Monarch Surveyrs & Enginerng Conslts Ltd — Q4 FY26

Monarch Surveyrs & Enginerng Conslts Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=dn8yo7E6VBU Published: 2 days ago

0:02 2 seconds Ladies and gentlemen, good day and welcome to the H2NFY26 earnings conference call of Monach 0:09 9 seconds Surveyors and Engineering Consultants Limited. 0:13 13 seconds This conference call may contain forward-looking statements about the company which are based on beliefs, opinion and expectations of the company 0:20 20 seconds as on the date of this call. These statements are not the guarantees of future performance and involve risk and uncertainties that are difficult to predict. 0:29 29 seconds As a reminder, all participle hints will be in the listenon only mode and there will be an opportunity for you to ask questions after the presentation 0:36 36 seconds concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on a touchstone phone. Please note that this conference is being recorded. 0:48 48 seconds I now hand the conference over to Mr. 0:50 50 seconds Shirinas Matcha, Chief Operating Officer from Monach Surveyors and Engineering Consultants Limited. Thank you and over to you sir. 1:00 1 minute Thank you so much. Uh good afternoon everyone and a very warm welcome uh to Monier earnings conference. 1:10 1 minute, 10 seconds Um like he introduced me I am Shinas Machra. I am the chief operating officer of the company and with me on the call 1:18 1 minute, 18 seconds we have uh Mr. Date Karpa. He is our managing director. We have Sidwan who is our older director and head of finance. 1:28 1 minute, 28 seconds Uh we also have Sunil Kok is joining from elsewhere is director of business. 1:35 1 minute, 35 seconds Um Mr. Balero he's also director again and Mr. Bes Sha who is also director and 1:43 1 minute, 43 seconds along with me I also have Mr. Sanjay Kandari who is our chief of financial officer. Um with that I welcome everyone 1:52 1 minute, 52 seconds and I really hope that you had a chance to go through the um our financial results and in this presentation uh we 2:01 2 minutes, 1 second uploaded on stock exchange and our website also um and um uh I hope uh you made some studies of 2:09 2 minutes, 9 seconds that. Uh without ado I invite Mr. Kping 2:16 2 minutes, 16 seconds director to give a brief on our journey so far. Over you sir. 2:25 2 minutes, 25 seconds Good evening everyone. 2:28 2 minutes, 28 seconds It is truly special moment for all of us here at Mona. 2:33 2 minutes, 33 seconds Looking back in the recent past your company was listed on BCM platform in July 2025. 2:41 2 minutes, 41 seconds It was landmark event in our multi-deade journey. 2:46 2 minutes, 46 seconds It represented the immense trust our investors placed in our vision and our capabilities. 2:54 2 minutes, 54 seconds Incredibly proud to say that we have honored that trust through discipline execution, technological 3:03 3 minutes, 3 seconds upgrades and performance in our debut year. 3:08 3 minutes, 8 seconds Before I proceed further, let me take a moment to briefly reflect on our journey. Monach was established with a 3:17 3 minutes, 17 seconds clear vision to build a specialized technologydriven engineering and surveying consultancy with strong execution capabilities. 3:27 3 minutes, 27 seconds Over the years, we have steadily evolved from regional serving firm into a diversified infrastructure consultancy 3:34 3 minutes, 34 seconds player with capabilities across railways, roads, water solutions, land 3:42 3 minutes, 42 seconds acquisition and geospatial services. Our growth has been anchored on domain 3:49 3 minutes, 49 seconds expertise, client trust and consistent investment in technology. 3:56 3 minutes, 56 seconds On the global and domestic macroeconomic situation, if you look at the global landscape, economies are navigating 4:04 4 minutes, 4 seconds through geostation fragmentation and trade uncertainties. 4:09 4 minutes, 9 seconds But I likely 3.2% 2% and 3.1% in 2023. 4:20 4 minutes, 20 seconds Against this backdrop, India stands out as the world's fastest growing major economy. Heavily insulated by our 4:28 4 minutes, 28 seconds domestic fundamental and the massive front loaded capital expenditure pushed by the government. 4:36 4 minutes, 36 seconds We are witnessing a generational multi-layer multi-year infrastructure super cycle in this country. 4:43 4 minutes, 43 seconds The government has allocated a record infrastructure capac.2 lakh cr for 27. 4:50 4 minutes, 50 seconds The master infrastructure pipeline has swelled to around 13,000 project 4:57 4 minutes, 57 seconds worth a staggering 185 lakh cr. In the railway sector alone, we are looking at 5:03 5 minutes, 3 seconds a record 2.93 lakh road outlet including seven new highspeed rail corridors and a new dedicated fresh 5:12 5 minutes, 12 seconds corridor. Your company is well placed to ride this super cycle. 5:18 5 minutes, 18 seconds Before we move on, I'm happy to report that your company has proposed a division of 16% for approval by the 5:27 5 minutes, 27 seconds shareholders at the ensuring annual general meeting subject to applicable laws and regulations. 5:35 5 minutes, 35 seconds I thank you with this. Now I would like to hand over to Sanjay our CFO his thoughts on the company's financial performance. to you sir. 5:48 5 minutes, 48 seconds Thank you for beautiful insight. 5:53 5 minutes, 53 seconds As highlighted by Carpeser, positive market trends have supported strong growth across all our business segments and helped us to maintain good business 6:02 6 minutes, 2 seconds momentum. As a result of which our total order book stood at a strong level approximately 6 plus 615 plus crores as 6:11 6 minutes, 11 seconds of March 2026. providing healthy business visibility for the coming period. 6:17 6 minutes, 17 seconds During the financial year till date, we have secured several important orders that reflect our growing scale, execution strength and technological 6:26 6 minutes, 26 seconds capabilities with total order inflows aggregating to over 750 plus cr. Key win 6:34 6 minutes, 34 seconds includes mandates from Northern Railway, Western Railway, Senton Railway, Northern Central Railway, Masik 6:42 6 minutes, 42 seconds Municipal Corporation, Settlement Commission and Director of Land Records including MTDC that's Maharashtra Tourism Development Corporation and 6:50 6 minutes, 50 seconds various state government departments across infrastructure. 6:55 6 minutes, 55 seconds Now I'll take a simple walk through to the financials what we have presented in the presentation. Starting with our 7:02 7 minutes, 2 seconds second half FI26 performance revenue from operations for H2 FI26 stood at 7:10 7 minutes, 10 seconds 99.8 crores compared to 115.9 crores in H2 FI25. 7:18 7 minutes, 18 seconds IITA for half year was 30.4 4 crores with margins remaining healthy at 30.5% demonstrating continued operation resells. 7:28 7 minutes, 28 seconds Profit after tax for H2 FI26 stood at 24.3 crores with lecturing sustainability profit during the period. 7:38 7 minutes, 38 seconds Looking at fullyear audited financials for 2526, our consolidated revenue reported is 171.7 crores, a growth of 11.4% 4% over FY25. 7:51 7 minutes, 51 seconds Full year stood at 51 crores with margins at 29.7% for the year. This 7:58 7 minutes, 58 seconds reflects benefit of our continued investment in technology and increasing operational efficiencies through greater in-house execution of our final pack 8:08 8 minutes, 8 seconds FI26 closed at 37.2 crores compared to 34.8 eight cr last year reflecting a steady improvement in overall profitability. 8:19 8 minutes, 19 seconds I would like to take over uh hand over this to Mr. Send direct to business to take us through the further highlights. 8:36 8 minutes, 36 seconds I know we need to check um okay 8:44 8 minutes, 44 seconds is not responding. uh and ask uh Machas to brief about the business development on behalf of the Sunil Koker. Thank you. 8:56 8 minutes, 56 seconds Um thank you sir. Uh our 9:03 9 minutes, 3 seconds to support our growth we were aggressively focusing uh this year on talent and tech technology. As a 9:11 9 minutes, 11 seconds consulting business people are are our strength. So uh therefore our employee base is uh primary. So we grew uh from 9:20 9 minutes, 20 seconds 630 people uh in March 2025 to over 710. 9:26 9 minutes, 26 seconds Today we are investing in advanced equipment particularly focusing on zero 9:33 9 minutes, 33 seconds digital twin market leaders drone surveying and so on so forth and geographically while we are uh 9:40 9 minutes, 40 seconds Maharashtra focus but we are also expanding our domestic footprint uh with new offices uh opening in Ahmedabad 9:49 9 minutes, 49 seconds uh to to Nasi uh to add it to our Npur Mumbai Delhi and goati offices already. 9:58 9 minutes, 58 seconds Um, more importantly, we've taken decisive step to globalize our our business. Our 10:06 10 minutes, 6 seconds board has approved the acquisition of GMR engineering services which is an established engineering consulting 10:14 10 minutes, 14 seconds company in Australia for Australian dollars of 1.8 million approximately. 10:21 10 minutes, 21 seconds uh this acquisition extends our engineering capabilities beyond India and lays the groundwork to be a truly global services platform. 10:33 10 minutes, 33 seconds Um um our IPO actually strengthened our banners and enhanced our credibility 10:41 10 minutes, 41 seconds with large government uh and institutional clients. More importantly, it has enabled us to bid for larger and 10:48 10 minutes, 48 seconds more complex products which is uh now clearly visible in size and the quality of our order wins over last you know 10:56 10 minutes, 56 seconds couple of quarters. Just in this new financial year that is 26 27 we won our 11:03 11 minutes, 3 seconds single largest order to date uh and 130 crore uh three-year contract uh with 11:12 11 minutes, 12 seconds Northern Railways. Uh this order actually is a clear signal from market that Monach is now a formidable and a 11:21 11 minutes, 21 seconds premier engineering consultant capable of executing massive multi-year infrastructure mandates. 11:28 11 minutes, 28 seconds Um with that 11:40 11 minutes, 40 seconds if I uh go about you know talking about you know um FYI 2627 11:47 11 minutes, 47 seconds our focus depends not only on business acquisition but also on execution. This this is a priority. Now uh we are very 11:57 11 minutes, 57 seconds keen to convert our you know 740 750 cr audio book uh into revenue through a 12:06 12 minutes, 6 seconds very disciplined milestone uh based you know uh management timely revenue 12:14 12 minutes, 14 seconds collection expanding our client base nationally internationally and actively investing in people processes and technologies to 12:21 12 minutes, 21 seconds support our growth. So we are investing in technology for sharper project management identifying uh underutilization of resources and fixing 12:30 12 minutes, 30 seconds that more importantly training um of the existing staff realigning compensation in line with new laws and regulations 12:38 12 minutes, 38 seconds and so many things. So many things are afford uh at Monar. uh this is a foundation that we're building on both 12:45 12 minutes, 45 seconds technology and talent and I am certain that this will actually uh help us capitalize the next phase of growth at 12:54 12 minutes, 54 seconds Mona. Um that said I thank you all for your time. I would like to open the floor for any questions you may have. 13:04 13 minutes, 4 seconds Rahul uh please take over. 13:08 13 minutes, 8 seconds Thank you very much sir. We will now begin the question and answer session. 13:14 13 minutes, 14 seconds Anyone who wishes to ask a question may press star and one on the touch on telephone. 13:19 13 minutes, 19 seconds If you wish to withdraw yourself from the question Q, you may press star and two. Participants are requested to use handset while asking a question. 13:29 13 minutes, 29 seconds Ladies and gentlemen, we'll wait for a moment while the question Q assembles. Sure. 13:40 13 minutes, 40 seconds First question is from the line of Bishad Chia from Sappire Capital. Please go ahead. 13:48 13 minutes, 48 seconds Hello. Yes, please go ahead. Yes. 13:54 13 minutes, 54 seconds Yes. Okay. Thank you so much for this opportunity. Firstly sir on the audio book that we have currently outstanding 615s here. What will be the execution timeline typically for this order book? 14:09 14 minutes, 9 seconds Uh good afternoon ma'am. Uh we usually have uh around 1 to three years timeline for 14:16 14 minutes, 16 seconds execution because as of now you said 1 to 3 years right? That's correct ma'am. 14:25 14 minutes, 25 seconds Okay. Okay. And so you mentioned about this new acquisition that you've done GMR engineering services that we've done in Australia. you could just elaborate a 14:33 14 minutes, 33 seconds bit more on what sort of what was the rationale, what sort of synergies we see and when do we expect to close this acquisition? 14:41 14 minutes, 41 seconds Um uh thank you for that question. Um uh GMR was a strategic or very is a 14:49 14 minutes, 49 seconds strategic investment for us. Uh we are trying to acquire this entire thing 100%. Um basically we are um exploring 14:59 14 minutes, 59 seconds new markets. A certain market um is going to open very soon uh with the Olympics coming in and uh there are many 15:08 15 minutes, 8 seconds uh road projects typically in Australia and GMR specializes uh in road um um 15:16 15 minutes, 16 seconds engineering consulting. So they're very strong at uh um in um Victoria state, 15:23 15 minutes, 23 seconds Sheperton Province to be specific and um they're profitm company. They're 20 year old company. They have people um with um 15:33 15 minutes, 33 seconds them for almost you know 5 to 8 years on ongoing basis. a very stable uh enterprise 15:41 15 minutes, 41 seconds uh and uh we were always looking for you know expansion opportunities and we thought that this uh worked very well 15:49 15 minutes, 49 seconds for our dreams. So therefore you know uh we thought of you know going ahead with this. 15:56 15 minutes, 56 seconds Okay. So what sort of order does GMR have and what sort of margins does this company have currently a bit margin? 16:07 16 minutes, 7 seconds Um uh one moment 16:16 16 minutes, 16 seconds uh could you repeat your question ma'am please? 16:19 16 minutes, 19 seconds I was just asked about the EITA profile of GMR and what sort of order book and visibility that does that company bring. 16:27 16 minutes, 27 seconds uh company is a very old company what as of now I can say is their turnover will add around 8 to 10% of our turnover and 16:35 16 minutes, 35 seconds they usually work on gross profit basis like we work on IBITA so we expect a good revenue good IITA to add on in next 16:44 16 minutes, 44 seconds year and when do we expect to close an acquisition 16:53 16 minutes, 53 seconds yeah um we should be able to if everything goes when our dual returns and uh you know FEMA and everything goes 17:01 17 minutes, 1 second well then we should be closing this uh uh by first week or second week of July this year. 17:10 17 minutes, 10 seconds Okay. And what sort of because we have a healthy order book and you mentioned about the tables that we see in the sector. What sort of revenue growth are 17:18 17 minutes, 18 seconds you uh penciling in and these 30% and EIA and 20% pad is that sustainable with this current orders that we have? 17:28 17 minutes, 28 seconds uh we've been maintaining this kind of uh you know numbers for at least uh you know some time to come some time to uh 17:36 17 minutes, 36 seconds uh in the past uh and there is no reason why we shouldn't uh have the same performance uh if anything it has to be 17:44 17 minutes, 44 seconds more sharper but I'll have S asks talk to you specifically on the 17:51 17 minutes, 51 seconds um yes ma'am we have targeted um this uh margin to be continued in future because we have taken projects with acquisition 17:59 17 minutes, 59 seconds also. So we um we are targeting this IITA and profit to be maintained over coming years. 18:08 18 minutes, 8 seconds Okay. And any sort of color on the revenue growth that we're penciling in FY27. 18:14 18 minutes, 14 seconds Um those are futuristic ma'am. I mean there are many u dependencies on upcoming projects with ex uh execution 18:22 18 minutes, 22 seconds and then there are acquisitions also going on. But uh what we can say as of now is we will continue to maintain that 18:29 18 minutes, 29 seconds level of growth turnover wise and which are coming going forward. 18:34 18 minutes, 34 seconds Okay. And any sort of color on the pipeline what what sort of projects are we bidding for? If you could just uh throw some light on that. 18:46 18 minutes, 46 seconds I couldn't hear that. 18:49 18 minutes, 49 seconds I'm really sorry. Uh you might have to repeat that. Couldn't hear that clearly. 18:53 18 minutes, 53 seconds Yeah. what sort of order pipeline are we currently bidding for and what sort of projects are we targeting? If you could just throw some light on that. 19:01 19 minutes, 1 second Um uh see uh we um you want to take questions. Yeah. 19:11 19 minutes, 11 seconds Hi, this is Sanjay. Let me answer your question. uh we have a different uh segments and uh different lobs. Uh the 19:21 19 minutes, 21 seconds order book uh generally is full of all the uh uh uh lobs and our more focus is 19:29 19 minutes, 29 seconds on the roads as well as the railway detail reports and land acquisition is 19:36 19 minutes, 36 seconds also one of the main uh lo that we are uh having our order book. 19:46 19 minutes, 46 seconds I was asking about the future projects that we are bidding for. 19:54 19 minutes, 54 seconds The same uh pattern is going on. We are also concentrating on the railways uh roads land acquisition projects as well 20:02 20 minutes, 2 seconds as the uh geospatial projects which are which will be coming uh in the next four to five years. 20:14 20 minutes, 14 seconds Okay, that's very clear. Thank you so much and all the pleas. Thank you. 20:21 20 minutes, 21 seconds Next question is from the line of mermaid Kandelwal from Art AIF. Please go ahead. 20:27 20 minutes, 27 seconds Hello sir. Thank you for the opportunity. 20:30 20 minutes, 30 seconds uh so this is a huge increment in the other current assets in the asset side of the balance sheet and I believe that 20:38 20 minutes, 38 seconds this would be due to the FD uh fixed deposits the money that we have 20:44 20 minutes, 44 seconds would have raised from CV uh it proceeds so can you please provide me the complete breakup of what they're sitting 20:52 20 minutes, 52 seconds in other um so you are correct current 20:59 20 minutes, 59 seconds at As per schedule 3 norms uh fix deposits are between 3 to 12 months 21:07 21 minutes, 7 seconds among approximately 80 crores which is included where there is balance with government authorities 21:14 21 minutes, 14 seconds of around 2.25 crores make and other small expenses. 21:23 21 minutes, 23 seconds Okay. So basically 80 cr uh is the empty one. Yeah, I mean that's as for schedule 21:31 21 minutes, 31 seconds three requirements between 3 to 12 months fixed deposits are being phased in. 21:39 21 minutes, 39 seconds Okay, sir. Understood. And sir, is there any specific reason due to which our performance has lagged in FI uh H2 FI26 if we compare it with the S2 FI25? 21:53 21 minutes, 53 seconds I mean you need to say uh it has come down right? Yes sir, it has come down. 21:59 21 minutes, 59 seconds Um so these projects are based on timeline. 22:03 22 minutes, 3 seconds So I mean there are several projects where we uh finish it and there is a gap between 22:12 22 minutes, 12 seconds billing and acceptance from the government service over the portal. So there are some overlaps over a period of 22:19 22 minutes, 19 seconds time but in order I mean in all if you see we have grown 11.4% over a year. So benchmarking a half year when the 22:27 22 minutes, 27 seconds projects are in process and then it's executed over next six months like after September would have but overall we have shown a growth of in 4%. 22:40 22 minutes, 40 seconds Okay sir, understood. Uh and you spoke about the acquisition uh we did in Australia and as you just 22:49 22 minutes, 49 seconds said that it would be around the revenue from there will be around 8 to 10% of what we are doing. So I think if we say 22:57 22 minutes, 57 seconds it will be around 17 to 20 cr also uh will be doing and 23:05 23 minutes, 5 seconds you are correct and and then what would be the uh beta and profit margins they done by this promise. 23:14 23 minutes, 14 seconds Uh so that will be uh reporting the next uh six months call because u uh there 23:21 23 minutes, 21 seconds are the con they are conceptually working on GT basis the the exchange rate what we are looking at now and what 23:30 23 minutes, 30 seconds at the end it comes I mean we are very positively but then IA will be a good figure for you in six months. 23:39 23 minutes, 39 seconds So will it align with our I aida or anywhere near our ITA? It will be near our only. 23:49 23 minutes, 49 seconds Okay sir. That's great. That's great. 23:50 23 minutes, 50 seconds Okay sir. Thank you. Thank you from this question. 23:59 23 minutes, 59 seconds Sir your voice is not very clear. Is it better now? No still the same. 24:07 24 minutes, 7 seconds So how better now? Yes sir, this is better. 24:13 24 minutes, 13 seconds Yeah. So I was saying that you know on GMR acquisition um one of the things that uh the company 24:21 24 minutes, 21 seconds has got it's a geotech company and uh the core services they offer are landing 24:29 24 minutes, 29 seconds engineering design drone service asset management things that we do here 24:36 24 minutes, 36 seconds at Monarch in India. So they're complimentary and if anything um we're looking at you know growing that team 24:43 24 minutes, 43 seconds and service portfolio there and um hopefully we'll expand um very soon. 24:57 24 minutes, 57 seconds Thank you. 25:00 25 minutes Before we move to the next question, ladies and gentlemen, in order to ensure that the management is able to address questions from all the participant in 25:07 25 minutes, 7 seconds the question queue, please restrict yourself to two questions only. Should you have a follow-up question, please rejoin the queue. 25:15 25 minutes, 15 seconds Next question is from the line of Madurati from Counter Cyclical Investments. Please go ahead. 25:24 25 minutes, 24 seconds So sir I'm extremely disappointed with the number that the company is posting since the past two years it seems 25:30 25 minutes, 30 seconds company is growing at 10% caggr per anom and I don't understand how come our 25:37 25 minutes, 37 seconds order book is continuously growing but I mean the execution is just not happening and on top of that we have gone ahead 25:44 25 minutes, 44 seconds and acquired some company in Australia out of nowhere so I'm really disappointed to sum up and if you could 25:53 25 minutes, 53 seconds please tell us that how much revenue you will do in effort 27 I'll be very grateful. 26:00 26 minutes Um so coming to your first question I mean the order book is very healthy as we 26:06 26 minutes, 6 seconds stated earlier execution um you must be aware more than us that there are timelines for the project there some 26:14 26 minutes, 14 seconds projects which we complete early but we maintain a strong ITA and that's the bottom line what we have it and 26:22 26 minutes, 22 seconds acquisition is a strate strategic decision which is not planned overnight we have been planning for a long time only thing is we discussed at this 26:30 26 minutes, 30 seconds moment and we are uh very much uh financially healthy to acquire this and that's the reason we have taken this step. 26:41 26 minutes, 41 seconds So again my question was what revenue can we expect for 27? 26:47 26 minutes, 47 seconds So sir as I told before those are futuristic things there are many dependencies but then definitely when we have a next earning call you'll get a a 26:55 26 minutes, 55 seconds good numbers and your disappointment will grow sir so just to get clarity we have acquired this Australian company for 13 cr and 27:04 27 minutes, 4 seconds you are saying it will do around 17 18 to 20 cr topline with the same aita as us so basically 30% so basically 6 cr aa 27:13 27 minutes, 13 seconds company we have bought for 12 No sir, it is not like that. There are many people and consultants involved in that. The revaluation depends on many 27:22 27 minutes, 22 seconds factors. The company as we told is a very old company. There are 12 full-time employees of the company. They have good 27:29 27 minutes, 29 seconds order book in hand and there is uh an assets also along with 1.8 8 million which we are acquiring it and then 27:37 27 minutes, 37 seconds definitely what we have told you the figures 8 to 10% that that means that is the present trend which they are working on and when we start the business there 27:46 27 minutes, 46 seconds will be um some good and some uh tough times which we are going to have but we are very much planned for it and we are 27:53 27 minutes, 53 seconds very confident that we will fulfill your expectations sir I am very disappointed 28:00 28 minutes thank you very Thank you. 28:07 28 minutes, 7 seconds Next question is from the line of Dhil Desai from Turtle Capital. Please go ahead. 28:13 28 minutes, 13 seconds Uh hi, good afternoon sir. Uh so my first question is uh and more of a clarification that 615 K order book 28:22 28 minutes, 22 seconds doesn't include the 130 K order that you received in uh post ending of FI 26. 28:28 28 minutes, 28 seconds Right? That's the correct understanding. 28:32 28 minutes, 32 seconds Yeah, it doesn't. It doesn't. This came in I think in uh this is not career void is not clear. 28:43 28 minutes, 43 seconds Yeah. Yeah. Um hopefully it is better. 28:46 28 minutes, 46 seconds Um this order 130 cr landmark order we're talking about is it came in in this new financial year. So it is not 28:55 28 minutes, 55 seconds part of that. The total order book stands at around 740 750 approximately. Yeah. 29:02 29 minutes, 2 seconds So that's the number that you know it stands at right now. 29:05 29 minutes, 5 seconds Got it. Uh so sir my second question is and again I'm not looking at any futuristic number. I don't want you to 29:12 29 minutes, 12 seconds give the number but uh you know if the timeline of execution has not changed while our order book has grown at a much 29:20 29 minutes, 20 seconds higher than you know 10% that we have done for last two years. Is it safe to assume that our revenue growth will kind 29:28 29 minutes, 28 seconds of you know be in line with our order book growth because execution timeline before and after also would be remaining 29:37 29 minutes, 37 seconds the same. So uh order book has grown at more than 25 30%. So shouldn't we expect those kind of growth? 29:49 29 minutes, 49 seconds Um s that execution there are u many u line of business which we are working there are some projects which we execute 29:56 29 minutes, 56 seconds within 9 months also uh there are some projects which takes 12 months also some takes one and a half two to three years so exactly with matching with the order 30:05 30 minutes, 5 seconds book and the revenue uh doesn't commensate that way the important thing is we have so much of uh things in our 30:12 30 minutes, 12 seconds platter and as majas said earlier we are more focusing on execution and that is the reason we increase in manpower also. So it's it's 30:21 30 minutes, 21 seconds a very uh strategic way of planning to execute and then definitely you'll see that the execution levels have been increased in coming years. 30:32 30 minutes, 32 seconds Got it sir. Okay. And sir uh so typically in our business uh you know getting order is one part of it uh but 30:40 30 minutes, 40 seconds executing uh within budget on time is also equally important. And uh if you see there is a very sharp jump in our 30:48 30 minutes, 48 seconds order book uh you know over last one year and recently we got a very large order again. So in terms of the ability 30:57 30 minutes, 57 seconds to deliver projects on time within the uh you know within the scope you know what are we doing uh you know and do we 31:05 31 minutes, 5 seconds have more hiring plans beyond the number that we have what kind of employee head that we are looking at if you can talk more on the execution side of it. 31:16 31 minutes, 16 seconds Yes, thank you very much. Uh but if you can see we have heavily invested in our resources. We have uh increased number 31:24 31 minutes, 24 seconds of uh employees now who are trained who are uh capable of uh getting work done 31:31 31 minutes, 31 seconds and uh yes uh we will try to keep uh the pace of the uh execution of the work and 31:39 31 minutes, 39 seconds uh uh the order book which is uh the growth of order book uh uh we will try to maintain the same growth as well as 31:48 31 minutes, 48 seconds the growth in the exhibition of the projects and converting uh those order book into the revenue and we we have 31:56 31 minutes, 56 seconds already taken few steps for that and we will be continuing to do the same in uh future. 32:05 32 minutes, 5 seconds Okay, just one uh uh one suggestion sir. 32:08 32 minutes, 8 seconds Uh even if you don't give guidance uh at least some indication on how we are looking at company's growth over let's 32:15 32 minutes, 15 seconds say next year next two three years that would be really helpful because uh we have no way to understand how order book will get converted into uh you know 32:24 32 minutes, 24 seconds actual revenue and what are the timelines what are the milestones. So we have absolutely no see through to that. 32:30 32 minutes, 30 seconds So if you can you know help us on an aggregate basis understand that going forward uh that would be really helpful 32:37 32 minutes, 37 seconds without giving any guidance uh you can just indicate a number or trajectory whichever way. So yes 32:46 32 minutes, 46 seconds uh previously also we uh give the answer to this question in last meeting also we have uh increasing the employees as 32:54 32 minutes, 54 seconds Sanjay rightly said right now as manpower is increasing if you see the figures of the uh employee salaries it 33:04 33 minutes, 4 seconds is increased number is increasing the quantum is also increasing the skilled manpower is being employed and uh order 33:12 33 minutes, 12 seconds book will converted definitely. This is a confirm orders which we have received and that is going to get converted definitely. Only the thing the question 33:21 33 minutes, 21 seconds you ask rightly is the span of there are different projects with different milestones we getting the money in. It's 33:28 33 minutes, 28 seconds not like we get one order and after completion we get the money we get the money as per the uh milestone basis. So 33:38 33 minutes, 38 seconds that definitely order book is going to get converted into revenue and depending upon the project size and our capability 33:45 33 minutes, 45 seconds we are increasing the employees we have the machineries uh capability to serve those orders everything is there right 33:54 33 minutes, 54 seconds now that is why the IPO was done and the machinery and everything is there increasing manpower getting the work 34:02 34 minutes, 2 seconds orders higher work work orders is getting increased and also manpower we are increasing So our efforts will be also to very 34:10 34 minutes, 10 seconds given short span we'll be executing more orders now and this case will be going on. 34:19 34 minutes, 19 seconds Got it. Got it. I have more questions. I'll come back. Thank you. Thank you. Thank you. Thank you. 34:27 34 minutes, 27 seconds Next question is from the line of Ishima Bansil from Alpha Aif. Please proceed. Yeah. Hello. Am I audable? 34:35 34 minutes, 35 seconds Yes. Yes. 34:37 34 minutes, 37 seconds Okay sir, I wanted to know about the project you had received the Somnatara Expressway right about 100 crores worth of project. Uh can you just give a 34:46 34 minutes, 46 seconds update on where actually it is in terms of the status of the project? 34:53 34 minutes, 53 seconds Yes. Uh the currently uh stage of this project the status of the project is uh we are waiting for the alignment to be 35:01 35 minutes, 1 second finalized. It it will be finalized. We have uh mobilized our team and uh equipments to the site. We are just 35:09 35 minutes, 9 seconds waiting for the confirmation from the government for the approval of the alignment. Once it is done, uh we will be exhibiting the work soon. 35:21 35 minutes, 21 seconds So, so what is the timeline of this project? 35:26 35 minutes, 26 seconds I completely typically yeah it is typically for 18 months 18 to uh within 35:33 35 minutes, 33 seconds 18 to 20 months uh we are hoping to uh complete the work. 35:40 35 minutes, 40 seconds Have you booked any revenue against this project in this year? 35:45 35 minutes, 45 seconds Sorry come again please. Uh have you booked any revenue against this project in this year financial? 35:53 35 minutes, 53 seconds We already received the first of this project. No, not yet. Not yet. 36:01 36 minutes, 1 second And expecting number for this project for financial year 27. 36:07 36 minutes, 7 seconds As I said uh the work entire work will be completed within the span of 18 months to 20 months. uh the the revenue 36:15 36 minutes, 15 seconds you can expect proportionately and when when did we see this? I think it is in September October last year. 36:25 36 minutes, 25 seconds Yeah. 36:26 36 minutes, 26 seconds So already 6 months are over. So are we are we on the timeline to uh complete this project in another one year? We are 36:34 36 minutes, 34 seconds uh we are slightly behind the timeline but uh definitely uh we will cope up with that and uh we will keep the pace 36:42 36 minutes, 42 seconds going on and as I said within 18 to 20 months the work will be executed. 36:49 36 minutes, 49 seconds All right. Thank you. Thank you. 36:55 36 minutes, 55 seconds Next question is from the line of Nan and individual investor. Please go ahead. Hello. 37:04 37 minutes, 4 seconds Yes, please go ahead with your question. 37:07 37 minutes, 7 seconds There are certain non-current investments worth 13 crores and other non-current assets worth 36 crores. Can I get the bifurcation please? 37:17 37 minutes, 17 seconds So our non-current investments as I said is sudden closes fixed deposit that is as per schedule 3 norm the deposit which 37:25 37 minutes, 25 seconds is maturing more than 12 months um that is for schedule we have to put it in current 37:33 37 minutes, 33 seconds investment and what was the second question other non-current asset was 36 cr 37:42 37 minutes, 42 seconds other non-current assets are basically uh security deposits EMD and um uh other 37:50 37 minutes, 50 seconds uh others basically and those are basically that we got some big orders so we have to give for EMD and security 37:58 37 minutes, 58 seconds deposit which is converted later on. So those are basically the items. 38:05 38 minutes, 5 seconds So basically we have SD worth 93 crores correct short-term and long-term hold. 38:11 38 minutes, 11 seconds Well in total we have 86 uh 86.82 82 to be precise if it is on balance sheet 35 mark. 38:21 38 minutes, 21 seconds Okay sir. And sir if uh if our utilization is such slow I mean the deployment of protein then how did you 38:29 38 minutes, 29 seconds come or arrive that number that we are going to raise 90 cr in ICU? I mean the deployment is as and when we receive the projects we'll get manower and machinery 38:37 38 minutes, 37 seconds correct. So I mean we can finance through that or other ways also if we are raising such and till the deployment 38:45 38 minutes, 45 seconds is pending after almost a year when the IPO has hit the exchanges. Could you share the timeline by which you will describe our most of the proceedings? 38:56 38 minutes, 56 seconds So definitely I'll share it. Uh as I said we have around 86.82 crores we take the college and then unutilized portion 39:05 39 minutes, 5 seconds uh is 66.43 port close which we have planned to spend during this coming year and uh nevertheless to mention that we 39:13 39 minutes, 13 seconds in April also we have given some advance for machinery which is reflected in our finances and then the machinery has been 39:20 39 minutes, 20 seconds delayed because of the geopolitical situation otherwise that amount would have been reflected in March 26. So in 39:28 39 minutes, 28 seconds coming years we have uh strategically planned uh the output for those IPO money. 39:37 39 minutes, 37 seconds Got it sir. I'll get back into you sir. Thank you. Thank you. 39:43 39 minutes, 43 seconds Next question is from the line of Ashish Sony from family office. Please go ahead. 39:49 39 minutes, 49 seconds So any headcome numbers you have planned for this FI 27 and 28 in your mind as for month. 40:00 40 minutes Please repeat the question sir. 40:02 40 minutes, 2 seconds Any headcount number you have planned for FY27 and 28 for your company. The head count you are asking. 40:11 40 minutes, 11 seconds Yes. 40:13 40 minutes, 13 seconds Um so as of now uh uh we have sufficient manpower going forward that depends upon 40:20 40 minutes, 20 seconds uh the uh uh the frequency the timing and the speediness of the project's execution. We may hire also if required 40:30 40 minutes, 30 seconds because as we said that we are committed to complete the projects in given timelines we may uh going forward hire 40:37 40 minutes, 37 seconds some more people but I need a specific numbers as a question. Yeah. 40:44 40 minutes, 44 seconds Um as and when we get the project work orders according to the work effective utilization of existing manpower we 40:52 40 minutes, 52 seconds firstly see observe that and then we keep on employing the further employees. 40:57 40 minutes, 57 seconds See there is no specific number count plan as such. As and when required uh we immediately not as as and when required 41:05 41 minutes, 5 seconds before the planning is there as and when the project is to be executed we uh hire the specific skilled employees. 41:15 41 minutes, 15 seconds In the last H1 call indirectly you told you want to like sort of repeat describe your I think you from at least 70 to 150 41:24 41 minutes, 24 seconds turnover. So the the reply what you gave in H1 last conference call was you indirectly might come to 300 by FI 2728. 41:35 41 minutes, 35 seconds Is that a fair understanding or are you seeing any particular execution challenges on ground in different late 41:43 41 minutes, 43 seconds on that about the numbers you talked about? We never give any number of specifically. 41:51 41 minutes, 51 seconds We are not allowed to give the futuristic any numbers per se. But uh as and when we uh projects are we are 41:59 41 minutes, 59 seconds receiving orders we are receiving and according to the timelines of the project and some contingencies might be there from their government side. 42:08 42 minutes, 8 seconds Whenever we get the orders that time it might get delayed from their side only because we are equipped with the manpower. We are equipped with 42:17 42 minutes, 17 seconds our machinery and everything. Planning is already there. So from our side there is no uh any uh you know delay as such 42:26 42 minutes, 26 seconds or something except the exition any particular line of business are you seeing execution challenges from government side because you're primarily 42:35 42 minutes, 35 seconds dealing with them. So any particular line of business are you see challenges? 42:42 42 minutes, 42 seconds Not as such in any of the project road project some challenge might come from the local people or something like that 42:49 42 minutes, 49 seconds but we are able to come over come out of that thing we have got the experience of so many years now we are able to achieve 42:57 42 minutes, 57 seconds it I think regarding that so project you initiated somebody pointed out right that you delayed and there is some delay 43:06 43 minutes, 6 seconds happening there right as per your expectation so I think understand because you're get getting a bigger order also right so I'm trying to understand how are you planning for that 43:15 43 minutes, 15 seconds and is it typically like three to six months getting delayed or more because point you are not looking to judge your 43:23 43 minutes, 23 seconds mission but that project got delayed by last year right yeah elaborate on that point 43:33 43 minutes, 33 seconds yeah as I told earlier uh yes the project is uh bit delayed uh from the government because uh of some decision 43:41 43 minutes, 41 seconds pending decisions from government side and uh we heard that it will uh be sorted soon and once it is sorted out we 43:50 43 minutes, 50 seconds will uh we have already uh mobilized our equipment and uh the manpower etc and as 44:00 44 minutes I said earlier we will cope up with the timeline and we will deliver uh we don't have any doubt in our mind uh we will 44:08 44 minutes, 8 seconds definitely do And what's the current utilization or current headcount and what's expected in 44:15 44 minutes, 15 seconds FI27 because I think I spoke about it that you want to increase the existing 44:21 44 minutes, 21 seconds can you give that number also yeah um you mentioned my name can you 44:31 44 minutes, 31 seconds repeat the question couldn't get that utilization of your current headcount what's the current utilization what's 44:39 44 minutes, 39 seconds expected in FY27 because you said we want to increase the utilization of existing resources. 44:45 44 minutes, 45 seconds Yes, I mean rationalization is one thing uh that we always chase as a dream uh because uh um we need to have people 44:54 44 minutes, 54 seconds deliver to their um competent capability. That's one element. Other element is people need to be staffed 45:00 45 minutes project. Um staffing typically is a lag factor um in our kind of business because uh only when you get a tender is 45:08 45 minutes, 8 seconds when you actually staff. So it takes a bit of a time to get the staffing going and the right staffing going. These are two elements that actually you know hold 45:16 45 minutes, 16 seconds a little uh at this point in time I think um uh if we talk about the numbers 45:26 45 minutes, 26 seconds yeah 740 or is the u is the strength right now and uh uh we're aggressively 45:33 45 minutes, 33 seconds actually recruiting again like I said you know there are different projects okay one is just know um 130 cr projects 45:41 45 minutes, 41 seconds that we're talking about so a lot of ramp is happening um in Patna and all that that's one uh we have a project um 45:50 45 minutes, 50 seconds of settlement commissioner uh which um we lead you know 140 people 45:57 45 minutes, 57 seconds as you know on job of hat so ramp up of that also is a very tough job although there are you know licensed surveyors 46:04 46 minutes, 4 seconds that we need and you know ITI people very difficult because they need to be placed in those locations only and so on 46:11 46 minutes, 11 seconds so forth so there are challenges of ramping up but you know um we've been in this business for so long and I think 46:19 46 minutes, 19 seconds you know we kind of know how to uh deal with this uh thing so uh like was saying 46:27 46 minutes, 27 seconds it's just something nice in our H1 and one small request after we report 46:35 46 minutes, 35 seconds the results can you arrange the conference call within one or two days and if if possible can you publish at least uh some sort of summary number of possible. 46:46 46 minutes, 46 seconds Yeah, point taken. Uh we'll uh we will we we should be able to do that. 46:54 46 minutes, 54 seconds Thanks and all the Thank you. 47:01 47 minutes, 1 second Next question is from the line of Gonit Singh from counter cyclical PMS. Please go ahead. 47:09 47 minutes, 9 seconds Hi sir, uh I would like to understand we have increased the headcount. So based on our current capabilities, what kind 47:17 47 minutes, 17 seconds of revenue uh can we execute in any given financial year? I don't want any guidance but I want to understand the key current capabilities of our company. 47:27 47 minutes, 27 seconds Yeah. So I mean um we answered this in different ways and different people have asked the same question. Uh we stick to uh what we said earlier. 47:37 47 minutes, 37 seconds uh there's no reason why we cannot maintain our uh um numbers revenue or 47:46 47 minutes, 46 seconds profitability you know give or take some you know basis points but we should be able to maintain it so that is a good uh 47:53 47 minutes, 53 seconds you know guidance enough um for at least no forcing future okay so 10% growth which we have been 48:01 48 minutes, 1 second maintaining not like that no we not numbers. I I'm just saying we we should be able to, you 48:09 48 minutes, 9 seconds know, repeat our fast performance. I I'll I I'll just say that that's 10% growth only. So, but and uh do we own our own uh this leader systems and drones or do we uh lease them out? 48:22 48 minutes, 22 seconds Absolutely. Yes. And we own everything. 48:25 48 minutes, 25 seconds The equipment that we have um we actually own it um and we deployed and this is actually you know one of the uh 48:33 48 minutes, 33 seconds uh good things about Mona. Other competitors of ours have some equipment, some they rent out, some they don't even 48:41 48 minutes, 41 seconds have the capability. We have everything in house. Therefore, our ramp up um comparatively is faster and in a more planned manner. 48:52 48 minutes, 52 seconds Got it. So generally for our projects, who are our main competitors? If you can name a few for roadways, railways, waterways. 49:04 49 minutes, 4 seconds Uh there are a few of them but uh uh depending on the LOB the uh names and the competitors are different but in 49:13 49 minutes, 13 seconds generally uh RV uh is a company uh who who we can say that they are our 49:21 49 minutes, 21 seconds competitors and for many projects uh the um so many I mean different different 49:29 49 minutes, 29 seconds players are coming up uh but the the competitor as such we cannot name uh a particular uh but are we just we can say 49:37 49 minutes, 37 seconds he's one of the our competitors and uh who is also working uh in different lov 49:49 49 minutes, 49 seconds okay and co no right K R E 49:56 49 minutes, 56 seconds okay RV and what about genesis and sciences do you consider them as competitors is the nature of work similar to us. 50:05 50 minutes, 5 seconds Yeah, you can say but um we have different uh line of businesses. We are into more uh the infrastructure projects 50:15 50 minutes, 15 seconds like roads, railways, uh we are into land acquisition, we are into geosp I think uh genesis they are only into 50:24 50 minutes, 24 seconds the geospion uh but at the same time uh we have the capabilities of getting the geospion 50:31 50 minutes, 31 seconds work as well. We have some planning works, preparation of development plan, existing language plan as per the uh act 50:41 50 minutes, 41 seconds uh MRTP or some some other acts. So we have different uh line of businesses and 50:48 50 minutes, 48 seconds uh yes Genesis uh uh do the geospatial uh work especially. 50:55 50 minutes, 55 seconds Got it. So basically we do what Genesis does as well and on top of that we do we have other verticals also which Genesis 51:04 51 minutes, 4 seconds doesn't basically I mean our capabilities are more than Genesis that's what you're saying you can think of that 51:12 51 minutes, 12 seconds okay so out of 100 cr revenues how much were unbuilt revenues 51:20 51 minutes, 20 seconds then the next unbuilt revenues is 6 and 1/2 crores to 7 crores waiting 6 and2 up to seven cr. 51:28 51 minutes, 28 seconds Got it. And total how many how much are the unbuilt receivables as on date or uh for the year end? 51:36 51 minutes, 36 seconds Unbuild unbuild receivables. 51:40 51 minutes, 40 seconds Receivables unbuild 13th year. It's around 13th year. 13th year. 51:48 51 minutes, 48 seconds March 26th. March. 51:52 51 minutes, 52 seconds What was it? And uh if we look at our cash from operations and the trade receivables uh last year I think our cash from 52:00 52 minutes operations cash from operations were put positive 25 cr whereas this year it's negative 39 cr. So can you help me 52:08 52 minutes, 8 seconds understand uh what went wrong this year that the receivables are increasing our cash flows for operation are deteriorating. 52:18 52 minutes, 18 seconds So I'll answer the second question first. uh as we said earlier um other non-current assets we have certain fixed 52:24 52 minutes, 24 seconds deposits there as per schedule 3 norms and there is the increase of 60 crores there which makes uh the cash flows 52:32 52 minutes, 32 seconds negative and we accounting terms you would say it is a negative but if you look at commercial terms it's an 52:40 52 minutes, 40 seconds investments so if we exclude that you have a cash flow of 23 crores positive coming to your first question 52:47 52 minutes, 47 seconds receivables has slightly increased That's because of the volume and the execution of the project. The timelines which government agency gives. They also 52:56 52 minutes, 56 seconds have certain timelines and we agree to some timelines. So there are some funding collections of 55 crores 53:03 53 minutes, 3 seconds slightly increased and that's mainly because of turnover is also increased. 53:09 53 minutes, 9 seconds Got it. And what is the uh aging of receivables? 53:14 53 minutes, 14 seconds How many six months? How many past one years? 53:19 53 minutes, 19 seconds Aging is basically uh 100 105 days as of now. But uh there is no big outstanding 53:26 53 minutes, 26 seconds last year whatever it was there we have mostly we have collected and maybe around what we have in finances as of now is around 7 and a half 8 crores is 53:35 53 minutes, 35 seconds more than one year otherwise basically we have collected it. 53:39 53 minutes, 39 seconds Got it. So I mean what is the uh by when do we expect to collect them? Who are these due by and is there some risk 53:47 53 minutes, 47 seconds associated with this of default the 7 and a half cr of uh you see the presence and we we hardly 53:55 53 minutes, 55 seconds have any bad this so the default is uh out of question here uh April May uh we have some collections done and we expect 54:03 54 minutes, 3 seconds this to come very soon like next one and two months we are very aggressive just because the year has been ended and our team is working on it as last year we 54:11 54 minutes, 11 seconds had done an aggressive collections and You see the cash flow is positive. Now we hope in the next 6 months and a year also figures to have that cash flows 54:20 54 minutes, 20 seconds positive just because the year has ended and there were some billings as per the timelines. The the balance sheet is as 54:27 54 minutes, 27 seconds of date the working capital cycle if you see there are billing and collections. 54:32 54 minutes, 32 seconds So we don't see any foresee any problems with the datas with regards to bad debts or anything. We don't have any fast trend of that also. 54:42 54 minutes, 42 seconds Got it. And my last question would be regarding the current uh bit pipeline environment. So uh you you uh won uh 54:52 54 minutes, 52 seconds orders in FY26 which was which was better than FY 25. So how I want to understand how is the current uh bit 55:01 55 minutes, 1 second pipeline environment and is it even better than FI26 or similar or is it 55:08 55 minutes, 8 seconds slower than FI26 and what kind of bid pipeline do you have currently and uh 55:15 55 minutes, 15 seconds what kind of order inflow do you expect in FI27 if you can help me out with that? 55:25 55 minutes, 25 seconds As explained earlier, we have a order book of different line of businesses. 55:31 55 minutes, 31 seconds But to answer your question, uh we are more focusing on the infrastructure projects uh basically railway uh roads, 55:39 55 minutes, 39 seconds highways, uh expressways as well as the uh the highspeed rail projects and along with that geo special is our priority. 55:52 55 minutes, 52 seconds uh we will be uh more focusing on the GS processing projects uh which will be coming uh in the next 3 to four years 56:00 56 minutes and that is our uh target for uh achieving the good numbers business etc. 56:08 56 minutes, 8 seconds My question is regarding the demand environment. So is it better than FY26 currently or do you expect FY27 demand 56:16 56 minutes, 16 seconds environment to be even better than F26 as you are more aware of the situation on ground. So I want to understand that 56:25 56 minutes, 25 seconds one cannot uh predict exactly but yes uh uh this year uh it will be better than the last year. 56:35 56 minutes, 35 seconds Got it. All right. Thank you very much. Wish you all the best. Thank you. 56:41 56 minutes, 41 seconds Thank you. Ladies and gentlemen, in the interest of time, may we please request you to limit your questions to one per participant. Should you have a follow-up 56:50 56 minutes, 50 seconds question, please rejoin the queue. Next question is from the line of Romesh Kumar Jen from Jen Equity Research. 56:56 56 minutes, 56 seconds Please go ahead. 56:59 56 minutes, 59 seconds the at the outset I thanks for de declaring dividend as I suggested last 57:06 57 minutes, 6 seconds in a phone call but the dividend declared is very low oversight. Uh then my question is that uh in last 2 years 57:16 57 minutes, 16 seconds your head count had increased from 472 to 710 that is almost uh 70% increment 57:25 57 minutes, 25 seconds in the headcount whereas the turnover has increased only from 141 cr to 17 57:32 57 minutes, 32 seconds only 20 21% increase in the turnover. So it shows that there is very poor management uh this thing regarding this 57:41 57 minutes, 41 seconds thing heads despite increase in headc count the performance is not reflecting in that this thing 57:51 57 minutes, 51 seconds we are saying yeah we are infrastructure project consultant 57:59 57 minutes, 59 seconds the number of headcount whenever it increase it effect will be seen in the next quarter next half year like that we 58:07 58 minutes, 7 seconds we are growing just before IPO and after IPO the various things have changed for us now we are increing as Mas has told 58:17 58 minutes, 17 seconds about the regular as per the projects we are receiving we are increasing the headcount growth will be seen there is a 58:24 58 minutes, 24 seconds timeline and uh there is again I'll repeat milestone based money will be coming into the company and revenue will 58:32 58 minutes, 32 seconds be booked accordingly and So you'll see the growth in the next coming future but when we see the 58:39 58 minutes, 39 seconds sorry to interrupt Mr. Jane may we please request you to rejoin the queue sir. Thank you. 58:47 58 minutes, 47 seconds Next question is from the line of Shubam Padial from Chhattisgarh Investments. Please go ahead. 58:54 58 minutes, 54 seconds Yeah. Hello. Am I audible? Yes please proceed. 58:58 58 minutes, 58 seconds Yeah. Um so based on the opening commentary and also subsequent discussion um one thing I'm able to 59:06 59 minutes, 6 seconds gather is that we lacked on execution for this year. So if we can just have a few pointers as to what were the issues 59:15 59 minutes, 15 seconds for the execution and also on the uh acquisition that we did in Australia. 59:22 59 minutes, 22 seconds What was the strategic decision behind the acquisition because clearly we are lacking capability to execute in India. 59:29 59 minutes, 29 seconds So why to go out of India and you know acquire some other company? Yeah. 59:39 59 minutes, 39 seconds Um your uh second question first. Um we did that acquisition or we are doing that acquisition for a strategic reason. 59:49 59 minutes, 49 seconds uh as you know everybody here has said um and there are reasons I mean 59:56 59 minutes, 56 seconds unfortunately I may not be able to disclose uh the underlyings but uh there are very very good reasons uh that 1:00:04 1 hour, 4 seconds acquisition is going to be uh as you know income acute uh so that's the reason why we did that um in terms of 1:00:12 1 hour, 12 seconds the uh employees and you know why we not able to execute you know these doubts Um 1:00:19 1 hour, 19 seconds like I mentioned uh earlier um toughing is always a lag indicator. We get a project and we're staffing and 1:00:28 1 hour, 28 seconds we're struggling to staff. I mean typically in we basically know run uh behind the project and you know um 1:00:35 1 hour, 35 seconds recruit people to execute the sol and in the end they may need to you know um put some people to execute something you 1:00:43 1 hour, 43 seconds know um internal balancing basically and that actually you know um if you're going to do that on executive exe 1:00:51 1 hour, 51 seconds existing project it probably you know delays a little so um therefore these reasons have happened but u now we fully 1:00:59 1 hour, 59 seconds geared. Uh this will not happen going forward. This will not happen. 1:01:05 1 hour, 1 minute, 5 seconds So did we face any delays in execution for the last year? 1:01:10 1 hour, 1 minute, 10 seconds No, not really. But I'm saying you know we grew very fast two orders know 100 crores and 130 1:01:17 1 hour, 1 minute, 17 seconds crores uh which is like nearly half our balance right when half our right. So 1:01:24 1 hour, 1 minute, 24 seconds that that actually you know um uh how do I say uh in uh the recruitment 1:01:33 1 hour, 1 minute, 33 seconds okay understood and can we have Mr. May we please request you to rejoin the queue sir. Thank you. 1:01:41 1 hour, 1 minute, 41 seconds Next question is from the line of Vira Mata from Enigma. Please go ahead. 1:01:47 1 hour, 1 minute, 47 seconds Yeah. Hi sir. Uh sir uh my question is similar that we have grew our headcount 70%. 1:01:55 1 hour, 1 minute, 55 seconds And our revenues have grown only 40%. 1:01:58 1 hour, 1 minute, 58 seconds And in spite of that we have maintained our margins. So now as you say that you will we will grow and we will not grow 1:02:05 1 hour, 2 minutes, 5 seconds 10%. So assuming we grow 25 30% this year um and the headcount growth is not 1:02:12 1 hour, 2 minutes, 12 seconds in that region can we see margins improve? 1:02:18 1 hour, 2 minutes, 18 seconds Um sir uh I'll start with the earlier uh calls which we had as if you understood 1:02:25 1 hour, 2 minutes, 25 seconds that the manpower what we hire gives results over a period of time. If you compare the number of manpower in one to one correlations with the exhibition 1:02:34 1 hour, 2 minutes, 34 seconds part uh it my understanding it doesn't happen that way because there are uh manpowers working on different projects 1:02:41 1 hour, 2 minutes, 41 seconds and one person is working on different projects. What I can um tell you as of now is we are utilizing manpower 100%. 1:02:50 1 hour, 2 minutes, 50 seconds So it's nothing like uh if you compare like number of people which has increased to the turnover directly and then there is a gap in that people who 1:02:59 1 hour, 2 minutes, 59 seconds execute the work when we start the final billing and then the issues accepted. So whatever manpower we hire will give the 1:03:07 1 hour, 3 minutes, 7 seconds results over a period of time and then there is no one toone correlation we hire these people and this coming out and if you uh you I'm sure that you must 1:03:15 1 hour, 3 minutes, 15 seconds be having an understanding prior years we had some consultants working with us so that cost was heavy to that and then 1:03:22 1 hour, 3 minutes, 22 seconds we took it on payroll and that is why our also increased to that extent and the manpower increased. So similar kind 1:03:31 1 hour, 3 minutes, 31 seconds of thought process we also have and we are hiring a very skilled people who can give a better return and as Matas said that it's very difficult to find this 1:03:40 1 hour, 3 minutes, 40 seconds kind of people with this industry and then to compensate with their experience and payment because 1:03:48 1 hour, 3 minutes, 48 seconds holding good people is a challenge basically in this kind of an industry but we are sure that uh we'll give you some good numbers in upcoming calls. 1:03:59 1 hour, 3 minutes, 59 seconds Okay, thank you sir and best of luck. Thank you. Thank you. 1:04:06 1 hour, 4 minutes, 6 seconds Next question is from the line of Ankit Gupta from Bamboo Capital. Please proceed. 1:04:11 1 hour, 4 minutes, 11 seconds Uh thanks for the opportunity sir. Out of our outstanding order book uh you know as on 31st March as well as 1:04:18 1 hour, 4 minutes, 18 seconds whatever we have received during uh the current financial year. So like out of this how much? 1:04:29 1 hour, 4 minutes, 29 seconds Sorry to interrupt Mr. Anit. Your voice is breaking. Still breaking. 1:04:38 1 hour, 4 minutes, 38 seconds Hello. 1:04:39 1 hour, 4 minutes, 39 seconds Yes, please go ahead with your question sir. 1:04:42 1 hour, 4 minutes, 42 seconds Sure. Sir uh uh out of our existing order book as on hand uh how much of this orders have an uh deadline of completion by March 27? 1:04:56 1 hour, 4 minutes, 56 seconds It cannot uh work out that way orders basically because as I told earlier there are certain order which we execute in 9 months of time some six one and a 1:05:04 1 hour, 5 minutes, 4 seconds half years. So it may happen that we uh when government uh uh requires that this 1:05:12 1 hour, 5 minutes, 12 seconds project which was like 12 months has to be executed in 9 months. So we focus on that. So as if like the commitment on 1:05:19 1 hour, 5 minutes, 19 seconds the percentage is difficult to say at this moment of time because there may be certain project which had a timeline earlier maybe prep for 2 three months or 1:05:28 1 hour, 5 minutes, 28 seconds postponed because of some decisions from the government side. So that is like a percentage calculating over a period of 1:05:36 1 hour, 5 minutes, 36 seconds time with this trend is very difficult to say at this moment of time 1:05:43 1 hour, 5 minutes, 43 seconds on know the heck thing that you told earlier. So with the existing headcount of let's say 710 employees is is it 1:05:52 1 hour, 5 minutes, 52 seconds sufficient for us to you know uh execute the current orders in hand of 710 crores or we'll also need more people to 1:06:00 1 hour, 6 minutes execute this order book also. Definitely as we said earlier we need some more people. The count has increased to 740 1:06:08 1 hour, 6 minutes, 8 seconds approximately from 710 and then there is a process going on and then we usually 1:06:15 1 hour, 6 minutes, 15 seconds um work out at the initial stages of the project what is a hack. We start planning it takes two to three months to put the right person on the track and we 1:06:24 1 hour, 6 minutes, 24 seconds have to give a notice per field also for some other company to join. And uh to answer your question one definitely we require some more manpower to execute this project. 1:06:35 1 hour, 6 minutes, 35 seconds Okay. Okay. Okay. Thank you so much. Thank you. 1:06:40 1 hour, 6 minutes, 40 seconds Next question is from the line of Praash Pande from Alpha Eiff. Please go ahead. 1:06:47 1 hour, 6 minutes, 47 seconds Uh sir can we get the break up of order book uh of around 600 cr in last four years like when we get this project like 1:06:56 1 hour, 6 minutes, 56 seconds here financial year 26 214 23 so those are cumulative numbers because 1:07:04 1 hour, 7 minutes, 4 seconds as and when the order comes um it add on add-ons to the number so the exit is on 1:07:11 1 hour, 7 minutes, 11 seconds that so year wise this won't be and there is no statutory requirement or semi- compliant system year by so it's 1:07:19 1 hour, 7 minutes, 19 seconds an add-on continuous process say for example the order may come one year before 25 we are executing it in 26 and 1:07:27 1 hour, 7 minutes, 27 seconds sometimes it may come in 26 also we are executing that in 26 so that depends upon how 1:07:34 1 hour, 7 minutes, 34 seconds are there any projects before year 24 which are currently in progress 1:07:41 1 hour, 7 minutes, 41 seconds there may be a small one but then uh you said that there is delay from the government side and we are not uh 1:07:48 1 hour, 7 minutes, 48 seconds delaying it from our side. Sometimes it happens. There may be some execution which government infrastructure says that you just hold in for some time. 1:07:55 1 hour, 7 minutes, 55 seconds Maybe it could various reasons unknown political reasons, financial reasons unknown to us. But to say from our side there is no delay. I mean as of now 1:08:04 1 hour, 8 minutes, 4 seconds there is no penalty, no nothing negative in our books for our delay side. So it's basically the government decision which 1:08:11 1 hour, 8 minutes, 11 seconds makes us hold some project and we are on time lines. 1:08:17 1 hour, 8 minutes, 17 seconds Okay. Okay. Out of this 600 project is any of the project is from the private agencies as well the contractors private 1:08:26 1 hour, 8 minutes, 26 seconds contractors please repeat the question sir out of this project is this any project 1:08:33 1 hour, 8 minutes, 33 seconds of uh from the the conductors the uh the federal contactctors apart from the government no hardly hardly anything uh hardly 1:08:42 1 hour, 8 minutes, 42 seconds anything you mean not more than even uh 3 to 4% 1:08:49 1 hour, 8 minutes, 49 seconds Okay. Uh in your in your in your previous uh comments also you mentioned that uh our revenue will grow with the 1:08:57 1 hour, 8 minutes, 57 seconds figure of 13 35% annually. So but in last year we grow only with 10% 10 odd%. 1:09:03 1 hour, 9 minutes, 3 seconds So what is the reason that we are not able to like like the we are not like uh 1:09:11 1 hour, 9 minutes, 11 seconds giving we have not committed anything like that. I mean we are not supposed to 1:09:17 1 hour, 9 minutes, 17 seconds commit uh the chatary boards do not allow us to commit anything in the numbers but we must have told that we 1:09:26 1 hour, 9 minutes, 26 seconds will definitely grow and uh the growth is you can see the growth also and uh we uh once again assured you that we will 1:09:34 1 hour, 9 minutes, 34 seconds continue with our uh pattern we will uh grow together. 1:09:45 1 hour, 9 minutes, 45 seconds All right. Thank you. Thank you. Thank you. 1:09:49 1 hour, 9 minutes, 49 seconds Next question is from the line of Mo from Orange Capital. Please go ahead. 1:09:55 1 hour, 9 minutes, 55 seconds Hello sir, I wanted to understand from a current order book, what is uh the percentage mix from geospatial uh and the digital twins. 1:10:12 1 hour, 10 minutes, 12 seconds So geotech um 1:10:24 1 hour, 10 minutes, 24 seconds uh we have not worked out that breakup but uh these special uh we are uh hoping to come in the uh next couple of years. 1:10:35 1 hour, 10 minutes, 35 seconds Uh we have uh projects uh for the uh roads and railways uh which are predominantly 1:10:43 1 hour, 10 minutes, 43 seconds uh in the pipeline uh uh sorry in the order. 1:10:59 1 hour, 10 minutes, 59 seconds Hello. So you're not audible management. 1:12:00 1 hour, 12 minutes Ladies and gentlemen, thank you for patiently holding. We have the line for the management reconnected. So Mr. Mox is waiting for his answer. 1:12:12 1 hour, 12 minutes, 12 seconds Yeah. Smokes as as we told uh that we are hoping to get the uh J personal work 1:12:19 1 hour, 12 minutes, 19 seconds in the uh coming years but as of now we have predominantly uh the DPR projects uh in our order book. 1:12:28 1 hour, 12 minutes, 28 seconds DPR and land acquisition. Yeah DPR and land acquisition. Okay. and outside of outside of India. 1:12:34 1 hour, 12 minutes, 34 seconds Sorry to interrupt. Mr. Mo, may we please request you to rejoin the queue sir? Thank you. 1:12:40 1 hour, 12 minutes, 40 seconds Next question is from the line of Danil Desai from Turtle Capital. Please go ahead. 1:12:46 1 hour, 12 minutes, 46 seconds Uh hi sir. Uh sir uh one question the 130 cr order that we have received uh that's executable in 36 months. So uh 1:12:56 1 hour, 12 minutes, 56 seconds how what portion of that according to the milestones you will recognize it uh you know in the current year and how the 1:13:04 1 hour, 13 minutes, 4 seconds how is it backended it is equally distributed is it front loaded if you can give some comment on that 1:13:14 1 hour, 13 minutes, 14 seconds I uh I really uh do not get your question but uh I'll try to answer that 1:13:20 1 hour, 13 minutes, 20 seconds uh yeah the uh in the 130 cr order there are so So many different uh projects 1:13:27 1 hour, 13 minutes, 27 seconds involved. Um many projects involved and as it is on as an main basis they uh 1:13:35 1 hour, 13 minutes, 35 seconds give us the uh alignment root alignment then we start our work but uh to answer your question yes 25 to 30% will be 1:13:45 1 hour, 13 minutes, 45 seconds executed in uh the current year and sub uh the remaining part in the subsequent years. 1:13:53 1 hour, 13 minutes, 53 seconds Got it. Got it. Thank you. That's it. Thank you. 1:13:57 1 hour, 13 minutes, 57 seconds Thank you. Next question is from the line of Prashant Kal and individual investor. Please go ahead. 1:14:05 1 hour, 14 minutes, 5 seconds Thank you sir for giving me opportunity and uh congrats on good set of numbers. 1:14:10 1 hour, 14 minutes, 10 seconds Sir my question is regarding in last conference call we said uh we have paid some advance for software development or 1:14:18 1 hour, 14 minutes, 18 seconds digital twin project but if I see the balance sheet there is no growth since September to this quarter there is 1:14:26 1 hour, 14 minutes, 26 seconds no growth in the intangible assets so is there any progress on that development or the digital twin project is hold and 1:14:34 1 hour, 14 minutes, 34 seconds uh how much money we have spent on it so 1:14:45 1 hour, 14 minutes, 45 seconds The capital work in progress if I say in accounting terms certain part of it which completes goes to the fixed assets. Now what capital work in 1:14:53 1 hour, 14 minutes, 53 seconds progress we show as of a balance sheet basically which is incomplete as and uh some new office devices which we have 1:15:02 1 hour, 15 minutes, 2 seconds acquired and then there are some part of it. Coming to your question on digital assets some part of it may be completed 1:15:08 1 hour, 15 minutes, 8 seconds and that is converted into intangible work intangible assets rather than showing in capital work in progress. So the moment is an accounting term saying 1:15:17 1 hour, 15 minutes, 17 seconds that it has gone to the intangible assets uh which you can see a big row there it's 1 uh07 crores over the last 1:15:26 1 hour, 15 minutes, 26 seconds period of time and some might be converted into an assets. 1:15:30 1 hour, 15 minutes, 30 seconds What capital work in progress you see as of now is something which we office which we have taken and some work is going on there. 1:15:39 1 hour, 15 minutes, 39 seconds So how much money we have spent so far on this digital twin project 1:15:47 1 hour, 15 minutes, 47 seconds as if now we um are not having that data which we can answer exact amount but then it goes it will bring club into the 1:15:55 1 hour, 15 minutes, 55 seconds fixed assets and if you require later on we can answer to you working out those figures. 1:16:02 1 hour, 16 minutes, 2 seconds Yes. All right. Thank you sir. Thank you very much. Thanks. 1:16:07 1 hour, 16 minutes, 7 seconds Next question is from the line of Madurati from Counter Cyclical Investments. Please go ahead. 1:16:14 1 hour, 16 minutes, 14 seconds So our receivers in FY20 receivables have increased from 10 K to 53 K. So 1:16:22 1 hour, 16 minutes, 22 seconds that's a increase of 43 crores. Whereas the revenue has increased by only 33 cr during this 2-year period. So I'm not able to understand how is that possible. 1:16:35 1 hour, 16 minutes, 35 seconds Sir U as on 31st March 26 the outstanding figure is around 55 CR all 1:16:44 1 hour, 16 minutes, 44 seconds out of which is unbuild is around 13 CR 13 to 14 CR is unbuild figure. So 1:16:50 1 hour, 16 minutes, 50 seconds effectively uh outstanding datas are to the tune of 40C cr 1:17:00 1 hour, 17 minutes in 2 years receivable increase from 10 k fourfold whereas the revenue is increased by 30%. 1:17:09 1 hour, 17 minutes, 9 seconds Right? What happens is typically in our kind of business the billing is at the year end or sometimes nearby Diwali and 1:17:18 1 hour, 17 minutes, 18 seconds nearby 31st of March. So as on balance sheet date the figures are on the higher side and later on the recovery is being 1:17:26 1 hour, 17 minutes, 26 seconds made in the next immediate period April May and I'm not able to understand what is 1:17:35 1 hour, 17 minutes, 35 seconds unbuilt receivable unbuilt revenue I can understand but if it is not build only then how is it unbable 1:17:45 1 hour, 17 minutes, 45 seconds see unbuilt revenue is a unbuilt receivable also The funary dats unbuild 1:17:52 1 hour, 17 minutes, 52 seconds revenue is a part of receivables out of 55 cr as I explained 13 to 14 cr is our 1:17:58 1 hour, 17 minutes, 58 seconds unbuild revenue. So that project we neutralize the cost effect and the correct profit is reported in the 1:18:07 1 hour, 18 minutes, 7 seconds current event. Whatever is the financial year uh is reflected and the unbuild revenue is the cost for the next year 1:18:14 1 hour, 18 minutes, 14 seconds and the ad when the sales is recognized it's recognized along with the profit. 1:18:20 1 hour, 18 minutes, 20 seconds So can you tell me that in sorry to interrupt Mr. Rati sorry to interrupt Mr. I due to posity of time we will take this as the last 1:18:29 1 hour, 18 minutes, 29 seconds question for the day. For the further questions you can get in touch with the IR team. Okay. Thank you 1:18:38 1 hour, 18 minutes, 38 seconds ladies and gentlemen. We will take this as the last question for the day. I now hand the conference over to Mr. Sharinas Macha for his closing comments. Over to you sir. 1:18:49 1 hour, 18 minutes, 49 seconds Uh thank you very much uh for that uh very uh thank you sir. 1:19:01 1 hour, 19 minutes, 1 second Yeah. Uh thank you very much. That was a very uh engrossing uh discussion that we 1:19:07 1 hour, 19 minutes, 7 seconds had and I hope uh um everybody's satisfied with the answers the management team gave. On the behalf of 1:19:15 1 hour, 19 minutes, 15 seconds management team and everyone at Mona, I want to extend my deepest gratitude to our shareholders, clients, bankers and 1:19:23 1 hour, 19 minutes, 23 seconds partners for your time and your unwavering support. I also want to place on record the immense contribution 1:19:32 1 hour, 19 minutes, 32 seconds of the sales and BG team, projects execution team, shared services teams like field educators, HR, finance, 1:19:40 1 hour, 19 minutes, 40 seconds accounting, admin and every single member of Monarch family. Thank you all. 1:19:46 1 hour, 19 minutes, 46 seconds And uh only with uh the dedication of our teams at Monarch could we scale the 1:19:52 1 hour, 19 minutes, 52 seconds hype and uh um um and reach to this point of time. 1:20:02 1 hour, 20 minutes, 2 seconds Thank you all. Um and you have a very good evening everyone. Thank you so much. 1:20:12 1 hour, 20 minutes, 12 seconds Thank you everyone. 1:20:14 1 hour, 20 minutes, 14 seconds Thank you sir. On be behalf of monad surveyors and engineering cons consultants limited that concludes this 1:20:22 1 hour, 20 minutes, 22 seconds conference. Thank you all for joining us and human now disconnected.