G R Infraprojects Limited — Q3 FY26

G R Infraprojects Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=IL9ZvEMcMUQ Published: 3 months ago

0:01 1 second Good evening ladies and gentlemen and welcome to the GR Infra projects limited results call for the quarter and 9 month 0:09 9 seconds ended December 31st 2025 hosted by HTSC securities. 0:15 15 seconds As a reminder all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. 0:25 25 seconds Should you need assistance during this conference call, please signal an operator by pressing star then zero on 0:32 32 seconds your touchstone phone. Please note that this conference is being recorded. 0:38 38 seconds Today we have on the call Mr. Ajindra Kumar Agarwal, managing director and Mr. Anandraati, group CFO. 0:47 47 seconds Before we proceed, this conference call may contain forward-looking statements about the company which are based on the 0:54 54 seconds beliefs, opinions and expectations of the company as on date of this call. 1:00 1 minute These statements are not a guarantee of future performance and involves risk and uncertainties that are difficult to predict. 1:09 1 minute, 9 seconds I now hand the conference over to Mr. 1:11 1 minute, 11 seconds Parikut Khan from HDFC Securities. Thank you and over to you sir. Thank you Satnani. Uh so without taking any 1:18 1 minute, 18 seconds further time I'll now invite Ajind to give a brief industry overview followed by RTG on the financials. Over to you sir. Thank you. 1:30 1 minute, 30 seconds Good afternoon ladies and gentlemen and a warm welcome to the Q3 financial year 26 earning call of GR Inposit Limited. 1:40 1 minute, 40 seconds Thank you for taking the time to join us today. 1:44 1 minute, 44 seconds I hope you and your families are keeping well. I am joined on the call by Mr. 1:51 1 minute, 51 seconds Anandrati CFO and Mr. Ankit Mahisuri deputy CFO of the company. I will begin 1:57 1 minute, 57 seconds with the sharing our performance during quarter and our overview of the infrastructure sector after which Shanki 2:06 2 minutes, 6 seconds GI will take you through the financial in detail. We will then open the floor for questions. 2:13 2 minutes, 13 seconds During Q3, the company has recorded the revenue from operation of approximately 2:20 2 minutes, 20 seconds 2,39 cr which is up by 36% from corresponding period in previous 2:27 2 minutes, 27 seconds financial year. The AITA margin excluding other income for the current quarter stood at 10.07% 2:35 2 minutes, 35 seconds as against 12.82% in the corresponding period in previous financial year. Profit before tax is 274 2:43 2 minutes, 43 seconds cr which is up by 18% from corresponding period in previous financial year. 2:50 2 minutes, 50 seconds During the quarter the company has repaid the debt of 262 cr which is has resulted in improved debt equity ratio 2:59 2 minutes, 59 seconds to 0.03 which is one of the best in the sector. 3:04 3 minutes, 4 seconds The company has recently won the battery energy storage system budget of 414 cr 3:11 3 minutes, 11 seconds for NTPC plant. As on date, the company's order book stood at rupees 20,250 3:21 3 minutes, 21 seconds cr approximately. As on date, one DBF total project of 3,700 cr approximately is awaiting appointed date. 3:31 3 minutes, 31 seconds We have bids of 20,000 cr approximately which are yet to be opened in highway and railway tunnel and other business units. 3:42 3 minutes, 42 seconds Government commitment to infra remain firm. I would first like to present some key highlights from recent union budget 3:50 3 minutes, 50 seconds for financial year 2627. Public capital expenditure on infrastructure was raised 3:55 3 minutes, 55 seconds by 9% from financial year 2526 to record 12.2 lakh crores representing roughly 4:05 4 minutes, 5 seconds 3.1% of GDP. The budget also proposes establish an infrastructure risk guarantee fund to enhance the confidence 4:14 4 minutes, 14 seconds of private development through carefully designed partial credit guarantees. 4:22 4 minutes, 22 seconds Road and highway with 3.09 lakh cr and railway with 2.8 100 lakh cr together account for nearly half of the capex 4:30 4 minutes, 30 seconds highlighting that convert connectivity investment continue to be central pillar and focus of the national growth story 4:40 4 minutes, 40 seconds moving on the sector's highlights road and highway sector the road sector continue to show healthy momentum the 4:49 4 minutes, 49 seconds ministry of road transport and highway NH etc has set target of building 10,000 km of national highway this year after 4:58 4 minutes, 58 seconds achieving around 10,660 km last year. So the actual awarding of NHI in financial year 2526 has shown a significant slowdown. 5:10 5 minutes, 10 seconds However, the sector is moving out of [clears throat] through market by slow target tendering and intense competition 5:19 5 minutes, 19 seconds into recovery phase led by structural reform. India's national highway toll collection are expected to cross one 5:27 5 minutes, 27 seconds lakh cr in financial year 27 driven by higher traffic volume expansion of highspeed corridors and changes in 5:34 5 minutes, 34 seconds tolling system. Further, NH debt to equity ratio has fallen from about 50% in initial year 22 to around 20% in 5:43 5 minutes, 43 seconds financial year 25 creating fiscal headroom to support more than 8 lakh cr project pipeline in over financial year 5:53 5 minutes, 53 seconds 26 to 28 including tunnels of significant amounts. 5:59 5 minutes, 59 seconds While competition is expected to remain elevated, amendments in technical and financial qualification norms and shift 6:07 6 minutes, 7 seconds towards large B toll projects should reduce competition in medium term. The government look to prioritize the B 6:14 6 minutes, 14 seconds model for highway projects in financial year 27 aiming to enhance public private participation in infrastructure 6:21 6 minutes, 21 seconds delivery. In railway and metro focus has moved to easing congestion on 6:28 6 minutes, 28 seconds high density routes, improving freight movement and strengthening multimodel integration through dedicated freight 6:36 6 minutes, 36 seconds corridor and economic rail corridor under the PM Gatisaki framework. 6:40 6 minutes, 40 seconds Proposed seven highspeed corridor in the union budget are being positioned as growth connectors linking major 6:48 6 minutes, 48 seconds economic, IT, industial and cultural hubs across the country. Together the seven corridors will span nearly 4,000 6:58 6 minutes, 58 seconds kilometer and are expected to be developed at an estimated cost of 16 lakh cr rupees. Under the PM Gati 7:07 7 minutes, 7 seconds framework, three economic [clears throat] railway corridor program covering energy, mineral and cement 7:14 7 minutes, 14 seconds routes, port connectivity and hight traffic density lines have identified 434 projects with a total outlay of 7:24 7 minutes, 24 seconds around 11 lakh cr rupees. Maharashtra leading in railway infrastructure activity with 35 projects with a total 7:31 7 minutes, 31 seconds investment of 3.5 lakh cr rupees in power and transmission. 7:38 7 minutes, 38 seconds India's power transmission head distribution sector is seeing a strong investment to support raising power demand and renewable energy growth. 7:47 7 minutes, 47 seconds India has the investment potential of nearly 45 lakh cr in the power sector including generation, transmission and storage in the next 7 years. 8:00 8 minutes Further with increasing renewable hubs pan India especially power transmission and distribution sector is seeing an 8:08 8 minutes, 8 seconds investment potential of nearly 9 lakh cr in the sector. Further to scale up the sector and maintaining the grid 8:16 8 minutes, 16 seconds stability, the government has also introduced energy storage obligation. 8:20 8 minutes, 20 seconds The CA estimate a need for about 236 gawatt award of battery storage of more 8:28 8 minutes, 28 seconds than one lakh cr in oil and gas. India's vixit bhar road 8:35 8 minutes, 35 seconds map setup ambitious goal for the nation increasing domestic crude production of 8:41 8 minutes, 41 seconds 100 mm and refining capacity of 450 mm 8:47 8 minutes, 47 seconds perm by 2047 the budget had continued to earmark 1.5 pl r rupees of allocation which will 8:56 8 minutes, 56 seconds increase the opportunity for us in the ep sector position 9:04 9 minutes, 4 seconds India logistics sector is set for a massive transformation and expected to grow at CAGR of 8% approximately in next 9:14 9 minutes, 14 seconds 5 years. Warehousing and distribution services is the most lucrative service 9:21 9 minutes, 21 seconds segment registering the fastest growth during the forecast grade A and B 9:28 9 minutes, 28 seconds warehouse is expected to grow at CAGR of 12 to 12.5% driven by increasing demand 9:35 9 minutes, 35 seconds for high quality infrastructure to reach 800 million square ft in financial year 29. 9:43 9 minutes, 43 seconds that are focused on building future ready logistics platform. Our vision is to deliver high quality, scalable and 9:51 9 minutes, 51 seconds technologydriven warehousing solution that enhance efficiency, connectivity and customer value across India evolving 9:59 9 minutes, 59 seconds supply chain landscape for remaining financial year. We expect order inflow to pick up subject to tendering activity 10:08 10 minutes, 8 seconds and project award timelines momentum is also expected to improve. 10:13 10 minutes, 13 seconds Our strate strategy is leverage this momentum by broading our participation in multiple infrastructure 10:22 10 minutes, 22 seconds and strengthen our business diversification. 10:25 10 minutes, 25 seconds Before I conclude, I would like to reiterate that our approach remain consistent. Sorry interrupt in between 10:33 10 minutes, 33 seconds sir your voice is not audible it is blinking in between is audible hello 10:41 10 minutes, 41 seconds yes sir thank you before I conclude I would like to reiterate that our approach remain 10:50 10 minutes, 50 seconds consistent we are focused on financial discipline timely delivery progressive strengthening of our order book and 10:57 10 minutes, 57 seconds diversification I would like to thank you our clients and shareholders for their continued trust and support. With that I will now 11:06 11 minutes, 6 seconds request Anki G to take through the financial in detail. Over to you Anki G. Thank you MD sir and hello everyone. 11:15 11 minutes, 15 seconds Here are the key highlights of quarter 3 performance. 11:19 11 minutes, 19 seconds The standalone revenue from operations was 239 cr in quarter ended December 25 11:25 11 minutes, 25 seconds which is increased by 36% year-over-year compared to 1500 crores in the quarter ended December 24. 11:34 11 minutes, 34 seconds This increase was primarily on account of work execution being started in various projects including oil and gas power transmission and roways business units. 11:44 11 minutes, 44 seconds The consolidated revenue from operation was 238 crores in quarter ended December 25 which is increased by 36% 11:54 11 minutes, 54 seconds approximately compared to 1695 crores in the quarter ended December 24. 11:59 11 minutes, 59 seconds The standalone IITA margin stood at 10.07% in quarter ended December 25 from 12.82% in quarter ended December 24. 12:11 12 minutes, 11 seconds The decrease is primary due to one-time claims income recognized amounting to 37.7 crores in quarter ended December 24. 12:19 12 minutes, 19 seconds The IITA margin at group level has marginally decreased to 20.28% in quarter ended December 25 from 21.82% in quarter ended December 24. 12:31 12 minutes, 31 seconds Profit after tax at standalone level increased to 232 crores in quarter ended December 25 as compared to 169 crores in quarter ended December 24. 12:44 12 minutes, 44 seconds The PAT includes 35 crores net of tax of exceptional gain on sale of subsidiary. 12:50 12 minutes, 50 seconds Profit after tax in current year has increased due to better execution of the projects. 12:56 12 minutes, 56 seconds Profit [clears throat] after tax at consolidated level decreased to 259 crores in quarter ended December 25 as compared to 263 crores in quarter ended December 24. 13:06 13 minutes, 6 seconds The standalone net worth stood at 8,471 crores at the end of December 25. It was 13:15 13 minutes, 15 seconds 7,888 crores at the end of fiscal 2. The net worth on consolidated level is 9,200 13:24 13 minutes, 24 seconds crores at the end of December 25. It was 8,500 crores at the end of fiscal 25. 13:33 13 minutes, 33 seconds The total standalone borrowings outstanding at the end of fiscal 25 is 244 crores with debt to equity of 0.03 13:43 13 minutes, 43 seconds 03 times and the total consolidated borrowing outstanding at the end of fiscal 25 is 6,281 13:51 13 minutes, 51 seconds crores with debt to equity of 0.68 times. 13:56 13 minutes, 56 seconds During the quarter, the company has made additions to the fixed assets amounting to 30 crores. The net block of property, 14:04 14 minutes, 4 seconds plant and equipment including CIP and intangible is 1,090 crores at the end of current quarter. 14:12 14 minutes, 12 seconds Investments in our subsidiary companies in the form of loans and equity is 2,789 14:19 14 minutes, 19 seconds crores at the end of December 25. The balance equity contribution required to be made from our operational ham or 14:27 14 minutes, 27 seconds bought projects is 3,44 crores of which we are expecting a contribution of approximately 500 crores in quarter 4 of 14:37 14 minutes, 37 seconds current fiscal. The working capital in days at the end of December 25 is 93 14:44 14 minutes, 44 seconds days as compared to 117 days at the end of fiscal 25. The decrease is primarily in account of decrease in SPV data days. 14:53 14 minutes, 53 seconds Trade receivables at the standalone basis are 1 1614 crores which includes 15:00 15 minutes 1,38 crores of ham dattors at the end of December 25 and the trade receivables at 15:07 15 minutes, 7 seconds the consolidated level are 631 crores at the end of December 25. 15:14 15 minutes, 14 seconds The unbuild revenue at the standalone basis is 851 kores at the end of December 25 and the unbuild revenue at 15:22 15 minutes, 22 seconds the consolidated level is 739 crores at the end of December 25. The inventories 15:29 15 minutes, 29 seconds are 533 crores as compared to 538 crores at the end of fiscal 25. 15:36 15 minutes, 36 seconds I sincerely thank to all our stakeholders including employees, business partners, vendors, bankers and auditors who have supported the company. 15:45 15 minutes, 45 seconds On behalf of GR Infra Projects Limited, I thank everybody for attending the earnings call. Thank you. 15:54 15 minutes, 54 seconds I would now like to hand over the call back to the moderator. 16:01 16 minutes, 1 second Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press 16:09 16 minutes, 9 seconds star and one on the touchstone telephone. 16:13 16 minutes, 13 seconds If you wish to remove yourself from the question queue, you may press star and two. 16:20 16 minutes, 20 seconds Please use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question assembles. 16:33 16 minutes, 33 seconds We have the first question from the line of Abina from ICIC securities. Please go ahead. 16:39 16 minutes, 39 seconds Yeah, sir. Thanks for the opportunity and congrats on a good set of numbers. 16:44 16 minutes, 44 seconds Uh the execution has been good for this quarter. If you look at revenue numbers, I could gather that uh this has been primarily on account of execution 16:52 16 minutes, 52 seconds starting various project. So just wanted to understand what can we expect in the last quarter and in FI27 because we had 17:00 17 minutes guided for a 5% uh revenue growth last time around. I think we'll be surpassing that. So just your views on this. 17:12 17 minutes, 12 seconds So uh so why actually we have been surpassing this 5% growth is because the revenue which we have got from oil and 17:20 17 minutes, 20 seconds gas EPC sector right. So that actually help us in surpassing that revenue and we continue to bank on that uh 17:28 17 minutes, 28 seconds particular sector in going forward for next financial year as well. And if we talk if if we talk about that quarter 17:36 17 minutes, 36 seconds four our uh our revenue would be in the range of 3,000 3,000 cr right and uh for 17:45 17 minutes, 45 seconds next financial year again we are targeting a growth of 10 to 15% of uh revenue. Yeah 17:54 17 minutes, 54 seconds 15%. And what was the revenue from oil and gas EPC? 17:58 17 minutes, 58 seconds For current quarter it is around uh 400 cr. 18:02 18 minutes, 2 seconds And [clears throat] how much can we expect this in the next year this Q4 and see next year see Q4 also we we can 18:11 18 minutes, 11 seconds expect in the range of 500 K but next year we would be targeting more than 1,000 K for in this particular sector. 18:18 18 minutes, 18 seconds So we have to set up that uh uh JV also for qualification uh and uh hopefully 18:26 18 minutes, 26 seconds we'll be able to have this you know qualification through in our direct JV right so we'll be directly bidding and we'll be targeting for next financial 18:33 18 minutes, 33 seconds year we'll be targeting around 20,000 cr of the uh projects right for bidding in this particular sector and we'll be 18:41 18 minutes, 41 seconds having around 4 5,000 cr of the order book from this sector maybe we'll be able to achieve 1,000 1,000 to,500 did go to the orders in next year layer. 18:52 18 minutes, 52 seconds Understood. So second secondly on the order inflow front I think 9 months order inflow we stand at about 62 18:58 18 minutes, 58 seconds billion. Uh so I think we are falling short on that front in terms of guidance. So would like to hear your views on this. 19:09 19 minutes, 9 seconds Yeah. So largely been disappointed on this uh highway front where our target was high but uh somehow we 19:18 19 minutes, 18 seconds uh the projects were not there from NH side or and now they and for different reasons right and we were expecting that 19:25 19 minutes, 25 seconds in quarter four at least they would be coming out with you know good amount of projects but so far the pipeline is 19:32 19 minutes, 32 seconds there's a good amount of a good pipeline is visible but yes we are not pretty sure because uh that MCA is also under 19:41 19 minutes, 41 seconds modifications. they are coming out various modifications on you know in MCA and now what we have realized is that 19:50 19 minutes, 50 seconds they have shifted from uh EPC or rather Ham I would say it is that the government is shifting their stand from 19:57 19 minutes, 57 seconds Ham to B toll mode and for that actually we need full you know MCA also uh that model 20:07 20 minutes, 7 seconds consumption agreement so that is also why I believe that the reason that they are taking time right and going forward uh what I 20:16 20 minutes, 16 seconds believe is that on highway sector so we'll be having good amount of order book coming in maybe next financial year would be having 10 to 15,000 of orders 20:23 20 minutes, 23 seconds coming from highway sector because uh the the pipeline which right now is available though they are not ready for 20:30 20 minutes, 30 seconds bid but because of this reason that MCA is yet under modification but what we believe is that size of project is you 20:37 20 minutes, 37 seconds know uh that uh the the the ticket size So the project is more than 2,000 cr and B in 8,000 cr 7,000 cr. So what what we 20:46 20 minutes, 46 seconds expect that would be confident that we'll be getting 10 to 15,000 cr orders in highway sector at least going forward next year. 20:53 20 minutes, 53 seconds Understood and so I mean any timelines uh when can we expect this modification and in MCA and um I mean when the 21:01 21 minutes, 1 second ordering can pick up uh can we expect it in Q1 of FI27 or will it be beyond that? 21:08 21 minutes, 8 seconds No probably maybe because see Ham Ham is a settled contract right now for B 21:16 21 minutes, 16 seconds because there's a big plan uh with the government for you know big size P and all that so they are taking time that is under modification and maybe in next 15 21:25 21 minutes, 25 seconds days or next I would say one one or two months at max probably and maybe even during the month of March itself we can 21:32 21 minutes, 32 seconds you know uh we may see that some projects coming in for participation and for bidding but yes of Of course, whatever the case may be, [clears throat] we'll be, you know, 21:41 21 minutes, 41 seconds we'll be in execution. We'll be in position of execution only in the next financial year after uh Q2 and Q3, Q3, 21:48 21 minutes, 48 seconds Q4 on what side. So, but that we what we believe is that it will be pretty certain that those projects would be 21:56 21 minutes, 56 seconds coming in next uh maybe not this quarter then probably next Q1 of the next financial year. Yeah, understood. So, my final question is on 22:03 22 minutes, 3 seconds the B project, the Ara one. There's been delay in receipt of appointed date over there. So what is the actual status? Why is there there been a delay? 22:14 22 minutes, 14 seconds Yeah. So there's been delay in that particular project and maybe uh and uh and see issue for B project is we are 22:23 22 minutes, 23 seconds also you know we want to be pretty sure in terms of land acquisition right uh unlike unlike Ham right where we are he 22:32 22 minutes, 32 seconds is more kind of EPC where even if let's say land is not there I is not there we can you know construct and we can continue 22:40 22 minutes, 40 seconds to get the payment and we can also get the provisional cood right but in B toll tool model even if let's say a pretty a 22:48 22 minutes, 48 seconds small amount of RO is not there then probably it would be you know hindering our B tool collection so we we want we 22:56 22 minutes, 56 seconds are actually cautious at this particular time in B projects and we want to be doubly sure in terms of whenever we are appointed date is declared 100% or or 23:04 23 minutes, 4 seconds 90% at least whatever committed in their agreement that land is made available to us uh without any hindrance where we can 23:11 23 minutes, 11 seconds you know execute the work So, so that's how uh we but what I believe is that 23:18 23 minutes, 18 seconds going for I mean see some land compensation issue is going on over there and maybe next uh one of next next 23:26 23 minutes, 26 seconds couple of month it would be settled once they get the compensation uh we'll be having the appointed date and we are fully ready with uh you know our 23:33 23 minutes, 33 seconds mobilization and uh equipments over there we'll be able to you know um in next next financial year Q1 we'll be 23:41 23 minutes, 41 seconds able to book the revenue on that particular Thank you. So, thank you. All the best. Thank you. 23:50 23 minutes, 50 seconds Thank you. A reminder to all the participants. You may press star and one to ask a question. 23:58 23 minutes, 58 seconds We have the next question from the line of Shraan Sha from Dalith Capital. Please go ahead. 24:04 24 minutes, 4 seconds Uh hi sir. Uh thank you and congratulations on good setup number particularly on the execution front. Uh couple of questions from my side. So 24:12 24 minutes, 12 seconds first just a clarification uh in terms of order inflow till now excluding GST how much order info that 24:21 24 minutes, 21 seconds we have received is it 2480 odd see uh except that power transmission 24:31 24 minutes, 31 seconds where you know uh order is getting splitted because for power transmission we have received order of around 3,600 24:38 24 minutes, 38 seconds cr but then uh an EPC would be having revenue you know around 1,800 cr which 24:44 24 minutes, 44 seconds is 50% of the the order which we have received right so the total order so far 24:51 24 minutes, 51 seconds for the current year is around uh 6,000 sorry 4,800 K right that that the orders 24:59 24 minutes, 59 seconds which we have received which ultimately would be converted into the EPC revenue going forward 25:05 25 minutes, 5 seconds uh uh so so so here we are excluding the uh three uh L1 one project. So to MSRDC 25:15 25 minutes, 15 seconds Yeah. So, so, so this 4,800 K when we are saying so we are saying that transmission we are right now taking a 25:23 25 minutes, 23 seconds 17,800 K and then ultimately it will be a 3,600 K. Yeah. Yeah. Yeah. Yeah. 25:31 25 minutes, 31 seconds Uh okay. And and this BS NTPC so there the 488 K that we announced on the 25:39 25 minutes, 39 seconds exchange. So uh uh is this including the 18% GST? That is uh 4 488 is including GST. 25:50 25 minutes, 50 seconds Without GSC it is 414 cr. 25:52 25 minutes, 52 seconds Okay. 414 odd K. Okay. Uh uh yeah and 25:59 25 minutes, 59 seconds this two MSRDC project 4,300 K. So what's the status whether it will get cancelled? 26:08 26 minutes, 8 seconds that status remains same what we have you know spoken on last call right because so far 26:15 26 minutes, 15 seconds I mean what we believe is that because of the new alignment they would that would be cancelled and they would be retenting and all that but yes I mean 26:24 26 minutes, 24 seconds that is the latest information which we have beyond that we also don't have that any information on that 26:30 26 minutes, 30 seconds okay okay and sir said that we have bided 20,000 odd projects where Bid is 26:37 26 minutes, 37 seconds yet to open. So uh is is this entirely for if you can split into the sectors 26:44 26 minutes, 44 seconds where you see it largely highway and railway which is around 16,000 KRE and uh then there's a 26:53 26 minutes, 53 seconds tunnel and hydro which is 4,000 tunnel and hydro and before end of March 27:04 27 minutes, 4 seconds how much more are we planning to bid and uh there also So I need a clarification when we say that the now 27:12 27 minutes, 12 seconds MCA for B is under modification. So whatever the project NHI till now have announced in terms of the tender where 27:20 27 minutes, 20 seconds where they are either a EPC or Ham. So is there also a possibility that they can also be converted into B and that's 27:27 27 minutes, 27 seconds why there is a delay or this is the new projects that they will come up with a tender 27:50 27 minutes, 50 seconds Okay, they have already defined this criteria they have set right if if a developer is not getting 15% kind of IR 28:00 28 minutes basis right and those project would be either bidded under the EPC or HA so basis that they only basically you know classifying those how those projects 28:09 28 minutes, 9 seconds under which bucket they those projects would be covered right So it is not that the EPC would be conveyed to H and or EPC would be conveyed to B. I don't think so. This is the philosophy. 28:20 28 minutes, 20 seconds Okay. Okay. Got it. So, so, so uh now by by March how much more are we are we 28:27 28 minutes, 27 seconds planning to bid and also uh broadly uh if you can say how much uh let's say on 28:34 28 minutes, 34 seconds the NH front that is still not a 100% kind of a clarity but in other sectors or transmission or maybe oil and gas or 28:42 28 minutes, 42 seconds any other how are we looking at how much more orders can be won before march end 28:50 28 minutes, 50 seconds one is Different point is that pipeline which is right now you know available or visible that is for I8 it is one lakh 28:59 28 minutes, 59 seconds road one more than one lakh cr of the orders right railway is more than 50,000 but if they would be you know be in to 29:06 29 minutes, 6 seconds march itself or they would be spill over to next quarter it's uh maybe what I believe is that for next in the this up 29:15 29 minutes, 15 seconds to March I think 60,000 of the orders would be we did and we would participate getting those orders. Yeah. 29:25 29 minutes, 25 seconds Okay. And and so in totality next year pap said that on the highway front you mentioned that 10 15,000 29:33 29 minutes, 33 seconds Ko that particularly on on the 20,000 K that you are planning to bid in the oil and gas 4 5,000 K you plan to get in uh 29:43 29 minutes, 43 seconds FI27 from the oil and gas uh and on the highway front 10 15,000 K. So totally 29:50 29 minutes, 50 seconds can we say 20,000 cr inflow we are looking at in FI27. So or maybe from here on till the next year FI 27 and how 29:59 29 minutes, 59 seconds much inflow are we are we looking at the current year we are already running with the backlog of I mean good amount 30:07 30 minutes, 7 seconds of backlog is there so probably in current year depending on that you know bidding you know intensity current year 30:15 30 minutes, 15 seconds also we are basically poised to get 10,000 cr of list orders in the current year and maybe next financial year we'll be having including oil and gas and all 30:24 30 minutes, 24 seconds the 10 to 10 10 to 12,000 at least from highway and then uh 45,000 from uh you 30:32 30 minutes, 32 seconds know uh uh oil and gas and then uh then there's a power transmission which again we are targeting around 3,000 cr the 30:39 30 minutes, 39 seconds order then hydro metro road so more than 20,000 cr of orders in in flow we can target for next century also 30:49 30 minutes, 49 seconds okay okay got it got it understood and lastly sir the the equity uh in terms of 30:55 30 minutes, 55 seconds the uh FI27 500 cr you mentioned that in the in the fourth quarter that we are planning. So 31:02 31 minutes, 2 seconds this 500 K including the uh TND, HAM and maybe BSS or any any other that we are we are or roy that we are seeing. 31:14 31 minutes, 14 seconds So fin this this financial year we are targeting for Q4 right? Yeah. So that includes everything. 31:21 31 minutes, 21 seconds Yeah. Yeah. That include everything and in F 27 28 how much to be invested? 31:29 31 minutes, 29 seconds 1,000. See after this infusion now we remains with 2,000 valid go of the equity infusion right so yeah which is 31:37 31 minutes, 37 seconds to be infused in next two to three years and assuming we'll be getting more orders right under B or H or whatever 31:44 31 minutes, 44 seconds you say but then thousand K of equity infusion you can safely assume for on yearly basis 31:51 31 minutes, 51 seconds okay and in terms of the margin uh is there now a possibility that we can reach to a kind of a 13% % for next 32:00 32 minutes year. So this year already we are at 11.1 uh 11.10 half%. 32:06 32 minutes, 6 seconds uh so for next year how one can look at ITA margin 32:13 32 minutes, 13 seconds for next year I don't think so I mean unless until we have this order at least for example if we are getting only 32:20 32 minutes, 20 seconds 10,000 cr orders then probably we would be having an this kind this this kind of number only for a bit margin but if 32:27 32 minutes, 27 seconds we'll be getting you know uh so every incremental maybe after 1450,000 order inflow every incremental order would be 32:35 32 minutes, 35 seconds giving us higher AITA margin that I believe. Oh wow. 32:40 32 minutes, 40 seconds Okay. Okay. Got it sir. That's it from my side. Uh and and and the capex lastly if you can say for this year and the next year total how much capex that we are looking at? 32:51 32 minutes, 51 seconds So in this year we have made 98 crores worth of capex and uh next year also we estimate to be in the range of 125 crores. 33:01 33 minutes, 1 second Okay. Got it. Thank you and all the best. Thank you. 33:08 33 minutes, 8 seconds Thank you. A reminder to all the participants, you may press star and one to ask a question. We have the next 33:15 33 minutes, 15 seconds question from the line of Aayush Goal from Cavi Capital. Please go ahead. Yes. Hi sir. So I just had one question. 33:25 33 minutes, 25 seconds So as the company continues to diversify into different sectors and reduce the reliance on road segments. So what are 33:32 33 minutes, 32 seconds the margin expectations over the coming few quarters? 33:39 33 minutes, 39 seconds Uh margin what we believe is that to remain in the same range 33:45 33 minutes, 45 seconds uh maybe uh maybe if you're targeting 10 10 to 12% that is the target which we are having our money. 33:55 33 minutes, 55 seconds Okay. Okay. And it depends on the order info, right? Yeah. Okay. Thank you, sir. 34:06 34 minutes, 6 seconds Thank you. A reminder to all the participants, you may press star and one to ask a question. We have the next 34:13 34 minutes, 13 seconds question from the line of Abina from ICAC Securities. Please go ahead. 34:19 34 minutes, 19 seconds Yeah. Uh, hi sir. Uh, thanks for the followup. Uh I just wanted to [clears throat] check that the guidance that you had given for Q4 is about 3,000 crores of revenue. 34:29 34 minutes, 29 seconds Is that right? Yeah. Yeah. 34:34 34 minutes, 34 seconds So just wanted to understand I mean uh last quarter we were looking at 5% growth. Now with this 3,000 crores of revenue in Q4 this will entail a growth 34:42 34 minutes, 42 seconds of about 20 more than 20 25% year on year. So what has changed during the last quarter that you are looking at this numbers now? 34:53 34 minutes, 53 seconds So we have got you know associated into this I mean we enter into new sector oil and gas I mentioned right in my previous 35:00 35 minutes uh answer also and there uh this is October to March is the season and we got this opportunity to enter into this 35:09 35 minutes, 9 seconds particular sector at right time and we could you know generate the revenue from this sector in the current uh half year also. So that's the basic reason right 35:18 35 minutes, 18 seconds which and and this particular sector actually what I believe is that is going to generate a revenue of thousand cr for us at least for the current year. So 35:27 35 minutes, 27 seconds this is a basically significant change in terms of our revenue guidance. Understood. Yeah that was my question. 35:37 35 minutes, 37 seconds Thank you. Thank you. 35:41 35 minutes, 41 seconds Thank you. We have the next question from the line of web of Sha from JM Financial. Please go ahead. Go ahead. 35:48 35 minutes, 48 seconds Yeah sir on the revenue fund. So if you if we remove the oil and gas revenue so it would be around 1,600 crores for Q3 35:56 35 minutes, 56 seconds and your 3,000 cr guidance includes around 600 cr of oil and gas revenue. So we are going from 1,600 to 2400 uh x of 36:05 36 minutes, 5 seconds oil and gas. So it is almost a 15 50% jump from 3Q to 4Q. 36:12 36 minutes, 12 seconds So how do you see that sharp jump? 36:14 36 minutes, 14 seconds No no uh so see see uh 3,000 would be 36:22 36 minutes, 22 seconds having a revenue from oil and gas sector 500 cr kind of revenue. So 2,500 cr 36:28 36 minutes, 28 seconds 2,000 yeah 5 600. So from 600 to 2400 only because of that the appointed date is there with us and uh some execution 36:36 36 minutes, 36 seconds on PTND fund also power transmission also is helping us in you know increasing our revenue right which was low base in previous year now we are 36:45 36 minutes, 45 seconds getting good revenue also and because of that orders which we are having from this particular sector. So, so overall if you 36:53 36 minutes, 53 seconds uh right if you add the number add up the number then total revenue without oil and gas would be around 7,000 cr for 37:01 37 minutes, 1 second the year basis on the year basis which is again 5 to 10% of the revenue uh the growth right which we have given in the 37:08 37 minutes, 8 seconds our previous call also that guidance which we have given right okay and the next year also we are targeting revenue of thousand crores from oil and gas 37:17 37 minutes, 17 seconds yeah yeah we will we target is more 000 right but yes it's it's a new entry so 37:24 37 minutes, 24 seconds it has to be you know uh it has to be proved right so yes we will be target is more than th000 for next 37:31 37 minutes, 31 seconds year we are targeting next year 20,000 cr plus of that 5,000 would be from oil and 37:38 37 minutes, 38 seconds gas for next year and for this year what would be the target for the entire year order inflow 37:47 37 minutes, 47 seconds for 26 was around For 26 it was around 22,000 cr. 37:52 37 minutes, 52 seconds So now do we revise it downwards given the muted ordering in the first 9 months. 37:58 37 minutes, 58 seconds Yeah. Yeah. So so far we have received only 4,000 right? 4,000 4,000 5,000 only and probably on a on 38:07 38 minutes, 7 seconds highway front we may add up you know another 10,000 cr if you know things goes as we are as we believe right then 38:16 38 minutes, 16 seconds our total revenue total order info for the current year would won't be I I don't believe that would more than 15,000 for that list for the current year 38:24 38 minutes, 24 seconds so we revised downwards to 15,000 10,000 more expected in the next two months yep 38:33 38 minutes, 33 seconds Okay, thank you. We have the next question from the line of Kadija Madri from Kri Global. Please go ahead. 38:45 38 minutes, 45 seconds Yeah. Uh good evening sir. Uh so my question is regarding the NHI uh target. 38:50 38 minutes, 50 seconds Uh so it was about uh 36,300 kilometer of order awards that were planned in FI26. So I just wanted to know till uh 38:59 38 minutes, 59 seconds date how much has been awarded and uh how much is it uh expected to come in the next uh uh couple of months 39:08 39 minutes, 8 seconds and whether they will be meeting this order award target. 39:12 39 minutes, 12 seconds So they won't be at for the current year so far they awarded only one/ird of what they have committed not even one third 39:19 39 minutes, 19 seconds maybe 20% or 30 30% right and uh yes of course they are good pipeline they are I 39:28 39 minutes, 28 seconds mean the momentum has been built into this bidding uh activity 39:34 39 minutes, 34 seconds but uh largely they are now focusing on B projects right not on uh ham or 39:42 39 minutes, 42 seconds EPC. So which is taking time maybe because they want to settle for that model consultant agreement for B which 39:50 39 minutes, 50 seconds they have tweaked to a large extent uh basis that uh the feedback they have received from the industry with various 39:57 39 minutes, 57 seconds stakeholders and so maybe in current uh year in next 2 months probably what I 40:03 40 minutes, 3 seconds believe is around 60 70,000 the orders can be you know uh floated by them that 40:11 40 minutes, 11 seconds that can be you know coming for bid That's that's our that's my sense. 40:18 40 minutes, 18 seconds Okay, sir. So, how much would that be in uh kilometer terms? 40:23 40 minutes, 23 seconds In kilometer terms won't be more than uh I would say 1,000,500 km. That's all. 40:30 40 minutes, 30 seconds Okay sir. And sir, the uh changes in the concession agreement uh so uh is it going to be more favorable for the developers like us or what do you say? 40:40 40 minutes, 40 seconds Uh so it would be I would say it it would be more balancing right where risk and 40:48 40 minutes, 48 seconds reward is properly shared may not be that favorable. 40:53 40 minutes, 53 seconds Yes. uh what I believe is that they would be more favorable for the EPC you know come I mean that developer who has 41:02 41 minutes, 2 seconds become or who has graduated from EPC player to developer that would be more beneficial to them and pure play developer may not be having that 41:10 41 minutes, 10 seconds attractiveness in those uh uh boot model okay sir so but uh largely most of the 41:18 41 minutes, 18 seconds list in the listed pack we have uh companies which are EPC as well as uh developers So 41:25 41 minutes, 25 seconds yeah yeah yeah yeah so so there are player who are I mean uh there are some player who are only you know playing a 41:33 41 minutes, 33 seconds developer role though those they might be having that EPC but ultimately those projects are being executed or being subcontracted by them to some other EPC 41:42 41 minutes, 42 seconds player right so so there probably if a company who is having EPC strength and 41:49 41 minutes, 49 seconds uh forcefully enter into this particular sector of development then they would be more beneficial out of this treating. 41:57 41 minutes, 57 seconds All right, sir. Thanks. Uh that's all from my side. Okay. Thank you. 42:04 42 minutes, 4 seconds Thank you. We have the next question from the line of Ashish Sha from HTFC Mutual Punch. Please go ahead. 42:12 42 minutes, 12 seconds Yeah. Uh thank you for the opportunity. 42:15 42 minutes, 15 seconds Uh so my question on the oil and gas is that so we've guided for something like 1,000 cr this year and maybe 1,000 cr 42:22 42 minutes, 22 seconds next year or 1,000 cr plus but what's the total order book that we are working with today? So as in how much is this 42:30 42 minutes, 30 seconds total value going to be whether it is 26, 27 or 28? 42:35 42 minutes, 35 seconds You see so far we have joined uh you know existing company and uh and so so we have got associated with some 42:43 42 minutes, 43 seconds existing company right for execution of those projects which are already been awarded to them which is around 2,000 uh 42:51 42 minutes, 51 seconds cr of the orders right which would be executed in uh by by by next year next financial year 42:59 42 minutes, 59 seconds also. So and going forward we will be directly bidding into you know we'll be participating directly with the OMGC or 43:08 43 minutes, 8 seconds uh the client who are coming up with this orders right uh so so and and do and when we'll be participating directly 43:17 43 minutes, 17 seconds we'll be targeting around 20,000 cr of the orders right where we we we target to participate and out of that we'll be 43:24 43 minutes, 24 seconds having four 5,000 cr orders directly from them right in our uh either subsidiary or I mean we have to be 43:33 43 minutes, 33 seconds basically because to get that qualification we have to form and we already formed the subsidiary and we would be you know participating for a subsidiary that's the plan 43:42 43 minutes, 42 seconds correct so u unless I mean if you win more uh orders it will get added like you're saying you were targeting four to 43:49 43 minutes, 49 seconds 5,000 cr wins next year but the current work on hand could amount to close to 2,000 crores uh 43:57 43 minutes, 57 seconds of which 1,000 is what you're targeting this year 1 th00and maybe next year and then based on new orders that you get in 44:04 44 minutes, 4 seconds next financial year the this uh can continue going forward. Right. Right. Right. Right. 44:10 44 minutes, 10 seconds And sir what's the margin trajectory or margin range that one could uh factor for for this sort of a scope that we are doing. 44:20 44 minutes, 20 seconds See uh that has to be basically tested but we are targeting at least 10% kind of margin so far. 44:30 44 minutes, 30 seconds Okay. So roughly 10% is what we think we can make here. Yeah. 44:35 44 minutes, 35 seconds Right. And also uh you did mention about the seasonality part here. So in that sense when we say 1,000 crores even next 44:43 44 minutes, 43 seconds financial year uh is it safe to say that it will be in the non-monsoon period in the sense that the the thousand cr 44:50 44 minutes, 50 seconds number the bump up that you see would come in the second half rather than the first half or it could be uniformly. 44:57 44 minutes, 57 seconds No, no, no. Right. You you rightly got right that would be you know more the backended I would say in the next year. 45:05 45 minutes, 5 seconds Right. So this this 1,000 cr incremental next year but it could be uh more backended rather than uniformly spread for four quarters. 45:14 45 minutes, 14 seconds Right. Right. Right. Right. 45:18 45 minutes, 18 seconds Understood sir. Uh all right sir. Thank you. Thank you. 45:24 45 minutes, 24 seconds Thank you. We have the next question from the line of Sudep Ba from Ambit Capital. Please go ahead. 45:34 45 minutes, 34 seconds Thank you sir for the opportunity. I wanted to uh understand uh what exactly are we doing in the oil and gas space 45:42 45 minutes, 42 seconds and what uh like currently what are we doing and what do we aspire how do we grow in this particular sector. 45:51 45 minutes, 51 seconds We are into oil and gas EPC where we are you know laying uh pipeline into the subc pipeline we 45:58 45 minutes, 58 seconds are we are laying right and we are platform modification platform erection in the subc in the C side right offshore 46:05 46 minutes, 5 seconds side that is the basic uh sector which we are targeting in the soil and gas 46:13 46 minutes, 13 seconds okay sir so uh the skill set machinery equipments uh does it entail any capex 46:20 46 minutes, 20 seconds or the road equipments are uh capable going to do this work. 46:27 46 minutes, 27 seconds No, no, it's totally different set of machineries to be utilized. But so far we have not targeted any capex unless until we have some sort of visibility 46:35 46 minutes, 35 seconds out to in terms of our order intake and all that. But as of now we haven't part you know planned any capex on this front. 46:47 46 minutes, 47 seconds [clears throat] 46:49 46 minutes, 49 seconds Okay. So like without any equipment then uh are we leasing it uh out or we we are taking on lease. Yes. 47:00 47 minutes Okay. Okay. So uh and uh one last question from my end. So there's a slight dip in terms of uh IITA margins 47:08 47 minutes, 8 seconds in this particular quarter. Uh when the revenue run rate is high. So can you just throw some light on it whether is 47:16 47 minutes, 16 seconds it temporary or how does it come out in future? 47:20 47 minutes, 20 seconds No see because uh in terms of we are not witnessing any revenue margin I mean though they this quarter we are having 47:28 47 minutes, 28 seconds growth but uh which is not compensated to what the equipment or what all resources which we are having so so 47:36 47 minutes, 36 seconds largely because of we are not growing that that's the that's why the that the the decline in the margin and of course 47:43 47 minutes, 43 seconds oil and gas as oily mentioned right it is not it is not capex heavy or as of now we we have you know basis that lease 47:51 47 minutes, 51 seconds only so AITA margin and uh gross margin or net margin is I mean uh PBT margin is almost same for this particular sector 47:59 47 minutes, 59 seconds so it is actually uh even if so even AITA is also with this kind of margin we are targeting 10% 48:08 48 minutes, 8 seconds of AITA margin for this kind of sector right so ultimately it is dragging our margin overall margin 48:16 48 minutes, 16 seconds got it sir thanks so these These were the questions. Thanks for the opportunity. Thank you. 48:24 48 minutes, 24 seconds Thank you. We have the next question from the line of Shraan from Dollar Captain. Please go ahead. 48:31 48 minutes, 31 seconds Uh hi sir. Sir uh this TND equity which is a 384 odd crits 48:43 48 minutes, 43 seconds to be invested. So in fourth quarter how much are we are we looking to invest in 48:49 48 minutes, 49 seconds the F26 and uh F27 how much total 967 48:58 48 minutes, 58 seconds cr is to be invested in next next two years of time uh and generally it is backended right so in for current quart 49:06 49 minutes, 6 seconds current year I don't think maybe 10 15 cr of uh equity probably we'll be putting in for the TN activity and for 49:13 49 minutes, 13 seconds next year it would I would say 40% next year, 60% in next financial year. So maybe around 400 K that would be next financial year 500 next financial year. 49:26 49 minutes, 26 seconds Okay. Okay. Okay. Uh got it. And uh uh sir uh this this uh invitate investment 49:36 49 minutes, 36 seconds that that we have uh so uh if if uh dividend and interest that we receive that we book in the 49:44 49 minutes, 44 seconds standalone as as a part of other income but if there is a return of equity so how do we uh uh do the accounting in the 49:51 49 minutes, 51 seconds standalone see return of equity would be uh that cost would be reduced to that extent Return 50:01 50 minutes, 1 second of equity would be reducing the cost of equity investment, right? 50:05 50 minutes, 5 seconds Yeah. So, yeah. So, because in 9 months we have received close to 144 odd K. Uh so 50:12 50 minutes, 12 seconds because now in this fourth quarter there is a uh increase in the return of equity at the init level. So for the full layer 50:22 50 minutes, 22 seconds I think maybe given the whatever the invit disclosure number 171 cr kind of other income that we can get versus what 50:30 50 minutes, 30 seconds last time we said around 230 240 cr that we are looking at right so so that would be return on equity 50:38 50 minutes, 38 seconds that would be you know ultimately would be going to reduce my investment yeah I understand but in terms of the 50:46 50 minutes, 46 seconds other income for the full year that's the way uh one Can Yeah. Yeah. Other income would be reduced to that extent, right? 50:53 50 minutes, 53 seconds Other income. Okay. Okay. Okay. Got it. 51:02 51 minutes, 2 seconds Thank you. We have the next question from the line of Karan Gupta from Kabi Capital. Please go ahead. 51:10 51 minutes, 10 seconds Uh yes, I appreciate the opportunity. 51:12 51 minutes, 12 seconds Two questions. uh one regard there was some recent uh news reports about uh developers approaching the ministry 51:19 51 minutes, 19 seconds regarding timelines of uh road projects that have been built. So we part of that representation and you know how do we stand currently on the projects that are 51:27 51 minutes, 27 seconds under uh execution uh with regards to delays or timelines and secondly if you could just talk about uh plans for 51:35 51 minutes, 35 seconds transferring uh any ham projects to the init over the next quarter and into financial year 27. Thanks 51:43 51 minutes, 43 seconds [clears throat] 51:54 51 minutes, 54 seconds around 5000 and a half years 52:04 52 minutes, 4 seconds reasonable time period or regarding in transfer. So for current quarter we are having target I mean three at least 52:12 52 minutes, 12 seconds asset which we are targeting subject to that necessary approval we are having in place and uh next quart next financial 52:19 52 minutes, 19 seconds year again we having around four to five asset which we'll be transferring eventually to that init 52:27 52 minutes, 27 seconds u so what would be the book value of equity for these projects that we are planning to transfer 52:35 52 minutes, 35 seconds well you have to equity I'm not having that ND immediately. No problem. 52:44 52 minutes, 44 seconds I can follow up. Yeah, sure. 52:48 52 minutes, 48 seconds Uh just on the timeline. So your timeline is only for B projects. 52:52 52 minutes, 52 seconds Existing projects timeline we are comfortable with. So no no it's upcoming upcoming project 52:59 52 minutes, 59 seconds size but timelines they haven't actually you know so so so they have worked only on size but not on timelines. 53:08 53 minutes, 8 seconds because we are just basically reminding them that you have to work on both the you know 53:15 53 minutes, 15 seconds thank you sir right thank you thank you we have the next question from 53:24 53 minutes, 24 seconds the line of web sha from JM Financial please go ahead sir on the bat project what is the current 53:33 53 minutes, 33 seconds status have you started the execution The execution we started it is O andM. 53:40 53 minutes, 40 seconds See it was a new construction plus existing uh project that O andM which was supposed to be done by us but 53:48 53 minutes, 48 seconds somehow new construction could not be started because ROSQ has not been resolved by them so far and O andM 53:55 53 minutes, 55 seconds activity has already started uh 2 3 months back only right. So, so we have taken the position of existing 54:03 54 minutes, 3 seconds network uh but yes new activity has not yet started. We are we are expecting that that would be you know in in the month 54:12 54 minutes, 12 seconds of March itself we'll be able [clears throat] to start this. 54:15 54 minutes, 15 seconds So what kind of revenue are we targeting in FI27 and 28 from the project? 54:22 54 minutes, 22 seconds See uh we are targeting around I mean for next financial year we are targeting 50% of the total project value plus and 54:30 54 minutes, 30 seconds m so that would be around I would say 400 odd cr which we are targeting for next financial year and then 600 cr 54:39 54 minutes, 39 seconds we'll be targeting for next financial year. 54:43 54 minutes, 43 seconds Okay. know that equity number of 3,44 crores that you mentioned in the start of the call that is the overall equity 54:50 54 minutes, 50 seconds or for the ham projects overall equity overall equity overall right it includes the TND as well 54:58 54 minutes, 58 seconds yeah TND tropeway right beauty all okay and then lastly uh of the the 55:07 55 minutes, 7 seconds current backlog that we have as of uh December so it doesn't include the oil and gas uh orders Right. 55:15 55 minutes, 15 seconds Yeah. Yeah. It doesn't include all right. It is around 4,00 400 cr 500 cr of additional orders you can have to. 55:24 55 minutes, 24 seconds Yes. 55:25 55 minutes, 25 seconds So instead of 20 to 20,000 k it is 20,500 that's that you can safely assume. Yeah. 55:33 55 minutes, 33 seconds Okay. Okay. Lastly on the uh the Pune MSRDC packages so how do you see the execution moving forward? Are there any 55:42 55 minutes, 42 seconds challenges uh in terms of uh land or anything or it is moving uh smoothly right now? 55:50 55 minutes, 50 seconds So uh in pieces land is uh pending which is yet to be handed over to us but uh but uh whatever land front is made 55:59 55 minutes, 59 seconds available to us that is execution is smooth on those those particular front. 56:05 56 minutes, 5 seconds So can we do roughly 40% of the work in next year? 40 45% given the timeline. Yeah. Yeah, we can do it. 56:14 56 minutes, 14 seconds Thank you. So those are my questions. Thank you. 56:20 56 minutes, 20 seconds Thank you very much ladies and gentlemen. As there are no further questions from the participants, that concludes the question and answer 56:28 56 minutes, 28 seconds session. I now hand the conference back to the management for closing comments. Thank you and over to you sir. 56:45 56 minutes, 45 seconds Thank you. Thank you all the shareholders and investors and bankers or all stakeholders. Thank you to all. 56:53 56 minutes, 53 seconds Yes. Thank you. 56:54 56 minutes, 54 seconds Thank you sir. Thanks for thanks for allowing us to have this call and now we can close the call. Thank you. 57:01 57 minutes, 1 second Thank you all. On behalf of HTC Securities Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lights. 57:10 57 minutes, 10 seconds Thank you.