Enviro Infra Engineers Limited — Q3 FY26

Enviro Infra Engineers Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=ftYBha0HRN8 Published: 3 months ago

0:07 7 seconds Ladies and gentlemen, good day and welcome to the Envirro Infra Engineers Limited Q3 and 9 months FY26 earnings 0:16 16 seconds conference call. As a reminder, all participant lines will be in the listenonly mode and there will be an opportunity for you to ask questions 0:25 25 seconds once the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on 0:34 34 seconds your touchtone phone. Please note that this conference is being recorded. 0:40 40 seconds This conference may contain forward-looking statements about the company which are based on the beliefs, opinions, and expectations of the 0:48 48 seconds company as on date of this call. These statements are not guarantees of future performance and involves risks and 0:55 55 seconds uncertaintities that are difficult to predict. I would now like to hand the conference over to Mr. Sanjay Jen, 1:03 1 minute, 3 seconds chairman and whole time. Thank you and over to you sir. Thank you. 1:09 1 minute, 9 seconds Good morning everyone. I would like to extend a warm welcome to all of you for joining us on our Q3 and 9 month FY26 1:19 1 minute, 19 seconds earning call. On call with us today is at sector our investor relation team. On 1:26 1 minute, 26 seconds behalf of the entire team, I am pleased to share our operational and strategic progress for the quarter and our outlook 1:34 1 minute, 34 seconds for the remainder of the year. We have shared our earning presentation. 1:40 1 minute, 40 seconds I hope you had the opportunity to go through it. During the quarter, we continue to see study execution across 1:49 1 minute, 49 seconds our core segment, water and wastewater treatment and operation and maintaining services. Our focus remained on timely 1:59 1 minute, 59 seconds project execution, disciplined cost control and improving cash conversion. 2:05 2 minutes, 5 seconds Our water and wastewater execution order book as on 31st December 25 stands at rupees 2:14 2 minutes, 14 seconds 1,93 kores complemented by an onm order book of rups 933 cr. 2:23 2 minutes, 23 seconds A key highlight during this period was the receipt of a letter of acceptance from Bopal Municipal Corporation for an 2:32 2 minutes, 32 seconds EPC andM seage infrastructure project value at 2:38 2 minutes, 38 seconds around 250 cringing sever treatment plant pumping station and allied infrastructure. 2:48 2 minutes, 48 seconds This project further stand extends our urban seage portfolio. 2:54 2 minutes, 54 seconds In addition, we continue to progress on previously announced last project including the 3950 3:02 3 minutes, 2 seconds K pollution control project in Maharashtra awarded earlier in the year and contact aggregating 306 cr in Chhattisgarh. 3:12 3 minutes, 12 seconds Collectively this will reinforce our execution capabilities across states and project categories. 3:21 3 minutes, 21 seconds As of date we have secured order inflows of approximately 1,500 cr in financial year 26. 3:30 3 minutes, 30 seconds The bit pipeline presently is approximately rupees 5,000 cr for which evaluation is 3:38 3 minutes, 38 seconds underway. Expected bit sub commmission during the month of Feb is around 2,000 3:45 3 minutes, 45 seconds K. Immediately expected bit pipeline under Amros is rupes 26,000 K in coming 3:53 3 minutes, 53 seconds month based on the position of approved DPR. 3:58 3 minutes, 58 seconds We remain confident of achieving our full year financially at 26 order inflow 4:04 4 minutes, 4 seconds target of rups 2,500 quoted by strong visibility and healthy conversion rate. 4:12 4 minutes, 12 seconds The quantum of projects available for bidding ensures a healthy order book in the next financial year as well. 4:20 4 minutes, 20 seconds Our portfolio remain well balanced and diversified across municipal and industrial sector. Moreover, our 4:28 4 minutes, 28 seconds investment in technologies such as ultra filtration, reverse osmosis and ambria system position us well for ZLD and tertiary treatment avenues. 4:40 4 minutes, 40 seconds There is an increasing trend visible in the reuse segment in which the treated water from STP of CTP after suitable 4:49 4 minutes, 49 seconds tertiary treatment is to be reused in the process industries or thermal power plant which gives the revenue generation 4:56 4 minutes, 56 seconds model to this segment also. The technological advantage with the companies positions the company for such 5:04 5 minutes, 4 seconds project. This can become a new revenue segment for the company. 5:09 5 minutes, 9 seconds With that I would now like to hand over the call to Mr. Man to share further development during the quarter. Over to you Mr. Manish. 5:21 5 minutes, 21 seconds Thank you Sanjay sir. Our execution activity picked up meaningfully post monsoon and we expect a steady 5:28 5 minutes, 28 seconds conversion of unbuild revenues into billings and collections during the last quarter of the financial year. Our working capital discipline remains 5:37 5 minutes, 37 seconds strong and we continue to prioritize projects with strong cash flows. 5:42 5 minutes, 42 seconds Moreover, our growing share of O andM and type revenues combined with the scale benefits from larger projects 5:50 5 minutes, 50 seconds provides confidence in sustaining overall performance. 5:55 5 minutes, 55 seconds On the execution front, we continue to make strong progress across key projects. We have successfully completed 6:03 6 minutes, 3 seconds a 100 MLDDS STP based on IFAS technology integrated with bio gas and solar power generation. 6:12 6 minutes, 12 seconds We have also completed the slur ahead of schedule reflecting our focus on family execution. 6:20 6 minutes, 20 seconds I'm sorry to interrupt sir your your voice has got a little muffled now. I would request you to come a little closer to the microphone. Thank you. 6:28 6 minutes, 28 seconds It is okay. 6:29 6 minutes, 29 seconds Much better. Yeah. Additionally, projects at an advanced stage of completion include the 55 MLDDS STP at 6:38 6 minutes, 38 seconds Vanasi, the 80 MLDDS STP at Jaipur and the 25 MLDD CP at Surigum, all of which are nearing completion. 6:49 6 minutes, 49 seconds Our emphasis on circular economy continues to deepen across projects. 6:55 6 minutes, 55 seconds We are increasingly integrating wastewater infrastructure with solar power and compressed biogas solutions 7:03 7 minutes, 3 seconds enabling on-site electricity generation for plant operations and meaningfully 7:09 7 minutes, 9 seconds reducing operation cost. A recent example is our Jthur plant where we have successfully implemented a biogas to 7:18 7 minutes, 18 seconds electricity as part of overall project design. 7:22 7 minutes, 22 seconds Beyond water infrastructure, we have also entered the renewable energy segment where we are expecting and 7:30 7 minutes, 30 seconds executing projects under both IP and EPC models. This diversification has already 7:38 7 minutes, 38 seconds translated into a renewable energy order book of approximately 256 cr strengthening our long-term growth 7:47 7 minutes, 47 seconds visibility while aligning our portfolio with sustainability opportunities. 7:53 7 minutes, 53 seconds As we look ahead, the opportunity before us is one of the consistent execution, disciplined growth, and long-term value creation. 8:04 8 minutes, 4 seconds Backed by sectoral tailwinds and our execution readiness, we remain confident in our ability to translate these 8:12 8 minutes, 12 seconds opportunities into robust order book, sustainable margins and sustainable returns for all the stakeholders. 8:22 8 minutes, 22 seconds Looking ahead, we believe Envirroin Infraine is well positioned to benefit from the sustained investments in the 8:30 8 minutes, 30 seconds urban infrastructure sector, wastewater treatment and environmental compliances. 8:36 8 minutes, 36 seconds With the strong order book, a healthy bid pipeline and improving execution momentum, we remain confident about 8:45 8 minutes, 45 seconds delivering long-term value to our stakeholders. 8:50 8 minutes, 50 seconds Now coming to our financial performance for the period in Q3 FY26 our revenue from operation 8:58 8 minutes, 58 seconds grew 1% to 2500 million driven by continued execution of our order book. 9:07 9 minutes, 7 seconds AITA grew at 25.6% 6% Y on Y to 677 million while aida margins increased 530 9:15 9 minutes, 15 seconds basis points to 27.1% reflecting operational efficiency. 9:23 9 minutes, 23 seconds PAT for the quarter came in at rupees 421 million up by 14.7% 9:30 9 minutes, 30 seconds while PAT margin expanded 180 basis points to 16.3%. 9:36 9 minutes, 36 seconds For 9 month FY26, revenue stood at 7,183 million representing a growth of 7.9% 9:46 9 minutes, 46 seconds Yony reflecting continued momentum in order order book conversion. 9:53 9 minutes, 53 seconds AITA for 9 months improved 22.4% to 1969 million with a margin of 27.4% which is 320 basis points improvement. 10:06 10 minutes, 6 seconds PAT was reported at 1341 million up 30.1% with a margin growing to 80 bips to 17.9%. 10:18 10 minutes, 18 seconds We also proposed an employee stock auction scheme stock option scheme during this period subject to requisite approvals. 10:27 10 minutes, 27 seconds That is all from our side. We can now open for the floor for questions. Thank you. 10:36 10 minutes, 36 seconds We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish 10:45 10 minutes, 45 seconds to remove yourself from the question queue, you may press star and two. 10:49 10 minutes, 49 seconds Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question Q assembles. 10:58 10 minutes, 58 seconds Our first question comes from the line of Diwakar Rana from Prudent Equity. Please go ahead. Uh 11:07 11 minutes, 7 seconds uh good morning sir. So my question is uh on the execution part. So uh what led to the uh uh execution slowdown in this quarter? 11:19 11 minutes, 19 seconds Pardon? Execution slowdown. 11:23 11 minutes, 23 seconds Okay. First of all, uh I would like to emphasize the growth in AITA and PAT. 11:31 11 minutes, 31 seconds Basically, we are having a decent growth in our Abita and PET numbers which is getting transpired from the shift in the 11:41 11 minutes, 41 seconds wastewater treatment segment which was the primary segment of the company. 11:46 11 minutes, 46 seconds uh along with the operational efficiencies. 11:49 11 minutes, 49 seconds Uh regarding the revenue guidance, basically we were expecting certain orders to flow in quarter 3. Uh some of 11:59 11 minutes, 59 seconds the projects uh for which we had submitted our bids. Uh these were some daily projects. Uh the bids have been 12:08 12 minutes, 8 seconds recalled and we are again uh submitting our bids for the projects. Further there were bids to the tune of somewhere 12:15 12 minutes, 15 seconds around 3,000 cr uh in Bihar. Uh the process of evaluation uh is a bit 12:23 12 minutes, 23 seconds delayed because of which uh the financial bids are yet to be opened. So basically the order book uh which we 12:32 12 minutes, 32 seconds were expecting in Q3 that they don't uh uh come to the company. So we are right 12:39 12 minutes, 39 seconds now expecting that our order book will get decently uh it will get decently acured and in Q4 uh based on this uh 12:49 12 minutes, 49 seconds improved order book position in future we look forward to maintaining our revenue guidance as well. 12:57 12 minutes, 57 seconds Okay sir to achieve 30 to 35% growth you have to report over 700 growth of revenue in Q4 which is around 70 to 75% 13:05 13 minutes, 5 seconds growth over March 2025. So uh are you confident to achieve this number 700 cr revenue for Q4? 13:14 13 minutes, 14 seconds Uh the revenue expectation for Q4 uh is in the range of 600 to 650 odd KES. So 13:22 13 minutes, 22 seconds we expect our top line to be in the range of 1350 K and uh we are in line to achieve this number. 13:32 13 minutes, 32 seconds Okay. So uh sir earlier this 30 to 35% revenue growth guidance you gave it was excluding the uh uh solar uh uh solar 13:41 13 minutes, 41 seconds part you did and you have uh executed over 98 cr of solar uh this uh this quarter. So this 1350 you are saying 13:50 13 minutes, 50 seconds revenue this is excluding the solar part or uh including the solar path uh I think you have taken it wrongly it 13:59 13 minutes, 59 seconds is 98 million so it is 9.8 8 cr top line which we have in Q3. 14:06 14 minutes, 6 seconds So the total top line which is expected from the renewable segment for this financial year is somewhere around 200 14:13 14 minutes, 13 seconds cr rupees. Uh presently when I say 1350 kores basically it will be at the 14:21 14 minutes, 21 seconds consolidated financial level. So our total topline expected is 1350 odd kores. However, if uh we look into the 14:30 14 minutes, 30 seconds patch margin, so that uh growth of 35 to 40% what we projected that remains in 14:38 14 minutes, 38 seconds line 230 cr to 250 cr is the profit growth is the profit pat number which we are expecting in the uh in for the 14:47 14 minutes, 47 seconds entire financial year and we will 100% do uh this number of which is the the 14:53 14 minutes, 53 seconds pat number is all aligned. Okay, one last question sir on the order book. So, uh we had guided for I think around 2500 15:02 15 minutes, 2 seconds cr uh orders inflow in FI25 and we we have received I think over uh 2,000 cr right inflow. 15:12 15 minutes, 12 seconds The total order inflow till now has been 1,500 cr in the water and waste water treatment segment and it is uh an order 15:21 15 minutes, 21 seconds book of around 256 cr which is from the renewable segment. So basically uh the guidance which we gave 2500 cr it was 15:30 15 minutes, 30 seconds for the water and wastewater treatment segment only. So our bidding pipeline as Sanjay G mentioned it is rupes 500 cr 15:38 15 minutes, 38 seconds which is already under evaluation. There are some L1 projects as well. We'll not give any guidance on the L1 getting 15:47 15 minutes, 47 seconds converted to LOA because we have faced some challenges in the past with respect to one to2 projects where L1 could not 15:55 15 minutes, 55 seconds get transpired to LOA. So basically uh at this point of time I can only say that we remain confident another 1,000 16:04 16 minutes, 4 seconds cr order book that we require to fulfill our guidance of 2500 cr looks uh 100% 16:12 16 minutes, 12 seconds aligned and uh based on even the L1 position itself we look forward to getting the loss very soon. So I'll also 16:20 16 minutes, 20 seconds be very happy the moment I'll be in a position to announce the loss. Okay. Thank you sir. 16:30 16 minutes, 30 seconds Thank you. We take the next question from the line of Vidisha from CR Kotari and Suns. Please go ahead. 16:38 16 minutes, 38 seconds Hello sir. Uh I have a bookkeeping question. So in the consolidated uh financials the PAT has increased but the 16:47 16 minutes, 47 seconds EPS has decreased. So can you please explain that? 16:54 16 minutes, 54 seconds M to my understanding there should not be any concern with respect to the lowering of the EPS. Uh let me just go 17:02 17 minutes, 2 seconds through with my financial team. I'll revert back on this. Uh because there is no change in equity at all. So the EPS 17:11 17 minutes, 11 seconds will grow proportionately. Uh I think for Q3 the PAT number is 42 cr. For Q2 17:18 17 minutes, 18 seconds it was 49 cr. So maybe there might be a slight reduction in the EPS Q on Q basis. This is what I can say. 17:26 17 minutes, 26 seconds Uh no sir, I'm talking about Y. Last December it was 36 cr. Right now it is 42 cr but the EPS is decreased from 2.59 17:35 17 minutes, 35 seconds to 2.3 whereas your share capital is the same. So that was my concern. 17:43 17 minutes, 43 seconds uh last year uh our IPO was there in November 2024. 17:51 17 minutes, 51 seconds So there can be a change in the share capital from 136 odd crores to 175 crores. So that can be an average weighted capital at that point of time. 18:03 18 minutes, 3 seconds All right. Thank you sir. And also on the revenue part. So sir earlier you had guided 35 to 40 on uh the water segment 18:12 18 minutes, 12 seconds alone but now you're winding 1350 for uh the full uh consolidated level water plus uh renewables. Is there any reason 18:21 18 minutes, 21 seconds for the slowdown and also on the renewables part you had guided 200 to 250 cr revenue 18:28 18 minutes, 28 seconds and you've done 10 cr as of now. So can you please explain that? 18:34 18 minutes, 34 seconds uh the revenue guidance for renewable remains intact. Uh we expect our uh reven topline in re uh in renewable 18:44 18 minutes, 44 seconds segment to be somewhere around 200 crores. 18:47 18 minutes, 47 seconds Our revenue guidance for water and wastewater treatment segment was on the basis that we will be winning some 18:56 18 minutes, 56 seconds projects on a continuous basis in this financial year. Till July there was a 19:03 19 minutes, 3 seconds number of projects where we won and the alloys were issued. However, it got 19:09 19 minutes, 9 seconds slowed down a bit and we could run only one project uh in the month of November. 19:17 19 minutes, 17 seconds So, there was a bit of slowdown in the order receiving rates. However, we have 19:23 19 minutes, 23 seconds not reduced our profit margins at all or rather I can say because of our uh guidance for a good profitability 19:33 19 minutes, 33 seconds the competition is slightly higher. So we could not win the bids at that point of time and because of this our revenue 19:41 19 minutes, 41 seconds guidance may go a bit lower for the current financial year. 19:46 19 minutes, 46 seconds Still we are maintaining good profit margins and we are hoping that by March when we go out and 19:55 19 minutes, 55 seconds we declare our results for the entire financial year we turn OCF positive. So 20:02 20 minutes, 2 seconds right now two major guidance that our pet will be in line with our commitments and OCF turning positive. We are working 20:11 20 minutes, 11 seconds on it along with our order book getting improved so that our revenue guidance along with the profitability for future that also uh improve substantially. 20:31 20 minutes, 31 seconds Does that answer your question? All right. Yeah. Thank you, sir. 20:36 20 minutes, 36 seconds Thank you. The next question comes from the line of Pratik Bandari from Art Ventures. Please go ahead. 20:43 20 minutes, 43 seconds Yeah. Hi, sir. Thanks for the opportunity. So, what was our order inflow during the quarter? Did we receive any order? 20:51 20 minutes, 51 seconds Uh, there was one order which we received. It was a 60 MLDD STP along with associated infra. It was a Amroot 2 21:00 21 minutes project uh at Bhopal. So we have commenced uh our operations in that project as well. And uh that that was the only project which we won in Q3. 21:12 21 minutes, 12 seconds And what was the value of the order? 248 crores. 21:18 21 minutes, 18 seconds 248 crores. Also sir if you can touch upon what has been the progress uh on the receivable side from the JDM 21:26 21 minutes, 26 seconds projects which were pending has there been any recovery? 21:31 21 minutes, 31 seconds Um as I say even in the past uh we are uh doing the JGM projects in MP only 21:41 21 minutes, 41 seconds the because of the funding of JGM projects from the state government for this financial year we didn't face the 21:50 21 minutes, 50 seconds challenges with respect to the receivables now the next point which comes to is the 21:58 21 minutes, 58 seconds uh trial and commissioning basically It is a connectivity of almost thousand villages and on a continuous basis we 22:07 22 minutes, 7 seconds are doing the trials testing and making all the the test connections functional. 22:14 22 minutes, 14 seconds So this activity this is a process which will remain slow and uh there will be a continuous steady progress which will 22:23 22 minutes, 23 seconds continue on a monthly basis. Our revenues are getting acred to a level of somewhere 22:30 22 minutes, 30 seconds around 15 to 20 odd cr rupees and uh this is what uh this process is expected 22:37 22 minutes, 37 seconds to continue over a period of next 6 to 8 months time when we expect that all the projects will be commissioned and the operation and maintenance will start. 22:47 22 minutes, 47 seconds There are total five projects out of which there is one project wherein we are expecting the entire completion 22:56 22 minutes, 56 seconds along with commissioning maximum by June. So that particular project will go into operation and maintenance. If I say 23:03 23 minutes, 3 seconds about the receivables we are not facing challenges from MP at all in the GM. 23:10 23 minutes, 10 seconds But what has been the pending receivables as on date one term of the same? 23:16 23 minutes, 16 seconds The pending receivables if I say um data along with unbuilt revenues will be somewhere in the range of 225 crores. 23:26 23 minutes, 26 seconds Okay. 225 right and sir you mentioned that uh for the solar you are uh for the renewable side you have you know guided for 200 crores 23:35 23 minutes, 35 seconds odd revenue for the full year. So what has been the revenue for the first 9 months? Because during the quarter three you mentioned we did some 10 cr revenue. 23:44 23 minutes, 44 seconds So what has been the revenue gen rate up till now for the full year 9 months? 23:49 23 minutes, 49 seconds Basically this is first financial year itself for the renewable business. We formed this company in current financial 23:58 23 minutes, 58 seconds year only. Then we got uh some solar asset which we purchased or acquired. So 24:06 24 minutes, 6 seconds the initial guidance uh basically we were just uh either it was the sale of electricity from the IP project that we 24:15 24 minutes, 15 seconds acquired. So uh we were aligning ourselves to those activities. A 24:21 24 minutes, 21 seconds turnover of 10 K has uh is what we have done in Q3. So we expect a jump of uh 24:31 24 minutes, 31 seconds this turnover getting from 10 cr to 200 cr uh in this Q4. 24:37 24 minutes, 37 seconds No but what has been the turnover during the 9 month or the quarter? 24:40 24 minutes, 40 seconds During 9 months dur it was hardly 2 three cr in Q2. So if I say the total turnover from renewal will not be more than 12 13 cr. 24:51 24 minutes, 51 seconds Okay. Okay. And sir uh since we have you know we have been able to you know due to the due to the operational 24:58 24 minutes, 58 seconds efficiencies we have been able to plot better margins. So is there any change in the guidance for the margins going forward or you still stick to 22 to 24% range which you earlier alluded to. 25:11 25 minutes, 11 seconds Uh at any point of time we will stick to the margin guidance uh of aida in the range of 22 to 24%. 25:21 25 minutes, 21 seconds But as the product mix because there are different type of projects uh different 25:28 25 minutes, 28 seconds complexities so the margin profile remains different as a guidance measure it will never be more than 22 to 24% but 25:37 25 minutes, 37 seconds we look forward to having better operational efficiencies in the system itself. 25:43 25 minutes, 43 seconds Okay. And just one last question from my aunt. uh if you can touch upon uh the bid pipeline uh of 5,000 KES from you 25:52 25 minutes, 52 seconds know if you can share some split across the segments from where it is coming 26:00 26 minutes uh this entire 5,000 cr uh bit pipeline is uh from wastewater treatment projects 26:07 26 minutes, 7 seconds only which constitutes STPs or its seage infrastructure both under EPC and some 26:15 26 minutes, 15 seconds parts of hem and uh along with this there are some projects of CP as well. 26:21 26 minutes, 21 seconds So there is no water project right now with us for which we have submitted our bids. So this pipeline will primarily be 26:30 26 minutes, 30 seconds either the Amrut projects or Nami Gang projects or the projects which are funded by multilateral agencies or the 26:38 26 minutes, 38 seconds pro CP projects from the uh industrial development corporations. Thanks for answering my questions. 26:48 26 minutes, 48 seconds Thank you. 27:00 27 minutes Any 27:20 27 minutes, 20 seconds further questions? 27:28 27 minutes, 28 seconds Hello 27:46 27 minutes, 46 seconds Am I audible? 28:51 28 minutes, 51 seconds The person you are speaking with has put your call on hold. Please stay on the line. 29:40 29 minutes, 40 seconds The person you are speaking with has put your call on hold. Please stay on the line. 29:55 29 minutes, 55 seconds The person you are speaking with has put your call on hold. Please stay on the line. 30:10 30 minutes, 10 seconds The person you are speaking with has put your call on hold. Please stay on the line. 31:59 31 minutes, 59 seconds The person you are speaking with has put your call on hold. Please stay on the line. 32:14 32 minutes, 14 seconds The person you Mhm. Yeah. 35:12 35 minutes, 12 seconds Ladies and gentlemen, we were facing a temporary technical glitch. Apologies about that. We will continue with the 35:20 35 minutes, 20 seconds Q&A session. The next participant is Meit Sha from Finance 360. Please go ahead. 35:27 35 minutes, 27 seconds Uh thank you for the opportunity. Uh sir, I had a couple of questions. Uh firstly, you did mention because uh you 35:35 35 minutes, 35 seconds didn't get the uh expected orders in this quarter which uh led to the slow execution. But uh uh till the end of the 35:45 35 minutes, 45 seconds quarter 2, we had order book about 2,200 crores, right? uh which you received uh 35:52 35 minutes, 52 seconds in before 3 6 9 months right so we should have executed that uh numbers in 35:59 35 minutes, 59 seconds this quarter right because all the new orders get uh uh in execution phase after 3 6 9 months. So anyways if we 36:08 36 minutes, 8 seconds have received the orders in this quarter it could not have made to the top line of the income statement right. So uh is my understanding correct? 36:19 36 minutes, 19 seconds Uh first of all uh any of the order which we get is having a timeline of 18 to 24 months. 36:31 36 minutes, 31 seconds So the or if I say the total order book was to the tune of around 2,000 odd 36:38 36 minutes, 38 seconds kores. So if that is to be executed over a period of uh 24 months. So the order 36:46 36 minutes, 46 seconds uh the getting transpired into revenues is to the tune of 250 odd kores and this 36:54 36 minutes, 54 seconds is same what we could do in Q3 and all three quarters basically almost all the 37:01 37 minutes, 1 second quarters are in line maybe with a difference of maybe 10 20 odd crores not more than that. uh basically uh in the 37:09 37 minutes, 9 seconds my last earning call uh when I reported one of the projects at Rajasthan which will get transpired into LOA. 37:19 37 minutes, 19 seconds Unfortunately that project we could not beg and that entered into a retenting. 37:25 37 minutes, 25 seconds So there was some technical glitch and that is why the uh tender has been recalled. So that particular project was 37:35 37 minutes, 35 seconds uh where we could have started it immediately. There were some packaged projects which we were required to um uh 37:44 37 minutes, 44 seconds fabricate in the workshops and then we were required to supply. So we could have expected some uh uh turnovers from that particular project as well. 37:55 37 minutes, 55 seconds uh so one more thing which would I would like to emphasize at the start we were uh 38:03 38 minutes, 3 seconds there with somewhere around 1 1200 cr order book so we were quite hopeful that 38:10 38 minutes, 10 seconds the turnover will get on increasing with the increasing order inflow into the 38:16 38 minutes, 16 seconds company. So if we just uh forecast the revenues based on the order book that we 38:26 38 minutes, 26 seconds got and the execution the way the company is executing basically we are well in time or we are ahead of time as we have reported two projects of Jthur. 38:38 38 minutes, 38 seconds One is a seage project which we executed ahead of time. Then Jotpur 100 MLDD project uh wherein we are uh Valentine. 38:48 38 minutes, 48 seconds Then there are three more projects which we have reported in our earning uh speech right now. Vanasi, 38:57 38 minutes, 57 seconds Japur and Surigam. So basically if we just conclude it in a fashion that the execution of the projects is timely. 39:08 39 minutes, 8 seconds How was the conversion of this order book to topline basically we were more 39:15 39 minutes, 15 seconds hopeful of getting a higher number of new projects which we could not so that has not get replicated into uh a higher 39:24 39 minutes, 24 seconds revenues. However, our pat guidance is positive and we are again achieving the 39:33 39 minutes, 33 seconds numbers which we have given as a guidance. 39:37 39 minutes, 37 seconds Okay. about it but sir you did mention about 2,000 cr order book will be get getting executed in next 24 months uh 39:45 39 minutes, 45 seconds right so each quarter gets a 250 cr kind of a number ballmark but uh if you see Q1 and Q2 we have a lower execution 39:53 39 minutes, 53 seconds because of a rainy season and uh other reasons so Q3 and Q4 are heavy on execution right so kind of 60% kind of 40:03 40 minutes, 3 seconds revenue we get from Q3 and Q4 because of the heavy execution So we didn't had any rain or any other uh issues in Q3 and 40:11 40 minutes, 11 seconds Q4. So that was our understanding that we might get a good execution in both of this quarter. Not the linear 215 every 40:20 40 minutes, 20 seconds quarter but yeah it gets bit skewed in Q3 and Q4. 40:25 40 minutes, 25 seconds You are 100% right. In Q3 uh out of the three months the month of 40:32 40 minutes, 32 seconds October since the rains were prolonged and it was a festive season. So the main 40:39 40 minutes, 39 seconds construction activity has started from the month of November. 40:44 40 minutes, 44 seconds So the revenue is of 250 cr primarily comes out of the functionality with of 40:52 40 minutes, 52 seconds two months if you see our guidance. So first three quarters are almost on a similar revenue 40:59 40 minutes, 59 seconds path of around 20% each with a 40% guidance for Q4. 41:06 41 minutes, 6 seconds The number will definitely be a far better uh so we expect a good topline 41:14 41 minutes, 14 seconds number to be executed in Q4. So the guidance for among that movement of the 41:21 41 minutes, 21 seconds revenue with respect to order book remains exactly the same. There is no change in it. It is more of the order 41:29 41 minutes, 29 seconds book which we expected which we could which the we could not get in uh Q2 or Q3. Basically a certain slowdown in 41:38 41 minutes, 38 seconds getting the order book. However, the bidding pipeline still is very strong along with the projects which are 41:46 41 minutes, 46 seconds available for bidding in the month of February itself. Some 2,000 odd cr projects are there in the uh this STP or 41:55 41 minutes, 55 seconds CTP segment wherein we are submitting our bits. We do expect that we will be having a very decent order book very 42:03 42 minutes, 3 seconds soon and based on that we will um forecast a better revenues for our next financial year that is FI27. 42:14 42 minutes, 14 seconds So uh so for Q4 till now what fresh orders have we received? 42:20 42 minutes, 20 seconds In Q3 we have received one order of 248 K rupees. No, no, in this quarter four 42:28 42 minutes, 28 seconds in Q4 we don't have any uh alloys uh at least till date when we are into this 42:34 42 minutes, 34 seconds earning power. Uh so so basically so in let's say next 15 20 days you received the order right but so you are confident 42:43 42 minutes, 43 seconds that in one month that will have some kind of execution and it will reflect to the top line because if it does not 42:50 42 minutes, 50 seconds still we have that 250 300 crores only in revenue right because till now we have not received any fresh order so it will not convert into revenue. 43:02 43 minutes, 2 seconds uh there is a change uh which happens in Q4. Basically a lot of equipment 43:08 43 minutes, 8 seconds supplies also happen in this particular quarter along with the civil executions which go on. So there is a sudden 43:17 43 minutes, 17 seconds increase in the topline numbers for uh Q4 and it is well guided in our presentation as well from the past uh 43:27 43 minutes, 27 seconds year's performance and we look hopeful that we'll be in a position to have a topline number of somewhere around 450 43:35 43 minutes, 35 seconds cr from our water and wastewater treatment projects and 200 cr from the 43:41 43 minutes, 41 seconds renewable segment. So along with this this is based on the order book which we have right now. I'm not saying that uh 43:51 43 minutes, 51 seconds any addition of the uh order book can impact our top line in next 45 50 days which we have in this current financial 43:59 43 minutes, 59 seconds year. This order book will sustain our revenue visibility and profitability for the next financial year. So as I am 44:09 44 minutes, 9 seconds saying this word the moment we are having a good order book. So as on 1st of April we will have a good order book 44:18 44 minutes, 18 seconds available for execution for the entire financial year for on with the basis of which we'll be in a position to better project our guidance for FI27. 44:30 44 minutes, 30 seconds Sure sir. And sir, what number you gave for water treatment for Q4? 44:37 44 minutes, 37 seconds I think 400 crores. 44:39 44 minutes, 39 seconds Uh around 450 crores. 400 to 450 cr is what uh we do expect to do in this particular quarter. 44:47 44 minutes, 47 seconds So sir 400 to 450 would translate to just a 10% Q Y ony growth for Q4, right? 44:54 44 minutes, 54 seconds Because last year we did around 400 crores. So that would be only a 10% increase. Uh and for the full VR we have guided three 30 to 35%. 45:05 45 minutes, 5 seconds So I think that would be a very great difference between both. 45:12 45 minutes, 12 seconds Uh if I'm not wrong we are should be more concerned with the profitability in the project. Suppose I do 1500 cr and my 45:21 45 minutes, 21 seconds bottom line is very weak. So that will not give any strength to the company as we understand we should go with high 45:30 45 minutes, 30 seconds margin projects. So I do understand and accept there is a reduction in the 45:38 45 minutes, 38 seconds revenue numbers which we guided. However the profitability remains intact. There is no impact at all on the profitability 45:47 45 minutes, 47 seconds in the company and we expect profitability along with OCF positive numbers to be replicated in the current financial year that is FY26. 46:00 46 minutes Sure. Got it. And sir, last question. 46:02 46 minutes, 2 seconds I'm sorry to interrupt me. I would request you to rejoin the queue. Thank you. The next question comes from the line of Sahil G from CCV Emerging 46:10 46 minutes, 10 seconds Opportunities Fund. Please go ahead. Uh good morning sir. Uh so when we say that we will do 600 of topline in Q4, may I 46:19 46 minutes, 19 seconds know what was the run rate for the month of January? 46:24 46 minutes, 24 seconds The run rate for the month of January is somewhere around 120 kores which we have executed 46:33 46 minutes, 33 seconds 120. Oh yes. 46:35 46 minutes, 35 seconds That means we have to execute 480 cr of order book for the in the next two months. Because what happens is since 46:42 46 minutes, 42 seconds there are supplies which have just got geared up so this will uh the supplies 46:48 46 minutes, 48 seconds will be done maybe by 15th of March and uh then we will proceed for its 46:55 46 minutes, 55 seconds invoicing and receiving the payments. So the process is already on and the inspections basically in all the 47:03 47 minutes, 3 seconds mechanical electrical equipment that we precure there is a clearcut procedure wherein the approved and manufacturing 47:11 47 minutes, 11 seconds clearance is given. Then a 6 to 8 weeks 10 weeks is the timeline for its manufacturing. Then an inspection call 47:18 47 minutes, 18 seconds is given and then the dispatch clearance is given. So basically all these activities are done at a certain level 47:26 47 minutes, 26 seconds and these supplies are going on. So we can expect this topline number to be maintained. 47:34 47 minutes, 34 seconds So that means everything is dependent on s I mean future events we are talking about from the last 40 45 minutes on 47:42 47 minutes, 42 seconds this call. I mean still it looks difficult. Uh anyways and what would be the number of receivables by then? 47:50 47 minutes, 50 seconds If uh if we are doing for of top line in Feb and March, I'm I'm assuming that uh the entire uh revenue would be 47:58 47 minutes, 58 seconds convertible into receivables. I believe entire revenue will be converted in so 48:06 48 minutes, 6 seconds uh I cannot say on this basis there is some unbuilt revenues in our books. 48:12 48 minutes, 12 seconds There is some inventory which will definitely get converted into cash flows. There will be the topline numbers 48:19 48 minutes, 19 seconds which will do in the current quarter and which will certain uh amount of this will go into unbuild revenues and there 48:27 48 minutes, 27 seconds will be some part which will get converted to cash flows as well. So ultimately if you see any of the 48:34 48 minutes, 34 seconds financial year in the past the unbuild revenue is a bit high till Q3. 48:42 48 minutes, 42 seconds However, it gets reduced substantially in Q4 when this uh topline number also 48:49 48 minutes, 49 seconds increases and the cash inflows get substantially higher. 48:54 48 minutes, 54 seconds Uh so for Q1, Q2, Q3 might be that you will get the payment. I'm specifically asking for the Q4 because uh 50% of your 49:01 49 minutes, 1 second revenue is coming in Q4. So that is why I'm asking that what the receivables figures will look like just just a ballpark figure maybe from your side. 49:10 49 minutes, 10 seconds I have given uh guidance of a working capital somewhere in the range of 90 49:18 49 minutes, 18 seconds days to 100 days. So we will try our level best to maintain that working uh 49:24 49 minutes, 24 seconds capital days and then converting uh the entire OCF to positive along with taxes as well. 49:34 49 minutes, 34 seconds Okay. 49:36 49 minutes, 36 seconds Okay. And sir what is the reason for unbuilt revenue? 49:41 49 minutes, 41 seconds Unbuilt revenue there was a circular from government that all the invoices that we do it 49:51 49 minutes, 51 seconds these are to be exactly paired with the income tax TDS and the GST TDS. Uh this 49:58 49 minutes, 58 seconds circular had come in sometime in September. There was a revenue recognition mechanism which was outlined 50:05 50 minutes, 5 seconds in the GST uh circular as well when based on certain activities which get fulfilled then we could generate the 50:14 50 minutes, 14 seconds invoices. Now the invoices are not done at least till the time the confirmation a clear pass order and the availability 50:23 50 minutes, 23 seconds of funds with the government wherein they are depositing the TDS amount at least. So all other amount always 50:31 50 minutes, 31 seconds remains in the unbuild revenue. If you see the combined value of uh unbuild revenues as well as the receivables. So 50:40 50 minutes, 40 seconds I think that will give a fair picture in comparison to the last financial year. 50:48 50 minutes, 48 seconds Okay. Uh so just last question may I know what is the reason for margins to come down in Q3 as compared to Q2 and Q1? 50:57 50 minutes, 57 seconds uh specifically the pack margins uh there is a guidance it all is a 51:05 51 minutes, 5 seconds product project mix there may be a project where is have where we are having higher margins there can be a 51:14 51 minutes, 14 seconds project where the margins are slightly lower so a change of maybe 1 to 2 percentage points so that never says 51:22 51 minutes, 22 seconds that the operational efficiencies are lower further uh there is an ECL provision which is 51:29 51 minutes, 29 seconds created in the books in Q3 itself a provision of 6 K has been created. ECL 51:37 51 minutes, 37 seconds is expected credit loss. So basically there is a India's provision according to which ECL provision is booked. The 51:44 51 minutes, 44 seconds total ECL which has been booked in our books till now stands at 15 cr out of which 6 cr has been booked in in just in 51:53 51 minutes, 53 seconds the last quarter itself. So 42 cr was the uh our profitability if you just club 52:01 52 minutes, 1 second it. So I think we are well aligned at least if we talk about the profitability in the company. 52:12 52 minutes, 12 seconds Okay from my pleasure. Thank you. Welcome. 52:17 52 minutes, 17 seconds Thank you. The next question comes from the line of Anmul Mittal from SMC Private Wealth. Please go ahead. 52:26 52 minutes, 26 seconds Uh good morning sir. Uh sir, can you share the margin outlook for Q4 uh 600 to 650 cr topline guidance? 52:37 52 minutes, 37 seconds Top line guidance is this u 450 cr for water waste water and around 200 cr for renewable the overall profitability if I 52:46 52 minutes, 46 seconds talk about both combined so I think we should be somewhere around 15%age pat margin 52:52 52 minutes, 52 seconds 15% pat okay thank you sir and my second question is given the importance of execution momentum uh would it be 53:00 53 minutes possible for management to provide periodic perhaps monthly update on order book execution So press means disclosure to help investor better track progress. 53:12 53 minutes, 12 seconds Uh I will match the top line which happened in the past years with the current financial uh with the pairing it 53:21 53 minutes, 21 seconds with the current financial year. So uh definitely we will do no issues in it. 53:27 53 minutes, 27 seconds Okay. So means by the next month we will receive month on monthly basis press regarding the order executed right. 53:34 53 minutes, 34 seconds Yeah. Yeah, definitely we can do it. Okay sir. Thank you. 53:41 53 minutes, 41 seconds Thank you. The next question comes from the line of D Malotra from Adri Global. Please go ahead. 53:50 53 minutes, 50 seconds Yeah. Uh good morning Manish and congratulations on a good set of numbers. 53:56 53 minutes, 56 seconds You know in this challenging and uh infrastructure uh where the infrastructure on the whole 54:03 54 minutes, 3 seconds has been a little slow a good execution as far as the bottom line is concerned at least. 54:10 54 minutes, 10 seconds Then I wanted to although a lot of yeah a lot of uh answers have been given just wanted to understand uh 54:18 54 minutes, 18 seconds what what troubles are we facing in terms of order booking per se uh is it competition is it uh state governments 54:27 54 minutes, 27 seconds their budget constraints why didn't we you know get the orders we anticipated 54:34 54 minutes, 34 seconds uh while you've explained that you know Rajasthan project it got uh went into rebid uh but but the flow of orders has just 54:43 54 minutes, 43 seconds been very slow and how is this going to change going into Q4 and the next financial year? What what do you foresee 54:51 54 minutes, 51 seconds for the time to come? Sir, uh as far as the availability of 54:58 54 minutes, 58 seconds projects is concerned, it is extremely robust and a number of projects are available uh for bidding also and we 55:08 55 minutes, 8 seconds have submitted our bids as well. There is some L1 pipeline but definitely uh as 55:15 55 minutes, 15 seconds I said uh Rajasthan was one of the project wherein we face some challenges. 55:20 55 minutes, 20 seconds So I'm not in a position or I never want to declare the L1 status rather I am more comfortable putting it in the uh 55:29 55 minutes, 29 seconds our bidding pipeline itself till it gets transpired into LOA. Now when we are 55:35 55 minutes, 35 seconds submitting our bids for government so there are challenges with respect to the evaluation the evaluation timelines are 55:44 55 minutes, 44 seconds not in our hand. We can only predict the possibility of getting any of the orders. As I said uh in Delhi we have 55:54 55 minutes, 54 seconds submitted bids for almost five six projects but due to some technical glitch the u entire process was stopped 56:03 56 minutes, 3 seconds uh at one point of time and all the projects have again been called for a rebidding. So there is not any control 56:13 56 minutes, 13 seconds in our hands. These projects are again available for bidding. We are definitely bidding for these projects and look 56:19 56 minutes, 19 seconds forward to having some good order book position from Delhi. We have submitted our bids for a number of projects in 56:27 56 minutes, 27 seconds Bihar. The total estimated value for which we have submitted our bids is somewhere in the range of 3,000 odd kores. Again the evaluation process got 56:36 56 minutes, 36 seconds a bit delayed again not in our hand. So we are just expecting that uh it ultimately the bits financial bids get 56:44 56 minutes, 44 seconds opened the technical bids have been evaluated. We are just waiting for the final outcome and then it getting 56:51 56 minutes, 51 seconds transpired into loss. So basically these are just challenges with respect to the final evaluation and finalization of 56:59 56 minutes, 59 seconds bids. No other I think uh there can be any of the gaps which I can uh mention here. So we are 57:07 57 minutes, 7 seconds just waiting that the valuation process gets completed and that gets transferred to LOS. 57:13 57 minutes, 13 seconds So it's not as if we are losing these orders to competitors or no there is a success 57:22 57 minutes, 22 seconds success ratio but it is not a particular okay yeah so the state governments Bihar 57:29 57 minutes, 29 seconds Delhi all these governments have not placed the order to anybody not only to us it is the you know 57:36 57 minutes, 36 seconds whether our success ratio is 25 to 40% but order they haven't give it given to anyone till now they have just uh gone 57:46 57 minutes, 46 seconds into re re-evaluation and whatever going on internally. 57:49 57 minutes, 49 seconds Yes. Yes. Um Bihar it is under evaluation in Delhi it is under rebuilding. 57:57 57 minutes, 57 seconds Okay. And historically sir when such a situation happens within the when you know there's a death of uh government 58:06 58 minutes, 6 seconds orders then once it starts it does it uh get lumpy like you get all of a sudden you get lot of orders 58:14 58 minutes, 14 seconds like it it must have historically even when we were not 58:20 58 minutes, 20 seconds lifted when such a thing used to happen and uh when things when the ball started rolling uh Do we get like a lumpy order 58:29 58 minutes, 29 seconds booking uh giving us good visibility into the future or how does it work? 58:36 58 minutes, 36 seconds Uh if you just see the last financial year itself or uh I'll say the last calendar lender year from January when 58:43 58 minutes, 43 seconds the projects uh could be available for bidding. So there was a number of projects which were available. We 58:51 58 minutes, 51 seconds submitted our bids from April to July almost 1200 cr projects were there which 58:58 58 minutes, 58 seconds we won and for which we got the loss. So basically as the Amrut project or I say any of the mission or any of the government mission is moving. So the projects are invited. 59:09 59 minutes, 9 seconds There is no lumpiness which we foresee. 59:13 59 minutes, 13 seconds But there can be a cluster of projects which we can expect to acrewue at certain point of time and then there can 59:20 59 minutes, 20 seconds be a low season as well uh which has happened. So that is not predictable. Okay. Okay. 59:29 59 minutes, 29 seconds Sir secondly on the budget uh estimates you have given a slide also on JJM 59:37 59 minutes, 37 seconds uh Nami Gang Amro and the SBM Grammine and urban uh the has the budget 59:44 59 minutes, 44 seconds increased because I think you've given a column indicating the approximate spend by the government 59:51 59 minutes, 51 seconds in the last financial year which seems to be much below what they had budgeted initially 59:57 59 minutes, 57 seconds uh in this uh 25 26. Uh so 1:00:04 1 hour, 4 seconds how do we see this in the coming years or couple of years ahead? Uh is there enough uh focus of the government uh in this space? 1:00:16 1 hour, 16 seconds uh whatever I can foresee is there has been a slopiness from the what I can say 1:00:24 1 hour, 24 seconds from the government side or if there were any challenges because of which they were not releasing the funds it was 1:00:31 1 hour, 31 seconds mainly the JGM scheme which was facing all the challenges uh from a budgeted estimate of 67,000 1:00:40 1 hour, 40 seconds odd kores now the final revised estimate uh is pegged at 17,000 kores 1:00:47 1 hour, 47 seconds And for the next financial year that is FY27 they have uh given a budgetary estimate of 67,670. 1:00:56 1 hour, 56 seconds So if we just look into the intent what we can uh understand is uh the fund 1:01:05 1 hour, 1 minute, 5 seconds should start moving even in the GGM since the rei revised estimate is on 1st of February when this budget has been 1:01:13 1 hour, 1 minute, 13 seconds announced. So in the next two months in that is February and March this 70 odd,000 cr this should 1:01:23 1 hour, 1 minute, 23 seconds this fund should be allocated to the projects and then we can foresee this number of 67 670 which has been 1:01:30 1 hour, 1 minute, 30 seconds projected for the current for the next financial year FI27. So this fund is going to be released. This is how we can 1:01:38 1 hour, 1 minute, 38 seconds foresee and the project should move further. Now in case of Nami uh as the projects are moving there is 1:01:46 1 hour, 1 minute, 46 seconds no slowdown at all. The funds are getting moved comfortably. 1:01:52 1 hour, 1 minute, 52 seconds The budgetary estimate was 3400 crores but the revised estimate is 2687 crores. 1:01:58 1 hour, 1 minute, 58 seconds So that is uh primarily based on the expenditure which has happened. So against this they have again given a 1:02:04 1 hour, 2 minutes, 4 seconds budgeted estimate of 3,100 cr which in itself again looks okay no issues in it 1:02:12 1 hour, 2 minutes, 12 seconds from 10,000 budgeted to 7,500 crores and now the budgetary estimate for FY27 is 8,000 cr so we look forward to that if 1:02:23 1 hour, 2 minutes, 23 seconds the uh first of all this budgetary estimate of 8,000 cr it should get crossed so the funds were getting 1:02:30 1 hour, 2 minutes, 30 seconds released in number schemes in the entire financial year and then we again see that this number will continue to move. 1:02:38 1 hour, 2 minutes, 38 seconds So there is no challenge which we have foreseen at least in Nami Gambi or Amrut. SBMA, Gramin and Urban Bas. 1:02:47 1 hour, 2 minutes, 47 seconds Yeah please. 1:02:49 1 hour, 2 minutes, 49 seconds No no no go ahead sir please you complete. 1:02:51 1 hour, 2 minutes, 51 seconds SBN Grammin and urban basically there are some missions which is for the population below one lakh. So there are some seage projects which are coming up. 1:03:02 1 hour, 3 minutes, 2 seconds So in the FBM projects as well the fund movement has been smooth and the pro 1:03:08 1 hour, 3 minutes, 8 seconds movement is okay. So as far as we see apart from JJM all other schemes are moving you know it is a stable and moving favorably. 1:03:19 1 hour, 3 minutes, 19 seconds This is what we can foresee right but we are primarily present in the Mami Gangi and Amrut or given the 1:03:28 1 hour, 3 minutes, 28 seconds government you know visible government intent of JJM revival we will start bidding here as well if if things are 1:03:35 1 hour, 3 minutes, 35 seconds smooth again and if all these uh JGM related issues are resolved 1:03:42 1 hour, 3 minutes, 42 seconds right now we don't have any intent to bid for the JGM projects until and unless the scheme will get fine 100%. 1:03:52 1 hour, 3 minutes, 52 seconds And almost projects are there where the bids have already been done. So I don't think there is much of a bidding 1:04:00 1 hour, 4 minutes available in uh JJM apart from some states which were going slow. So I'm not quite hopeful of getting any of the project in JM rather in Amrut itself. 1:04:10 1 hour, 4 minutes, 10 seconds Yes, there are number of water projects which will come up. So we'll be fairly comfortable doing the projects under Amrut. So this is a city mission. So 1:04:18 1 hour, 4 minutes, 18 seconds we'll be focusing on the urban mission primarily. Understood. 1:04:25 1 hour, 4 minutes, 25 seconds Sir one uh last question even though you've explained it we are currently at in the 9 months at about 135 cr rupees 1:04:33 1 hour, 4 minutes, 33 seconds pat we are talking that we can still reach 230 to 250 1:04:38 1 hour, 4 minutes, 38 seconds given uh 15% PAT at 600 650 crores that we are targeting for Q4 we can do 1:04:47 1 hour, 4 minutes, 47 seconds anywhere in the ballpark of about 90 to 100 crores very tall target 2x of what we have done in the previous quarters. 1:04:57 1 hour, 4 minutes, 57 seconds Is it genuinely achievable? 1:05:01 1 hour, 5 minutes, 1 second If I say let us divide it into two parts. One is a renewable component which is 200 cr and which is moving 1:05:09 1 hour, 5 minutes, 9 seconds smoothly one way and the second part is 450 cr. 1:05:16 1 hour, 5 minutes, 16 seconds So last year we have done 400 cr. So against 400 I am giving a guidance of 450 K. So that uh looks quite achievable in itself as well. 1:05:26 1 hour, 5 minutes, 26 seconds And the water we will we will do about 18 we are doing about 18 and 18 and a half% pat margin uh 9 months 1:05:35 1 hour, 5 minutes, 35 seconds consolidated right water is uh we can consider approximately the same margin 1:05:44 1 hour, 5 minutes, 44 seconds as a guidance measure I will never say because in guidance note I will say the margins may be for the console ones it 1:05:53 1 hour, 5 minutes, 53 seconds can be at 15% there can be minor week it can be 16 or 17% for water waste water 1:06:00 1 hour, 6 minutes segment and maybe some margin so at a console level I can say the margins can be at somewhere 15%. 1:06:09 1 hour, 6 minutes, 9 seconds Okay. But it's achievable in the uh Q4. Yeah. 1:06:15 1 hour, 6 minutes, 15 seconds Was already Okay, sir. Thank you. Getting changed. Thank you. 1:06:22 1 hour, 6 minutes, 22 seconds Thank you. Participants are requested to restrict themselves to two questions in the interest of time. If you have any more questions, kindly rejoin the queue. 1:06:32 1 hour, 6 minutes, 32 seconds The next question comes from the line of Dejas Sigwan from Marat Capital. Please go ahead. 1:06:40 1 hour, 6 minutes, 40 seconds I just uh uh thank you a good morning. 1:06:42 1 hour, 6 minutes, 42 seconds Uh just I enjoy you on that. So I must have missed some part. So I just wanted to know Javish speaking to your uh 1:06:49 1 hour, 6 minutes, 49 seconds target guidance of achieving around 30 35%. 1:06:54 1 hour, 6 minutes, 54 seconds You also around 8%. It's a kind yes please please go. Hello. 1:07:04 1 hour, 7 minutes, 4 seconds Yeah. 1:07:04 1 hour, 7 minutes, 4 seconds Am I audible? So uh are we are you still sticking? Yeah. Yeah. Are you sticking to your target of achieving 30 to 35% 1:07:12 1 hour, 7 minutes, 12 seconds for the financial financial year because you achieve just 8% in 9 months. So you you have to achieve around 64% 60 around 65%. 1:07:23 1 hour, 7 minutes, 23 seconds Last quarter. So correct is um hello our pad growth our pad growth is uh in the range of 30%. 1:07:35 1 hour, 7 minutes, 35 seconds uh in first 9 months. So if I look at a consolidated financial level, so our top 1:07:44 1 hour, 7 minutes, 44 seconds line can be uh somewhere in the range of 25 or percentage plus and the profit profitability guidance wise yes it can 1:07:53 1 hour, 7 minutes, 53 seconds be 30% plus so so earlier for 35% you are coming 1:07:59 1 hour, 7 minutes, 59 seconds down to the 25,000 what the last word uh I have given a guidance even now in 1:08:07 1 hour, 8 minutes, 7 seconds the range of 230 32 to uh 50 K if I maintain a guidance of 35% so that 1:08:14 1 hour, 8 minutes, 14 seconds figure comes out to 238 K so there is no change at least on the profitability guidance so I'm giving the ballpark 1:08:23 1 hour, 8 minutes, 23 seconds figures what we can look uh once we complete this financial year 1:08:30 1 hour, 8 minutes, 30 seconds okay okay thank you thank you so much welcome thank The next question comes from the line of 1:08:39 1 hour, 8 minutes, 39 seconds Deepak Podar from Safaya Capital. Please go ahead. Yeah, I'm audible sir. 1:08:46 1 hour, 8 minutes, 46 seconds Yeah. Yeah. You are audible. 1:08:48 1 hour, 8 minutes, 48 seconds Yeah. Um thank you very much for this opportunity. So now um I mean a lot we have discussed on FI26. Um so so 1:08:56 1 hour, 8 minutes, 56 seconds something on FI27. How how should one look at FI27 in terms of execution and all? 1:09:03 1 hour, 9 minutes, 3 seconds uh boss I don't want to reduce any of my guidance for FY27 as well however I look 1:09:12 1 hour, 9 minutes, 12 seconds forward to the order book uh which we get in the current financial year in the 1:09:18 1 hour, 9 minutes, 18 seconds next 2 months based on that giving any guidance or maintaining of my guidance that will make some sense so I would 1:09:27 1 hour, 9 minutes, 27 seconds just request to wait for another two months time wherein we I am quite is hopeful and will be in a position to 1:09:36 1 hour, 9 minutes, 36 seconds declare the LOS as and when we receive and that will give a clear guidance. 1:09:42 1 hour, 9 minutes, 42 seconds I'll not be reducing the guidance at all. We want to maintain a growth rate uh pairing to that 35 40%age 1:09:51 1 hour, 9 minutes, 51 seconds and that will look to be fine once the order book is in hand with us. Mhm. 1:10:00 1 hour, 10 minutes and and this 35 40% includes renewables also right since we will be having the topline numbers in our books in the current 1:10:09 1 hour, 10 minutes, 9 seconds financial year so now onwards we can say on a consolidated basis also 1:10:16 1 hour, 10 minutes, 16 seconds and and how much execution we targeting renewables in this 354% growth 1:10:23 1 hour, 10 minutes, 23 seconds in FI 27 you are talking about 27 26 27 FI 1:10:33 1 hour, 10 minutes, 33 seconds FYI 27 we are expecting somewhere around 500 400 to 500 cr it should happen in the renewables 1:10:41 1 hour, 10 minutes, 41 seconds 400 to 500 and this is included in that 3540% growth that you are talking about right now I will definitely say it is 1:10:49 1 hour, 10 minutes, 49 seconds included in that talking fair point um okay that would be from my side all the way best to you thank you so much 1:10:57 1 hour, 10 minutes, 57 seconds thank you thank you The next question comes from the line of DH Kulkarni from Finsside Ventures. Please go ahead. 1:11:04 1 hour, 11 minutes, 4 seconds Uh hello sir, I'm audible. Yeah. Yeah. 1:11:08 1 hour, 11 minutes, 8 seconds Okay. Uh thank thanks for giving me the opportunity and I was like uh two quick questions sir. So like uh what we have seen is like government projected 1:11:17 1 hour, 11 minutes, 17 seconds forecasted or budgeted for this year financial year 26 of somewhere around 60 70,000 crores in the previous budget but 1:11:24 1 hour, 11 minutes, 24 seconds what we have is somewhere around 17 20,000 crores right and uh again for the next financial year the budget is around 1:11:32 1 hour, 11 minutes, 32 seconds 65 67 70,000 crores but again there is a question mark right with the kind of execution the government itself is 1:11:40 1 hour, 11 minutes, 40 seconds having so my question is are there not kind of projects that government is coming up with or what's happening in this infrastructure water infrastructure 1:11:48 1 hour, 11 minutes, 48 seconds that are are there any financial constraints uh from know financial for the ministry itself that we are not 1:11:56 1 hour, 11 minutes, 56 seconds getting this projects for for any players I'm just saying that's my first question 1:12:03 1 hour, 12 minutes, 3 seconds uh first of all I would request you to kindly see uh each of the government scheme on its own 1:12:12 1 hour, 12 minutes, 12 seconds there are different schemes. First of all, JGM JGM is basically a rural nation. The entire problem in the water 1:12:21 1 hour, 12 minutes, 21 seconds sector has happened because of JGM which has not performed well in the past maybe 1:12:29 1 hour, 12 minutes, 29 seconds one and a half year and more than that since March 2024 some problems has got accured in this particular GGM scheme. 1:12:40 1 hour, 12 minutes, 40 seconds Apart from this if we talk about Nami Gang if we talk about Amrut if we talk about the projects that we are getting 1:12:48 1 hour, 12 minutes, 48 seconds like CPS from the industrial development corporations or the projects which are funded by multilateral agencies 1:12:55 1 hour, 12 minutes, 55 seconds there are no challenges at all and the projects are moving smoothly and the execution is being done. 1:13:03 1 hour, 13 minutes, 3 seconds If we talk about amo scheme itself, there has been a flurry of projects since January 2025 1:13:11 1 hour, 13 minutes, 11 seconds and number of projects are available for bidding. Even if you see our speech uh 1:13:17 1 hour, 13 minutes, 17 seconds Sanjay G mentioned that around 26,000 cr projects are just on the verge which are 1:13:24 1 hour, 13 minutes, 24 seconds being invited and that is based on the guidelines issued by Amrut 2 itself. It 1:13:32 1 hour, 13 minutes, 32 seconds is a progress as mentioned in uh in its own uh circular on 3rd of February. So 1:13:39 1 hour, 13 minutes, 39 seconds there are around 26,000 cr projects for which bids are available uh for which for which DPR have been approved and the 1:13:48 1 hour, 13 minutes, 48 seconds projects are on the move. So basically if we say the projects are coming even from the different government schemes 1:13:56 1 hour, 13 minutes, 56 seconds projects are moving funds are being made available. So I don't foresee any challenges apart from the GDM. Okay. 1:14:04 1 hour, 14 minutes, 4 seconds Okay. That sounds uh some hope is there I believe. Okay. Uh so now the next question is sir what kind of a capex we 1:14:12 1 hour, 14 minutes, 12 seconds expect uh in terms of uh maybe this year or next two years will it be because we are doing some renewables as well right? So if you 1:14:20 1 hour, 14 minutes, 20 seconds could just split that across business segments. So total capital expenditure. 1:14:26 1 hour, 14 minutes, 26 seconds Uh first of all if I talk about hemp projects so hemp projects in our water wastewater segment. I do have two Ham 1:14:35 1 hour, 14 minutes, 35 seconds projects. One is at Matra and one is Saharanpur. So basically these are two projects for which uh 1:14:43 1 hour, 14 minutes, 43 seconds definitely we'll be putting we uh the execution is going on and there will be some term loans which will get acured in the books. 1:14:52 1 hour, 14 minutes, 52 seconds So the total quantum of uh loan that can get acured is somewhere around 120 cr uh 1:15:00 1 hour, 15 minutes from Saharanpur and uh another 40 or 45 odd crores from 1:15:06 1 hour, 15 minutes, 6 seconds Matra. So basically if I can just conclude FI27 we can expect another 120 1:15:14 1 hour, 15 minutes, 14 seconds 150 odd kores getting acured uh from this u hemp project and uh 1:15:21 1 hour, 15 minutes, 21 seconds around 10 + 88 80 so another 100 cr in the renewable segment which is visible 1:15:28 1 hour, 15 minutes, 28 seconds at present. So maybe around uh another 250 cr can be an increase in the term loans in the next financial year from the projects which we are in hand. 1:15:37 1 hour, 15 minutes, 37 seconds Okay that's that's great. So like I'm specifically asking about the capital expenditure. So that is the 250 crores is equivalent to the capital expenditure which company will incur. 1:15:48 1 hour, 15 minutes, 48 seconds Basically if I say about the uh capital uh what I told I'm sorry uh it is more of the term loan which I told you. So if 1:15:57 1 hour, 15 minutes, 57 seconds uh I talk about the capital expenditure. So the part of capital expenditure which I 1:16:04 1 hour, 16 minutes, 4 seconds am required to do is even saranpur and this matra we have already done. So 1:16:10 1 hour, 16 minutes, 10 seconds there is hardly another 100 odd k which I can foresee which can be the capex expenditure from our side. 1:16:18 1 hour, 16 minutes, 18 seconds Okay. So that includes renewable as well right? Yeah. Yeah. That includes renewable based on the project to present order book position. This could be the capex trend which can happen. 1:16:30 1 hour, 16 minutes, 30 seconds Okay. So that sounds great sir. All the best. Thank you very much. Thank you. 1:16:35 1 hour, 16 minutes, 35 seconds Thank you. The next question comes from the line of Rahul Ranka from Kushell Investments. Please go ahead. 1:16:43 1 hour, 16 minutes, 43 seconds Good morning sir. Am I audible? Yeah audible. 1:16:49 1 hour, 16 minutes, 49 seconds So what could be the return on equities which we can expect uh maybe this year ending and maybe the next year if you 1:16:55 1 hour, 16 minutes, 55 seconds can uh give some guidance on that just that 230 230 odd crores uh if that 1:17:06 1 hour, 17 minutes, 6 seconds can be the pat number so we can expect uh return on equity to be somewhere around 18 to 19%. 1:17:16 1 hour, 17 minutes, 16 seconds Okay sir, thank you so much. Most of my questions are already answered. Thank you. 1:17:22 1 hour, 17 minutes, 22 seconds Thank you. The next question comes from the line of Vidhi Sha from CR Kotarian and Sons. Please go ahead. 1:17:32 1 hour, 17 minutes, 32 seconds Uh hello am I audible sir? 1:17:35 1 hour, 17 minutes, 35 seconds Yes you are colleague Pratik. So firstly uh want to congratulate you on a good set of uh margins that we've showcased 1:17:44 1 hour, 17 minutes, 44 seconds is really pleasing. I understand it's a difficult time on the uh topline front. 1:17:50 1 hour, 17 minutes, 50 seconds Uh but I think some lot of the questions got answered earlier. uh so just some uh basic uh questions that I had you know 1:17:59 1 hour, 17 minutes, 59 seconds on the presentation we've seen that our order book x ofm stands at 1,900 crores 1:18:05 1 hour, 18 minutes, 5 seconds and assuming uh on the water side I'm talking about and assuming 450 gets executed we are left with something 1:18:14 1 hour, 18 minutes, 14 seconds like450 uh available to us in hand uh so 1450 is 1:18:21 1 hour, 18 minutes, 21 seconds a base number plus about 400 that you mentioned earlier year. So 1,800 kind of a top line looks doable for next year. 1:18:29 1 hour, 18 minutes, 29 seconds Sir, what is your sense on that? 1:18:34 1 hour, 18 minutes, 34 seconds Sir, I will again repeat uh it will depend upon the order book that gets acred in the next two months and going 1:18:43 1 hour, 18 minutes, 43 seconds further as well. But we are more uh particular with respect to the order book which we get in the next two 1:18:50 1 hour, 18 minutes, 50 seconds months. So based on that number giving that uh guidance 1:18:57 1 hour, 18 minutes, 57 seconds if I say that I will grow at 35 to 40 odd uh percentage caggr. So that will make some sense if that order book is in 1:19:06 1 hour, 19 minutes, 6 seconds hand other way around it will just look to be a number. So that is why I just requested let the order book be there in 1:19:13 1 hour, 19 minutes, 13 seconds our hands and then going for a guidance and maintaining our guidance will make a sense. 1:19:20 1 hour, 19 minutes, 20 seconds Right now just giving a number means that figure definitely uh if I say on our part we want to maintain those 1:19:28 1 hour, 19 minutes, 28 seconds numbers but for maintaining the number I require the order book that should flow to the company and quite hopeful that that number will be there. 1:19:40 1 hour, 19 minutes, 40 seconds Uh I mean I was just talking from our present order book only that we've shown in the presentation. So I was just talking from there. Uh this 1450 that 1:19:48 1 hour, 19 minutes, 48 seconds will maybe remain with us. So that can we expect to get executed next year entire 1450 cannot get executed. I can 1:19:58 1 hour, 19 minutes, 58 seconds expect 75% of that to get executed in the next financial year. Understood. No that's very helpful sir. 1:20:05 1 hour, 20 minutes, 5 seconds And you know last uh last time uh in the last call we had mentioned we had bid for close to 8,000 odd cr worth of 1:20:12 1 hour, 20 minutes, 12 seconds projects plus this time I think another 3,000 odd in Bihar etc that he had mentioned. So sir what is the total number of bids 1:20:21 1 hour, 20 minutes, 21 seconds that has happened and how many of them have opened so far? 1:20:28 1 hour, 20 minutes, 28 seconds Uh I don't have the numbers there with me uh with respect to the number of bids. Basically if you that number of 1:20:37 1 hour, 20 minutes, 37 seconds 3,000 odd cror which I uh told you regarding Bihar that is the figure which gets included in the 8,000 cr order book 1:20:46 1 hour, 20 minutes, 46 seconds there were some bits which got opened either we are L1 in that or there are some bits where we have been higher so 1:20:56 1 hour, 20 minutes, 56 seconds the current figure which is available with us where in the evaluation is going or we are having L1 so it is a ballpark figure of somewhere around 5,000 crores. 1:21:07 1 hour, 21 minutes, 7 seconds So 5,000 cr worth of bids we have submitted this includes the 3,000 of Bihar. Is that understanding correct? 1:21:16 1 hour, 21 minutes, 16 seconds Yeah, that is correct. 1:21:17 1 hour, 21 minutes, 17 seconds Okay sir. And traditionally I think even sorry to interrupt Vidi I would request you to rejoin the queue. Thank you. 1:21:25 1 hour, 21 minutes, 25 seconds Participants are requested to restrict themselves to one question. For any more questions please rejoin the queue. Thank you. The next question comes from the 1:21:34 1 hour, 21 minutes, 34 seconds line of Mita from Finance 360. Please go ahead. Oh, thanks for the followup opportunity. 1:21:41 1 hour, 21 minutes, 41 seconds Also, my uh my question was on the capital allocation front. If you look our water treatment uh business is uh 1:21:49 1 hour, 21 minutes, 49 seconds particularly B2G business which is a working capital intensive and we have uh many times faced uh uh problems with the 1:21:59 1 hour, 21 minutes, 59 seconds uh no releasing of funds from government end. So it's a working capital intensive but now in the renewable we are also 1:22:08 1 hour, 22 minutes, 8 seconds doing the capeex we are entering into business which is in a way capex heavy like I think we have uh undertaken two 1:22:15 1 hour, 22 minutes, 15 seconds plans and we are going to do a 100 cr plus of capeex I think you mentioned few minutes ago. So on one hand our business 1:22:24 1 hour, 22 minutes, 24 seconds one of our part most important business is working capital intensive and second is capeex have a business. So how 1:22:32 1 hour, 22 minutes, 32 seconds uh I mean we are going to manage the cash crunch which we are going to have. 1:22:40 1 hour, 22 minutes, 40 seconds Uh first of all uh in our water and wastewater treatment business as our guidance says and we are uh working on 1:22:48 1 hour, 22 minutes, 48 seconds it as well. So we are targeting an OCF positive scenario. So that will give a 1:22:57 1 hour, 22 minutes, 57 seconds cash flow positive cash flows to the company. 1:23:01 1 hour, 23 minutes, 1 second Uh now if I look forward to the capex that we expect to do in the renewable 1:23:07 1 hour, 23 minutes, 7 seconds segment uh we had made it quite clear that we will uh from envirro there will 1:23:14 1 hour, 23 minutes, 14 seconds be an investment of 75 cr only and there will not be any further investment. If you will see no further investment has 1:23:23 1 hour, 23 minutes, 23 seconds happened and we stick to our guidance as well and there will not be any further investment at least going forward from envirro to the renewable business. 1:23:34 1 hour, 23 minutes, 34 seconds Now the total funds which got acred in uh renewable segment it was 75 odd kores 1:23:42 1 hour, 23 minutes, 42 seconds from Envirro along with another 40 odd kores which was infused by myself Sanjay 1:23:49 1 hour, 23 minutes, 49 seconds G and some of the shareholders further along this fund along with the debt 1:23:56 1 hour, 23 minutes, 56 seconds which we are taking for executing those projects basically based on those we are quite comfortable table and that capex 1:24:05 1 hour, 24 minutes, 5 seconds will be done and we expect good healthy margins in those projects and based on that we will look forward to any further 1:24:14 1 hour, 24 minutes, 14 seconds IP if we would take we have submitted our bids for some of the EPC projects in the renewable 1:24:22 1 hour, 24 minutes, 22 seconds segment which includes wind and baths as well. 1:24:29 1 hour, 24 minutes, 29 seconds So definitely uh there will always be a mix of IP and EPC in the renewable 1:24:36 1 hour, 24 minutes, 36 seconds segment uh also and we look forward to uh healthy profitability, healthy u um uh top line 1:24:46 1 hour, 24 minutes, 46 seconds in the renewable segment. So both the segments will move independently. 1:24:51 1 hour, 24 minutes, 51 seconds There will be a separate uh working capital lines made available for the renewables separate funding lines 1:24:58 1 hour, 24 minutes, 58 seconds working capital lines for the mean water and wastewater business. 1:25:03 1 hour, 25 minutes, 3 seconds Thank you. The next question comes from the line of Kishor Jasotani an individual investor. Please go ahead. 1:25:11 1 hour, 25 minutes, 11 seconds Uh hello sir. Uh sir if we look at the last 3 years budget of the government or last 5 years budget of the government in 1:25:19 1 hour, 25 minutes, 19 seconds all these water sector schemes there is hardly any growth in the budget if we look at it from the 3 years viewpoint. 1:25:26 1 hour, 25 minutes, 26 seconds So sir is the sector moderating in terms of growth like how are we targeting 30 35% CAG or if the sector is itself not 1:25:36 1 hour, 25 minutes, 36 seconds growing that fast if you see there was a sharp increase in 1:25:43 1 hour, 25 minutes, 43 seconds the government expenditure in various schemes. So as we see the expenditure is 1:25:50 1 hour, 25 minutes, 50 seconds of a continuous nature which is happening in the in all these different schemes and based on this the projects 1:25:59 1 hour, 25 minutes, 59 seconds are getting executed and no new projects are coming up. So to our understanding healthy projects are available for 1:26:07 1 hour, 26 minutes, 7 seconds bidding and there is a sudden jump in the Amrut projects visibility. 1:26:14 1 hour, 26 minutes, 14 seconds So we may we can look forward to the expenditures getting increased in the further years because at present the 1:26:23 1 hour, 26 minutes, 23 seconds projects are being invited. So at there will be a point of time when almost all the projects will be moving for 1:26:30 1 hour, 26 minutes, 30 seconds execution. At that point of time a higher budgetary expenditure will be required and to our understanding we 1:26:38 1 hour, 26 minutes, 38 seconds also look forward to that expenditure getting increased in that particular scheme. 1:26:45 1 hour, 26 minutes, 45 seconds Thank you. The next question comes from the line of Vidi from CR Kotari and Suns. Please go ahead. Sir Pratik again 1:26:52 1 hour, 26 minutes, 52 seconds with these colleague. Uh just uh earlier to my just a follow-up question sir. Uh 1:26:58 1 hour, 26 minutes, 58 seconds so we continue to maintain a similar uh eicta margin guideline for the next year 1:27:05 1 hour, 27 minutes, 5 seconds right 22 to 24% or do you think that will also again uh be in line with what we've done this quarter last quarter so 1:27:13 1 hour, 27 minutes, 13 seconds in the 26 to 27 kind of a range so any out we will never change our guidance we will never change at least the guidance 1:27:21 1 hour, 27 minutes, 21 seconds the guidance will always be in that range itself understood sir and uh just uh I think 1:27:29 1 hour, 27 minutes, 29 seconds you would have answered this earlier also but uh any timelines on when this 1:27:34 1 hour, 27 minutes, 34 seconds uh orders bin will be announced or any percentage or of the 5,000 crores 1:27:43 1 hour, 27 minutes, 43 seconds that we've b s our confidence as to what kind of orders we can win because I think traditionally we had mentioned somewhere in previous calls about 30 1:27:52 1 hour, 27 minutes, 52 seconds odd% was our win rate earlier so can we expect a similar win rate uh or what is your sense? 1:28:03 1 hour, 28 minutes, 3 seconds We have lowered our win rate as our guidance and we uh even if we expect 20 1:28:10 1 hour, 28 minutes, 10 seconds 25% to be our win rate, we will well cross that guidance of 1,000 cr, right? 1:28:18 1 hour, 28 minutes, 18 seconds And then definitely new projects are uh always available. So we look forward to good margins. we can just lower the 1:28:27 1 hour, 28 minutes, 27 seconds margins and we can increase our win rate. So it is not our requirement or mandated at all. We want to maintain our 1:28:34 1 hour, 28 minutes, 34 seconds margins as well. If I have to maintain a cutff level where my margins should remain secured, so there can be a 1:28:42 1 hour, 28 minutes, 42 seconds reduction and that is why we will also expect a lower success rate but uh definitely the margin profile that should remain uh maintained. 1:28:54 1 hour, 28 minutes, 54 seconds Thank you. The next question comes from the line of Madu from MD Advisor. Please go ahead. 1:29:02 1 hour, 29 minutes, 2 seconds Okay. Uh, hi sir. Uh, am I audible? Yeah. Yeah, please go on. 1:29:07 1 hour, 29 minutes, 7 seconds Yeah. I I just have a normal basic two questions. So my first question is sir, the stock has been almost fallen like almost 50% from the all-time high side. 1:29:17 1 hour, 29 minutes, 17 seconds So do you have any plans to increase the stake further? So this is my first question and second thing sir uh like 1:29:25 1 hour, 29 minutes, 25 seconds for the topline guidance regarding revenue you have given like around like more than 30% right so how confident are 1:29:32 1 hour, 29 minutes, 32 seconds you to achieve this in Q4 regarding the 1:29:41 1 hour, 29 minutes, 41 seconds uh stock performance basically uh I can control the business and I can 1:29:50 1 hour, 29 minutes, 50 seconds control the profitability business going forward. So the stock performance is really dependent uh to all my investors. 1:30:01 1 hour, 30 minutes, 1 second So this is what I can say our uh stake in the company is more than 70%. 1:30:09 1 hour, 30 minutes, 9 seconds So at least as of now we don't look forward to increasing our stake in the company. Uh 1:30:19 1 hour, 30 minutes, 19 seconds and your next question uh regarding the top line, I have already given all the guidance how the movement should go and 1:30:28 1 hour, 30 minutes, 28 seconds we remain quite confident because uh when I am reinstating the numbers. So I need to be quite com confident and 1:30:36 1 hour, 30 minutes, 36 seconds comfortable that uh this will be achievable based on this. I have given that guidance uh how the numbers will 1:30:43 1 hour, 30 minutes, 43 seconds pan out in the current financial year and look forward to maintaining these numbers. 1:30:50 1 hour, 30 minutes, 50 seconds So we can assume like Q4 numbers would be much better than street expectations. Right. 1:30:57 1 hour, 30 minutes, 57 seconds Uh I don't know the street expectations at all. Uh I'm giving the numbers which is achievable on behalf of the company. 1:31:08 1 hour, 31 minutes, 8 seconds Thank you ladies and gentlemen. In the interest of time, we would take that as the last question. For further queries, please contact the investor relations 1:31:15 1 hour, 31 minutes, 15 seconds team. I would now like to hand the conference over to Mr. Manish Jen for the closing remarks. 1:31:23 1 hour, 31 minutes, 23 seconds Uh thank you all once again for taking the time to join us on call today. We 1:31:30 1 hour, 31 minutes, 30 seconds are well positioned to capitalize on the upcoming opportunities and remain cautiously optimistic for the near and 1:31:37 1 hour, 31 minutes, 37 seconds midterm. Our aim remains to grow and generate sustainable values to all our stakeholders. I am thankful to all of you for joining this in earning call. 1:31:51 1 hour, 31 minutes, 51 seconds Thank you sir. Ladies and gentlemen on behalf of Envirro Infra engineers that concludes this conference call. We once 1:31:58 1 hour, 31 minutes, 58 seconds again apologize for the glitch we had earlier. Thank you for joining us and you may now disconnect your lines.