Cemindia Projects Ltd — Q4 FY26

Cemindia Projects Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=EwZR2j-WO1k Published: 13 days ago

0:00 Ladies and gentlemen, good day and welcome to SEM India Projects Limited Q4 F526 audience conference call. As a 0:08 8 seconds reminder, all particip operator request has been initiated. If you'd like to cancel this request, please press star zero again. 0:15 15 seconds Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchstone. Please note that this 0:23 23 seconds conference is being recorded. I now hand the conference over to Mr. Mahesh Patil from ICIC Securities. Thank you and over to you. 0:32 32 seconds Yeah, thank you. Good morning to all. Uh on behalf of ICIC and securities, I welcome you all to the Q4 FY26 earnings call of SAM India Projects Limited. 0:43 43 seconds Today we have with us from the management Mr. Jentra Vasu managing director, Mr. Nidesh Sharma, the CFO and 0:51 51 seconds Mr. Rahul Lagaral, head of investor relations. We'll begin with the opening remarks from the management followed by Q&A. Thank you and over to you sir. 1:02 1 minute, 2 seconds Good morning everyone. This is Jant Basu and thank you for joining us in this call of Q4 A FI26 result of Sim India limited. 1:13 1 minute, 13 seconds Uh Nit is not available now. So KL Bishop Karma is our account set will 1:20 1 minute, 20 seconds handle the financial stats. Before we begin, I would like to note that our discussion today may include certain 1:28 1 minute, 28 seconds forward-looking statements relating to the coming seven India projects limited. 1:33 1 minute, 33 seconds These statements are based on management's current expectations and assumptions and are subject to risk and 1:40 1 minute, 40 seconds uncertaintities that could cause actual results to defer materially. 1:45 1 minute, 45 seconds So now I hand over to Kamish to discuss about the result of last quarter and the last whole years. Kamal over to you. 1:56 1 minute, 56 seconds Uh thank you Mr. Vasu. Uh this is Kamsharma. I head the accounts and taxation in the company. So I will let 2:04 2 minutes, 4 seconds me run through the financial performance uh for the quarter and for the year end. 2:09 2 minutes, 9 seconds The total operating income 273 cr in Q FI26 against 2532 cr which is a growth 2:17 2 minutes, 17 seconds of around 17% on the yearly basis. Abita is 450 cr uh in the Q4 financial year 26 2:25 2 minutes, 25 seconds against 270 cr which is a growth of around 66% on Y1 2:31 2 minutes, 31 seconds AITA margin is at 15.1% in Q4 financial year 26 against 10.77 in quarter 4 financial year 25 PA for 2:40 2 minutes, 40 seconds the quarter is 242 cr against 113 cr which is a growth of around 114% on y1 2:48 2 minutes, 48 seconds and the financial performance for the Year 20 226 2:54 2 minutes, 54 seconds the total operating income is uh 10,61 cr against 9246 cr which is a growth of 3:01 3 minutes, 1 second about 9%. AIA at 119 cr uh against 939 3:07 3 minutes, 7 seconds cr which is growth of 28%. AITA margin is at 11.9% for financial year 26 3:14 3 minutes, 14 seconds against 9.2% 2% of financial year 25 part is at 598 cr in financial year 26 against 373 which is a growth of about 60%. 3:25 3 minutes, 25 seconds Conservatively finance with a date net equity ratio is 1.1%. Now I will hand over the mic to Mr. 3:33 3 minutes, 33 seconds Basu. He will touch upon the operational performance of the company and the order book related positions. Thank you Kles. 3:42 3 minutes, 42 seconds We are extremely happy to share that we have crossed the 10,000 cr limit in terms of revenue first time in our company history. 3:50 3 minutes, 50 seconds Uh this is a something which is a good achievement and the momentum which took place 5 years back is still continuing 3:57 3 minutes, 57 seconds and will continue further. More than that if you see the profitability whole year I eita is more than 12 close 4:05 4 minutes, 5 seconds to 12%. Profit before tax is 8% and pat is 6%. But healthy numbers 4:13 4 minutes, 13 seconds and moreover we have secured around 14,000 crores of job excluding the L1 and the 4:22 4 minutes, 22 seconds job which have secured April put together 19,000 cr we have secured which is normally used to be around 7,000 range in previous years. 4:32 4 minutes, 32 seconds So phenomenal jump in what secured today our working hand position is 29,000 cr which is used to be around 20,000 21,000 cr till last year. 4:43 4 minutes, 43 seconds So good work in hand and there is no legacy job left out and with the push of 4:50 4 minutes, 50 seconds a promoter the futures are definitely going to be further better. 4:57 4 minutes, 57 seconds Now touch upon the pipelines. 5:01 5 minutes, 1 second We can see that there are at least 70,000 crores of job in pipeline. Some 5:08 5 minutes, 8 seconds in tender stage, some tender yet to be out and some we have submitted the 5:15 5 minutes, 15 seconds tender in various forms of that 70,000 cr. 5:20 5 minutes, 20 seconds Uh there are few overseas job in this list and we are working hard and there are a lot of pressure from the promoter as well to secure more and more job. 5:31 5 minutes, 31 seconds In terms of the project performance we have finished few signature project in this year like Udang goody as we 5:39 5 minutes, 39 seconds discussed every corn call is almost complete 100% completed and commissioned as well we have completed Bangalore 5:47 5 minutes, 47 seconds metro we have completed Mumbai metro underground we have handed over uh this uh circuit bench at West Bengal 5:56 5 minutes, 56 seconds and many other projects they have completed and the job which I've secured also last 6:02 6 minutes, 2 seconds year. Uh few jobs I have to highlight that Kolkata metro underground, Pune underground metro, Delhi 6:10 6 minutes, 10 seconds underground metro, one port for JSW and one versus job at Abu Dhabi, uh one small job at project Versa, one 6:19 6 minutes, 19 seconds building at Kevan at Kolkata. So lot of job we have to have secured last year beyond the group and there are lot of 6:26 6 minutes, 26 seconds prospect in front of us. Uh so we hope that momentum will continue. So that is from my side at the moment. If you have 6:34 6 minutes, 34 seconds any questions, we'll be able to answer that. Thank you. 6:39 6 minutes, 39 seconds Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch room telephone. If 6:47 6 minutes, 47 seconds you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. 7:01 7 minutes, 1 second The first question comes from the line of Koshik Toshi with ICA securities. Please go ahead. 7:08 7 minutes, 8 seconds Hi sir, thank you for the opportunity. 7:10 7 minutes, 10 seconds Congratulations on the good set of result. My first question is on the order book. You have got a road project in your order book. What are the plans 7:18 7 minutes, 18 seconds here? Can we expect more projects? What will be the margin given in the subcontract to you? 7:28 7 minutes, 28 seconds Yeah, we just secured a road come bridge. I mean it is road but uh half of the road is elevated 7:36 7 minutes, 36 seconds and uh since this is in Bihar we just secured the job and it is very initial stage and we hope that we'll be able to 7:46 7 minutes, 46 seconds do better in this job because uh it is in Greenfield area and it is not only road it is elevated corridor also. 7:56 7 minutes, 56 seconds Yeah. 7:58 7 minutes, 58 seconds Uh and sir, what will be the margins given this is subcontracted to you? Subcontracted. 8:04 8 minutes, 4 seconds It is not subcontracted. It will be done by ourselves and the way we do that. 8:10 8 minutes, 10 seconds Some of the job may be subcontracting but part of the job but mostly it will be done by ours and margin you know in 8:17 8 minutes, 17 seconds the road sector you know what is the margin. So unless you start and do the job it is difficult to say what will be the margin. 8:26 8 minutes, 26 seconds Okay. So my second question is what will be the guidance for FI27 in terms of revenue uh order book 8:34 8 minutes, 34 seconds revenue should be at least 25% more than this year and order book this year we have secured 8:42 8 minutes, 42 seconds around 19,000 crust more than that maybe 25,000 crores is our target let us see. 8:52 8 minutes, 52 seconds Okay sir understood. So my next question is uh what was the driver behind the margin expansion? 8:59 8 minutes, 59 seconds What will be the sustainable number if you can highlight on that margin responsive driver for this financial? 9:11 9 minutes, 11 seconds See basically we have done good job that is the driver. The project has been executed on time within the budgeted 9:20 9 minutes, 20 seconds cost monitoring and cost monitoring done properly proper execution and few of the claims which are spending from the 9:28 9 minutes, 28 seconds client that has been realized. So put together margin is improved compared to other other financial years. 9:37 9 minutes, 37 seconds Okay. And sir what will be the opportunity size in marine sector for the year 27? 9:43 9 minutes, 43 seconds Marine uh is a limited market as you know but there are vadawan port which is 9:50 9 minutes, 50 seconds yet to start in that way so there will be opportunities in vadan port and some 9:57 9 minutes, 57 seconds job in Bangladesh also in the pipeline I think more or less that's all 10:05 10 minutes, 5 seconds okay sir thank you very much once again congratulations thank you thank you next question comes on the 10:13 10 minutes, 13 seconds line of Tanj Mishra with Suni Securities. Please go ahead. Are you audible sir? 10:21 10 minutes, 21 seconds Yes. 10:23 10 minutes, 23 seconds Uh so first of all congratulation on achieving 10,000 K revenue mark and uh we have uh kind of exceeded our uh P3 10:32 10 minutes, 32 seconds weekly guidance in terms of revenue and also in terms of ordering flow by order book. 10:39 10 minutes, 39 seconds on that and uh so this quarter margin I mean if I include other income it is 10:45 10 minutes, 45 seconds showing 12% so was there any one off in this margin or maybe last quarter uh 10:53 10 minutes, 53 seconds expenses has been incurred or if you can explain on that one 10% margin uh or 11:01 11 minutes, 1 second which came from particular completion of the project some milestone pay uh achievement So can you because we have been guiding 11:09 11 minutes, 9 seconds 10% every morning uh 10 less than 5%. 11:15 11 minutes, 15 seconds Uh well uh few jobs like Bangalore metro and Bombay metro has contributed to the bottom line and in fact other jobs also 11:25 11 minutes, 25 seconds has done well. Um so put together and few claims we have realized. So put 11:31 11 minutes, 31 seconds together margin is better as I mentioned just now. 11:36 11 minutes, 36 seconds uh and there is no legacy job like which used to have before those are all behind us. 11:45 11 minutes, 45 seconds There's a combination of whole things that margin is improved. 11:50 11 minutes, 50 seconds Okay. But uh for annual basis we should take 10.5 to 11% kind of margin excluding available uh going. 11:59 11 minutes, 59 seconds Yes. Yes. Yes. Yes. Not the 12%. Yes. 11 12%. 12:05 12 minutes, 5 seconds No, no, no. 10.5. 12:08 12 minutes, 8 seconds And uh uh we you mentioned that our closing order is 29,000 K and uh 12:15 12 minutes, 15 seconds secondary is 45,000. So we are uh you have also included some L1 position in this order. 12:23 12 minutes, 23 seconds Yes, we have included which is,600 cr and another one job is secured in April 3,200. 12:33 12 minutes, 33 seconds So put together it is 29,000 groups. Okay. Okay. 12:39 12 minutes, 39 seconds And uh uh most of the orders uh which came in Q4 from the group order. So uh 12:46 12 minutes, 46 seconds uh going ahead in the first half uh uh how do you see order inflow coming as you mentioned the 70,000 opportunity is 12:54 12 minutes, 54 seconds there and uh so which all our projects we are expecting like one is still awaited and some more projects are so 13:04 13 minutes, 4 seconds segment you see orders coming apart from group of course you will getting getting order 13:12 13 minutes, 12 seconds apart from group uh road highways and tunnel Well uh these are the segment where the opportunities are huge only thing when 13:21 13 minutes, 21 seconds they will be materialized and when the order will come that is a issue because that is not in our hand but projects are 13:28 13 minutes, 28 seconds all on DPS and the design is going on large chunk of order may come from roads and highways and tunnel large diameter tunnel. 13:40 13 minutes, 40 seconds Okay. Okay. And lastly the capex uh uh government you can give uh which we are planning for 27 13:49 13 minutes, 49 seconds 260 capex uh 260 crores what for 27 we are planning or 26 13:56 13 minutes, 56 seconds no no no no this is for the last year 27 it will be more it will be around 350 cr to 400 crores. 14:05 14 minutes, 5 seconds Okay. Okay. Thank you and all the Thank you. 14:12 14 minutes, 12 seconds Thank you. Next question comes from the line of start sha with MK ventures. Please go ahead. 14:18 14 minutes, 18 seconds Yeah sir, thank you for the opportunity and congratulations for great set of numbers. Uh no very happy with the performance and in terms of execution, 14:26 14 minutes, 26 seconds margins and order inflow everything. Uh so my question was on the data center business if you can you know kind of 14:33 14 minutes, 33 seconds highlight how is it progressing and what kind of orders we have win in the data center business and what is the potential here and uh my second question 14:42 14 minutes, 42 seconds is on that uh road tunnel projects I think which adani group has won as a group so are we bidding for that that projects what is the status there and by 14:50 14 minutes, 50 seconds when we can expect an outcome and third is an update on a vadan project which we have one uh is the execution started 14:59 14 minutes, 59 seconds and next phases of Vadwan. When is the bidding expected? 15:04 15 minutes, 4 seconds So I'll start from your last question that Vadwan Vadan project as you know we have been there for last more than an 15:11 15 minutes, 11 seconds year because of local issues which is beyond our control things are getting delayed. So we want to be settled down 15:18 15 minutes, 18 seconds there once the things are okay. And regarding future tender as you know break order tender is already on 15:26 15 minutes, 26 seconds uh and the dredging and recation tender also on. So these are the future tender beyond that I have no idea what is going to happen. 15:35 15 minutes, 35 seconds Sure sir. 15:36 15 minutes, 36 seconds So this is about further one regarding your tunnel road tunnel job. Yes road tunnel job our group has been group is L1 but they are yet to get the order. 15:47 15 minutes, 47 seconds Once they get the orders they'll go for tender and we will participate of course and we'll see what has happened what what will happen definitely very keen to 15:54 15 minutes, 54 seconds get this job one of the job from the Bangalore. 15:57 15 minutes, 57 seconds Okay sure and your first question was regarding data center. Yeah data center is something new to us. We have opened a 16:05 16 minutes, 5 seconds new uh division have already secured three or four jobs from Madani group our group and the job has already started. 16:16 16 minutes, 16 seconds There are a few jobs opportunity in Ba. 16:18 16 minutes, 18 seconds We are trying to confine ourself in data center within the group. I mean opportunities for the time being 16:26 16 minutes, 26 seconds opportunities are huge as you know and yes that is about the data centers. 16:33 16 minutes, 33 seconds So sir how much is order book from data center business uh currently including uh confirm orders in L1. 16:40 16 minutes, 40 seconds So far it is around 3,000 crores uh we have secured from our group. Okay. Okay. 16:46 16 minutes, 46 seconds Great sir. Thank you so much and uh all the best. Thank you. Thank you. 16:53 16 minutes, 53 seconds Thank you. Next question comes from the line of Bavin with Anandati. Please go ahead. 16:59 16 minutes, 59 seconds [clears throat] 17:00 17 minutes Hi sir. Thank you for the opportunity. 17:02 17 minutes, 2 seconds So my first question is like this quarter or this year we saw you know the contact liabilities you know increasing like mobilization increasing almost 500 17:10 17 minutes, 10 seconds cr. So is this with respect you know from the promoter group and you know what is the you know the interest rate is it interest free or you know what is 17:18 17 minutes, 18 seconds the interest that is being charged the promoter uh you're talking about the advance 17:26 17 minutes, 26 seconds yeah mobilization advance sir that is I I saw there's increase in the mobilization advance so just wanted to know what is the interest rate and what 17:33 17 minutes, 33 seconds proportion is from the promoter group the interest rate uh is mixed some job we have got interest some we do not have interest. 17:42 17 minutes, 42 seconds Uh so it is a mix of that and we secure some large job like uh adlock and 17:51 17 minutes, 51 seconds some jobs in biz. So that's a but is same as for the last year also there not 17:59 17 minutes, 59 seconds much increase. Okay, there is whatever whatever you know back to back you know EPC agree you know APC arrangement that 18:06 18 minutes, 6 seconds we have with the promoter you know so uh do we get the mobilization you know interest free uh you know advance or is it you know there's an interest charge 18:15 18 minutes, 15 seconds on that also it depends upon the project because they also have different kind of job they have some job captive job they have some 18:22 18 minutes, 22 seconds job SPV with the government so based on their terms and condition with the government or bank they put the you know 18:29 18 minutes, 29 seconds whether interest free or Not it is not there is no generic yeah generic rules or clause. 18:39 18 minutes, 39 seconds So second with respect to know uh the underground you know metro or the tunneling right. So so recently we also won the dile metro you know tunnel 18:47 18 minutes, 47 seconds project. Uh second there I believe there are also talks you know with with you know the group for the you know Bangalore you know two underground you 18:55 18 minutes, 55 seconds know tunnel project that the group has won. So just wanted to understand you know like you know how much you know how many you know TBMs that we currently 19:03 19 minutes, 3 seconds have you know how many are deployed and is there any need you know future going with respect to the you know new TBMs. 19:10 19 minutes, 10 seconds Yeah if we have to do more job we require more TVMs I mean very simple on that and one TBM if you engage for a job it is engaged for 3 to four years time. 19:20 19 minutes, 20 seconds We have got uh TVMS at Chennai Metro. 19:23 19 minutes, 23 seconds Now four TVMS Bangalore metro TVM we have just sold. Uh but these TVMs are only for the metro work. Uh we are 19:31 19 minutes, 31 seconds buying new TBM for Pune metro and Delhi Metro and beyond that if we get large diameter tunnel we have to buy large diameter TBM. 19:41 19 minutes, 41 seconds Okay. So right now we don't have any idle TBMs right which can be used for the you know uh the for the projects for the further games. 19:49 19 minutes, 49 seconds No, no, at this moment. No. 19:52 19 minutes, 52 seconds Okay. Got it. Got it. Yeah. So, that's it from my side. Thank you. 20:00 20 minutes Thank you. Next question comes from the line of Jen on Jen with the DAM capital. Please go ahead. 20:07 20 minutes, 7 seconds Thank you for the opportunity sir. We haven't received the for the saga project from group. So, what the status over there currently? 20:16 20 minutes, 16 seconds Sorry for interrupting Mr. Chen. Uh your you sound is not clear. Can you just uh come talk? 20:23 20 minutes, 23 seconds Yes please go ahead. Thank you. 20:25 20 minutes, 25 seconds We haven't this is the L for the Mo Saga project from the group. So what the status currently over there? 20:33 20 minutes, 33 seconds See more first of all it is a joint major between us and our group. We have 20:39 20 minutes, 39 seconds 27% stake and now uh it is very initial stage of design and 20:46 20 minutes, 46 seconds uh engineering is going on and then NPC contract will be awarded it can be awarded to us it can be awarded to 20:53 20 minutes, 53 seconds somebody else based on the price based on the further discussion with the promoter and ourselves. Yeah. 21:00 21 minutes Okay. And currently we are L1 in uh around $7,000 worth of right. 21:08 21 minutes, 8 seconds Yes. Yes. We are L1 in a job in West Bengal for uh so one of them is the Delhi Metro and what are the replicates? 21:17 21 minutes, 17 seconds Yeah. Delhi Metro you have secured the order already that sales job order is yet to come. 21:27 21 minutes, 27 seconds Okay. Okay. Uh and sir this is a big deal on the gross margin front day in this quarter. Is there any specific issue which you would like to highlight? 21:38 21 minutes, 38 seconds No you have done good job that's all margin is better. Okay. Okay. Thank you so much. 21:48 21 minutes, 48 seconds Thank you. Next question comes on the line of Parikut Kpal with HDSC securities. Please go ahead. 21:55 21 minutes, 55 seconds Hi sir. Congratulations on a great quarter. Uh sorry for interrupting Mr. Kpal. Uh can you speak a little louder? You're not audible. 22:04 22 minutes, 4 seconds Is it better now? Hello. Yes, please go ahead. 22:09 22 minutes, 9 seconds Yeah. Congratulations on a great contest. My first question is the pipeline of 70,000 crores which you have given. So does it include the parent 22:17 22 minutes, 17 seconds companies pipeline also or that will that be over and above this? 22:22 22 minutes, 22 seconds First of all, thank you for joining the con after so many conc calls. 22:26 22 minutes, 26 seconds for the long time I'm hearing your voice. Great to hear sir too also. Yeah. 22:32 22 minutes, 32 seconds Yeah. The 70,000 cr a number which is which includes uh few jobs in pipeline in terms of 22:40 22 minutes, 40 seconds tender we have submitted and some jobs which may come in our horizon. So what was the specific question 22:49 22 minutes, 49 seconds I was asking will this also cover the group group pipeline of uh or Yeah. Yes, it covers the group. 22:58 22 minutes, 58 seconds So, how how much will be that tight line like uh in this 70,000 cr? 23:02 23 minutes, 2 seconds Yeah. Yeah. I think group will be around 35 to 30 40% out of this. Yes. Yes. Yes. 23:10 23 minutes, 10 seconds And sir, uh I think uh the Niumbaya airport phase 2. So any plans then? I mean so how are you going to bid for that whenever it comes? So what's your 23:19 23 minutes, 19 seconds view there? Because I think it will be a large contract of more than 10,000 crores. So how are we placed for that? 23:26 23 minutes, 26 seconds Yeah, of course we'll beat for that and of course we want some other job from phase two as well. 23:33 23 minutes, 33 seconds Okay. And also within the group can you highlight I mean the PSP projects which group is planning to take which involves huge capex and it's kind of a marine in 23:42 23 minutes, 42 seconds nature. So are we looking for some projects in PSP or transmission side where the group has lot of exposure on renewable energy side. How are we 23:50 23 minutes, 50 seconds looking to tap into the EPC opportunity on the renewable side from the group? 23:56 23 minutes, 56 seconds Yes, there are uh huge opportunity from the group as you know but all this comes through competitive bidding and 24:04 24 minutes, 4 seconds negotiations and discussions. So yes, opportunities are there and we have to secure the way we secure outside external job. There is no special preference to us. 24:16 24 minutes, 16 seconds But any views on whether you will enter into the tower side of transmission or will you be limited to only civil like the job you did in Bangladesh? So will 24:24 24 minutes, 24 seconds it be like that only on the opportunity side on TND or are you looking to do manufacturing also on the TN side? 24:31 24 minutes, 31 seconds TN side Bangladesh if you see that is basically you have done the foundation part not the tower part. M so if if something comes like that it's 24:40 24 minutes, 40 seconds a big foundation job of course it will be there otherwise so far tower is not in our okay 24:48 24 minutes, 48 seconds okay just from the margins so I think some large projects and Ganga access got commissioned so and some other I think 24:56 24 minutes, 56 seconds good got commission so was there any LD reversals any like in the margins which looked like very robust on this 12% a 25:03 25 minutes, 3 seconds bit margin excluding other incomes so is it just that this quarter All these closures led to some reversals in ND or 25:10 25 minutes, 10 seconds this as a trend will now move from 10% odd on a a bit margin excluding other income to more like uh 11 12%. So is the 25:18 25 minutes, 18 seconds trajectory on the margin side becoming more positive. 25:22 25 minutes, 22 seconds Yeah, let me clarify this point. Udangi has done good better than the original estimated price but basically the margin 25:32 25 minutes, 32 seconds this quarter has come from few uh provisions which you have kept for few metro jobs and marine jobs which you 25:40 25 minutes, 40 seconds have to release. So jobs group got completed but this will not be a regular phenomena. It will be around 10 to 10.5% 25:49 25 minutes, 49 seconds going forward and in last quarter also we have booked some margin from the claims which you have received from the few of the clients 25:57 25 minutes, 57 seconds that is why yeah just the last question on the Chennai metro I think now the TVMs have done 26:05 26 minutes, 5 seconds their work I think you have had the breakthrough so what is the present order book left in that and when do you expect to complete this project 26:14 26 minutes, 14 seconds this project you So once you complete the TBM it goes at least 1 to one and a half year. So this will be going up to 26:23 26 minutes, 23 seconds end of 2027 or beginning of 2028. 26:27 26 minutes, 27 seconds And if you see in terms of the value around 40% job is still left out put together. 26:33 26 minutes, 33 seconds Okay. And stations are also in our scope in this station. Yes. Yes. Yes. 26:39 26 minutes, 39 seconds So about mid 28 you will complete this one. 26:42 26 minutes, 42 seconds Yes. and any other major opportunity coming on the metro. Thanks sir. I mean if you can give us some break up of the 70,000 I think you have said 30 35 to 26:51 26 minutes, 51 seconds 40% is from the group. So what will be the breakup segment wise of this prospect pipeline. 26:57 26 minutes, 57 seconds Hey, if you ask me that way um 27:08 27 minutes, 8 seconds elevated metro I'm ignoring now. Okay. 27:13 27 minutes, 13 seconds Uh basically tunnel which includes underground metro road tunnels and some 27:22 27 minutes, 22 seconds other tunnel is around one lakh cr. I mean that is the opportunity we have not immediate but total market size today 27:29 27 minutes, 29 seconds okay more than one lakh cr roads and highway also around close to one lakh cr market available 27:38 27 minutes, 38 seconds okay these are the main two segment roads highway where lot of emphasize given by the government there lot of 27:46 27 minutes, 46 seconds opportunities are available sure sir thank you for those are my Thank you. Thank you. 28:00 28 minutes Thank you. Next question comes from the line of Pajarang Pner with Sunidi Securities. Please go ahead. 28:09 28 minutes, 9 seconds Uh congratulations for uh very strong set of numbers sir. uh just to see that we are seeing globally you know the 28:16 28 minutes, 16 seconds prices of all uh whether it is crude or uh you know for that matter cement or steel everything the inflation is going 28:23 28 minutes, 23 seconds to be pretty high uh going into maybe Q1 and probably it could problem for uh some part of the year also so uh how do 28:32 28 minutes, 32 seconds we see you know margins under that trajectory do our contacts have the uh pass through closes across uh you know different projects that we are executing 28:40 28 minutes, 40 seconds right now so under that P parlance if you could guide us you know how the scenario is going to be at least in the foreseeable future maybe this quarter 28:48 28 minutes, 48 seconds and next quarter uh considering the the crude is expected to be at elevated levels that's my first question sir 28:58 28 minutes, 58 seconds okay we have to I mean we have to make it compartmental because the job what we have now some of 29:07 29 minutes, 7 seconds job we have got price agreed with the customer means if the price of any commodity goes up 29:15 29 minutes, 15 seconds they'll compensate for that it goes down we pay them back there are 30% I'm not very sure close to 30% jobs are under 29:23 29 minutes, 23 seconds that category there are other kind of job where escalations clauses are provided some part of the escalation of the cost will 29:32 29 minutes, 32 seconds be covered by the escalation cost provided and some where there is nothing available so these are the three 29:39 29 minutes, 39 seconds category job we have And we have to assess really that how much price of commodities goes up. Definitely there will be some effect of that because that 29:47 29 minutes, 47 seconds is beyond the normal escalation and that will have some effect in our margin. 29:53 29 minutes, 53 seconds Uh going forward for the future job we definitely will take care of those additional risk in our budget. So that should be taken care by the new price. 30:04 30 minutes, 4 seconds So you have to assess I mean exactly I don't have a number how much it will be affected but there will be some effect of course. Yeah. 30:12 30 minutes, 12 seconds Okay. So considering those effect is this 10% is something which is doable right assuming that these these scenarios will definitely persist. 30:22 30 minutes, 22 seconds I don't want to commit anything but definitely we'll try to achieve more than 10%. 30:28 30 minutes, 28 seconds Got it sir. And just one uh another thing now you see most of the states uh you know the the typical problem is that 30:35 30 minutes, 35 seconds this freebies which every state is adopting and with this elevated uh crude prices and all I think subsidy burden on the central government is also expected 30:43 30 minutes, 43 seconds to be high. Uh so how are you seeing the payments you know for our projects? Of course you are to some extent insulated 30:51 30 minutes, 51 seconds when you take ad projects and all and your risk pertains to that group only but beyond that you know how do you see that environment uh you know where uh 30:59 30 minutes, 59 seconds last one or maybe one and a half month where uh there is a significant pressure of the high crude prices on the government finances also. So what is 31:08 31 minutes, 8 seconds your sense or what are you reading in that and how do you see this year in terms of your order intake and and execution cycle because end of the day 31:16 31 minutes, 16 seconds uh the payment has to be there you know for you to execute well. So just some sense because since you are also connected to the government machinery and the largest group of the country 31:24 31 minutes, 24 seconds also so some guidance would be really valuable sir. Thank you. 31:30 31 minutes, 30 seconds Yeah, as far as payment from the government again you have to classify for which government which project you are working for normally based on our 31:38 31 minutes, 38 seconds experience if your bills are certified the payments are made within the time given in the contract there are items 31:45 31 minutes, 45 seconds which is not certified we have to wait you have to go for disute so that is a different part otherwise so far we are 31:53 31 minutes, 53 seconds working for defense we are working for railways we are working for CPWD even some state government project also the payments are so far okay and I don't 32:02 32 minutes, 2 seconds think it will affect much in going forward few few state have to be careful as you know that they are not rebootable 32:10 32 minutes, 10 seconds amount of treasury but otherwise federal government payments are all okay 32:17 32 minutes, 17 seconds and sir in terms of guidance anything that you want to talk about the order intake and the revenue uh guidance going 32:25 32 minutes, 25 seconds into FI27 uh any visibility that you would like to uh give us we can plan for something but it depends 32:34 32 minutes, 34 seconds upon there are opportunities are plenty but when those opportunity will mature to the convert to order that is a point 32:41 32 minutes, 41 seconds sometime you expect it in the first quarter you get it in the last quarter so all those factors are there but I think 20 to 25% growth is quite possible 32:50 32 minutes, 50 seconds in terms of top line good good great to hear that sir I think the now uh you know I I would really 32:59 32 minutes, 59 seconds appreciate you know one effort now now you are in the hands of one of the India's best group and and probably you 33:07 33 minutes, 7 seconds know has got the capability in terms of finance as well as securing orders and execution. all parameters. Now we have got a very high hope on this uh company 33:16 33 minutes, 16 seconds you know when it comes to the Indian infrastructure side you know we have seen L&T you know as one company and now the kind of bandwidth that this uh 33:24 33 minutes, 24 seconds company and the management and the finances is having sir please uh one s request from our side that we have got very high hopes from you right now uh 33:33 33 minutes, 33 seconds you know we have seen earlier same India which has come out of woods from 3 4% kind of margins to maybe 10% now you are working with India as one of the largest 33:41 33 minutes, 41 seconds group so our hopes that we don't want to see this 20 25% that we have seen even without this group. So we would like to see little higher you know in terms of 33:50 33 minutes, 50 seconds order intake and execution. So that is just a humble submission that now since you are in hands of the India's one of the best group and we would like to see 33:58 33 minutes, 58 seconds the uh the industryleading growth and the margins uh you know and the control balance on working capital from your side. So just humble submission and 34:06 34 minutes, 6 seconds that's all from my side and wish you all the very best for bright future sir. Thank you. Thank you. Thank you so much. 34:15 34 minutes, 15 seconds Thank you. Next question comes on the line of web of Sha with JM Financial. Please go ahead. 34:23 34 minutes, 23 seconds Yeah. Firstly on the margin side for the four cube. So can you quantify the amount of uh claims and provision 34:31 34 minutes, 31 seconds reversal for the quarter claims 150 crores? 34:39 34 minutes, 39 seconds Uh so for the for four Q what will be the number? 34:47 34 minutes, 47 seconds Quarter 4 Quarter 4 is the total claim which we have realized from one of the projects is that 100 cr. 34:56 34 minutes, 56 seconds Okay. And 150 for the entire year. 34:59 34 minutes, 59 seconds Yeah it is one time actually. It was a old claim which got realized during this quarter. 35:05 35 minutes, 5 seconds So it is yeah 150 for the whole year. Quarter 400. You're right. 35:10 35 minutes, 10 seconds Yeah. So 100 would be sitting in sitting where so other income is 92 crores. So part would be in other income and part would be in the reversal. How? 35:19 35 minutes, 19 seconds Yeah. So the breakup was like there was a major part was towards the interest which got reported as other income and the rest was towards the work which is a part of the revenue. 35:30 35 minutes, 30 seconds Okay. Okay. Uh and so secondly uh what would be the receivables from Bangladesh right now? 35:39 35 minutes, 39 seconds Bangladesh seasons are under control but exact number uh you have anybody you have I really have to check. 35:50 35 minutes, 50 seconds Okay sir in first quarter of this 127 uh what would be the order inflow we have received so far 3200 you mentioned 35:58 35 minutes, 58 seconds 3200 cr for one order apart from that uh have you received anything else or we are L1? 36:05 36 minutes, 5 seconds Uh we are L1 in one job at BPU 1,600 crores odd that order should come roughly 5,000 including L1 including L1 it should be 5,000 crores. 36:16 36 minutes, 16 seconds So L1 plus order inflow till date is 5,000 this year. Yes. Yes. So far yes. 36:24 36 minutes, 24 seconds Yeah. Okay. Answer any uh slowmoving project apart from Van in the order book? 36:31 36 minutes, 31 seconds Yeah. Badan is a slowmoving project. I don't think so. Apart from that? No, no, no. 36:38 36 minutes, 38 seconds Okay. So, lastly, one bookkeeping question. Uh, what would be the amount of mobilization advance as of March 26? 36:46 36 minutes, 46 seconds It's 1,400 cr. 36:50 36 minutes, 50 seconds And out of this, what would be interesting? 36:54 36 minutes, 54 seconds Uh, interest varying is uh I think around 10% of the total advances. Okay. 37:01 37 minutes, 1 second So, 90% is interest free. Yeah, 90% as of now as on today is interest free. 37:08 37 minutes, 8 seconds Okay, thank you sir. Those are my questions. 37:15 37 minutes, 15 seconds Thank you. Next question comes from the line of Nepur Kimka CD research. Please go ahead. 37:23 37 minutes, 23 seconds Hi sir, good morning. So, so my first question was what are the expectations for pat and pat margins for fi 27. 37:35 37 minutes, 35 seconds So we'll we'll try to maintain the same momentum same kind of margin. 37:43 37 minutes, 43 seconds Okay. Okay. Okay. And sir why was no dividend declared this year? 37:49 37 minutes, 49 seconds Uh yeah dividend was supposed to be declared but there is some delay in our process. Uh it is 37:57 37 minutes, 57 seconds there it will be declared very soon within few weeks it will be declared. Okay. Okay. Okay. That's it. That's it. 38:04 38 minutes, 4 seconds Thank you. 38:08 38 minutes, 8 seconds Thank you. Next question comes from the line of Dalpat Ma with Sun City Advisor. Please go ahead. 38:16 38 minutes, 16 seconds Yeah. Congrat for a good set of numbers. 38:20 38 minutes, 20 seconds Uh I just wanted to know what can revenue growth expected for next 3 to 5 years. 38:29 38 minutes, 29 seconds Well 3 to 5 years quite a long uh we should grow 38:36 38 minutes, 36 seconds now around 25% for another one or two years and then we see because now you know very high time going on for Indian infrastructure. 38:45 38 minutes, 45 seconds We really do not know how long it will continue. So up to 3 years is okay. But beyond that is difficult to predict but we we we wish to grow at the rate of 20 25%. 38:57 38 minutes, 57 seconds Okay. And is there any plan for fund raising in near future? 39:02 39 minutes, 2 seconds No, I think we are okay with the fund what we have. So there is no plan as yet. Okay. Thank you sir. 39:14 39 minutes, 14 seconds Thank you. Next question comes from the line of Vignesh Ayar with Sequent Investments. Please go ahead. 39:21 39 minutes, 21 seconds Uh hello. Uh thank you for the opportunity sir. Uh so uh sorry if the question is repetitive call late. Uh just one thing to 39:30 39 minutes, 30 seconds understand uh uh on the expense part since uh there is a lot of uh you know 39:37 39 minutes, 37 seconds on the raw material side especially we are seeing a lot of inflation uh inflationary impact coming in. Just 39:44 39 minutes, 44 seconds wanted to understand is our order uh are uh such that where cost explanation are 39:51 39 minutes, 51 seconds passed on uh or is uh or how is the arrangement or where do we take any part of the 39:59 39 minutes, 59 seconds sorry for interrupting uh your voice is breaking can you come in the range and talk 40:06 40 minutes, 6 seconds uh am I audible now hello yes you are please go ahead yeah yeah sorry uh so just wanted to understand the impact of the inflation 40:14 40 minutes, 14 seconds pressure on the raw material. Do we pass on the entire uh cost escalation or do 40:22 40 minutes, 22 seconds we take some part of the cost escalation hit on our books? 40:27 40 minutes, 27 seconds No, pass on means it depends upon the agreement what we have with your customer. I mean uh just I mentioned that in some agreement you are allowed 40:36 40 minutes, 36 seconds to pass on in some you are you are having some escalation clause available. 40:42 40 minutes, 42 seconds So part of the escalation is compensated by the escalation clause. In some you don't have anything totally depends upon 40:49 40 minutes, 49 seconds the terms and condition or you have but most of the time as you see that around 80% of the jobs are provided with the 40:57 40 minutes, 57 seconds clause high protect your inflation cost normal inflation clause not abnormal inflation clause that because of war and 41:04 41 minutes, 4 seconds all normally protect right got it got that's all from my side sir and all the best thank you 41:11 41 minutes, 11 seconds thank you thank Thank you. Next question comes from the line of Pin with Anand Dwati. 41:19 41 minutes, 19 seconds Please go ahead. 41:21 41 minutes, 21 seconds Uh thank you sir for giving me the opportunity again. So this question is with respect to VWA breakwater you know project. So I understand the technical 41:29 41 minutes, 29 seconds bit was open in October after that you know there has been no progress. So can you just give us a little insight you know of how or why you know this is getting delayed so you know are there 41:37 41 minutes, 37 seconds any permissions or something which is pending. 41:41 41 minutes, 41 seconds So it's totally up to the customer when they want to release it when they want to open it. Why they are delaying also not known to us. 41:48 41 minutes, 48 seconds Okay. Uh any security you know related you know uh like challenges or something like that. 41:56 41 minutes, 56 seconds No I think nothing is uh we have got no idea why it is getting delayed. 42:01 42 minutes, 1 second Okay. And so second with respect to you know the government has come up with Java mission 2 plan and we are seeing that the Rajasthan government has almost 42:10 42 minutes, 10 seconds come with a 10,000 cr of you know water supply projects you know. So how comfortable as a group now you know we are with respect to you know the jalgi 42:17 42 minutes, 17 seconds one or the water supply project and most of this project you know from the Rajasthan government is you know under the ham model so are we like looking 42:26 42 minutes, 26 seconds forward to you know bid for such kind of projects uh not really uh provided it is from the 42:33 42 minutes, 33 seconds group if they bid if they get then we'll be there as EPC contractors I mean we'll try to get the EPC contract job 42:40 42 minutes, 40 seconds okay but uh as a group are we you know after you know the J1 mission you know getting revived you know uh so uh do we as a you know group have a confidence 42:49 42 minutes, 49 seconds you know in the Jun mission anymore or would it be on a case to case basis this is totally different ball game it 42:57 42 minutes, 57 seconds doesn't depend upon the construction at all it depends upon the business model so what group is thinking and all not 43:06 43 minutes, 6 seconds Got it got it thank you sir Thank you ladies and gentlemen. That was 43:14 43 minutes, 14 seconds the last question for today. We have reached the end of question and answer session. I now hand the conference over to the management for closing comments. 43:23 43 minutes, 23 seconds Thank you everybody for joining this con and keeping faith on our ability. We hope you continue to do that. Meet you 43:32 43 minutes, 32 seconds again in the next corn call. Thank you very much. Thank you guys. 43:36 43 minutes, 36 seconds Thank you on behalf of SEM India Projects Limited. That concludes this conference. Thank you for joining us. You may now disconnect your name.