Deepak Builders & Engineers India Limited — Q4 FY26

Deep Industries Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=NRo8yQVBSSU Published: 1d ago

0:01 1 second Ladies and gentlemen, good day and welcome to the deep industry limited Q4 FY26 earning conference call. As a 0:10 10 seconds reminder, all participant lines will be a listen only mode and there will be an opportunity for you to ask question after the presentation concludes. Should 0:20 20 seconds you need assistance during the conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that 0:28 28 seconds this conference has been recorded. I now hand the conference over to Mr. Rohan Bara from Aryan Capital Market Limited. 0:35 35 seconds Thank you and over to you sir. 0:39 39 seconds Hello and good afternoon to everyone on the behalf of Aryan Capital Markets Limited. I thank you all for joining the 0:46 46 seconds call uh into the Q4 and FY6 earnings concurries. 0:52 52 seconds Today from management we have Mr. Paras Savla the chairman and managing director of the company, Mr. Rohan Sa the director finance and CFO of the company. 1:02 1 minute, 2 seconds So without any further delay I'll hand over the call to the management for their opening remarks. Over to you sir. 1:11 1 minute, 11 seconds Good morning everyone and thank you for joining us today to discuss our performance for the year ended 31st March 2026. 1:21 1 minute, 21 seconds We sincerely appreciate your continued interest and confidence in deep industries. 1:28 1 minute, 28 seconds I trust you have had the opportunity to review our financial results, press release and investor presentation which 1:36 1 minute, 36 seconds have been made available on the company website and stock exchanges. 1:41 1 minute, 41 seconds I am joined today with our director finance and CFO Mr. Rhan Sha who will take you through the financial performance for the year ended 31st March 2026 in detail after my remarks. 1:54 1 minute, 54 seconds Let me briefly take you through India's macroeconomic environment and the evolving dynamics of the energy sector. 2:02 2 minutes, 2 seconds The oil and gas sector is transitioning from a period of crisis management to a structural rebalancing. 2:10 2 minutes, 10 seconds by 2026 was dominated by the shock of state of almost closure. FI27 is expected to see a demand rebound as supply flows normalized. 2:22 2 minutes, 22 seconds According to current projections from EIA and OPEC, global oil demand to grow 2:28 2 minutes, 28 seconds by 1.6 million barrels per day in 2027, reaching a record high of 106.2 2:36 2 minutes, 36 seconds to 107.8 million barrels a day. Asia remains the primary driver of incremental demand, but the sentiment is one of energy security overhauls. 2:48 2 minutes, 48 seconds A massive push is expected in FI27 towards natural gas as a breach fuel. 2:55 2 minutes, 55 seconds India and China are aggressively expanding LG regification infrastructure to reduce reliance on volatile crude markets. 3:04 3 minutes, 4 seconds India has rationalized royalty rates for oil and gas companies under the oil fields regulation and development act to boost growth in the upstream sector. 3:15 3 minutes, 15 seconds Just this month May 2026 the government slashed royalty rates to attract global majors and incentivize domestic players like OMGC to tackle difficult fields. 3:27 3 minutes, 27 seconds Royalty is now calculated on wellhead price with a fixed deduction 15 to 20% removing the long-term long-standing 3:36 3 minutes, 36 seconds disputes over post production cost deductions. 3:40 3 minutes, 40 seconds This marks a new era for India's oil and gas sector by removing long-standing inconsistencies in the royalty framework to increase domestic production by FY27. 3:53 3 minutes, 53 seconds The Indian government has pivoted from a revenue sharing mindset to an exploration first strategy. 4:00 4 minutes The goal is to reverse the decadel long decline in crude production which dropped to 28.4 MMT in 202425 4:10 4 minutes, 10 seconds and hit the ambit ambitious target of reducing oil import dependency. 4:16 4 minutes, 16 seconds The government has launched special CBM rounds in 2025 and 2026. 4:23 4 minutes, 23 seconds These unconventional sources are expected to start feeding into the national gas grid by early 2027, particularly in the eastern states. 4:35 4 minutes, 35 seconds One of the most aggressive moves in the 2026 strategy is the shrinking of no go areas. Huge swaths of the Indian 4:45 4 minutes, 45 seconds exclusive economic zone that were previously restricted due to defense or environmental concerns. Nearly 1 million 4:52 4 minutes, 52 seconds square kilometer have been open for sesmic service and drilling. 4:58 4 minutes, 58 seconds One nation, one grid. The strategy isn't about bigging. It's about moving the product efficiently. 5:06 5 minutes, 6 seconds Unified pipeline tariff implemented to ensure that a factory in a remote area pays the same gas transport rate as one near a terminal. 5:16 5 minutes, 16 seconds This incentivizes ENTP companies by ensuring there is a steady national market for their gas. India's gas 5:24 5 minutes, 24 seconds pipeline network is crossing 25,000 kilometer in 2026 aiming to connect almost every state to the national grid by the end of FI27. 5:35 5 minutes, 35 seconds With the vision of our honorable prime minister Sri Narendra Modi GI for Atmanar Bat, country is actively 5:42 5 minutes, 42 seconds pursuing investments for its exploration and production sectors as a part of broader USD 500 billion opportunity in its energy infrastructure by 2030. 5:54 5 minutes, 54 seconds We are strategically positioned to capitalize on this opportunity, reinforcing our commitment to national energy security and long-term value creation. 6:05 6 minutes, 5 seconds Now I'll take you to the operational performance highlights and business momentum. 6:11 6 minutes, 11 seconds During FI26, Deep Industries continued to deliver consistent operational performance with a sharp focus on safety, execution 6:20 6 minutes, 20 seconds discipline, and asset reliability across all operating sites. Across our core service offerings, onshore drilling, 6:28 6 minutes, 28 seconds workover services, gas processing and production enhancement, asset utilization remained healthy during the quarter. 6:36 6 minutes, 36 seconds Continued policy thrust on expanding exploration acing gas infrastructure and N 6:45 6 minutes, 45 seconds is support integrated oil field services. Our order book remains robust, revolving 6:52 6 minutes, 52 seconds consistently over 3,000 cr providing multi-year revenue visibility and reinforcing confidence in our long-term growth outlook. 7:03 7 minutes, 3 seconds On the business updates with regards to Kunda Energy and Chemicals Limited, we had acquired the company under corporate insol insolveny and resolution process in March 2025. 7:14 7 minutes, 14 seconds The intent for this acquisition was to do a backward integration enabling the management to source the chemicals and 7:21 7 minutes, 21 seconds hydrocarbon fluids in house that was manufactured by Kandla. Kandla was eventually merged with Deep Industries Limited effective from 30th March 2026. 7:32 7 minutes, 32 seconds The appointed date of the scheme is 31st March 2025. 7:37 7 minutes, 37 seconds Following the acquisition of Kundla in March 2025, management adopted a conservative accounting approach regarding inherited 7:44 7 minutes, 44 seconds rate receivables. The company deferred the recognition of certain legacy receivable spending a full recoverability assessment. 7:54 7 minutes, 54 seconds We initiated a comprehensive 12- month reconciliation and recovery program to validate the collectibility of these old trade receivables. 8:04 8 minutes, 4 seconds After a year of intensive collection efforts and due diligence, it was determined that these old trade trade receivables do not meet our criteria for realization. 8:14 8 minutes, 14 seconds Consequently, to ensure a transparent and highquality balance sheet as a part of our balance sheet strengthening 8:21 8 minutes, 21 seconds exercise, the company has elected to write off these legacy trade receivables. 8:27 8 minutes, 27 seconds This non-recurring and non-cash adjustment reflects our commitment to financial discipline. 8:34 8 minutes, 34 seconds This has not impacted our core cash profitability in FI 2026. 8:40 8 minutes, 40 seconds Our net cash flow from the operating activities have been increased to rupees 270 cr in FI26 from rupees 210 cr in FI 2025. 8:52 8 minutes, 52 seconds In January 2026, a gas leak occurred during workover operations at Valley Well Mori 5 in Andhra Pradesh under our protection enhancement contract. 9:03 9 minutes, 3 seconds Our emergency protocols and robust safety systems enabled a swift response in close coordination with OMGC and 9:11 9 minutes, 11 seconds regularity authorities. The situation was fully contained within 5 days. We are pleased to report that there were no 9:18 9 minutes, 18 seconds injuries or loss of life. While the incident has resulted into a five to six month shift in our production 9:25 9 minutes, 25 seconds enhancement timeline, keeping safety as our highest priority, our focus remains on resuming production enhancement 9:32 9 minutes, 32 seconds operations and meeting our long-term output targets. 9:36 9 minutes, 36 seconds On strategic priorities with strengthened leadership team, the company is now packed for continued growth for operational excellence and 9:45 9 minutes, 45 seconds innovation. We are confident of sustainable growth in years to come by capturing new opportunities and deliver long-term value to our stakeholders. 9:55 9 minutes, 55 seconds In closing, we will continue our efforts on adopting best corporate governance and higher safety standards. Further, I 10:03 10 minutes, 3 seconds would like to show our gratitude towards our employees for their dedication and professionalism, our clients for their 10:10 10 minutes, 10 seconds continued trust and our partners for their collaboration. We also thank our investors for their ongoing support and confidence in these industries. 10:21 10 minutes, 21 seconds With that, I now invite Rowan to take you through the financial highlights for quarter 4 and FI26. Thank you. 10:34 10 minutes, 34 seconds Thank you Barazi. 10:36 10 minutes, 36 seconds Investor friends, thank you for joining the call today. Happy to share with you another excellent quarterly and fullear 10:44 10 minutes, 44 seconds performance of Deep Industries Limited reporting growth of more than 50% yearon-year. 10:51 10 minutes, 51 seconds All the comparisons are on year-on-year basis which would provide fair evaluation. 10:57 10 minutes, 57 seconds As already mentioned by Parasai under exceptional item we have taken write off of around 28 crores of Kandla legacy 11:06 11 minutes, 6 seconds trade receables after intensive recovery process. 11:10 11 minutes, 10 seconds However, the sage writeoff has not impacted our cash flows. 11:15 11 minutes, 15 seconds With regards to operational revenue for Q4 FY26, it has rose to rupees 248.7 cr up by 49% yearonear. 11:28 11 minutes, 28 seconds For fullear operating revenue jumped by 55% to 891 cr. Strong growth momentum in top 11:39 11 minutes, 39 seconds line comes from execution of our orders as well as consistent new order flows. 11:46 11 minutes, 46 seconds Control over costing and operational efficiencies have helped us post 71% year-on-year growth in AITA 11:54 11 minutes, 54 seconds to 106.85 85 cr in Q4 with AITA margin of 39% and for fular AITA has shown 12:02 12 minutes, 2 seconds growth of 44% to 424.82 cr. 12:10 12 minutes, 10 seconds Net profit for the four fourth quarter excluding one time exception item net of 12:16 12 minutes, 16 seconds tax was at rupees 148.6 6 cr and for fular net profit excluding onetime exception item net of tax stood at 12:25 12 minutes, 25 seconds rupees 352.9 crash profit for the year stood at rupes 442 12:34 12 minutes, 34 seconds cr with cash profit margin of 46%. 12:39 12 minutes, 39 seconds Our return ratios have also improved significantly in this year our adjusted roe reached to 21.8% 8% and adjusted ROC has reached to 19.2%. 12:53 12 minutes, 53 seconds Our debt to AITA ratio has improved and remained very strong at 0.48. 12:59 12 minutes, 59 seconds Our order book consistently revolving at 3,000 plus K gives us a clear visibility of growth in coming years. 13:07 13 minutes, 7 seconds Through strategic diversification and expanded overseas operations, we have successfully reduced our single client 13:14 13 minutes, 14 seconds dependence to below 40% of total operating revenue. 13:20 13 minutes, 20 seconds As we look ahead to FY27, Deep Industries is well positioned for bright and promising future with excellent 13:28 13 minutes, 28 seconds growth building our strong performance in recent years. We are confident in our ability to maintain this project this 13:37 13 minutes, 37 seconds positive trajectory. As far as said, our success is driven by a solid foundation and operational excellence. A sharp 13:46 13 minutes, 46 seconds focus on cost optimization and statefast commitment to innovation. 13:52 13 minutes, 52 seconds This strength enable us to seize new opportunities as they arise in the energy sector. 13:58 13 minutes, 58 seconds With this, I now open the forum for question and answer. Thank you. 14:04 14 minutes, 4 seconds Thank you. We'll now begin the question and answer session. Anyone who wishes to ask question may press star and one to ask question. 14:16 14 minutes, 16 seconds If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use answered while asking a question. Ladies 14:25 14 minutes, 25 seconds and gentlemen, we'll wait for a moment while the question Q assemble. 14:30 14 minutes, 30 seconds The first question is from the line of sutura from beta family. Please go ahead. 14:36 14 minutes, 36 seconds Yeah. Paras by Ron. Congratulation to all the uh deep management for the excellent show for the FY20 14:44 14 minutes, 44 seconds uh six uh and also uh for the taking the or trimming the balance sheet 14:52 14 minutes, 52 seconds uh and you know making it uh uh very light. 15:00 15 minutes Hello. Am I Yeah. See my questions are the whether all the receivables are written off or still legacy uh 15:09 15 minutes, 9 seconds letters are still pending and if it is pending uh what are your views why it has been not been written off? 15:18 15 minutes, 18 seconds So we have written off all uh old trade receables of Kangla energy. uh with our uh extensive effort of recoverability we 15:28 15 minutes, 28 seconds uh decided that uh it is not recoverable anymore and so we decided to write off those old trade receivables of Kanda. 15:36 15 minutes, 36 seconds With regards to uh other legacy trade receivables of Dolphin, we have kept them uh outstanding in our books 15:44 15 minutes, 44 seconds considering the arbitration awards received in our favor. So out of total 160 crores of Dolphin Group trade 15:53 15 minutes, 53 seconds receivables uh we have a good amount of arbitration award in our favor and considering that as well as the client 16:01 16 minutes, 1 second relationship uh we are very optimistic on recovering all those trade receivables and that's how we have kept them outstanding. 16:10 16 minutes, 10 seconds Oh, so if you remove that uh legacy uh receivables of all field then our 16:17 16 minutes, 17 seconds that are quite lower right much lower than what? 16:23 16 minutes, 23 seconds Yeah. And sir uh with the kind of order books we have. So what kind of growth do you project for next two years like FI27 and FI 28? 16:35 16 minutes, 35 seconds With the current trend that is going on uh we are quite optimistic. uh that the this pedigree of growth that has been 16:42 16 minutes, 42 seconds witnessed in past few years should keep continuing but our sense is that it could be u more than 25 to 30%. 16:53 16 minutes, 53 seconds Oh great so that still on the higher base it will continue will continue to grow at healthy pace. 17:00 17 minutes Yes. Uh so that means uh that FI28 can we you know see a profit of maybe 450 or 17:08 17 minutes, 8 seconds 500 kind of uh is it possible? uh so with the growing trajectory um I don't 17:15 17 minutes, 15 seconds see that uh uh to be a to be an issue or to be a concern because uh the growth is 17:22 17 minutes, 22 seconds already been demonstrated for past few years and with uh you know the current uh with the current situation that has 17:30 17 minutes, 30 seconds arisen in relation to the crude oil I think India has put a lot of focus on drilling activities and trying to 17:37 17 minutes, 37 seconds produce more of oil and gas definitely this will enhance our business opportunities and uh keeping that in mind I think that could be quite possible. 17:48 17 minutes, 48 seconds Oh great and sir last question uh now recently government has come out with the coal gasification scheme. So do we 17:56 17 minutes, 56 seconds qualify for that? Do we have a technology for coal gasification or it is like the uh can we are planning to 18:05 18 minutes, 5 seconds venture into this uh there are various area various areas where companies actively looking into 18:12 18 minutes, 12 seconds it. One of that as we had already mentioned earlier that we were exploring the possibilities of green hydrogen project. Having said that coal 18:20 18 minutes, 20 seconds gasification geothermal is something that is aligning to our business activity. So going forward we might uh 18:28 18 minutes, 28 seconds so we are already started looking into it and at an approach we may look into this uh with a strong commitment as we go forward. 18:39 18 minutes, 39 seconds Great. Great. And if you allow the last question uh so now the there is a delay in production enhancement scheme. So 18:48 18 minutes, 48 seconds then will you trim down the projection or you are still that whatever target you have set for FI27 that will be achieved for production sharing uh contract. 18:58 18 minutes, 58 seconds So as I mentioned because of uh the incident that took place our activities have been a bit delayed for a quarter or 19:05 19 minutes, 5 seconds two once we I think we should be regularizing maybe a month or two maybe more but going forward uh these numbers 19:15 19 minutes, 15 seconds or the projections that what we have uh should come around maybe it will have an impact of maximum as I mentioned one or two quarters but everything else is just intact. 19:25 19 minutes, 25 seconds Great, great. Thank you very much and all the best. Thank you. 19:31 19 minutes, 31 seconds Thank you. The next question is from the line of Manancha from Manibi. Please go ahead. 19:39 19 minutes, 39 seconds Uh yeah. Hi, thank you for the opportunity and congratulations for good set of numbers. Uh my first question was on Dolphin. So in this quarter we have 19:47 19 minutes, 47 seconds seen a spike in the revenues of Dolphin as well as on the extent side. So uh can you provide some light of what has 19:55 19 minutes, 55 seconds transpired in Dolphin in the current quarter? 20:00 20 minutes Yeah. So uh in Dolphin uh we had a good quarter in terms of revenue. So our uh 20:08 20 minutes, 8 seconds revenue has uh jumped up and uh along with it uh it was uh some expenditure has also been uh risen. So there was one 20:17 20 minutes, 17 seconds uh opportunity ongoing uh where we had some uh higher rates in between uh the contract and so with that higher rates 20:26 20 minutes, 26 seconds with gross revenue the expenditure was also uh rose to the extent. Mhm. 20:34 20 minutes, 34 seconds Like compared results to the December quarter where we were having net of expense revenue and margins the 20:41 20 minutes, 41 seconds profitability was much healthier. So I mean taking this opportunity uh overall our profitability was 20:49 20 minutes, 49 seconds impacted rather than uh being uh you know positively impacted. 20:56 20 minutes, 56 seconds Yeah. Yeah. So overall profitability uh in terms of actual profit would remain intact. Uh probably in terms of 21:04 21 minutes, 4 seconds margin you will have seen a little decline but if you look from actual profit perspective it would be in line. 21:12 21 minutes, 12 seconds Okay. Okay. Uh my second question was uh in terms of the in the presentation we are talking of getting into uh higher uh 21:20 21 minutes, 20 seconds HP drilling rigs. I believe you're talking about 2,000 HP. We have tried this earlier through also via a JV. Uh 21:29 21 minutes, 29 seconds so so so is this the same opportunity that we are again reexploring and uh what what gives you the confidence of qualifying this time? 21:40 21 minutes, 40 seconds So these standards have been coming in the past but we believe that as we go forward the kind of inquiries that could 21:48 21 minutes, 48 seconds be floated from uh our clients would be much in higher much higher in numbers and uh we are sure with the 21:56 21 minutes, 56 seconds qualification we would surely qualify for the same. 22:00 22 minutes Okay. So this time we'll be doing it by ourselves or again we are going to be doing it via JV. Of course it would be via JV. 22:09 22 minutes, 9 seconds Okay. And what is the current bit bid pipeline? Uh it's close to around 5600 or above. 22:17 22 minutes, 17 seconds Okay. Um the next question was on the PC uh contract. So um there has been a stop production order given by the uh APCB 22:26 22 minutes, 26 seconds over there on the modifi well. So I wanted to understand whether the enhancement of production in this 22:33 22 minutes, 33 seconds particular um was how how critical was Mori 5 in that entire plan and uh how do 22:40 22 minutes, 40 seconds we plan to then you know get around this uh stop production order over there. 22:45 22 minutes, 45 seconds So this stop production order was given only for this particular well which is already in a question. So we have already u we have already shut off this 22:54 22 minutes, 54 seconds well for now for all the compliance and regulatory uh matters. Uh in short span of time we may try to u you know keep 23:02 23 minutes, 2 seconds this well activate but that is again in the in the eventuality or in the passage of some time. So it is difficult for us to really comment on this but buying 23:11 23 minutes, 11 seconds this stock order this restricted only to that particular well all our other activities related to other wells and uh 23:19 23 minutes, 19 seconds the areas for gas production they are completely intact and we are still producing gas and we are selling the gas. Okay. So despite the stock 23:27 23 minutes, 27 seconds production for this particular well, we are still confident that uh once the operations commence, we should be able to get to that run rate of 120 to 150 odd cres from this particular contract. 23:38 23 minutes, 38 seconds Yes. Yes. 23:40 23 minutes, 40 seconds So we are already doing uh uh some amount of I mean a reasonable amount of gas production but as I mentioned there 23:47 23 minutes, 47 seconds is a gap of around one or two quarters for you know the equipments to be hired and put back production. So once we have 23:55 23 minutes, 55 seconds that it will again regain to what our original projections were. 23:59 23 minutes, 59 seconds Okay. Uh my next question was on that uh one of our rig was damaged uh uh I believe the workover rig and uh uh 24:08 24 minutes, 8 seconds because of that we had enforced a force measure and then we were not able to participate in the workover contract. So 24:16 24 minutes, 16 seconds any update over there? Uh are we now able to participate in in the new walkover rig contracts? 24:23 24 minutes, 23 seconds The both the the fire incident or or sorry or the incident of the rig that was damaged is a separate issue but uh 24:31 24 minutes, 31 seconds but those matters are currently under uh active uh consideration and uh they are going through uh the formalities. So we 24:39 24 minutes, 39 seconds are very confident that in short passage of time we'll have that car coming in. 24:44 24 minutes, 44 seconds Okay, understood. And my last question is on the overall order book. Uh you gave a very good overall macro picture, 24:52 24 minutes, 52 seconds but when should we see that translating into incremental order flow for the because uh our order book has stagnated 25:00 25 minutes at around this 3,000 cr or level for the past uh four five quarters. So when can we see uh the macro uh demand finally 25:10 25 minutes, 10 seconds translating into uh orders and which sector which of the various uh uh works that we do whether it is drilling or gas 25:18 25 minutes, 18 seconds compression or gas dehydration or the gas processing where do you see the potential out of all these sectors? 25:25 25 minutes, 25 seconds You would have seen these last four or five quarters there was a significant amount of the major order that was coming out through the way of PC. So if 25:34 25 minutes, 34 seconds you see even if that considering that 3,000 cr of order though the kind of implementation or the kind of exhibition 25:42 25 minutes, 42 seconds that is done that has again remained stable. So which means there has been an active flow of orders that have come and that's how the order book has remained 25:49 25 minutes, 49 seconds same but having said that there are new pieces also coming up and as I also mentioned the new opportunities of the higher capacity rigs and all that put 25:58 25 minutes, 58 seconds together will definitely give an indication of higher order book. So maybe in some quarter or 26:06 26 minutes, 6 seconds two you would see that numbers also coming uh quite above to what the current levels are. 26:14 26 minutes, 14 seconds Okay. Sure. I'll get back in the queue. Thanks. 26:20 26 minutes, 20 seconds Thank you. A reminder to all participants please restrict yourself to two question. 26:28 26 minutes, 28 seconds The next question is from the line of manan Mandur from Worldport Fund Management. Please go ahead. 26:37 26 minutes, 37 seconds Yes. Am I audible? Yes sir. 26:41 26 minutes, 41 seconds Yeah. Thank you so much and congratulations to the team. I had three questions sir. Out of the bid pipeline 26:47 26 minutes, 47 seconds that we have of 500 to 600 crores, does this also include PC and if not then how are we looking towards more of PC contracts? 26:57 26 minutes, 57 seconds So this 500 to 600 cr bidding pipeline uh is consisting of bids already 27:03 27 minutes, 3 seconds submitted. Uh with regards to PC uh one recent tender has came up which is yet to bid and so to answer to your question 27:12 27 minutes, 12 seconds PC is not included in this bidding pipeline. 27:16 27 minutes, 16 seconds Okay. And that recent tender sir how much could that be and who was the competition for us? So as of now it is 27:24 27 minutes, 24 seconds it has just uh came last week only. So we are just evaluating. So in terms of value probably we will not be able to 27:31 27 minutes, 31 seconds quantify as of now. But yeah we stands very good chance uh as we are uh quite 27:39 27 minutes, 39 seconds capable of executing this kind of contracts with uh in-house assets and expertise and uh tender is also for 15 years. 27:51 27 minutes, 51 seconds Okay sir. Got it. Thank you. And sir, just two more questions. Sir, do we hedge against the dollar for all of our contracts otherwise like you know it 28:00 28 minutes would become beneficial for us if the INR depreciates. Do we do that? 28:05 28 minutes, 5 seconds So uh no we do not hedge because uh rupee is constantly depreciating. So at the end of day it is in our interest and 28:13 28 minutes, 13 seconds so we have kept those dollar receivable position open. 28:18 28 minutes, 18 seconds Okay that is really great to hear and just last question. So does the price of crude oil affect our order book in different segments like dehydration, 28:26 28 minutes, 26 seconds compression, PC? Because our PC contracts are linked with crude oil production. So I think the last PC 28:32 28 minutes, 32 seconds contract that we took of OMGC it was around $1,400 crores or something and that I'm assuming the crude oil our 28:41 28 minutes, 41 seconds realization we would have taken at $70 or something. So now it is 100. I understand it can come back down but 28:48 28 minutes, 48 seconds overall let's say you know this keeps on hovering 90 80 or whatever it increases so does that also affect our order book 28:56 28 minutes, 56 seconds and increase our PC order book yes definitely because uh in PC uh we 29:02 29 minutes, 2 seconds are having a free gas price mechanism and as you rightly said uh with increase in gas price this order book can increase uh upward. 29:12 29 minutes, 12 seconds uh with regards to the first question of crude oil impact. So other than PEC in our services business, we do not have any direct impacts of crude oil price. 29:24 29 minutes, 24 seconds But yes, sentiment definitely helps us in increasing the demand of services. 29:30 29 minutes, 30 seconds Okay. So gas prices help us not crude oil prices. Correct? 29:34 29 minutes, 34 seconds Both in a way because our drilling rig uh drills well for both oil and gas. 29:42 29 minutes, 42 seconds Okay. 29:45 29 minutes, 45 seconds Understood. Understood. And just a clarification last thing not a question sir. One of the previous participant asked around FI27 tax could be around 29:54 29 minutes, 54 seconds 400 cr plus. So just a clarification that did I hear it right or wrong? 30:02 30 minutes, 2 seconds Yeah. Yeah. So I think uh the earlier participant was asking about FI28 but uh the way we are growing uh we are 30:11 30 minutes, 11 seconds quite optimistic to grow uh around 25 30% yearon year even in 27 28 as well. 30:20 30 minutes, 20 seconds Okay. Understood. Understood. Thank you so much sir. That's it from my side. All the best. Thank you. 30:27 30 minutes, 27 seconds Thank you. The next question is from the line of Harisha from Seven Rivers. Please go ahead. 30:39 30 minutes, 39 seconds Hello. Yeah. Uh yeah, good morning sir. 30:41 30 minutes, 41 seconds Uh so just following back on Dolphin Offshore uh while our revenue has grown up uh sequentially from 30 to 45 crores 30:51 30 minutes, 51 seconds in absolute terms has also come down significantly from 22 to 12 crores. So I mean if you can clarify a bit on that 30:58 30 minutes, 58 seconds because other expense as at 16 cr is significantly higher. So is there any one-off in this quarter? Have we 31:06 31 minutes, 6 seconds preloaded any expenses which is this is not expected to in uh recur in subsequent years? How should how should we look at aa for dolphin now? 31:16 31 minutes, 16 seconds Yes. So uh with regards to Q4 uh we had one uh oneoff item of uh ECL which is 31:24 31 minutes, 24 seconds expected great loss provisioning of around uh 10 CR and I think that uh is oneoff item. If you will exclude that then uh margins are in parity. 31:38 31 minutes, 38 seconds Okay. Okay. So even if we exclude that our AIDA is at 22 cr. Now now revenue has gone up from 30 to 45 but Aida has 31:46 31 minutes, 46 seconds remained at 22 cr. So so what explains that? 31:50 31 minutes, 50 seconds So yeah uh as I said earlier uh there was one uh opportunity where we had charged the gross rate instead of net 31:59 31 minutes, 59 seconds and in that uh our uh revenue was higher but parallelly expenses were also higher to some extent in some of time period uh 32:08 32 minutes, 8 seconds during Q4 and I think that impact is appearing otherwise on absolute number basis they are intact. 32:17 32 minutes, 17 seconds No, but at at if at at 30 cr we did 22 cr raid da that incremental 15 cr revenue should have fetched some profit right 3 4 cr even if the expenses were high correct. 32:28 32 minutes, 28 seconds So no so see at the end of day you are dealing with an equipment which needs uh repairing uh over a period of time or 32:37 32 minutes, 37 seconds within the contract period there are some uh breakdown or repairing works coming on and off. So for us probably we 32:47 32 minutes, 47 seconds always believe that our uh performance should be evaluated year-on-year basis not on quarter on quarter because it may happens that in one quarter you have 32:55 32 minutes, 55 seconds higher repairing expenditure in one quarter you have a very low repairing expenditure and all and so uh ideally 33:03 33 minutes, 3 seconds for my business in terms of charter hiring uh I think yearon-year evaluation is more uh effective. 33:11 33 minutes, 11 seconds Fair enough. Fair enough. And so we did revenue of almost 900 cr and from what I believe our order info for the year was 33:18 33 minutes, 18 seconds somewhere around 950 cr. Now since we're guiding 25% kind of a revenue growth which comes to roughly around 1100 cr we 33:26 33 minutes, 26 seconds expect corresponding increase in the order of book inflow as well. So just to keep that rolling revenue visibility intact. 33:35 33 minutes, 35 seconds Yes. So we are expecting some good amount of order to come in in current financial year. I think uh Parasai was 33:43 33 minutes, 43 seconds just mentioning about higher capacity drilling rigs and new PEC contracts and all. So uh the uh order inflow or I 33:52 33 minutes, 52 seconds would say uh bidding is uh exceptionally increasing uh well and uh we are hopeful 34:02 34 minutes, 2 seconds optimistic that this order book will also improve quite a good from this number. 34:10 34 minutes, 10 seconds And sir, how how do we expect the mix to change going ahead? Are we bidding more for uh uh gas processing or more for 34:17 34 minutes, 17 seconds drilling or it will be more on the IPM side? 34:21 34 minutes, 21 seconds As a matter of fact, uh we would try to bid as opportunity comes within our focus sector. So it is very difficult to 34:29 34 minutes, 29 seconds identify that which vertical or which sector would be doing how much as we speak as we speak to us. I think every 34:36 34 minutes, 36 seconds sector in the se in an oil and gas business is growing in more or less the same symmetry. So uh so I think we have 34:46 34 minutes, 46 seconds to still wait and uh see how the numbers are getting uh uh you know numbers are going to reflect or in the order in the 34:53 34 minutes, 53 seconds order book. So, so we it's just the order book that we have to keep watching and then probably maybe at the end of the year we can make some assessment on which uh sector did how much. 35:06 35 minutes, 6 seconds Got it. Got it. Thank you so much sir. 35:10 35 minutes, 10 seconds Thank you. The next question is from the line of Sanesa from KSA Securities. Please go ahead. 35:17 35 minutes, 17 seconds Good morning gentlemen and congrats on great set of number. My uh question was regarding how much operating leverage is 35:24 35 minutes, 24 seconds still available from the existing asset before any next major capex cycle. 35:32 35 minutes, 32 seconds So with regards to rig segment uh our assets are 100% utilized and so uh with 35:40 35 minutes, 40 seconds uh any new order coming in we'll have to do cex of uh new rig. With regards to gas processing segment we have uh still 35:49 35 minutes, 49 seconds uh availability of around 12 15%. So till that extent we may use our uh available fleet and post that we'll have to go for KEX. 36:01 36 minutes, 1 second So what is the management top three strategic priorities for next three years? 36:10 36 minutes, 10 seconds So if we uh talk about top three priorities uh of course PEC is one uh second priority for us is uh higher 36:19 36 minutes, 19 seconds capacity drilling rigs and third priority definitely to add fleet into offshore segment as well. So largely 36:26 36 minutes, 26 seconds these three sectors or three priorities we are working on for coming year. 36:33 36 minutes, 33 seconds So sir uh what is the road map of uh dolphin offshore uh and our international subsidiary means uh offshore opportunity pipeline in India 36:42 36 minutes, 42 seconds and overseas. How large is the current market opportunity for offshore market is uh huge and 36:51 36 minutes, 51 seconds opportunities are great but we have been selective and uh picking up the 36:58 36 minutes, 58 seconds opportunity because we have just entered into offshore segment with one uh asset only and we wish to add this fleet to uh 37:07 37 minutes, 7 seconds further assets uh one by one. So we would be going watchful and uh selective while uh taking those opportunities 37:16 37 minutes, 16 seconds having said so in market opportunities are immense. 37:22 37 minutes, 22 seconds So have we finalized on any capex or guidelines for next three years what we need and in which vertical we need to do that? 37:31 37 minutes, 31 seconds Yeah. So with regard to capeex uh we are doing capeex of around 150 crores under PEC this year and we would be adding few 37:40 37 minutes, 40 seconds more assets uh under rig segment and gas processing segment as well. So more or less uh uh for this year we are 37:49 37 minutes, 49 seconds targeting to have capex of around 300 crores and uh if we'll be able to achieve some good uh orders in offshore 37:57 37 minutes, 57 seconds segment then this capeex can increase further that's great sir very helpful thank you very much and best of luck 38:05 38 minutes, 5 seconds thank you thank you the next question is from the line of dishil Javiri from crown capital 38:13 38 minutes, 13 seconds please go ahead Uh hello uh good evening good morning for taking the question uh firstly 38:21 38 minutes, 21 seconds congratulations on a great set of results sir hopefully I'm audible yes yeah hi sir sir for first question sir 38:29 38 minutes, 29 seconds sir all the write offs from kandla we've taken right like there's nothing else left for us to take in kanda right or 38:37 38 minutes, 37 seconds any like other write offs okay okay fair okay okay fair enough sir 38:42 38 minutes, 42 seconds and so I just wanted to know that uh so uh going forward like our how do you see 38:50 38 minutes, 50 seconds our IITa margins like our revenue you've given a very good guidance of 25 30% growth right so in terms of iittita how 38:58 38 minutes, 58 seconds do you see that sir how do you see that growing right now so ITA would be remain uh on growth 39:06 39 minutes, 6 seconds trajectory only and uh probably what we believe is uh we should be able to maintain a beta of 44 45% year on year. 39:16 39 minutes, 16 seconds It may uh vary one or 2% here and there but uh no major movement. 39:23 39 minutes, 23 seconds Okay. Okay. Okay. Fair enough sir. Fair enough sir. And so I just wanted to know like when we are planning for another 39:29 39 minutes, 29 seconds 150 K of gas and big segment so what is the revenue potential from that? Like I wanted to understand like in terms of do 39:37 39 minutes, 37 seconds we are we planning for a bigger round of massive capex or something like a dolphin acquisition that we did. So are we planning to you know go for something 39:46 39 minutes, 46 seconds like that or the or what is the you know potential from the current capex sir? 39:53 39 minutes, 53 seconds No. So the capeex of another 150 is pertaining primarily to uh the equipments majorly rigs and gas 40:01 40 minutes, 1 second processing units uh which we believe uh we'll be able to secure orders. I uh for 40:09 40 minutes, 9 seconds gas processing uh we are eyeing on one tender which we have already bidded. We may get some good order in coming 40:18 40 minutes, 18 seconds months. So uh based on the bidding which we have done we have estimated that around 150 cr kind of capex we may have to incur on getting award of those bits. 40:31 40 minutes, 31 seconds Uh okay. Uh fair fair enough sir. And sir just like uh on an overall basis 40:39 40 minutes, 39 seconds like I think on a subsidiaries like from Kandla and the green hydrogen what do you feel that potential can be right now 40:46 40 minutes, 46 seconds sir for us like any kind of traction that you're getting or what is the plan with that part of this business sir? 40:53 40 minutes, 53 seconds Yeah so green hydrogen we have just entered anou and we have started exploring opportunity. So it would be little early to comment on the size of 41:03 41 minutes, 3 seconds opportunity. So we have just uh tried to add one more vertical as a part of our 41:09 41 minutes, 9 seconds diversification exercise and uh we would be probably in uh two quarters or two 41:17 41 minutes, 17 seconds three quarters we may have some substantial uh numbers or facts to 41:24 41 minutes, 24 seconds discuss about that. Uh with regards to Dolphin, of course, uh we are bullish and eyeing on opportunities. 41:33 41 minutes, 33 seconds So we may add uh a few more assets in the fleet. 41:38 41 minutes, 38 seconds Okay. Oh, fair enough. And so just last question from Mayans in our business, is there some seasonality or is it very you know constant revenue like type of like 41:46 41 minutes, 46 seconds because so how do we see H1 like because of the war or something? Is there like you know possibility of some contract getting delayed or some execution or you 41:54 41 minutes, 54 seconds know how does that work sir? Like so in terms of like H1, H2 like it will be similar or how does it go for it? So 42:02 42 minutes, 2 seconds yeah. Yeah. For our services business I think there is no similar uh seasonality. 42:09 42 minutes, 9 seconds Okay. So Q1 can be similar to Q4 like in general. 42:14 42 minutes, 14 seconds Yeah. Yeah. So uh I for us um our services are 24 by7 365 days. So there 42:23 42 minutes, 23 seconds is no seasonal effect into it. So almost uh you can say it would be consistently in same pair. 42:32 42 minutes, 32 seconds Okay. Fair fair enough. That's it from my side. Thank you so much sir. Thank you. 42:37 42 minutes, 37 seconds Thank you. A reminder to all participants please restrict yourself to two question. The next question is from the line of Pankage from Access Capital. 42:46 42 minutes, 46 seconds Please go ahead. 42:47 42 minutes, 47 seconds Yeah. A very good morning and uh uh uh thank thanks for all the great results. 42:52 42 minutes, 52 seconds Lots of congratulations for that. I have some very quick basic questions. I can on on the P&L side I can see a tax expense of a negative number. Is it 43:00 43 minutes because of the data written off which we have done for that 28 odd crores or is it something else? Uh whatever it is is there a benefit which is expected to 43:08 43 minutes, 8 seconds acrew to continue to acrew in exponential year also. 43:14 43 minutes, 14 seconds Yeah. So that reversal is pertaining to that uh data reversal and uh it is linked with that exceptional item. 43:22 43 minutes, 22 seconds Okay. And in continuation to one response you actually give for you exploring the uh the higher capacity drilling ds is there some apex also 43:32 43 minutes, 32 seconds which possibly will be kind of coming as part of that if yes we have some idea on the quantum and uh is there some funding plan which we have thought about that? 43:42 43 minutes, 42 seconds So yes uh if we'll uh be able to secure 2,000 horsing rig contract we'll have to go for uh new rig and uh capeex would 43:52 43 minutes, 52 seconds definitely be there. So uh our primary estimate is uh the rig can be of around 43:59 43 minutes, 59 seconds 100 cr or 100 to 120 cr but that depends on uh the availability of equipment as well. 44:09 44 minutes, 9 seconds And so you plan to fund this through internal approvals or you plan to do something else as part of that? Yeah, internal approval and debt. 44:17 44 minutes, 17 seconds Okay. And uh my last question is that out of 3,000 odd cr order book, how much is likely to get executed executed in FI27, sir? 44:28 44 minutes, 28 seconds So uh this 3,000 cr order book consists of one 15-year contract and rest of the contracts are uh on an average uh life of 2 and a half years. 44:39 44 minutes, 39 seconds So uh I would say uh more more than 800 kind of uh orders would be executed for 44:48 44 minutes, 48 seconds this financial year out of this 3,000 cr and uh rest we are expecting some good numbers to add in which will contribute 44:56 44 minutes, 56 seconds further. Okay, that's great. Sorry, taking a liberty of asking last question. One more one more last question on the working capital side on 45:03 45 minutes, 3 seconds the data. Uh we have seen a significant improvement. I assume this has nothing to do with that 2008 odd return off 45:10 45 minutes, 10 seconds which we have done. Uh irrespective so uh is there a plan to kind of do some more stuff on that site so as to bring 45:17 45 minutes, 17 seconds it to a reasonable level of say 90 odd days? 45:22 45 minutes, 22 seconds Yeah. So it has improved uh definitely with one write off because those old trade receivables were unnecessarily uh showing my working capital cycle large. 45:32 45 minutes, 32 seconds Uh with regards to another uh some 160 odd crores of old trade receivables, 45:40 45 minutes, 40 seconds they are still there in uh the trade receivables but for them we are very much optimistic of recovery and so we 45:47 45 minutes, 47 seconds have kept them uh in those receivables but there is no possibility of uh provision that bad that kind of stuff 45:55 45 minutes, 55 seconds out of those numbers right? No, as of now we have a fair amount of visibility because of uh some arbitration awards 46:02 46 minutes, 2 seconds already received in our sphere and so uh we believe that we'll have a good amount of recovery out of those. 46:11 46 minutes, 11 seconds Thanks a lot for all the answers uh and all the best for your future endeavors. 46:19 46 minutes, 19 seconds Thank you. The next question is from the line of Rohan Ma Strategy. Please go ahead. Hi sir, thank you. Am I audible? 46:28 46 minutes, 28 seconds Yes sir. 46:29 46 minutes, 29 seconds Uh first of all uh let me compare Dolphin offshore year on year. Can you give me a revenue trajectory and margin profile year on year rather than just 46:38 46 minutes, 38 seconds comparing quarter on quarter? I'm asking for a guidance for the FI27. 46:44 46 minutes, 44 seconds Yeah. So uh on revenue front uh we believe uh if we'll be able to secure 46:50 46 minutes, 50 seconds additional assets then it will uh grow way high. But with the single assets which we are already operating, we are 46:58 46 minutes, 58 seconds expecting topline of around 150 cr uh from this financial year and uh the current FY27 with EITA of almost 60%. 47:11 47 minutes, 11 seconds Perfect. And the second is a bookkeeping question. So our loan to subsidiaries has gone up considerably. Any light that you can throw on that and will that remain that way? 47:21 47 minutes, 21 seconds Yeah. So that uh would going to reduce it because the large chunk has been given to Dolphin uh for uh setting up 47:29 47 minutes, 29 seconds this entire business. So since now Dolphin is earning quite well those loans would be returning. 47:37 47 minutes, 37 seconds Perfect. Thank you so much sir. That's all from me. Thank you. 47:42 47 minutes, 42 seconds Thank you. The next question is from the line of Patagal from best research. Please go ahead. 47:49 47 minutes, 49 seconds Hi. Thank you for the opportunity. My question has been answered. Thank you so much. Thank you. 47:54 47 minutes, 54 seconds Thank you. The next question is from the line of Pat Gala, an individual investor. Please go ahead. 48:01 48 minutes, 1 second Uh so firstly, congratulations to the entire deep team for such exceptional results. Uh my question pertains to the 48:10 48 minutes, 10 seconds QIB which we were planning earlier. So are we still going to go through with it given that the cash flows have improved drastically? 48:19 48 minutes, 19 seconds No. So we have uh decided not to go ahead with QIP. 48:24 48 minutes, 24 seconds Okay. Okay. And sir, my second question is on the new rigs. Uh if there have been any new rigs deployed uh in Q4 and 48:34 48 minutes, 34 seconds like what would be the horsepower and what would be the revenue coming from these new rigs? 48:40 48 minutes, 40 seconds So the new rigs uh mobilized in Q4 were all wakore rigs uh with 150 ton 48:48 48 minutes, 48 seconds capacity. So uh they would have all these three put together would have started contributing more than one and 48:58 48 minutes, 58 seconds half cr a month kind of okay okay so uh they'll have 49:04 49 minutes, 4 seconds not exact so sir the full quarter will come in the this year and also uh sir one last 49:13 49 minutes, 13 seconds question if I could squeeze in the um theou which we have signed with adit green energy for hydrogen. Uh maybe if 49:22 49 minutes, 22 seconds you could comment where deep would come in in thisou and uh I know you don't want to comment on the timeline but like 49:30 49 minutes, 30 seconds the technology part or the yeah so the intention is to provide balance of plant excluding the main 49:39 49 minutes, 39 seconds equipment and we are uh eyeing on converting this kind of project to be given on charter hire. So we are 49:48 49 minutes, 48 seconds exploring those opportunities where we can pitch in uh with our style of work of giving entire project on hiring basis. 49:58 49 minutes, 58 seconds Understood. Understood sir. Uh thank you and all the best sir. Thank you. 50:05 50 minutes, 5 seconds Thank you. The next question is from the line of Shikas Sai and individual investor. Please go ahead. Yeah thank you for the opportunity sir. 50:13 50 minutes, 13 seconds Sir we have this uh PECs which have come out with two fields. One is Gam Ahmedavar and the other one is Geliki Asam. So both of these are so huge and 50:22 50 minutes, 22 seconds the main differentiating factor is the development wealth. So for Gamage someone has to do 15 wells per year for three years straight and for Gali like 50:31 50 minutes, 31 seconds five wells. uh so are we like eyeing uh for both of these fields because Galaki 50:37 50 minutes, 37 seconds the oil in place is two time 2.5 times our Rajand effect PC and also there's huge amount of oil in place for GI even 50:46 50 minutes, 46 seconds gamage it doesn't have gas that much it has too much of crude oil so looking at the size of these both fields I think uh 50:54 50 minutes, 54 seconds it's going to require huge amount of money so because because of this new u u 51:01 51 minutes, 1 second requirement ment of minimum number of wells for uh both the fields. So are we having that uh you know financial 51:08 51 minutes, 8 seconds capability to bid for to these two fields because it will uh I mean for one year it's going to uh exceed more than 51:16 51 minutes, 16 seconds 100 crores 150 crores per field or something like that. 51:20 51 minutes, 20 seconds Yeah, as far as the financial capability goes, we have that ability uh to invest uh that kind of uh money into these 51:28 51 minutes, 28 seconds projects. But having said that what would be the kind of work program, what would be the kind of investment and what would be the kind of bidding strategy 51:36 51 minutes, 36 seconds would depend once we have completed our studies. So internally we are looking at uh you know the bids we are trying to 51:42 51 minutes, 42 seconds study them out but uh the answer to that is yes we are capable of doing it but that the outcome will only be dependent 51:51 51 minutes, 51 seconds on once we have completed the complete understanding on geology and and and how we are going to invest and what what is the kind of plan that we are going to do. 52:00 52 minutes Great. So the other thing is RAS improvement. I think because of this CG I mean the government push after the Iran crisis. Uh I think we have started 52:08 52 minutes, 8 seconds offering even online compressors. So earlier we were only doing boosters if I'm not wrong and the revenue potential for Raj was around 100 cr. Uh is the 52:17 52 minutes, 17 seconds revenue potential increased because of this new offering of or was it offered even before sir? Yeah, we remain very confident that now online compressor 52:26 52 minutes, 26 seconds demand has uh has been growing significantly and uh we are also trying to develop uh our Mac into the online 52:34 52 minutes, 34 seconds compressor. We are we have done one u trial of making such compressor we are under testing of these compressors. So 52:41 52 minutes, 41 seconds once it's done and um and if this demand gets converted from the booster compressors to online I think uh we 52:49 52 minutes, 49 seconds would be we would definitely be participating in these kind of uh the requirements. 52:54 52 minutes, 54 seconds Great great and the last final question Mr. Can we expect around 950 crores in 53:00 53 minutes 27 uh 28 f 27 the revenues the top line sorry top line uh 53:08 53 minutes, 8 seconds around 950 f 27 yeah so we are expecting growth of 53:15 53 minutes, 15 seconds around 25 to 30% year on year so definitely yeah and also also there are two drillers Shivanda drillers and bishal 53:24 53 minutes, 24 seconds they're about to get listed and they are also raising huge amount of money so they might list at a very good uh rate. 53:30 53 minutes, 30 seconds So I think congratulations on them investing because uh we many investors will be having someone to compare with right so Gandha has like around five 53:39 53 minutes, 39 seconds drilling if I'm not wrong and Bish is into will prevention and also they are into PEC so we might get someone to uh 53:47 53 minutes, 47 seconds compare with them right yeah yeah yeah so it was it is always good to have a peer comparison so that 53:55 53 minutes, 55 seconds we can show how good we are. Yeah. And the last question regarding Adit. How much I think uh there are few more uh 54:04 54 minutes, 4 seconds participants are in line. If you can just come back in line. Sure. Sure. Thank you. Thank you. Sure. 54:10 54 minutes, 10 seconds Thank you. A reminder to all participants. Please restrict yourself to two question. The next question is from the line of Sudir Beda from Beda family. Please go ahead. 54:21 54 minutes, 21 seconds Uh thanks for the opportunity again. Uh sir my question is like uh the the capex 54:28 54 minutes, 28 seconds plans are there uh and we are investing in rigs. Uh so what kind of ROI we are 54:34 54 minutes, 34 seconds looking at the new capex definely more than 20% kind of uh the uh 54:45 54 minutes, 45 seconds opportunities are uh shaping up uh with higher capacity you will have good margin as well. 54:54 54 minutes, 54 seconds So it is like 20% plus correct. Uh yeah that would be great. Thank you. Thank you. 55:03 55 minutes, 3 seconds Thank you. The next question is from the line of Sanjaya from Prashinta. Please go ahead. 55:12 55 minutes, 12 seconds Uh thank you. Um Paraba if you could uh just be kind enough to tell us uh how you think about the company not from 55:19 55 minutes, 19 seconds fiscal 27 or 28 but just from a 3 to 5 year perspective just given the track record and what we have achieved uh how 55:27 55 minutes, 27 seconds big the company can be in terms of revenue in terms of the business composition production enhancement some of the other initiatives if you just lay 55:34 55 minutes, 34 seconds out a road map qualitatively or with numbers that would be really useful. 55:39 55 minutes, 39 seconds Uh so uh so Sanjabay the fact is with the kind of um the environment that is 55:46 55 minutes, 46 seconds currently going on for oil and gas I think it's very exciting and uh the sector is getting promising day on day by day the services are getting more 55:56 55 minutes, 56 seconds into play the various services of all our verticles that we are active into. 56:02 56 minutes, 2 seconds I believe uh now government is laying more focus on drilling more wells trying to produce more oil and gas. So in turn 56:10 56 minutes, 10 seconds everything uh um uh you know it's uh looking quite promising. 56:16 56 minutes, 16 seconds our uh business has already been growing more than 30% year on year if you could see this last two or three years and we 56:25 56 minutes, 25 seconds tend to believe that this uh kind of traction will continue for at least I don't mean for but at least we have and 56:33 56 minutes, 33 seconds vision for at least 3 to 5 years is something that uh uh this kind of a growth should keep continuing maybe few 56:40 56 minutes, 40 seconds percentages here and there but barring that uh now that government has a great move on 56:48 56 minutes, 48 seconds this sector. Uh it won't be surprise uh company you know could even get double in next 3 to 5 years. You never know 56:56 56 minutes, 56 seconds that but that's quite possible as we and now as we being the player in the industry uh we have uh quite a big uh 57:06 57 minutes, 6 seconds market share as far as the onshore operations go and now we are also trying to lay our uh our our focus into bit 57:14 57 minutes, 14 seconds into an offshore as well. So that put together along with our growing demand of all our verticals. So we are quite 57:22 57 minutes, 22 seconds hopeful that uh in next three to five years company would grow significantly from where we are here today. 57:30 57 minutes, 30 seconds Understood. And and if I were to just ask you one more question and I don't know whether it's a fair question or not but amongst the different business 57:37 57 minutes, 37 seconds segments that we have would it be fair to say that uh the most exciting would be the opportunities in the production enhancement. 57:47 57 minutes, 47 seconds Uh yes definitely production enhancement would be very exciting because that concept allows allows the company to 57:55 57 minutes, 55 seconds grow to produce more oil and gas and get the revenues out of it. 57:59 57 minutes, 59 seconds uh so definitely that is one of our bullseye we are we are quite you know very closely monitoring these opportunities but having said that 58:06 58 minutes, 6 seconds entire uh value chain into the sector is also equally promising because as I'd mentioned we have uh good amount of 58:15 58 minutes, 15 seconds market share as far as these services go and therefore any demand that is coming up would uh give us an advantage to uh 58:23 58 minutes, 23 seconds win those kind of a projects. So PC definitely yes it is quite a good and promising u promising uh business that 58:32 58 minutes, 32 seconds we are looking into but every sector of whatever work that we are doing are equally equally exciting 58:40 58 minutes, 40 seconds perfect thank you if I can just squeeze in one last question to Rohan by then uh Ronda about the praha industries's uh 58:48 58 minutes, 48 seconds receivables uh given the rights issue out there has that been now uh in some ways reversed uh in terms of the cash flows. 58:58 58 minutes, 58 seconds Yeah. Yeah. In fact, uh we have uh received a good amount of loan return back from Praa and I think in this year it would be almost nil now. 59:10 59 minutes, 10 seconds Perfect. Uh thank you both. Uh all the best and uh really exciting. Thank you. Thank you so much. Thank you. 59:19 59 minutes, 19 seconds Thank you. The next question is from the line of Bhavya Gandhi from Bajach Alternative Investment Limited. Please go ahead. 59:26 59 minutes, 26 seconds Yeah. Hi, thanks for the opportunity. I just wanted to reconcile the number growth number for the next year. Uh if we exclude the PC, we our order book 59:34 59 minutes, 34 seconds currently stands at 1500 odd crores and if it's average order execution period is 2.5 years that comes to closer to 600 59:41 59 minutes, 41 seconds odd crores versus we are guiding 25 to 30% uh growth on the current numbers which is around 1100 odd crores. So where is 59:49 59 minutes, 49 seconds the difference uh difference in the revenue coming from? 59:54 59 minutes, 54 seconds Uh the differential revenue would come from the new orders which we are expecting to uh get in in first uh 6 1:00:02 1 hour, 2 seconds months of this year where we'll be able to uh mobilize those projects uh probably in first 6 months. 1:00:10 1 hour, 10 seconds Okay. So uh to meet that gap of incremental revenue how much orders do we require? 1:00:18 1 hour, 18 seconds So of course we are eyeing on some good amount of order conversion and uh based on those orders only we have considered 1:00:24 1 hour, 24 seconds that. So uh you can just uh reverse calculate the balance amount. So uh there are two three major contracts we 1:00:32 1 hour, 32 seconds are eyeing on which we believe should be awarded in next month or so. So that will definitely add into uh our revenue. 1:00:42 1 hour, 42 seconds Okay. Got it. And just one last thing on the incremental oil exploration is it happening more on the offshore side or on the onshore side also we are seeing 1:00:50 1 hour, 50 seconds some traction because uh if you look at the GGC uh they are planning $20 billion capex on the offshore side nothing 1:00:59 1 hour, 59 seconds mentioned on the onshore side so just wanted to understand if there is incremental push on the onshore as well I believe the push is equally both on on 1:01:09 1 hour, 1 minute, 9 seconds shore and offshore and uh while it would not be I I don't know whether whether that would be any documented thing that 1:01:16 1 hour, 1 minute, 16 seconds what kind of opportunities are looked forward for onshore or offshore but we being industry are constantly witnessing this that the push is coming in from all 1:01:25 1 hour, 1 minute, 25 seconds the areas and as a matter of fact you can even see that uh it's it's the the clients are uh not only it's also oil 1:01:34 1 hour, 1 minute, 34 seconds India and now a lot of private players as well and uh you know I'm not getting into a comparison of what onshore and offshore is but if you if get some time. 1:01:43 1 hour, 1 minute, 43 seconds Please look into our presentation where we have mentioned that what are the pros and cons not a cons but what are the 1:01:50 1 hour, 1 minute, 50 seconds pros of both onshore and offshore which will give you and visibility that why drilling onshore is also something that 1:01:58 1 hour, 1 minute, 58 seconds one cannot miss uh into this sector got it fair enough thank you so much Julian thank you that's a comment 1:02:06 1 hour, 2 minutes, 6 seconds thank you the next question is on the line of part and indigital investor please go ahead So am I audible sir? Hello. 1:02:15 1 hour, 2 minutes, 15 seconds Yeah. Yeah. 1:02:17 1 hour, 2 minutes, 17 seconds Yeah. So first of all good morning and thank you for the opportunity. Uh I'm just having one request like can 1:02:24 1 hour, 2 minutes, 24 seconds uh you from I mean from next time can you provide a detailed footnot of the order book. 1:02:34 1 hour, 2 minutes, 34 seconds Detailed footnot uh by me if you can just explain. 1:02:39 1 hour, 2 minutes, 39 seconds Uh well for I'm not able to hear your voice. Hello. Am I audible? 1:02:47 1 hour, 2 minutes, 47 seconds Yeah. Yeah, you are audible. 1:02:50 1 hour, 2 minutes, 50 seconds So I'm just asking like can you provide some detail footnot of the order book like many companies provide like first there is opening order book for example 1:02:58 1 hour, 2 minutes, 58 seconds then there is some addition new additions then there could be some executions or deletions and then there 1:03:06 1 hour, 3 minutes, 6 seconds is closing order book like that sort of thing. Can you provide? 1:03:10 1 hour, 3 minutes, 10 seconds Yeah, I think quarter on quarter we do provide order book but the way you which you are seeing we can look into it. 1:03:19 1 hour, 3 minutes, 19 seconds Yeah. So it would be very helpful if you can provide from the next time as many investors uh follow your order book. So it would be very really very helpful. 1:03:29 1 hour, 3 minutes, 29 seconds Sure. Thank you. Thank you. 1:03:35 1 hour, 3 minutes, 35 seconds Thank you. As there are no further question from the participants, I now hand the conference over to the management for closing comments. 1:03:45 1 hour, 3 minutes, 45 seconds Thank you everyone for joining this call. It was pleasure interaction with you all. If you have any further queries, you can directly connect us. Uh 1:03:54 1 hour, 3 minutes, 54 seconds we would be happy to answer all your queries. Thank you. 1:04:01 1 hour, 4 minutes, 1 second Thank you. On behalf of Arian Capital Market Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.