Hindustan Construction Company Ltd — Q4 FY26

Hindustan Construction Company Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=UlnMte7uhIM Published: 14 hours ago

0:00 Good evening all. Welcome to HCC Q4 F526 uh results announcement. Uh before we 0:10 10 seconds start uh some house rules please uh I would request after the presentation please limit two questions at a time and 0:17 17 seconds you can come back into the queue. From the management we have uh our vice chairman and managing director Mr. Arjun 0:24 24 seconds Dhavan our C CFO Mr. Rahul Shukla and a chief business officer Mr. Santo Shai. Uh with that I will hand it over to Mr. 0:34 34 seconds Shukla. Uh Mr. Shukla if you can take it over please. 0:39 39 seconds Yeah good evening everyone. Uh so yeah uh just is it on? Hi good evening 0:47 47 seconds everyone. I'm Santora here chief business officer and I'll be taking you through this presentation. Some part of it I'll be taking through and remaining part will be taken care by our CFO Mr. 0:57 57 seconds Rahul Shukla. Let's begin. 1:07 1 minute, 7 seconds Next one. This works. No. 1:23 1 minute, 23 seconds Uh there's some technical issue just Okay. 1:34 1 minute, 34 seconds So as an organization uh HCC completed its 100th year uh this January and we are celebrating our centinary year. uh 1:42 1 minute, 42 seconds for the record purpose we have done more than 4,000 kilometers of highways 395 km of tunneling installed more than 60% of 1:50 1 minute, 50 seconds nuclear power capacity for the country and around 26% of hydropower capacity in the country and we plan to continue to 1:57 1 minute, 57 seconds do so uh here are the key performance highlights for Q4 FY26 and FY26 2:04 2 minutes, 4 seconds the most noticeable thing is the 142% year-on-year increase in our standalone 2:11 2 minutes, 11 seconds net profit to 206 crores in FY26 as compared to 84.9 crores in FY25 and this 2:20 2 minutes, 20 seconds is largely driven by a lot of uh I can say improvement in the operational methods operational efficiency cost 2:28 2 minutes, 28 seconds discipline into the execution of projects and trying to focus upon uh to control the cost despite all the global 2:37 2 minutes, 37 seconds volatility which we have into the market. We expect to uh sustain these margins going forward. The next 2:45 2 minutes, 45 seconds important thing for us to notice is the 38% yearon-year decrease in the debt to 2:51 2 minutes, 51 seconds 1995 cr and the full impact is not reflected in this year's result. You will see on a perform basis that the 2:59 2 minutes, 59 seconds annual interest reduction could be to the tune of 112 cr in FI27. 3:05 3 minutes, 5 seconds We are not done yet. we will continue to focus uh you know on completely deleveraging the uh the company and want 3:12 3 minutes, 12 seconds to further reduce the debt. Uh in fact the objective is that we become debtree in some relatively short-term period 3:22 3 minutes, 22 seconds that's that's going to the effort on the entire organization. uh on the numbers standalone turnover is 988.7 cr in Q4 3:30 3 minutes, 30 seconds FY26 and for the full year FY26 it is 3937.3 crores versus 1330.2 crores in Q4 FY25 and 4801.1 cr in FY25. 3:43 3 minutes, 43 seconds Our standalone AITA margins is 18.2% 2% in Q4 FY26 and 16.1% for the year FY26 3:53 3 minutes, 53 seconds versus 31% of Q Q4 FY25 and 19.4% in FY25 4:03 4 minutes, 3 seconds in the Q4 FY26 we have been able to secure 2290 crores of order and a total order intake of 5654 cr for FI26. This includes 1100 cr we received in April. 4:15 4 minutes, 15 seconds uh this was a a scheduled point of view. It just came in the first week of April and we are also the lowest bidder 4:22 4 minutes, 22 seconds for a project uh on which whose hour uh value is around 840 crores. In addition 4:28 4 minutes, 28 seconds to that we expect that uh you know uh to to to get some more orders from the bids what we have already submitted. We have 4:37 4 minutes, 37 seconds around 26,000 crores of bid under evaluation and we are well prepared to submit bids in north of 43,800 crores in FQ Q1 and Q2 FY27. 4:53 4 minutes, 53 seconds This is the position of order backlog as of 31st March 2026. 4:58 4 minutes, 58 seconds uh transport continues to be a sector where we have our maximum uh order backlog followed by hydrop power then 5:05 5 minutes, 5 seconds water and nuclear and buildings. These are the geographical breakup. We we continue to have projects across the 5:11 5 minutes, 11 seconds country. Uh this this does not include our 1100 cr of LOA which we have received in April 26 and L1 position of 840 cr. 5:20 5 minutes, 20 seconds Some updates on the operational projects uh indor metro what you see on the slide the fat that is a factory acceptance test of the machines are completed and 5:29 5 minutes, 29 seconds these machines are on their way to reach the job site. Uh what you see on the right side is a excavation going on for a airport station which we are planning 5:37 5 minutes, 37 seconds to finish by December 2027 ahead of schedule actually. Uh this is Patna 5:43 5 minutes, 43 seconds Metro PC05 and P 06. uh we got this job uh almost 5 months ago and uh all the 5:51 5 minutes, 51 seconds necessary mobilization activities are in progress. Uh the all the uh GC and everybody's on board. Other preparatory activities are again in progress here. 6:02 6 minutes, 2 seconds Argadinda creek bridge we continue to drive the piles in the marine environment and uh on the land also. 6:08 6 minutes, 8 seconds What you see on the screen here is a floating batching plant that is being used to cast these spears and piles what you are seeing in the water in floating condition. 6:19 6 minutes, 19 seconds The PSP the all the four units are commissioned and you can see the picture on the picture the commissioned uh powerhouse. 6:28 6 minutes, 28 seconds This is the Bupuri pump storage project and this is the excavation works going on for the powerhouse 6:35 6 minutes, 35 seconds on Vishnu people ki significant amount of concreting has been done nearly 65 70% of the dam concreting is done and we 6:43 6 minutes, 43 seconds have also completed 9.3 kilometers of uh tunneling in the HRT using our TBM. 6:51 6 minutes, 51 seconds This is the machine hall unit one and unit almost unit one you can see is like 75 80% ready and machine hall unit 3 is 6:59 6 minutes, 59 seconds under preparation vishnog which is NTPC project also here things are progressing well we are facing challenging geologies but 7:07 7 minutes, 7 seconds progress is being maintained as per the required pace uh this is the F FRFC kalpakam block 7:14 7 minutes, 14 seconds three and block five and seven are under progress and the job is progressing uh well in line with the 7:21 7 minutes, 21 seconds what we have agreed with the department u you know so this being our uh annual 7:29 7 minutes, 29 seconds kind of analyst presentation so we thought we'll also take you through our our uh take on the infrastructure sector and how it is looking like uh you'll 7:37 7 minutes, 37 seconds notice that this year we are targeting to have an order booking of around 15,000 cr that's our guidance for the year so uh let me explain you the 7:46 7 minutes, 46 seconds sectors we are looking at and what's the what's the situation is looking uh we believe that India infrastructure 7:53 7 minutes, 53 seconds is going to grow at tremendous pace and this is evident from the kind of plans what the government has and the needs what are there for example we are 8:03 8 minutes, 3 seconds currently operating 1,000 km of metro line which has to be increased to 20,000 kilometers of elevated tracks we are 8:10 8 minutes, 10 seconds having 500 not having we we are in the progress of putting 58 km of highspeed line which has to be increased to 4500 8:18 8 minutes, 18 seconds similarly power PSP from 7 gawatt to,000 gawatt. Hydelle capacity has to be increased from 50 to nearly 70. Nuclear 8:27 8 minutes, 27 seconds power from 9 gawatt to,000 gawatt. Uh so are the numbers here on the screen for your road sector expansion, port 8:35 8 minutes, 35 seconds capacity expansion from 820 to 10,000 mtpa and uh the number of train services which has to be increased which will 8:43 8 minutes, 43 seconds again increase the demand for infrastructure related to railway works. 8:47 8 minutes, 47 seconds So looking at hydropower we will see that uh what's the growth is looking like in next 10 years in FY25 we have 8:55 8 minutes, 55 seconds around 57 gawatt installed and the plan is to take it to almost 167 9:02 9 minutes, 2 seconds uh which uh which is almost 11% caggr in terms of if I talk the opportunity lakh crores it will be jumping from.5 to 1.9 9:11 9 minutes, 11 seconds lakh crores uh lot of hydrop power projects are currently in tendering which we are seeing now and lot of focus right now is 9:20 9 minutes, 20 seconds also on the pump storage projects. I believe the current energy crisis which is going across the world will also you 9:28 9 minutes, 28 seconds know make the government and the developers look at alternatives and PSP is going to stand out in this thing where very long 9:36 9 minutes, 36 seconds gestation of you know readily available power can be can be made ready as compared to some other modes. So here 9:43 9 minutes, 43 seconds our advantage is we have built around 27% of India's hydropower and we I think we are one of the few top two three 9:51 9 minutes, 51 seconds companies which has the experience in almost all kind of hydropower projects be it EPC be item rate and have done all 9:58 9 minutes, 58 seconds elements of that various projects. Uh these are some of the projects which we can clearly see coming up very soon 10:06 10 minutes, 6 seconds almost 40,000 crores of hydropower projects what we have put on the screen here. Similarly, some of the upcoming 10:13 10 minutes, 13 seconds pump storage projects. So, these two together is like almost 70,000 crores of opportunity on the screen which we are going to be very actively participating 10:21 10 minutes, 21 seconds into. Uh transportation again as we said 1,000 km of operational metro has to be taken to 20,000 kilometers which means 10:30 10 minutes, 30 seconds that lot of tier 2 cities will come up with this metro projects. 10:35 10 minutes, 35 seconds We are we are seeing a lot of traction into that Delhi, Patna, Indor or for that matter now Paroda is preparing, 10:43 10 minutes, 43 seconds Shinagar is preparing for metro projects. Uh plus we are going to have these new sevenspeed high corridors which are under preparation rapid rail 10:52 10 minutes, 52 seconds transit system which are going to be like a uh you know uh connecting two major cities kind of project. This 10:59 10 minutes, 59 seconds project is also on the table and lot of such opportunities are there. We have we have constructed 11:07 11 minutes, 7 seconds very similar structures which are required in in this kind of project be bridges or be be surface works or tunnels. Uh HC is a company which has 11:16 11 minutes, 16 seconds been in specialist I can say in underground metro rail project. We started the first metro in the country was built by us followed by Delhi, 11:24 11 minutes, 24 seconds Chennai, Mumbai everywhere and we have done all kind of structures which are required here. So we believe we will be able to participate on a large part of 11:32 11 minutes, 32 seconds this. Again here is the list of some of the projects which are going to come. You can see 11:39 11 minutes, 39 seconds nearly one lakh cr of elevated metro projects and nearly 37,000 crores of underground metro projects. 11:49 11 minutes, 49 seconds uh nuclear I believe this is one sector where where we are very very you know uniquely placed because the company has built more than 60% of India's nuclear 11:57 11 minutes, 57 seconds power plants we have built the main reactor buildings we have built plant water intake system we have built lot of auxiliary buildings required there and 12:05 12 minutes, 5 seconds uh we we are right now also constructing some of the projects which are related to this process for example the fast 12:12 12 minutes, 12 seconds reactor fuel cycle complex which you you you saw in the presentation before so Here the important thing is the country wants to 12:21 12 minutes, 21 seconds take the production of nuclear power from 9 gawatt to 100 gawatt by 2047. 12:28 12 minutes, 28 seconds uh this is going to be through a mix of different uh technologies. something like a pressurized heavy water reactor which is I can say a workhorse for the 12:37 12 minutes, 37 seconds country right now followed by lightwater reactors followed by small modeler reactors also with the SMRs and uh uh 12:47 12 minutes, 47 seconds this will definitely put together the need of people who are actually you know nuclear quality and nuclear safety 12:55 12 minutes, 55 seconds trained and HCC here comes in a very unique position. uh to show you you know what it will look like. Here are some of 13:02 13 minutes, 2 seconds the upcoming opportunities very quickly which are going to come up. Uh on this slide you can also see how the uh 13:11 13 minutes, 11 seconds different technologies will be contributing to this 100 gigawward by 2047. 13:17 13 minutes, 17 seconds PHWR which is the indigenous program will continue to be the biggest one you know which will be like almost 46%. 13:25 13 minutes, 25 seconds followed by pressurized water reactors also technology from France which is like EPR that project is also coming up 13:33 13 minutes, 33 seconds in Jettapur that will be a part of it and here are some of the immediate opportunities which we see like Gorakpur 13:40 13 minutes, 40 seconds 3 and 4 Ka 5 and 6 Chka Mayansara and in fact we are working on some of these opportunities already uh with 13:48 13 minutes, 48 seconds these clients building an industrial sector again u I A lot of expansion is required in steel, 13:57 13 minutes, 57 seconds copper and boxite capacity into the country which we believe in the next 5 years can lead to a capex of nearly three lakh crores. U you'll be happy to 14:06 14 minutes, 6 seconds know that we have already picked up our one order into the aluminium sector which is about making the pot shells and 14:13 14 minutes, 13 seconds pot superructure and the job is proceeding very good. uh this project we got as a result of our I can say super 14:22 14 minutes, 22 seconds performance with the same client 10 years ago where wherein they have been using these these these structures which are built by us with no complaints and 14:29 14 minutes, 29 seconds that led us to be where we are. We we'll continue to grow in this sector and we'll continue to acquire more such 14:36 14 minutes, 36 seconds orders which are fast turnover quick you know quick uh turnaround projects and also they have element of technology 14:44 14 minutes, 44 seconds which allows us to be little uniquely placed. So uh this sector in steel uh copper and aluminium is where we are 14:52 14 minutes, 52 seconds going to play. We are also going to selectively look at buildings um you know which which comes up with some big complexes 15:00 15 minutes uh on a very selective basis but that's a sector also we will keep examining. 15:06 15 minutes, 6 seconds Uh thank you and now I hand over the presentation to our CFO Mr. Ral Shukla for the financials part. 15:13 15 minutes, 13 seconds Good evening everyone. So headline numbers have already been presented by Santosh. So these are just detailing of that. So as you can see we have this 15:22 15 minutes, 22 seconds quarter we have achieved total income of 1,16 crores uh visav 950 cr during last 15:29 15 minutes, 29 seconds quarter and our eida has been 180 crores v 139 crores during previous quarter and 15:37 15 minutes, 37 seconds profit after tax has been 44.6 cr is against uh 85 15:44 15 minutes, 44 seconds 9 cr. So uh so that's where we are. We have reduced our debt very very considerably which will be reflected in 15:53 15 minutes, 53 seconds uh in the coming uh financial year. Uh since it has been done during end of this year you are not seeing much impact of that but uh going forward that will 16:02 16 minutes, 2 seconds start affecting the numbers on the console side because now HCC is the main company in the group your numbers are more or less matching with 16:11 16 minutes, 11 seconds the standalone. So um we are there at close 2017 cr not much difference from 16:18 16 minutes, 18 seconds standalone. Abit stands at 170 cr which is 17.21%. 16:23 16 minutes, 23 seconds And uh profit after tax is 58 9 cr. 16:32 16 minutes, 32 seconds So with this we are closing the presentation and now we are open for question and answer. 16:40 16 minutes, 40 seconds Um Mr. A couple you may uh go ahead with your question. Please limit it to two questions at a time. Thank you. 16:52 16 minutes, 52 seconds Mr. Kapla Agarwal, are you able to hear us? 17:03 17 minutes, 3 seconds Hello. Yes, Mr. Awal. Go ahead, please. 17:06 17 minutes, 6 seconds Yeah. Yeah. So my first question is regarding that our uh trade receivable non-current trade receivable have 17:13 17 minutes, 13 seconds escalated from 646 cr to 1178 cr. So why such kind of spike is there. 17:23 17 minutes, 23 seconds So uh these are receivables which whenever claim gets converted into awards. So in this uh year we have got 17:31 17 minutes, 31 seconds significant develop positive development in term in in terms of receipt of claim to award conversion that is why you are 17:38 17 minutes, 38 seconds seeing increase in receivables there but it's a positive thing to have. 17:43 17 minutes, 43 seconds Okay and uh uh on standalone basis our oper operating cash flow is approximately 700 17:51 17 minutes, 51 seconds cr in this year. So how we'll uh how we should uh going forward how we should 17:59 17 minutes, 59 seconds see it like it will be in uh in this range or uh more than this only or there is something exceptional in this year. 18:09 18 minutes, 9 seconds So our aida has we have been maintaining a margins of 14 15% mid team and we can expect to be in that range in the long 18:17 18 minutes, 17 seconds term. Shortterm sometimes there may be some increase and then there could be some decrease but on an average 14 15% AIA we we will be maintaining 18:26 18 minutes, 26 seconds I understand but operating cash flow of 700 CR is a normal cash flow we can say going forward. 18:32 18 minutes, 32 seconds Yeah. Yeah. That's normal cash flow because we have received a lot of our receivables from client which we are 18:40 18 minutes, 40 seconds stuck. So that's why the cash flow is there and we can expect these kind of things to keep on coming but they may not they may be lumpy in nature some in 18:48 18 minutes, 48 seconds some quarter they will be there in some quarter they may not be there but on an average we are targeting for okay and in uh cash flow it we have 18:57 18 minutes, 57 seconds shown that finance cost we have paid 979 cr so this is only the finest cost or some uh repayment of loan also 19:06 19 minutes, 6 seconds so we have prepaid the loans lender loans this this uh this I I I I I got that but in uh standalone 19:15 19 minutes, 15 seconds cash flow statement finance cost paid is 979C cr I think yes yeah so basically we have OCDs and NCDS 19:24 19 minutes, 24 seconds our OCD number when we say they are there is principal amount and there are some acred coupon amount of historical 19:31 19 minutes, 31 seconds acrals so when we pay amount our principal amount will be small but the historical coupon acral will be larger 19:39 19 minutes, 39 seconds number. So you'll see that debt repayment is some 650 crores but interest repayment is 900 odd crores put together 1,500 odd crores. 19:46 19 minutes, 46 seconds So yeah that's why it is represented like that and and we have announced that we have uh transferred some arbitration award of 19:54 19 minutes, 54 seconds 1900 something cr to our one of subsidiary. So it's not showing any reduction in our balance sheet. So how is this? 20:04 20 minutes, 4 seconds So uh see we have transferred those awards at nil value. So there in balance sheet there was some receivable and 20:12 20 minutes, 12 seconds there were some liabilities both have been transferred to there will not be any impact in balance sheet but in asset side and liability side 20:20 20 minutes, 20 seconds both sides similar kind of reduction should be there overall balance sheet side should balance sheet shed. 20:29 20 minutes, 29 seconds So uh basically what has happened there there are some assets are there and against that we have already received the advances for that. So that is 20:38 20 minutes, 38 seconds showing as as a net of advance in the balance sheets. So there is no change as such in the balance sheet. 20:43 20 minutes, 43 seconds We have transfer both the things to the right and uh we are having investment in HCC infrastructure of approximately 1150 20:52 20 minutes, 52 seconds cr and it's substantially eroded. It's we can say net worth is substantially eroded but why we think that it will be 21:00 21 minutes recoverable kind like we have not written of this. So what kind of asset is in this that company that which gives 21:07 21 minutes, 7 seconds of assurance that this is recoverable or we can say uh this subsidiary is having such value. 21:13 21 minutes, 13 seconds So Mr. Agraal I will accept this question but I will request that since we have a limit of two questions at a time so that 21:20 21 minutes, 20 seconds sure I will come back in queue. Sure I will. uh so there are significant receivables in HCC infrastructure which 21:28 21 minutes, 28 seconds we are expecting to realize right so this investment uh this investment repayment will happen plus there are significant business prospects because 21:37 21 minutes, 37 seconds HCC infrastructure has historically uh done very large amount of B project developments and we have got capabilities PQ all those things so 21:45 21 minutes, 45 seconds naturally we are aspiring to uh continue with that business grow that business so those things are in place intact And 21:53 21 minutes, 53 seconds that's how we intend to get this ICD report. Okay. Thank you. I'll come back in. Thank you. Thank you. 22:00 22 minutes Mr. Kunal Tokus, you can go in next please. 22:04 22 minutes, 4 seconds Am I clear? Yes. Go ahead, please. 22:08 22 minutes, 8 seconds Okay. Uh the first question is u uh the order bookings for FI26 have not been 22:16 22 minutes, 16 seconds what we expected. Um so I just wanted your uh revenue guidance for FIQ7. What can we expect to recognize and improve? 22:28 22 minutes, 28 seconds So Kunal generally we avoid giving revenue guidances because our revenue is generally guided by order that we book. 22:35 22 minutes, 35 seconds Execution has been intact that you have seen that when there is order we have been executing well. So we as we intend 22:42 22 minutes, 42 seconds to ramp up our order booking and growth you have seen that this year we are targeting 15,000 crores of uh order intake which if that happens we are able 22:50 22 minutes, 50 seconds to achieve that we'll be at almost 26 27,000 crores kind of order booking by end of FI27 so once that start materializing you 22:59 22 minutes, 59 seconds will start seeing significant ramp up however for immediate year we avoid giving guidances so kindly excuse us for that 23:08 23 minutes, 8 seconds okay unders Yes sir. Uh the second question is about your uh Elvin book 23:14 23 minutes, 14 seconds being at 840 K for the last two quarters which used to be multi,000 K rupees. So 23:22 23 minutes, 22 seconds is there is is there a change in how you recognize your L1 book? 23:29 23 minutes, 29 seconds Sorry Kural, we are having only one L1 position right now that is for a project in Kashmir where our share is 840 CR. 23:39 23 minutes, 39 seconds Yeah, it has been you have been showing 840 for the last two quarters right now and Q Q3. You are 23:46 23 minutes, 46 seconds right as well. You are right and this this order is uh you know has not been converted yet because government I think 23:54 23 minutes, 54 seconds the department has its their own uh issues to be sorted out within themsel in terms of some u you know I can say 24:02 24 minutes, 2 seconds administrative work and that's what is delaying this conversion all right okay thank you very much and 24:10 24 minutes, 10 seconds have a good time thank you m Mr. Shashi Kant you can go in next please. 24:24 24 minutes, 24 seconds Mr. Shashant. Yeah. Am I audible? Yeah. 24:28 24 minutes, 28 seconds Yeah. Uh I just wanted to uh know about the current uh scenario after the Shanti bill passes. So what is the you know ground development in the nuclear front? 24:40 24 minutes, 40 seconds So Mr. Shikan look there is lot of lot of discussions happening around you know the the the the discussions right now 24:50 24 minutes, 50 seconds are largely centered uh between the authorities and the developers about the kind of preparations which the industry need to 24:58 24 minutes, 58 seconds be prepared with and also various rules of licensing how the how the government is going to fulfill some of the condition precedents 25:06 25 minutes, 6 seconds and what condition presidents developer will have to fulfill. So this discussion is going on uh I can say in a in a good 25:13 25 minutes, 13 seconds positive way. Uh you must have seen reports by Terry by other bodies which are which are highlighting the kind of 25:21 25 minutes, 21 seconds work which is happening in this direction and I believe you know like any other new approach this this will 25:28 25 minutes, 28 seconds take 6 to 8 months for for things to c start seeing getting crystallized. 25:33 25 minutes, 33 seconds Having said that uh that's that's on the developer side and and what kind of power plants could 25:39 25 minutes, 39 seconds be set under the shanti act. Uh sim but at the same time there are the other programs which has already been into place like uh you know this my bansara 25:48 25 minutes, 48 seconds project or rap these these projects will keep going uh uh to be implemented by 25:54 25 minutes, 54 seconds npcil directly and we'll have those opportunities. 25:59 25 minutes, 59 seconds Okay. Other than that look SMR, BSMR this discussion is happening and uh they you could see some of them actually 26:07 26 minutes, 7 seconds turning on the ground maybe in 18 20 months somewhere around that. 26:12 26 minutes, 12 seconds So I mean uh what is the you know the cycle once the approvals are in place land acquisitions are in place and so 26:21 26 minutes, 21 seconds what is the normal timeline that uh the reactors takes to build and uh get upized and all? So uh if you go by the 26:30 26 minutes, 30 seconds record worldwide and also in our country a reactor which is based upon 26:36 26 minutes, 36 seconds pressurized heavy water technology or a lightwater reactor technology I think the average time till date has been 7 to 8 years. 26:46 26 minutes, 46 seconds uh China in some cases I believe has been in fact their first EPR which was Taishian has taken quite lot time but uh 26:54 26 minutes, 54 seconds but but some of the other programs they have been able to do it in 6 years. So I will say once everything is done we can 27:02 27 minutes, 2 seconds expect uh 7 years 8 years as an average time naturally with when every learning is being put into process some some 27:10 27 minutes, 10 seconds other regulatory things are you know further rationalized these kind time cycles may come down to five to six years also. Okay sir, one last question. 27:21 27 minutes, 21 seconds Uh so what is the you know uh on ground scenario in the refurbishment of you know plants old plants like we have seen 27:30 27 minutes, 30 seconds in Tarapur and all. So what is the scenario in the ground? 27:38 27 minutes, 38 seconds Look, I think some of them uh I mean all our plants are not 700 megawatt. Some of them are smaller capacity and if government plans to do a upgradation of 27:46 27 minutes, 46 seconds these plants, these are these are very very technical things. 27:49 27 minutes, 49 seconds We are seeing some some kind of upgradation but I think they're on routine basis. There is not some you know uh I can say fixed timeline or 27:57 27 minutes, 57 seconds program to that. It's on a very very selective basis what each plant will go through. 28:02 28 minutes, 2 seconds Uh thank you sir. Thank you. Thanks a lot. 28:07 28 minutes, 7 seconds Mr. Rajesh Bandari, you can go in next, please. 28:12 28 minutes, 12 seconds Mr. Bandari, are you able to hear us? Mr. Bandari, 28:26 28 minutes, 26 seconds what is that? Yes. Go ahead, please. 28:29 28 minutes, 29 seconds Yeah. Yeah. Yeah. Uh sir, what is our present order book? around 13,000 cr as of 31st March 2026 28:38 28 minutes, 38 seconds and what can we expect in next 3 to 5 years the order book and the debt 28:47 28 minutes, 47 seconds that is okay that 11,000 is not there sorry 1100 cr is not there this year we are targeting 28:56 28 minutes, 56 seconds around 15,000 is what we have said as an order intake if if it's FY 26 27 29:04 29 minutes, 4 seconds Which means sorry go ahead how much sir how much sir 15,000 29:12 29 minutes, 12 seconds 15,000 this year J and what turnover we are expecting sir see as as Mr. Rahul Shukla has already 29:20 29 minutes, 20 seconds said we can't give you exact guidance but we we are we are looking at a fairly good growth from where we are you know 29:28 29 minutes, 28 seconds you can you can assume that by the end of FY27 we may be sitting on an order backlog of 29:35 29 minutes, 35 seconds something like 24 to 27,000 crores it could be something like that order backlog 29:42 29 minutes, 42 seconds because Raj as I said we have done nearly 4,000 cr this Right. Uh-huh. 29:50 29 minutes, 50 seconds Yes. You can expect you know 20 20% kind of growth. We we will you will see in turnover in this year or 29:59 29 minutes, 59 seconds sir this year we have paid almost more than 1500 crores. Right. 30:07 30 minutes, 7 seconds So our endeavor is to continue to pay prepaid debt and become debtree fairly soon which we have already said and we are working in that direction. So 30:16 30 minutes, 16 seconds we can expect FY 27 28 28 we can fairly assume a fairly in a 30:24 30 minutes, 24 seconds fair we can assume 28 because of course 30:43 30 minutes, 43 seconds because execution has Strong legacy qualification market. 30:50 30 minutes, 50 seconds Certainly we are very at complete level we are very very hopeful. 31:06 31 minutes, 6 seconds So ramp up. Yeah of course. So as we already discussed we are working towards ramping up that 31:16 31 minutes, 16 seconds Yeah, let me just this is Arjun Dhan. Let me just add a a couple of perspectives. I I fully agree and we are definitely at 31:25 31 minutes, 25 seconds this point in time punching below our weight and this uh I certainly appreciate the the patience that all our investors have had with that. We one 31:33 31 minutes, 33 seconds thing that I want to say is that um is that we're we're very very uh uh uh 31:41 31 minutes, 41 seconds particular about our risk management. Um we uh as far as the pricing of bids are concerned we are certainly not going to 31:48 31 minutes, 48 seconds make any compromises there and execution wise as far as safety quality is concerned uh you know there's no compromises there either. uh now as far 31:57 31 minutes, 57 seconds as basically growth is concerned I think that these questions have come up obviously we we don't give guidance but we should expect a certain healthy 32:04 32 minutes, 4 seconds growth from this year onward starting with fiscal 27 numbers onward and what you can expect with the operation efficiencies continuing to actually 32:13 32 minutes, 13 seconds happen and at the same time the deleveraging happening at the same time the the pad growth and the pad margins you should see will actually also uh 32:21 32 minutes, 21 seconds substantially basically continue to improve. Um this year we've been very particular with regard to costs. We've been very particular with regard to risk 32:29 32 minutes, 29 seconds management. Uh it's not been a relative it's not been an easy year uh from a comparative intensity perspective. We 32:36 32 minutes, 36 seconds should expect that some of the pipeline that we have our eye on in the coming months should actually yield some 32:43 32 minutes, 43 seconds substantial results. So please stay tuned for that. 32:50 32 minutes, 50 seconds project is very very active order expected and order. 33:07 33 minutes, 7 seconds I think that's a very fair uh a fair expectation. So I think that the only uh one thing that we can certainly look 33:15 33 minutes, 15 seconds forward to actually working off a very very low base is certainly as far as growth is concerned both of our top line but even greater for our bottom line should actually be much higher. 33:24 33 minutes, 24 seconds Absolutely correct. 33:31 33 minutes, 31 seconds Sir, I I hopefully soon. I mean, I I think that you know the one thing we definitely do want to do is ensure that we have that healthy order book in uh we 33:40 33 minutes, 40 seconds want free cash flow and a substantially healthy balance sheet. We've the questions have basically come up about 33:46 33 minutes, 46 seconds debt repayment. Um I'm expecting and our strategic imperative very very clearly is that we want the company to be debt free as early as possible. 33:55 33 minutes, 55 seconds That leaves a lot of room for us to basically take some uh take some very basically uh big decisions regarding 34:03 34 minutes, 3 seconds growth. Last request 34:14 34 minutes, 14 seconds meeting next 34:31 34 minutes, 31 seconds we'll definitely take that I we appreciate the suggestion. 34:43 34 minutes, 43 seconds Please, please, please sir. Okay sir. Thank you sir. Thank you very much. Thank you. Namaste. Bye. Namaskar sir. 34:51 34 minutes, 51 seconds Mr. Abhishek Leika you can go in next please. 35:01 35 minutes, 1 second Mr. Shabbishek are you able to hear us? Yes. Go ahead please. 35:09 35 minutes, 9 seconds Yes. Yes. 35:10 35 minutes, 10 seconds Yeah. Thank you for the opportunity and uh congrats for a good set of stable numbers. Uh one thing that uh the uh I'm 35:19 35 minutes, 19 seconds also coming on to that interest question like even if we take into account 1995 crores of reducing debt to almost 1995 35:27 35 minutes, 27 seconds cr the effective interest still works out to be 14.4%. 35:31 35 minutes, 31 seconds So what concrete steps can still be taken to refinance at least so that even if we are not able to reduce it immediately but the uh it should not aid 35:40 35 minutes, 40 seconds into the bottom line what is this 144 I'm sorry could you just please repeat and we'd like to understand what this 35:49 35 minutes, 49 seconds 14% number was please that you would come up with like 400 crores is the uh interest that 35:56 35 minutes, 56 seconds has been for 25 26 and uh we are expecting 112 cr saving for this year. 36:03 36 minutes, 3 seconds So that that means 288 crores or 1995 crores of uh debt portion. 36:09 36 minutes, 9 seconds So so just I think we'd like to just uh so the accounting standard requires to actually have us uh report finance 36:16 36 minutes, 16 seconds charges as reflecting not only interest to uh to lenders but also interest on client advances. So those are um when we 36:26 36 minutes, 26 seconds price projects and take them on those automatically you know through over the life of the project uh get well addressed. So the number that you're 36:34 36 minutes, 34 seconds actually uh you're think you're thinking about is much much higher than uh what the actual number of lender uh interest 36:42 36 minutes, 42 seconds services uh divided by. Uh uh so that's I think number one. Uh we have in our presentation already talked about um in 36:51 36 minutes, 51 seconds fiscal 27 we intend to prepay further debt. Obviously we can't tell you precisely what that number is but you will see a substantial EPS accretion as a result of that further prepayment. 37:02 37 minutes, 2 seconds We've talked about wanting to delever the company completely. Now, we can't tell you precisely when that's going to happen, but certainly, you know, our goal is to actually happen have have 37:11 37 minutes, 11 seconds that happen in the in the very very short to medium term. Um, and so, uh, the the point that you make on refinancing, I mean, our cost of 37:20 37 minutes, 20 seconds finance, uh, is about 11 uh 11%. Um, and so, um, we appreciate the fact that 37:27 37 minutes, 27 seconds there's there are financing options in the market today that are lower. Um we are now moving to higher levels of investment grade and you know we have 37:35 37 minutes, 35 seconds had proposals been made to us one of which we're actually contemplating right now that will uh potentially refinance 37:43 37 minutes, 43 seconds our uh our current debt which will then not only reduce the cost of our debt but ensure that there's greater liquidity in the short term for for growth. So again 37:53 37 minutes, 53 seconds I can't see anything more beyond the the fact that uh this is under consideration and your suggestion actually happens to be quite timely because it is something 38:01 38 minutes, 1 second that we are in the process of considering. Yeah. Thank you. Thank you so much. That's it from my side. 38:10 38 minutes, 10 seconds Mr. Aura Mr. Agarwal uh you can go in please. 38:19 38 minutes, 19 seconds Yeah. So my next question is regarding uh are you getting me? 38:27 38 minutes, 27 seconds Yes. Yes Mr. Ara go ahead. 38:30 38 minutes, 30 seconds So uh in we have uh now we are proposing fresh uh issue of we can sayure up to 38:40 38 minutes, 40 seconds 800 CR. So what will be the what will be its usage and how we will raise this? 38:48 38 minutes, 48 seconds So Mr. Agraal we are taking we we are taking that enabling approval but the idea is that we are going planning to 38:56 38 minutes, 56 seconds grow very fast. We are targeting to book 15,000 crores of order. Okay. 39:01 39 minutes, 1 second So when that comes there can certainly be need of growth capital. 39:06 39 minutes, 6 seconds So accordingly we want to have that enabling approval in our hand in case we have to go. It's not that we are immediately going and doing that but 39:14 39 minutes, 14 seconds we'll take a call according to our requirement. 39:17 39 minutes, 17 seconds Okay. And uh uh we have given some like uh likelihood that in uh by end of f 39:24 39 minutes, 24 seconds FY27 we'll be having order book of more than 20,000 we can say 22 to 25,000 cr. 39:30 39 minutes, 30 seconds So what about 28 we are expecting it can be uh further this kind of jump or we can say normal growth. 39:40 39 minutes, 40 seconds No our our thrust would be to uh you know continue this momentum. So like we can expect if something will be in line 39:48 39 minutes, 48 seconds then it can be 40 to 50,000 ra um by uh March 28th. 39:55 39 minutes, 55 seconds Yes. I mean again we're reluctant to to to put the numbers there but I think the the keer long-term keer in terms of uh uh order 40:02 40 minutes, 2 seconds backlog and revenue growth should be um you know I think uh considering our low base should be about 20 25% in the in the long term. in the loan. Okay. Okay. 40:14 40 minutes, 14 seconds Thank you. That's it from Mr. Tokus. You can go ahead please. 40:27 40 minutes, 27 seconds Yes, please go ahead. Okay. Uh just one quick question. In your uh 40:34 40 minutes, 34 seconds balance sheet we have a lying item called loans under non-current gas which has moved up from around 250 to 600 K 40:42 40 minutes, 42 seconds rupees. Does does that reflect the amount extended to PRBL? That's correct. 40:51 40 minutes, 51 seconds Okay. 40:51 40 minutes, 51 seconds So you remember our our contingent liability had come down substantially during the year with regard to that PRP 40:58 40 minutes, 58 seconds loan. it belongs to that and this is an ICD that we have infused. So at some point in time we expect to get it back along with interest. 41:06 41 minutes, 6 seconds Okay. Got it. Thank you. Mr. Rajie you can go in next please. 41:16 41 minutes, 16 seconds Yeah. Uh hi. So I've seen that you have taken an enabling provision of a 800 cr fund raise. So what is the purpose of 41:24 41 minutes, 24 seconds this and like what is the mode is going to be like a QIP or a rights or what? 41:30 41 minutes, 30 seconds So we have not yet decided we are keeping it open and I just answer a question with regard to that. Uh so uh 41:38 41 minutes, 38 seconds we will come back whenever that mode and all is decided. 41:41 41 minutes, 41 seconds But uh you know just uh just to be very precise um if we if we do go down this path it will be a rights issue um which 41:49 41 minutes, 49 seconds will uh which will benefit the existing shareholder base and as far as we're concerned u you know the promoter group 41:57 41 minutes, 57 seconds will be entirely basically supportive of including potentially look to increase their stake. So um the as Rahul has said 42:05 42 minutes, 5 seconds the the the goal is to actually sync that along with our plans for um for high growth as well as basically a complete deleveraging of the company. 42:17 42 minutes, 17 seconds No, but uh will we will we planned in the near term like in the quarter or two or like it's at the end of the year? 42:22 42 minutes, 22 seconds You know, I'm sorry but that it would be quite unfair for us to answer that question. I think that we would uh do that at the uh at the appropriate time 42:31 42 minutes, 31 seconds taking into account all the various considerations because if I see like the company has raised around 2,000 crores over the last one and a half two years and like the 42:39 42 minutes, 39 seconds price has kept on reducing like first you raised at 32 then at 16 15 rupees. 42:45 42 minutes, 45 seconds So I mean like what is the like uh the current situation doesn't make sense to raise money given that even you have repaid the debt. 42:55 42 minutes, 55 seconds I mean I we can't comment any further to what you said. I think that the entire point is for us to generate value for shareholders. I think that's fundamental 43:03 43 minutes, 3 seconds and um you know the return on equity uh considerations that we have as far as the medium to long-term is concerned uh 43:12 43 minutes, 12 seconds are fundamentally uh are basically the most important considerations. So um I 43:18 43 minutes, 18 seconds think that we we'll keep you informed and and and hopefully you will be clearly convinced once we actually have the plan before you in terms of what we what we intend to do. 43:28 43 minutes, 28 seconds Okay. And last question is regarding the amount of claims which are pending claims that are pending. 43:37 43 minutes, 37 seconds So are you do we I'm not let me just I'm not sure as CFO do we share the that information in terms of we we don't we don't share all that 43:45 43 minutes, 45 seconds information. uh so we would like to reserve it to us whenever there is some more conversion in award and all that can be discussed at some point 43:52 43 minutes, 52 seconds you know one thing that uh one thing that we will say is that um you know that's something that we be fairly we're fairly conservative about as far as our 44:00 44 minutes accounting is concerned um the the projects that we uh we actually uh execute by nature have delays associated 44:09 44 minutes, 9 seconds with them and these are not delays associated with simple things like land and right of way um where HCC is involved in in in heavily uh uh complex 44:19 44 minutes, 19 seconds works, many underground works which are uh due to geology, due to uh uncertainty prone to delays that that our clients 44:27 44 minutes, 27 seconds entirely acknowledge. And as a result of that, you generally see contract values increase. Um uh and as uh as is 44:36 44 minutes, 36 seconds basically uh clearly contractually uh required, there will be amounts that then get that get get paid as a result 44:43 44 minutes, 43 seconds of those delays. Many of those amounts tend to actually end up getting paid towards the end of the contract, mid to end of the contract or when substantial 44:51 44 minutes, 51 seconds milestones have been completed. And so you can expect I mean if you've seen HCC's track record in this particular regard, you can expect a similar track record to continue. I think that would 45:00 45 minutes be fair to fair to say. Uh one thing I will basically qualify I'll qualify that remark. I think that considering HCC's 45:08 45 minutes, 8 seconds pedigree and the fact that it's been part of HCC's infrastructure expansion all the way from you know besides 100 years but in the last basically 20 30 45:16 45 minutes, 16 seconds years we've seen the infrastructure program really basically escalate in the last 10 to 15 years the government has been much much more responsible about 45:24 45 minutes, 24 seconds the kind of projects it's bringing to market with the preparation that it has in its DPRs the clearances that it has 45:31 45 minutes, 31 seconds in place and so you would expect that in in the more recent projects projects would actually pro be less delayed than 45:38 45 minutes, 38 seconds they were before. And you would expect the percentage of claims as a percentage of the uh or the amount of claims as a percentage of the total project cost to 45:46 45 minutes, 46 seconds also come down as a result of um um uh and then finally basically it depends on the client mix as well right um I think 45:55 45 minutes, 55 seconds that in certain in certain kinds of projects you generally have delays which lead to kind of additional payments and other projects you don't 46:04 46 minutes, 4 seconds okay that's it Mr. Sorab you can go in next please. 46:12 46 minutes, 12 seconds Yeah thank you. Am I audible? Yes. 46:15 46 minutes, 15 seconds Yeah. So Mr. Arjun I do acknowledge that there's lot of work happening at the 46:22 46 minutes, 22 seconds company side and uh uh we have lot of hopes coming through. Uh the point that you just confirmed that the fund raise 46:30 46 minutes, 30 seconds would be through the rights issue. I have little bit of concern there. uh in last last four to five years uh you have 46:38 46 minutes, 38 seconds done two rights issue and this would be the the third right issue. So every time shareholders are kind of forced to apply 46:46 46 minutes, 46 seconds for rights issues so that their value is not diluted but again as one of the the speaker said the share price is not 46:55 46 minutes, 55 seconds commensurate to the kind of investments we are having to made make in the company. So what is your comment on that 47:02 47 minutes, 2 seconds and what is the ray of light that we should wait for? 47:07 47 minutes, 7 seconds I mean it's a it's a it's a fair comment. Um you know I think that the the last rights issue was a last large one because we we had clearly placed at 47:16 47 minutes, 16 seconds the four the the strategic imperative to substantially delever the company uh ensure that we had the highest grade of 47:22 47 minutes, 22 seconds investment grade rating. that puts us in the position of um uh having our facilities be at the lowest cost of 47:30 47 minutes, 30 seconds capital and then allows us to kind of expand you know you know for growth right um and um and as far as basically 47:38 47 minutes, 38 seconds the the going forward is concerned um I think that it's a it's a it's a we're we're in a much much better position to 47:47 47 minutes, 47 seconds to to address the the market opportunity um and I think that as far as the rights issue is concerned It's certainly not a it's not it's certainly not a done deal. 47:56 47 minutes, 56 seconds I think that it's an enabling provision that Rahul has has taken. Um and perhaps maybe uh what we should have done was 48:04 48 minutes, 4 seconds actually not taken at all and actually come to uh the board at the time that it was it was required but we decided to do 48:12 48 minutes, 12 seconds so simply because there's a there's a material expectation of some very very substantial orders and opportunities uh 48:21 48 minutes, 21 seconds including uh a potential BD opportunity uh and these are extremely sort of high IR basically uh opportunities before us. 48:31 48 minutes, 31 seconds So if if if those opportunities were to materialize, we needed to actually be flexible. But uh I do take your point 48:38 48 minutes, 38 seconds and as far as the equity raise is concerned the feedback that we have received in the past is that generally 48:45 48 minutes, 45 seconds rather than actually do a uh a QIP or raise equity in another fashion the uh given the shareholder base we've 48:54 48 minutes, 54 seconds actually had many shareholders benefit from uh an overs subscription or getting additional basically shares as part of the rights issue and it has also 49:02 49 minutes, 2 seconds basically synced promoter incentive an interest along with what our goals is, right? Um but but your point is taken 49:10 49 minutes, 10 seconds and I think as far as we're concerned, if we do not need to raise equity certainly this year to achieve our goals, we will certainly basically avoid 49:17 49 minutes, 17 seconds doing so because for me personally um you know equity rate of return is much much higher. It's the it's the highest as far as we're concerned. 49:26 49 minutes, 26 seconds Sure. Thank you. 49:30 49 minutes, 30 seconds and and just just to affirm that if if it's done for a major major opportunity, we would be there with you. 49:37 49 minutes, 37 seconds I we really appreciate your support and I I I deeply appreciate the fact that our investors and shareholders like yourself have been patient with regard 49:46 49 minutes, 46 seconds to what we need to execute. Um uh look as far as the uh this past year is concerned or the past you know year and 49:54 49 minutes, 54 seconds a half is concerned the easiest thing for us is to is to take a job at at at a at a price that is not meaningful. But 50:02 50 minutes, 2 seconds as far as the integrity of our process is concerned and how we think about our responsibility to our clients and to our shareholders and to our stakeholders 50:10 50 minutes, 10 seconds that is not something that we will indulge in. Um but that said, we do need to deliver on the promise of that growth 50:18 50 minutes, 18 seconds and frankly at at some stage a substantial repayment to shareholders for their patients which includes you know starting to actually pay dividends. 50:26 50 minutes, 26 seconds So I we take this responsibility very seriously and I think that there's always scope for improvement in terms of what we can be doing better and 50:34 50 minutes, 34 seconds certainly we will strive to actually have a much stronger year. So we've had many achievements this year we're very very proud of. I think that we're happy with our results, but certainly I think 50:42 50 minutes, 42 seconds from a from a a growth standpoint uh next year we will certainly basically hit all the boxes is my expectation. 50:49 50 minutes, 49 seconds Yeah, thanks thanks for maintaining that discipline and one last request if you could do that. I think you need to have 50:56 50 minutes, 56 seconds more analyst uh events and have you know a better perception of the company. I 51:03 51 minutes, 3 seconds could see some of the reports coming on the nuclear sector projecting company on the privatal position. A little bit more 51:10 51 minutes, 10 seconds of PR I think would help improve the overall sentiment. 51:14 51 minutes, 14 seconds Thank you. We take the suggestion very seriously. Uh and we will act on it. 51:18 51 minutes, 18 seconds Thank you Mr. Pranav. You can go in next please. Uh hello. Uh hi. Am I audible? 51:27 51 minutes, 27 seconds Yes. 51:28 51 minutes, 28 seconds Uh uh hi sir. Uh sir, I just had one question. uh you earlier uh commented saying that we are contemplating on a 51:37 51 minutes, 37 seconds certain funding uh that you know we are we have uh we have an opportunity 51:43 51 minutes, 43 seconds towards us uh if we have that opportunity why do we need the rights issue then 51:51 51 minutes, 51 seconds I don't think that we need to comment any further prana I mean it's not it would be inappropriate for us to get 51:58 51 minutes, 58 seconds into the the details of that I Certainly opportunities that uh generate high returns require investment um require um 52:08 52 minutes, 8 seconds you know working capital and require frankly a cushion and contingency right I mean I think that the kind of size of 52:15 52 minutes, 15 seconds company that we need to be requires to actually have at least that cushion in place that doesn't mean that uh that 52:23 52 minutes, 23 seconds that there will be a continual uh increase in uh in fundraising as a as a function of uh further the jobs 52:31 52 minutes, 31 seconds basically and opportunities coming in but at least that certain cushion and that certain base needs to be there for us to really avail of I think some very 52:39 52 minutes, 39 seconds very scalable opportunities. I can't go into any further detail on that. Um I think at the appropriate time and I think that we're I think that this 52:48 52 minutes, 48 seconds enabling resolution has actually raised more questions than we expected. Um I I I to be very honest I think that we might have made perhaps an error to 52:56 52 minutes, 56 seconds actually have taken this board approval as a contingency. Please treat that as a contingency. Uh and uh um uh at this 53:05 53 minutes, 5 seconds point in time um um when we have something material to basically talk about and it will certainly be positive 53:13 53 minutes, 13 seconds as far as we're concerned, we will come back to you. 53:16 53 minutes, 16 seconds Okay. Okay sir. Okay. So that that was the only question I had. Thank you so much and all the best. Thank you very much. 53:24 53 minutes, 24 seconds Mr. Shashi Kant, you can go ahead next. 53:28 53 minutes, 28 seconds Uh yeah thank you for giving me the opportunity again. So actually currently our order book uh nuclear nuclear is 53:35 53 minutes, 35 seconds just 3%. So how do we see in coming five years uh this uh change I mean how how much percentage of the order book it can go to. 53:46 53 minutes, 46 seconds So Mr. Shashika look our uh this uh position is low right now because the projects which we are doing uh two major 53:54 53 minutes, 54 seconds jobs which we're doing are already completed and the F FRFC job which we're also doing is nearing completion now 54:01 54 minutes, 1 second almost 70% done. So uh the point is uh how will increase is because these opportunities which used to come you 54:09 54 minutes, 9 seconds know like once in two years or something are going to multiply much more and we can we we 54:16 54 minutes, 16 seconds expect a lot of traction in this sector because of the private developers and as well as the government you know I'll just add you know 54:22 54 minutes, 22 seconds traditionally uh the nuclear uh um uh order backlog percentage as a percentage of the total has been relatively small 54:32 54 minutes, 32 seconds you know it's been something that we've been tremendously proud of. We've been 14 of the 24 reactors in the country on the civil side. Uh but it's been less 54:40 54 minutes, 40 seconds it's been less than 5% to if I'm correct. You know, five points and um and and since certainly what we can expect as the nuclear program scales 54:49 54 minutes, 49 seconds up and the lack of lack of uh uh capacity in in this space to execute uh this these these complex projects and the and the qualifications that HCC has. 55:00 55 minutes when this program does basically take off and generate real orders and revenue, um I certainly think that 55:08 55 minutes, 8 seconds there's a huge opportunity for HCC to um to really scale its nuclear business such that it will actually be akin to 55:16 55 minutes, 16 seconds the transport and hydro and water spaces that we've actually traditionally have occupied about 90% of our autoac. 55:24 55 minutes, 24 seconds Okay sir. So um what is the average if if we take 700 megawatt plant? So what is the average order size that we normally see for HCC? 55:35 55 minutes, 35 seconds Uh look traditionally traditionally uh the procurement mode was very different. 55:40 55 minutes, 40 seconds uh these orders would be in the size of you can say I'm saying in terms of present value could be like 2,000 cr 55:49 55 minutes, 49 seconds currently this but but but now since the mode has changed now the mode has changed and these are going to be uh called on 55:58 55 minutes, 58 seconds nuclear island mega APC packages that's what they called us and NIMEP uh these packages are in the north of 12 56:05 56 minutes, 5 seconds to 14,000 cr okay uh thank you sir Thanks a lot. That's all. Thank you. Best of luck. 56:12 56 minutes, 12 seconds Thank you. 56:15 56 minutes, 15 seconds Mr. Leica, please go ahead with your question. Thank you for the uh opportunity again. 56:22 56 minutes, 22 seconds Uh my take is like commodity prices are rising and as a result because of war scenarios how effective are escalation 56:30 56 minutes, 30 seconds clauses in protecting FCC's profitability? 56:34 56 minutes, 34 seconds So I think we have we have look I can say appropriately placed escalation mechanism into these contracts and uh 56:43 56 minutes, 43 seconds also our our procurement strategies have been such that that we have been able to hold on to some of the prices what we have been negotiated and everything 56:51 56 minutes, 51 seconds that's how that's that's that's reflected in our results too largely largely I will say the the escalation formulas are made in such a 57:00 57 minutes man manner that we are we are able to absorb some of the shocks, you know, I we're not, you know, the the 57:07 57 minutes, 7 seconds um I would say that um uh it's not a major uh area of risk or 57:15 57 minutes, 15 seconds concern for us. Um I think that um and and the clients that we we have as far 57:22 57 minutes, 22 seconds as HCC's HCC is concerned are top quality clients with very very deep pockets. um they tend not to be uh 57:31 57 minutes, 31 seconds certain clients at the state level that have uh very very poor resource constraints or have payment issues. Um 57:39 57 minutes, 39 seconds and I think that that that that the quality of client also basically I think uh allows for a very very fair and 57:46 57 minutes, 46 seconds amicable and swift discussion as far as payments are concerned. So in fact with with some of the difficulties that we're 57:53 57 minutes, 53 seconds seeing globally and and and and India is actually also facing these headwinds uh I think macroeconomically 58:00 58 minutes um the the uh you know the challenges that we might actually face from inflationary perspective um uh you might 58:08 58 minutes, 8 seconds actually see in some cases that HCC uh would through its escalation formulas actually have an efficiency uh rather 58:17 58 minutes, 17 seconds than than than a risk and you know to some extent we're as a sector uh a nicer alternative to some of the other sectors 58:25 58 minutes, 25 seconds that are actually probably more effective. Um so in that sense I think that we're we're thankful. 58:33 58 minutes, 33 seconds I think fortunately we're not building enough black roads. 58:35 58 minutes, 35 seconds No correct not doing that. So we're not exactly. So I think that if we were if we were doing uh if we had exposure to huge amounts of bitamin requirement 58:44 58 minutes, 44 seconds where there's direct correlation with prices of crude um I think that we would have a concern but but look I think that the inflation inflationary expectations 58:53 58 minutes, 53 seconds that that would probably may that may creep in if this if this conflict continues will really affect the price of everything ultimately. uh but I think 59:01 59 minutes, 1 second that that's where the quality of our contracts and the quality of our clients do matter and to some extent I believe that the heavy civil space especially the kind of projects we do is relatively 59:10 59 minutes, 10 seconds well insulated from other sectors in the in the market. 59:14 59 minutes, 14 seconds Yeah, thank you for the elaborate answer and one one suggestion if you if I may uh can we have an analyst day wherein we 59:22 59 minutes, 22 seconds we probably give a next 3 to 5 years kind of horizon where we want HCC to be. 59:28 59 minutes, 28 seconds Yes, I think uh you know uh you know one thing that uh I have uh uh not uh completed my commitment on I have to 59:37 59 minutes, 37 seconds apologize to everyone. We we talked about this last year where we decided that at least once a year or during the fiscal year end that we will actually 59:45 59 minutes, 45 seconds have a meeting in person. Um and um and so certainly what we will do because HCC is actually in the process of finalizing 59:54 59 minutes, 54 seconds its 3 to 5 year plan and its business strategy and that is uh something that we're extremely excited about. Uh so I 1:00:02 1 hour, 2 seconds think in the coming months uh once that is finalized we will organize a analyst day. Maybe we'll have it coincide with 1:00:09 1 hour, 9 seconds one of our quarterlies and uh you can expect that we will actually have a clear presentation uh at some point late 1:00:17 1 hour, 17 seconds in in this calendar to the uh to the entire community to give you a sense of what our direction is for the next three to five. 1:00:24 1 hour, 24 seconds Yeah, that would be great because India at this stage would require lot many LDS and lot many bills and HCC deserves it uh a roaring loin to be back. 1:00:35 1 hour, 35 seconds We deeply appreciate your support. Thank you. Thank you. 1:00:42 1 hour, 42 seconds Mr. Bandari, please go ahead with your question. 1:00:50 1 hour, 50 seconds I think Shik is just that his hand is there. Yeah, he has asked his questions. 1:00:56 1 hour, 56 seconds Okay, with that I think we've taken all the questions. No more questions. U thank you for your time. 1:01:04 1 hour, 1 minute, 4 seconds Yeah, I just want to just again thank you for your support. It's the end of the fiscal year. It has been a very momentous uh time for us because HCC 1:01:12 1 hour, 1 minute, 12 seconds celebrated 100 years of its service to uh to to the nation. And um as far as we 1:01:19 1 hour, 1 minute, 19 seconds are concerned, we're uh we're blessed uh you know with uh with the support that we have from all of our stakeholders including um our investors and our 1:01:28 1 hour, 1 minute, 28 seconds shareholders. So thank you very much for your