Cemindia Projects Limited — Q3 FY26

Cemindia Projects Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=EgDK1iDr2gg Published: 3 months ago

0:02 2 seconds Uh thank you Muskan. Uh good evening to all. On the behalf of ICIC securities I welcome you all to the Q3 FI26 earnings call of SEM India projects limited. 0:12 12 seconds Today we have with us from the management Mr. Jayanta Basu managing director Mr. Nitesh Sharma the CFO Mr. 0:20 20 seconds Agarwal head of investor relations. We begin with the opening remarks from the management followed by a quick Q&A. 0:27 27 seconds Thank you and over to you sir. 0:30 30 seconds Yeah, good evening everyone and thank you for joining us on the Q3 FI26 results concord. This is Nit Sharma. So 0:39 39 seconds before we begin, I would like to mention that our discussion today may include certain forward-looking statements relating to SIM India projects limited. 0:47 47 seconds These statements are based on management's current expectations and assumptions and are subject to various risk and uncertaintities. Actual results may differ materially from those expressed or implied in such statements. 0:58 58 seconds Let me first start with the financial performance for the quarter and subsequently our MD Mr. Jantaa Basu will be taking you through the operational performance of the company. 1:07 1 minute, 7 seconds We are pleased to share that Q3 FI2526 marked another quarter of good performance for the company. The key 1:13 1 minute, 13 seconds highlights for Q3 FI26 are that the total operating income stood at 2315 cr 1:20 1 minute, 20 seconds in Q3 FI26 against 2270 cr of the previous corresponding year quarter. 1:27 1 minute, 27 seconds Iita stood at 245 cr in Q3 against 217 cr of previous year which which recorded a growth of 13% on year-on-year basis. 1:35 1 minute, 35 seconds The IITA margin was at 10.6%. 1:39 1 minute, 39 seconds We recorded a PAT of 111 cr in Q3 FI26 against 87 cr of the corresponding quarter of previous year. Again 27 growth on year-on-year basis. 1:51 1 minute, 51 seconds Now the financial performance for 9 months stood at uh ending 31st December was operating income at 7,87 cr in 9 1:59 1 minute, 59 seconds months against 6714 cr in the previous year a growth of 6% yearon year IITA for 2:06 2 minutes, 6 seconds 9 months stood at 749 cr again 668 cr in the previous uh year uh 9 months period a growth of 12%. Iita margin at 10.6%. 2:17 2 minutes, 17 seconds P of 356 cr in 9 months against 259 cr of the previous years a growth of 3 37% 2:24 2 minutes, 24 seconds year-on-year basis. The company stood at a very conservative conservatively financed with a net debt equity of 0.26x. 2:34 2 minutes, 34 seconds Now during this 9 months period ending 31st December the company has secured order worth 9,725 crores. Post December 2:42 2 minutes, 42 seconds 25 till date we have also secured order worth 2,000 odd crores. So that makes the total order book in the current year 2:49 2 minutes, 49 seconds as 11,700 crores. The overall pending order book in hand today stands at 21,800 crores. So this is cost from from my side. Now I would request my MD Mr. 3:01 3 minutes, 1 second Janta Basu to take forward on the operational performance. Thank you. 3:06 3 minutes, 6 seconds Good evening. Welcome to this Kong Q3 2526 of India. 3:13 3 minutes, 13 seconds I think [clears throat] Nitesh has covered all the parameters even to the last quarter result. U as you can see 3:19 3 minutes, 19 seconds that uh revenue has increased uh moderately around 5.676% 3:27 3 minutes, 27 seconds compared to last 9 month quarter 2024. 3:33 3 minutes, 33 seconds Uh there is reason behind that which I'll explain but I'm very happy to share that our profitability has increased a 3:39 3 minutes, 39 seconds lot. Our PT is now 5% which was 3.9% last year in the same period. 259 cr 3:48 3 minutes, 48 seconds become 356 crores is close to 11%. 3:55 3 minutes, 55 seconds And you might have seen that for several years our liita used to be around 9 to 9.5 for last few quarters we have been able 4:02 4 minutes, 2 seconds to maintain more than 10%. So these are the good sign regarding revenue. Uh I 4:09 4 minutes, 9 seconds think two factor has impacted otherwise it would have been little more. We secure a job at project Vawan 4:18 4 minutes, 18 seconds a port job that was secured a year back uh not year back say beginning of this 4:25 4 minutes, 25 seconds year last year and we would have expected some revenue from this project but because of some issues related to 4:34 4 minutes, 34 seconds local problem and all we must be knowing that every day newspapers were able to make any any hardly any progress so that 4:42 4 minutes, 42 seconds has really impacted our revenue and similarly the water flow order flows 4:51 4 minutes, 51 seconds order we have secured around 9,000 cr or order by this time but this order flow will impact coming quarters 5:00 5 minutes uh in the last year if you see our order up to Q2 was only 2,000 crores 5:07 5 minutes, 7 seconds and quarter 4834 crores so whatever order we have secured last year that is being matured now for revenue which is 5:15 5 minutes, 15 seconds compared to less as it should be. So these issues are some deferred revenue because of delayed order and uh Badwan 5:24 5 minutes, 24 seconds port not gettingated has really impacted our revenue 5:31 5 minutes, 31 seconds otherwise would have been very happy to report around 18 to 20% revenue more in last quarters last year having said that 5:41 5 minutes, 41 seconds uh profitability is better and I have to share there are some significant or good uh things which has 5:50 5 minutes, 50 seconds happened last year. Uh we have completed the Mumbai Metro Tunnel. We have handed over a beautiful building to government 5:58 5 minutes, 58 seconds of West Bengal that is new high court building at West Bengal. We have completed Virginia port completed port. 6:09 6 minutes, 9 seconds We have completed metro. You know how difficult it was few years back. So some big challenging job 6:17 6 minutes, 17 seconds we have completed last year which is a good good achievement all very challenging job and now our main focus 6:25 6 minutes, 25 seconds is to handle few challenging job few more challenging jobs like puja like Pune metro we have received order 6:33 6 minutes, 33 seconds few few months back and the head metronet and rise and Abu Dhabi they all 6:40 6 minutes, 40 seconds said and our jobs are all going well and I think that water form will be better than quarter three and there are 6:48 6 minutes, 48 seconds opportunity wise you know it is something like that uh you may get one order which may impact 6:57 6 minutes, 57 seconds you a lot because the big ticket jobs are waiting and each job only 5,000 to 10,000 crores there are few jobs in that 7:05 7 minutes, 5 seconds range if we are lucky if you get one or two jobs in that big ticket job the whole scenario will change and we hope 7:12 7 minutes, 12 seconds that we are working very And we hope that some of them will be secured by us. So 7:22 7 minutes, 22 seconds good or secured so far. Opportunities are ahead. We secure from far more order. Big ticket jobs. Profitability is 7:30 7 minutes, 30 seconds better. Finance is good. So that is what from my side. If you have any questions going forward, please ask. 7:39 7 minutes, 39 seconds I think that's all from my side. 7:45 7 minutes, 45 seconds So we can open the uh floor for the question and answer. Yes. Yes. 7:51 7 minutes, 51 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask question may press star and burn one on the dash telephone. 8:01 8 minutes, 1 second If you wish to remove yourself from question Q, you may press star and two. 8:06 8 minutes, 6 seconds Participants are requested to use handsets for asking a question. Ladies and gentlemen, wait for a moment while the question Q assembles. 8:28 8 minutes, 28 seconds The first question is from the line of Dhanj Mistra from Sunnid Securities. Please go ahead. 8:35 8 minutes, 35 seconds Yeah, thank you for the opportunity. Uh, am I audible? 8:39 8 minutes, 39 seconds Yes. Yes. Yeah. So just wanted to know as you said that a lot of uh projects got completed in this current quarter 8:46 8 minutes, 46 seconds and uh we have seen uh very strong margin expansion. Uh so I guess uh it is 8:53 8 minutes, 53 seconds this is kind of oneoff because we got a lot of water completed or is it going to be kind of double digit margin 9:01 9 minutes, 1 second sustainable for uh upcoming quarter as well? 9:05 9 minutes, 5 seconds Yeah, I think that is the end of definitely have double digit margin uh which is expected next quarter or 9:14 9 minutes, 14 seconds going forward. Yes, and that is consistently are doing if you see last quarter also it was double digit margin I beta 9:22 9 minutes, 22 seconds this quarter also a little bit more than last quarter. So tell me that was 9:30 9 minutes, 30 seconds because 1% improvement is something uh uh I mean on higher side and uh despite 9:37 9 minutes, 37 seconds this with uh uh new new labor code provision of 15 cr and uh so that is on and uh and can you give some road map 9:46 9 minutes, 46 seconds about uh uh order inflows uh pipeline for next uh 3 to 6 months whether uh 9:53 9 minutes, 53 seconds these order will come from groups or outside private and government and which sectors you are accepting uh order for 6 10:02 10 minutes, 2 seconds to 9 month yeah I mean uh 10:08 10 minutes, 8 seconds okay so so far around 9,000 work jobs till now and there are jobs 10:17 10 minutes, 17 seconds we have submitted our bit and we are waiting for the results like uh 10:26 10 minutes, 26 seconds metro jobs at Delhi and uh one port job in 10:33 10 minutes, 33 seconds Odisha there are plenty of jobs from the group including data center so I think 10:43 10 minutes, 43 seconds but I think open will be around and another another 30 to 40,000 10:54 10 minutes, 54 seconds So that is the kind of future. 11:01 11 minutes, 1 second So coming quarter this is quarter itself we may 11:09 11 minutes, 9 seconds secure uh few jobs for the group which are on the discussion. 11:17 11 minutes, 17 seconds So road map wise if you see that it will maintain that another 2 3,000 of job will cured this year which is February 11:25 11 minutes, 25 seconds and March and Q4 or Q1 or Q2 next year there are some big ticket jobs it depends upon when government opens the 11:34 11 minutes, 34 seconds tenders the timing if it is happen then there are very quite big ticket jobs 11:41 11 minutes, 41 seconds which may change the whole and lastly on guidance front because of 11:47 11 minutes, 47 seconds this uh uh Q3 soft revenue or yeah you said the development happened in uh one board order so what is the status over 11:56 11 minutes, 56 seconds there and are we still maintaining 11,000 cr mark or maybe 1000 mark for that we have to achieve 4600 kind of 12:04 12 minutes, 4 seconds turnover in Q4 so what is the your view it is 12:11 12 minutes, 11 seconds it is not very sure how will take place because this totally not in our control and 12:20 12 minutes, 20 seconds but at the same time the Pune metro should start producing something and that project that 12:29 12 minutes, 29 seconds producing something so I think that uh it will be at least 15 to 20% more than the quarter 12:38 12 minutes, 38 seconds roughly of the current quarter the current quarter yes 20% Yeah. Yeah. 12:51 12 minutes, 51 seconds Thank you. Thank you. 13:02 13 minutes, 2 seconds Thank you. 13:04 13 minutes, 4 seconds The next question is from the line of Nit Manena from White Fine Investment Management. Please go ahead. 13:13 13 minutes, 13 seconds Thank you for the opportunity. Uh I just wanted to uh understand about uh the 13:19 13 minutes, 19 seconds data center. Uh Adani has a plan of data center on its own as well as a joint 13:26 13 minutes, 26 seconds venture with uh global uh scalers hyperscalers. 13:31 13 minutes, 31 seconds uh one I want to understand how much are you ready to uh uh and incapability to 13:38 13 minutes, 38 seconds take those orders and number two uh how what is a vis uh what is your visibility on uh the orders of those coming in and 13:47 13 minutes, 47 seconds the execution of those yeah this data center is under discussion for last at least seven eight 13:54 13 minutes, 54 seconds months since started I mean uh taking over this company and 14:02 14 minutes, 2 seconds we have ramped up our capability during this last few months. We have recruited several 14:09 14 minutes, 9 seconds engineers those who are experiencing data centers. We have visited lot of sites all over the world to see how this has this happens. What is the method? 14:20 14 minutes, 20 seconds What is the noense in this business and we have already started two data center building and Mumbai and foundation work 14:28 14 minutes, 28 seconds is already completed pre-casting work also have have done um so we are in readiness to take up 14:36 14 minutes, 36 seconds this activity visibility that has got a big plan and even if we do half of that that'll be quite big for our company. 14:49 14 minutes, 49 seconds Got it. And uh any potential if if any thought process on how much uh is your your uh opportunity size for you uh on 15:00 15 minutes the data maybe on a per megawatt basis uh that helps me understand how much you are present in the data center 15:08 15 minutes, 8 seconds megawatt you asking about the cost no I'm asking how much you would be capable of doing the projects like uh 15:16 15 minutes, 16 seconds sector of 120 30 megawatt typically it's a two year cycle from beginning to the commissioning 2 years to 27 months. 15:29 15 minutes, 29 seconds Uh so we have already secured three data center of similar capacity. We may have another two or three. 15:39 15 minutes, 39 seconds This year you can do around 500 megawatt roughly with prison capacity. 15:49 15 minutes, 49 seconds Uh this year means fi March ending 26. 15:53 15 minutes, 53 seconds Yeah it depends about the secured if you secure the job. Now what happen when you secure the job there are two part first 16:01 16 minutes, 1 second part is the civil second part is the balance. Yeah. 16:04 16 minutes, 4 seconds Now civil part is hardly 20%. You may not see that ramp up in revenue in the first 16:11 16 minutes, 11 seconds year but second year definitely with the electro mechanical part that is 70% or 80% revenue will come. You have to 16:19 16 minutes, 19 seconds factor all these numbers uh when you calculate the revenue from data set. 16:25 16 minutes, 25 seconds And so how much if if you take example of say 120 megawatt uh how much would that if you get an order of 120 megawatt 16:34 16 minutes, 34 seconds how much revenue could you book order can you book on that side as a potential range? 16:39 16 minutes, 39 seconds We are asking a direct question what will be the price of 120 megawatt very difficult to answer because it depends upon the condition depend upon where 16:48 16 minutes, 48 seconds what is the terms and condition of the project something supply free but what I can say that 120 megawatt timeline may 16:56 16 minutes, 56 seconds take two to 27 months time and first year 20% revenue next year 80% revenue because 17:04 17 minutes, 4 seconds the guideline is okay sir I'll come back to the queue thank Thank you. 17:15 17 minutes, 15 seconds The next question is from the line of air from JM Financial. Please go ahead. 17:22 17 minutes, 22 seconds Yeah. Can you provide some clarity on the Bangladesh order status right now? 17:29 17 minutes, 29 seconds Bangladesh work is going on absolutely okay. I mean there are natural reason why everybody should get scared. I know 17:36 17 minutes, 36 seconds that. But local government is really supportive to us. Not only us to any foreign companies those who are working 17:44 17 minutes, 44 seconds there and our people are quite okay. We are delivering the job as per our schedule. We're getting paid on time and 17:53 17 minutes, 53 seconds we are almost completing the piling jobs by end of May. So that our majority of the work will be completed. 18:03 18 minutes, 3 seconds What is the outstanding book as of December in the Bangladesh order? 18:09 18 minutes, 9 seconds Outstanding I I have to check out some time. 18:16 18 minutes, 16 seconds Okay. So, secondly, uh when do we target to complete the Bangladesh order in FI27? 18:23 18 minutes, 23 seconds Bangladesh order will be completed you see physical work will be completed by before next monsoon that is May or June next year. 18:37 18 minutes, 37 seconds Okay. Okay. Uh sir uh if I got the number correctly so our yeartoate order inflows including the 2,000 crores which 18:45 18 minutes, 45 seconds we won in uh January it should be around 11,700 K. Yes you are absolutely right. 18:54 18 minutes, 54 seconds Okay. Okay sir. Uh how do you see the uh margins going ahead? So it should be double digit right between 10 to 11%. 19:03 19 minutes, 3 seconds I think you you don't expect too much of but the same margin pattern will be there 10% to 11%. 19:11 19 minutes, 11 seconds Okay. Lastly bookkeeping question. Uh what would be our gross debt as of December? 19:24 19 minutes, 24 seconds It's close to 924. 19:29 19 minutes, 29 seconds Okay. Okay. Thank you. So those are my questions. 19:34 19 minutes, 34 seconds Thank you. The next question is from the line of from please go ahead. 19:43 19 minutes, 43 seconds Hello. Hello. Yeah. Yeah. 19:49 19 minutes, 49 seconds Uh so uh I'm sorry to interrupt your voice is not audible. 19:57 19 minutes, 57 seconds Am I audible? Yes sir. Yes. So uh uh in the last quarter uh we 20:04 20 minutes, 4 seconds had an uh basically the inflow of about uh 7,100 20:11 20 minutes, 11 seconds and uh we had a couple of uh L1 like Pune metro and sea wage plant uh of 20:19 20 minutes, 19 seconds about 3,000 odd crores. So uh what is the status of those L1 and uh because 20:26 20 minutes, 26 seconds that also totaled up to about 11,000 plus and currently also we are about 11,000 including the two projects what 20:35 20 minutes, 35 seconds you mentioned. So just wanted to have some clarity and fill in the gaps in that. 20:42 20 minutes, 42 seconds I will not be able to connect last year last quarter but I can tell you the present status. Sure. So far I think we have got around 20:51 20 minutes, 51 seconds total 11,700 crores and that includes Pune metro of 1,500 crores as well and 21:00 21 minutes there are no such job where we have L1 except a small job in sear and 100 crores but there are plenty of job we 21:07 21 minutes, 7 seconds have submitted our bids so it depends upon how it comes out. I think we have submitted a bid of around 25,000 crores total. 21:21 21 minutes, 21 seconds Out of that one job we are already secured or L1 that is that group company called Adani 21:28 21 minutes, 28 seconds more sagar project and Rajasthan which is around 3,500 jobs. So that will be added to the KT uh very soon. 21:40 21 minutes, 40 seconds Sure. So about 15 odd thousand we what we were expecting. So uh is there any 21:47 21 minutes, 47 seconds upward revision what we expecting in this year? 21:51 21 minutes, 51 seconds So I still maintain around 14 15,000 crores because what has happened few of the government tender 21:59 21 minutes, 59 seconds which you are expecting to have already completed is still getting delayed and as well some group jobs also getting 22:08 22 minutes, 8 seconds little delayed. It's a matter of time otherwise uh have achieved 50,000 cr this year. 22:15 22 minutes, 15 seconds So will this uh uh you know the the delay will that uh you know come up in 22:21 22 minutes, 21 seconds the next year uh or it's it's a kind of a lost uh kind of a bid for us. 22:29 22 minutes, 29 seconds No, it's not lost. It will come next year. It's a matter of time lag. That's all. I mean if you get you'll get now you can get later on also. 22:39 22 minutes, 39 seconds So that is the issue whichever you get or do not get but if you get now if you get later on that is not going to affect much in our progress financial progress. 22:52 22 minutes, 52 seconds Okay sure thank you very much. 22:56 22 minutes, 56 seconds Thank you. The next question is from the line of Adita Sahu from HDSC Securities. Please go ahead. 23:09 23 minutes, 9 seconds Hi. Uh I hope I'm audible. Yes sir. Yes sir. 23:14 23 minutes, 14 seconds Uh sure. Uh thank you so much sir for the opportunity. Uh I do have a few questions. I think it may be uh a bit of 23:21 23 minutes, 21 seconds uh disconnected in between. Uh what would be the revenue guidance for uh FI26 the revenue data margin and uh the uh order info guidance. about it. 23:34 23 minutes, 34 seconds Well, I think for to answer your question, this is a big issue because we spend months after months to evaluate 23:43 23 minutes, 43 seconds how much is the revenue and all. So, it is not appropriate for me to give you correct number. But as I maintain it will be around 15 to 20% rise in the revenue and margin. 23:54 23 minutes, 54 seconds Yeah. 23:56 23 minutes, 56 seconds And and on the bit margin 10 11% is what I what I uh could gather. Yes. Yes. 24:03 24 minutes, 3 seconds Uh on the order influence front uh you have mentioned 15,000 crores. Uh I hope uh that will be the correct number. 24:11 24 minutes, 11 seconds Yeah. I think uh see there are few jobs which are quite big and if you're lucky to one of them 24:19 24 minutes, 19 seconds the number can be anything. I mean it can be 10 12,000 to 20,000 as well. So understood sir. uh of this uh how much 24:28 24 minutes, 28 seconds are we expecting from group entities and what percentage are we expecting from group entities? 24:34 24 minutes, 34 seconds Yeah, I think we'll maintain a number of 20 to 28% from group. 24:39 24 minutes, 39 seconds Okay. Okay. 20 25% from the entities and and uh what would be the current build pipeline that we have and how much 24:48 24 minutes, 48 seconds of that is also from the brick entities if you can sh some light on that current work pipeline a few data center 24:56 24 minutes, 56 seconds job from the group uh which they are developing in many places and uh 25:05 25 minutes, 5 seconds some job as I mentioned just now most irrigation job in Rajasthan 25:12 25 minutes, 12 seconds and maybe some road jobs if they got if they get understood. uh on the value terms if you 25:20 25 minutes, 20 seconds can uh provide uh the bit time value terms whatever I have said going 25:27 25 minutes, 27 seconds forward I don't know but immediately maybe around 10 to 12,000 cr 25:35 25 minutes, 35 seconds uh unders uh in terms of the uh cex uh so I understand that we did a cex of 25:42 25 minutes, 42 seconds about uh uh I think last time the the guidance was 300 crores uh for fi26 Uh 25:49 25 minutes, 49 seconds is that the same keeping items we have right now and how much have been deployed till now? 25:55 25 minutes, 55 seconds See it depends upon again how which job you create because last year we have secured 26:02 26 minutes, 2 seconds uh many building jobs and we have to invest a lot for forward material. 26:09 26 minutes, 9 seconds Though it is not as costly as planting equipment but still it is costly because nowadays everybody go for system 26:15 26 minutes, 15 seconds forward. So there we have a lot and few general plant appro so this year 26:23 26 minutes, 23 seconds also will be around whatever we spend last year this is 10% 15% more than last year% more 26:31 26 minutes, 31 seconds in 9 months you have spent around two 200 odd crores towards the unders 26:42 26 minutes, 42 seconds uh and uh uh in the current order book that we have uh of 26:49 26 minutes, 49 seconds 21,000 crores. Uh how much of that is from the group entity? uh going for uh 26:58 26 minutes, 58 seconds 27% 27% uh how much sir on the uh vad port that 27:06 27 minutes, 6 seconds you mentioned uh the delay is uh that uh any visibility as to uh uh when do you 27:13 27 minutes, 13 seconds see that happening and and also how much uh what will be the contribution of that particular order in the overall order 27:22 27 minutes, 22 seconds it is,600 CR 21,000 work in hand less than 10% and we have got 27:30 27 minutes, 30 seconds we can we cannot speculate what may happen it is not in our control understood understood 27:39 27 minutes, 39 seconds uh thank you so much sir thank you sir thank you the next question is from the line of 27:47 27 minutes, 47 seconds disha from ON portfolio please go ahead hello sir thank Thank you for the 27:54 27 minutes, 54 seconds opportunity. Uh my question again relates to the Vadan port delay that you talked about in this quarter where 28:01 28 minutes, 1 second apparently we have seen a revenue loss but your margins are actually better. So how should we think about it? Because if 28:10 28 minutes, 10 seconds your revenue loss is due to work not being done then that means that you have not been able to deploy your people or 28:18 28 minutes, 18 seconds equipments and you have resulted that into revenue loss. Then is there also a corresponding 28:25 28 minutes, 25 seconds expenses that should have come in or does it mean that the rest of the business was at much higher margins? 28:32 28 minutes, 32 seconds That's my first question. Thank you. 28:36 28 minutes, 36 seconds Well uh revenue loss uh because one hasn't happened so that is a direct uh you can see that uh I think I'm sure 28:44 28 minutes, 44 seconds another 200 300 cr revenue would have been more at this port is in operation and regarding margin betterment we have 28:52 28 minutes, 52 seconds done good we have efficiently handled the project yes and that is how this margin is better 29:00 29 minutes no so do we understand that two to 300 cr revenue loss is the unbuilt item in which case the expenses are also booked. 29:08 29 minutes, 8 seconds So perhaps your margins are better than what you have reported. 29:14 29 minutes, 14 seconds So actually uh definitely we have not spent 200 cr of expenses in Badur. We are very costless. We have very very 29:23 29 minutes, 23 seconds small and scanty setup at site because I see expenses are mostly because of the material what we source and what we done 29:33 29 minutes, 33 seconds which converts to revenue but you were able to redeploy your people to other projects. 29:40 29 minutes, 40 seconds So in Bhanur I think two or three engineers are there that's all I see. But even the redeployment of 29:47 29 minutes, 47 seconds people did not yield to higher revenue from on an overall basis. Is it? 29:55 29 minutes, 55 seconds I couldn't get you sir. What do you I said that if if you uh if you could not proceed with the vadwan port order 30:02 30 minutes, 2 seconds uh and there was some loss of materials and whatever but you were able to redeploy your team that team should have 30:10 30 minutes, 10 seconds helped you to recover that revenue from other projects or were they idle for the quarter 30:16 30 minutes, 16 seconds yeah I mean you see in a large company like us five six engineer here and there doesn't make much difference so even if 30:25 30 minutes, 25 seconds you have a team of other working somewhere else does not mean that they're generating the extra div because the positive 30:34 30 minutes, 34 seconds I see I see and next quarter you are able to figure out as to where to redeploy and recover the data over lost 30:42 30 minutes, 42 seconds is it uh in this quarter basically to redeploy tomorrow provided the situation 30:50 30 minutes, 50 seconds no no I'm saying that your vadwan is delayed but you are able to redeploy your team elsewhere and that is where you are expecting your revenue to be 15% 30:58 30 minutes, 58 seconds higher over the quarter not because of other resources deployed somewhere will give us better it is 31:06 31 minutes, 6 seconds because of time cycle you know when a project starts initial five six months you do at less progress and then a 31:15 31 minutes, 15 seconds progress increases per month turnover is more all these factor if you put together then you'll find that the revenue is little bit more than this 31:23 31 minutes, 23 seconds quarter Understood. Understood. Uh best wishes for that. And my last question is when 31:30 31 minutes, 30 seconds do we see a meaningful scale up in your quarterly revenue run rate? I'm not asking for specific guidance but given that your order book is very large. 31:41 31 minutes, 41 seconds Perhaps you are capable of growing at least say 20 30% from your current base. 31:48 31 minutes, 48 seconds Now of course this is dependent on how your project scale up and the milestone. 31:53 31 minutes, 53 seconds Is that something that is going to happen in the next few quarters or will it still take time? 31:59 31 minutes, 59 seconds Well, it depends upon the water and the nature of water how fast they are converted to revenue. But if you ask me 32:07 32 minutes, 7 seconds as a company, you have got the capacity to ramp up the progress by 30% with our existing resources. 32:16 32 minutes, 16 seconds Right? But based on your current orders and the milestone and the promise for execution, do do you see a significant ramp up in the coming quarters? 32:26 32 minutes, 26 seconds I mean quarter four sorry quarter four is okay. Quarter one, quarter two. Yeah that will be better than quarter three 32:35 32 minutes, 35 seconds quarter four definitely because few jobs like Pune metro will be in full swing like Abu Dhabi port will be in full 32:44 32 minutes, 44 seconds swing like uh some more job which you have secured recently data centers will 32:50 32 minutes, 50 seconds give more revenue. So this 11,000 cr order what we have secured they are now in threshold stage initial stage they 32:59 32 minutes, 59 seconds will giving the revenue from next next year quarter on quarter two. 33:04 33 minutes, 4 seconds Okay thank you very much that's all best wishes the next question is from the line of sha from JM Financial please go ahead. 33:18 33 minutes, 18 seconds Yeah thanks for the followup. So what would be our revenue growth guidance for FI26 given the weaker uh Q3 18%. 33:33 33 minutes, 33 seconds But uh to achieve that 18% the asking rate would be much uh higher in the fourth quarter. So we are confident of around 37 3800 cr revenge in Q4. 33:44 33 minutes, 44 seconds No I'm not talking about Q4. I'm talking about next year. 33:48 33 minutes, 48 seconds Okay. for FI27 enter FI 27 33:57 33 minutes, 57 seconds okay and for 26 number it is not it's not correct will be around 16% or 20% growth in next year 34:06 34 minutes, 6 seconds in terms of revenue that's what I said and for FI26 FI 26 we are left with one quarter now 34:16 34 minutes, 16 seconds and maybe we are achieved 23 300 cr maybe another it will be 15 20% more 15% 34:24 34 minutes, 24 seconds more say uh compared to Q3 in Q4 compared to Q3 for Q4 34:33 34 minutes, 33 seconds okay okay what would be our outstanding receivables from Bangladesh it was around 120 crores last quarter 34:41 34 minutes, 41 seconds yeah 170 cr in this as on December Okay. Okay. Thank you, sir. 34:53 34 minutes, 53 seconds Thank you. 34:55 34 minutes, 55 seconds The next question is from the line of Adah from HDS security. Please go ahead. 35:02 35 minutes, 2 seconds Uh, hi sir. Uh, thanks a lot for uh taking question again just one uh question over here. I did notice uh that 35:12 35 minutes, 12 seconds you know the numbers uh you know so for example historical numbers uh for say Q2 to uh or or the S525 for that matter 35:22 35 minutes, 22 seconds were marginally different uh if you can elaborate a little bit. So uh because I see the the numbers that are there for 35:29 35 minutes, 29 seconds due to in the Q2 disclosures versus the numbers that are there for Q2 in the current disclosure of today those are 35:36 35 minutes, 36 seconds marginally different. Uh uh can you uh elaborate on that one? 35:43 35 minutes, 43 seconds I really couldn't pick up your question. 35:45 35 minutes, 45 seconds If you can if it works again. 35:50 35 minutes, 50 seconds So uh just right so uh so I was mentioning that uh 35:59 35 minutes, 59 seconds the historical numbers uh say for example for Q2 uh is marginally different uh from the uh disclosure that 36:09 36 minutes, 9 seconds we uh as compared to today's disclosure versus the Q2 disclosure that we had. Uh similarly I saw this one for the FY25 36:18 36 minutes, 18 seconds order numbers. Uh if you can you know throw some light on that one. 36:25 36 minutes, 25 seconds Yeah. Yeah. So there so there is a so there is a accounting uh representation change which has like uh the joint 36:35 36 minutes, 35 seconds jointly controlled operations which we were doing in in various JVS. So the crossing up of net line items have been 36:42 36 minutes, 42 seconds done and accordingly for this entire year the the numbers have been reinstated in the line item wise. 36:49 36 minutes, 49 seconds However the profit number and the P&L will not change the profit and loss remains the same and that that's that's an accounting treatment which has 36:58 36 minutes, 58 seconds happened which has uh led to change in in those which were disclosed earlier. 37:04 37 minutes, 4 seconds Understood. S the reason because you know uh I saw this on the audit numbers also. uh so that is the reason you know yeah 37:11 37 minutes, 11 seconds so it's it's it's more of a like we have benchmarked it uh with the with the with the best of the industry practices and we took a view and then and then this a 37:20 37 minutes, 20 seconds judicial decision which was taken to to to understood so so this was a one time exercise is what you're saying in terms of the crossing off net line items as 37:29 37 minutes, 29 seconds you mentioned right right absolutely okay okay thank you so much sir thank you thank Thank you. 37:38 37 minutes, 38 seconds If that was the last question for the day, I would now hand the conference over to the management for closing comments. Over to you, sir. 37:48 37 minutes, 48 seconds So, thank thank you so much. Thank you so much for joining and attending this call and um we wish you all a very a very happy and good day and uh we wish 37:57 37 minutes, 57 seconds that uh whatever we expect that things go well and and and the next next period of performance would be would be in line 38:04 38 minutes, 4 seconds with the expectations what we have which we have told to the investors. Thank you so much. Thank you so much for joining us. 38:13 38 minutes, 13 seconds Thank you on behalf of IC Securities Limited. That concludes this conference. Thank you for joining us. 38:21 38 minutes, 21 seconds Thank you.