Deepak Builders & Engineers India Limited — Q1 FY26

Engineers India Ltd Q1 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=EtBle-0XvcY Published: 9 months ago

0:01 1 second Ladies and gentlemen, good day and welcome to the Engineers India Limited Q1 FI26 earnings conference call hosted by DAM Capital Advisor Limited. 0:12 12 seconds As a reminder, all participant lines will remain in the listenon mode and there will be an opportunity for you to ask questions after the presentation concludes. 0:21 21 seconds Should you need assistance during the conference call, please signal the operator by pressing star then zero on your touchstone telephone. 0:29 29 seconds Please note that this conference is being recorded. 0:32 32 seconds I will now hand the conference over to Miss Bumika Nayer from Dam Capital Advisor Limited for opening remarks. Thank you and over to you. 0:41 41 seconds Thanks. Um good morning everyone and a warm welcome to the Q1 FI26 earnings call of Engineers India Limited. Uh from the management today we have uh Mr. 0:52 52 seconds Sanjay Jindal director finance, Mr. Mr. 0:55 55 seconds Suendup Pari, company secretary and investor relations. Mr. RP Butra, executive director, finance and accounts and investor relations. Mr. Amanit Singh 1:04 1 minute, 4 seconds Chopra, senior general manager, CMD office and IR. Mr. Vive Mida, senior general manager marketing BD and IR. And 1:13 1 minute, 13 seconds Miss Nha Narula, senior manager, company secretary and IR. At this point, I'll hand over the floor to Mr. Jindal for his initial remarks post which we'll 1:21 1 minute, 21 seconds open up the floor for Q&A. Thank you and over to you sir. 1:27 1 minute, 27 seconds Thank you Miss Bumika. Good morning everybody. We have declared our financial results for the first quarter 1:34 1 minute, 34 seconds ended 30th June 2025 on 30th uh 13th August 2025. 1:42 1 minute, 42 seconds Company order book position has reached its all-time high and stands at rupees 12,145 1:50 1 minute, 50 seconds cr as on 30th June 2025 as compared to rups 11,717 cr as on 31st March 2025. 2:03 2 minutes, 3 seconds Order inflow in EI during the first quarter of financial year 2526 stands at rupees 1,430 2:12 2 minutes, 12 seconds cr which comprises rupees 69 cr in consultancy segment and rups 821 cr in turnkey segment. 2:23 2 minutes, 23 seconds In the first quarter of financial year 2526, the company achieved a turnover of rupees 857 cr in comparison to rupees 2:33 2 minutes, 33 seconds 611 cr in the first quarter of financial year 2425 showing an increase of around 40% with 2:42 2 minutes, 42 seconds turnor from consultancy and engineering segment amounting to rupees 48 cr and 2:49 2 minutes, 49 seconds 449 cr in turkey segment. During the first quarter ended uh 30th June 2025, 2:56 2 minutes, 56 seconds the company recorded profit before tax of rupees 94 crores and profit after tax 3:04 3 minutes, 4 seconds of rupees 70 cr in comparison to rupees 74 cr and 55 cr respectively during the 3:13 3 minutes, 13 seconds first quarter of financial year 2425 showing an increase of 27% 3:20 3 minutes, 20 seconds approximately in the PBT and pack operating margin during the first 3:26 3 minutes, 26 seconds quarter of financial year 2525 uh 2526 stood at around 7% uh that is rupees 59 3:35 3 minutes, 35 seconds cr as compared to 6% that is 36 cr during the quarter ended June uh 2024 3:46 3 minutes, 46 seconds of the company as on 30th June 2025 stood at rupees is uh 105 crida margin 3:54 3 minutes, 54 seconds is 12% in comparison to 85 cr as on 30th June 2024. 4:02 4 minutes, 2 seconds The company is maintaining a healthy earning per share of rupees 1 rupees 25 4:08 4 minutes, 8 seconds pesa during the quarter ended June 2025 as compared to earning per share of 4:14 4 minutes, 14 seconds rupees 97 pesa during the June quarter 2024. 4:22 4 minutes, 22 seconds On consolated basis, the company earned a profit of rupees 65 cr for the quarter ended uh 30th June 2025. Now it's to Bumik. 4:38 4 minutes, 38 seconds Thank you ladies and gentlemen. We will now begin the question and answer session. Anyone who wishes to ask a question may press 4:46 4 minutes, 46 seconds star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are 4:55 4 minutes, 55 seconds requested to use their handsets while asking a question. 4:59 4 minutes, 59 seconds Ladies and gentlemen, we will wait for a moment while the question assembles. 5:06 5 minutes, 6 seconds The first question comes from the line of Mohit Kumar from ICICI securities. Please go ahead. 5:12 5 minutes, 12 seconds Hi, good morning sir and thanks for the opportunity. Morning. 5:16 5 minutes, 16 seconds Yeah. So my first question is uh in this particular quarter we have reported the reported losses on JV joint venture. 5:24 5 minutes, 24 seconds Can you please help us explain the losses and the likelihood of preparing to profit from next quarter? 5:32 5 minutes, 32 seconds Yeah, actually in this first quarter RSCL project was under shutdown uh for 5:39 5 minutes, 39 seconds the normal uh uh shutdown uh shutdown of the project and it was shut down almost 5:47 5 minutes, 47 seconds 45 days out of 90 days and now this project in this uh project is uh doing 5:55 5 minutes, 55 seconds well and it is already uh working at more than 90% capacity and we are sure that in this quad we'll have profit on this sir. 6:06 6 minutes, 6 seconds My second question is on this particular quarter we have reported around 17% a bit for the consultancy. 6:13 6 minutes, 13 seconds Is it fair to assume that we'll we will report uh we we should uh bake in our 6:19 6 minutes, 19 seconds model 22% a bit margin for F2F going forward. Is that a fair assumption? 6:27 6 minutes, 27 seconds uh I think this is a fair assumption on year-to-year basis key we are having around 22% margin in the EPCM business 6:35 6 minutes, 35 seconds consultancy job understood sir and given this a very strong order book of the consultancy 6:42 6 minutes, 42 seconds uh is it fair to expect a 20% growth in the top line from consultancy for the 6:49 6 minutes, 49 seconds next 2 three years or do you think the growth load question. 7:03 7 minutes, 3 seconds So I'll just so this the order book is asking about the growth. Yes, given this given very 7:10 7 minutes, 10 seconds strong order book on the consultancy at around around four and four times is it fair to assume a 20% growth in the top line for the next few years? 7:20 7 minutes, 20 seconds H for the consultancy business it will be in the range of 12 to 15%. 7:25 7 minutes, 25 seconds Not higher than that sir given this will be strong order book uh some portion will come from the trunky business also. So overall basis 7:33 7 minutes, 33 seconds it is 20% and out of that 20% uh around 12 to 15% from the consultancy business 7:41 7 minutes, 41 seconds because consultancy business is more profitable to you. Yes sir. Understood sir. Thank you. Thank you. 7:49 7 minutes, 49 seconds Okay. 7:51 7 minutes, 51 seconds Thank you. The next question comes from the line of Amit Anwani from PL Capital. Please go ahead. 8:00 8 minutes Hi sir. Uh am I audible? Yeah. Yeah. Uh thank you for the opportunity. 8:06 8 minutes, 6 seconds So first question again to to the previous answer. You're saying 20% uh topline growth out of which uh 15 uh 12 8:15 8 minutes, 15 seconds to 15% consultancy. It does it mean that we are expecting uh more contri more more than 50% contribution from turnkey for FI6? 8:33 8 minutes, 33 seconds Hello I'm audible. 8:38 8 minutes, 38 seconds Yes, you are audible. Okay. So yeah normally it remains uh normally it remains in the same range somewhere 8:45 8 minutes, 45 seconds consultancy will be around 60% 55 60% then 40 45% yeah it was around 52% 8:54 8 minutes, 54 seconds in this quarter LSTK was uh consultancy was around uh no sorry LSTK was around 52% in this quarter and consultancy was 9:01 9 minutes, 1 second around 48%. So normally it remains somewhere around the same figure. I mean it could be 55% consultancy and 40 45% 9:11 9 minutes, 11 seconds uh turnkey. So normally it remains in the same basically overall growth we are expecting around 15%. It will be coming 9:19 9 minutes, 19 seconds from the both the segments turnkey as well as the consultancy segment. Understood. 9:23 9 minutes, 23 seconds This is our right now estimate going forward we can revise the estimate based on the education. 9:30 9 minutes, 30 seconds Right. And uh uh second question again on consultancy uh we have been doing very good from past two quarters and 9:38 9 minutes, 38 seconds even the overseas consultancy is seeing good conversions. So wanted to understand are we expecting same run 9:46 9 minutes, 46 seconds rate and we were talking about some uh setups in Middle East. Uh so what is the guidance? We'll be continuing this ramp 9:54 9 minutes, 54 seconds rate of order and flow from consultancy which we have done in past two quarters. 9:59 9 minutes, 59 seconds Uh for the remaining quarters international yeah uh that's true that international has been giving good business to us primarily from the Middle 10:07 10 minutes, 7 seconds East and Abu Dhabi. As of today we have already reached 950 crores uh from the from the uh in the overseas segment in 10:15 10 minutes, 15 seconds the current as of today we have secured business with 960 crores. So we see more opportunities uh in the international segment only. 10:25 10 minutes, 25 seconds So it is going to grow. 10:28 10 minutes, 28 seconds Understood. So is it fair to assume since we saw consultancy margins kind of keeping low this quarter and last year 10:35 10 minutes, 35 seconds we saw it is scaling up uh by the end of 4Q. So are we expecting kind of 25% what 10:42 10 minutes, 42 seconds we did last year on margins uh uh for consultancy? That is the last question. Yeah. 10:50 10 minutes, 50 seconds we can uh yeah sorry yeah in the last quarter there were certain items basically settlement of change orders and the right back of provision so going 10:59 10 minutes, 59 seconds forward the margins uh basically segment margin shall be in the range of around 11:05 11 minutes, 5 seconds 20 to between 20 to 25% and in case uh a particular project is being completed in 11:13 11 minutes, 13 seconds case there is some variation order the quarter to quarter there may be a variation But on overall basis basically 11:20 11 minutes, 20 seconds we are expecting the consultancy segment margin in the range of between 20 to 25%. 11:28 11 minutes, 28 seconds Understood sir. Thank you sir. 11:30 11 minutes, 30 seconds Basically in the last quarter there was impact of 195 cr uh due to change order right. 11:38 11 minutes, 38 seconds That's why our quarter performance was extraordinary. 11:42 11 minutes, 42 seconds So is there any change order expected this year also? Yeah, definitely we are having change order with our clients and that are under 11:50 11 minutes, 50 seconds processing with the clients and it depends upon the time when it metalize and definitely itize in this year also it's a continuous process. 12:02 12 minutes, 2 seconds Understood sir. Thank you. 12:05 12 minutes, 5 seconds Thank you. We take the next question from the line of Vive Gotham from GS investment. Please go ahead. 12:12 12 minutes, 12 seconds Yeah, just wanted to understand sorry I was late in joining the call sir just wanted to know what was the reason for the downturn in the profit was it due to 12:21 12 minutes, 21 seconds the losses in our JV Ramagundam and other sort of thing what value are we getting by going in for such JVS and is it a government pressure? 12:32 12 minutes, 32 seconds No, no, actually u our uh RSL project is going well and you have seen in the last year there was uh good profit from the 12:41 12 minutes, 41 seconds RSL project but in this quarter RFCL project was under planned uh shutdown uh for planned shutdown and out of 90 days 12:50 12 minutes, 50 seconds it was under shutdown for 45 days that's why uh there is some figure of losses 12:57 12 minutes, 57 seconds but it will be uh get covered in this quarter because plant is already running on uh good capacity at good capacity so 13:05 13 minutes, 5 seconds we are definitely sure in this year we will have good profit from the RSCL project 13:12 13 minutes, 12 seconds what what about other JV sir I'm talking about the RFCL JV yeah no some other JVs also we are 13:20 13 minutes, 20 seconds having no we don't have other JV okay second thing is madam cmd is she 13:26 13 minutes, 26 seconds retiring this year and uh by when because her tenure on Fab 25 13:34 13 minutes, 34 seconds February 25 it is scheduled it is superanative super animation yeah yeah yeah that is again another bane of a PSU that you 13:44 13 minutes, 44 seconds have to compulsarily retire at the age of 60 unlike private sector so any chance of extension or has there has 13:51 13 minutes, 51 seconds been no president of that sort in the past for ECMD we can't we can't say anything on this respect 13:59 13 minutes, 59 seconds okay okay okay sir And uh basically how is the future looking like for us? Uh you know for the first time the there was in the March 14:07 14 minutes, 7 seconds quarter there was good uptake in the top line and bottom line also. So we had moved away from oil and gas sector to 14:15 14 minutes, 15 seconds the other sectors also. Was that the reason? So that is that sustainable and the mar is it margin accurative? 14:24 14 minutes, 24 seconds Yes. Uh the future is still bright and we working towards it. uh if you see that we have already reached to the order book of 12,000 crores as of now in 14:32 14 minutes, 32 seconds this quarter itself. So we have added more orders to the tune of right now we have around 2,700 crores already as of 14:40 14 minutes, 40 seconds today. So we are hopeful that we get more orders and we beat the last year's record and um let's hope for the best 14:48 14 minutes, 48 seconds and uh in Ghana has been a major oil discovery and there is an Indian diaspora Indian politician Mr. Ashra 14:55 14 minutes, 55 seconds Pali is the president and uh have been have we been able to get any breakthrough in Guyana and also in uh 15:02 15 minutes, 2 seconds any update on the under demand prospect sir which can be good for us or the country also on the long term sir with respect to Guyana we are in the 15:12 15 minutes, 12 seconds power power plant project as a project management consulting primarily it's an exploration uh thing when the oil will come out and they want to process it 15:21 15 minutes, 21 seconds then our role will initially come uh so let's hope for for the because uh what process they follow because Exxon Mobile 15:28 15 minutes, 28 seconds is the major contributor there and who's into the exploration. So let's hope for the best and with respect to the undermats this is still in the initial 15:36 15 minutes, 36 seconds nent stage. Let's hope when the uh actual reserves are there and explored and then processed. So future is bright 15:44 15 minutes, 44 seconds for India if we get this reserve from advance and uh some some work from uh Guyana. Let's hope for the best. Indian 15:53 15 minutes, 53 seconds sedimentary this is as far as the oil discovery goes not much of a success it has been so far sir anything changing which you are finding and as you being 16:01 16 minutes, 1 second from the same sector sir uh I would not be able to comment because that's more of an um exploration 16:08 16 minutes, 8 seconds part so I think or oil would be the best to respond on that okay okay thank you sir 16:17 16 minutes, 17 seconds thank you we take the next question from the line of Bumika na from dam capital advisor limit Please go ahead. 16:26 16 minutes, 26 seconds Yeah, thank you sir. Um sir, you know how you talked about the international pipeline. Uh can you please discuss uh 16:33 16 minutes, 33 seconds and give some outlook in the domestic uh market? What is the outlook in terms of the ordering activity that you are 16:40 16 minutes, 40 seconds seeing um uh you know if you can just highlight that for larger projects on both pet and refinery. 16:49 16 minutes, 49 seconds ma'am you are aware that this andra project is going to come so we are working on that as in the init we have been given uh a work for selecting the 16:58 16 minutes, 58 seconds licenser and finalization the configuration so that's one of the prospective project which is going to come towards the end of this financial year that's one of the opportunities as 17:06 17 minutes, 6 seconds well as there are certain uh more projects under consideration which we are discussing lot of opportunities are there in the infrastructure segment also 17:14 17 minutes, 14 seconds like we've got various assignments from the data center institutional buildings as well as various religious places modifications. So those opportunities 17:23 17 minutes, 23 seconds have also come uh to us in the in the domestic segment. Uh some work has also come in the in the in the methological 17:30 17 minutes, 30 seconds segment and we are anticipating some of the expansion projects which could come uh with respect to the state uh 17:37 17 minutes, 37 seconds smelters. So on the um IUCL side sir any pet cam 17:44 17 minutes, 44 seconds projects anything which is anticipated field side pet cam is already on P bar 17:52 17 minutes, 52 seconds prochemical is on it's phase one is already on uh when the phase one completes they will go for the phase two so that's that's the major opportunity 18:00 18 minutes which will be coming to us because that's already awarded to us but formally phase two would be awarded when the phase one is complete. So that's there that's the major project cam project from the IOC side as of now. 18:12 18 minutes, 12 seconds But when is the phase one expected to be completed sir? 18:15 18 minutes, 15 seconds It'll take couple of more months. It almost it was a 10 month schedule. So four, five, three, four months have expired. So let's see. 18:25 18 minutes, 25 seconds Okay. And anything on the HPCL side? You spoke about BPCL Andra. Uh anything else on any other projects of BP or HP? 18:37 18 minutes, 37 seconds Uh with respect to the HPCL uh their lobs was there uh in uh some modification the log project is there 18:46 18 minutes, 46 seconds and some of the projects are there on the enil from their sides I do not have much details immediately in my hand right now so I'll get back to you on that. 18:57 18 minutes, 57 seconds Sure. Sure. Okay. Uh secondly on this uh you know in the uh presentation you've spoken about the various orders that you 19:06 19 minutes, 6 seconds got uh just wanted to clarify what is the difference between depository and LSTK OBBE that we typically used to give 19:14 19 minutes, 14 seconds earlier if you can just uh explain sir how is you know order profile different 19:21 19 minutes, 21 seconds in the workings or in terms of cost pass through etc. 19:26 19 minutes, 26 seconds No, it is uh it is it is exactly different. This is considered as part of LSTK. LSTK where we are completely responsible for execution of the project 19:33 19 minutes, 33 seconds and uh all the risks are taken uh under uh under our perview because we work as an EPC contractor and we are responsible 19:41 19 minutes, 41 seconds for execution of the project and delivering the project. Whereas in theory mode it's a mode of execution where we take the cost part ordering 19:48 19 minutes, 48 seconds cost in our principal exeutor. uh so that's the basically difference but primarily it it 19:56 19 minutes, 56 seconds is considered as part of consultancy only while LSTK depository is considered as a part of consultancy while the LSTK 20:03 20 minutes, 3 seconds is purely an execution work so that is considered uh as a step under the different uh perview altogether 20:11 20 minutes, 11 seconds understood understood fair point uh lastly sir you mentioned that the international order intake is around 950 20:18 20 minutes, 18 seconds crores uh till day and I see in MU we've got 47 75 crores. So the where has the 20:26 20 minutes, 26 seconds balance uh you know close to 475 crores kind of come from if you can just highlight that 20:33 20 minutes, 33 seconds it has come from it has come from Abu Dhabi and one of the few of the projects have come from Kuwait it's co alab joint 20:43 20 minutes, 43 seconds operations so so we have got one assignment from there and rest of them have come from the Abu Dhabi UA 20:51 20 minutes, 51 seconds understood understood fair point fair Right. Okay. This helps. Uh, thanks so much. I'll get back in with you. Thank you. Sure. 21:00 21 minutes Thank you. The next question comes from the line of Nidisha from ICICI Securities. Please go ahead. 21:08 21 minutes, 8 seconds Yes. Thank you for also taking my question. So, you mentioned on the parab phase 2 will be awarded after phase one. 21:15 21 minutes, 15 seconds Is there anything remaining in phase one uh to be awarded still? 21:20 21 minutes, 20 seconds No, it is phase one is Right. So try to 21:35 21 minutes, 35 seconds ladies and gentlemen, we have lost the line of the management. Please stay connected while I rejoin the management. Thank you. 21:43 21 minutes, 43 seconds [Music] 22:14 22 minutes, 14 seconds Thank you for your patience. Ladies and gentlemen, we have the management reconnected. Nidi, if you can please reask your question. Thank you. 22:36 22 minutes, 36 seconds Hello Nidi. If you can please re ask your question. 22:44 22 minutes, 44 seconds Am I audible now? Yes, now you are audible. 22:47 22 minutes, 47 seconds Yes. Uh yeah. So my question was basically on the IOC barit phase one is there anything that is pending to be 22:55 22 minutes, 55 seconds awarded still uh ma'am for the phase one the phase one part is already awarded it's already under the execution it's part of the 23:03 23 minutes, 3 seconds phase one we have to prepare a study report as well as feed document for that so that they can proceed with the 23:10 23 minutes, 10 seconds subsequent phases so uh that work is already on the complete work for the phase one is already awarded to us 23:17 23 minutes, 17 seconds now in this code is submitted their management will take a decision to go ahead on the project and then the phase two will start 23:26 23 minutes, 26 seconds and so is that fair to assume that phase 2 will uh have a larger portion of EPC than the consultancy fee 23:34 23 minutes, 34 seconds no it is it's like there some portion is on EPCM and some of the portion is on uh on the EPC basis but for us it is 23:43 23 minutes, 43 seconds completely EPCM it's already been awarded to us Okay. Uh also could you uh could you please help us with your L1 23:52 23 minutes, 52 seconds positions? Uh you know where uh where it is still not in the order book. We are waiting for uh LO and some details on those on those tenders. 24:04 24 minutes, 4 seconds There are many of the projects which we keep on bidding and those remains in the in the process of finalization with the 24:10 24 minutes, 10 seconds client. So as soon as they are realized uh these are considered as part of the order book and they are declared in the subsequent quarterly results. Uh so it 24:20 24 minutes, 20 seconds will be declared many it remains many things remain in the pipeline till the time they are finalized they cannot be declared because there are competitive scenarios working there. Okay. 24:29 24 minutes, 29 seconds So, but are there any L1s which you know L1 that are just tending to be you know only LO is remaining in that sense like 24:37 24 minutes, 37 seconds the decision has been made finalized but only the official LO is to come or is it that 24:45 24 minutes, 45 seconds yeah there could be certain smaller orders which are under negotiation and finalization of the contract but till the time the contract is not signed it's 24:54 24 minutes, 54 seconds not necessarily that it's all the competitive tenders there could be certain negotiated tenders are also there which are in the in the process of negotiation and finalization of the 25:02 25 minutes, 2 seconds concept. So as soon as they are signed this will be declared. There are few jobs are there definitely. 25:10 25 minutes, 10 seconds And on the on the uh pet side in the Middle East are there some projects that you would like to call out that could 25:18 25 minutes, 18 seconds possibly be tendered in the uh in the next 9 months? How about no there are number of projects which 25:26 25 minutes, 26 seconds are coming in Middle East specifically in Saudi Arabia or in UAE or in Kuwait. 25:32 25 minutes, 32 seconds So we are bidding for those projects but they have a lead time of 5 to 6 months uh as soon as the tender is placed. So there there is an evaluation time. It 25:41 25 minutes, 41 seconds all depends how it goes. We have bit few of the ones. So let's hope for the best. Thank you so much. 25:51 25 minutes, 51 seconds Thank you. We take the next question from the line of Sake Kapoor from Kapoor and Company. Please go ahead. 25:58 25 minutes, 58 seconds Namaskar team and uh thank you for firstly for this opportunity. Uh I hope I'm audible sir. Yes. Yes. 26:07 26 minutes, 7 seconds You're audible please. 26:08 26 minutes, 8 seconds Yeah. Yeah. Thank you sir. Firstly age of 14 announcement for Bhat small modular reactor. uh uh what if you could 26:16 26 minutes, 16 seconds just elaborate what kind of opportunity uh are we eyeing in in this space and uh if you could give some more color on the 26:25 26 minutes, 25 seconds so it's like we are working with to work on this conceptual design and engineering services for that project 26:33 26 minutes, 33 seconds this work is already awarded to us so this is going to be the first assignment so if finally after execution of the 26:40 26 minutes, 40 seconds same this will open opportunity for the other uh other other kind of assignment because government of India is planning 26:46 26 minutes, 46 seconds for lot of this kind of uh SMRS uh all across the India for generation of the electricity and increasing the nuclear 26:55 26 minutes, 55 seconds reach. So that is the good opportunity but this assignment is awarded to us somewhere around it is somewhere around 30 crores 29 30 crores. 27:04 27 minutes, 4 seconds Okay. Okay. So it is one it is it is the one which will be a testimony for going going ahead once we execute the 27:12 27 minutes, 12 seconds starting point. it could be the starting point and then um based on the success of this or uh with this we can start for 27:19 27 minutes, 19 seconds the other projects also wherever NPCR works. 27:22 27 minutes, 22 seconds Okay. And when when are we going to execute the same? How long will it take? 27:27 27 minutes, 27 seconds We are working on this. We have already started the study on this. Okay. Okay. 27:34 27 minutes, 34 seconds Sir uh in the presentation there is a mention of business secured and order booking on slide number 10 11 and 12. So 27:44 27 minutes, 44 seconds what should investor read into these uh difference between business secured and order booking? How should one uh interpret these these things? Sir 27:53 27 minutes, 53 seconds Business secured is the current business which is which is secured in this financial year. An order book will include the orders which have already 28:01 28 minutes, 1 second been executed in p in the in the past and they're under execution. Normally a big order will have a cycle of 3 to four years. A big project will have a cycle 28:09 28 minutes, 9 seconds of 3 to four years. So every financial year some of the unexecuted value will be there in the uh in that in that financial year. So this shows that this 28:17 28 minutes, 17 seconds much of work is already there in our hand like suppose today you see that 12,000 cr. So 12,000 cr worth of work is under execution with us. 28:28 28 minutes, 28 seconds While the business secure tells the new business which we have secured in this financial year. 28:35 28 minutes, 35 seconds Correct sir. Sir uh uh in your opening remark and also to answer to some of the participant you mentioned about 15% uh 28:43 28 minutes, 43 seconds uh revenue growth on what we did for the last financial year should be what we are looking for for the remaining uh for 28:51 28 minutes, 51 seconds this year. That is that should be the topline growth that we can expect. 28:56 28 minutes, 56 seconds Yes, we are told that it should be around for consultants it should be 12 to 15%. Huh? Okay. This should be it should be. Yeah, it's already uh yeah 29:05 29 minutes, 5 seconds told 15% is what we should look at an overall answer and for for the margin profile and for the margin profile uh you you 29:15 29 minutes, 15 seconds mentioned that this uh 17% and 6% will hold going ahead or can we look for 29:22 29 minutes, 22 seconds further improvement of the same? Last year sir because of this change over order the margins for our uh consultancy 29:29 29 minutes, 29 seconds was at 30%. So the that is a historical only that do we take into account or what should we because the base is will 29:38 29 minutes, 38 seconds be very high when we look at our uh consultancy uh profitability for the last 29:46 29 minutes, 46 seconds consultant uh margin shall be in the range of uh 22%. 29:51 29 minutes, 51 seconds uh which is our uh which we are maintaining for the last uh long period. 29:58 29 minutes, 58 seconds So uh for the LSTK business it is uh 5 to 6 to 7% in the range of 6 to 7%. 30:07 30 minutes, 7 seconds Okay. So going ahead we we are we will be experiencing with the improved uh business uh turnover improve improvement 30:14 30 minutes, 14 seconds in margin since we have clocked 17% for uh the consultancy this this quarter. So there is a very likelihood of this going 30:22 30 minutes, 22 seconds moving up and on an average we can look for 22%. That is what should be our uh trajectory should be 30:29 30 minutes, 29 seconds definitely all the margins will be retained and our u there will be a positive growth in the turnover top line. 30:38 30 minutes, 38 seconds Okay. Uh sir you mentioned about our uh the Ramagun Gundam unit being under I 30:45 30 minutes, 45 seconds think so some maintenance shutdown. So can you uh quantify to us sir what was its impact uh in terms of uh in in terms 30:55 30 minutes, 55 seconds of the losses uh because of it I think so under the JV part we have uh moved 31:01 31 minutes, 1 second losses to the tune of around 7 and a half cr so in in the likelihood of that oneoff item what should have been the 31:09 31 minutes, 9 seconds normal uh profitability or for the year what should we look at this se segment sir uh in terms of the joint venture 31:16 31 minutes, 16 seconds part I think so there's some There is some different component also that goes into. So for last year 31:25 31 minutes, 25 seconds is JV or expos 31:40 31 minutes, 40 seconds will be accretion to the consolidated financial statements or 31:48 31 minutes, 48 seconds Basically it's not a associate that is being recognized as a income 31:57 31 minutes, 57 seconds income last year. 32:05 32 minutes, 5 seconds last year uh around around 20 20 crash last year. 32:12 32 minutes, 12 seconds Okay. And and JV aspect we have this only the Ramundam part that that goes into JV or this upstream assets which 32:21 32 minutes, 21 seconds contribution basically. 32:29 32 minutes, 29 seconds Okay. Because then then the last year performance for Ramagunda was at at its peak I think. So 100 cr was the highest 32:37 32 minutes, 37 seconds uh taking if we take into account 107 cr. Yes that will be very precise. 32:44 32 minutes, 44 seconds So this year also we can we can look forward for this this number going ahead. I think so it is only the ura based they they are doing and there I 32:51 32 minutes, 51 seconds think so energy efficiency and lot of aspects also goes into so we can look forward for uh this kind of contribution 32:58 32 minutes, 58 seconds to to continue we are uh we are sure we are going to get this kind this kind of contribution from the RFCL in this year 33:06 33 minutes, 6 seconds also okay and sir for our MD uh term uh to conclude I missed your comment on 33:14 33 minutes, 14 seconds vertical ma'am uh term it gets concluded uh she is superanuating in the month of uh Febru 26. 33:26 33 minutes, 26 seconds Okay sir. And lastly sir uh in the order booking part uh I think so domestically 33:32 33 minutes, 32 seconds uh major EPC companies uh are seeing a slackening in the order uh release 33:39 33 minutes, 39 seconds especially from the PSU uh segment whe whether it is OMGC oil India and other state PSUs also. So what is our 33:48 33 minutes, 48 seconds understanding and what portion of our uh order booking or bid pipeline is uh inclined or uh uh is related to the 33:58 33 minutes, 58 seconds capex from the uh either the center or the state uh PSUs. 34:04 34 minutes, 4 seconds Uh this with respect to the major LSTKs we you know that we bid only for the OB LSTK projects which are very specific. 34:12 34 minutes, 12 seconds So very state oil clients like uh the OMGC's there we have been associated with them we have been doing lot of modifications uh for their projects 34:19 34 minutes, 19 seconds because lot of their assets are old and uh we are involved in the modification of that and those are been executed on OB basis so exactly uh saying that if 34:28 34 minutes, 28 seconds they're awarding the EPC's normal in the normal EPC we don't bid it's only specific and discussed and very 34:36 34 minutes, 36 seconds earmarked the OB projects which we bid in the LSTK segment Okay sir. And lastly sir I think so for 34:45 34 minutes, 45 seconds the I request you to please join. 34:47 34 minutes, 47 seconds I will join. Yeah. Thank you sir. I will join the Thank you. We take the next question 34:54 34 minutes, 54 seconds from the line of Ahmed Anani from PL Capital. Please go ahead. 35:00 35 minutes So thanks for the opportunity again. One question on the non island gas business which is now uh 35% of order book and we 35:08 35 minutes, 8 seconds have been talking about that the non- oil gas portion would be 30 35% of order intake this year as well wanted to 35:16 35 minutes, 16 seconds understand the u nature of contracts margin difference between oil and gas non oil and gas for us whether it is 35:24 35 minutes, 24 seconds turnkey or consultancy and what is the uh conversion rate is it government contract contracts or private 35:32 35 minutes, 32 seconds are we talking going to take private contracts also. So some more color on the nonland gas business since it is 35:40 35 minutes, 40 seconds becoming more prominent part of our order book and also the duration of these orders. Yeah. 35:46 35 minutes, 46 seconds Uh primarily the major part of the non- oil and gas business is coming from the infrastructure segments. These includes 35:53 35 minutes, 53 seconds uh mostly the government uh clients as well as some of the private clients are also there. These are negotiated and uh contracts and uh these are very 36:02 36 minutes, 2 seconds specialized kind of contracts. We are working like uh for the institutions like IIT, IM or or or government of 36:10 36 minutes, 10 seconds Jaipur there they have certain technology institutes. We are working for the data centers like we have worked with RBI data center. Similarly Namasha 36:18 36 minutes, 18 seconds data center. So all these kind of uh work are there. In fact we have also recently worked for Ram Janui. we have been awarded project management 36:26 36 minutes, 26 seconds assignment for them uh for monitoring their campus modification mean their wall campus wall modification. So all 36:34 36 minutes, 34 seconds these kind of very specific assignments we are discussing and uh and getting it from them. So normally uh these these kind of projects have a period of 36:42 36 minutes, 42 seconds execution of 24 to mostly two years time is there in these kind of projects. They are shorter duration contracts. 36:51 36 minutes, 51 seconds The margins margins are good. These are mostly some of them on the LSTK basis. So LSTK 36:58 36 minutes, 58 seconds margins are available which which are there in 5 to 6%. And uh some of them are in the consultancies or consultancy remains in the range of 20% to 22%. 37:10 37 minutes, 10 seconds That that margin is maintained right and is it like nominated or are we competing who are the competitors in this space which you're working on? 37:19 37 minutes, 19 seconds There there are number of competitors available in the market. Infrastructure companies are there. So we compete against them. Some of them are negotiated and um and one and some of 37:28 37 minutes, 28 seconds them are on competitive basis. So all the companies are there in the market and this will be like 30 35% or this can 37:36 37 minutes, 36 seconds increase over next two years this portion around right now it is around 40 45%. 37:42 37 minutes, 42 seconds So it depends it changes like it is tentative all in nature because till the by the time we reach last quarter we can 37:50 37 minutes, 50 seconds have other orders so percentage keeps on changing understood but this is more sustainable since you're winning quarter and quarter 37:58 37 minutes, 58 seconds some portion it is sustainable you can see it that is increasing uh for last I think two financial years 38:06 38 minutes, 6 seconds understood sir thank you sir thank you so much thank Thank you. 38:11 38 minutes, 11 seconds Thank you. The next question comes from the line of Rohit from Tata AIG. Please go ahead. 38:18 38 minutes, 18 seconds Thank you for giving uh opportunity to ask question. So one thing is give me if I see historically last four five year 38:26 38 minutes, 26 seconds four five years your top line for the next year is uh 35 to 38% of the 38:36 38 minutes, 36 seconds opening order book. So if I go by that number of your 11,7700 38:43 38 minutes, 43 seconds crores order book which was in the beginning of the year and if I do the maths then I'm not able to understand 38:51 38 minutes, 51 seconds what is why you are seeing a 15% growth uh projection as compared to your historically last four five years is 38:59 38 minutes, 59 seconds showing a growth of 25 to 28 odd percent. 39:03 39 minutes, 3 seconds Actually uh this is the order book position and you know uh these are the uh uh long 39:12 39 minutes, 12 seconds period projects and generally these projects are completed uh within the period of 3 to four years and in the 39:20 39 minutes, 20 seconds initial phase of project there is less lesser uh progress uh which contributes less uh to the top line. So after uh 39:29 39 minutes, 29 seconds expiry of one year uh after getting the job it it uh uh stimulates uh and we get 39:38 39 minutes, 38 seconds the good topline also. Therefore uh we have said if uh for this uh year we are 39:46 39 minutes, 46 seconds uh in the range of 15% growth and definitely we will try to get 20% growth. No doubt but on the conservative side it is 15%. 39:55 39 minutes, 55 seconds And definitely we are going to get the benefit of alltime high order books in the coming years 40:03 40 minutes, 3 seconds in this year in coming years also but vika m coming on interview and see she 40:10 40 minutes, 10 seconds she saying that this year the projected growth will be between 30 to 35% in top line and you are saying a 50% growth so 40:20 40 minutes, 20 seconds I I don't know within the management team why you know such a West connect is there 40:27 40 minutes, 27 seconds PMB is projecting projecting a growth of 30 to 35 and you are saying a 15% growth on the on the conservative side so I 40:34 40 minutes, 34 seconds don't understand on conservative side we are 15 to 20% but definitely uh some of the change 40:43 40 minutes, 43 seconds orders are under process with our clients and we are expecting that these change orders will also uh finalize in 40:51 40 minutes, 51 seconds the current year but uh this is the routine uh process because uh change orders are a continuous process. So if 41:00 41 minutes in case our change orders are approved by the client then definitely our growth will be 30 to 35% but on the 41:08 41 minutes, 8 seconds conservative side we are uh 15 to 20% on normal growth path. No that I understood 41:15 41 minutes, 15 seconds sir K you what you're trying to say that your project projects are long just 41:21 41 minutes, 21 seconds period. So the same had applied in the past also. Yes. So this year is nothing new as compared to the past. In the past 41:29 41 minutes, 29 seconds in the last five years you take the data you can check it your average execution 41:36 41 minutes, 36 seconds uh as a percentage of uh opening order book has been between 35 between 33 to 41:43 41 minutes, 43 seconds 35 odd%. And this year if I go with your 15% match will be the historically low 41:51 41 minutes, 51 seconds where as in the last year you have gained order book of 8,000 cr this year I guess you guys are on track to get 41:59 41 minutes, 59 seconds 78,000 cr order book again which you have already gained 2700 crores which you said in the call so but like what 42:07 42 minutes, 7 seconds it's it's it's not conservative I think it's too conservative numbers I'm like why not give me like give it to give a 42:17 42 minutes, 17 seconds proper clarity to investor I think that will be great. So if you can work out your numbers in the next quarter two if 42:24 42 minutes, 24 seconds you can give a proper clarity and and and visa v also if you see historically 42:32 42 minutes, 32 seconds quarter one has been a weaker weaker quarter for you this year you have posted your all-time high uh quarterly 42:41 42 minutes, 41 seconds numbers and then also you are seeing a 15% growth. 42:45 42 minutes, 45 seconds uh let me tell you whenever we gets the job generally in the first year progress uh turnover comes only 10 to 15%. And 42:54 42 minutes, 54 seconds from the second year it comes to 20 to 25%. 42:58 42 minutes, 58 seconds And then in the third year also it is 25%. So in the so all the order which we have received recently we are expecting 43:07 43 minutes, 7 seconds only 10 to 15% uh turn off from the these projects. That's why we are saying 43:14 43 minutes, 14 seconds we are keeping uh conservative approach of 20%. Otherwise in case there is a good progress in that projects we can 43:21 43 minutes, 21 seconds get more but we are not making any promise on on account of that because project uh progress depends on the uh 43:30 43 minutes, 30 seconds many factors but in the first year projects uh progress is only 10 to 15%. That's why 43:36 43 minutes, 36 seconds we are keeping conservative approach otherwise uh we will no sir more if no but sir if your Ian 43:47 43 minutes, 47 seconds sir I can take you take this to in offline also because when you say 10 to 15% you got 8,200 crores order book the 43:56 43 minutes, 56 seconds last year if I take a 15% of it that is itself what 1200 crores type of order inflow which should flow in this year 44:03 44 minutes, 3 seconds from your last year order book last year order inflow and in FI24 you close the 44:10 44 minutes, 10 seconds order book at 7,800 so 44:29 44 minutes, 29 seconds in this year also you'll get some 7 7,7,500 cr order whatever you get there will be 44:36 44 minutes, 36 seconds some order which needs to get executed in a shorter period of time either I am 44:43 44 minutes, 43 seconds not able to understand or I am taking a numbers wrong but I don't think so that 15% numbers which you are saying is a correct number 44:52 44 minutes, 52 seconds no no basically uh uh we have arrived at a number on the basis of the order book new order definitely will add further to 45:00 45 minutes add so that's why we are saying that as of date we are expecting a around 15 to 20% growth in the turnover and going 45:07 45 minutes, 7 seconds forward we can definitely revise our numbers. 45:12 45 minutes, 12 seconds Okay. And uh so my second question is give me in the current quarter you had a 45:18 45 minutes, 18 seconds lower uh your LT escape margins. So in on an annual basis G you will be 45:26 45 minutes, 26 seconds achieving what you have achieved in the last 8 years. So it's not correct to see margins on 45:34 45 minutes, 34 seconds uh quartertoquarter basis. So it's better to see on an annual basis. Correct. 45:39 45 minutes, 39 seconds Definitely because uh you know uh EI is earning revenue from the implementation of project and income from the 45:48 45 minutes, 48 seconds implementation of project is always cyclic in nature. So it is better to see on the annual basis rather than on 45:55 45 minutes, 55 seconds quartertoquarter basis because it fluctuates from quarter to quarter and uh when you 46:03 46 minutes, 3 seconds I do apologize to interrupt you. Could you please rejoin the queue? Thank you. 46:09 46 minutes, 9 seconds Thank you. We take the next question from the line of Kunal Shape from BNK 361. Please go ahead. 46:21 46 minutes, 21 seconds Hello. Am I audible? Yes. Yes. Canal. 46:25 46 minutes, 25 seconds Yeah. Hi sir. Uh good morning and thank you for the opportunity. So just wanted to check what is the order inflow runway uh that you guys are building and all we 46:34 46 minutes, 34 seconds should work with for the next 2 three years. 46:38 46 minutes, 38 seconds Sorry. Can you can you just repeat the question again please? Order in what is the order inflow run rate uh you guys are building in or what is the number 46:46 46 minutes, 46 seconds that we should work with annually for the next 2 three years? what what is the plan that we are targeting and given that now the spectrum of opportunities 46:54 46 minutes, 54 seconds that EI can participate in has gone up meaningfully yes yes exactly the last it was order in 47:03 47 minutes, 3 seconds of 800 so yeah I'm expecting that there would be some rise in that at least we will be able to match the 8,000 cr which 47:10 47 minutes, 10 seconds was uh this time for the first time we had achieved that kind of uh order book the endeavor would be to meet the same kind of order book but with increased 47:19 47 minutes, 19 seconds uh that we are perceiving that it should be 10 to 15% 20% we should be able to uh get more as an internal target for this. 47:29 47 minutes, 29 seconds Yeah. But sir do you think that this kind of run rate can be sustained for next 2 three years or uh we should be we should be the kind of if 47:37 47 minutes, 37 seconds you see that the kind of capex investments and the uh the focus by the government is there on the 47:44 47 minutes, 44 seconds indigenization and atra bharat so a lot of these projects will be coming there infrastructure has lot of boost so you see that our contribution of 47:52 47 minutes, 52 seconds infrastructure in our business is increasing similarly when we are going towards the development of the internal 47:59 47 minutes, 59 seconds problem. I'm suppose today yesterday the new policies been known deep uh deep sea exploration. Tomorrow when the oil comes 48:07 48 minutes, 7 seconds into the market actually there would be processing facilities so refining capacity and petcam capacity will also increase. So there's lot of investment and boost from the government side also. 48:17 48 minutes, 17 seconds So we see that there's a good opportunity for us as soon as uh the projects are on capex investments are there in the market. So it's an opportunity for EI to be there as a consultant. 48:27 48 minutes, 27 seconds Got it sir. Sir and lastly uh we also spoke about a 5,000 cr turnover target. 48:34 48 minutes, 34 seconds Uh so should uh is that the target that we have kept for sale for FI28 or should we be able to achieve it uh earlier as well? 48:44 48 minutes, 44 seconds We should uh I think by 2028 we should be able to achieve it because as soon as the order book increases we are moving towards the same aim. So let's hope for the best. 48:56 48 minutes, 56 seconds Awesome. Thank you so much and best of luck for the future. Thank you. 49:00 49 minutes Thank you. We take the next question from the line of Ajinka Jadav from Chris Portfolio PMS. Please go ahead. 49:07 49 minutes, 7 seconds Yep. Thanks for the opportunity. My question again is on the BSMR. So sir if you can tell uh the this 30CR assignment 49:16 49 minutes, 16 seconds that we have got. So this is for I expect this is for one project. So how many such projects are expected to be uh 49:22 49 minutes, 22 seconds from the Hello. Yeah. Yeah. Yeah, we are listening. 49:26 49 minutes, 26 seconds Yeah. Yeah. Yeah. So, how many such projects are expected to be come from the government and in next maybe say 2 three years? 49:34 49 minutes, 34 seconds No. Uh it is it is uh there in the articles also the government is pushing for this. Many private companies like uh many other public sectors like NTPC is also putting up the seminars in future. 49:44 49 minutes, 44 seconds They have also started study. So all oil oil oil all power companies are also anticipating to go for it. So there are a lot of opportunities all around uh all 49:53 49 minutes, 53 seconds around India and you know that government is thinking of nuclear mission they they are thinking of achieving the under the vix bat 50:02 50 minutes, 2 seconds opportunity they are thinking of 100 gawatt from the nuclear so that can only be achieved from the the smaller reactors which are faster and easy to do 50:11 50 minutes, 11 seconds it so let's hope for the best there a lot of projects are going to come for that and all other companies will also be um investing in this segment Okay. So 50:20 50 minutes, 20 seconds our scope will be around this 30CR number or will we be adding more offerings? 50:26 50 minutes, 26 seconds Starting actually this is this is first of its own kind. We are just starting uh working on the conceptual design because even SMR is very new uh in the market 50:35 50 minutes, 35 seconds now in the in the segment. So as soon as it's developed it's our scope will always increase because we are a consultant we can do all kind of uh complete cleaning procurement 50:43 50 minutes, 43 seconds construction management uh till the implementation we can get involved. So this is just the starting point. This is going to increase with time to come 50:52 50 minutes, 52 seconds and we have a fair chance of getting orders from the private uh BSMR players as well, right? 50:59 50 minutes, 59 seconds Uh let's see. Yes, we are we are now a lot of getting lot of business from the private segment in competition also. So 51:06 51 minutes, 6 seconds we are very much hopeful that private segment will be our potential clients in future too for the SMR also. 51:14 51 minutes, 14 seconds Okay. Okay. Yeah. Thanks. Thanks for answering my question. 51:18 51 minutes, 18 seconds Thank you. The next question comes from the line of Sakit Kapoor from Kapoor and Company. Please go ahead. 51:26 51 minutes, 26 seconds Uh you sir once again sir, what is the cash balance currently uh on books and our uh any dividend distribution or cash uh distribution policy for the investor? 51:40 51 minutes, 40 seconds Our cash condition is around 1,100 cr 1,00 or 1,100 cr 51:48 51 minutes, 48 seconds in the range of yeah question what is our dividend distribution policy or sharing the cash with your investors? 52:00 52 minutes Uh in this year we have declared dividend of four rupees on the face value of 5 rupees. So we are uh paying 52:08 52 minutes, 8 seconds 80% dividends and uh I think this is uh more than uh 50% payout. Okay. 52:16 52 minutes, 16 seconds But our uh dividend policy is minimum 30% uh payout. 52:23 52 minutes, 23 seconds Correct sir. And and just to just to for a humble understanding and permission. 52:28 52 minutes, 28 seconds One of the participant uh did mention about the variation in what things look like in terms of the execution and the 52:35 52 minutes, 35 seconds growth trajectory uh for the for the current year especially between 15 and 35. uh the range looks uh a bit broader. 52:45 52 minutes, 45 seconds So just a request and humble suggestion from investors like us is that if madam could also join the call and just allude 52:52 52 minutes, 52 seconds to uh the premise on which uh uh her vision of achieving 30 35% uh and and 53:00 53 minutes and the team who is addressing us uh giving us conservatively 15 to 20%. So that that dilemma would have been 53:07 53 minutes, 7 seconds cleared has she she being also joined and being uh have would have addressed her. So a request to give the feedback 53:14 53 minutes, 14 seconds uh so that uh on the on the remaining tenure or the remaining calls which happened if ma'am could join and just could have if she would have clarified 53:22 53 minutes, 22 seconds there itself where the gap is building up because that that would have answered many questions. Basically 53:31 53 minutes, 31 seconds basically this is not the gap this is the first quarter for the 25 26 and in 53:37 53 minutes, 37 seconds case our top line moves further towards 30 to 35% then definitely we will change 53:44 53 minutes, 44 seconds our our forecast forecast uh based on the coming quarters it is not a we are giving any wrong 53:52 53 minutes, 52 seconds information to our investor no sir no sir nobody in case I'm giving more in case I am giving more figure then it may 53:59 53 minutes, 59 seconds be I'm giving a wrong figure to the investor already I'm giving a conservative figure then how can be I wrong 54:06 54 minutes, 6 seconds no sir this is not the question of going either right or wrong it is only the gap which the participant 54:13 54 minutes, 13 seconds it is a sir it is a question of forecasting and I should not I should not give any additional figure 54:21 54 minutes, 21 seconds to my investor and on the basis of on the basis of first year I'm saying that uh topline 54:28 54 minutes, 28 seconds growth will be 20%. And in case it further improves then definitely I will change my guidance in the coming quarters. 54:37 54 minutes, 37 seconds It was you were right on your first quarter only. That's you are absolutely correct on your perception but only when 54:44 54 minutes, 44 seconds the when the MD speaks uh there should be merit on what she's also alluding to. So there should not be a difference. Yeah. 54:52 54 minutes, 52 seconds Sir you can talk to her offline. Okay. If you would have joined the call. 54:57 54 minutes, 57 seconds Yes sir. If she had she would have joined the call for this hour it it would have worked much better then only the suggestion sir whether it is there or not. Yeah I don't have any issue. 55:07 55 minutes, 7 seconds Yeah thank you sir and all the best to the team. 55:09 55 minutes, 9 seconds Sir you are already talking to director finance of the company and be assured we are on the right path. 55:19 55 minutes, 19 seconds Thank you ladies and gentlemen. That was the last question. I now hand the conference over to Bumika Nay from DAM Capital Advisor for closing comments. 55:28 55 minutes, 28 seconds Bumika. 55:30 55 minutes, 30 seconds Yes. Um thank you to all the participants for participating and being on the call and uh the management for giving us an opportunity 55:40 55 minutes, 40 seconds much and wish you all the very best. Uh any closing remarks from your end? 55:46 55 minutes, 46 seconds Uh no Bika it is already done. Thank you. Thank you. Okay. Thank you. Thank you. 55:54 55 minutes, 54 seconds Thank you on behalf of Dam Capital Advisor Limited. That concludes the conference. Thank you for joining us. 56:00 56 minutes And you may now disconnect your lines.