G R Infraprojects Limited — Q1 FY26

G R Infraprojects Ltd Q1 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=0HctCfonMQ8 Published: 9 months ago

0:00 Ladies and gentlemen, good day and welcome to the GR Infra Limited Q1 FY26 0:08 8 seconds Earnings Conference call hosted by HDFC Securities Limited. This conference call 0:14 14 seconds may contain forward-looking statements about the company which are based on beliefs, opinions and expectations of the company as on date of this call. 0:25 25 seconds These statements are not the guarantees of future performance and involves risks and uncertaintities 0:32 32 seconds that are difficult to predict. As a reminder, all participant lines will be in the listenonly mode and there will be 0:40 40 seconds an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the 0:47 47 seconds conference call, please signal an operator by pressing star then zero on your touchtone phone. We have the 0:55 55 seconds management from GR Intra Projects Limited, Mr. Ajendra Kumar Agarwal, Managing Director, Mr. Anandraati, Group 1:04 1 minute, 4 seconds CFO. I now hand the conference over to Mr. Parikhit Kpal. Thank you and over to you sir. 1:14 1 minute, 14 seconds Thank you Ashi. Uh without taking any further time, I would like to hand the floor to Ajinda G for his opening remarks. Over to you sir. Thank you. 1:23 1 minute, 23 seconds Thank you. 1:26 1 minute, 26 seconds Ladies and gentlemen, a very good afternoon I welcome you all to the earning call of 1:34 1 minute, 34 seconds GI Incupress Limited for Q1 of financial year 26. 1:40 1 minute, 40 seconds Let me introduce the leadership team present on this call. We have with us Mr. Anandrati the group CFO and Mr. 1:49 1 minute, 49 seconds Ankit Meshwari deputy CFO of the company. 1:54 1 minute, 54 seconds First let me provide the key highlights on our Q1 performance followed by recent development in the infrastructure sector and then by cition and end session. 2:06 2 minutes, 6 seconds Revenue from operation in first quarter of fiscal 2026 stood at 1,826.14 2:15 2 minutes, 15 seconds crores as against 1,896.54 crores in the corresponding period in 2:22 2 minutes, 22 seconds previous financial year. The AITA margin excluding other income for the current quarter 2:29 2 minutes, 29 seconds stood at 12.65% 65% as against 13% in the corresponding period in previous financial year. 2:38 2 minutes, 38 seconds During the quarter the company has repaid the debt of 137 cr which has resulted in 2:47 2 minutes, 47 seconds improved debt equity ratio to 0.04 which is one of the best in the sector. 2:57 2 minutes, 57 seconds During July 2025, the company has been declared L1 for one road EPC project of 3:05 3 minutes, 5 seconds 245 crores. As of today, three road projects of 4,500 crores approximately are having L1 status. 3:17 3 minutes, 17 seconds As on date, the order book stood at 23,700 crores approximately. As on the date, 3:24 3 minutes, 24 seconds the company has 24 projects of 15,000 cr approximately under execution. As on date, one DBA 3:33 3 minutes, 33 seconds project spreading across Rajasthan, UP, MP of 3,700 C approximately is awaiting 3:42 3 minutes, 42 seconds appointed day. As of date, we have bits of 7,300 approximately which are yet to 3:49 3 minutes, 49 seconds be opened. It constitutes of two highway, two railway and one power transmission and distribution project. 4:00 4 minutes Moving on sector highlights and infrastructure development of India. 4:05 4 minutes, 5 seconds For the past few years, the bit awarding has been bit slow. However, based on recent announcements, we expect that in 4:13 4 minutes, 13 seconds near terms, the pace of bits will be enhanced. 4:16 4 minutes, 16 seconds For road sector, NH plan to open bid of three lakh 40,000 cr in current financial 4:24 4 minutes, 24 seconds year. The combined length of these upcoming project is estimated at 6,300 4:30 4 minutes, 30 seconds kilometers. NS has also laid its first ever asset monetization strategy for the road sector. The strategy covered the 4:40 4 minutes, 40 seconds period from 2025 to 2030 and focus on mobilizing capital through sole operate transfer 4:49 4 minutes, 49 seconds infrastructure investment trust and securitization of models. The strategy is aligned with India's second national 4:56 4 minutes, 56 seconds monetization pipeline which target Indian rupees 10 trillion or US dollar $117 billion 5:06 5 minutes, 6 seconds over five years from n Monetization infrastructure assets across sector the road sector is expected to contribute 5:14 5 minutes, 14 seconds Indian rupees 3.5 trillion or US dollar 41 billion of this total 5:21 5 minutes, 21 seconds in railway and metro also we see a strong pipeline of 96,000 cr approximately recently the cabinet 5:30 5 minutes, 30 seconds committee on economic affairs has approved four major railway projects of Indian rups 11,169 5:37 5 minutes, 37 seconds crores appro approximately in power transmission sector is also expected to attract a significant amount 5:44 5 minutes, 44 seconds of investment. We see a pipeline of 54,000 cr approximately for hydro and tunnel. The government is 5:52 5 minutes, 52 seconds drawing a plan to build a tunnels project worth rupees Indian rupees 2.5 to three lakh cr over the next 10 years as part of country's infrastructure development. 6:04 6 minutes, 4 seconds In the current financial year, we see the pipeline of 40,000 cr approach. 6:11 6 minutes, 11 seconds We will continue our strategy of diversifying and balancing our portfolio across various markets and sector to 6:18 6 minutes, 18 seconds achieve strong order book and growth in current financial year. Our strong team and focus on our project delivery will 6:26 6 minutes, 26 seconds be continue to drive our success. That's all from my side. Over to NPG for update 6:33 6 minutes, 33 seconds financial position of the company. Thank you. Thank you sir. 6:41 6 minutes, 41 seconds I would be presenting now the three highlights of uh human financial performance. 6:47 6 minutes, 47 seconds The company's standalone revenue from operations was 1,826 crores approximately in the 6:55 6 minutes, 55 seconds quarter ended June 2025 which has decreased by 3.7% year-over-year compared to 1896 crores 7:04 7 minutes, 4 seconds approximately in the quarter ended June 2024. 7:08 7 minutes, 8 seconds This decrease was primarily on account of uh new projects the execution of which started in Q1 of financial year 26. 7:17 7 minutes, 17 seconds The company's consolidated revenue from operations was 1988 crores approximately in the quarter ended June 2025 7:26 7 minutes, 26 seconds which has decreased by 2% approximately year-over-year compared to 230 crores in quarter ended June 2024. 7:35 7 minutes, 35 seconds The standalone IITA margin stood at 12.65% in the quarter ended June 25. It was 13% in quarter ended June 24. 7:47 7 minutes, 47 seconds The IITA margin at group level has increased to 20% in quarter ended June 25 from 18% in quarter ended June 24. 7:59 7 minutes, 59 seconds Profit after tax at standalone level increased to 1216 crores approximately 8:05 8 minutes, 5 seconds in quarter ended June 25 compared to 152 crores in quarter ended June 24. 8:13 8 minutes, 13 seconds Profit after tax at consolidated level also increased to 244 crores approximately in the quarter ended June 8:21 8 minutes, 21 seconds 25 as compared to 156 crores in the quarter ended June 24. 8:29 8 minutes, 29 seconds The standalone network stood at 8,15 crores approximately at the end of June 2025. 8:38 8 minutes, 38 seconds It was 7,888 crores at the end of fiscal 25. 8:45 8 minutes, 45 seconds The net worth at consolidated level is 8,749 crores approximately. At the end of June 8:54 8 minutes, 54 seconds 2025, it was 8,53 crores at the end of fiscal 2025. 9:01 9 minutes, 1 second The total standalone borrowings outstanding at the end of fiscal 2025 is 364 9:09 9 minutes, 9 seconds crores approximately with debt to equity of 0.04 times. 9:16 9 minutes, 16 seconds The total consolidated borrowing outstanding at the end of fiscal 2025 is 5,371 9:25 9 minutes, 25 seconds crores with debt to equity of 0.61 61 times. 9:32 9 minutes, 32 seconds During the quarter, the company has made additions to the fixed assets amounting to 33.3 crores. Approximately 9:41 9 minutes, 41 seconds the net block of property, plant and equipment including CIB and intangibles 9:48 9 minutes, 48 seconds is 1174 crores at the end of current quarter. 9:55 9 minutes, 55 seconds The investments in our subsidiary companies in the form of loans and equity is 2,400 10:03 10 minutes, 3 seconds crores including interest at the end of June 2025. 10:08 10 minutes, 8 seconds The balance promoter contribution required to be made for the operational 10:14 10 minutes, 14 seconds ham or B projects is 2,637 crores approximately of which we are 10:21 10 minutes, 21 seconds expecting a contribution of 800 crores in the fiscal year 2026. 10:29 10 minutes, 29 seconds The working capital in days at the end of June 2025 is 121 days as compared to 117 days at the end of fiscal 2025. 10:42 10 minutes, 42 seconds This increase what was primarily on account of increase in inventory days for the power transmission distribution and roadbase projects. 10:52 10 minutes, 52 seconds The TID receivables at the standalone basis are 1,745.6 10:59 10 minutes, 59 seconds crores including 1583 crores ham dattors at the end of June 2025. 11:08 11 minutes, 8 seconds The trade receivables at the consolidated level are 215 crores at the end of fiscal 2025. 11:17 11 minutes, 17 seconds The unbuilt revenue at the standalone basis is 842 crores at the end of June 2025. 11:27 11 minutes, 27 seconds And the unbuilt revenue at the consolidated level is 314 crores at the end of fiscal 2025. 11:38 11 minutes, 38 seconds The inventory levels are at 606 crores at the end of June 2025 compared to 538 KES at the end of fiscal 2025. 11:50 11 minutes, 50 seconds With this I sincerely thank to all our stakeholders including employees, business partners, vendors, bankers, 11:58 11 minutes, 58 seconds auditors, investors those who have supported the company throughout and on behalf of GRDA projects limited I thanks everybody for attending this earning call. Thank you. 12:13 12 minutes, 13 seconds I hand over now to Mr. Pikshit. Can we can we start the Q&A now? 12:18 12 minutes, 18 seconds Sure sir. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press 12:27 12 minutes, 27 seconds star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you 12:34 12 minutes, 34 seconds may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will 12:42 12 minutes, 42 seconds wait for a moment while the question Q assembles. 13:10 13 minutes, 10 seconds The first question is from the line of An Abhinav from ICICICI Securities Limited. 13:17 13 minutes, 17 seconds Please go ahead. 13:18 13 minutes, 18 seconds Yeah, thank you for the opportunity. Uh my first question is uh the recent changes to the ARM bidding criteria and NHI's target of about 3.4 trillion 13:27 13 minutes, 27 seconds bidding in FI26. What is your take on it? I mean will the competition reduce? 13:33 13 minutes, 33 seconds What will be your target on the order inflow fund? 13:47 13 minutes, 47 seconds opportunity. 13:52 13 minutes, 52 seconds Here expectationally 14:19 14 minutes, 19 seconds understood. Uh sir and this ambition target of 3.4 trillion. What is your take on it? I mean will this completely 14:26 14 minutes, 26 seconds build out or will it be will it see some lower number than 3.4 trillion.4 14:45 14 minutes, 45 seconds for% participate. 15:02 15 minutes, 2 seconds Understood. So the second question is on order inflow for the quarter. Uh as per the calcul calculation it is coming out to be about 2 2,000 crores. We 15:12 15 minutes, 12 seconds understand that L1 to L will be worth about 1,000 crores. What are the balance? 1,000 odd crores. 15:21 15 minutes, 21 seconds Yeah. 15:23 15 minutes, 23 seconds So we have one railway projects of 222 crores approximately and then we have the O andM contracts 15:32 15 minutes, 32 seconds which uh we were not showing separately earlier but now we have added those of approximately 500 crores and there are some change of scope items of approximately 30 crores. 15:45 15 minutes, 45 seconds Understood. Uh thank you sir. Uh those questions I'll join the queue again now. Thank you. 15:53 15 minutes, 53 seconds Before we take the next question, this is a reminder for all the participants. 15:58 15 minutes, 58 seconds If you wish to ask a question, you may press star and one on your touchtone telephone. 16:04 16 minutes, 4 seconds The next question is from the line of Mohit Kumar from ICIC Securities Limited. Please go ahead sir. 16:14 16 minutes, 14 seconds Yeah, good afternoon and thanks for the opportunity. 16:18 16 minutes, 18 seconds So what is the progress on Agra Gualia B4 project? Uh can we expect the the the 16:24 16 minutes, 24 seconds project handed over to us if uh especially on the if we can touch on the land part what is the progression 16:51 16 minutes, 51 seconds the next by the end of 17:00 17 minutes March 26 land acquisition almost complete it is more than 98 or 99% land 17:10 17 minutes, 10 seconds we are expecting key financial closer we'll be getting in the current month and probably we'll be able to start execution on this project maybe in the 17:18 17 minutes, 18 seconds month of November or December on day one I mean I mean for current year the progress would not high but yes 17:26 17 minutes, 26 seconds that we'll be starting and we should go through executing execution on this current how do you think about your revenue now 17:34 17 minutes, 34 seconds for f26 is it possible to get 15% growth or 17:43 17 minutes, 43 seconds So mean that they start mon started at the 17:55 17 minutes, 55 seconds end of May itself right but otherwise because we have been 18:02 18 minutes, 2 seconds growing for last two years right be having this year we'll be having growth of 10% at least or maybe 15%. So 18:12 18 minutes, 12 seconds and now most of the orders right that all are under execution and we have received the appointed date even latest last May in the month of June also or 18:20 18 minutes, 20 seconds July we last 10 project we have received the appointed date so all the projects are now under operation right we all are 18:30 18 minutes, 30 seconds under construction so it gives us some confidence that we'll be getting you know more than 10% kind of growth for the country 18:39 18 minutes, 39 seconds our last Question on this order prospect the transmission. 18:43 18 minutes, 43 seconds Uh how is it looking like and uh do we have a target in mind? 18:57 18 minutes, 57 seconds order intake from transmission is in the range of 3,000 to 4,000 per and given the pipeline we are hopeful 19:04 19 minutes, 4 seconds that we'll be able to get this kind of okay understood sir thank you sir thank you that's it from thank you 19:12 19 minutes, 12 seconds thank you m thank you the next question is from the line of 19:19 19 minutes, 19 seconds balas subramanyam from arihand capital markets limited please go ahead sir sir Thank you so much for the 19:28 19 minutes, 28 seconds opportunities. So my first question we transferred nine ham assets to end insta trust. So what is the strategy for 19:35 19 minutes, 35 seconds future monetizations? Are there any contingent liability from indefinites project to the bit? 19:44 19 minutes, 44 seconds This is my first question sir. 19:47 19 minutes, 47 seconds So last question which I basically there's any contingent while we are transferring right those who uh asset to 19:56 19 minutes, 56 seconds invest question but before that you also ask some different question right which I think 20:03 20 minutes, 3 seconds now with respect to that conditionality conditionity is what we have seen in past sometimes because of change of 20:12 20 minutes, 12 seconds scope because the project is not complete or you know even if we are getting cood and on later date let's say NHI is 20:20 20 minutes, 20 seconds coming up with the solution that okay they would be descoping then there may be chances that project 20:29 20 minutes, 29 seconds value uh uh project value uh which we have estimated right while transferring that 20:36 20 minutes, 36 seconds project to invit may get revised because change of scope what would be finalized only at that point of time so to that 20:46 20 minutes, 46 seconds extent that project value or the uh project value may be revised and my compensation accordingly will be you 20:54 20 minutes, 54 seconds know get revision maybe on higher side or maybe on lower side that depend on case to case basis it depends on the project which we are transferring right 21:02 21 minutes, 2 seconds and sometimes there is a change uh you know with respect to the testing plan or 21:10 21 minutes, 10 seconds indices or something like this to that extent yes of course we are having Content loyalty carried forward but 21:17 21 minutes, 17 seconds otherwise there is no chemical basically while we are transferring any. 21:24 21 minutes, 24 seconds So under first we transferred nine ham assets to indust infrastruct. So what is the strategy for future monetizations? 21:34 21 minutes, 34 seconds uh our uh strategy is to transfer to you know uh trust only and when the project 21:41 21 minutes, 41 seconds be completed ultimately because uh the we don't want to be you know or we don't 21:49 21 minutes, 49 seconds want to hold generally that's not our I would say uh role to hold those asset 21:56 21 minutes, 56 seconds for a longer period that's how and that's why when we started with this idea of you know creating trust The idea would be transferring those. 22:11 22 minutes, 11 seconds Okay. So on the industry side uh some industry regulatory side the new performance security rules for 22:18 22 minutes, 18 seconds aggressive bits may impact margins. So how we are adjust adjusting our ridding strategies? 22:26 22 minutes, 26 seconds Uh with respect to highway you're saying yes sir. 22:31 22 minutes, 31 seconds see highway I mean there's huge competition so far which we have seen in past and hence we are not able to get much projects except it last two and a 22:39 22 minutes, 39 seconds half year we have got to project otherwise we are not able to get and we are going by our own study that 22:46 22 minutes, 46 seconds we will not be bidding you know that low I mean will not be ls we will be making 22:54 22 minutes, 54 seconds net plus I mean we are not making any I mean we we don't want to lose basically while taking any highway project right. 23:01 23 minutes, 1 second So that is our one piece and second what we believe is that they have come up with good amount of uh projects right so 23:10 23 minutes, 10 seconds far which they have created or BPR is being prepared by them or land is being acquired by them and now they have come 23:17 23 minutes, 17 seconds up with you know uh uh they have so they have titled that qualification criteria as well both on 23:25 23 minutes, 25 seconds technical terms as well as financial terms. So going forward what we believe is that maybe next couple of months that 23:32 23 minutes, 32 seconds uh uh competition would be coming down and we'll be able to get you know uh decent share of those projects which 23:40 23 minutes, 40 seconds will be in the current year on decent margin I won't say that there will be good margin high margin but yes of 23:48 23 minutes, 48 seconds course we'll be able to maintain our margin while getting those satn 23:56 23 minutes, 56 seconds project side And uh I think margins are around 10 more than 10%. I think how many uh circles are yet to be awarded 24:03 24 minutes, 3 seconds and how how can look at in this segments in terms of business opportunity. 24:10 24 minutes, 10 seconds Uh I think out of 16 projects they have witted they have awarded 13 projects. 24:17 24 minutes, 17 seconds See more projects are yet to be or they have come up with you know they have come up with the device fittings right 24:26 24 minutes, 26 seconds and there also will be participating but uh what I believe is once we are you know starting execution on the project 24:34 24 minutes, 34 seconds on this paratnet we'll be taking or we'll be exploring more business opportunity sector as well. So 24:41 24 minutes, 41 seconds uh idea is to get some comfort on this particular sector and we'll be getting more comfort. We'll be doing more projects on and and yearly target I 24:49 24 minutes, 49 seconds would say would be in the range of at least to start with,000 to,500. 24:56 24 minutes, 56 seconds Got it sir. Thank you. Thank you. 25:00 25 minutes Thank you participants. If you wish to ask a question you may press star and one on your touchstone telephone. The next 25:09 25 minutes, 9 seconds question in line is from Shelley Jane from Dollar Capital. Please go ahead ma'am. 25:16 25 minutes, 16 seconds Hi, good afternoon sir. Thank you for the opportunity. 25:21 25 minutes, 21 seconds Uh sir, how much in dividend are we expected to receive in FI 26? 25:29 25 minutes, 29 seconds Hello. Hello. 25:34 25 minutes, 34 seconds Ma'am, you are audible. Give me one minute. Um, I'm checking if the management is online. 26:50 26 minutes, 50 seconds ladies and gentlemen, the line for the management has disconnected, but we are working on getting them back. Please stay hold please. 27:05 27 minutes, 5 seconds [Music] 27:27 27 minutes, 27 seconds We have the management online reconnected. Uh, Miss Shel, you could go ahead with your question, please. 27:40 27 minutes, 40 seconds Hello, Miss Shelley Jane. 27:49 27 minutes, 49 seconds Hi. Am I audited? Yes, ma'am. Please go ahead. 27:52 27 minutes, 52 seconds Yeah. Uh, hi sir. Good afternoon. Uh, thanks for the opportunity. I was asking how much income dividend are we expected 27:59 27 minutes, 59 seconds to receive for FI26 and um how much did we get for P1? 28:07 28 minutes, 7 seconds No, your voice is not that clear. So come again with your question. 28:15 28 minutes, 15 seconds Hello. Is this better sir? Yeah. 28:19 28 minutes, 19 seconds Yeah. Uh I was asking uh how much init dividend are we expected to receive for FI26 for in init dividend? Good. 28:28 28 minutes, 28 seconds Yes. Yes. Yes. Init they are targeting uh 28:35 28 minutes, 35 seconds uh almost 12% kind of uh you know return ones 28:42 28 minutes, 42 seconds which is comprised of dividend and interest right so depending on the balance sheet of that SPV 28:51 28 minutes, 51 seconds those amount those would be either distributed through dividend or interest so what we have been given guidance is that almost 12 12 and a half% would be 28:59 28 minutes, 59 seconds the kind And that amount comes to uh in the range of 230 to 40 cr. Okay. 29:07 29 minutes, 7 seconds Right. 29:09 29 minutes, 9 seconds Getting in the form of and for Q1 sir Q1 we have received almost 40 cr. 29:17 29 minutes, 17 seconds Okay. 40. 29:19 29 minutes, 19 seconds Uh and sir uh what would be the retention money and consolidator number for Q1? 29:33 29 minutes, 33 seconds 4.6 approximately. Okay. 29:41 29 minutes, 41 seconds Yes. Yes sir. I think it is in the range of 350 odd. 29:51 29 minutes, 51 seconds consolidated uh data is approximately 214 crores for the quarter 21. 29:59 29 minutes, 59 seconds Okay. 214 cr uh for our equity requirement uh what 30:06 30 minutes, 6 seconds would be the sorry yeah yeah please go ahead. Yeah, I was asking for our equity requirement. Uh 30:13 30 minutes, 13 seconds how much uh are we going to uh are we going to invest in uh next 9 months and FY27? 30:23 30 minutes, 23 seconds Uh so as on date our outstanding equity commitment is around 2,700 K, 600 30:31 30 minutes, 31 seconds and current year we have almost invested so far 300 K. We are expecting another 6 7 800 cr in the current year and balance 30:40 30 minutes, 40 seconds in next two years. So again in the range of 1,000 odd cr on yearly basis. 30:46 30 minutes, 46 seconds Understood sir. And uh uh how are we looking at margins for uh 26 and 27? 30:55 30 minutes, 55 seconds 26 we have already mentioned that that it would be in the range of 12%. for 27. 31:02 31 minutes, 2 seconds I don't believe I don't think that there would be any you know extraordinary shift in the margin matrix. 31:09 31 minutes, 9 seconds Uh if we are able to get good amount of projects certainly I we can expect and if we are able to get good uh growth 31:17 31 minutes, 17 seconds also more than 20% then certainly our margin uh would be improved but otherwise more or less in the range of 31:24 31 minutes, 24 seconds 12 to 13 or 15% that's that would be the range. 31:28 31 minutes, 28 seconds Understood sir. Thank you. That answers my question. Thank you. Thank you. 31:33 31 minutes, 33 seconds Thank you. The next question is from the line of Abhav from ICICI Securities Limited. Please go ahead sir. 31:42 31 minutes, 42 seconds Yeah, thanks for the opportunity again. 31:44 31 minutes, 44 seconds Sir Raj uh as you just mentioned that you know if you are looking for growth more than 20%. Then the MAS would also 31:51 31 minutes, 51 seconds improve. So just on the order inflow front u given the good pipeline in grows 31:58 31 minutes, 58 seconds as well as now transmission as well what is the order inflow growth we can see for 26 as well as 27 27 32:09 32 minutes, 9 seconds see current year we have targeted for order in around uh 22,000 crores right 32:16 32 minutes, 16 seconds and uh and uh of course I mean depending on will be able to get those kind of orders 32:24 32 minutes, 24 seconds which we believe because of that the pipeline which we can see uh so 22,000 crores will be order book right 32:32 32 minutes, 32 seconds order intake order intake for the current year okay 32:38 32 minutes, 38 seconds right so so uh so this is the current year target orient target and next year 32:46 32 minutes, 46 seconds it would be in the range of 30,000 cr I depending on uh that government plan and all that Right. And uh 32:54 32 minutes, 54 seconds so uh for FI27 yes uh uh we'll be able to get I mean if 33:04 33 minutes, 4 seconds things goes as per our wish then we'll be you know back on the track of you know having 20% plus kind of growth in terms of topline. 33:13 33 minutes, 13 seconds Understood. So given this I mean 22,000 crores and 30,000 crores of order inflow target then I mean the revenue should 33:21 33 minutes, 21 seconds easily cross 15% estimated right given the execution remains same as as it has been historically 33:29 33 minutes, 29 seconds so may not be on 27 basis but 28 I mean because we are on the in the range of 33:37 33 minutes, 37 seconds 7,000 cr for the current year right 7,000 8,000 cr and then uh uh generally 33:45 33 minutes, 45 seconds if we are getting more B projects then those projects are you know getting started uh coming to execution only 33:52 33 minutes, 52 seconds after the gap of one year right how much 10 to 20 so maybe 28 years of course will be uh 34:00 34 minutes with this kind of uh top line you can see so for 27 you'll see again 10 to 15% of growth rates 34:09 34 minutes, 9 seconds uh for 27 years yes of course we can be more than 15% Yeah 20% 50%. 34:15 34 minutes, 15 seconds Okay. So last question is on the under construction projects. Are we facing any challenges in execution from you know land availability perspective? 34:25 34 minutes, 25 seconds Historically we've seen that some of our projects have got um extension of time and 34:33 34 minutes, 33 seconds yeah so uh whatever project which are under execution because uh land is not 34:40 34 minutes, 40 seconds 100% I would say. So what right now we are facing in terms of challenges exe in execution is that presently it is 34:49 34 minutes, 49 seconds monsoon right there is huge rains which is you know uh we can witness across the 34:55 34 minutes, 55 seconds country and then uh then uh uh maybe what we believe is that 35:03 35 minutes, 3 seconds existing process of course there are challenge in terms of the land so far 100% launch we haven't got the done but because of uh and that that's what 35:11 35 minutes, 11 seconds that's how we are also So you know interpreting that government so far we haven't come with the various uh projects reason being they they are 35:19 35 minutes, 19 seconds collecting that land piece at least and uh get that forest clearances on hand beforehand before you know bidding and all that. So going forward whatever 35:28 35 minutes, 28 seconds project we'll be getting maybe they they won't be will be finding any land sort of issue but yes of course there is a in 35:35 35 minutes, 35 seconds intermittently these these issues are there right with respect to land land acquission land availability and all that right it again depends on case to 35:44 35 minutes, 44 seconds case basis not in each and every project as we mentioned in agra earlier there is almost more than 98% land is already required right and that project was live 35:53 35 minutes, 53 seconds for last two years so so that's out. I mean uh there's no challenge in terms of landmine 36:11 36 minutes, 11 seconds of Mr. Shan from Dollar Capital. Please go ahead sir. 36:17 36 minutes, 17 seconds Uh hi sir. Uh thank you. Uh sir uh uh sorry for uh actually I joined late had another call. uh just wanted to uh check 36:26 36 minutes, 26 seconds sir you mentioned just now that for this year we are looking at 22,000 cr order inflow and next year around 30,000 odd 36:33 36 minutes, 33 seconds cr inflow so if you can break up so pardon me if you have already said that 36:40 36 minutes, 40 seconds uh then uh no need to repeat otherwise if you can share in terms of the breakup what we are looking at and in terms of the pipeline from NHS side how currently 36:49 36 minutes, 49 seconds it is pip pipeline is and in terms of DOT H and EPC So where we are looking at the order such a large order 37:00 37 minutes so yeah I mean that 202,000 of order intake in fact we have mentioned our last call also that uh that would be 37:08 37 minutes, 8 seconds largely you know 14 15,000 K would be coming from transport sector which would be highway railway metro then there 37:18 37 minutes, 18 seconds would be hydro and tunneling projects in the range of 2,500 to 3,000 And then uh there would be transmission 37:26 37 minutes, 26 seconds project transmission and ropeways which which could be in the range of 4 4,000 to 4,500 37:32 37 minutes, 32 seconds and then uh other sector which includes you know telecom and other uh projects 37:40 37 minutes, 40 seconds which is in the range of 500,000 cr projects right so these are the general breakup and and when we talk about it's 37:48 37 minutes, 48 seconds almost I would say uh 66% is again coming from highway or transportation sector I would say where pipeline is big 37:58 37 minutes, 58 seconds h use pipeline is there in particularly highway government has already declared their plan to you know come for almost 38:06 38 minutes, 6 seconds 3.5 lakh crores of the project which probably we believe in the current year may be in the range of two to two and a half lakh crores and railway there's a 38:15 38 minutes, 15 seconds good pipeline railway metro they are good amount of uh projects which we believe that will be 38:22 38 minutes, 22 seconds coming going forward and we would be getting our order intake uh commitment fulfilled right with respect to the 38:31 38 minutes, 31 seconds order intake for next year it is by and large so far we haven't deep dive into it but that's we believe that while you 38:39 38 minutes, 39 seconds know taking our good target into mind we'll be having this kind of order intake going forward and accordingly we 38:46 38 minutes, 46 seconds are working on this right I think I uh I have said I I have given you the answer of your question. 38:54 38 minutes, 54 seconds Yeah. Got it. So sir, this 22,000 cr also includes the 4,200 300 cr alone that we are and when we are likely to 39:03 39 minutes, 3 seconds get the appointed date for that uh see 22,000 is a fresh one and uh it 39:13 39 minutes, 13 seconds will always be a pipeline because there won't be you know because generally there would be some project which always 39:19 39 minutes, 19 seconds be there in the L1 status. And so that those L1 projects 39:25 39 minutes, 25 seconds which right now are you know uh we can see into L1 status may get converted into the firm order and then out of the 39:34 39 minutes, 34 seconds 22,000 K again we we may have four four 5,000 K which will at that point of time might be having that you know showing 39:41 39 minutes, 41 seconds the L1 status. So that is the uh continuity I mean that's the continuous process right and uh so yes of course to 39:50 39 minutes, 50 seconds answer your question it is uh a fresh new orders which we are targeting which is the 32 39:58 39 minutes, 58 seconds and and this the current one 4300 L1 when we will be getting the accounted date yes so these are the L1 first we 40:07 40 minutes, 7 seconds have to receive the all those these they are basically two products uh two projects are there which are 40:15 40 minutes, 15 seconds actually L1 which is from Rah government right and uh so we are also waiting for 40:22 40 minutes, 22 seconds them to be you know converted into P order maybe not into monsoon season but 40:29 40 minutes, 29 seconds what I believe that we'll be able to get uh that project you know converted into P order in the month of October and uh 40:38 40 minutes, 38 seconds we'll be able to start in the month of January Okay. And and when we talk about the NHI 40:46 40 minutes, 46 seconds 2 and a half lakh also uh is it possible to share broadly whatever the pipeline 40:52 40 minutes, 52 seconds is 40 50% is it the ham and how much is the B projects and are we also looking one or two more B toll projects? 41:04 41 minutes, 4 seconds Yes. Yes. So we are looking for yes of course uh more beauty projects and uh to the extent because the list is out 41:13 41 minutes, 13 seconds and uh uh uh what I believe in almost out of 41:19 41 minutes, 19 seconds feel like 50,000 cr of the order 60 or 70,000 cr is from basically for in b 41:28 41 minutes, 28 seconds toll model and uh then uh around uh to is uh 41:35 41 minutes, 35 seconds 1.7 50,000 is basically B to 50 and uh 550 41:45 41 minutes, 45 seconds or 70 or 70,000 70,000 70,000 is basically so there's a list which is I mean they have clearly mentioned they clearly spelled out what 41:54 41 minutes, 54 seconds would be the project which they would be awarded under beauty and under Ham and all that right so there would be EPC as 42:01 42 minutes, 1 second well so EPC occup,000 42:04 42 minutes, 4 seconds [Music] 42:06 42 minutes, 6 seconds is in ATC and balance is in this this is a breakup. 42:10 42 minutes, 10 seconds Okay. No that point is just wanted to because for last almost 2 years of hope is there but in terms of uh there is a 42:19 42 minutes, 19 seconds delay from NHA side. So that's what I just wanted a kind of a reassurance from your side that are we confident at this 42:26 42 minutes, 26 seconds time uh this this number what we are talking two three lakh will that get awarded this year? 42:34 42 minutes, 34 seconds No. So in past two years what we have seen is NA was giving kind of assurance that okay this they would be bidding 42:42 42 minutes, 42 seconds these this number of the project and all that. This this time they have come up with uh detailed list of the projects. 42:49 42 minutes, 49 seconds They have already identified these are the corridors. These are the projects which they are going to build. Right? 42:55 42 minutes, 55 seconds This gives us some sense or some confidence that okay they they have some they have done some sort of homework 43:02 43 minutes, 2 seconds while announcing you know the these number of meetings and all that and hence we are also getting comfort 43:09 43 minutes, 9 seconds basically the what is basically claiming in those kind of statements. 43:14 43 minutes, 14 seconds Okay. Okay. Whatever the changes in terms of the qualification in terms of the network criteria and everything or 43:22 43 minutes, 22 seconds do we think that will it lead to a a lower competition and maybe uh we can get a slightly higher margin? 43:31 43 minutes, 31 seconds See uh that is quite certain that that competition 43:38 43 minutes, 38 seconds would be coming down right because of that network criteria or technical you know criteria which they have introduced. 43:47 43 minutes, 47 seconds Now with respect to margin because see what we believe is that maybe you can say improvement in margin not in the 43:56 43 minutes, 56 seconds current year and may not be in next year as well because on because see there are people who are 44:03 44 minutes, 3 seconds willing to get I mean because so for last two years we haven't received any order h right so we are eager to get 44:11 44 minutes, 11 seconds those kind of projects and we may not in increase our margin expectation on day one but yes as and when my order book is 44:19 44 minutes, 19 seconds getting you know uh fulfilled I I would be certainly increasing my margin acceptance which ultimately would result 44:28 44 minutes, 28 seconds into my actual margin realization only in the year FY uh 28 I would rather say yes 44:37 44 minutes, 37 seconds okay okay and lastly sir what if you can repeat for okay no issues no issues thank you 44:44 44 minutes, 44 seconds yeah please join the queue thank you so The next question is from the line of Mr. Pat Takkai from GM Financial. Please go ahead sir. 44:55 44 minutes, 55 seconds Hi sir. So my question is requirement. 45:02 45 minutes, 2 seconds So does that include? 45:06 45 minutes, 6 seconds Yeah. My voice is not. So your voice is not clear now. Uh is it clear now? 45:12 45 minutes, 12 seconds Yeah please go. Uh so sir you had mentioned that the outstanding equity requirement as of 2600 cr. So does it include the equity? 45:27 45 minutes, 27 seconds Sir there was a static disturbance at your end. Could you come again with your question please? Hi is that clear now? 45:35 45 minutes, 35 seconds Yes. Yes sir please go ahead. So sir you mentioned that there is a outstanding equity requirement of complete road. So 45:43 45 minutes, 43 seconds does that equity requirement also include the B project? 45:50 45 minutes, 50 seconds Uh participants uh the management line has dropped. We are trying to get them back online. Please hold on. 46:02 46 minutes, 2 seconds [Music] 46:30 46 minutes, 30 seconds Uh Mr. Pat, you can go ahead with your question, please. Uh okay. Hi sir. So you mentioned that the outstanding 46:37 46 minutes, 37 seconds equity requirement is of 2600 cr. So does that include the B project as well? 46:45 46 minutes, 45 seconds Yes. Correct. 46:47 46 minutes, 47 seconds Okay. And when can we expect the LO for our two NSRC projects pack and chra? 46:56 46 minutes, 56 seconds Yeah. So as uh Anandi just mentioned u by end of quarter 3 we expect uh the 47:03 47 minutes, 3 seconds date and hopefully by January we should kickstart the project. 47:07 47 minutes, 7 seconds So what would be the execution that we can expect in the last quarter out of those two projects you're saying? 47:16 47 minutes, 16 seconds Yeah. Yeah. Out of those two projects. 47:18 47 minutes, 18 seconds So initially in first quarter we can't generally uh in our experience it is not more than 5% 3 to 5% it is the first 47:26 47 minutes, 26 seconds quarter progress overall 47:34 47 minutes, 34 seconds including every likel hydro power TND and road total overall pipeline 47:41 47 minutes, 41 seconds total bid pipeline as we mentioned is approximately 22,000 crores for the current financial here and it includes 47:50 47 minutes, 50 seconds around 14 to 15,000 that is are you saying order I'm not asking 47:56 47 minutes, 56 seconds order the total build pipeline you are asking the order pipeline correct 48:03 48 minutes, 3 seconds yeah yeah yeah so the pipeline for the highway sector is approximately 3.4 four lakh cr. 48:11 48 minutes, 11 seconds Okay. Okay. Thank you. That was my question. Thank you. 48:17 48 minutes, 17 seconds The next question is from the line of Mr. Amit Vora from the homeopathic clinic. Please go ahead sir. 48:25 48 minutes, 25 seconds Hello. Yeah, my question has been almost all my questions have been answered. If the management can just give some industry uh clarity for next two or three years. 48:41 48 minutes, 41 seconds [Music] 48:47 48 minutes, 47 seconds industry. Okay. 48:57 48 minutes, 57 seconds 3.4 49:16 49 minutes, 16 seconds Railway 20,000 power transmission 20,000 cr 49:23 49 minutes, 23 seconds 22,000 49:31 49 minutes, 31 seconds [Music] 49:35 49 minutes, 35 seconds descent for highways or 49:48 49 minutes, 48 seconds you talking about the overall order from the government side 50:01 50 minutes, 1 second 60 60,000 one lakh Volts highway total 3.4.4. 50:23 50 minutes, 23 seconds Okay. 50:34 50 minutes, 34 seconds 000 next. 50:46 50 minutes, 46 seconds Thank you sir. Thank you. Thank you. 50:51 50 minutes, 51 seconds The next question is from the line of Wasu from Noama. Please go ahead. 50:58 50 minutes, 58 seconds Yes. Thank you for the opportunity. Um just little small question. What is the keepex that you are planning for the full year? 51:07 51 minutes, 7 seconds It is in the range of 100 cr. 51:10 51 minutes, 10 seconds Okay. And so on the monetization front can we expect any new asset to be transferred to the init this year? 51:18 51 minutes, 18 seconds Yeah, of course. Our target is to as project is getting complete, right? 51:23 51 minutes, 23 seconds maybe after 6 months or 12 months or depending on uh so it actually gives some flexibility to us also I mean 51:30 51 minutes, 30 seconds whenever because uh what we have seen in past that not much cash requirement is there on the balance sheet so we may delay I mean to that extent we can play 51:39 51 minutes, 39 seconds but of course idea is to ultimately transfer it to init only right 51:47 51 minutes, 47 seconds okay and sir out of this 22,000 crores of order inflows that you are expecting for the full year. How much have we already received in Q1? 51:58 51 minutes, 58 seconds Uh uh out of this 22,000 so far we have received 2500 cr. 52:11 52 minutes, 11 seconds Okay. Sure. So that's it from my side. Thank you. 52:17 52 minutes, 17 seconds Participants if you wish to ask a question uh please press star and one on your touchtone telephone. 52:25 52 minutes, 25 seconds Yeah I think there's no further question so just have one question from my side. 52:28 52 minutes, 28 seconds So just on the TMDP so uh up this we targeting 3 to 4,000 I mean four three and a half 4,000 crores of order and flows and you already started with the 52:37 52 minutes, 37 seconds pilot few years back and we have ramped up the order book to 1200 1300 crores. 52:41 52 minutes, 41 seconds So on the back end side on the supply chain side how do you think this opportunity will play out? Is it going to be only standalone captive projects? 52:48 52 minutes, 48 seconds Are you looking to do more projects for other direct clients like power grid and other uh developers of TBC? So how do we read into this and growth plans for this vertical? 52:59 52 minutes, 59 seconds So so far I mean uh our target is to basically uh go more captive only 53:07 53 minutes, 7 seconds because uh uh the capacity so far we have built is is I think would be 53:14 53 minutes, 14 seconds sufficient enough or it I mean there's no scope I believe that there won't be any much scope left with us if we have 53:21 53 minutes, 21 seconds to go outside our you know captive project. So idea is to either let's say that if we are getting more projects we 53:28 53 minutes, 28 seconds can target even 5,000 the DBC project or transmission project but we'll would like to do in house I mean for our own 53:35 53 minutes, 35 seconds purpose so that inhouse capability I mean as you keep developing you get qualified on the higher H ratings 400 or 765 so which can 53:44 53 minutes, 44 seconds be used to monetize in third party direct orders. So any plans in the near future mid to long term that are outside the captive book which is more equity intensive you'll also look to do third 53:52 53 minutes, 52 seconds party EPC orders and where also you set up your tower capacity and conductive capacity selling term. 54:00 54 minutes No. So yes of course I mean see point is we are already in discussion with v I mean we are exploring other options also 54:07 54 minutes, 7 seconds where though we have doing we have been executing captive projects and where we will start doing you know monetization 54:14 54 minutes, 14 seconds discussion and all that of those projects. So ultimately what we have shown or what we have basically 54:21 54 minutes, 21 seconds demonstrated in highway sector where we'll be bidding for uh B project and ultimately we it will end up basically 54:30 54 minutes, 30 seconds as a EPC for us. So yes of course I mean first we want to you know fully utilize 54:36 54 minutes, 36 seconds those kind of uh synergies and then certainly maybe if we'll be having more capacity left with us we'll be certainly 54:44 54 minutes, 44 seconds looking for that particular okay sure sir thank you I think there's no further questions I'd like to thank the management for giving us the 54:52 54 minutes, 52 seconds opportunity to hold this call and sir any last comments you'd like to give before we close the call thank you sir on behalf of HDF FC Security Limited. 55:03 55 minutes, 3 seconds That concludes this conference. 55:06 55 minutes, 6 seconds Thank you for joining us and you may now disconnect your lines. Thank you. Thank you. And thank you.