Garden Reach Shipbuilders & Engineers Limited — Q4 FY26

Garden Reach Shipbuilders & Enginers Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=B_YynYMsudc Published: 1 day ago

0:00 Ladies and gentlemen, good day and welcome to the conference call of garden reach ship builders and engineers limited arranged by concept investor 0:09 9 seconds relations to discuss its Q4 and FY26 results. We have with us today Pamundor 0:17 17 seconds PR Hari Indian Navy retired chairman and managing director and Shri Niranjan 0:24 24 seconds Mukun Balerra director finance and CFO and Shri Sep Mahapatra 0:31 31 seconds company secretary and compliance officer. Please note that this conference will be recorded. I would now 0:38 38 seconds like to hand over the floor to Kamador PR Hari, chairman and managing director. 0:44 44 seconds Thank you and over to you sir. 0:48 48 seconds Uh thank you. Uh good afternoon ladies and women and uh a warm welcome to each one of you 0:55 55 seconds uh to the conf and I welcome you each one of you to the conference hall of uh garage builders to discuss the results 1:03 1 minute, 3 seconds for Q4 and financial year ending 31st March 2026. 1:08 1 minute, 8 seconds With me here are Sri Niranjin Palara, director of finance and chief finance officer, Srimati Arajida Kosh, chief 1:18 1 minute, 18 seconds general manager of finance and Sri Sepit Mahatra the company secretary and over the next few minutes I shall 1:26 1 minute, 26 seconds give you a glimpse of our financial performance and thereafter highlight the physical performance that has resulted in the company recording strong numbers. 1:38 1 minute, 38 seconds during the last financial year. 1:41 1 minute, 41 seconds I shall also touch upon the current audit book execution plan for the ongoing project 1:49 1 minute, 49 seconds order and the future outlook of the company including a glimpse of our expansion plans. 2:01 2 minutes, 1 second As I have stated, our financial performance during the quarter and financial year ending 200 2:11 2 minutes, 11 seconds 26 March 31st has been strong and this has been the result of a 2:17 2 minutes, 17 seconds equally robust difficult performance during the quarter as well as the year. 2:25 2 minutes, 25 seconds We have recorded our best ever financial performance. 2:30 2 minutes, 30 seconds The revenue from operation recorded during the quarter was rupees 2,119 2:38 2 minutes, 38 seconds crores registering a growth of 29% over the last uh year 2:47 2 minutes, 47 seconds and the profit after tax has moved up by 24% from 244 crores to rupees 303 crores. 3:00 3 minutes Similarly, the margins have also shown a substantial increase. 3:07 3 minutes, 7 seconds When we take the full financial year, I'm happy to inform you that we have recorded 3:15 3 minutes, 15 seconds revenue from operations of rupees 7,2 crores registering a growth of 38% over the last financial year. 3:26 3 minutes, 26 seconds Similarly, our profit after tax has moved up from 527 crores to 748 crores, registering a growth of 42%. 3:39 3 minutes, 39 seconds All in all, the financial year has been excellent for us and so has been the quarter four. 3:49 3 minutes, 49 seconds Coming to the physical performance, our core business uh continues to be ship building and from the ship building 3:57 3 minutes, 57 seconds perspective, this again has been the best ever year in the history of the company. 4:04 4 minutes, 4 seconds We delivered eight uh warships to the Indian Navy and interestingly three of 4:12 4 minutes, 12 seconds these vessels were delivered on the same day and this perhaps is the first time in the history of our country. 4:21 4 minutes, 21 seconds We also launched one warship with the key lane of 19 platform. These 4:28 4 minutes, 28 seconds 19 of course include 13 hybrid fies that we are building for government of West 4:34 4 minutes, 34 seconds Ben. So 13 fries plus six more platforms. We done the key lane during the last year. 4:42 4 minutes, 42 seconds Coming to the other business vertical seven naval surface guns were delivered 4:49 4 minutes, 49 seconds during the last year and four of these have successfully completed the C acceptance trial. 4:57 4 minutes, 57 seconds We also delivered 110 totally steel bridges. As you are aware, we have a 5:03 5 minutes, 3 seconds Bailey bridges uh business vertical and during the last year, we delivered 110 bridges including 30 for export. 5:16 5 minutes, 16 seconds I'm also happy to inform you that uh the revenue from this uh particular vertical has touched at 200 plus cr for the first time in the history of that vertical. 5:29 5 minutes, 29 seconds Also we have recorded a revenue of over 270 crores from exports. 5:37 5 minutes, 37 seconds Our current order book stands at 15,2 324.13 crores. 5:46 5 minutes, 46 seconds Actually, I'm happy that the order book has dropped below 20,000 crores. In the last 5 years is the first time that the order book is dropping below 20,000 5:55 5 minutes, 55 seconds crores. And this is the in my application. This is an indication that our execution rate has improved. 6:05 6 minutes, 5 seconds This order book comprise of nine projects consisting of 39 platforms. 6:12 6 minutes, 12 seconds The P70 NALSA project, one more ship is uh yet to be delivered. The anti-seming shallow watercraft project, we have four 6:21 6 minutes, 21 seconds ships pending for delivery. Four next generation offshore patrol vessels. 6:30 6 minutes, 30 seconds One ocean research vessel. one acoustic research ship, two coastal research 6:36 6 minutes, 36 seconds vessels, 13 hydra, 12 multi-purpose and one,000 6:44 6 minutes, 44 seconds m cube tread. 6:49 6 minutes, 49 seconds Now coming to the execution plan of these ongoing projects as I mentioned one P7 alpha ship is yet 6:58 6 minutes, 58 seconds to be delivered. This shift has already recorded about 74% physical progress of 7:06 7 minutes, 6 seconds construction and uh we intend delivering this ship during the current calendar year the project is on schedule. 7:15 7 minutes, 15 seconds Coming to the anti shallow watercraft project. This is a eight ship project and of these eight ships. Four have 7:22 7 minutes, 22 seconds already been delivered and uh the remaining four ships. 7:27 7 minutes, 27 seconds Two of them have touched about 80% critical because of construction and the basin trials have been completed and we 7:35 7 minutes, 35 seconds are preparing them for the contractor retest and we intend delivering these ships by the mid of the calendar year. 7:43 7 minutes, 43 seconds The last two ships, ships seven and eight have touched around 60% physical construction and we'll be delivering 7:51 7 minutes, 51 seconds these ships during the current financial year thereby completing this project also coming to the next generation offshore petrol vessel project. 8:03 8 minutes, 3 seconds This is a four ship project and uh the first of these ships have reached the stage of launch and the launch of this 8:11 8 minutes, 11 seconds vessel is planned on 20th of uh this month. The process of production construction of the remaining ships is 8:19 8 minutes, 19 seconds also satisfactory and we intend completing this project during branch year 29. 8:28 8 minutes, 28 seconds Coming to the other project, the non-defense project, the ocean research vessel. This we are 8:35 8 minutes, 35 seconds constructing for the Ministry of Earth Sciences, one of their uh organizations called the NCP Goa. This vessel has 8:44 8 minutes, 44 seconds already undergone about 50% of construction and the ship is planned for launch during the current calendar year. 8:55 8 minutes, 55 seconds The acoustic refer ship that we are constructing for the DRDO the ship has almost 20% typical progressive 9:04 9 minutes, 4 seconds construction and the fairies the 13 fies six 200 pack 9:12 9 minutes, 12 seconds and 7 100 pack fies they are on pack and the first two feries the of the 100 packs are expected to be launched during 9:21 9 minutes, 21 seconds May that is this month and the next one is plann plan for launch in the next month. This project shall be completed 9:28 9 minutes, 28 seconds by the end of the current financial year. 9:32 9 minutes, 32 seconds Now coming to the two export uh projects as you are aware we are executing a 9:39 9 minutes, 39 seconds project for a German client the 12 ship uh multi-purpose vessel project 9:46 9 minutes, 46 seconds the key is one of the project milestones of uh three of the ships have already been completed and the project is on 9:54 9 minutes, 54 seconds track as of now and the last uh project the project that we are executing for the government of Bangladesh 10:03 10 minutes, 3 seconds project on track and we launching this vessels during the current uh financial year. 10:13 10 minutes, 13 seconds This in a nutshell gives you the execution plan for the orders in 10:19 10 minutes, 19 seconds now coming to what is on the anvil. The orders on the angle as you are aware uh 10:25 10 minutes, 25 seconds that we are the L1 for the next generation cover project the price 10:33 10 minutes, 33 seconds negotiations already been completed and we are awaiting the formal signing of contract uh the date is not fixed it 10:40 10 minutes, 40 seconds could happen any of these uh days the order values to the tune of around 33,000 crores 10:49 10 minutes, 49 seconds currently three tenders are live uh one for the Indian Navy and two for 10:58 10 minutes, 58 seconds Indian coast guard the multi-purpose project of two of which is the country is already out the we expect the order 11:07 11 minutes, 7 seconds value to be to the tune of around 1,500 cr and uh the next generation of shore 11:14 11 minutes, 14 seconds petrol vessels are being posted that five of these vessels again to the tune of around 2,000 crores and 22 11:23 11 minutes, 23 seconds interceptor boards for the Indian coast guard. Again, the auto value is likely to get tuned off for about 1,000 crores. 11:30 11 minutes, 30 seconds In addition, uh pre- project where we expect RFPs to come out in the next 3 months. Uh 120 11:39 11 minutes, 39 seconds pass intercept project for the Indian Navy. The order values to the tune of around 3,500 crores. the 31 follow on 11:47 11 minutes, 47 seconds what is it FAC project again for the Indian Navy about 3,500 crews and seven 11:53 11 minutes, 53 seconds people in Bravo ships the A cost a as you are aware has already been recorded 12:00 12 minutes we expect the RFP to come out uh in the next 3 months and the value is to likely 12:07 12 minutes, 7 seconds to the tune of around 70,000 this is in addition to the 12 m countum measure assess PMB project again for the 12:15 12 minutes, 15 seconds Indian Navy W value is around 32,000 crores and four 12:22 12 minutes, 22 seconds landing platform doc LPD the order values like that to the tune of around 35,000 crores. I have not included the 12:30 12 minutes, 30 seconds next generation destroyers or any other projects which are yet to uh get to the A status. These are the projects what 12:37 12 minutes, 37 seconds I've listed out listed out are only the projects where a has been accorded and 12:43 12 minutes, 43 seconds uh as we appreciate the first three projects that is the 120 31 followon 12:51 12 minutes, 51 seconds water and the seven bravo. We expect RFP to come out in the next 3 months and other two projects the main contra and 13:00 13 minutes the landing platform docked uh most likely during the current financial year. 13:06 13 minutes, 6 seconds And this so the total order estimated the order value is to the tune of about uh 1 lakh 50,000 13:15 13 minutes, 15 seconds crores excluding of course the NGC project in addition what uh we had been 13:23 13 minutes, 23 seconds discussing earlier uh the aggregated demand of uh the domestic 13:31 13 minutes, 31 seconds requirement of commercial vessels aggregated by the ministry of shipping. 13:37 13 minutes, 37 seconds Now it has gained traction and four tenders are live. Four platform support 13:44 13 minutes, 44 seconds vessels uh to the the cost could be to the tune of 4,200 2,500 crores, four MR tankers, 13:54 13 minutes, 54 seconds six uh very large gas carriers BGC and six Afroax vessels. 14:01 14 minutes, 1 second So these tenders are live and definitely we would be taking part in these uh tenders. Uh this in a nutshell gives you 14:10 14 minutes, 10 seconds the visibility on the opportunities that are currently available. 14:18 14 minutes, 18 seconds Coming to our uh expansion plan, as I stated before, our expansion plans are 14:25 14 minutes, 25 seconds on the right track and uh just to give you the perspective, our current ship building capacity is for construction of 14:34 14 minutes, 34 seconds 28 uh platforms and uh with the ongoing expansion projects that the 14:41 14 minutes, 41 seconds modernization projects within our premises, this capacity will get increased to 32 ships by the end of the 14:49 14 minutes, 49 seconds calendar year. And uh the projects that we have uh taken on for expansion is for 14:56 14 minutes, 56 seconds creation of uh two brownfield ship building facilities in West Bengal and two green field ship building 15:03 15 minutes, 3 seconds facilities. One in West Bengal and one in uh Gujarat. 15:10 15 minutes, 10 seconds What we enthusias is uh with the revitalization package to posture 15:19 15 minutes, 19 seconds building that has been promagated by the government which is to the tune of around 69,725 crores and the demand for platforms that 15:29 15 minutes, 29 seconds has already been aggregated by the ministry of shipping. We expect uh the mission ship building segment to take uh 15:38 15 minutes, 38 seconds uh momentum gather momentum and it is with this intent that we are expanding to increase our ship building capacity. 15:46 15 minutes, 46 seconds So I have broadly given you a glimpse of our financial performance and uh how the strong physical performance during the 15:55 15 minutes, 55 seconds last year has resulted in this uh financial results. given you a glimpse of the order book, the execution plan, 16:03 16 minutes, 3 seconds the orders on the anvil and also touched upon the expansion plans. I finished ladies and gentlemen and uh you may like to ask any questions as appropriate. 16:18 16 minutes, 18 seconds The moderator may take on please. Thank you very much sir. 16:23 16 minutes, 23 seconds We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone telephone. 16:32 16 minutes, 32 seconds If you wish to withdraw yourself from the question, you may press star and two. Participants are requested to use handset while asking a question. 16:42 16 minutes, 42 seconds Ladies and gentlemen, we'll wait for a moment while the question queue assembles. 16:52 16 minutes, 52 seconds First question is from the line of Amed Dishad from GS Investments. Please go ahead. 17:00 17 minutes Yeah. Hi. Uh good afternoon everyone and thanks for the opportunity. First of all, congratulations for a very robust 17:07 17 minutes, 7 seconds quarter and the year sir. Uh couple of questions from my side. The first one is on uh if I go through the statutory 17:16 17 minutes, 16 seconds committee of uh defense reports uh then something very striking that if you look 17:23 17 minutes, 23 seconds at the uh the summary of contracts that are expected to be signed over next two years these have gone down substantially 17:32 17 minutes, 32 seconds in the last report it was around 42,000 kores in the report released in March it 17:38 17 minutes, 38 seconds is only 18,900 kores approximately ly for warships and survey vessel that particular category. So in that light 17:47 17 minutes, 47 seconds just wanted to understand that how do we look at you know the focus of the government in the near term on on these 17:55 17 minutes, 55 seconds warships and and survey vessels that is our core area. So that is the first question. 18:05 18 minutes, 5 seconds Uh thank you Mr. Amit. Um now when the figure of 18,900 18:12 18 minutes, 12 seconds uh crores has been allotted for uh is ship building defense ship building in 18:19 18 minutes, 19 seconds my position there is a fund outflow during the particular year but as we are aware that uh government including 18:29 18 minutes, 29 seconds during the last year uh perhaps even during the last to last uh defense acquisition council have given a green 18:36 18 minutes, 36 seconds signal for multiple projects what I had listed out earlier. So the government focus on worship building is very much 18:44 18 minutes, 44 seconds uh there and it is evident from the fact that uh the A1 is being accorded and the 18:51 18 minutes, 51 seconds RFPs are being promoted online by both the uh major end users that is the Navy and the Coast Guard and also the fact 18:59 18 minutes, 59 seconds that these RFPs are getting translated into contracts that's why my first statement was that uh uh the NGC project 19:08 19 minutes, 8 seconds is live and we are the London And the other value is to the tune of uh 33,000 crores only for us. So this 19:17 19 minutes, 17 seconds figure what you have mentioned is perhaps the fund outflow that is anticipated from these projects during a 19:24 19 minutes, 24 seconds particular financial year and that depends upon the the project maturity. 19:31 19 minutes, 31 seconds Now another aspect is that both the services Indian maritime services both the navy and the coastat have absolutely 19:40 19 minutes, 40 seconds clear road map road map and stated prospective plans which have been approved by the government. So to answer 19:49 19 minutes, 49 seconds your question in nutshell uh the figures that you have stated does not reflect the intent nor the intent of the 19:57 19 minutes, 57 seconds government nor the progress made in this direction. Thank you. 20:01 20 minutes, 1 second Great sir, very comforting. Uh the second question that I have is again you know taking a step back it's a very macro kind of question. uh in I mean 20:11 20 minutes, 11 seconds considering the current war warfare that is there and the TCPR of the government uh where uh I mean where the there's a 20:19 20 minutes, 19 seconds lot of focus on autonomous uh vessels on uh drones on you know new age electronics 20:26 20 minutes, 26 seconds uh so where do you think the traditional platforms like you know corvettes and uh and destroyers you know stand or stack 20:36 20 minutes, 36 seconds um isn't the relevance of these traditional platforms ons declining. 20:40 20 minutes, 40 seconds That is part one. Part two is that how GRC is gearing itself uh for maybe you 20:47 20 minutes, 47 seconds know these autonomous kind of vehicles or vessels or you know some uh kind of you know modern uh ships or the small 20:55 20 minutes, 55 seconds ships that are you know uh being increasingly used in modern uh warfare. 21:00 21 minutes So are there some investments that we are kind of you know making in that front or what is your strategy on that? 21:07 21 minutes, 7 seconds I mean it's a fiveyear question not something that can be done in next year or something. So just wanted your thoughts on this. 21:14 21 minutes, 14 seconds Uh thank you. Uh you're absolutely right that there has been an increased focus on autonomous vehicles. uh uh what is 21:24 21 minutes, 24 seconds possible outside is the fact that a current situation brought the focus of the government to the four but otherwise 21:33 21 minutes, 33 seconds again uh the Indian Navy has got and promoted autonomous road map almost which was promagated almost 3 years back 21:42 21 minutes, 42 seconds uh even before the current situation escalated to the state where it is now. 21:47 21 minutes, 47 seconds It is just that for us all outside the realm of uh direct warfare this is 21:54 21 minutes, 54 seconds coming to focus now even while autonomous platforms be it subsurface 22:00 22 minutes surface or aerial will have been are being and will be utilized in a larger 22:09 22 minutes, 9 seconds manner larger let us say larger focus the conventional platforms would uh continue to remain because these 22:16 22 minutes, 16 seconds conventional platforms forms. One, they provide heavy duty muscle in terms of armorament. Second, they have huge 22:25 22 minutes, 25 seconds endurance, sometimes endurance to stay more than 3 months uh in at sea. So this conventional platforms would continue to 22:33 22 minutes, 33 seconds in my presentation and as an experienced uh individual in this field conventional platforms of all ranges be a force 22:42 22 minutes, 42 seconds patrol vessel or be it an aircraft carrier or be it a conventional or a strategic submarine this 22:51 22 minutes, 51 seconds and their existence will continue to remain. So coming to JR, JRC had and had 22:58 22 minutes, 58 seconds ventured into the autonomous field as uh uh late as three and a half years back and uh we start off in all three 23:07 23 minutes, 7 seconds dimensions that I mentioned both the subsurface surface and we have successfully developed both the sub 23:13 23 minutes, 13 seconds subsurface and the surface versions and uh just to inform you that one of our 23:20 23 minutes, 20 seconds products has been uh supplied to provided to one of the Diablo organizations. We see opportunities here 23:28 23 minutes, 28 seconds and we are an integral part the make uh make that is make one and make two schemes which the government has 23:35 23 minutes, 35 seconds promagated and few cases where the autonomous underwater uh we are very much in the fight and in 23:43 23 minutes, 43 seconds the next uh year since you asked me uh what can be the short term and what can be envisage in the next five years in 23:53 23 minutes, 53 seconds the short term what we have developed we see them gaining uh uh let us say more 24:00 24 minutes standing in the domestic market and in the long term that is 3 to 5 years we see the make projects for the excel that 24:07 24 minutes, 7 seconds is extra large autonomous underwater excel uh project to take shape and perhaps in the next 3 to 5 years we 24:16 24 minutes, 16 seconds should be able to develop and deliver this project to the customers. So it is moving in the right direction and as 24:23 24 minutes, 23 seconds with many of the defense manufacturers of India we have a separate uh business vertical on the new technology. So we 24:31 24 minutes, 31 seconds are focusing on autonomous platforms and the next three to five years we see gathering further momentum. Thank you. 24:39 24 minutes, 39 seconds Great sir. Thank you so much and all the best. Thank you. Thank you. 24:46 24 minutes, 46 seconds Next question is from the line of Hershit Kapadia from Iara Capital. Please go ahead. 24:52 24 minutes, 52 seconds Yeah. Hi. So, thanks for the opportunity and congrats for a very good set of results. A few questions from my side. 24:59 24 minutes, 59 seconds Uh so, first uh could you please uh give us the order book breakup uh which you generally give across uh the ships. Uh that's the first question. 25:11 25 minutes, 11 seconds Sure. Uh thank you Mr. Hashiff. uh the order book breaks up as I mentioned our total order value order book value is 25:19 25 minutes, 19 seconds 15,324 crores and uh about 95% continues to 25:26 25 minutes, 26 seconds come from ship building so the ship building to the tune of for around 14,730 25:32 25 minutes, 32 seconds crores and uh within uh ship building the P7 alpha 25:39 25 minutes, 39 seconds project has uh about 5,868 8 cores remaining and anticipation 25:52 25 minutes, 52 seconds offshore petrol vessels 8,168 crores. So the warship building orders are to the tune of around 11,361. 26:03 26 minutes, 3 seconds Coming to the non-defense uh segment uh the ocean research vessel is 749 crores. 26:13 26 minutes, 13 seconds The coastal research vessels two of them we are doing 260 crores. The acoustic research ships 256 crores 26:22 26 minutes, 22 seconds theic fies hyped fairies 27 crores. The multi-purpose has a,345 26:31 26 minutes, 31 seconds crores and the dredger about 66 crores remaining. So what is interesting is 26:38 26 minutes, 38 seconds that uh the non-defense segment now we have about uh 22.5% 26:45 26 minutes, 45 seconds of our to thank you. 26:51 26 minutes, 51 seconds Understood sir. Understood. Uh so my second question is uh so when on the 31st of March when you reported your 26:58 26 minutes, 58 seconds provisional revenue figures and uh on the result date when you gave out the numbers of uh revenue uh there was a you 27:06 27 minutes, 6 seconds know a huge delta as in it was very positive of course uh but what would be the reason for this difference if you 27:13 27 minutes, 13 seconds can explain because generally historically we haven't seen such a huge difference uh between the provisional number and the actual revenue figures. 27:25 27 minutes, 25 seconds Okay. Very interesting. Are you happy or not happy? Of course, sir. Very happy, sir. 27:32 27 minutes, 32 seconds Okay. Since you're happy, we had see we had uh uh you I'm sure you're keeping track of our uh progress at the physical 27:41 27 minutes, 41 seconds milestone. A couple of ships, not couple, three ships were delivered on the last day. So uh these uh the revenue 27:49 27 minutes, 49 seconds recognition uh the lasso with the navy all these aspects were going on that's the reason why we went for a conservative uh figure. So when uh all 27:58 27 minutes, 58 seconds these happened and uh when we uh formalized the deliveries and handed over the the revenue appropriately was I 28:06 28 minutes, 6 seconds mean realized from these shifts and the total revenue now comes to August figures of uh 7,200. 28:17 28 minutes, 17 seconds Thank you. 28:18 28 minutes, 18 seconds Understood sir. Uh sir uh a follow-up question is sir on the uh the NGC order uh if you remember sir the last time 28:26 28 minutes, 26 seconds when we met you are very confident uh that probably we'll be getting this order in the month of March 2026. Uh but 28:34 28 minutes, 34 seconds today also you mentioned that price negotiations are going on. You're expecting the order to come soon. So where is the hiccup sir? Where is the 28:41 28 minutes, 41 seconds delay and by when do you think the NGC order uh would come? In addition to this uh you also highlighted certain smaller 28:50 28 minutes, 50 seconds projects like 22 water jets and other smaller size projects. Now are they are there are two winners or it will be a 28:58 28 minutes, 58 seconds single winner. Uh if you can highlight sir okay thank you. Uh first thing I'd like to clarify that the price negotiations 29:06 29 minutes, 6 seconds are completed actually when we interacted uh at that stage the price negotiations were completed. they are 29:14 29 minutes, 14 seconds they have been completed. We we were expecting the contract to be signed uh uh by 31st March because at that point 29:22 29 minutes, 22 seconds of time the contract negotiations the terms and conditions those aspects we are in uh very optimistically 29:30 29 minutes, 30 seconds uh appreciated that it will get completed by 31st March. Our current assessment is that uh the contract could be signed 29:39 29 minutes, 39 seconds would be signed during the current quarter that is Q. It goes the right direction. No reflex so far. Coming to 29:45 29 minutes, 45 seconds the smaller projects which you mentioned uh that the first project of multiple vessels is single shipyard. There's only 29:54 29 minutes, 54 seconds two ships are there. The project for coastard five ships again a single shipyard and the inter boats again is a 30:01 30 minutes, 1 second single shipyard. But the other projects uh the 120 fast interceptor craft and the descenting bravo the fast air attack 30:11 30 minutes, 11 seconds craft fast interceptor craft 120 it will be split between two shipping 80 and 40 uh that is the RF conditions and likely 30:20 30 minutes, 20 seconds RF conditions and the second project the T7 Bravo again would be split between 30:26 30 minutes, 26 seconds two shipyards that uh four and three like the current T7 alpha project 30:33 30 minutes, 33 seconds the mine countermeasure versus the 12 ship project would be split between two shipyards eight and four and the landing 30:40 30 minutes, 40 seconds platform dock uh two and two but these two the last two project which I mentioned there's some time off because I expect the RFPs to come out sometime 30:50 30 minutes, 50 seconds in the latter half of the current reference I think that gives you uh a broad uh uh perspective of the orders in 30:58 30 minutes, 58 seconds hand including the breakup So this is really helpful and uh thank you for this insight. Wishing you all the best. 31:09 31 minutes, 9 seconds Thank you. Thank you. 31:12 31 minutes, 12 seconds Next question is from the line of Bhavya Gandhi from Bajage Alternative Investment Management Limited. Please proceed. 31:19 31 minutes, 19 seconds Yes. Uh my first question is regarding uh when can we see the revenue booking for NGC starting and in the intermittent period you were supposed to have smaller 31:27 31 minutes, 27 seconds ships where you could contribute to the revenue. Uh so if you can throw some light how will the revenue numbers look like for the next two years. 31:39 31 minutes, 39 seconds Uh thank you. the revenue booking from uh NBC if the contract is signed during uh the 31:48 31 minutes, 48 seconds current quarter uh we expect the booking to happen during the latter half of the next financial year that is FY 31:56 31 minutes, 56 seconds 28 the second half of FY28 we expect the revenue generation from NGC to commence 32:05 32 minutes, 5 seconds and uh percentage wise if you can just elaborate how much would the percentage booking percentage booking wise for the first two years at least. 32:18 32 minutes, 18 seconds See uh if you have to specifically ask me about NGC NGC yeah NGC is particular. 32:25 32 minutes, 25 seconds Okay. See uh you are aware I mean since we have been interacting over multiple uh investment 32:33 32 minutes, 33 seconds that ship building follows the ances which means the initial phase when the 32:40 32 minutes, 40 seconds preparatory activities of construction are in progress the revenue recognition is the minimum uh then it picks up as 32:49 32 minutes, 49 seconds the the physical construction starts in terms of block fabrication the hull fabrication where the steam and certain outfit items 32:57 32 minutes, 57 seconds get into the the platform. Then comes the next phase where the steeper phase where the equipment get lowered and as 33:06 33 minutes, 6 seconds you're aware around 65% of the ships cross itself equipment then the S peters out it flatten and the ship is moving 33:16 33 minutes, 16 seconds towards the delivery and once delivered the balance. 33:20 33 minutes, 20 seconds So considering this aspect in the first year assuming again uh we are signing the assuming that we signing the 33:29 33 minutes, 29 seconds contract in the first quarter we don't plan any revenue recognition during the current year or even during the next 33:35 33 minutes, 35 seconds half the next part what I mentioned to commence revenue recognition that will be a very mediocre amount which is 33:43 33 minutes, 43 seconds coming from the design inputs which lead to uh the getting the ships ready for construction. construction. So the major 33:52 33 minutes, 52 seconds chunk of the revenue recognition will start from FI29 when the whole construction would have matured and the equipment some at least some part of the 34:00 34 minutes equipment comes in. So this is what I can say at this moment. Now currently we have as I mentioned we have about 39 34:08 34 minutes, 8 seconds platforms uh under construction and uh again as what I stated during this very interaction that uh few of these vessels 34:17 34 minutes, 17 seconds are in a mature state where the production progress is very good as per the contraction timeline. So we expect 34:24 34 minutes, 24 seconds that the revenue revenue approval during the current financial is going to be very healthy and in line with what we 34:32 34 minutes, 32 seconds have been seeing during the last three or four years and for the next year that is FY 28 we paired up uh with the 34:41 34 minutes, 41 seconds balance projects what what are in hand the NPV project the resource vessels and the commercial vessels what we have in hand 34:50 34 minutes, 50 seconds and of course we we also expect a reasonable amount of uh orders which are on the annual coming RV. So naturally 34:59 34 minutes, 59 seconds the order book deficit currently is there will be stand up by NGC1 and at least 20 25% of the the the balance what is on the in the Thank you. 35:12 35 minutes, 12 seconds So can we reasonably assume that FY28 will not see dip in terms of revenue because that be fair understanding. 35:20 35 minutes, 20 seconds No, I did not state I did not state that and all I'm telling all I'm telling is 35:28 35 minutes, 28 seconds that uh by revenue or by 20 the the current financial year a couple 35:36 35 minutes, 36 seconds of more projects would get completed and the remaining projects would give us revenue during the next year FYI 28. 35:43 35 minutes, 43 seconds Okay. and said during this two years how should one look at because you've been guiding for highdigit a bit margin while 35:50 35 minutes, 50 seconds NGC will be in the design phase so there will be some sort of uh deoperating leverage also because your fixed cost 35:57 35 minutes, 57 seconds will continue to remain elevated so if you can guide for at least 28 29 how the AITA margins will look like uh beyond 27 36:08 36 minutes, 8 seconds okay in case of FA 28 and 29 they try and maintain uh similar margin I can 36:16 36 minutes, 16 seconds only say he'll try and maintain similar margins because at that point of time the balance project which are currently in hand I'm talking about the OPV 36:24 36 minutes, 24 seconds project or be it the the uh commercial research vessel projects they would be 36:32 36 minutes, 32 seconds getting completely so we will we'll try and maintain uh similar margins during that year also okay 36:41 36 minutes, 41 seconds yeah and also also one second also in FI 28 and 29 28 the entity would start 36:50 36 minutes, 50 seconds giving us uh revenue perhaps uh maybe to the tune of around uh 3 to four to 5% of 36:57 36 minutes, 57 seconds the overall project cost which is substantial and the next year would the when the construction start again the 37:04 37 minutes, 4 seconds project will start giving revenue and I also mentioned that what what is coming 37:11 37 minutes, 11 seconds from NTC in the next uh financial year and second half and the balance of the projects which are on the anvil let us 37:18 37 minutes, 18 seconds take the P7 in Bravo where uh there are only as of now again like NGC there are 37:25 37 minutes, 25 seconds only for caps and with our kind of experience and expertise in building these we stand a very good chance of 37:31 37 minutes, 31 seconds winning and it's a very big order so even if you go by a conservative you know GRC becoming L2 forget L even if 37:39 37 minutes, 39 seconds you L2 and the contract follows a similar pattern exactly one year from the time is getting completed. The 37:47 37 minutes, 47 seconds revenue recognition from Sim Rahul's commencement in FI29. 37:52 37 minutes, 52 seconds So the def deficit or the gap at this moment is not a concern not not a not a great concern. This is my application. 38:03 38 minutes, 3 seconds Fair enough sir. Very ill update. Thank you so much for a detailed answer. Really appreciate that. That's it from mine. 38:11 38 minutes, 11 seconds Thank you. 38:13 38 minutes, 13 seconds Next question is from the line of Ashish Gurav from Antique Stock Broking. Please go ahead. 38:20 38 minutes, 20 seconds Yeah. Yeah. This is here. Uh sir, my question was regarding the margins. Uh 38:27 38 minutes, 27 seconds so we've done very good margins in FYI 2 and 73. uh aided by the ride back of the 38:35 38 minutes, 35 seconds excess provision that you would have taken on the various uh uh major platforms that we are using. So uh so 38:44 38 minutes, 44 seconds for future uh should be kind of uh adjust for these uh uh 38:51 38 minutes, 51 seconds uh these uh right back that we receive that we did uh to really look at the 38:58 38 minutes, 58 seconds sustainable margins for the future which could be you know around 9 to 10%. 39:05 39 minutes, 5 seconds Uh sorry Mr. Ash, could you repeat the question please? Somehow your voice is sounding that it distorted. Could you please repeat the question? 39:14 39 minutes, 14 seconds Yeah, sir. What I was saying was that uh we did 8.3% 25, right? 39:24 39 minutes, 24 seconds Okay. Hello. Yeah. Hello. Hello. Hello. Hello. Hello. Please go ahead. Please go ahead. 39:32 39 minutes, 32 seconds Yeah. uh sir what I was saying was that uh we did 8.3% the margin in F25 and then 116% 39:41 39 minutes, 41 seconds in F26 uh now if we look to maintain margins then should we adjust for the benefit 39:49 39 minutes, 49 seconds that we received from the right back that we took in the first quarter of effort 25 and effort 26 is that the 39:56 39 minutes, 56 seconds right way to look at you know how the margins will you know uh pan out for the next few Yes. 40:04 40 minutes, 4 seconds See all I can say uh frankly the question was not clear purely not not because of the I couldn't specify the voice is a bit distorted but what I 40:12 40 minutes, 12 seconds understand is uh you are asking about the margin trend what will continue in the current financial year I can assure 40:21 40 minutes, 21 seconds you that the current financial year the margins are going to be similar. 40:26 40 minutes, 26 seconds Uh that's what I understand you ask because it's not clear. 40:31 40 minutes, 31 seconds Uh I was asking that uh if we adjust for the uh benefit that we took on account 40:38 40 minutes, 38 seconds of the position right back the third quarter of FIR 25 and FI 26 uh uh sustainable margins are around 40:47 40 minutes, 47 seconds maybe 9 and a half to 10%. So that is the way margins should work out for the future or we should go by the current 40:55 40 minutes, 55 seconds level of around 11 and a half% margin that we did in apartment we will be able to maintain similar 41:03 41 minutes, 3 seconds margin what you said last we'll be able to maintain similar margins in the current coming year that is the current year 41:10 41 minutes, 10 seconds that is 11 11 and a half% I really can't say the expect but all I can say at this point we are only in the 41:18 41 minutes, 18 seconds first quarter All I can all I can say is that we maintain similar margin. Okay. Thank you. 41:26 41 minutes, 26 seconds Thank you. Thank you. 41:30 41 minutes, 30 seconds Next question is from the line of Raj Sha from Inam. Please go ahead. 41:37 41 minutes, 37 seconds Uh hi sir am I audible? Yes please go ahead with your question. 41:42 41 minutes, 42 seconds So my first question is uh uh regarding the uh possibility of revenues in F28 uh 41:49 41 minutes, 49 seconds from the aftermarket space basically the spares uh for the platform that we have delivered in last 2 3 years say uh 41:57 41 minutes, 57 seconds survey vessels in the earlier projects that we have delivered. Do you see that that uh spread revenue started start 42:04 42 minutes, 4 seconds throwing up uh say in next two years which could be uh a way to increase margins? 42:13 42 minutes, 13 seconds No you you're mentioning that ships delivered during the last two years. Yes. What is the what is the question? 42:21 42 minutes, 21 seconds Yeah. So for the ships that have been delivered in last two to three years, will the spare sales for those ships uh 42:28 42 minutes, 28 seconds start uh reflecting in our numbers in next 2 three years which which could be a result of margin uh of proper trajectory. 42:40 42 minutes, 40 seconds I I find it interest I'll tell you this way that the last uh 42:47 42 minutes, 47 seconds two years uh the ships which which were delivered uh one of course is the P7 alpha project we had delivered two of 42:54 42 minutes, 54 seconds the ships and surveillance we delivered four of them in the last year and the previous last two years and four of the 43:01 43 minutes, 1 second anti-incraft projects all of these projects are high value projects and uh all the The orders 43:10 43 minutes, 10 seconds for this equipment that is the spares and equipment were placed much earlier 43:17 43 minutes, 17 seconds and these prices were fixed. So we did not find any nation coming or any 43:24 43 minutes, 24 seconds impact. So the margins are intact. They have not been affected by any of the market fluctuations. 43:30 43 minutes, 30 seconds So I I think that is a I'm not sure that that the question which you asked because question was not clear but we have been able to maintain good margins from these three projects. 43:43 43 minutes, 43 seconds Okay. Okay. No. Uh got it sir. Uh regarding this uh export market do you 43:51 43 minutes, 51 seconds see any new orders that that we are eyeing up or any possibility of orders that that will be coming coming in the next uh a year or two? 44:00 44 minutes Yes, definitely yes. Definitely yes because uh uh most of the European ship owners are now looking at India because 44:09 44 minutes, 9 seconds of two reasons. One the their standard destination that is China, Korea, they're jam-packed with orders. So that 44:17 44 minutes, 17 seconds is one reason and second reason is that they have found that the Indian pricing is uh affordable for them and 44:25 44 minutes, 25 seconds competitive for them and so is the quality of the desserts. So few of the European clients are in dialogue with us 44:32 44 minutes, 32 seconds and uh we am very confident that in the next uh year or so we should be able to conclude more contracts for commercial 44:41 44 minutes, 41 seconds especially from the European market. So we see opportunity in this. 44:52 44 minutes, 52 seconds Thank you. Thank you. Thank you. 44:54 44 minutes, 54 seconds Next question is from the line of Kavish Parik from 361 Capital. Please go ahead. 45:00 45 minutes Hi sir, thanks for the opportunity. U while you did highlight that the order for U NV could be signed sometime in 45:07 45 minutes, 7 seconds this quarter. Could you also share more details on the likely vendor ecosystem for the project including the potential key suppliers and their respective work shares? 45:19 45 minutes, 19 seconds I see uh yes we are we are expecting the order for the contract for the MGC to be signed in the current uh quarter and for 45:29 45 minutes, 29 seconds the next projects that is the uh 120 FAC 31 wattage FAC and the 17 Bravo projects 45:37 45 minutes, 37 seconds we expect the RFPs to come out in the next 3 months also I had mentioned that three of the bits are currently live the 45:47 45 minutes, 47 seconds NPD the bit submission is already taking place and for the PD for the Coast Guard and the intersector boards as I appreciate the bit submission is uh 45:55 45 minutes, 55 seconds towards the end of this month or early next month. So consecutive time if we take for the smaller projects from the time the bid 46:03 46 minutes, 3 seconds is open the contract could get signed within 6 months and for the large project like Davo based on our 46:10 46 minutes, 10 seconds experience with uh NDC could take uh up to a year 9 months to a year. 46:17 46 minutes, 17 seconds So what I was trying to understand is u specific to the NGT program uh who would be the key vendors for you for the pro 46:25 46 minutes, 25 seconds project and it would also be helpful if you could uh share the uh electronics content within the overall program. what proportion of the program value could be 46:33 46 minutes, 33 seconds attributable to electronics and which major systems could this include um 46:40 46 minutes, 40 seconds understood you are specifically asking about the NTC project with respect to the our 46:47 46 minutes, 47 seconds downstream vendors and okay uh in the NTC project about uh 65% of the overall 46:54 46 minutes, 54 seconds project cost is for the equipment and systems and of this 65% % approximately 47:04 47 minutes, 4 seconds uh about 55 to 60% is accounted by the electronics that is the weapons sensors and associated electronics 47:12 47 minutes, 12 seconds and uh the balance that is around 45 to 40 to 45%. comes from the machinery and 47:22 47 minutes, 22 seconds systems that is like the proposition engines the uh the air conditioning plants and the associated uh machinary systems and also the steel vehicles. 47:32 47 minutes, 32 seconds So uh the electronics the few uh large chunk of the electronics of course comes 47:39 47 minutes, 39 seconds from uh sister PSU the bar electronics and and uh since the field is competitive there are few other Indian 47:47 47 minutes, 47 seconds OEMs uh who are in the field. Does it answer your question or do you want more information? 47:54 47 minutes, 54 seconds We have all of this information. We already we already started discussions with uh several of the OEMs as part of 48:02 48 minutes, 2 seconds the preparation for the project and uh once the contract is uh uh signed uh we will be placing the downstream orders. 48:09 48 minutes, 9 seconds So we expect the first of the downstream models to be placed uh within 3 months of signing of the contract and between 3 48:16 48 minutes, 16 seconds to 6 if the customer is also involved because for since it is a big project dependency project the customer is also associated then the technical 48:25 48 minutes, 25 seconds specifications are finally so the majority of the orders will be placed between 3 to 6 months of signing of contract. 48:35 48 minutes, 35 seconds So given that like you said B will also have a role in this program. Uh fair assume that once you are able to sign the contract with the customer uh the 48:43 48 minutes, 43 seconds contract with B will be signed somewhere around 3 to 5 months 3 to 6 months odd after your contract signing with the customer. Is that fair? 48:52 48 minutes, 52 seconds Absolutely correct. 48:53 48 minutes, 53 seconds Perfect. Thank you so much sir and all the very well. Thank you. Thank you. 49:02 49 minutes, 2 seconds Next question is from the line of H Mulchandani from Toro Wealth Managers LLP. Please go ahead. 49:09 49 minutes, 9 seconds Thank you for the opportunity. Uh so we you discussed that uh you know right now we are seeing good momentum even we have 49:16 49 minutes, 16 seconds inquiries from the European uh companies uh because of our pricing advantage. So do we have enough capacities to take 49:24 49 minutes, 24 seconds large orders from them? And is there a possibility to aim for even higher margins than what we have seen in the current year which is obviously very 49:32 49 minutes, 32 seconds good but because you know we are globally competitive and we uh you know we have good quality also. Can we push 49:39 49 minutes, 39 seconds uh position ourselves as a higher uh uh margin player also going forward from the company perspective? 49:50 49 minutes, 50 seconds Yes, the opportunities are good and uh the current projects we have taken because we wanted an entry into the 49:58 49 minutes, 58 seconds commercial ship building segment. So when we follow this current order with more orders definitely we'll be going 50:05 50 minutes, 5 seconds for projects with higher margin and perhaps with more order value. Just to give you a perspective, the project that 50:12 50 minutes, 12 seconds we have taken on is multi-purpose which is a medium size why we state the order value remaining is 1,400 2,500 course. 50:22 50 minutes, 22 seconds If if you just take any of the naval projects be it project those ships are very small ships 50:29 50 minutes, 29 seconds that the commitment of ships and the cost per ship is around 75. So eight ships it almost comes to around 5,5,500. 50:40 50 minutes, 40 seconds So what I'm trying to convey is that while the commercial ship building export market looks attractive 50:47 50 minutes, 47 seconds the the money and the margins are very much given while ship building so what I had stated in the beginning of this 50:56 50 minutes, 56 seconds discussion that about a l 50 one lakh 50,000 odd crores of RFS which are on 51:03 51 minutes, 3 seconds the handle so there is enough in that segment to meet the the the the order 51:10 51 minutes, 10 seconds book or profitability aspirations of the company. 51:14 51 minutes, 14 seconds However, the commercial ship building projects which are on the what we'll be looking for are something definitely 51:22 51 minutes, 22 seconds with good margin and projects which are attractive like let us say hybrid platforms or large size with complex proportions which are challenging as 51:31 51 minutes, 31 seconds well as attractive. To answer your question in a nutshell, yes, we'll be going into commercial building projects. 51:36 51 minutes, 36 seconds You can see a few of them coming up in the next uh year or so with reasonably good margins otherwise we would not go 51:44 51 minutes, 44 seconds for any project with low margins especially when we are concerned with uh commercial export. 51:52 51 minutes, 52 seconds Got it. Thank you. And just one more question uh I had to understand now with the commodities prices increasing etc. 51:59 51 minutes, 59 seconds So uh I'm assuming you would have a arrangement with the clients for cost pass through but uh just wanted to get a 52:07 52 minutes, 7 seconds sense that uh how uh is there any delays in general that we see with respect to these cost pass ons or it is uh these 52:15 52 minutes, 15 seconds negotiations happen simultaneously on a monthly basis. How does it work on ground? 52:23 52 minutes, 23 seconds Uh thank you. Yes, there is the uh deviation or the desperation with respect to the cost of commodities. 52:32 52 minutes, 32 seconds There has been an impact and uh so has there been uh an impact with respect to time. Now coming to the cost factor all 52:40 52 minutes, 40 seconds the projects that we currently executing we have factored this and the orders were placed much earlier. So there's no 52:48 52 minutes, 48 seconds cost escalation with respect to the existing orders that we have for the ongoing projects. The time delays are 52:57 52 minutes, 57 seconds marginal because what we have seen is that uh uh there where minor delays with 53:04 53 minutes, 4 seconds respect steel or the industrial gas which contribute towards fabrication within the businesses. Yes, there is a 53:12 53 minutes, 12 seconds marginal very very marginal insignificant impact which we are able to absorb in the overall scheme of things for all the new contracts which 53:21 53 minutes, 21 seconds we are yet to sign or we where we are bidding we factor this aspect of uncertaintity also in the existing 53:30 53 minutes, 30 seconds contracts just to say all the contracts are fixed price contract and so are our orders with our subcontractors or 53:37 53 minutes, 37 seconds vendors. So uh there is no there is no impact asset. Got it. Okay. Thank you. 53:46 53 minutes, 46 seconds Thank you. 53:47 53 minutes, 47 seconds Thank you. Next question is from the line of Rahil Dasani from MAPL. Please go ahead. 53:55 53 minutes, 55 seconds Yeah. Hi. Yes. Please go ahead. 53:59 53 minutes, 59 seconds Yeah. Good afternoon and thank you for this opportunity. I have a specific question uh regarding the ASW vessels. 54:06 54 minutes, 6 seconds Are we still left with uh some equipment fitment on our vessels? The ones that we have commercialized especially as I 54:13 54 minutes, 13 seconds believe without complete fitment post delivery we don't get the PBGS amount back which I believe is some 10%. And 54:21 54 minutes, 21 seconds from what I know we were left with the sonar installment. 54:28 54 minutes, 28 seconds Can you can you repeat please I didn't get the question. uh it's uh ASW vessels the anti-ubmarine warfare 54:35 54 minutes, 35 seconds vessels uh the few that we have commercialized and that are in the water as of date uh I believe that without 54:44 54 minutes, 44 seconds fitment of all the equipment on it usually the government doesn't give us the PBGS amount which is usually 10% of 54:51 54 minutes, 51 seconds the whole tendle if I'm not wrong and from what I know we were left with the installment of the sonars on that on 54:58 54 minutes, 58 seconds those vessels Okay. Uh this since you asked a specific question, I'll try and give a very clear 55:06 55 minutes, 6 seconds answer. The stage payment for the payment projects as per the DAP there is the difference acquisition procedure are 55:14 55 minutes, 14 seconds absolutely clear. We cover in 15 15 stages of payment with the 14th stage coming at the time of delivery and the 55:23 55 minutes, 23 seconds 15th stage the final stage coming after one year of warranty. 55:28 55 minutes, 28 seconds And to answer your question with respect to sonar there are two types of sonar in the ship. One is the fixed sonar sonar 55:35 55 minutes, 35 seconds which has already been installed and the variable depth sonar. It is a development item. It's a bio item. M 55:43 55 minutes, 43 seconds so we are not we not impacted by the uh nonavailability or availability of that item. What I'm trying to say there is no 55:51 55 minutes, 51 seconds financial impact with respect to the bank guarantee or or PDA the performance bank guarantee. 55:58 55 minutes, 58 seconds Got it. That's very clear and from what I understand uh it's in the development phase maybe and we haven't installed it 56:05 56 minutes, 5 seconds yet and hence but there is still no financial liability or anything of the sort. Right. Absolutely. 56:13 56 minutes, 13 seconds Got it. And with the upcoming NGC and the NGOPV, do they also have a similar sonar profile to the ASW both surface as well as underwater sonar? 56:24 56 minutes, 24 seconds No, this is a this is confidential information. You're asking me the weapon fit of a of a platform you may like to approach. 56:35 56 minutes, 35 seconds Got it. But maybe if you can share at what stage of development is this uh sonar that we have to still work on or do we see that getting further delay? 56:44 56 minutes, 44 seconds I would at this particular question I would suggest you get Thank you. Thank you. Thank you. 56:53 56 minutes, 53 seconds Thank you. 56:55 56 minutes, 55 seconds Next question is from the line of Sunil Sha from Shri PMS. Please go ahead. 57:00 57 minutes Yeah. Uh sir, thanks for the opportunity. Uh sir uh I I missed a few points early on and what I understand is 57:08 57 minutes, 8 seconds that the P17 DO is broken up between four and seven. Uh there are other two big ticket size orders which you 57:17 57 minutes, 17 seconds mentioned the 32,000 crores and the 35,000 crores. I believe those order announcements could be scheduled in FI28. 57:26 57 minutes, 26 seconds So the the order and the breakup could you kindly just repeat it for me please? adjustment access. 57:34 57 minutes, 34 seconds Uh thank you Mr. 57:35 57 minutes, 35 seconds The P7 Bravo the total number of ships is uh seven and as per the Accorded 57:44 57 minutes, 44 seconds by the defense acquisition council this is the open source information uh the project will be between two two years 57:51 57 minutes, 51 seconds that is four and three the L1 will get four and the L2 will get three coming to the next two projects that is the mine 58:00 58 minutes counter project it's a 12 ship project the value is around 32,000 crores and uh it will 58:09 58 minutes, 9 seconds be split between two shipyards. So L1 should getting eight and the L2 ship getting four. coming to the LPD project 58:18 58 minutes, 18 seconds the order as my memory goes it is around 35,000 crores and it will be two plus two that 58:26 58 minutes, 26 seconds is where these are the big ticket items what I mentioned so thanks thanks for sharing this and 58:33 58 minutes, 33 seconds this could be expected by FY28 so sir my context is with your tenure so would we 58:42 58 minutes, 42 seconds all hear this great news whenever it files on your kind self in FI28 itself 58:49 58 minutes, 49 seconds or how does it work? I just want to know that sir first part l second part you may have to 58:58 58 minutes, 58 seconds ask again the first part we expect the RFP for P7 to come out in the current 59:04 59 minutes, 4 seconds quarter and the RFP for the other two projects could come by end of the financial year. So if the RFP for the 59:12 59 minutes, 12 seconds end comes by first quarter then the contract could be as early as end of the current financial year that is by 59:20 59 minutes, 20 seconds going by the NC and the other two project in the next financial year. Yeah sir about your tenure in the 59:27 59 minutes, 27 seconds organization sir more than the others so you you are there in this financial year as well as the next financial year or 59:34 59 minutes, 34 seconds the pattern would be for somebody else that's my question 59:40 59 minutes, 40 seconds I actually didn't get so your the your in the organization so you will 59:48 59 minutes, 48 seconds be associated with garden even in fi 27 and in fi 28 as Yes, this will be this. 59:59 59 minutes, 59 seconds Thanks. Thank you so much, sir. Thanks for that. Thank you. 1:00:04 1 hour, 4 seconds Thank you, ladies and gentlemen. We will take this as the last question for the day. I now hand the conference over to the management for the closing comments. 1:00:16 1 hour, 16 seconds Thank you uh and thank you Concept for arranging this uh conference. It was an interesting uh session and we had few 1:00:25 1 hour, 25 seconds interesting queries during the session and uh as usual I look forward to the investors and analysts uh late and 1:00:32 1 hour, 32 seconds looking forward to interacting with you all after we announce the results for the next uh for Q1 FI 27. Thank you. 1:00:46 1 hour, 46 seconds Thank you sir. On behalf of Garden Reach Ship Builders and Engineers Limited, that concludes this conference.