Patel Engineering Limited — Q3 FY26

Patel Engineering Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=MbvqoLeihmc Published: 2 months ago

0:01 1 second Ladies and gentlemen, good day and welcome to Patel Engineering's limited Q3 and 9 months FI26 conference call hosted by Share India Securities 0:10 10 seconds Limited. As a reminder, all participants lines will be in the lesson only mode and there will be an opportunity for you to ask questions after the presentation 0:18 18 seconds concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your Touchstone phone. Please 0:26 26 seconds note that this conference is being recorded. I now hand the conference over to Mr. Hersh Patil from Share India. Thank you and over to you Mr. Patil. 0:35 35 seconds Thank you and good morning everyone. On behalf of Share India securities, I would welcome I would like to welcome all the participants for Q3 FI26 0:44 44 seconds earnings conference call for Patil Engineering Limited. We are pleased to have with us the management team represented by managing director Miss 0:53 53 seconds Kavitas Suikar, chief financial officer Mr. Rahul Agarwal. Uh we will have the opening remarks from the management 1:01 1 minute, 1 second followed by Q&A session. Thank you and over to you ma'am. 1:06 1 minute, 6 seconds Thank you. Good morning everyone and thank you for joining us for our Q3 and 1:12 1 minute, 12 seconds 9 month FI26 earnings call. Our results and investor presentations have been uploaded on the stock exchange and I 1:21 1 minute, 21 seconds hope you have had the opportunity to review them. Now let me begin with the industry outlook. The government's focus on infrastructure remains very strong. 1:33 1 minute, 33 seconds The union budget 2026 has increased capital expenditure to 12.2 lakh crly 1:41 1 minute, 41 seconds reinforcing its commitment to infrastructure late growth. 1:46 1 minute, 46 seconds Hydro power and pump storage continue to be key priorities as India moves towards its 500 gawatt clean energy target by 2030. 1:57 1 minute, 57 seconds Project approvals have accelerated creating a healthy pipeline of opportunities. 2:03 2 minutes, 3 seconds A recent example is the Saval code hydroelect electric project being developed by NHPC limited with a plan 2:11 2 minutes, 11 seconds capacity of 1856 megawatt projects of dcale reflects the strong momentum in the hydro sector. 2:19 2 minutes, 19 seconds In addition, enhanced funding support from Power Finance Corporation and Rural Electrification Corporation will improve 2:28 2 minutes, 28 seconds access to structure and lower cost financing for hydro and transmission projects. 2:34 2 minutes, 34 seconds Irrigation, river interlinking, metro rail and tunneling projects are also gaining traction. 2:41 2 minutes, 41 seconds Overall, the sector environment remains supportive and it aligns well with fertile engineering core strengths. 2:49 2 minutes, 49 seconds Now speaking about our operational performance, execution continues to remain our biggest strength. During the quarter we 2:58 2 minutes, 58 seconds achieved important milestone across multiple complex hydro and underground projects. The subsuri hydropower project 3:07 3 minutes, 7 seconds in Arunachal Pradesh has made good progress. Unit two and three were fully commissioned in December 2025 and 3:15 3 minutes, 15 seconds February 26. Adding 500 megawatt of clean energy to the national grid. Work on the remaining units is going smoothly 3:24 3 minutes, 24 seconds and they should be completed in the next few months. 3:28 3 minutes, 28 seconds Completion of search gallery to excavation at Quir. Crossing 10 lakh cubic meter of concrete pouring at Kiru. 3:35 3 minutes, 35 seconds A key dam milestone again breakthrough achievement in the 9.2 kilometer headrest tunnel at Pern 3:42 3 minutes, 42 seconds Hydropower project completion of the entire NATM tunneling scope at the PGRW underground water tunnel in Mumbai. 3:51 3 minutes, 51 seconds These milestones reinforce our technical depth and execution credibility in challenging hydro and tunneling environments. 4:00 4 minutes Now coming to financial strengthening this quarter was equally significant from a strategic perspective. 4:08 4 minutes, 8 seconds We signed the MOA for the 144 megawatt Congre hydropower project under a boot model strengthening our long-term asset 4:16 4 minutes, 16 seconds portfolio. We monetized noncore assets and realized approximately 185 cr during the quarter. 4:24 4 minutes, 24 seconds We successfully completed a 400 cr right issue which is which was subscribed 1.1 times primarily aimed at debt reduction. 4:33 4 minutes, 33 seconds Our focus remains clear strengthen the balance sheet reduce leverage and enhance our capacity to bid for larger highquality projects. 4:43 4 minutes, 43 seconds Now speaking about order book and growth visibility as of 31st December 2025 our 4:50 4 minutes, 50 seconds order book stands at 15,123 crores providing strong multi-year visibility we have bids worth approximately 12,000 4:59 4 minutes, 59 seconds cr which are under evaluation and expected to open in the coming months further there is an identified pipeline 5:07 5 minutes, 7 seconds of over 50,000 crores to come up beating in the next one year we remain and confident of securing around 8 to 10,000 cr of new orders in 5:16 5 minutes, 16 seconds the coming year while maintaining strict margin discipline growth for us will remain calibrated 5:23 5 minutes, 23 seconds selective and profitabilitydriven fi for Q3 FI26 consolidated revenue 5:31 5 minutes, 31 seconds stood at 1239 crit was 145 crores profit after tax stood at 71 cr for 9 month 5:40 5 minutes, 40 seconds FI26 revenue increased is to 3681 cr which was up 5.75 7 cr from 5:47 5 minutes, 47 seconds corresponding previous last year. AITA at 469 cr with margin of 12.7%. 5:54 5 minutes, 54 seconds Profit after tax for the 9 month is 223 cr. 6:00 6 minutes Margins have moderated slightly compared to the previous period primarily due to project mix and execution facing. 6:07 6 minutes, 7 seconds However, we remain focused on maintaining operating discipline and improving efficiency as exhibition scales up. 6:14 6 minutes, 14 seconds Now coming to our debt, our total debt as of 31st December 2025 stands at 1433 cr 163 cr in March 2025. 6:26 6 minutes, 26 seconds Overall serviceable debt has reduced by 200 cr during the 9 month period. Debt to equity stands at 0.33x and finance 6:34 6 minutes, 34 seconds costs have declined year on year. We remain to we remain committed to continue deleveraging alongside growth. 6:43 6 minutes, 43 seconds I will now hand over to Rahul for the detailed financial performance. 6:47 6 minutes, 47 seconds Thank you Kavita and good morning everyone. I will now take you through the company's performance for the financial quarter ended and 9 months ended FY26. 6:57 6 minutes, 57 seconds On a consolidated basis, the revenue for the quarter is 1239 cr. 7:03 7 minutes, 3 seconds Operating AITA for the quarter is 145 cr, a margin of 11.7%. 7:08 7 minutes, 8 seconds Profit after tax stands at 71 cr with a margin of 5.69%. 7:13 7 minutes, 13 seconds On a standalone basis, the revenue is 1231 cr. Operating is 139 cr and a 7:20 7 minutes, 20 seconds profit after tax is 89 cr. Sector wise revenue breakup for Q3 FI26 hydro is 57% 7:27 7 minutes, 27 seconds irrigation 22% tunneling 13% roads and others at other 8%. Booktoill ratio 7:35 7 minutes, 35 seconds currently stands at 3.08x providing strong vis revenue visibility. Moving to 9 months numbers for the 9 months a 7:42 7 minutes, 42 seconds consolidated revenue 3681 crores up by 5.74%. Operating 469 crores a margin of 12.73%. 7:52 7 minutes, 52 seconds Profit after tax has increased by around 6.5% and standard 223 cr with a margin of 6.06%. 7:59 7 minutes, 59 seconds On a standalone basis, revenue is 3652 crores, an increase of 6.69% yearon-year. Operating AI is 449 crores with EIT of 12.29%. 8:10 8 minutes, 10 seconds Profit after tax is 223 cr with a margin of 6.09%. 8:16 8 minutes, 16 seconds Coming to debt, the overall debt as of December 31st 2025 is 1.33 cr out of which working capital debt is 983 crores 8:25 8 minutes, 25 seconds and remaining is termed at around 450 crores which is reduced by 170 crores from 1603 crores as of March 25. Total 8:34 8 minutes, 34 seconds debt and contract advances as of 31st December 25 is 2060 cr as compared to 2267 crores. Hence overall serviceable 8:42 8 minutes, 42 seconds debt has reduced by 27 cr during the year in 9 months. Finance cost for the quarter has reduced from 80 crores in 8:51 8 minutes, 51 seconds the corresponding quarter last year to 68 cr this quarter. Overall debt equity stands at 0.33 as of 31st December 25. 9:00 9 minutes Coming to working capital, our net working capital days is stable at 114 days. That was all on the Q3 FI26 9:07 9 minutes, 7 seconds results B from our side. We are now happy to take any questions. Thank you. 9:13 9 minutes, 13 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone 9:20 9 minutes, 20 seconds telephone. If you wish to remove yourself from the question cube, you may press star and two. Participants are requested to use handsets while asking a question. 9:30 9 minutes, 30 seconds Ladies and gentlemen, we will wait for a moment while the question cube assembles. 9:50 9 minutes, 50 seconds The first question comes from the line of Disha from Sapphire Capital. Please go ahead. 10:02 10 minutes, 2 seconds Hello. Miss Disha, please proceed with your question. Yeah. So, so I guess what is the order inflow till now for the 9 months? 10:13 10 minutes, 13 seconds around 3,000 K and I think previously we mentioned that we're expecting 8,000 to 10,000 K in 10:21 10 minutes, 21 seconds flow for this year as well. So where has the slowdown been exactly if you could throw some light on that? 10:29 10 minutes, 29 seconds So let me tell you during the year we maintain a discipline approach to bidding. See in a few large tenders 10:35 10 minutes, 35 seconds pricing turn very aggressive and not to compromise and margin for these standards particularly in technically complex hydro and underground projects. 10:46 10 minutes, 46 seconds Our strategy remains focused on quality products rather than in volume lead growth. Importantly, we currently have 10:53 10 minutes, 53 seconds approximately 12,000 K worth of goods under evolution and a strong pipeline expected to open in the coming months. 11:01 11 minutes, 1 second Based on current visibility, we remain confident of achieving our annual order inflow target while maintaining margin 11:08 11 minutes, 8 seconds discipline. So next year know next one year we expect to around addition of around 8 to 10,000 K of new orders. 11:16 11 minutes, 16 seconds So for this year for for Q4 what sort of order inflow are we expecting? 11:22 11 minutes, 22 seconds We cannot exactly tell you keep what time new projects will come up for bidding and what time it will get open. 11:29 11 minutes, 29 seconds But we say another next 6 months we expect to get around 7 to 8,000 K or two. 11:39 11 minutes, 39 seconds Okay. All right. And what sort of so I think we we've done around three around we're around 3,700 crores you've done so far. So what sort of execution are you 11:47 11 minutes, 47 seconds seeing for Q4 and what sort of growth are we expecting for F7? 11:53 11 minutes, 53 seconds So you see revenue as guided earlier we expect to cross 5,000 K this year and however with the new orders of around 12:01 12 minutes, 1 second 6,000 K already received and few more expected in the coming few months we expect FI20C 7 to see around 10% growth 12:10 12 minutes, 10 seconds in revenue and considering yeah and margins around 13 14%. 12:17 12 minutes, 17 seconds margin is around 13%. Correct. 12:21 12 minutes, 21 seconds Okay. And the order the the order book mix will be more or less similar to what we have now. 12:28 12 minutes, 28 seconds See I'll tell you let me tell you our primary focus continues to be on hydropower and pump storage project which forms the core core of our expertise. 12:37 12 minutes, 37 seconds India has an estimated hydropower potential of around 133 gawatt of which only about 50 gawatt has been harnessed 12:44 12 minutes, 44 seconds so far leaving significant untapped opportunity. 12:48 12 minutes, 48 seconds In addition, the government has outlined an ambitious road map of nearly 100 hours of farm storage capacity by 20356 12:57 12 minutes, 57 seconds and we expect substantial bidding activity in this segment over the next one to two. 13:03 13 minutes, 3 seconds We also see strong opportunities in irrigation and water resource management especially river interlinking and canal 13:11 13 minutes, 11 seconds projects where ordering activity is picking up. 13:16 13 minutes, 16 seconds will continue to participate in tunneling and specialized underground works particularly where technical complexity creates higher entry bar. 13:25 13 minutes, 25 seconds Uh yes um so overall we intend to focus on sectors where we we have a strong capabilities 13:34 13 minutes, 34 seconds and technical depth and the ability to maintain discipline margin. 13:40 13 minutes, 40 seconds All right and just uh a question on the execution. So I think you said you mentioned that we expecting 10% sort of growth but our order book and the type 13:49 13 minutes, 49 seconds of order wins that we are expecting is quite significant. So why only 10 why are we only guiding for a 10% growth? Do 13:56 13 minutes, 56 seconds we see any headwinds in terms of execution? 14:01 14 minutes, 1 second So see order inflow when it happens. So because since these are hydro projects are generally five year 10. So first 14:08 14 minutes, 8 seconds year it is mobilization. So then the order uh execution will be low. 14:17 14 minutes, 17 seconds Okay. So then you expect to pick up pace from FI28 onwards. Correct. Correct. 14:24 14 minutes, 24 seconds Okay. All right. That is it from my side. Thank you. 14:29 14 minutes, 29 seconds Thank you. The next question comes from the line of Ashikati from Keynote Capitals Limited. Please go ahead. 14:38 14 minutes, 38 seconds Hello. Am I audible? Yes, you are. 14:42 14 minutes, 42 seconds Uh good morning and thank you for the opportunity. Uh so my first question would be on the amount of tenders we have submitted till 9 month FI26. 14:54 14 minutes, 54 seconds So right now the tenders which are yet to open is around 12,000. 14:59 14 minutes, 59 seconds No but I am asking sir the uh already the amount of tenders which we have submitted like the bids we have uh done. 15:07 15 minutes, 7 seconds So bids this year last quarter we had said around 30,000 we had bidded now 12,000 remains to be bidded uh which is 15:15 15 minutes, 15 seconds to be opened and another 50,000 is in pipeline which we have identified to bid in the next one year. 15:21 15 minutes, 21 seconds Okay. Uh my second question uh sorry if it is being repeated but it is on the order book. So last quarter we guided 15:29 15 minutes, 29 seconds that we are expecting the total order inflow for this year to be around 8,000 kores and by far we have done about 3 15:38 15 minutes, 38 seconds 3500 3700 odd crores. So uh are we not expecting to achieve this 8,000 K target this year for the order inflow. 15:47 15 minutes, 47 seconds See uh it it is depending as Kavita was explaining. So March we cannot give a cut off that by March it may happen. It 15:55 15 minutes, 55 seconds may go few months here and there but we have 12,000 crores which we have already bidded and it will open in next 1 two 16:02 16 minutes, 2 seconds months. So uh our success ratio generally around 20%, so we expect something to come from there. Then uh we 16:10 16 minutes, 10 seconds had revived our Gongri project that 1700 cr work that may come up. So considering everything we are still hopeful that we 16:18 16 minutes, 18 seconds will reach there but we we cannot identify exact timeline. 16:23 16 minutes, 23 seconds Okay. Okay. got it and so last year we also highlighted that we had bidded for a very large project uh the value of 16:31 16 minutes, 31 seconds which was about 15,000 K plus and we were expecting the outcome by 3 to 4 months so any update on that order 16:40 16 minutes, 40 seconds that order is open we are not L1 on that okay okay got it and sir one more question would be on the total available 16:48 16 minutes, 48 seconds land bank with us as on this date and what will be it appro approx value in the books 16:56 16 minutes, 56 seconds So land bank we have still around 800 odd crores land bank. 17:00 17 minutes Okay. And it's approx value we carry in the books around that only. 17:08 17 minutes, 8 seconds Okay. Got it. And uh also sir if you can uh share with me the total amount of awards and claims as on the date which are like pending. 17:18 17 minutes, 18 seconds So we have total awards in claims around 3,000 around 700 is awarded 3,000 okay 3,000 is pending right 17:28 17 minutes, 28 seconds right 3,000 means total including awarded so 700 is awarded balances uh under arbitration of various stages of 17:36 17 minutes, 36 seconds claims okay got it and sir uh last question was on the right issue so did the promoters 17:43 17 minutes, 43 seconds participate in the right issue promoters participated uh but not fully. 17:50 17 minutes, 50 seconds Okay. Okay. Thank you sir. That's it from my side. 17:56 17 minutes, 56 seconds Thank you. The next question comes from the line of Vira Mahadeva from Money Crew Asset. Please go ahead. Please go ahead. 18:04 18 minutes, 4 seconds Hi Mr. Shar. Hi Rahul. Couple of questions. Uh what is the net debt post the rights issue if you can break it up 18:11 18 minutes, 11 seconds into term loan, working capital and cash as of current. The gross debt is around 400 18:20 18 minutes, 20 seconds out of 983 is uh working capital 450 18:26 18 minutes, 26 seconds term. We have right issue funds unutilized right now. So which is like 18:34 18 minutes, 34 seconds 200 200 250. So that money will get utilized next speaker. Sorry 18:43 18 minutes, 43 seconds to interrupt there is an echo. There is an echo. Okay. 18:52 18 minutes, 52 seconds Sorry. You said right issue is 200 crores. Right issue was about 400 crores. No. 18:57 18 minutes, 57 seconds No. So he is saying party fund has been utilized in balance. 19:05 19 minutes, 5 seconds So what has it been utilized for the 150 crores already? It's not debt repayment. 19:11 19 minutes, 11 seconds No. No. So it is utilized. So partly it is utilized for payment. Okay. 19:17 19 minutes, 17 seconds And so out of the right isation proced 19:27 19 minutes, 27 seconds sorry I'm losing I think there is some voice. 19:37 19 minutes, 37 seconds Are you able to hear? Yeah better. 19:39 19 minutes, 39 seconds Mr. Mr. Mr. Mira 19:49 19 minutes, 49 seconds so I'm saying the out of the right issue proceeds 100 crores was for general corporate purposes utilization the one who was asking the question now 19:57 19 minutes, 57 seconds I told him to keep yourself on mute okay okay yeah so 100 crores was for general 20:05 20 minutes, 5 seconds corporate purpose and the balance was for debt so that is why right now unutilized funs remains around uh 250 or so. 20:15 20 minutes, 15 seconds All right. And are we looking to now repay the 250 for the term loan by March and work towards a term loan free balance sheet? 20:25 20 minutes, 25 seconds Yeah. So we will utilize it by something. 20:33 20 minutes, 33 seconds Understood. uh you have some exceptional item in your uh this quarter's results uh related to I think the uh new uh 20:42 20 minutes, 42 seconds labor codes is that one time is it going to be recurring of this amount every year can you guide us 20:49 20 minutes, 49 seconds no no it is one time okay um secondly you have a tax of 65 crores of earlier years can you explain 20:57 20 minutes, 57 seconds that a right back so there were some assessments completed uh assessment completed because of tax. 21:07 21 minutes, 7 seconds Mr. V on mute please. Whenever management is ask answering your question, keep your lines on mute. There is an echo from your end. 21:22 21 minutes, 22 seconds Yeah. So there was a completion of assessment because of which there has been a reversal. 21:29 21 minutes, 29 seconds Understood. Your cost of materials has gone up meaningfully. uh in your reported results from 16% in same period 21:36 21 minutes, 36 seconds 24 to 19% in September 25 now to 26% can you explain to us what is happening there because that's compressing your 21:45 21 minutes, 45 seconds margins it is just change in mix of what works we are executing so if you see the corresponding cost of construction is 21:53 21 minutes, 53 seconds also going down as a percentage 22:01 22 minutes, 1 second Okay. And uh can you update us on the debang project? Did we lose that project? Is I heard it on another EPC call? 22:10 22 minutes, 10 seconds Yeah. So we were not one on that project. That project you know it has been bidded by someone else and that uh 22:19 22 minutes, 19 seconds very aggressive bidding. So we would probably not take that position. 22:24 22 minutes, 24 seconds Our strategy remains focused on quality for quality of orders rather than volume blade growth. See we do not want that 22:30 22 minutes, 30 seconds risk you know where the in and complex and uh long tenure projects difficult projects. 22:40 22 minutes, 40 seconds Understood. So how much in the confirmed order book today is 15,000 crores. We've got outstanding uh bid placed already of 22:47 22 minutes, 47 seconds comma 12,000. 12,000 12,000 and we are bidding for another uh 22:55 22 minutes, 55 seconds uh how many another 15,000 23:04 23 minutes, 4 seconds 50 in next 6 months you know another 50,000 23:13 23 minutes, 13 seconds Mr. Viraj please keep your lines on mute which is creating a lot of disturbance whenever the management is ask answering your question there is an echo from your 23:21 23 minutes, 21 seconds end okay I'll come back thank you thank you 23:30 23 minutes, 30 seconds thank you very much the next question comes from the line of Pesh from Lucky Investment please go ahead 23:36 23 minutes, 36 seconds yes in the 9 months how much is the total orders issued in the system and what was your market share at this 3,000 of e floor that you have. 23:49 23 minutes, 49 seconds So 9 months we got orders of around 3,200 or not. What's your market share? 23:59 23 minutes, 59 seconds So in the 9 months it is actually difficult to say a market share because there was one single large project but around 10%. 24:08 24 minutes, 8 seconds So single large project what was which was this and uh what was the size of this project? 24:16 24 minutes, 16 seconds So this project size was around 16,000 odd crores. 24:21 24 minutes, 21 seconds Okay. And uh can you name the project please? 24:26 24 minutes, 26 seconds It is Dang Dang uh project that dam dam works. Okay. We had bu for it or we had not bu. 24:34 24 minutes, 34 seconds So we had bit for it. We had bit for it. 24:36 24 minutes, 36 seconds Okay. Okay. The other question is uh with respect to these uh you know last 24:42 24 minutes, 42 seconds 12 months uh announcements by various agencies on uh trying to explore the 24:50 24 minutes, 50 seconds hydro potential in northeast and around the indust. 25:05 25 minutes, 5 seconds So considering all this when do you see tangible materialization of order 25:10 25 minutes, 10 seconds employees you get around these uh main areas because these are the potential 25:18 25 minutes, 18 seconds the tangible order and flow for and does it materialize. 25:25 25 minutes, 25 seconds Yeah. the next one two years. 25:33 25 minutes, 33 seconds Documents how to do your voice is waking 25:41 25 minutes, 41 seconds sesh. There is a lot of background noise from your end. We cannot hear your question properly. 25:51 25 minutes, 51 seconds Is it okay now? 25:52 25 minutes, 52 seconds Yeah. Yeah. Much better. So I'm just saying based on the are the RFQS or the bid documents for some of these projects 26:00 26 minutes out for which you're saying one to two year you see a situation where order inflow is materialized or they are yet 26:06 26 minutes, 6 seconds to be out. No no no they are lot of them are out like projects like sav court you know uh then other kamla so there are 26:15 26 minutes, 15 seconds various projects for which the RFQS are already out and there are few projects eternal and all where the RFQS are expected to come out that's why we are 26:23 26 minutes, 23 seconds saying one two years so some of these projects have finished their environmental clearances approvals etc ministry regulatory requirements 26:31 26 minutes, 31 seconds environmental requirements everything is done with it right yes financial closures of those projects 26:39 26 minutes, 39 seconds Yeah. Yeah. So, see all these projects basically are coming from clients like NHTC, SGBNL and all which are Navaratna 26:46 26 minutes, 46 seconds company. So, there should not be a problem of financial closure for them. 26:50 26 minutes, 50 seconds But the other pre-financial closure requirements of the project in terms of environmental etc. All those things are done with or they are in the process. No 26:59 26 minutes, 59 seconds more uh so some projects is already done like sav court and all that's why they are coming up for bidding and there are some projects like eternal and all which 27:07 27 minutes, 7 seconds is still going on. So that is why we are saying all these projects will come up for bidding in next 1 two years. 27:13 27 minutes, 13 seconds So how many worth projects is where the basic elementary uh clearances are done with and they are ready for bid. 27:23 27 minutes, 23 seconds So they are ready for bid and yeah currently currently. Yeah. 27:27 27 minutes, 27 seconds So currently Savode and Kamla got the CC clearance and RP as out and which is ready for the bidding in near future. 27:36 27 minutes, 36 seconds Rest is under pipeline. We are saying can you quantify these two projects please? 27:41 27 minutes, 41 seconds Uh this projects value will be around 10 to 20,000 cr. We can say it's a wide number 10 to 20. What is the total project size and the project code? 27:52 27 minutes, 52 seconds There are couple of packages. Yeah. Yeah. So one package is announced. 27:56 27 minutes, 56 seconds Second package another one more package will be announced shortly and Kamla also only one package is announced. Rest is 28:04 28 minutes, 4 seconds under pipeline. That's why we are saying around 12 uh around 8,000 is already announced. Balance 10,000 will come up 28:11 28 minutes, 11 seconds will be announced in very shortly. So we are saying 10 to 20,000. That's why I saying 10,000. So whatever is announced 28:19 28 minutes, 19 seconds for which the bid has been they'll call for a bid right immediately. Yeah. 28:24 28 minutes, 24 seconds Immediately correct in next one month or so. 28:26 28 minutes, 26 seconds Okay. And if you just take this discussion little bit ahead and in the next 12 months how many more projects do 28:34 28 minutes, 34 seconds you see where they pass the elementary clearances requirement and enter a bit stage. 28:41 28 minutes, 41 seconds So another two three projects are in advance stage. We say Italian is 3,000 megawatt toka cost around 30,000 crores 28:49 28 minutes, 49 seconds itself. So that's why we are saying 50,000 20,000 near future and another 30,000 in next one. 28:56 28 minutes, 56 seconds And there are various small projects also PSP projects also. 28:59 28 minutes, 59 seconds Yeah. Even TTO project so projects there are projects coming up in states like Bhutan in countries like 29:06 29 minutes, 6 seconds Bhutan, Nepal everywhere. So you know all combined we are clearly saying that 50,000 crores worth of project should come up for bidding next 8 months. 29:16 29 minutes, 16 seconds Mr. Prates you may rejoin the queue for the follow-up questions. 29:21 29 minutes, 21 seconds The next questions comes from the line of Nirman from unique PMS. Please go ahead. 29:27 29 minutes, 27 seconds Uh yeah so you uh you mentioned on the call about some pricing pressure in some of these projects. Can you explain uh 29:35 29 minutes, 35 seconds why is there pricing pressure? There was supposed to be a lot of projects in the fight, right? 29:42 29 minutes, 42 seconds Sorry, can you repeat the question please? 29:45 29 minutes, 45 seconds You mentioned about pricing pressure on these large projects. Uh, so earlier you were mentioned that there were a lot of 29:52 29 minutes, 52 seconds projects and uh there would be Mr. Can you can you speak loudly? We cannot hear you clearly. Your question 30:00 30 minutes is not loud and clear to us. Please speak loudly. 30:05 30 minutes, 5 seconds Hello better. I'm audible now. Yeah. Yeah. 30:13 30 minutes, 13 seconds So I was uh mentioning about the you uh the pricing pressure that you maintain uh a lot of products in the pipeline for 30:20 30 minutes, 20 seconds everyone right. Uh uh can you explain this pricing pressure bit? 30:27 30 minutes, 27 seconds So basically see there was one this project where uh you know a private company not a listed company have bidded 30:34 30 minutes, 34 seconds and where the bid was done at a very aggressive price and that's why uh you know we didn't get that project 30:43 30 minutes, 43 seconds but there are other projects in pipeline many other projects are in are in pipeline and don't expect 30:51 30 minutes, 51 seconds those if you expect to close of orders I don't expect that to happen in all the projects. 31:01 31 minutes, 1 second Okay. Uh secondly on this uh go so are you comfortable now on the again you know because we had 31:10 31 minutes, 10 seconds problems in such a model in the past. 31:16 31 minutes, 16 seconds No, so Gongri project is you know one project where uh everything is completed and that is why government wanted to 31:24 31 minutes, 24 seconds revive the project and based on discussions with the government we revived that project and uh and considering our strong balance sheet 31:31 31 minutes, 31 seconds right now we are into we feel and Gongri is a good project after completing the project we expect to get the revenue of 31:39 31 minutes, 39 seconds around 300 crores per so which will be sizable and will enhance company balance sheets further. So that's why you know we chose to do this work. 31:51 31 minutes, 51 seconds Okay. 31:53 31 minutes, 53 seconds And lastly on the non realization so you mentioned the number for this your voice is breaking 32:01 32 minutes, 1 second neon neon whenever you are speaking there was a lot of disturbance we cannot hear your question properly. 32:09 32 minutes, 9 seconds Uh on the noncore asset realization you mentioned a number for this quarter. Can you repeat that number? 32:17 32 minutes, 17 seconds So this quarter around 140 this quarter overall this 9 months we have achieved around 195 crores out of sale of 32:25 32 minutes, 25 seconds non-core assets and realization of claim. 32:28 32 minutes, 28 seconds Okay. How much do we expect for the next one years? Next one year another 150 200 cr. 32:36 32 minutes, 36 seconds So this year our target was 150 to 200 cr. So we achieved 185 cr so far. Next year also we expect to continue the same. 32:45 32 minutes, 45 seconds Okay. All right. Thank you. 32:50 32 minutes, 50 seconds Thank you very much. A reminder to all the participants that you may press star and one to ask a question. 32:57 32 minutes, 57 seconds The next question comes from the line of J. Bharati from Incred AMC. Please go ahead. 33:04 33 minutes, 4 seconds Hello. Good morning. Am I audible? Yeah. Yes, you are. 33:08 33 minutes, 8 seconds Uh so just wanted to ask on the extraordinary acts one time exceptional on the real estate vatas that you have 33:16 33 minutes, 16 seconds mentioned. So how much of such adjustments do we see coming in coming quarter or next one year maybe? 33:26 33 minutes, 26 seconds No no no it is it is one time only we don't expect. So Datas Vishwas uh it was completed last year. This year one of 33:34 33 minutes, 34 seconds the uh clients in uh Himachal Pradesh they came up with this policy that's why 33:42 33 minutes, 42 seconds we did with them also so we don't see this coming up again okay but uh even but this was supposed 33:51 33 minutes, 51 seconds to be in the real estate division if I'm correct because there are two things one is for the client and one is for the real 33:59 33 minutes, 59 seconds estate division where we have settled with some old customers Okay. So what can you give the split of 34:06 34 minutes, 6 seconds what how much of it is for what for the client is around 17 and a half to 18 odd crores and the real estate division was around 12 cr. 34:17 34 minutes, 17 seconds Okay. And second on the tax writebacks uh at what levels are there assessments 34:24 34 minutes, 24 seconds going on where we have taken right back are the PIT past orders or IT how is it? 34:33 34 minutes, 33 seconds So yeah it is one is ITAT and one is CIT. 34:38 34 minutes, 38 seconds Okay. So we don't write back uh before uh only on the basis of the AO order. No no no no. 34:46 34 minutes, 46 seconds Okay. And uh what would be the difference between our bid and the L1 for the Debbang project? 34:56 34 minutes, 56 seconds I think almost 1,000 crores. 35:00 35 minutes So we for the 15,000 cr project we would have made somewhere around 15,000 and they would be at 14,000. So this is what my understanding is. 35:11 35 minutes, 11 seconds Kind of kind of. Yeah. Okay. Yeah. Yeah. That's it from my end. Thanks. 35:18 35 minutes, 18 seconds Thank you very much. A reminder to all the participants that you may press star and one to ask a question. 35:25 35 minutes, 25 seconds The next question comes from the line of Bijil Sha from RTL Investment. Please go ahead. 35:31 35 minutes, 31 seconds Yeah. Hi, thanks for the opportunity. I hope I'm audible. Yes. Yes. 35:36 35 minutes, 36 seconds Yeah. So uh if I see your margins for last uh couple of years it has been over 14% I mean it was around reaching 15% 35:45 35 minutes, 45 seconds also and now you are guiding for 13 and to 14% when you are saying that outlook is very good and uh uh there are lot of 35:53 35 minutes, 53 seconds projects and you are driving efficiency also so what has changed I mean why the guidance for margin is 30 to 14%. 36:02 36 minutes, 2 seconds In fact uh at discussions also uh you were always saying that you will maintain margin. This is like 100 basis point lower margin which you are riding now. 36:13 36 minutes, 13 seconds So we have been telling about 13 14 only. What we are saying now is around 13 because uh when we see that you know new projects are coming and as I just 36:22 36 minutes, 22 seconds explained the last difference in the bids and whatever new projects are coming so we'll have to consider and align uh you know on the margin front. 36:31 36 minutes, 31 seconds So essentially you are saying that competitive intensity has increased. We have seen that in one large project. 36:39 36 minutes, 39 seconds We will comment on that you know if some more projects are coming up uh when they when they open. 36:46 36 minutes, 46 seconds Okay. Secondly, uh last time uh I mean the the idea was that uh 26 the growth will be lower because at the beginning 36:54 36 minutes, 54 seconds of the year uh you did not have many orders as the last year there was uh very few orders which were announced. 37:02 37 minutes, 2 seconds Now it seems to be the same thing this year also. So what makes you confident about 10% growth in the coming year and 37:10 37 minutes, 10 seconds I think earlier you were guiding at 15% now you have tone it down to 10% but is it 10% also is at risk. 37:18 37 minutes, 18 seconds So I'll tell you FY25 the order inflow was almost nil that's why this year we had given almost a flat target. This 37:25 37 minutes, 25 seconds year we have already got 3,200 new orders and whatever new orders more will come in next five 6 months. So considering that we are giving 10%. 37:36 37 minutes, 36 seconds Okay. So 10% is still achievable. Yeah. 37:42 37 minutes, 42 seconds Okay. And uh lastly I mean uh uh on this timelines of order I mean I understand 37:50 37 minutes, 50 seconds it's a government uh thing and there is really nothing uh uh we can't have a proper timeline. You can't guide us for 37:58 37 minutes, 58 seconds that. But what is your sense in terms of what are the projects which are available and uh across all the spectrum 38:07 38 minutes, 7 seconds entire spectrum of all all the things and and you will be bidding over next uh say two years 38:16 38 minutes, 16 seconds various sectors are there. So our focus will remain hydro PSP and all irrigation tunneling lot of projects are coming if 38:25 38 minutes, 25 seconds you see in budget uh metro you know rail corridors they have been announced so we will be looking for such projects also 38:33 38 minutes, 33 seconds so yeah there is there is a you know ample of projects I mean we can see a order inflow of similar size in the next two three years easily. 38:44 38 minutes, 44 seconds Okay. Okay. Thank you and all the best. Thank you. 38:48 38 minutes, 48 seconds Thank you. The next question comes from the line of Jatin from Hunen Investment Private Limited. Please go ahead. 38:59 38 minutes, 59 seconds Mr. Jatin, please proceed with your question. 39:04 39 minutes, 4 seconds Mr. Jatin, we will take the next question. The next 39:11 39 minutes, 11 seconds question comes from the line of Vir Mahadeva from Money Grow Asset. Please go ahead. 39:17 39 minutes, 17 seconds Hi, thanks for taking my question. Um, going forward, will the funds from non-core monetization and arbitration be prioritized for a term loan repayment? 39:31 39 minutes, 31 seconds Yes. 39:33 39 minutes, 33 seconds So hopefully we are a net cash company by um FY27. Is that your internal projection? 39:41 39 minutes, 41 seconds I mean leaving apart working capital. 39:48 39 minutes, 48 seconds uh you should be close to neutral, right? Because if you've got 250 cr cash, 450 term loan now and you have a monetization, your loan will be gone 39:56 39 minutes, 56 seconds plus you'll generate operating cash flows through next year of um probably 4 500 crores at the very least that is that tie in with your expectations. 40:08 40 minutes, 8 seconds Yeah, that ties in the expectations. Correct. 40:16 40 minutes, 16 seconds Okay, great. Thank you so much. 40:20 40 minutes, 20 seconds Thank you. The next question comes from the line of Priti Agarwal from SK Associates. Please go ahead. 40:27 40 minutes, 27 seconds Yeah, thank you so much for the opportunity. Uh could you please elaborate on the construction costs and you know how you see them shaping over the next few quarters? 40:38 40 minutes, 38 seconds See our EITA is around 13 I mean uh you know on an average for the full year. So that uh we expect to continue in the next few quarters. 40:51 40 minutes, 51 seconds Understood. And uh like you seem to be diversifying your revenue sources with the bid for esavation projects. So are 41:00 41 minutes these projects uh lower margin compared to the overall margins? 41:06 41 minutes, 6 seconds So see on margins 13% is on a blended basis. So this is one project we have taken in a for excavation because we are 41:14 41 minutes, 14 seconds anyways doing excavation in our hydro and tunneling project. So uh yeah the margins in this is 100 150 basis point 41:24 41 minutes, 24 seconds lower than that but that is a small project around 800 k. 41:30 41 minutes, 30 seconds Understood. and uh just wanted your thoughts regarding the Assam dam project which is on boot basis. I think there 41:37 41 minutes, 37 seconds are some concerns on stress on your balance sheet. 41:43 41 minutes, 43 seconds There are no concerns on a stress balance sheet because as you also know our debt has reduced and our balance sheet is trended so far and expecting 41:52 41 minutes, 52 seconds the future revenue from the project we have taken this project. 41:57 41 minutes, 57 seconds Understood. Uh thank you so much. That's it for my sir. Thank you. 42:03 42 minutes, 3 seconds The next question comes from the line of Sunil Gotari from Unique PMS. Please go ahead. 42:09 42 minutes, 9 seconds Uh thank you for opportunity ma'am. Just broad wanted to understand is uh 42:16 42 minutes, 16 seconds like in many other industry also there is a increasing competitive scenario for 42:22 42 minutes, 22 seconds EPC players. So how we are confident about maintaining our good this respectable 13 14% margin how you see 42:31 42 minutes, 31 seconds the scenario like you said this big project has been taken over by some private company at a very substantial lower rate so how to how you will be 42:40 42 minutes, 40 seconds navigating this situation because Patel has a so many years of experience but unfortunately new players are so easily 42:47 42 minutes, 47 seconds entering those fields so if you can little elaborate on this situation so so I'll tell you 42:54 42 minutes, 54 seconds Current our current auto book is 15,000 K. See our we we have a legacy of 43:01 43 minutes, 1 second executing complex projects. So we are technically sound. We have experience considering this in this challenging. 43:10 43 minutes, 10 seconds You are rightly said key some of them new players are bidding aggressively and we have to navigate this situation. But 43:18 43 minutes, 18 seconds we have a competitive advantage because we are technically sound. We are more experienced. We have existing equipment 43:26 43 minutes, 26 seconds base of around 1,200 cr. We have employees base technical expertise design and engineering team where we can do some engineering and reduce our cost. 43:38 43 minutes, 38 seconds So this is on our side our experience our technical expertise and our past legacy. Considering this we are 43:46 43 minutes, 46 seconds confident that in this difficult situation also we will reach our target. 43:54 43 minutes, 54 seconds Okay. Thanks. And uh one more question to Mr. Rahul. Uh our uh letter of offer 44:01 44 minutes, 1 second mentions issue expenses 50 cr on a foreign right issue. Right issue happens 44:07 44 minutes, 7 seconds now digitally. Why so high expense of 50 cr we are talking about if you can detail in explain please. 44:18 44 minutes, 18 seconds So it is it uh because there were consultants appointed uh you know the basis considering that around 10% is 44:26 44 minutes, 26 seconds what we knew that you know it is uh yeah 10% cost is there 44:33 44 minutes, 33 seconds plus Yeah. Yeah. Because 10% cost is there 44:44 44 minutes, 44 seconds generally if you see other uh right issues also including GST. So it is on an average 8% plus 20% GST totally damper. 44:57 44 minutes, 57 seconds Thank you. Thanks. 45:00 45 minutes Thank you. The next question comes from the line of J from Star Investment. Please go ahead. 45:08 45 minutes, 8 seconds Hi sir, I wanted to know if the utilization of the rights issue has already begun and how much has been 45:15 45 minutes, 15 seconds utilized so far and how much remains to be utilized. 45:20 45 minutes, 20 seconds So we have submitted the utilization report on the exchange. So out of 400 I think 300 is remains to be utilized. 45:30 45 minutes, 30 seconds Okay. like uh do you foresee any other fund raise in the coming quarters to finance either the working capital or growth requirements? 45:40 45 minutes, 40 seconds Not immediately. We will evaluate you know based on uh requirement like we have taken Gongri project so funding may 45:48 45 minutes, 48 seconds be required for that. So we will see. 45:53 45 minutes, 53 seconds Okay. answer one uh last question like how do you see the recent budget announcements with respect to the power storage projects like do you think it is 46:02 46 minutes, 2 seconds a major uh positive for the company and how do you foresee the potential pan 46:10 46 minutes, 10 seconds yeah it is positive for the company so it gives us you know huge opportunity going forward to bid for these projects 46:18 46 minutes, 18 seconds because there are large projects coming up for gooding in this sector because government focus is in power and especially PS and hydropower project. 46:29 46 minutes, 29 seconds Okay. Thank you. That's from Mash. 46:33 46 minutes, 33 seconds Thank you. The next question comes from the line of J Bharati from Incred AMC. Please go ahead. 46:41 46 minutes, 41 seconds Hello. Yeah, thanks for the followup. Uh Beck wanted to ask uh are we facing any competition threats from bed uh in our 46:50 46 minutes, 50 seconds PSP orders or are the utilities rethinking on putting up a best instead of a PSP? Your thoughts there? 47:01 47 minutes, 1 second No PSP projects and best projects there is no competition between them. PSP project there are some PSP project which 47:08 47 minutes, 8 seconds are coming up along with a B Okay. But um but the PSP tariff rates uh 47:17 47 minutes, 17 seconds would lie anywhere between 7 to 8 rupees per unit if I'm not maybe 6 to 7 rupees and base is uh relatively cheaper. 47:26 47 minutes, 26 seconds So why go for a PSP? So that that was my fundamental question. 47:33 47 minutes, 33 seconds Oh no. So see it depends upon uh the quantum of power also. So best projects 47:41 47 minutes, 41 seconds uh you know it comes generally it comes with solar or wind where uh where the qu 47:49 47 minutes, 49 seconds power generated could be low and when it comes to PSP projects you know the projects are long life and uh so 47:58 47 minutes, 58 seconds considering the overall capital cost and all it makes more sense and sometimes PSP projects is coming as an addition to an existing hydropower project. So all those factors are there. 48:10 48 minutes, 10 seconds Okay. Yeah. And uh for the next on the coming 2 three years uh what 48:18 48 minutes, 18 seconds would be our execution cycle be on maybe 30 to 35%. Any number that you can give? 48:28 48 minutes, 28 seconds Sorry I didn't get you. What is 30 to 35% execution cycle basically your uh 48:35 48 minutes, 35 seconds uh it is average of the closing and opening order book uh book to bill ratio what is the revenue 48:43 48 minutes, 43 seconds yeah understood understood so see our book to build ratio is generally between 3 to four years 48:50 48 minutes, 50 seconds but to maintain a 10% uh guidance which you have given the order inflow for FI20 48:57 48 minutes, 57 seconds assuming we are doing 6,500 crores for FI26 broadly your FI 27 and 28 numbers 49:04 49 minutes, 4 seconds have to be more than 8 10,000 uh to deliver that group. 49:14 49 minutes, 14 seconds See this year we are expecting around 5,000. So next year around okay okay cool. Yeah that's a command. 49:25 49 minutes, 25 seconds Thanks. All the best. Thank you. 49:29 49 minutes, 29 seconds Thank you. The next question comes from the line of Vishal Sara from VBS Securities. Please go ahead. 49:36 49 minutes, 36 seconds Uh hi sir. Uh can you just help us understand what is the business model or the revenue model for the Gongri hydroelect electric project which is a B project? 49:45 49 minutes, 45 seconds Yeah it is B project. 49:46 49 minutes, 46 seconds It is a B project. So four years of construction and then there will be a sale of power. So around 40 40 years 49:54 49 minutes, 54 seconds yeah 40 years project will be there. So revenue in the first year is expected around 300 crores after completion. 50:03 50 minutes, 3 seconds So, so what will be the EPC value here and uh uh and the second point is do we need to then enter into PPAs with uh 50:12 50 minutes, 12 seconds utilities and how will the tariff be determined? Uh can you help us understand that? So there will be a PPA entered to be entered EPC value right 50:20 50 minutes, 20 seconds now the the final numbers are being bugged out so that's why we don't have the exact EPC value right now and there will be a PPA entered the PPA can be a 50:29 50 minutes, 29 seconds fixed price or a cost plus PPA that will depend upon you know what agreement we are entering into with the risks of the government. 50:40 50 minutes, 40 seconds No. So here uh you know because uh we effectively end up owning this project uh for uh say such a long time. So do we 50:48 50 minutes, 48 seconds have an understanding from the state government that will be assured some return like NHPC gets in a lot of its 50:55 50 minutes, 55 seconds nominated projects or uh have we assured them any base tariff rate uh for for the period of uh the project? 51:04 51 minutes, 4 seconds So we are trying cost plus CPA model. 51:07 51 minutes, 7 seconds Yeah. where our cost gets covered and we get reasonable marginal correct and see for the state there is a 51:14 51 minutes, 14 seconds fixed policy of giving a 12% free power sorry 12% 51:21 51 minutes, 21 seconds free power to the state okay okay and uh thank you and on the urban infra 51:30 51 minutes, 30 seconds project uh for the uh SECL so there is the tariff fixed on say per 10 basis or 51:37 51 minutes, 37 seconds how does the revenue model work in this project? 51:40 51 minutes, 40 seconds So revenue model is based on the lead of the kilometers. Okay. 51:47 51 minutes, 47 seconds Basically have to excavate and you know uh transport. 51:51 51 minutes, 51 seconds So for us it is excavation and transport coal will be selling the code actually. Understood that. Yeah. 51:59 51 minutes, 59 seconds Okay. So, so we will have a fixed uh say freight uh here is it there will be a fixed rate per cubic meter per kilometer. 52:10 52 minutes, 10 seconds Okay sir. And that number is disclosed or can you share that number? I don't have it right now with me. 52:19 52 minutes, 19 seconds Okay sir. Fine. Thank you very much. 52:23 52 minutes, 23 seconds Thank you. The next question comes from the line of Vir Mahadeva from Money Grow Asset. Please go ahead. 52:31 52 minutes, 31 seconds Thank you for taking my followup. Uh two quick questions. Uh what is the capex plan for the next one or two years or do 52:38 52 minutes, 38 seconds we have all the equipments in place to execute uh the current order book? 52:46 52 minutes, 46 seconds Yeah 150 cr capex will be required for all the current coming up EPC physics. 52:52 52 minutes, 52 seconds So per year, oh would it be 70 50 to 70 uh per year or 27 year? 53:00 53 minutes Sorry this is for the next year. 53:04 53 minutes, 4 seconds So 100 to 150 for FY27 and then nothing for 28 28 will depend upon what projects we get 53:12 53 minutes, 12 seconds next year then we'll have to understood. Uh and my second question is um 53:20 53 minutes, 20 seconds yeah have there been any cost optimization initiatives that you all have pursued as a company either through AI or any of these pilot projects that 53:29 53 minutes, 29 seconds you've done which have yielded encouraging results that you're looking to now roll out on a wider basis for saving. 53:36 53 minutes, 36 seconds So we have worked out on various things like you know implementation of IoT etc and at various projects and you know 53:43 53 minutes, 43 seconds saving on diesel consumption costs and uh running efficiency of the equipments. 53:50 53 minutes, 50 seconds So we have done on a pilot basis for a couple of projects and we intend to implement it at all projects across 53:57 53 minutes, 57 seconds and how much savings could that yield in FY27 on an annual basis for the company? 54:06 54 minutes, 6 seconds Difficult to put a number on that but even a range even a range see maybe half a percent half a percent of revenues. 54:18 54 minutes, 18 seconds Yeah. Okay, thank you. All the best. 54:23 54 minutes, 23 seconds Thank you. The next question comes from the line of Abhijit from six senses. Please go ahead. 54:36 54 minutes, 36 seconds Mr. Abijit, please proceed with your question. 54:42 54 minutes, 42 seconds Mr. Abiji, can you hear me? 54:47 54 minutes, 47 seconds Yes, we can. Please proceed with your question. 54:50 54 minutes, 50 seconds My question is on that 50 K rupees expenses that you have booked onto the rights issue. Uh that seems to be really 54:57 54 minutes, 57 seconds very high number because IPOs happen at 2 and a half% 3% fees. 10% uh rights 55:04 55 minutes, 4 seconds issue fees is unheard of. Do you want to uh give a detail how that uh 10 cr plus uh GST number has come in? 55:16 55 minutes, 16 seconds No. So the we have uh appointed consultants we have done road shows etc. 55:21 55 minutes, 21 seconds So basis that the cost was there the cost is absolutely high I telling you I have some background of investment 55:28 55 minutes, 28 seconds banking and that's why I'm telling you right s generally happens between 50 bits and 100 bits 55:39 55 minutes, 39 seconds you have charged here 10% that's a investor's money 55:47 55 minutes, 47 seconds yeah so this is what is there as for the offer document investment banking. 55:56 55 minutes, 56 seconds Yeah, I think earlier also we had similar cost. 55:59 55 minutes, 59 seconds That's that's absolutely absurd cost. I can tell you and on this forum I'm registering this. I'm your investor and 56:06 56 minutes, 6 seconds that's this is my money because I have put in my money into your rights issue. 56:14 56 minutes, 14 seconds At first you can go ahead uh check onto the SE at what cost rights issue happen. 56:21 56 minutes, 21 seconds Yeah. Only what you want to just put on record here is that it was already disclosed in the offer document which is which is which is what I'm 56:30 56 minutes, 30 seconds saying that of commission. 56:35 56 minutes, 35 seconds Mr. Abiji you may rejoin the queue for the follow-up question. Sarah participating. 56:43 56 minutes, 43 seconds The next question comes from the line of Jatin from Hansen Investment Private Limited. Please go ahead, Mr. Can you hear me? 56:54 56 minutes, 54 seconds Yes. Can you hear me? Um, we can hear you. 56:58 56 minutes, 58 seconds Yeah. Thank you for the opportunity. Um, this is more regarding the rights issue again. So um I see uh company has uh 57:05 57 minutes, 5 seconds gone to right rights issue three times in six years. So is it a kind of the financial chess or uh uh anything it's a 57:14 57 minutes, 14 seconds normal uh and uh is there any plan again in future to go again right issue? 57:20 57 minutes, 20 seconds No there is no plan for doing a right issue again here. 57:25 57 minutes, 25 seconds Okay. Okay. Thank you. Because uh for last six years uh there have been three times right. 57:30 57 minutes, 30 seconds And also uh just wanted to ask you on one more thing. Uh so this is about the shares pledge. So uh pro promoters I 57:39 57 minutes, 39 seconds know uh they almost 90% they pledged is it individual uh purpose or is there anything uh the purpose of company involved in that pledge? 57:53 57 minutes, 53 seconds No. So the com the pledge was done by promoters for the company as well as borrowings done by the promoters on the 57:59 57 minutes, 59 seconds individual level to put in funds in the company in the past and we are expecting the pledges to start coming down in the near future. 58:09 58 minutes, 9 seconds Thank you. 58:11 58 minutes, 11 seconds Okay. Any any timeline for that? Uh uh shares pledge reduce. 58:18 58 minutes, 18 seconds So timeline wise post this uh March results we are start we'll start talking to the uh you know the lenders. 58:28 58 minutes, 28 seconds Okay thank you. Thank you sir. That's all I have. 58:31 58 minutes, 31 seconds Thank you ladies and gentlemen. That was the last question for today. I would now like to hand the conference over to management for closing remarks. 58:43 58 minutes, 43 seconds Thank you. To conclude, see we are seeing strong sector tailwind particularly in hydropower and underground infrastructure. 58:52 58 minutes, 52 seconds We are well positioned to capitalize on these opportunities. Our focus remains clear, discipline execution, steady 59:00 59 minutes delabbering and margin growth. With the strong order book, improving balance sheet and 59:07 59 minutes, 7 seconds healthy bidding pipeline, we are confident about the next phase of sustainable and profitable growth. Thank you. 59:17 59 minutes, 17 seconds Thank you on behalf of Patel Engineering Limited. That concludes this conference. 59:21 59 minutes, 21 seconds Thank you for joining us and you may now disconnect your lines. 59:26 59 minutes, 26 seconds That's