Ceinsys Tech Limited — Q3 FY26

Ceinsys Tech Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=PkkNRPKSg1c Published: 3 months ago

0:00 Ladies and gentlemen, good day and welcome to Census Tech Limited Q3 and 9 months FI26 earnings conference call hosted by Ahan Capital Markets Limited. 0:12 12 seconds As a reminder, all participant lines will be in the listenonly mode and there will be an opportunity for you to ask questions after the presentation 0:21 21 seconds concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchstone phone. Please 0:29 29 seconds note that this conference is being recorded. I now hand the conference over to Miss Natasha Singh from Ahan Capital 0:36 36 seconds Markets Limited. Thank you and over to you Miss Natasha. 0:41 41 seconds Hello and good afternoon everyone. On behalf of Ahan Capital Market Limited, I thank you all for joining into Q3 and 9 0:50 50 seconds month earning conference call of finances limited. Today from the management we have Mr. Koshi Kona managing director Indian operation Dr. 1:02 1 minute, 2 seconds Abel the managing director and Miss Mrs. 1:06 1 minute, 6 seconds CA saka. So without any further delay I'll hand over the call to Mr. Koshik sir for the opening remarks. Over to you sir. 1:18 1 minute, 18 seconds Uh thank you and good afternoon everybody. It's a pleasure to welcome you to this earnings conference call for the third quarter and 9 months ended financial year 202526. 1:29 1 minute, 29 seconds Let me first thank our host for today's con call Mrs. Arant Capital. In the interest of some of the people who may be new to the company, let me first 1:38 1 minute, 38 seconds start by giving you a brief overview of the company first and followed by the performance highlights for the quarter under review. Sciences Tech has been 1:45 1 minute, 45 seconds rebranded to CStech AI while the corporate remains corporate name remains as sciences tech limited. We are a leading technology solution provider in 1:53 1 minute, 53 seconds the IT enabled sector providing engineering and technology solutions in the infrastructure domain. We are acclaimed for our expertise in 2:01 2 minutes, 1 second geospacecial engineering as well as other engineering services and solutions. We offer a broad range of geospacecial intelligence services 2:09 2 minutes, 9 seconds including data creation, data analysis, decision support system and enterprise solutions. After the acquisition of 2:16 2 minutes, 16 seconds mobility business of Alro in 2022, we acquired a geospacecial business of VTS in USA in the year 2024 which was majorly operating into telecom domain. 2:27 2 minutes, 27 seconds Since then we are identifying some more targets for the inorganic growth to expand our horizons into the domains where the company is already operating 2:34 2 minutes, 34 seconds that is the geospacecial and engineering services and the technology solutions for which the company's already mobilized almost around $28 million. We 2:43 2 minutes, 43 seconds serve prestigious global clientele that include large corporates, OEMs, asset management companies and government bodies. Highlighting its robust 2:51 2 minutes, 51 seconds reputation in both the geospecial and manufacturing sectors with offices in India, in United States, United Kingdom 2:58 2 minutes, 58 seconds and Germany. The company combines local expertise with a broad international reach. Additionally, the company has initiated and invested into development 3:07 3 minutes, 7 seconds of product solutions focused on the infrastructure vertical and emerging technologies through a new vertical focused on the artificial intelligence 3:14 3 minutes, 14 seconds and machine learning and embedded electronics. This vertical emphasizes development of the AI and ML enabled applications and solutions to enhance 3:23 3 minutes, 23 seconds our delivery for the existing domains at the outset reflecting the company's commitment to innovation and maintaining a competitive edge in a dynamic technological landscape. 3:33 3 minutes, 33 seconds Now let me come to the highlights of our financial and operational performance for the third quarter and 9 months end date 31st December 2025. 3:41 3 minutes, 41 seconds For the quarter under review, our operational revenue grew by 52% yearonear to rupees 170 cr. ETA 3:49 3 minutes, 49 seconds increased by 88% to rupes 40 cr with margins expanding to 23.48% reflecting a strong improvement of 452 basis points compared to the last year. 4:00 4 minutes Net profit stood at rupes 39 crores up 119% yearonear translating into a healthy pet margin of 22.9%. 4:10 4 minutes, 10 seconds Now coming to the financial highlights of 9 months ended of financial year 202526. 4:15 4 minutes, 15 seconds Our operational revenue grew by 78% yearonear to rupes 490 cr. Abita increased by 107% yearonear to rupees 4:23 4 minutes, 23 seconds 106 cr and eitta margins at 21.59% which is an improvement of 302 basis 4:29 4 minutes, 29 seconds points yearon year. Net profit for the year was 96 cr and a growth of 133% yearon year with packed margins of 19.75%. 4:40 4 minutes, 40 seconds This robust performance was supported by strong growth across our business segments. For the quarter review, our geospatial engineering services revenue 4:48 4 minutes, 48 seconds increased by 122% year-on-year to 109 crores. While on the technology solution side, revenue declined moderately by 3% 4:56 4 minutes, 56 seconds to around 61 crores. For the 9 months, our geospatial and engineering services revenue increased by 77% yearonear to 5:04 5 minutes, 4 seconds 257 crores. Similarly, our technology solutions revenue grew by 79% yearonear to 233 crores. Demand for our offerings 5:13 5 minutes, 13 seconds remains strong. During the quarter, we booked new orders totaling to 170 cr excluding mobility and product services 5:20 5 minutes, 20 seconds taking our closing order book as on 31st December to a healthy rupees 999 crores. 5:25 5 minutes, 25 seconds At the same time, we have maintained discipline of working capital with our net working capital cycle in the range of 160 to 162 days. During the quarter, 5:34 5 minutes, 34 seconds our collections were 170 cr which is equivalent to operational revenue. 5:38 5 minutes, 38 seconds During the quarter, we were able to realize significant collections in relation to the projects under the JGM. 5:44 5 minutes, 44 seconds On the operational front, first we continue to invest strategically in our future growth. During the quarter, we invested rupees 24 crores in technology 5:51 5 minutes, 51 seconds innovations and business development specifically aimed at expanding our presence in the US and other territories. Out of this investment, 5:58 5 minutes, 58 seconds rupes 16 cr was charged to a profit loss account. During the quarter, we secured several contracts that further reinforce the strength and depth of our 6:06 6 minutes, 6 seconds capabilities. These include an extension from the state water and sanitation mission Uttar Pradesh for a third party inspection services of three clusters 6:15 6 minutes, 15 seconds extended up to March 2627 with an estimated value of rupes 107 crores. 6:21 6 minutes, 21 seconds Additional work orders from Maharashtra remote sensing application center under the national soil mapping program taking 6:27 6 minutes, 27 seconds the cumulative NSMP order to appro 77 cr. A work order from Maharasha state road development corporation as a system 6:35 6 minutes, 35 seconds integrator for the supply implementation and support of digital project management platform including 5D beam ERP and GIS integration and 6:44 6 minutes, 44 seconds establishment of OSO which is owner support service owner support office valued at rupes 12 cr. We also secured two mandates from MMRDA for urban chain 6:53 6 minutes, 53 seconds detection systems and beam implementation for tunnels and stations aggregating to rupees 20 cr. 6:59 6 minutes, 59 seconds Additionally, Wasai Vir Municipal Corporation awarded us a work order for preparation of detailed project report and appointed us as a project management 7:06 7 minutes, 6 seconds consultant for the STP project amounting to rupees 12 crores. These wins reflect the breadth of our capabilities and our continued success in securing large and 7:16 7 minutes, 16 seconds strategic projects again across multiple domains. This quarter marks an important milestone in the growth journey. Our focus remains on the building of 7:24 7 minutes, 24 seconds predictable and resilient business, one that delivers consistent quarteron quarter growth while maintaining financial discipline. The improvement in 7:33 7 minutes, 33 seconds EITA margins reflects the strength of our operating model and the maturity of execution capabilities. This quarter also marks a phase of scale 7:41 7 minutes, 41 seconds consolidation for us, strengthening our delivery regime, deepening client relationship and laying a solid foundation for the next phase of 7:48 7 minutes, 48 seconds expansion. With a robust pipeline and sustained demand for AIE engineering and digital solutions, we are well positioned to continue this momentum 7:56 7 minutes, 56 seconds while balance maintaining a balanced approach to growth and profitability. In our efforts to build long-term strategic partnership with few technology domain 8:04 8 minutes, 4 seconds experts and those who can provide us platform for expanding our services and geographies where we serve, we have entered into MOU with Tech Mahindra and 8:12 8 minutes, 12 seconds ETOS Sky which adds to the long list of strategic and OM partnerships. We are working towards building more such strategic partnership in the coming 8:20 8 minutes, 20 seconds times. We are also taking steps to set up our foothold in the markets of Dubai and Saudi Arabia. With this I open the floor for question and answers. Thank you. 8:31 8 minutes, 31 seconds Thank you very much. We will now begin with the question and answer session. 8:35 8 minutes, 35 seconds Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove 8:43 8 minutes, 43 seconds yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. 8:52 8 minutes, 52 seconds Ladies and gentlemen, we will wait for a moment while the question Q assembles. 8:58 8 minutes, 58 seconds The first question is from the line of Vhab Mashra from Finvesttors. Please go ahead. 9:05 9 minutes, 5 seconds Uh hello sir. Uh congratulations for the fabulous set of members once again. And uh sir uh we have we have been executing 9:14 9 minutes, 14 seconds we might close the year around 700 crores or more maybe and s current I think the order book is,000 cr. So we 9:21 9 minutes, 21 seconds might be ending uh with 800 crores of order book after Q4 uh if we don't get further orders. I mean I think we were 9:29 9 minutes, 29 seconds expecting some 500 600 stores of orders in Q3 and Q4. Uh but uh Q3 has not been um that much good. So are we expecting 9:38 9 minutes, 38 seconds heavy inflow in quarter 4 to uh to match the numbers that we have been executing for the last two years 60 50 70 9:46 9 minutes, 46 seconds percentile of growth or is there some change you would like to tell? 9:52 9 minutes, 52 seconds Uh thanks for your question. Uh Abai would you like to take this question? 9:56 9 minutes, 56 seconds Yeah yeah I would like to take yeah thanks Apo. Uh so we uh as stated in the last uh call uh we are uh still on the 10:06 10 minutes, 6 seconds uh whatever we have uh achieved. So where we will be achieving the numbers uh though you said uh we will be doing 10:14 10 minutes, 14 seconds another 600 cr that's not the truth but yes uh what we anticipate for 1,000 cr we'll be closing by something close by 10:22 10 minutes, 22 seconds to that. uh as you rightly said that we have uh anticipated to close around 800 cr but we are we will be uh trying to 10:32 10 minutes, 32 seconds get to up to 900 cr that's what numbers we are investing to close uh we we still 10:38 10 minutes, 38 seconds have a good pipeline uh may slip to Q1 but we are trying to close it in Q4 so uh but what number we are promised we'll 10:46 10 minutes, 46 seconds be reaching up to 90% or to 100% of those that's for sure I hope you shortcut sir. Uh we are we will be 10:55 10 minutes, 55 seconds closing our order book after Q4 at around 900 scores. That's what we are saying. 10:59 10 minutes, 59 seconds We are anticipating to close through that. Yeah. Okay. Closing order book. All right sir. 11:04 11 minutes, 4 seconds So uh FY27 are any outlook I mean kind of growth or margins for that matter. Uh what do you expect from FY27 in in the 11:13 11 minutes, 13 seconds medium term? What kind of I can only I can only tell you uh that we have a good pipeline. I cannot forecast the numbers at this point in 11:21 11 minutes, 21 seconds time. uh the numbers are being worked out but again uh it's a forward-looking thing. Uh I can ask you to comment on that. 11:30 11 minutes, 30 seconds No, thanks for your question. As as we have consistently maintained, we don't give projections and for forward-looking statements. But if you can see the 11:39 11 minutes, 39 seconds growth momentum uh of last eight quarters, quarter on quarter uh year on year, we have been growing more than even this uh quarter, we have seen that 11:47 11 minutes, 47 seconds we have grown more than 52% on the top line and if you look at last three years trend uh from our 2023 24 base of 251 cr 11:57 11 minutes, 57 seconds operator request has been initiated. If you'd like to cancel this request, please press star zero again. 12:06 12 minutes, 6 seconds I hope I'm audible from uh yes. 12:10 12 minutes, 10 seconds Yes, I crline of 2023 24. We have reached a top line of 490 crores in this 9 months period. 12:19 12 minutes, 19 seconds So I think you can witness the growth and uh as we already mentioned in the opening remarks, we expect this this 12:26 12 minutes, 26 seconds momentum to continue. we won't be able to give you the forward looking statements uh which has been our consistent uh approach. Thank you. 12:36 12 minutes, 36 seconds Okay sir. All right. And sir update on US subsidiary. I think we have been investing quite heavily on that and uh in the last call you said that some large contracts were under negotiation. 12:47 12 minutes, 47 seconds So uh and we are also expecting uh contribution from P4 onward. So what's up take on that sir? 12:54 12 minutes, 54 seconds So you are right we have been investing uh for uh growth markets and uh the same approach continues and we have been able 13:03 13 minutes, 3 seconds to uh get some good traction. I think even in the last call we had mentioned that maybe by Q4 of this year or Q1 of 13:10 13 minutes, 10 seconds next year we'll get to know uh more uh about the strategy and about uh how we have built up the businesses over there. 13:18 13 minutes, 18 seconds So right now we are in the process of building up and we will come to you by quarter 4 or Q1 of the next year. 13:27 13 minutes, 27 seconds All right sir. Thank you so much sir for your time and all the best for the future quarters. Thank you. Thank you. 13:35 13 minutes, 35 seconds Thank you ladies and gentlemen. In order to ensure that the management is able to address questions from all participants 13:42 13 minutes, 42 seconds in the conference please please limit your questions to two per participant. 13:47 13 minutes, 47 seconds Should you have a follow-up question, we would request you to rejoin the queue. 13:51 13 minutes, 51 seconds The next question is from the line of Ammon Sony from Nest Analytics Adversary LLP. Please go ahead. 14:00 14 minutes Hello, I'm Audible. Yes, you are. 14:04 14 minutes, 4 seconds Uh hi. Uh first question is on the inorganic. Uh last call you mentioned about timeline of 1 to two months. Uh but it has been 3 to four months now 14:12 14 minutes, 12 seconds from that. Uh we have not seen any development uh on that particular area. 14:16 14 minutes, 16 seconds So why the delays are happening sir on a on a consistent basis quarter or quarter we have given given an indicative timelines but the timeline is not 14:24 14 minutes, 24 seconds getting met on this particular area. So please give some clarity on that sir. 14:28 14 minutes, 28 seconds Uh which is the area I I I'm not able to listen properly. 14:32 14 minutes, 32 seconds Inorganic acquisitions timeline on the inorganic position. Okay. No so you are right. Uh we are uh actively pursuing the due 14:40 14 minutes, 40 seconds diligence process is also uh is also almost over. uh there has been slight delay from the uh compliance side 14:48 14 minutes, 48 seconds because we are evaluating all the aspects. So I think we are not able to give you the answer right now. Hopefully by quarter end quarter 4 end you will 14:56 14 minutes, 56 seconds have a little more clarity about the acquisition targets which we have been pursuing. 15:03 15 minutes, 3 seconds So you are invest we don't want to invest uh just because uh the funds are there we we are investing we are going to invest into 15:12 15 minutes, 12 seconds those opportunities where we see synergy and therefore it is taking a little bit time but I think uh by by next quarter and we should be able to give you a a better uh picture. 15:24 15 minutes, 24 seconds uh when you say uh we will be uh getting some better picture like are you going to like uh conclude the uh inorganic 15:32 15 minutes, 32 seconds acquisition opportunity by Q4 or what is the scenario? 15:35 15 minutes, 35 seconds Yeah, that is that is what so the the process is already on the conclusion should be should be taking place in next 2 3 months. 15:45 15 minutes, 45 seconds Okay. And when when you are saying compliance issues what kind of compliance issues right now we are facing in concluding this 15:52 15 minutes, 52 seconds the due diligence process so I think uh there are there are uh due diligence experts which are doing that and once we get there the confirmation of the 16:01 16 minutes, 1 second reports then we will be able to take a call. 16:06 16 minutes, 6 seconds Okay, understood. And uh secondly uh on the governance part uh over the last 12 to 15 months uh the company has seen 16:14 16 minutes, 14 seconds multiple senior level changes uh including the repeated CFO changes and uh uh uh appointment and subsequent exit 16:21 16 minutes, 21 seconds of a CEO designation and several uh senior management reshuffles as well. So uh can you clearly explain what is driving the frequency of resignations 16:30 16 minutes, 30 seconds and the reesignations uh at the top management level? uh specifically uh are these anyways linked to any strategic disagreement or maybe the performance 16:38 16 minutes, 38 seconds issues or or any cultural uh integration challenges that we are currently facing and what are the concrete steps that the 16:45 16 minutes, 45 seconds board has taken uh to ensure the leadership stability going forward sir. 16:50 16 minutes, 50 seconds Uh so I think it's a good question but I think we have already given answers earlier. I would just like to reiterate uh Dr. Abay Kimatkar is there since last 16:59 16 minutes, 59 seconds 28 years. Uh Miss Amit G was already the CFO uh prior to 2024. She had uh a short 17:07 17 minutes, 7 seconds break by which we had Samir for a short time but she is back to the to the company. Uh we had uh the planned exit 17:15 17 minutes, 15 seconds of Prashant Kamaj uh who has completed his tenure but he is already on boarded with as an independent director who is 17:23 17 minutes, 23 seconds guiding us for the future uh growth path. So I think the the changes are all I would say expected planned and I I 17:33 17 minutes, 33 seconds think we are we have rebuilt the entire management team to focus on the growth which you can see how the growth is performed and fortunately we also have 17:42 17 minutes, 42 seconds got the benefit of uh uh our chairman Mr. Sagar Me also joining to the uh the 17:49 17 minutes, 49 seconds executive position. So I think this will give a lot of credence to the working of the company uh and provide the kind of 17:57 17 minutes, 57 seconds vision which we already working with on a day-to-day basis uh so that we are uh with the guidance of uh our promoter 18:04 18 minutes, 4 seconds Sagasar we would be able to take this company to a greater heights. So I think the changes which have happened are not something which uh has affected us. 18:13 18 minutes, 13 seconds Neither there were cultural issues nor there were any uh strategic movement because of some agreements but I think 18:20 18 minutes, 20 seconds it was uh maybe some uh one change which I already explained about Prashan GI and I think we with the induction of Sagasar 18:29 18 minutes, 29 seconds as uh the as the whole time director it think things are even uh with a greater vision we can work uh on a on our mission faster. 18:40 18 minutes, 40 seconds Thank you participants. I would ask you to limit your question to two and if you have a follow-up question you may rejoin the queue. The next question is on the 18:49 18 minutes, 49 seconds line of Gunit Singh from counter clinical PMS. Please go ahead. 18:55 18 minutes, 55 seconds Hi sir, thank you for this opportunity and congratulations on a great set of numbers. I would like to understand what are our uh build and unrest build receivables as on date. 19:07 19 minutes, 7 seconds Amit G I would request you if you can just highlight that there are datas as on 31st December is around 19:14 19 minutes, 14 seconds 150 kores out of which uh 150 crores uh 125 crores is approximately within one 19:23 19 minutes, 23 seconds year only. So only 25 to 27 crores is uh pertaining to year more than 365 days. 19:31 19 minutes, 31 seconds And as far as unbuild is concerned 19:41 19 minutes, 41 seconds it is approximately around 250 crores of unbuild revenue and uh we have almost build uh 140 kores in this quarter. So 19:51 19 minutes, 51 seconds the movement in UBR uh the increase in turnover due to UBR is only 33 crores in this quarter. 19:59 19 minutes, 59 seconds And I one thing just to supplement further uh whatever topline which we see 170 cr on a considered basis the total 20:08 20 minutes, 8 seconds realization also during this quarter was was more than 170 cr. 20:12 20 minutes, 12 seconds Yes we have collected 170 crores of funds in this particular quarter. 20:17 20 minutes, 17 seconds All right. So uh but total annual disabled is about 250 CS currently. That's correct. 20:24 20 minutes, 24 seconds All right. Sir uh what is the reason for our fallen tax rate this quarter and what should be the tax rate for the entire years going forward? 20:35 20 minutes, 35 seconds So I think uh as you are aware we are into a uh we are into a uh cycle where most of these UPR unbuild revenue would 20:44 20 minutes, 44 seconds be getting addressed during Q4 because that's a time when uh government is also uh trying to get the things sorted out. 20:52 20 minutes, 52 seconds Actually these are all milestone based uh billings we have we have to build to the government on the basis of 20:59 20 minutes, 59 seconds achievement of milestones the work which is in progress uh that comes into UBR and certification process and sometime 21:08 21 minutes, 8 seconds department issues departmental issues are also there but then this UBR is all related maximum related to the achievement of milestones once the 21:16 21 minutes, 16 seconds milestones are achieved we will start billing and we do build that's why we have built in last quarter uh around approximately 21:24 21 minutes, 24 seconds 140 crores and uh even we have collected 170 crores in previous quarters. So this b this basically depends upon the achievement of milestone. 21:34 21 minutes, 34 seconds Got it. So uh our year end I mean receivables what should we what should our year and receivables look like in terms of both build and unbuilt because 21:42 21 minutes, 42 seconds you mentioned that most of the billing and uh collections happen in Q4. 21:48 21 minutes, 48 seconds Maximum collection happens in last quarter only. So we are expecting a again a good quarter as far as collections are concerned and as far as 21:56 21 minutes, 56 seconds UBR is concerned that is a uh continuous cycle. So we will build again we will execute and again there will be an UBR. 22:03 22 minutes, 3 seconds So that is a continuous process. Uh so I mean would we be able to 22:11 22 minutes, 11 seconds significantly reduce our uh receivables in Q4 like both build and build that's my question. 22:19 22 minutes, 19 seconds So if I can just submit normally you would have seen last two years the quarter for billing and the collections the collections are always more than the 22:28 22 minutes, 28 seconds billing including UBR and uh we expect that trend to continue while we have seen that we have constrained our 22:36 22 minutes, 36 seconds working capital cycle to almost 160 crores. Our target is to bring it down uh and uh we hope that with the major 22:43 22 minutes, 43 seconds quarter four dispersement this would be brought down further. So our efforts are on to bring it down and we had achieved 22:51 22 minutes, 51 seconds that in last quarter four of last year to 125 days and we will we will strive to bring that down further I mean in this year also. 23:01 23 minutes, 1 second Great that's great. So basically I mean we bring down the data days from 160 to around 120 130 like last year. So that is good actually. 23:11 23 minutes, 11 seconds Uh and in terms of uh the 40 tes that we have transferred to our subsidiary in the USA what is that regarding uh I mean 23:20 23 minutes, 20 seconds is it related to the acquisitions that they completed? 23:24 23 minutes, 24 seconds So that is as it as I already mentioned it is towards the business development and uh the the initial uh last year 23:31 23 minutes, 31 seconds 202425 what we uh made the payment was towards acquisition of VTS and thereafter the we have invested into 23:39 23 minutes, 39 seconds business development and the technology in interventions which we are doing as regards a IML is also being uh 23:46 23 minutes, 46 seconds capitalized to some extent most of them is uh written off to the P&L as already mentioned in my introductory speech. So 23:53 23 minutes, 53 seconds these are basically efforts to build a future. 23:57 23 minutes, 57 seconds So the 40k transfer that has also been I mean uh deducted from the P&L and what kind of business development would this uh entail this uh transfer? 24:09 24 minutes, 9 seconds No. So 40 which 40 is infusion of capital whatever we have given the man in that's infusion capital not 24:16 24 minutes, 16 seconds everything is uh P&L what we have uh mentioned the P&L is only 16 cr which is 24:23 24 minutes, 23 seconds towards the business development for the geospatial business and the acquisition the new business which we took of ETSs 24:30 24 minutes, 30 seconds there also we have added our business development team so that's the cost which we are incurring and which is written off to the PN 24:38 24 minutes, 38 seconds all right so I I mean I want to understand what is the uh so the 40 K transfer to a subsidiary what will that be used for specifically is it only for 24:47 24 minutes, 47 seconds business development and if so I mean what kind of business development are we looking at from from that or will a part of it also be used for acquisitions. 24:59 24 minutes, 59 seconds So business development is basically what whatever uh kind of uh capabilities which we are building here and we have 25:06 25 minutes, 6 seconds certain logos which we acquired through VTS. So we are trying to do more uh kind of uh data mining over there to get more 25:15 25 minutes, 15 seconds businesses from such logos which requires uh the setup of the team over there which we have built a team and the 25:23 25 minutes, 23 seconds in US obviously you know the team uh building cost is also higher and we have also been kind of uh trying to build 25:31 25 minutes, 31 seconds some of the product development uh which will be catered to the infrastructure domain which we want to present to the US market also. So these are some of the 25:39 25 minutes, 39 seconds opportunities which we can then encash for the future. 25:44 25 minutes, 44 seconds Sorry to interrupt you sir. So you may please rejoin our DQ for a follow-up question. The next question is from the line of Kosel Sharma from Equinox Capital Venture. Please go ahead. 25:56 25 minutes, 56 seconds Hi sir, very good afternoon. So could you please tell me what is our current receivables as of December 2025 and what 26:04 26 minutes, 4 seconds proportion is more than 6 month out of that? 26:09 26 minutes, 9 seconds I think uh we have already answered that question. 26:12 26 minutes, 12 seconds We have a receipt of 150 crores uh as on 31st December out of which 26:19 26 minutes, 19 seconds approximately 125 kores uh 126 crores belongs to a period less than one year 26:25 26 minutes, 25 seconds only and the question of yours u more than 6 months uh less than 6 months is 26:32 26 minutes, 32 seconds approximately 80 90 crores uh approximately is from uh less than 6 months bracket. 26:39 26 minutes, 39 seconds Okay. Thank you. 26:45 26 minutes, 45 seconds Thank you. The next question is on the line of Ankit from Fusion Capital. Please go ahead. 26:52 26 minutes, 52 seconds Yeah. Uh hi, congratulations on a good set of number. Uh so I have two question. First is on order book because 27:00 27 minutes our uh closing order book would be around 900 K and we have at the top we 27:07 27 minutes, 7 seconds were at 1100 K. So are we expecting uh the momentum to be increasing in FY27 27:13 27 minutes, 13 seconds because uh as of now it seems a bit in a declining trend. 27:18 27 minutes, 18 seconds Uh yeah I will take this question. Uh we we are continuously working upon that. 27:25 27 minutes, 25 seconds Uh we have a strategy created for next three years. Uh we are continuously building our team. Um there were 27:32 27 minutes, 32 seconds election times uh we had three election in Maharash. So almost 6 months of the 27:39 27 minutes, 39 seconds entire year was in the uh uh code of conduct. So you won't have any tender publication also. So that was despite 27:46 27 minutes, 46 seconds that we've been able to close good orders. Uh and having said that we have created a good pipeline. So definitely 27:54 27 minutes, 54 seconds it will pass on to spill over to uh Q1 or Q2 of FY 2720. So there's no issue 28:01 28 minutes, 1 second with the pipeline and there's no decline as such. We have been very focused. We have created our entire uh road map uh 28:09 28 minutes, 9 seconds looking into the government funding the opportunities uh landscape and everything and we have also deployed a good team and getting good hires uh for 28:17 28 minutes, 17 seconds chasing those particular and as Koshik mentioned uh our chairman has taken an 28:25 28 minutes, 25 seconds executive job and he been overlooking our entire BD sales and their operation on day-to-day basis. So he's been 28:32 28 minutes, 32 seconds helping team to you know create uh indoors into the bigger accounts uh and then he's helping everybody to to to be 28:40 28 minutes, 40 seconds on the ground and we we have we have a robust pipeline created for that so I I think I I have answered your question 28:47 28 minutes, 47 seconds a quick follow up on that any rough idea on the current bid pipeline uh no no that cannot be told that cannot be 28:55 28 minutes, 55 seconds con uh shared that's what we've been telling so uh number but definitely it's a good pipeline what we have achieved 29:03 29 minutes, 3 seconds last two years uh we will be maintaining that growth what uh we had achieved last year and this year yeah okay okay great 29:12 29 minutes, 12 seconds and secondly on the iota mountains like we have reached in this quarter 23% which is a significant jump from on a 29:21 29 minutes, 21 seconds basis from here does based on the pipeline and the business prospect can you see uh 29:29 29 minutes, 29 seconds still a chance for promo of improvement or we have reached a stable point in the range of 23%. 29:36 29 minutes, 36 seconds just giving you the entire you know prelim if I can just take this so uh thanks for your question if you see the 29:44 29 minutes, 44 seconds presentation also uh we have seen the the AITA margins uh growing steadily quarter on quarter for the last eight 29:53 29 minutes, 53 seconds quarters so from a from the base level of 17% every quarter we have seen increase and we have reached at 23.4% 4% 30:01 30 minutes, 1 second I think it is also the result of two major things. One is that expanding our uh topline or expanding the share of 30:09 30 minutes, 9 seconds business on the technology part as well as going into a higher maturity uh kind of level of order book where we see a 30:17 30 minutes, 17 seconds greater value addition to the clients and there where the margins are better. 30:21 30 minutes, 21 seconds So going forward also we I we believe that the margins would be at least stable and we we hope that this should sustainably improve quarter on quarter. 30:32 30 minutes, 32 seconds We won't be able to give you any guidance on that but the past trend is indicative of how we are focused on building a higher margin business. 30:43 30 minutes, 43 seconds What is a key? Still there is a scope of operating leverage not quantitatively you can say but qualitatively is that assumption correct? 30:52 30 minutes, 52 seconds That's correct. 30:54 30 minutes, 54 seconds Okay. Yeah. Uh thank you uh and all the best uh for the future. Thank you. 31:01 31 minutes, 1 second Thank you. The next question is from the line of Narayana Lhava from Step Trade Capital. Please go ahead. 31:10 31 minutes, 10 seconds Hello. Yeah. Am I audible? Yes sir. Yes sir. Hello. Yeah. 31:14 31 minutes, 14 seconds Yeah. Can I please uh can you please share the receivable days in this quarter? 31:21 31 minutes, 21 seconds So we have a networking capital cycle of around 160 to 162 days. Uh and it is same as the quarter two uh and that is 31:31 31 minutes, 31 seconds also as explained by our CFO that our total revenue of this quarter was 170 cr and the collections also 170 cr. So the 31:40 31 minutes, 40 seconds the receivable what working capital cycle has remained uh constant and uh that we are try striving to bring it uh 31:48 31 minutes, 48 seconds further down as uh we explain we already explained that on quarter 4 normally the collections are better. 31:56 31 minutes, 56 seconds Okay. So any other step that the company is going to take to get the value down to 120 or 30 as mentioned in the 32:04 32 minutes, 4 seconds previous quarters earnings. So I think I explained uh just before some time uh that uh we had consistently bring uh 32:14 32 minutes, 14 seconds brought this working capital cycle down from a uh peak of 225 days before 3 years and uh last year quarter 4 we had 32:23 32 minutes, 23 seconds brought it to 125 days. Uh we are we are already at around 162 days because in the lean quarter I would say when the 32:31 32 minutes, 31 seconds government dispersements are slightly lower. uh once the quarter four dispersements are higher we expect this cycle to be improved we we wouldn't be 32:39 32 minutes, 39 seconds able to quantify but yeah our target would be to bring it down okay just a last question what would be 32:46 32 minutes, 46 seconds the order book next of the recent quarter so we ended the quarter 599 crores uh as already published 32:55 32 minutes, 55 seconds and uh we we are striving further to build up that as already explained by Dr. 33:01 33 minutes, 1 second Yeah, I wanted to understand the segmental breakup. 33:04 33 minutes, 4 seconds Segmental breakup. Uh uh you want as regards the the technology absorption in the geospacecial part. 33:11 33 minutes, 11 seconds Right. Right. Right. Technology and geospatial sir. Uh so on the technology uh absorption side it is around 460 33:18 33 minutes, 18 seconds crores and around 520 crores 530 crores is towards the 33:25 33 minutes, 25 seconds geospatial side majorly of which is uh a order in relation to the the river linking project which is classified 33:34 33 minutes, 34 seconds majorly into geospacecial although some portion of it also is part of the technology of software. 33:40 33 minutes, 40 seconds Okay sir. Okay thank you. 33:45 33 minutes, 45 seconds Thank you. The next question is on the line of Sashi Khan from Brighter Mind Equity Advisor. Please go ahead. 33:54 33 minutes, 54 seconds Uh congratulations on the good set of numbers and uh uh I have two questions. 34:00 34 minutes The first one is uh around the uh you know exploration of uh strategic alliance across NEAC 34:08 34 minutes, 8 seconds and we are also entering into Saudi and Dubai. uh apart from the BTF aggregation that we have done in USA. So uh the uh 34:17 34 minutes, 17 seconds 170 kores of uh you know uh the money we have raised in preial a lotment. So in which geographies apart from uh you know 34:25 34 minutes, 25 seconds USA we are major focusing on in NA and Asia. 34:30 34 minutes, 30 seconds So I think the growth focus is more into US but we already explained and you rightly observed that we are also expanding our trying to build presence 34:39 34 minutes, 39 seconds in uh Middle East including the KSA uh where we are deploying we uh we would be coming up with uh the business 34:47 34 minutes, 47 seconds development team as well as we will be uh setting up a new structure over there which will come back come back shortly. 34:54 34 minutes, 54 seconds uh the areas of focus the geographies of focus therefore remain as US as a prime uh and Middle East and KSA as a second 35:03 35 minutes, 3 seconds uh uh territory to be uh building outside India. 35:09 35 minutes, 9 seconds Okay, just an extension of this one. Uh what is the opportunity uh uh you know we are looking into these geographies 35:17 35 minutes, 17 seconds particularly in USA in US and in NE. 35:23 35 minutes, 23 seconds So I think if you look at the overall opportunity there are huge opportunities it's immeasurable. Uh even the recent 35:30 35 minutes, 30 seconds reports of uh geospatial uh opportunities in US was talking about a yearly opportunities of more than $2.4 35:38 35 minutes, 38 seconds billion and therefore we are a small pie into that. Uh even in India we contribute to almost 6 to 7% of the 35:46 35 minutes, 46 seconds geospacecial engineering part. So I think we have a lot to conquer and there are a lot of opportunities available. 35:53 35 minutes, 53 seconds Okay. Uh my second question is about the sky Singapore MU. So have you seen any you know development on that front? 36:02 36 minutes, 2 seconds No. Yeah. Yeah. We have Yeah. Okay. Sorry. 36:06 36 minutes, 6 seconds Yeah. We are building a pipeline along with them. So they they 36:12 36 minutes, 12 seconds have a very niche technology. They are uh very strong in AI side. Uh they do lot of interpretation. They have a 36:20 36 minutes, 20 seconds state-of-the-art technology which is patented. They have good presence in Middle East and other parts of sou Asian 36:27 36 minutes, 27 seconds countries and the far east as well. Um India they have the strategic market. So they they have strategically partnered 36:35 36 minutes, 35 seconds with us to to take up their solution. So we complement to their solution because we are doing a lot of application where 36:42 36 minutes, 42 seconds we require the AI intervention and already uh we have a pipeline and we have uh as Koshi J mentioned uh in MMRD 36:50 36 minutes, 50 seconds we are doing the solutions like what we are doing for the change detection using satellite imagery entire AI would be implemented so their solution is going 36:58 36 minutes, 58 seconds to be positioned there. So there are many other so applications uh projects which is in the pipeline. I can't name 37:06 37 minutes, 6 seconds every project here but yes we have a strong pipeline uh created with them. Yes. 37:13 37 minutes, 13 seconds Uh uh so uh my last question is just please one more. Uh so uh about our recent strategic alliance with techra 37:22 37 minutes, 22 seconds what is the scope of I mean we are uh into this strategical app. So uh take 37:28 37 minutes, 28 seconds take them uh we have uh kind of for the global uh type the global business development and execution. So they are 37:37 37 minutes, 37 seconds very strong in uh two three domains which we complement them. One is uh of telecom which we are doing in US. They 37:45 37 minutes, 45 seconds are pretty strong their mind telecom is their company. So uh they are stronger globally they are the number one companies providing solution in those 37:52 37 minutes, 52 seconds area. So we're tying we have tied up with them. We are going to create uh different kind of solution. We also have our platform extended to their solution. 38:01 38 minutes, 1 second They have acquired some company in Australia which is complemented to our solution and we will be going to their that part of the world uh with them. Uh 38:09 38 minutes, 9 seconds we are also building up some uh some uh business uh with them in Europe side and of course M is they have their presence 38:17 38 minutes, 17 seconds and they are very keen to join hands with us and there is larger things coming up. So we have recently signed up and we are building up a lot of solutions with that. 38:28 38 minutes, 28 seconds Participants are requested to ask two per participant. Two questions per participant. The next question is on the 38:35 38 minutes, 35 seconds line of Priyani Kang from Brighter Mind Asset Management. Please go ahead. 38:41 38 minutes, 41 seconds Uh good afternoon sir and congratulation for setting uh amazing numbers. 38:47 38 minutes, 47 seconds Sir in the last call uh you were mentioned that we have bidded for 14 additional uh projects under river linking. So what's the current status of 38:56 38 minutes, 56 seconds these bids and what is the total addressable value of these projects? 39:02 39 minutes, 2 seconds Uh thanks for your question. I think uh uh perhaps the understanding is little different. We have identified there are 39:10 39 minutes, 10 seconds certain projects of river linking which are being pursued by the government of India and we are tapping those opportunities as and when they come up. 39:20 39 minutes, 20 seconds Right now we have only been focusing on the the largest river linking project which we are part of it. Uh we are doing 39:28 39 minutes, 28 seconds the DPR. So uh I don't think we have talked about uh any new river linking project being already tapped because 39:37 39 minutes, 37 seconds they are still under the exploration site but uh we understand that there are uh around 12 to 13 projects which are 39:44 39 minutes, 44 seconds under priority one uh which also we are tapping so as and when things come up we will be uh kind trying to take a pie 39:53 39 minutes, 53 seconds into that. Uh right now we are still on the explorative stage of the additional projects. 40:02 40 minutes, 2 seconds Okay, got it sir. But I think yeah yes I think sir in the last group call uh 40:09 40 minutes, 9 seconds which was conducted in December I think might be I'm wrong in this so sorry. Uh sir and my second question is on uh like 40:17 40 minutes, 17 seconds how we are planning to capitalize on government's land mapping and digilocking initiatives and what's the potential revenue opportunity we are seeing from uh these initiatives. 40:29 40 minutes, 29 seconds Yeah I will answer that. Uh so the land mapping or modernization of land is happening since last 20 years. You may 40:37 40 minutes, 37 seconds be aware different time different agencies have taken up every state is doing their own piece. of India has come 40:45 40 minutes, 45 seconds out with Swami and then Naksha and uh rural development partners has also come out with some other everything was a 40:52 40 minutes, 52 seconds pilot they are still exploring and evolving what kind of solution needs to be required but it's a 100 year old recourse which needs to be really be 41:01 41 minutes, 1 second recreated reserveyed and application needs to be really robust to handle all those data sets uh there are a lot of 41:07 41 minutes, 7 seconds challenges lot of issues all huge special companies in gap have ventured in that have taken one of the other 41:14 41 minutes, 14 seconds project you saying CST has done four of those projects uh in different parts of the country. Government of Maharashtra 41:21 41 minutes, 21 seconds has come out of with one uh one application project which is a unified land management. Uh CS state is very 41:29 41 minutes, 29 seconds much for that it's just an expression of interest. Now they will they have called up the interest document everybody has filed in 41:38 41 minutes, 38 seconds uh there larger major SI they have invited so far they would be inviting us for a tech piece but not at this point 41:46 41 minutes, 46 seconds in time as an EUI but they will be ving for ge special coming companies like us uh for providing solution to this larger 41:54 41 minutes, 54 seconds project so every state would come out with this kind of opportunity this kind of project it's again a 20 year long 42:01 42 minutes, 1 second process to map every piece of land in this country. Every land parcel to be mapped and reserviced. So work is on we 42:08 42 minutes, 8 seconds are very much on the target. We have created a team and we will be v for such project. This is kind of thousand plus kind of project for each of the state 42:17 42 minutes, 17 seconds and we are definitely going to be those project. We will be aggressively putting up for those. 42:24 42 minutes, 24 seconds Sorry to interrupt you ma'am. May I request you to rejoin the queue for a follow-up question. The next question is from the line of Samir Rid from an 42:33 42 minutes, 33 seconds indiv. The next question is on the line of Samir Re and individual investor. Please go ahead. 42:39 42 minutes, 39 seconds Hi. Hi. Hi sir. Congratulations on uh good set of numbers. Uh I have a couple of questions uh for you. I was going 42:47 42 minutes, 47 seconds through uh product use case in your presentation. Eight page eight page uh in your presentation. Uh it seems 42:55 42 minutes, 55 seconds figures did not change in last three uh quarters. I mean all the figures numerical figures are the same you are 43:03 43 minutes, 3 seconds using there. And the second one is uh second one is uh I see you are in uh in 43:12 43 minutes, 12 seconds IT services and all that uh sort of technology business. uh headcount numbers are not provided in 43:21 43 minutes, 21 seconds your uh I mean statement I mean that particular uh presentation uh headcount 43:29 43 minutes, 29 seconds numbers give a better uh presentation of the growth of the company and recruitment and all that uh generally 43:36 43 minutes, 36 seconds all the all such technology companies provide headcount numbers you do not generally I see that and third one last 43:46 43 minutes, 46 seconds contract that we own in in USA that was lead contract when we acquired VTX after 43:54 43 minutes, 54 seconds that nothing we have heard from that segment I mean of the market uh can you give some light on that thank you that's 44:02 44 minutes, 2 seconds all that's all from questions I think so if you can if you permit I will just 44:09 44 minutes, 9 seconds answer these three questions one is that if you look at the presentation which has uploaded on the BSE site. It gives 44:17 44 minutes, 17 seconds you the complete uh presentation about the quarter three and the the 9 months presentation where numbers uh won't be 44:25 44 minutes, 25 seconds uh different from what we have already uh kind of published. Uh kindly look at that presentation. It gives you the clarity. I I I was talking about page 44:33 44 minutes, 33 seconds number eight search page number eight in which you have uh you have uh presented that 44:40 44 minutes, 40 seconds so much kilometers have been done in uh electricity and services so much kilometers have been done in road and 44:47 44 minutes, 47 seconds all that those four figures are there page number eight okay yeah so so I will answer that uh if 44:55 44 minutes, 55 seconds if last two quarters it may not have changed because unless until you achieve milestone you cannot add those or update those because electrical network we have 45:03 45 minutes, 3 seconds done for upper left two three other things. So last 6 months there is no project wherein you find any electrical network or water network appending. So 45:13 45 minutes, 13 seconds wherever whatever uh updations or whatever data is collected we add to that our credential once sign off is done then only you will add it. I agree 45:22 45 minutes, 22 seconds uh some some may not have moved uh because the nature of project what we are executing at this point in time may not have those kind of work being 45:30 45 minutes, 30 seconds carried out but yes in the DPR side uh in the engineering side there are number change you may observe that uh one of 45:37 45 minutes, 37 seconds the other quarter you will find same numbers coming in but yes uh or quarter two or three you will find changes in those number and then we continuously 45:46 45 minutes, 46 seconds start does the updations on the numbers sure And uh we we appreciate your observation 45:55 45 minutes, 55 seconds as regards employee head come uh we will try to see that from next uh uh quarter quarterfall we will also provide you 46:02 46 minutes, 2 seconds that and as regards the US uh market I think because the US market is catered to by our subsidiaries uh we don't 46:11 46 minutes, 11 seconds disclose those reports over here because uh in in the sciences tech limited the orders which are p received in the name 46:18 46 minutes, 18 seconds of sciences only get published While the business of US which is in the name of a subsidiary is not getting published over here. Uh that's why you may not see 46:28 46 minutes, 28 seconds those changes those uh uh opportunities being pursued uh in the BSE uh disclosures. Uh so we appreciate your 46:36 46 minutes, 36 seconds your inputs. We will try to add those employee head and as and when as said as and when the project milestone is 46:44 46 minutes, 44 seconds completed we add to that uh numbers which we will do. Uh I was talking about sir acquisition I mean of getting orders one BTS contract 46:54 46 minutes, 54 seconds that $.6 $6 million order that you got from USA that was updated that that uh that information you gave to exchange 47:02 47 minutes, 2 seconds and but since then we haven't given any information to exchange regarding any uh 47:09 47 minutes, 9 seconds order bin or anything like that that's why that was a question or point of worry for me 47:17 47 minutes, 17 seconds no I understand as a shareholder this was a direct acquisition that is why we had disclosed VTS was acquired 47:24 47 minutes, 24 seconds through science credit and that's why we had made a disclosure but the businesses which we acquire in in US are through 47:33 47 minutes, 33 seconds the uh technology associates inc which is the US subsidiary therefore we don't disclose in the stock exchange 47:40 47 minutes, 40 seconds disclosure over here uh and the the the subsidiary performances get reflected the consolidate balance sheet but we 47:48 47 minutes, 48 seconds don't disclose the the orders which we receive so I I don't think uh that that has in the practice in the past also the 47:55 47 minutes, 55 seconds VTS was a acquisition of that asset company therefore that disclosure was there I hope I am able to clarify 48:03 48 minutes, 3 seconds thank you thank you very much thank you the next question is on the line of CA Gervid Goyel from Serin Alpha 48:13 48 minutes, 13 seconds please go ahead hello uh am I audible yes sir I have two questions uh one question is 48:21 48 minutes, 21 seconds on just a clarification uh I need on the order book. Uh you mentioned uh at Q2 end uh the order book was 1192C cr uh 48:30 48 minutes, 30 seconds which was excluding the recurring uh annual commitments and Q3 we did a revenue of 173 CR and new orders that we 48:37 48 minutes, 37 seconds received till December uh based on your order filing uh is 120 CR. So going by that your closing order book as on 48:44 48 minutes, 44 seconds December uh should be 1140 CR but we are seeing that uh it is around uh triple 9 CR. So what is the gap sir? 48:53 48 minutes, 53 seconds 1192 cr was as on 1st of April and we are uh since April we have executed 49:00 49 minutes orders of around 490 crores and every quarter we give that order book reconciliation. So this uh in this in 49:07 49 minutes, 7 seconds this quarter after the execution of 170 cr the closing order book is 999 cr on which the overall order book of uh the 49:16 49 minutes, 16 seconds new orders which have been added is 170 crores. So it's basically we started with 1,4 crores in uh that was on 30th 49:24 49 minutes, 24 seconds of September and we are at the similar order book at the end of uh this quarter also. However, as we already clarified, 49:31 49 minutes, 31 seconds this order book does not include the orders in relation to the mobility and the product services division which is which is over and above that which also 49:40 49 minutes, 40 seconds in at any given point of time would be in the range of around 125 to 150 cr which is the annual uh turnover expected 49:47 49 minutes, 47 seconds from those divisions. So therefore 999 is the closing order book after considering the execution of the last nine months. 49:57 49 minutes, 57 seconds Understood. Understood. Got it. And uh secondly secondly on the uh order info side uh in relation to the previous 50:04 50 minutes, 4 seconds participant uh also I think they have raised some points last time we guided that around uh 700 to 800 CR bids are expected to be closed uh where our win 50:12 50 minutes, 12 seconds rate was expected to be 70%. uh going by that we should have secured good orders by now. Uh but we have only secured 170 50:20 50 minutes, 20 seconds CR which is far below the expectations and uh and at that time you also mentioned that the ticket size of the major bids in the bid pipeline uh maybe 50:29 50 minutes, 29 seconds somewhere around 50 to 150 cr. Uh we have received only one such big order in last four to 5 months which was valuing 50:36 50 minutes, 36 seconds uh somewhere around 107 cr. So uh why are we not getting the orders sir like what is exactly happening wrong here and 50:43 50 minutes, 43 seconds if this is going to be the case how are we going to manage the growth for the next year or maybe the year after that. 50:50 50 minutes, 50 seconds Yeah I will answer to your questions. Uh we we stated that we we are pursuing some 670 cr of orders. uh we back uh two 50:58 50 minutes, 58 seconds three orders one is 1770 cr and then 20 crores and also uh there has been there has been uh a code of conduct which we 51:07 51 minutes, 7 seconds didn't anticipate uh back to back uh two code of conduct had come and it it almost lost our four months uh of 51:15 51 minutes, 15 seconds operation so government was stand still on taking decisions and coming up with tenders so those are in pipeline tenders are published uh and then we are 51:24 51 minutes, 24 seconds anticipating to get those close in Q4 If not to issue Q4 but Q1 of next next year but definitely those are all in pipeline 51:32 51 minutes, 32 seconds no order is or no opportunity is lost that's still in the pipeline and we're pretty confident of winning all those numbers would be sometimes 51:41 51 minutes, 41 seconds pushing into one quarter to other quarter but those are all in pipeline no opportunity has been lost funding has been there uh identifying the 51:49 51 minutes, 49 seconds opportunities uh account is properly mapped and tender is getting published as some tenders are already published somewhere We have built and we are 51:57 51 minutes, 57 seconds anticipating to get those as close as we could through then how are we going to manage the growth sir like uh earlier we used to say quarter over quarter we will be 52:06 52 minutes, 6 seconds growing so how that story is intact now our revenue is still growing if you have observed 52:14 52 minutes, 14 seconds it is grown I agree but what about the Q4 and then next year quarter that's what I'm trying to understand so that is what I'm saying we have a robust pipeline we will not falter on 52:23 52 minutes, 23 seconds the numbers as far as the revenue goes uh because whatever order pipeline we have we will be achieving because the milestones are also like that wherein 52:31 52 minutes, 31 seconds whatever the goal trajectory we have been achieving we will be maintaining that that's for sure you are saying quarter quarter we will 52:38 52 minutes, 38 seconds keep on growing as far as revenue goes we will be definitely growing on the quarter quarter numbers 52:46 52 minutes, 46 seconds I mean I would just like to supplement you you are aware that the closing order book as on 31st December is also 999 cr and apart from that annual revenue venue 52:55 52 minutes, 55 seconds of around 150 cr which is not part of order book will also continue so there is a visibility of the next years in any 53:02 53 minutes, 2 seconds case but as a gi said we will get to hear better at the end of quarter four or quarter 1 but the pipeline consist 53:10 53 minutes, 10 seconds continues sorry to interrupt you sir I would ask you to rejoin the queue for a follow-up question the next question is from the 53:18 53 minutes, 18 seconds line of Krishna raan from family fund please go ahead Hello sir, congrats for the good set of 53:26 53 minutes, 26 seconds numbers and thank you for the opportunity. So most of my questions have been answered. Uh I have one question related to the uh the 53:34 53 minutes, 34 seconds government genuine mission scheme pause due to some misleading things uh by some contractors. the government taken has a 53:43 53 minutes, 43 seconds thought on the genuine mission thing. So how much are we going to affected and when we are going to see the upcoming uh 53:51 53 minutes, 51 seconds orders to come in pipeline for this gen because most of our revenue is used to come from the delivery mission only. So 53:59 53 minutes, 59 seconds I just wanted more clarity on that particular would you like to take it? 54:11 54 minutes, 11 seconds Uh the line for ASAR has dropped. 54:15 54 minutes, 15 seconds Okay. Uh can you can you please uh repeat are you talking about JJM mission? Yes sir. 54:22 54 minutes, 22 seconds Yeah. So I think we still have a lot of uh visibility about JJM orders. The as you are aware JJM mission is scheme is 54:31 54 minutes, 31 seconds on till 2028 and we already have few orders which are being executed and some of the orders in pipeline is also 54:39 54 minutes, 39 seconds pursued in the respect in respect of the JM orders. So as Abaiji already mentioned perhaps he lost his line but 54:46 54 minutes, 46 seconds we will be getting few orders from JJM mission as well while other uh other uh government projects are also being 54:53 54 minutes, 53 seconds pursued. uh let's wait for the orders to conclude by let's say quarter 4 end of quarter 1 of next year and then we will 55:00 55 minutes have a better clarity. We already have uh uh JJ mission is as you are aware is 55:06 55 minutes, 6 seconds is on till 2028 and hopefully uh we we will have lot of opportunities to pursue. 55:15 55 minutes, 15 seconds Yes sir. So why I'm working because recent I mean a few quarters back we have issued from Uttar Pradesh government in the river hing project. So 55:23 55 minutes, 23 seconds that order is supposed to close by within 6 months and maybe within 8 months but actually due to some government lack in China keep on 55:30 55 minutes, 30 seconds postponing. So my concern is whether the upcoming projects are we going to get it or I mean are we considering to just 55:39 55 minutes, 39 seconds come out from the uh to increase the revenue share from non-government projects from we are pursuing that I mean it's it's 55:47 55 minutes, 47 seconds still uh it it's getting delayed but all the opportunities are being pursued uh we hope that that also fractifies. 55:57 55 minutes, 57 seconds Okay. Okay sir. Sir and second question uh related to the uh US uh subsidy. So I 56:05 56 minutes, 5 seconds mean for the previous question you said that you are not going to disclose the the revenue potential in the family. So uh at least if you give some guidance 56:13 56 minutes, 13 seconds that how much revenue we are going to get in the next year or maybe next to next year whether it's 10% or maybe 5% 56:22 56 minutes, 22 seconds just to throw some light on that uh US subs because of the US trade it also happened. 56:30 56 minutes, 30 seconds Yeah. So I think uh there are two elements to this. One is that if you look at the standalone balance sheet and the consolidated balance sheet you will 56:38 56 minutes, 38 seconds come to know that the subsidiary and which prominently US subsidiary contributes to the that turnover. uh if 56:46 56 minutes, 46 seconds you analyze that the US subsidiary would be contributing this year at around 23 25 cr at the end of this year and uh we 56:54 56 minutes, 54 seconds are so if you look at the the US subsidiary this year it will be in the range of around less than 4 to 5%. We 57:02 57 minutes, 2 seconds expect that to improve as we have already made some BD efforts and for that we'll come to you uh once year closes about the what the next year plan. 57:14 57 minutes, 14 seconds I would ask the participant to follow back to the queue. The next question is from the line of Du Javi from Crown Capital. Please go ahead. 57:26 57 minutes, 26 seconds Hello. Uh good afternoon sir. Thank you so much for taking my question. A lot of my questions have already been answered. 57:33 57 minutes, 33 seconds So, uh just uh a small recommendation if we could you know just mention the US numbers that we are doing that would be 57:41 57 minutes, 41 seconds really helpful because I think we've been investing significantly in the BND right out there. So can you just so if 57:48 57 minutes, 48 seconds it's we've done we planning to do around 23 25 cr of revenue from us uh till 9 57:55 57 minutes, 55 seconds months can we you know uh quantify what's the revenue and fat bin of US business sir 58:04 58 minutes, 4 seconds uh just give me a second uh and till that I'll just ask my other 58:13 58 minutes, 13 seconds question yeah sorry sorry till 9 months we have achieved around 19 crores of the top line and uh if you consider 58:21 58 minutes, 21 seconds other revenue items the total top line is around 21 cr for the 9 months in US 58:29 58 minutes, 29 seconds the PAT sir PAT PAT is I mean if you we are talking of EITA we we are not having uh the numbers 58:36 58 minutes, 36 seconds on PAT but EIA will be in the range of around around 20%. 58:45 58 minutes, 45 seconds Oh okay okay okay okay so despite the investments is this so can you help me reconcile a bit because when we say that you know we 58:53 58 minutes, 53 seconds are you know uh putting you know 16 crores as you know investment in BND so 59:00 59 minutes that's taken in standalone book of CNCs are not in the US business is that how it works because uh what I can 59:08 59 minutes, 8 seconds understand how much we are making in 9 months revenue that much we've like 16 cr we have kind invested in just one 59:15 59 minutes, 15 seconds quarter right so just wanted to get a bit of a help and clarity in terms of our US business uh and if like you could 59:23 59 minutes, 23 seconds just put it in the presentation or press really that also helps because like total how much we spent I think around good 50 60C cr till now right in 59:31 59 minutes, 31 seconds development and uh that's dwarfing the revenue that we've done in the 9 months right so just 59:39 59 minutes, 39 seconds during speech I mentioned that we are expensed out around 16 crores which is part of our BD expenses. So we will uh 59:47 59 minutes, 47 seconds we will clarify that as a part of uh maybe next time we will have a little more different way of presenting but uh just to recap what you what you asked 59:55 59 minutes, 55 seconds for uh the the US expenditure on BD uh is expensed out in US uh and the AITA 1:00:02 1 hour, 2 seconds which I told you is the operational EITA the net profit uh after the BD expenses uh will be uh will be later so it's AITA 1:00:12 1 hour, 12 seconds minus the BD expenses will be the net result I don't have the the bad results right now but uh this is EITA results as I said is 20%. 1:00:22 1 hour, 22 seconds Uh okay fair enough sir fair enough sir and just my next question is regarding the order book. So I understand that you know we've had a bid pipeline right now 1:00:30 1 hour, 30 seconds which has been delayed due to the code of conduct sir but I'm just asking post that like what are the uh you know order 1:00:38 1 hour, 38 seconds value that we are trying to target because from what I understand like we have a,000 kores right now we planning to pursue 600 700 crores from which 1:00:46 1 hour, 46 seconds we'll maybe get 50 70% whatever the figures are so that's e that will take care of us for fi 27 for sure but my 1:00:54 1 hour, 54 seconds question is related a bit more long-term towards fi FI28 because uh you know by that time we will need new orders. So 1:01:03 1 hour, 1 minute, 3 seconds what's the order uh you know pipeline target that we are having for FI27 because as it takes a lot of time to get 1:01:10 1 hour, 1 minute, 10 seconds the orders we will have to we have to have some firm you know like a order pip build pipeline in FI27 which will 1:01:18 1 hour, 1 minute, 18 seconds eventually be you know we'll be get by the end of FI27. So just wanted to ask a bit about that sir. 1:01:25 1 hour, 1 minute, 25 seconds That's correct. A you are there. The line for a sar has dropped again. 1:01:32 1 hour, 1 minute, 32 seconds No problem. So I will just take cue from what Aiji has already mentioned. The opportunities which were expected to 1:01:39 1 hour, 1 minute, 39 seconds close within this quarter 3 quarter 4 may get closed by either quarter four or maybe quarter 1, quarter two next year. 1:01:46 1 hour, 1 minute, 46 seconds The pipeline continues only because as you rightly mentioned four months have lost because of the COC code of conduct. 1:01:53 1 hour, 1 minute, 53 seconds So the pipeline uh what we are pursuing is uh significantly higher. What we expected was to close around 600 700 1:02:01 1 hour, 2 minutes, 1 second crores worth of orders. So uh that is what we will still pursue. I think the three-year plan and a fiveyear plan which Apai was already indicating 1:02:09 1 hour, 2 minutes, 9 seconds earlier. I think there is a huge uh opportunities which have been listed along with some of the new technology missions, the geospacecial missions, the 1:02:18 1 hour, 2 minutes, 18 seconds land reforms. uh they are they are also going to give us a good kind of opportunities which are all being 1:02:25 1 hour, 2 minutes, 25 seconds pursued during the FI 26 27 and uh I think we we we are striving to build a 1:02:32 1 hour, 2 minutes, 32 seconds good order book at least to ensure that we have reasonable 2 years order book at the end of FI 2026 27. So there are a 1:02:40 1 hour, 2 minutes, 40 seconds lot of opportunities which we are pursuing. I think we will be able to give you little more details as and then when we close and uh by quarter four end 1:02:48 1 hour, 2 minutes, 48 seconds we should be able to have some more clarity about how much we ordered uh order are confirmed and how much we expect uh to the orders to be closed in quarter 1 of next year. 1:02:59 1 hour, 2 minutes, 59 seconds Yeah sorry to sorry my connection got lost. Are you able to hear me? 1:03:04 1 hour, 3 minutes, 4 seconds Oh okay. Yeah I I just tried to answer in your absence. So we yeah yeah so I heard it just just to add with that uh we are trying to create a 1:03:13 1 hour, 3 minutes, 13 seconds pipeline which would be you know sustainable for next 7 to 8 years. So those kind of projects also we are trying to create what Koshi was trying 1:03:21 1 hour, 3 minutes, 21 seconds to say that we have already built up that pipeline and there is good road map and projects he has also already mentioned we're also trying to build up 1:03:29 1 hour, 3 minutes, 29 seconds some parallel kind of pipeline wherein we'll get a business of 7 to 8 years or more I think yeah that's just to add to that 1:03:39 1 hour, 3 minutes, 39 seconds thank you the next question is on the line of Aiksha Baj from AVO Private Limited please go ahead Yeah. Hi, thank you for the opportunity. 1:03:51 1 hour, 3 minutes, 51 seconds Uh I have few questions uh related ones. 1:03:55 1 hour, 3 minutes, 55 seconds Uh so so given that large part of geospatial and GIS industries work with government and institutional clients 1:04:03 1 hour, 4 minutes, 3 seconds uh what is the current industry scenario with respect to payment releases and certification timelines 1:04:10 1 hour, 4 minutes, 10 seconds and related to this also despite uh there are sectorwide challenges sciences has maintained relatively lower working 1:04:18 1 hour, 4 minutes, 18 seconds capital days uh from its peers. So how does the company manages that and is it sustainable when the scale grows up? 1:04:27 1 hour, 4 minutes, 27 seconds Thank you. I think a good question and uh to be very frank it it the entire pursuing of opportunities is based on 1:04:36 1 hour, 4 minutes, 36 seconds what Abji already explained that we pursue those opportunities where we see that there is a firm budget allocation for the funds are visible and therefore 1:04:45 1 hour, 4 minutes, 45 seconds you see that our payment cycle is uh faster or working capital investment cycle is lower than the competition. uh 1:04:52 1 hour, 4 minutes, 52 seconds we don't uh have we have not not seen uh much of hassles in in getting payment certifications and payments as uh CFO 1:05:01 1 hour, 5 minutes, 1 second had also explained our working capital cycle in fact this quarter we got the collection of 170 cr against a top line 1:05:08 1 hour, 5 minutes, 8 seconds of 170 cr so I think it's a reasonable effort which the entire team is doing uh certification wise as uh you are I think 1:05:16 1 hour, 5 minutes, 16 seconds you are aware about how government processes work uh so as based on the achievement of a milestone we are 1:05:24 1 hour, 5 minutes, 24 seconds raising kind of the statement of works which get certified and within a reasonable time I don't think government 1:05:30 1 hour, 5 minutes, 30 seconds bodies take long time uh and we have experience it doesn't take more than two to three to four weeks maximum and then 1:05:37 1 hour, 5 minutes, 37 seconds the payment uh uh is also uh once the kind of budgetary allocations are available the payments are made and therefore typically the the dattors and 1:05:46 1 hour, 5 minutes, 46 seconds the overall working capital cycle are Okay. Thank you. 1:05:53 1 hour, 5 minutes, 53 seconds Thank you. 1:05:57 1 hour, 5 minutes, 57 seconds Thank you. The next question is on the line of Arthur Sad from Smart Singh Services. Please go ahead. 1:06:04 1 hour, 6 minutes, 4 seconds And sir, I would request you to restrict to two questions per participant. Thank you. 1:06:09 1 hour, 6 minutes, 9 seconds Uh good afternoon sir. Thank you for the opportunity. I wanted to know about the borrowings part since uh one or two 1:06:17 1 hour, 6 minutes, 17 seconds years our borrowings are increasing. So I wanted to know what would be the peak borrowings we will have in the future 1:06:24 1 hour, 6 minutes, 24 seconds and what is the reason for the increase in the borrowings. 1:06:30 1 hour, 6 minutes, 30 seconds So I would request a CFO to supplement but I could just give you one one fact that the borrowings are only cash 1:06:38 1 hour, 6 minutes, 38 seconds credit. There are no long-term borrowings. The cash credit is the is the only borrowing which we have. In fact, if you see there is a net debt to 1:06:46 1 hour, 6 minutes, 46 seconds equity is negative. Uh Amit G right now we are just using our uh 2930 crores of CC. So that is the only loan 1:06:54 1 hour, 6 minutes, 54 seconds we have in our uh books and if you see the finance cost I think it is also made up of the BG cost. 1:07:04 1 hour, 7 minutes, 4 seconds There are some processing fees and other cost also in that finance cost. uh but then uh it is not uh that our loans are 1:07:12 1 hour, 7 minutes, 12 seconds increasing. We have made a good collection in this quarter. So right now we are just utilizing uh 30 crores out of the 80 crores limit of RCC. 1:07:23 1 hour, 7 minutes, 23 seconds Okay. Okay. Got it. And just last one question on just like we did partners with Mahindra. It is very good thing for 1:07:30 1 hour, 7 minutes, 30 seconds us. So I wanted to know how Mahindra actually partnered with us because they are very big compared to us. So can you please throw some light on this? 1:07:42 1 hour, 7 minutes, 42 seconds Yeah, I will add it to that later Koshi can supplement. Uh Mahindra Mahindra has various segments and expertise and 1:07:51 1 hour, 7 minutes, 51 seconds they've been market leader in in the tech space primarily from the telecom side they had uh larger credentials and 1:07:58 1 hour, 7 minutes, 58 seconds capabilities. uh we come as a partner for them in water and energy side wherein we have been doing major 1:08:06 1 hour, 8 minutes, 6 seconds projects uh in government of India and states here and then they were really uh attracting on attractive towards this 1:08:14 1 hour, 8 minutes, 14 seconds and they wanted to expand on those areas even we are complimenting to them uh in the US market for the telecom side however on the on the utility side they 1:08:23 1 hour, 8 minutes, 23 seconds were pretty keen on partnering with us we have done lot of innovations on the AI side on the platform for geospatial 1:08:29 1 hour, 8 minutes, 29 seconds and and we are also building up uh something on the on the scanning side. 1:08:34 1 hour, 8 minutes, 34 seconds So they are they are trying to get uh onto that platform and they wanted us to also help them in you know creating uh 1:08:42 1 hour, 8 minutes, 42 seconds their their platform uh and expanding their capture uh technology because they have been lot of work for Google as well 1:08:49 1 hour, 8 minutes, 49 seconds as their their own platform they are developing for the content. So CST has you know been has been doing this in 1:08:57 1 hour, 8 minutes, 57 seconds last 30 years. So data creation is one uh application development is second. Uh these are the areas where CStech has good progress and they wanted uh the 1:09:06 1 hour, 9 minutes, 6 seconds help from outside to build up their platform on that. 1:09:10 1 hour, 9 minutes, 10 seconds I think I have answered that here. I just last one question like are there is slight depth in our technology 1:09:19 1 hour, 9 minutes, 19 seconds venue. So can you please throw some light on this and thank you. uh I think as uh we have explained that uh the 1:09:27 1 hour, 9 minutes, 27 seconds share of technology revenue versus geospatial revenue depends more on the cycle in which right now we have kind of 1:09:35 1 hour, 9 minutes, 35 seconds executed a project. So during this quarter uh quarter three uh the the technology cycle of the the major 1:09:43 1 hour, 9 minutes, 43 seconds project which we undertook which was on the river linking that portion was less. 1:09:49 1 hour, 9 minutes, 49 seconds However, uh if you look at the 9 months result, uh both of the divisions have grown at more than 75%. 1:09:57 1 hour, 9 minutes, 57 seconds Uh and I expect the growth to continue even in quarter 4 with the similar the contribution from both the uh both the 1:10:05 1 hour, 10 minutes, 5 seconds units. However, uh we have maintained that uh our focus will remain more on the technology side of a project and the 1:10:12 1 hour, 10 minutes, 12 seconds geo special will always set on to it. So we will we will execute a little bit more on the technology side of the project uh during the quarter four. 1:10:22 1 hour, 10 minutes, 22 seconds There are certain elements of those projects which are going to be executing quarter 4 and it as I said it depends on the cycle of uh the work order which you 1:10:30 1 hour, 10 minutes, 30 seconds are executing whether it is a technology side or it is a geospacecial side. 1:10:37 1 hour, 10 minutes, 37 seconds Okay sir. Thank you. Thank you sir. 1:10:42 1 hour, 10 minutes, 42 seconds Thank you. The next question is from the line of Shah Ru Mandraal, an individual investor. Please go ahead. 1:10:53 1 hour, 10 minutes, 53 seconds Sir, you may unmute your lines. Hello. Yes, sir. 1:11:01 1 hour, 11 minutes, 1 second Good afternoon, sir. Good afternoon. 1:11:06 1 hour, 11 minutes, 6 seconds Congratulations on the great set of numbers. First of all, I want to ask some questions. My first 1:11:15 1 hour, 11 minutes, 15 seconds question is is there there any major capex planned for technology upgradation? 1:11:23 1 hour, 11 minutes, 23 seconds Uh so we have been investing uh on a consistent basis in the technology. We have been pursuing certain uh product 1:11:31 1 hour, 11 minutes, 31 seconds development in in a IML and we have a team which is on to that. So there will be uh investment to it but most of the 1:11:40 1 hour, 11 minutes, 40 seconds uh expenditure we we we don't capitalize although there may be some elements of capex on it but we pursue these elements as a part of our product development. 1:11:52 1 hour, 11 minutes, 52 seconds Okay sir thank you. My second question is in the large geo septical bits who are our main competitors and what's the 1:12:01 1 hour, 12 minutes, 1 second differentiate between census stack and then them I think uh that's a very uh very generic 1:12:10 1 hour, 12 minutes, 10 seconds question but I would try to answer uh CST which is our company is mainly a geospatial platform so what we do is uh 1:12:19 1 hour, 12 minutes, 19 seconds our geospatial technology services are a horizontal platform and on that on that we build the different domain 1:12:27 1 hour, 12 minutes, 27 seconds infrastructure uh solutions. So we have presence in water, we have presence in energy, we have presence in land reforms 1:12:34 1 hour, 12 minutes, 34 seconds and road asset management and all. So if you want to relate which are the competition to company as as such I 1:12:43 1 hour, 12 minutes, 43 seconds don't think we will be able to identify one company versus CSI because every domain has its different expertise. So 1:12:51 1 hour, 12 minutes, 51 seconds for let's say for energy I may be competing with X for uh road asset management I may be 1:12:58 1 hour, 12 minutes, 58 seconds competing with Y and for for like let's say water there may be other companies 1:13:04 1 hour, 13 minutes, 4 seconds so I don't think there is any major one competition we are having competition vertically different for the different 1:13:12 1 hour, 13 minutes, 12 seconds infrastructure domains I hope uh I could answer there are if I were to give names 1:13:19 1 hour, 13 minutes, 19 seconds uh uh like for example in water there are uh companies like RMSI will be there or it's a geospacecial that also is a 1:13:27 1 hour, 13 minutes, 27 seconds geospacecial platform uh in in uh Genesis is is basically on the geospial enterprise 1:13:35 1 hour, 13 minutes, 35 seconds okay sir thank you thank you I hope I answered your question please 1:13:45 1 hour, 13 minutes, 45 seconds thank you ladies and gentlemen this will be the last question of the due to time constraint and now I would like to hand 1:13:52 1 hour, 13 minutes, 52 seconds the conference over to the management for the closing comments. 1:13:57 1 hour, 13 minutes, 57 seconds Uh thank you all for participating in this earnings conference call. I hope we have been able to answer your questions satisfactoryy. If you have any further 1:14:05 1 hour, 14 minutes, 5 seconds questions or would like to know more about the company please reach out to IR managers which are valerum advisers or you can reach out to the company 1:14:13 1 hour, 14 minutes, 13 seconds secretary for any specific questions. Uh thank you Arian Capital for hosting this and thanks all the participants for your active participation. Thank you. 1:14:21 1 hour, 14 minutes, 21 seconds Thank you all. Thanks on behalf of Aran Capital Markets Limited. That concludes this conference. 1:14:29 1 hour, 14 minutes, 29 seconds Thank you for joining us and you may now disconnect your lines.