Ladies and gentlemen, good day, and welcome to the Rail Vikas Nigam Limited Earnings Conference Call hosted by Angel One Limited. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Vishal Periwal from Angel One Limited. Thank you, and over to you, Mr. Periwal. Yeah, thanks, Sir Siddharth. Good afternoon, everyone, and welcome you all for the Rail Vikas Nigam Limited, our first quarter FY 25 earnings conference call. We have with us, from the management team, Rajesh Prasadji, Director, Finance, Sanjeev Kumarji, who is the Chief of Finance and CFO. So, I mean, everyone, so results are already in public domain, so we'll begin with the interactive Q&A session. Thank you, and over to you, Siddharth. 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 touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use headsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The first question is from the line of Atul from UNBK. Please go ahead. Yeah, thank you for the opportunity. Sorry to interrupt, Mr. Atul. Your voice is not audible. Hello, Atul. Hello, Atul sir. Atul. [Foreign language]. Hello, am I audible? Yeah. Yes, it's very much audible. Please go ahead. Yeah, sir. So I wanted to understand, like, we have shown a decrease in revenue on YOY and QOQ basis. Our profit has also come down. So any particular reason, sir, we would like to guide us, you know, for future, I mean, the numbers for this quarter are not good. So anything you'd like to guide us on that part? Okay. So first of all, let me start with the order book of this particular company. So as on 31st, since we are talking about Q1, as of 31st, 2024, we had an order book of INR 83,000 crore plus. To be precise, around INR 83,221 crore. We are talking of, the, project execution, the top line of INR 22,000 crore. So roughly we are having the orders for the next four years. So we are very comfortable. And regarding the execution part, see, there are certain reasons because of which, there was a decline in the top line as well as in the bottom line. I will take some time. You please bear with me. I will take some of the examples. The project is specific. Let us talk about the first overseas project. We had awarded all the subcontracts. We had mobilized all the resources and the manpower. In fact, today also, about 600 manpower is available at work site. But because of the geopolitical situation in Maldives, the project has been slowed down, and it has been slowed down like anything. We had a plan of turnover of around INR 300 crore during the first quarter, and we could not do even 10% of that. So this was a setback, and this could have resulted into the profit also. So this is one example. Then, let me talk about the metro projects. So metro projects, bidding project, let me start with the Indore Metro. We have executed the work. We have got the variations, new items, and some claims costing more than INR 250 crore, which is still pending with the MP Metro authorities. They have approved INR 38 crore. They have released INR 21 crore. So what I want to tell you is that this INR 250 crore, the work has been done, but it has not been reflected in the top line as well as in the bottom line. If you see the metro projects, this is Indore metro project. There are some other metro projects. And, actually, you must be aware that the first quarter, all the investors who are present, everybody was focused towards the election. See, this quarter was full, full of the basically, news items related to the election. It has also impacted the execution. There are certain PSUs and the other companies, they have also shown decline. The reason is that the labor, et cetera, they have gone back to their places. Once they go back to their places, they come back only after one month. So this has impacted. The vehicles, et cetera, they have been taken by the election commission, and everything is on the election board and focus gets shifted. And I will cite example of Kolkata Metro. where we are executing the projects on combination basis. See, the permission, etc., because of the election and otherwise, the permissions were not granted, and we had a plan of expenditure of INR 800 crore plus. In fact, last quarter, last year's Q1, we had done a turnover of INR 858 crore, and this Q1 we had done INR 291 crore. So there was a decline of 65.29%. The clearances, there were five major clearances. We have now received 3 major clearances. One major clearance we are likely to get in next 3 to 4 days. We are now having the permission for the map, Victoria Station, Park Street Station, and we will try to make it up. The money is available, everything is available, contractor is available, vendors are available, manpower is available. But because of this, the non-granting of the traffic permission for the various metro projects, because of the election, it's affected. We are working in 7 cities. The metros, we are executing in 7 cities, and it had an impact. It had an impact. Then you will have to appreciate one more thing, that most of the special purpose vehicles have been commissioned, and the execution of the projects have gone down from INR 173 crore to INR 60 crore because the scope has got reduced. Then, because of the election, the land acquisition got slowed down. You must be aware, because of the basically model code of conduct rules, the check disbursement and the land acquisition got delayed in the first quarter. This affects in many ways, first, we do not get the site, the project do not move forward, and of course, then it gets affected ultimately in the top line and the bottom line. Sorry. So the land acquisition got delayed. I can write few projects where, because of the land acquisition, the project did not move forward, during the first quarter. So roughly, I can tell you that, the Q1, there was a difference of around INR 1,400 crore-INR 1,500 crore, and every quarter, Q1 is always a weak number, and it keeps on basically increasing in the subsequent quarters. This will again happen in the next three quarters. And again, I'm telling you, this was because of the election impact, because of the reasons, geopolitical reasons I had stated, and some of the reasons were beyond our control. But we are aware that, yes, someday, it is going to be resolved, and again, it will come on the track. So fund is available, the equipments are available, the manpower is available, but because of the reasons beyond our control, we could not execute it. I have given you some of the examples. Hope, you appreciate this, that why the top line and the bottom line has gone down. Here, I would like to point out one more thing. Now, if you see the number of tenders which were coming out in the Q1, the number of bids, which was basically we have participated, it was only 57 numbers. Because the, the tenders were not coming and, because of the election, it was getting postponed. So everything got slowed down during this quarter, and I'm 100% sure that in time to come, we are going to have... See, you'll have to see the long-term perspective. We have already getting transition from Azadi to Amrit Kaal. By 2047, there is going to be an investment of INR 25,00,000 crore in all the railway infrastructure sectors, and RVNL is going to play a big role. Only two days back, there was a news in the cabinet. The cabinet had approved 8 railway projects costing around INR 25,000 crore for a length of 800 km. So things are coming, and once the projects are there, we have got the expertise, we have got the proven track record, and I'm 100% sure that in time to come, we are going to make it up. Sorry. Thank you, sir. Thank you for elaborate answer, sir. Sir, apart from Maldives, any other regions which we are facing, you know, geopolitical, for example, Bangladesh, we have quite a in Bangladesh. Okay. So let me tell about Bangladesh. Yeah, we had a plan of participating in tenders worth INR 2,500 crore. These were LOC projects and the government grant projects, but because of the geopolitical reasons, we, the tenders may not be coming up in next few months' time. But whenever it comes, we will definitely participate, and it is a temporary problem, and that would have not reflected in our top line and bottom line for this particular financial year. Right, sir. Right, sir. So last, last question is on order book, sir. Could you please, sir, give us specification of order book, like how much it is contributing towards the new line, doubling of the lines and other segments of our businesses? I do not have the breakup, but I can tell you the total order book. I said, INR 83,221 crore to be precise. In this, the new line is major one. Double line is around INR 7,500 crore. Gauge conversion is almost over; it is around INR 500 crore. And from the bidding, we have got INR 30,000 crore+. Right, sir. Thank you, sir. Yes, that's also my turn. Thank you so much. Thank you. The next question is on the line of Shreyans Mehta from Equirus Securities. Please go ahead. Yeah, thanks for the opportunity. So, sir, first on the Vande Bharat train set. So just wanted to understand what is the current status, what is the outlook? The Vande Bharat train sets, you must be aware that the cost of the project is INR 35,000 crore. And there were some developments which had occurred in Q1. In May 2024, Ministry of Railways issued a direction in change of the scope of the work. Sorry. So the scope was basically number of train sets from 120 to 80. Earlier, we had planned with 16 coaches, now they have asked us to go with 24 coaches. And then all train sets to be made 24 coaches, and introduction of new coach types, like pantry car, plus pantry in alternate car, then luggage compartment. So there has been some change in the scope by Ministry of Railways, but as far as the number of coaches are concerned, it is same. Now, this particular project, I'll, I'll tell you the status of the basically manufacturing activities. A mock-up is to be approved by ICF, then interior design and layout will be processed. Manufacturing likely to start Latur from November 24, and the manufacturing plant, the Latur factory, which was constructed by RVNL, has been handed over to Kinet Railway Solutions on 28 June 2024 by Central Railway. So the factory which was constructed by RVNL on behalf of Ministry of Railway, that is, Central Railway, it has been handed over to the Kinet Railway Solutions. And the prototype, the first prototype, we are trying to basically complete it by September 25, within 24 months after the date of the agreement. Second prototype, November 2025, that is 2 months after the first prototype. For the mock-up, we have given the contract to M/s Kineco, Goa, and the final inspection is scheduled this week on most probably fourteen or sixteen August. So hope I have been able to... And the annual production planning, that is, first year, we will be manufacturing 12 train sets, second year, 18 train sets, third year onwards, 25 train sets, and we have done an equity infusion of INR 205 crore in this particular project. Sure. And, sir, the order value for us is closer to INR 8,000 crore, right? One more thing which I forgot to mention. This particular project has a comprehensive maintenance component for 35 years. For that, 3 depots, one is at Jodhpur, the other is Delhi, Bijwasan, and then third in Bangalore, that is the Channasandra. So they are required to be upgraded, layouts, et cetera, have been frozen, and the work is going to start very shortly. Construction agencies, et cetera, by the railway and by the SPV are there, we are on the job. We are 100% sure that when the manufacturing is done, by that time all these activities are over for undertaking the comprehensive maintenance. Sure. And, sir, just to clarify, our share of order is closer to INR 8,000 crore, right? It was- I have earlier clarified that the contract was awarded to the consortium of JSC MWM. JSC MWM, having a share of 60%, RVNL is having a share of 25%, and Locomotive Electronic Systems is having a share of 5%. And we have incorporated an SPV. The name of the SPV is Kinet Railway Solutions Limited. Okay. It was earlier 100% subsidiary of RVNL. Subsequently, there was a share purchase agreement, and now in that particular company, RVNL is having a share of 25%. 25%. Got it. Got it. Got it. Sure. Sure. Sir, my second question is on the investments which we've done. We have a couple of subsidiaries, for the railway and, you know, for the railways, to connect you to the port. So till date, what are the investments we have done, and how much more needs to be invested? Okay. So there have been some developments in this basically SPVs. So you allow me to speak, because there are some positive developments and there are some other kind of developments. So let me start with the positive development. See, there was a very big issue in connection with the GST. So Railway Board, Ministry of Railway, in September 2023, advised that from FY 2023-2024 onwards, IR would transfer apportioned revenue to SPVs inclusive of GST. This was slightly affecting, not slightly, it was affecting all the SPVs. Then, in November 2023, the Finance Directorate of the Railway Board, Accounts Directorate, directed to SPVs to raise invoices for October 2023 onwards on user fee and apportioned revenue as per the guidelines that payment can be arranged accordingly, and they asked us to raise invoices. The total repurchase of the GST in the SPVs, Kutch Railway Company, Krishnapatnam, Bharuch Dahej, Haridaspur Paradip, Angul Sukinda, were around INR 1,500 crore in one year, more than INR 1,500 crore. RVNL is having a share of varying from 30% -5 0%, so the repercussion would have been more than INR 650 crore-INR 700 crore. Now, what has happened is, that all the SPVs, RVNL piloted this, and we made the joint representation to Ministry of Railways. Ministry of Railways, again, they wrote to the GST Council. I'm very happy to inform all the investors that during the 53rd GST Council, they exempted GST on the transactions between SPVs and Ministry of Railways. It was a very big achievement on behalf of IRBML and for all the SPVs, because it had a repercussion of INR 1,500 crore in these five SPVs, and we jointly represented, and the GST Council also agreed, that they exempted the transaction between the SPVs and the Ministry of Railways. So this is one positive development. The second development, which I just wanted to tell you is, regarding the Krishnapatnam Railway Company Limited, there was an arbitration case pending before the Honorable Tribunal. The tribunal basically comprised of Justice Sudarshan Reddy, Justice Ravindran, and Mr. Rakesh Chopra, he was the ex-secretary to Government of India, Ministry of Railways. So basically, there were four claims which was filed by KRCL, Krishnapatnam Railway Company Limited, where we have got a share of 49.74%. So the terminal cost, we had a claim of INR 475 crore, and the tribunal had given the award of INR 337.57 crore. They have given they have basically the claim for the terminal cost, 15/11/2008 to 29/12/2012, they have rejected as barred by the limitation. Then the interest part, they have given the interest of INR 246.65 crore, and we had demanded for 18%, and we had asked from 01/01/2010. They have given from 15/06/2018. So, so what I want to tell you is that these are the awards which have been given by the Honorable Tribunal. They have not considered the award of the apportionment of the siding, and we feel that we should have got it, because Ministry of Railways had agreed from 2017 onwards. And 2017, from prior to November 2017, they should have also considered it. So it is a kind of a not very good and excellent, but good award of INR 584 crore. Further course of action by Ministry of Railways or KRCL will be implemented to the stock exchange or the investors and due course of time. But we have got a relief of INR 584 crore. Got it. The SPVs, we have got five number of SPVs: Kutch Railway Company Limited, Krishnapatnam Railway Company Limited, Bharuch Dahej Railway Company Limited, and then Haridaspur Paradip Railway Company Limited, Angul Sukinda Railway Limited. So all have been commissioned. Now it is time to get the fruit. The execution part is more or less over, but it is now the time to get the fruits out of this SPVs in time to come. Subsidiary, we have got the 100% subsidiary, that is the HSRC Infra Services Limited. Then we have got road projects, Marshaghai Paradeep Road Vikas Limited, RVNL Infra South Africa, RVNL Infra Middle East, Oman, RVNL Middle East Contracting LLC, Dubai. Sorry, Rail Vikas Limited LLC, Uzbekistan. Sir, my question is, you know, I mean, I understand, you know, we'll be reaping the benefits in future. 21 number of SPVs, some JVs, some subsidiaries, some associates. Got it. Got it. So I just wanted to understand, you know, how much amount we have invested to date in this SPVs or, subsidiaries? How much amount we have invested? In the form of equity, equity investments which we have done. The railway SPVs are the Kutch Rail, Bharuch Rail, Krishnapatnam, Haridaspur, Angul Sukinda. We have invested around INR 1,520 crores. Anything more to be invested or it's done? Uh? No more. No more, because more or less it is completed. The Angul Sukinda, there is a proposal of making a data connectivity, and that is being funded by a different financial model, and the cost is borne by Tata. So, that particular project, yes, will be executed in next two years' time, but it will not be loaded on ASRL, and there is no equity infusion, further equity infusion to be made in Angul Sukinda railway line. Got it. Sir, just one clarification. So in total, we have invested the equity in railway SPVs closer to INR 1,830 crore. Number one, Vande Bharat, our share is closer to INR 205 crores. So totally, we have invested closer to INR 1,700 odd crores +. Is that understanding correct? There are 21 number of SPVs. We don't have that kind of breakup, but yes, we have got 21 number of SPVs from the JVs, from sub-subsidiaries, and that breakup is not immediately available. But, I can tell you what is the kind of share which we are having in the various SPVs or JV or subsidiaries and associates. So, I’ll take it offline. I’ll give a call and I’ll take it offline. And then lastly, in terms of cash in bank, what is our share of cash in bank? The cash balances which we have. Yeah. We have around, around INR 2,000 crore in bank, which we use as a working capital. Got it. Got it. Got it. That is how much, kindly available. Thank you. The next question is from the line of Himanshu from NVS Brokerage. Please go ahead. Hello, Mr. Himanshu. Hello. Yes, please go ahead. Namaskar, tell me. Yeah, my question is, sir, very simple. At the outset, I think last year you had a wonderful year and you performed exceedingly well. Now, looking to this order book, which you describe of INR 80,000 crore, INR 83,000 crore +, and the difficulty is in terms of, I would say that only execution because of external factors. So do we assume that, you know, in the current year, you'll be able to make up for the lost grounds for the Q1, and overall, we will have something like INR 25,000 crore + kind of a top line and matching profitability? In the beginning of the financial year, in this very forum, we had the RVNL management had said that we will achieve INR 22,000 crore +, and we are still hopeful, and we should be able to do it, INR 22,000 crore. Okay. There are plenty of works are there. As I said, the execution was a problem in the Q1. Correct. Sorry. Himanshu Ji, you also must be very busy in the election quarter, watching all the time, the election, et cetera. Right. It has impacted, it has impacted all the investors. Also, very, we were also very busy in that. Absolutely. You are right. You are right, sir. Definitely. Right. So then, I think, you know, the amount of work which is to be done remains in the railway sector, to see your, you know, the order book well further during the course of the year? See, in first quarter, I had tried to explain that, see, we were earlier executing only the railway infrastructure projects, and the first contract we got in October 2021. So it is not even three years. Right. But we have transitioned from the role of contract manager to contractor. And for your information, till date, we have participated in 328 bids, costing around INR 170,000 crore. Oh! 328 bids, we have participated in 176 in civil engineering, 79 in electrical, 71 in S&T, 2 mechanical. And in FY 2024-25, because of maybe the election quarter, the number of bids got slowed down. So only 57 tenders were there, where we could participate, and they kept on basically extending the time of opening, time of date of opening, and so things should be in place. See, as I said in the beginning, that, we are in transition from Azadi Ka Amrit Mahotsav to Amrit Kaal, and there is going to be an investment of INR 2,500,000 crore- Correct. in only railway sector. Correct. The present model share in the country is, you know, how much is there? It is only 26%. Correct. The government of India's plan is that the logistics cost has to come down from 16% to 8%. Mm-hmm. There has to be a thrust on the railway infrastructure. Only two days back, there were eight number of projects which got sanctioned, costing around INR 25,000 crore for new lines, covering a length of around 800 km. Correct. What I want to tell you is that there will not be a problem in the orders. Correct. Execution could be a problem, but we have got the proven track record, we have executed in the past, and we are fully aware that the technical problems are resolved technically, and we have done in the past, we will do it in future. The Maldives project was a marine project. Correct. We, for the first time, we were executing the overseas project and that, too, in marine sector. You will be surprised to know that in four months, we could reclaim 22.5 acres of land in that particular country. Correct. Everybody was surprised that how come RVNL has done this? Correct. For the first time, we entered into the market through Indore Metro, and probably that became the fastest metro in the country. Correct. Don't worry about this. We are technically very, very competent, and we are aware about our responsibilities. We are working on it. We have got a very elaborate review system, and we keep on talking, discussing, and the problems are resolved technically. Technical problems are getting resolved technically. Correct. Sir, congratulations very much, and, you know, I'm really excited by the amount of confidence which you have shown. Once again, congratulations, and, you know, best wishes for the new year. Thank you very much. Thank you, Himanshu Ji. Thank you, Himanshu Ji. Thank you. Next question is from the line of Sandeep Sudoria from Shivam Dhatupatras Private Limited. Please go ahead. Good evening, everyone, and well, RVNL seems to be doing a great job when it comes to execution and being in the public place, I'm from Kolkata, and I see RVNL executing the metro project almost at every crossing and corner. Coming to the question, sir, is basically the queries relating to top line, bottom line have been addressed by you in the previous question. There is a little bit of concern with respect to our JVs and SPVs. The contribution of these JVs and SPVs to our bottom line has either stagnated or shown a sharp decline. Is this key basically because of the GST issue? And if that is what it is, can we hope to make it up in the coming quarters since the GST has been resolved? Let me explain. Sandeep Ji, Namaskar, Kolkata. So my own life, many years I spent in Kolkata. So Namaskar. You are aware this Kolkata Metro projects, we are doing it. Q1 numbers for Kolkata Metro got a decline from INR 838 crores to INR 291 crores. There was a difference of roughly INR 450 crores in only Kolkata Metro, and it was only because of the, the traffic clearances, the approvals. Because the contractors are there, the site is available. Only thing is that a permission has to be given. For one small permission, they take a few months, years. But their underground metro construction, which was not taking place, now we have got the approvals. Now, you must be aware, you must be seeing the newspaper, that we have already started doing construction in Park Street Metro Station, Victoria Metro Station, then the shaft location near St. Thomas. So things are now going forward. Now, coming to this, few other projects which we have taken in the building in Kolkata area. We have taken a project of Sitarampur Bypass, where we are constructing the rail-over rail bridge and the crossing of yards without interfering. That is one of the very challenging projects. Then NHAI project, that is the Kona Expressway. There were some disputes between NHAI. Now, all have been resolved. We are on the ground, we are working. Now, utility shifting, et cetera, everything is in place. Now, your question was that, the top line and the bottom line. I had explained that in the beginning of the financial year, we had said that the top line will be around INR 22,000 crore. We would like to maintain that kind of bottom line. That has already been addressed by you. Okay, there is another question which you have said about the JV and- The other one was, the contribution of our SPVs and JVs to our bottom line, has either stagnated or shown a decline. Is that because of the GST issue? And if the GST issue has been resolved, can we hope- Regarding the railway SPVs, regarding the railway SPVs, the GST issue is totally resolved. As I said, it could have resulted into an INR 1,500 crore loss for all the railway infrastructure SPVs, where RVNL could have a share of around INR 600+ crore, which, which in during the 53rd GST Council meeting, they have given the clearance. So that has been very well taken care of. Regarding the other SPVs and the JVs where we are working? Sir, I'll repeat that question. We had a bottom line contribution of approximately INR 105 crore. See, you have to appreciate one more thing, that the financial, basically billing cycle. See, what happens that suppose we are executing an electrical work. Now, you have purchased the electric cables, and until unless you execute it, you will not get the turnover, you will not get the money from the client. But who could have done this? Yes, SPVs have stopped the billings. Yeah, because of the court cases and GST being included, the SPVs have not billed to the railways. So while that is progressing, some payments are yet to be realized. Therefore, because of the GST issue, things have improved. And there were some local variations because of Visakhapatnam iron ore for export had declined and so on. But the GST issue itself being- It's a big issue, sir. Yes. Yes. That will add to quite a bit. Sir, do we hope to have comparative bottom line from the SPVs in the current financial year as last year? Yes. I mean, last year we had, the SPVs had contributed significantly, and I think the same level will remain in the coming year. Yeah, that's a great relief, sir. Sir, the other question is that we have participated, and we have also been successful in other projects overseas. If I remember, it was either Uzbekistan or Kazakhstan, it was $2 billion-$3 billion, and also with Jakson Green with regard to green energy projects. Have we made any progress there, and would we hope that it will, you know, translate to work on the ground? Apart from OneDisk, any other project that is likely to take off soon, overseas project? The two Jakson Green projects, one in Uzbekistan and another in Saudi Arabia, they are... In fact, the Uzbekistan project is underway significantly. RVNL Jakson Green project, and the other one is also in the process of going ahead, orders are being placed. And these have very short completion periods of around 11 months. Because of that, the return will, most of it will come at the end of this year. Sir, I would like to tell you that, see, we had started bidding in only 2021 later part, and the first order we got in October 2021, so we are not even three years old in the market. But, and earlier, we were doing only typical railway infrastructures under Ministry of Railways. Now, I'll tell you where exactly we have got the projects. We have got branch offices in Maldives and Abu Dhabi. We have got a Rail Vikas Nigam Limited LLC, wholly owned subsidiary in Uzbekistan. This was incorporated on first August 2024. Then we have got RVNL Middle East Contracting LLC, wholly owned subsidiary of RVNL in Dubai, incorporated on 26th 2024. Then we have got RVNL Infra Middle East, wholly owned subsidiary of RVNL in Sultanate of Oman, incorporated on 4/4/2024. We have got the RVNL Infra South Africa. Again, it is wholly owned subsidiary of RVNL, incorporated sometime in the beginning of 2024. Then following offices are also under process. For example, in the Kingdom of Saudi Arabia, and then we had earlier made a subsidiary—we made a basically SPV in the freight industry. So you try to appreciate this, the company which was earlier executing only typical railway infrastructures have spread at too many locations, and we are trying to diversify. We are getting—we are opening the various verticals. We were not in the business of manufacturing, now we have entered into the business of manufacturing. We have entered into the transmission line, we have entered in the municipality, the big value contract. So what are your RDSS? RDSS is basically a Revamped Distribution Sector Scheme. So what I am saying is that, we are diversifying. We had earlier received orders in Himachal Pradesh, the State Electricity Board. So what I want to tell you is that, we are looking for the opportunities wherever we can participate, wherever we can spread our wings, and we can get the works, and execute and maintain the, bottom line. So we have been closely covering the horizontal growth of RVNL in the last two years, and like you said, in just three years time, we probably now INR 45,000 crore on the market, our order book. And it's very heartening to see the horizontal growth of RVNL, probably is much more than the vertical growth. And with horizontal growth, it is bound to contribute to top line, bottom line, sometime going into the future. So that is much appreciated, sir. And also that these short-term orders will contribute to the financials within the current financial year. So, one last question: we hear a lot about this, the Bullet Train project, and I know that the National High Speed Rail Corporation Limited is a subsidiary of RVNL. So- No, I'll explain. First, complete the question, then I'll tell you. So, sir, what is the financial contribution that RVNL can expect from the execution of the Bullet Train project, the current one, as well as the other two or three projects which are planned going into the future? See, the National High Speed Rail Corporation Limited is not the subsidiary of RVNL. RVNL has a subsidiary named HSRC. That is the HSRC Infra Services Limited. And this HSRC was involved in doing the pre-feasibility and feasibility studies, and we had undertaken around 10,000 kilometers of feasibility studies, pre-feasibility studies. That is the four metro cities, the four sites and the two diagonals. And these reports were submitted around 7, 8 years back, 8, 9 years back. And then, when the execution part came up, then Government of India decided that we will have a separate company, and accordingly they formed a company named NHSRCL. RVNL has got no linkage with NHSRCL. HSRC, we have got a subsidiary, and since you are talking about the Bullet Train, by 2047, there is a likelihood of having 10,000 kilometers of high-speed railway network in the country. And when these projects come up, for which the pre-feasibility studies was done by RVNL about 7 years back -8 years back, RVNL will definitely play a significant role in execution and implementation. It's very heartening to know, sir, since RVNL has now gone into production, like you said, which is basically rolling stock, as we call it. Rolling stock is the next big current railway recession, that's the next big opportunity because it's, you know, it will happen continuously. Are we restricting ourselves to just the Vande Bharat, or are we open to orders from overseas countries? We now want to have a second- We had earlier, we had earlier participated in a bid in Mauritius Metro, the LRT. So there also we had tied up with some foreign companies for supply of the, basically rakes. So we are in constant touch with the various companies. We are looking for the opportunities, and whenever we get the opportunities, we will look into this, we will enter into that. There is absolutely no problem. We are highly flexible. We are focused and flexible. And, only because of this virtue, this company is totally different, and it makes it, further different with respect to the other companies, other PSUs. Fine, sir, I'll, so though there are many questions, I will let you rest here, giving opportunity to others. Thank you very much, sir, and we are looking forward to a very bright future with you. Thank you very much. Thank you. Before we take the next question, we would like to remind participants that you may press star, then one to ask a question. The next question is from the line of Rajkumar Dixit, who's an individual investor. Please go ahead. You know, question, we have falling in bottom line, basically, so, margin particularly. So margin, margin, what I see is 5, it is very, you know, Rajkumar Dixit ji, main samajh gaya, aapka awaaz utna clear nahi hai, but you are talking about the margins. So let me explain that earlier we were having a fixed margins when we were executing the railway infrastructure projects. We are still having railway infrastructure projects where the margins will be, as per the revenue stream. But as far as the projects which we are taking from the market, the margins would vary. In the previous quarter's Investors Meet, I had clarified that, the Maldives project and the Indore Metro project, the first overseas project and the first Indian project, which we had secured through the bidding, they had resulted into the margins, which were more than the margins which we used to get from the nomination. And I can tell you one more thing, that there would be some projects which would be more challenging, the margins may not be there, but there would be some lucrative projects where the margins will be slightly better. It will be a mix. Only thing is that we'll have to apply mind, we'll have to bid accordingly, we have to execute accordingly. Challenges are there, but we are working on this to maintain the bottom line. So in that scenario, sir, the growth in bottom line looks would be segment or I don't see much growth in bottom line that way. See, you please try to appreciate this. As I said, we have got an order book of around INR 83,000 crore plus. So we, when you execute the project, the bottom line will also get basically reflected. I think I'll add to this. There are, as mentioned by Rajeshji earlier, there are several works for which, transmission, and distribution work for the railways in Madhya Pradesh and Rajasthan, where we have, procured material for the entire year's production, but we will be paid only on the basis of, billing on, on execution- Okay. Which will mean that, in especially, that's around INR 4,000 crore of work. So that should help us in increasing our bottom line there as well. And thank you so much. Okay, thank you, sir. One more thing I would like to say on behalf of my, because, I'm a retail investor, and I want to say thanks to the whole RVNL team for giving such a wonderful return in last three years. I'm invested in last three years. I want to say thanks from all, my friends and relatives and from my- Heartening to hear and you keep doing well, we keep doing well and taking you forward. Actually, I would take this opportunity for thank you, that is the reason I joined. Thank you so much, and I'm confident that you will do wonderful. Even today, even today, we have come back from the dock to the future. Thank you, sir. Right. Can we conclude? It is already 45 minutes over. It's over now? I think we have- Yeah, yeah, we can, we can conclude, yeah. Thank you, Vishal. Thank you, Vishalji. Yeah, Vishal, we can conclude, yeah. Sure. On behalf of Rail Vikas Nigam Limited, we thank you for joining the call, and you may now disconnect your lines.