have done recent agreements with them. We'll limit ourselves to one question. The convener, please repeat. Thank you. Ladies and gentlemen, a gentle reminder, you may limit your questions to one per participant as there are several participants waiting for their turn. The next question is from the line of Vinamra Hirawat from JM Financial. Please go ahead. Sir, my question was around government CapEx versus private CapEx. As government CapEx growth is reducing and private CapEx is expected to take over, any changes in our strategy to serve incrementally higher private clients compared to government? I'm glad you asked this question because, you see, our strength is that we, across all our 13 verticals of consultancy over a period of time, we have both government and private clients. So, for example, whether it's a rail infra vertical, we are doing work with PSUs like NTPC, SAIL, Coal India, whereas we are doing work with majors like UltraTech also. So, whether it is the inspection business, while we are doing work with the government, we are also doing work with process inspection with players like Jindal. We are doing work in ports for both private ports and government ports. We are doing work in airports for both private airports as well as government airports. So, across infrastructure verticals, we leverage the growth in CapEx and infrastructure, whether it is from the government CapEx or the private CapEx. So, you're indifferent as to whether orders coming from government or CapEx? You expect orders coming in regardless, the same rate? Yes, for sure. As long as CapEx is growing. Okay, I'll join back in the queue for more questions. Thank you. Thanks. Thank you. The next question is from the line of Shreyans Mehta from Equirus. Please go ahead. Yeah, thanks for the opportunity. Sir, again, coming back to margins, so just one clarification. So, since the export orders are on a competitive basis, will we see a dip in margins there as well vis-à-vis previous quarters or previous years which we used to enjoy? Yes, for sure. You see, this order of both these orders are for the first time ever, maybe in the last five decades, that we have got orders on a global competitive tendering mode. First, while export of rolling stock orders were under the line of credit tenders floated by Exim Bank, where the competition is limited to Indian companies, where obviously the competition is much lesser. So, when you are pitching, and for example, this 200 coach EIB funded tender was a very tough competitive tender. And definitely, the margins in the export stream also would be much lower than where we have been seeing the erstwhile margins in the export stream. So, as I said at the outset, the aim is to maximize the revenue across the streams of revenue so that in absolute EBITDAs and profits, we are able to grow. Margins, these are the levels of margins which I see settling down over a period of time. Sure. Sure. So, Sure. So, Sure. So, sir, just to summarize, so on an aggregate consultancy basis, once all export orders also come under execution, is it fair to assume that we'll be at the closer to 20% EBITDA margins? Well, you see, again, the point I'm trying to make is that in a particular quarter, the blend of revenue would maybe have a variation. But overall, a period of time, these are the kind of range which we can see settling out over a period of time averaged out. Got it, sir. Got it. Thank you and all the best. Thank you. Thank you. The next question is from the line of Nimish Sundar from Elara Capital. Please go ahead. Yeah, thank you for the opportunity, sir. Am I audible? Yes, go ahead, Nimish. Go ahead. Yeah. So, sir, just one question on the employee cost. So, last year, we had observed in line with the target to reduce employee costs, they were largely reducing or flat. But this quarter, we have seen a slight rise in employee costs. So, is this ahead of some anticipation of some orders in turnkey or consultancy that we are ramping up our employee spend? Yes. In fact, as a strategy, last year, we were about a year back, we had a year to year and a half back, we were trying to see what is the optimization in our existing employee strength for the way forward for our business model. And then, as a conscious decision in the last FY, as we ramped up our bidding and getting orders, as I said at the outset, we have got INR 3,000 crore orders in the last few quarters vis-à-vis INR 600 crore in the first H1 of last FY. So, we got five times the order receipt, and you see the growth in the order book also. So, to be able to execute this, we had a conscious decision to timely induct people of various skills at various levels. That is why, if you compare YoY, there is a growth in the employee strength net addition of about 250. This is besides a superannuation of about 100 odd. So, net, we have inducted about 350 additional, which is a net input plus of about 250, which is a conscious decision. So, while there, as you correctly said, there is an increase in cost, or the cost YoY is flat, even though the revenue has fallen and thus impacting the margins also. But this is a conscious decision because as these orders have to be executed, we cannot have a time gap for hiring the employees. And we need faster execution in the coming quarters. So, it's a conscious decision to build up this bench strength. And yes, maybe this would incur a cost for one or two quarters before they start generating revenue. Okay. Thank you for that, sir. I have a couple of more questions, but I'll join back in the queue. Thanks. Thank you. The next question is from the line of Yash Gupta from NovaaOne Capital. Please go ahead. Sir, my second question was on NHAI and the Delhi Metro agreement. Recently, we have done one more agreement with the NHAI. Can you throw some light on it and how we see both these agreement terms towards the revenue? Yes. So, if we first talk of the NHAI MOU, NHAI, we have been working a lot over the last many years. And this is an actual partnership between NHAI and us. We have a very strong highway design unit, as well as safety, quality control, highway design, the tunnels, etc. So, NHAI and us will be complementing each other's strengths. The design and quality control and safety aspects of their work, we would be their kind of supplementing, or you want to call it a back office, or we'd be partners in their growth as they have a high CapEx and a high rate of execution. Similarly, DMRC, we have been partners for more than three decades now. We have done a lot of work with DMRC. And this is further moving forward as DMRC is diversifying and pitching for other cities, both domestic and international. They are diversifying and growing their business portfolio. And we have been working with DMRC for long. So, we are partnering with them for both domestic and international opportunities, whether it is for operation, maintenance, design, or rolling stock design, etc. So, both of these are natural partnerships where our teams have been working with each other, in any case, for the last two, three decades. Sir, did you get to comment as of now on the revenue strength, sir? See, these are partnerships which each of the opportunities, as they come up, both domestic and international, depending on the size and scope of the opportunity, we'll be working together and we'll be sharing the, as I said, each opportunity will have a different element of share between the two of us. Thank you. Thank Thank you, sir. All the best. Thank you. The next question is from the line of Viraj Mithani from Jupiter Asset Management. Please go ahead. Yeah, thank you for the opportunity, sir. What would be your guidance for the current year and year forward, and giving you some columns of top line? Would we be maintaining broadly 20% net margins, which you have been maintaining so far? Well, as far as the first part of your question, you see the Q1, both in terms of top line and bottom line, have maybe hit quite the bottom of the barrel to say. Our effort will be that Q2 onwards, we build up on that. Q2 may be a little tough because of the execution being affected maybe by heavy rains in certain geographies. However, efforts will be made to minimize the impact on our execution revenue. But having said that, our effort will be that for the sequentially, we see a growth in revenue as well as trying to leverage the higher margin orders out of the order book. And the aim would be to try and reach as close as possible to the last FY levels despite the muted performance of Q1. So, that's the guidance for the entire FY sequentially moving forward. As far as margins are concerned, again, to reiterate, the margins that you see, whether in the individual streams of revenue or the blended margins, they have had the worst hit in this quarter because of the contribution of inspection as well as export. So, moving forward, I think the margins would remain in this range of maybe a little bit improvement as the export revenue contribution starts. And the number of non-IR inspection orders which we have taken in the last few months, they will start, they have already started generating revenue. They are the initial stages, but their contribution will grow in the coming quarters. So, definitely, maybe a little improvement vis-à-vis the Q1, but by and large, definitely settling down to a blended margin in the range that we have seen in this quarter. Okay. Thank you, sir. Joined back in the queue. Thank you. The next question is from the line of Vinamra Hirawat from JM Financial. Please go ahead. Hi, sir. I just wanted to update. I think we still have a Zimbabwe order that's pending. I just want to know, is it being delayed because of any instability in Zimbabwe's currency free trade? And is there any other exports in the pipeline that can be converted in the next couple of years? As far as our Zimbabwe order is concerned, it's not really because of any instability. The structure of the agreement which we signed with them last year was, while the quantum of locomotives and wagons and the value of about $80 million was also clear, we were very clear that we would not take it in our order book unless the clear funding is very clear and concrete from their side, for which they have been working on some funding from the Afreximbank. We are constantly in touch with them for whatever inputs they need from our side. It is moving maybe a little slowly between one year, but it is moving on the right track. We are hopeful that as soon as their final funding is sanctioned by Afreximbank, they will go ahead with the necessary advances, etc. That's the time when we will declare it and take it in our stock exchange. As far as other export opportunities are concerned, there are a large number of export opportunities which, in line with our bidding for the Bangladesh order and the Mozambique order, not only have we bid in a competitive mode in various geographies, but we are also engaging with various geographies in trying to export certain types of rolling stock, including some in-service diesel locomotives from Indian Railways, which have now become available because of the electrification of Indian Railways. I think moving forward, we are looking forward for some more orders, definitely in this FY. What is the expected potential market size for us in the orders that we're looking at? Just a ballpark figure maybe. The market size is huge because in terms of all types of rolling stock, whether competitive or in-service locomotive or nomination, including metro coaches, etc., which we have forayed into, the market is huge across geographies. So, the sky is the limit. Got it. Thank you. Appreciate it. Thank you. The next question is from the line of Ketan Jain from Avendus Spark. Please go ahead. Thank you. Sir, what would be your order inflow guidance for FY 2025? You see, the order inflow for Q1 have been, as I said, an order book growth of about 11% within a quarter. Fresh orders, we got about 80+, totaling to about INR 1,300 crore. Also, if you see, we have been maintaining that one order a day for the last two quarters. This quarter, it's about 0.92, but that will average out definitely on the we are sure that in the overall, on the FY basis, we will be a one order a day company. So, I think to say that the order book vis-à-vis 31st March 2024 will definitely be higher when you see 31st March 2025, taking into account also the revenue that we do in 2024, 2025. But there's going to be a substantial growth in the order book as the trend is showing. Any particular number on the inflow, sir? As I said, we will be aiming for one order a day. That's our target. That's our vision. That's what we have been able to maintain, and we will be able to maintain that. Okay. Thank you. Thank you. The next question is from the line of Shreyans Mehta from Equirus Securities. Please go ahead. The current participant has been disconnected. We'll move on to the next question. It's from the line of Nimish Sundar from Elara Capital. Please go ahead. Yeah, sir, thank you for the follow-up. Just one question. Can you give the revenue contribution from quality assurance in this quarter? You see, quality assurance revenue is a merged revenue with the consultancy total overall revenue. But what I can definitely tell you is certain features of the quality assurance revenue, which will tell you in perspective how it has progressed in this quarter. If you compare vis-à-vis FY 2023, the contribution from IR to non-IR was about 80/20 or about 75/25. It graduated in about FY 2023, FY 2024. It's about 60/40. And now, in this, we have graduated to about 55/45 as non-IR clients in QA and 45 as the IR clients. So, moving forward, what we are aiming is that in QA business, taking the impact of the chain scenario as I've been mentioning, which cut in last year, first quarter, and the full impact has been felt in this quarter because all the old orders of QA as per the old rates finished. Now we are getting all inspection calls as per the new rates. That also has one of the four players. We have taken orders, whether it is from the GeM portal, whether it is from the PM Vishwakarma scheme, whether it is solar, renewables, power discoms, defense, state government. The contribution has turned on its head within two years, and it has become non-IR about 55% vis-à-vis IR at 44%. We are aiming to come back to the levels of the total revenue, which we were about two years back or maybe even a year back when this new regime started kicking in. Thank you so much, sir. All the best for the team. Thank you. The next question is from the line of Parimal Mithani from Credent Asset Management. Please go ahead. Thank you and good morning. Hello. Can you hear me? Yeah. Morning, morning. Go ahead. I can hear you. Yeah, sir, if I see sequentially order book, sir, there has been a reduction in the consultancy business overall. And one of the things is, if you from the last March quarter ended to the current quarter, if I see, the revenue from the competitive side of the business is increasing and the nomination is decreasing this trend, if I see, vis-à-vis also year-wise. So, is it fair to say, sir, that more or less our revenue in consultancy is getting stabilized? No. To the contrary, in fact, the consultancy order book, most of the orders which we have been getting are, besides these big export orders, consultancy has been the largest number if you see the order, the rate of one order a day. In terms of values, even today at INR 6,350 crores order book, consultancy is the highest share. It is INR 2,500 crores. Yes, in terms of execution, as I said at the outset, both in terms of type of projects where our fee is dependent on execution of the projects at the ground level, as well as certain type of consultancy orders where they are master plan studies, etc., we need to expedite and speed up the execution in the coming quarters so that their contribution of the consultancy in the overall revenue is much more. So, in terms of getting orders for the order book, the future growth as well as the trends will consultancy will continue to remain playing a very major role. And just to give you an example of orders in the last quarter, in the last few months itself, we have got orders in consultancy across sectors. So, whether it is a highway order in Assam of INR 42 crores, it's a rail infra order in Karnataka for about INR 27 crores. It's a jetty order in Porbandar for about INR 8 crores. It's an MMLP in Indore for INR 7 crores. So, I mean, there are airports mobility plan in Bihar at INR 6 crores. The orders are across sectors. So, these are the heartening feature that the consultancy orders are coming across all our verticals, not in one particular vertical only. Sir, in terms of quality assurance business, is it fair to assume that our margin more or less stabilized now going forward from here? I think the quality assurance contribution, as I said, now it has flipped on its head in terms of 55% being non-IR business and 45% being IR business. And by and large, this quarter saw the full impact of the change regime of the new IR QA order. So, in terms of margins for the contribution of the QA to the blended margins, I think maybe, yes, this seems to be the new normal, as someone said, in terms of since this is what we will continue to build up on our non-IR clients. Yes, most of them are competitive basis. So, there will be issues in margin of the QA contribution. But by and large, this business model or this ratio between non-IR, IR has stabilized over a coming period of time. Thank you, sir. And all the best. Thank you. Thank you. The next question is from the line of Rupali Junikar, an Individual investor. Please go ahead. Good morning. Morning. Congratulations for securing the most wanted company to work with. Thank you very much for your kind words. Thank you. Yeah. My question is regarding consultancy. As we are seeing that there is a continuous decline for quarter-on-quarter and also year-on-year basis. So, is it because of the political impact or can you throw some color on it? You see, first of all, the decrease in consultancy is not really a trend. If you dive deep down into the break-up, it's primarily, as I said, because the inspection business has been counted as part of the consultancy business. If you see the project consultancy, in fact, last year, we had an all-time high of the highest-ever project consultancy revenue. And that too, we are even getting the orders, as I mentioned to the previous participant, we are getting across our verticals. So, our growth both in terms of order book, both in terms of our strength that we have verticals of consultancy across all areas of infrastructure. And further, sequentially quarter-wise, the growth in execution is fully governed by our strength in consultancy. We are a consultancy company. We take pride in that. And that's our strength. So, whether, as I said, getting one order a day or converting this order book of consultancy, which is the maximum INR 2,500 crores out of INR 6,350 crores, that is our focus. And that is, you will see continue growing, whether in terms of the size of the order book or its contribution to the revenue. Okay. Got it. One more question, if I can slip in? Can come back in a few, ma'am, please? Okay. No problem. I'll come back. Thank you. Thank you. Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Viraj Mithani from Jupiter Financial. Please go ahead. Yeah. Thank you for the opportunity again, sir. Now, listening to your comments, is it fair to think, let's say, FY 2026 onwards, we'll be on the takeoff mood? Is it fair to think that way? Because with orders coming in, export probably kicking back, quality assurance coming in. Sir, see, Viraj, we, as I said at the outset, we believe in being very clear and transparent to all our shareholders and stakeholders. And that's why we give a very clear and realistic assessment of our strengths and performance. The quarter-one performance, as I said at the outset, due to the various reasons, has been muted. And our efforts will be that this order book that we have accumulated and managed to get in a very strong competitive environment. And we will continue to get. We are confident the trend is that we will continue to get this rate of orders. And that's the very reason why, in spite of a cost, we have inducted about 350+ people in the last one year. So, as I said, even though it's a carrying cost for a few quarters, we are going ahead as a conscious decision because we see that in the coming quarters, at the balance part of this FY, especially H2 onwards, and as you correctly said, the next FY, we will build up and focus on faster execution of this order book, number one, and continue getting orders at this rate. So, with that, while there is a lot to be done, but yes, our basic strength and ability based on our credentials and our capability of our team, I'm sure that we will sequentially aim to grow on this platform. So, the bonus is sort of a signaling confidence in the years to come, is it? One is to what bonus? You're very correct. That is our confidence in our capability and our inherent strength that, as I said, our order book, our bench strength, and the visibility of fresh orders make us confident that as we execute our order book faster, we will be able to grow on this leverage and grow on this platform. Congratulations and all the best, sir, for that. Thank you. Thank you. The next question is from the line of Vishal Periwal from Antique Stock Broking. Please go ahead. Yes, sir. Thanks for the follow-up. Sir, in terms of export orders, I think the PPP mentioned that Bangladesh orders completion is 2029, and Mozambique is 2025. So, is it fair to say probably this year, anything is happening already next to 2025, any execution is happening or revenue buildup is happening, then it's primarily Mozambique. The Bangladesh could pick up maybe FY 2027 in terms of supplying the maximum of orders. Is it fair to say that? No. You see, coming specifically to the Bangladesh order, it is, as per the contract, it's about 36 months, but the coaches, as I said, have a shorter period of manufacture. And both Bangladesh Railway is very keen. They have a lot of shortage of coaches. And we are very keen, since they have a shorter period of manufacture vis-à-vis locomotives, that we are trying to push and coordinate literally on a weekly basis with them so that the 10 types of coaches, which are there in 200 coaches, the prototypes are approved and we start bulk manufacture. So, my assessment is that we will definitely start shipping out a few lots of coaches by Q1 of next FY. We may aim to try and squeeze in a few by end of this FY, but maybe Q1 is definitely a realistic where we will get this. As far as, again, locomotives are concerned, while they have a larger period, longer period of manufacture of about 15-18 months, but again, Mozambique is very keen for movement of their minerals, etc., that we try and ship out at least one or two locomotives by end of this FY. So, again, while Q1 next FY, definitely some locomotives we would aim to ship out, but both in locomotives and coaches, we will try and see if maybe we can slip in a few by end of this FY. Sure, sir. Thanks for the detailed clarification. I'll come back in a few. Thank you. Thank you. A reminder to all participants that you may press star and one to ask a question. The next question is from the line of Rupali Junikar, an Indigenous investor. Please go ahead. Just a small question. Are the orders of non-IR the nomination one or the competition? No. In fact, most of them are on a competition basis. And that is the whole trend, as I said, maybe at the outset, across whether it is any of our stream of revenue, whether it is consultancy, QA, turnkey, export, all our streams of revenue, the trend, which about 2 to 3 years back was roughly about two-thirds, one-third in terms of nomination versus competitive, has now turned on its head and is round about, if you count the last few quarters, maybe two quarters into fresh orders, it is about 80/20 in terms of competition and vis-à-vis nomination. And if you see the breakup of the current order book also, because it has some old orders of nomination, that itself is, you see the changing trend in that. As of today, it is 61 competitive, 39 nomination, even in the existing order book. Fresh orders, which we have received in the last quarters, the ratio is roughly about 80 competition and 20 nomination. Understood. Thank you. Thank you. Participants who wish to ask a question may press star and one. As there are no further questions from the participants, I would now like to hand the call over to the management for their closing comments. Thank you. As I said at the outset and during the discussion, the focus is to, number one, execute the existing order book at a faster pace, even faster than maybe the expected contractual requirements in various contract agreements, so that we try and maximize the revenue realization moving forward sequentially quarter on quarter. Parallelly, continue this trend of bidding aggressively for both domestic and international, both consultancy as well as export orders, so that the trend which we have seen in the last three quarters of getting INR 3,000 crore fresh orders, we are able to maintain this trend of getting fresh orders in the coming quarters. With that, we have, as I said, built up our bench strength. While yes, the quarter one has been muted, but our aim is to, moving forward, to see a sequential improvement quarter and quarter so that we reach as close as possible to the last FY on an FY basis. Thank you. On behalf of RITES Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.