PSP Projects Limited — Q4 FY26

Psp Projects Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=UNeQFfuQHgg Published: 13 days ago

0:01 1 second Ladies and gentlemen, good day and welcome to the PS projects Q4 and FY26 earnings call. As a reminder, all 0:10 10 seconds participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should 0:19 19 seconds you need assistance during the conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that 0:27 27 seconds this conference is being recorded. I now hand the conference over to Miss Krishna Patel. Thank you and over to you. 0:35 35 seconds Thank you DH and good evening everyone. 0:38 38 seconds Welcome you all to PSC project limited Q4 FI26 and FI26 call to take us through the results and 0:45 45 seconds to answer your questions we have with us the management of PSC project we presented by Mr. Patel and MD chief 0:54 54 seconds executive officer and Pat financial officer. Please note that the discussion that we made today may have today 1:02 1 minute, 2 seconds contain certain forwardlooking statements relating to future events and future performance. Numerous factors can cause the actual results to respond immediately from those in the forward 1:10 1 minute, 10 seconds looking station. Even though the audio of this or the copyight material cannot be copied due attributed in media 1:19 1 minute, 19 seconds without specific or written consent of the company with this I would like to now hand over the call to the CGO for a comment. Thank you and over to you. 1:29 1 minute, 29 seconds Thank you Krishna for the introduction. 1:31 1 minute, 31 seconds On behalf of the board and management team of ESF limited, I warmly welcome all our investors, shareholders, 1:39 1 minute, 39 seconds analysts and other stakeholders. Thank you for joining us today to discuss the financial and official performance of the fourth quarter and the financial 1:46 1 minute, 46 seconds year ended March 31st 2026. We concluded our board meeting earlier today. 1:52 1 minute, 52 seconds Financial 202 has been year of execution scale and strategic transformation 1:59 1 minute, 59 seconds based on our philosophy of new to I'm pleased to share our operational financial and strategic progress for 2:07 2 minutes, 7 seconds quarter 4, FI26 and FI 26. We are pleased to report a strong 2:14 2 minutes, 14 seconds closure to FY26 with quarter 4 delivering our highest ever quarterly revenue reflecting execution momentum 2:21 2 minutes, 21 seconds across projects. During quarter 4 FY 26, the revenue income operation increased by 66% yearon year to 1,15 2:31 2 minutes, 31 seconds K driven by accelerated progress across institutional, industrial, residential and government. Evita per quarter grew 2:40 2 minutes, 40 seconds grew by 85% year-on-year 60 grow sharply by 234% year on year 221 cr 2:48 2 minutes, 48 seconds demonstrating oper operating ethics and execution intensity picked up for the full year as 26 revenue from operation 2:56 2 minutes, 56 seconds grew by 25% yearonear to 3,149 stood at 189 3:04 3 minutes, 4 seconds with habit margin of 6% profit after tax was 55 while margins moderate moderated 3:11 3 minutes, 11 seconds on school year wages due to the change in project and execution of in large in large scale the underlying operation 3:19 3 minutes, 19 seconds performance remains stable and aligned with our long-term growth strategy. 3:24 3 minutes, 24 seconds Now on operational updates. Operational execution remains the key focus area 3:30 3 minutes, 30 seconds during this year. As of 31st March 2026, our outstanding order book at 13,447 3:39 3 minutes, 39 seconds cr 85% yearon growth providing strong multi-year revenue usability. For this 3:45 3 minutes, 45 seconds business project account for 67,000 while external project constitute a 43 3:53 3 minutes, 53 seconds highest ever order inflow during MI23 were 10,925 with 85% order from Adali major order 4:02 4 minutes, 2 seconds compared with development of at SBPI airport Ahmedabad Matuna rehab building 4:08 4 minutes, 8 seconds Mumbai development of extended uh temple different area also Sri Abadi Mata 4:15 4 minutes, 15 seconds temple district managata the order book is now well diversified with government project forming about 25% 4:24 4 minutes, 24 seconds to 43% of the previous year of the current order book please make note of key projects and their outstanding 4:31 4 minutes, 31 seconds contract value highlighting rupees 7316 4:39 4 minutes, 39 seconds development of regions 223 cr construction of Building at 650 Gujarat 4:45 4 minutes, 45 seconds 261 Khabati river development phase 2 21 28 Kadi 4:51 4 minutes, 51 seconds M temple 966 human biology science and science city 254 4:59 4 minutes, 59 seconds biggest residency project in G city 21 since inception we have completed over 5:06 5 minutes, 6 seconds 256 projects and as of year end we are executing 94 ongoing projects across Gujarat Uttar Pradesh, Rajasthan, 5:14 5 minutes, 14 seconds Karnataka, Maharashtra and Dilli and Sri. During quarter 4 F596 the company has completely successfully completed 5:22 5 minutes, 22 seconds three projects namely one of the first and tallest residential building of 122 m completed mam 5:35 5 minutes, 35 seconds one a landmark project during which the world record was established for cing of 24,000 cubic meter complete in a 5:43 5 minutes, 43 seconds continuous 54hour operation The company currently has big book of 5:50 5 minutes, 50 seconds 6,600 plus with 60% from group projects and 40% from external projects. During FY26, we successfully executed and uh 6:00 6 minutes progressed several complex and mar projects including high institution building, airport infrastructure, large residential development, industrial facility and healthcare infrastructure. 6:10 6 minutes, 10 seconds Our pre-cast manufacturing facility continues to play a critical role in enhancing execution, consistency and 6:17 6 minutes, 17 seconds life safety. I also like to take an opportunity to share details on one of the landmark because project currently 6:25 6 minutes, 25 seconds being executed by the company. Project 90 comprises of three basement ground floor and uh plus 18 flow to be executed 6:33 6 minutes, 33 seconds in an exceptional time frame of 148 days that is less than 5 months. This remarkable achievement reflects our 6:40 6 minutes, 40 seconds strong execution capabilities and rainforest speed and efficiency through the adoption of technology. We are extremely 6:49 6 minutes, 49 seconds proud of this milestone and remain focused on leveraging advanced construction solution to deliver outcomes for our clients. Now 6:58 6 minutes, 58 seconds let me share certain project level updates. FMC uh our RC work has been completed and 7:06 7 minutes, 6 seconds all the finishing items finishing activities work n works are going on for 7:14 7 minutes, 14 seconds project our for all the three buildings in that project our core and shell is completed and finishing work and 7:21 7 minutes, 21 seconds studying work is going on for uh time project phase one has been handed over and phase two phase two all the 7:30 7 minutes, 30 seconds finishing activities are going on for uh end city development while our major RC 7:38 7 minutes, 38 seconds work is going on foundation work has been completed and the project is on uh 7:45 7 minutes, 45 seconds there are four four buildings in that project. So uh one one building is on first floor work is going on. Second 7:53 7 minutes, 53 seconds building work is going on. Third transport work is going on and fourth placement lab work is going on. 8:02 8 minutes, 2 seconds Industry update. 8:04 8 minutes, 4 seconds The outlook of India power construction and EP sector remains structurally strong supported by multi favorable 8:11 8 minutes, 11 seconds trends sustain public infrastructure spending across urban redevelopment, healthcare, education, transportation and smart cities. Revival in private 8:20 8 minutes, 20 seconds sector, capital expenditure particularly in industrial infra industrial manufacturing, logistics, pharmaceuticals, data centers and 8:29 8 minutes, 29 seconds energy, rapid organization and redevelopment. Driving demand for high quality residential and mix development. 8:38 8 minutes, 38 seconds Increasing preference for organized financially strong education focused PPC player benefiting companies with track 8:45 8 minutes, 45 seconds record like CS project. Growing adoption of technology construction solution such as pickup and modular construction which 8:53 8 minutes, 53 seconds improves productivity and margin overall over the medium term. The tailwind uh 9:01 9 minutes, 1 second position works well to pursue sustainable and profitable growth over the coming years. FYI 27 outlook. As we 9:10 9 minutes, 10 seconds enter FI 27, our priorities remain unbase. Timely and quality execution of our growing order group project 9:18 9 minutes, 18 seconds selection and marketing discipline, strengthening organizational capacity and leadership depending strongness and financial discipline. On 9:27 9 minutes, 27 seconds behalf of the board and management, I would like to thank our employees, clients, partners and shareholders for their continued trust and support. With 9:35 9 minutes, 35 seconds this I now hand over the call to N man who shares the financials for other details. 9:43 9 minutes, 43 seconds Thank you SA. Uh good afternoon everyone. We'll brief about the consolidated financial performance for the quarter and year ended March 31st 2026. 9:53 9 minutes, 53 seconds Quarter 4 FY26 versus quarter 4 FY25. 9:58 9 minutes, 58 seconds General operations for the quarter is 100 1,155. 10:04 10 minutes, 4 seconds Sorry 1,115 years plus rups 673 cr this is increased 10:11 10 minutes, 11 seconds by 66,000 on epida for the quarter is at 60 cr 10:18 10 minutes, 18 seconds as compared to 32 cr increased by 85% on epid margin is at 5.36 versus 4.81 10:28 10 minutes, 28 seconds net profit for the quarter is 21 year versus 6 years which is 10:35 10 minutes, 35 seconds increased by 234% on Y net profit margin is at 1.88% versus 93%. 10:46 10 minutes, 46 seconds If you look at the whole year number F S F S F S F S F S F S F S F S F S F SI 26 versus versus FI25 and revenue from 10:53 10 minutes, 53 seconds operations for for the year is 3,149 cr versus 2512 cr which is increased by 11:01 11 minutes, 1 second 20 25% on vacation as the year is at 11:09 11 minutes, 9 seconds 189 year versus 179 it is increased by 5% on data margin is at 6% versus 7.7%. 11:20 11 minutes, 20 seconds Net profit for the quarter is 556 which is decreased by 2% of 11:27 11 minutes, 27 seconds net profit margin is at 1.74% of 2.22 22 during the quarter and the review the 11:36 11 minutes, 36 seconds other expenses has increased from 17 crit. 11:40 11 minutes, 40 seconds This is mainly due to on account of provision of expected credit loss on revenue uh which is from Kashi project 11:49 11 minutes, 49 seconds which is amounting to 29 cr. company has provided against uh this uh 29 cr 11:57 11 minutes, 57 seconds for the uh amount has it continued since now and uh since it is carried on the benefit since longer time uh company 12:06 12 minutes, 6 seconds decided to provide for the pain though it will continue for the as it's a part of part and par 12:13 12 minutes, 13 seconds of the original contract value increasing depreciation from 19 cr to 26 12:20 12 minutes, 20 seconds cr is mainly be attributable to addition in asset growth or during FI 26 12:27 12 minutes, 27 seconds during strate of 40 cr and year to date capex addition 12:34 12 minutes, 34 seconds is 192 as of March 246 is 764 year and net 12:43 12 minutes, 43 seconds worth is 41 years would like to mention few of the important consative balancing numbers March 31st, 2013. 12:54 12 minutes, 54 seconds Long-term borrowing 43 cr including short-term maturity of 90. 12:59 12 minutes, 59 seconds Short-term borrowing is 274 CR excluding short-term maturities of 90 years. N monthly revenue stands at 440. 13:10 13 minutes, 10 seconds Trade receivables 928. Trade payable 465. 13:17 13 minutes, 17 seconds Retention 240 mobilization advance 840 13:24 13 minutes, 24 seconds inventories of 347 PR comprised of 190 of construction material and 143 cr of 13:33 13 minutes, 33 seconds progress and 15 of out of total sanction credit facility of 13:40 13 minutes, 40 seconds 1497 crores company has utilized non-based facility of 735 crores 13:46 13 minutes, 46 seconds and sunbased utilization is at 774 CR. Limits available for utilization is 588. 13:56 13 minutes, 56 seconds As of March 31st 26, that company had total fix deposit of 350 351 14:04 14 minutes, 4 seconds out of which deposit of 676 cr and every 14:11 14 minutes, 11 seconds 175 years is under March 26,447. 14:26 14 minutes, 26 seconds The detailed dissertation is provided in the presentation. Let's conclude the update on the financials and we are now open for the question and answer session. Thank you. 14:38 14 minutes, 38 seconds Thank you very much. We'll now begin the question and answer qu session. Anyone who wishes to ask a question may press 14:45 14 minutes, 45 seconds star and one on their touch phone. If you wish to remove yourself from the question queue, you may press star and 14:52 14 minutes, 52 seconds two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question cue assembles. 15:08 15 minutes, 8 seconds The first question is from the line of Shraan Sha from Dolith Casadin. Please go ahead. 15:15 15 minutes, 15 seconds Yeah. Uh thank you. Uh before asking question ha if you can repeat the retention money mobilization advance and 15:22 15 minutes, 22 seconds unbuild revenue number I was not able to get the exact number. Yeah sure retention money is 214. 15:31 15 minutes, 31 seconds Okay. 15:32 15 minutes, 32 seconds Mobilization advance 814 814 or 4 84. 15:41 15 minutes, 41 seconds Okay. Okay. 15:44 15 minutes, 44 seconds and unbuild revenue 440 C. 15:49 15 minutes, 49 seconds 440 C. Okay. Thank you. Uh uh PS uh uh now just wanted to get a sense on 15:57 15 minutes, 57 seconds particularly on the guidance front and on the margins front. So previously I think we were looking at FI 27 4,500 to 16:06 16 minutes, 6 seconds 5,000 K kind of a number and then 20 to 25% kind of a growth for till FI30. So 16:13 16 minutes, 13 seconds to reach a 19,000 K revenue. So is there any change in the uh that number? 16:21 16 minutes, 21 seconds We will stick to over 4,500 for the next year and the margins improve from here. In fifth quarter also 16:29 16 minutes, 29 seconds you will find it will improve from the last quarter. If you consider the 30 of being for 16:39 16 minutes, 39 seconds so that will give you a figure about 90% of 16:47 16 minutes, 47 seconds there so we have already started whenever 16:54 16 minutes, 54 seconds okay so from for FY27 now if we have to look at let's say okay there is no provision or anything. So can we look at 17:03 17 minutes, 3 seconds now 7 8% kind of a margin or it will be a 8 to 9% kind of a margin that one can now look at 17:11 17 minutes, 11 seconds we can continue to okay okay and going forward also so obviously this year we have received a 17:19 17 minutes, 19 seconds significant order inflow particularly from the group 10,900 so kind of 11,000 so for FY27 17:28 17 minutes, 28 seconds how we look at and going forward also So broader sense how whatever the revenue we will be doing will it be one and a 17:36 17 minutes, 36 seconds half times of that that minimum that will beging the orders that way one can look at yeah we can consider that minimum 5 to 17:44 17 minutes, 44 seconds 6,000 of water can be from the side and maybe if we can get opportunity in some 17:51 17 minutes, 51 seconds of the common if we get an opportunity you can think 17:57 17 minutes, 57 seconds about 1 to 1,000 t of So this is both a very concentrating 18:05 18 minutes, 5 seconds group or we can think about Indian projects which is going to come in here. 18:11 18 minutes, 11 seconds Mhm. So but for now the group the total bid pipeline that we have talked about 18:18 18 minutes, 18 seconds uh so that that number is 6,600 K. So is it one can look at that at least for next 6 months one year we may see a 18:27 18 minutes, 27 seconds lower order inflow from the from the group that way one can look at no it's not like that we will get lower 18:35 18 minutes, 35 seconds because now the company order 18:46 18 minutes, 46 seconds from the side because there was enough order of 6,000 Now it is 4,000 after one year we 18:55 18 minutes, 55 seconds getting almost through with our existing keeping the water as the project is going on and then there 19:03 19 minutes, 3 seconds will be an opportunity some of the project will be getting completed but uh majorly what we are discussing today is 19:11 19 minutes, 11 seconds about in the range of five to six month okay and now the capex for next year 19:18 19 minutes, 18 seconds will be the 3 4% that we are looking at that way. So broadly kind of a 120 150 K kind of a capex that one can look at. 19:28 19 minutes, 28 seconds Yeah, mostly it will be in the same range because in my experience and the operation can be the project which now I 19:37 19 minutes, 37 seconds think some of the can be harder than we expect because of the project start the go but 19:46 19 minutes, 46 seconds on an average side we can consider And and lastly sir employee cost sir uh is that still we will be keep on adding 19:55 19 minutes, 55 seconds the overall strength of the employee as this kind of a run rate 36 37 cr quart quarterly uh how one can look at will it 20:04 20 minutes, 4 seconds be kind of a in line with the 20 25% kind of a growth in the revenue the similar kind of a growth that one can 20:11 20 minutes, 11 seconds look at in the employee cost or uh how one can look at presently we are increasing sales there are few supposed to be deployed in the 20:20 20 minutes, 20 seconds organization to put this all orders through. So probably the same line and we'll try to maintain because when your 20:28 20 minutes, 28 seconds revenue goes high the cost is still coming down and this this year was the case when we started 20:38 20 minutes, 38 seconds on the top level also also in so many people at stage. So that cost 20:47 20 minutes, 47 seconds may enter this year but on an average it will be in the same range of okay got it sir. Thank you and all the best. 20:57 20 minutes, 57 seconds Thank you. Thank you. 21:01 21 minutes, 1 second Thank you. We have the next question from the line of Vsha from JM Financial. Please go ahead. 21:09 21 minutes, 9 seconds Yeah. Hi sir. Sir on the SD money what is the status right now? 21:15 21 minutes, 15 seconds It is wise it is but we have been teasing them by giving them the interest because I think they have just started 21:24 21 minutes, 24 seconds the operation in last month. So that is expect that something should happen in next year this year is it? 21:34 21 minutes, 34 seconds So what is the money that we are expecting which is uh sitting in our books right now in receivables. 21:40 21 minutes, 40 seconds So this we have already compiled on the region. 21:53 21 minutes, 53 seconds Okay. And you mentioned the the provision we took off around 29 crores in passing project. So what was the issue over that? 22:06 22 minutes, 6 seconds No one has to be involved. So still we are kind with the organization and then in religious organization we are 22:14 22 minutes, 14 seconds treating just not through but through our relationship that we had in the 22:21 22 minutes, 21 seconds state of making 22:30 22 minutes, 30 seconds okay and for margins you said around 7 to 8% so uh we have earlier targeting 22:37 22 minutes, 37 seconds closer to 8 and a half% % so any reason why we are lowering the guidance 22:44 22 minutes, 44 seconds I'm not lowering I'm considerating because if you see this 22:50 22 minutes, 50 seconds provision of 30% then it is 8% it can go up plus 22:58 22 minutes, 58 seconds okay there any major provisions are we expecting in next year of now we are not expecting because 23:06 23 minutes, 6 seconds How it is left and uh can be 23:12 23 minutes, 12 seconds the account gets closed then still they have not handed we have not been able to hand over the project to 23:20 23 minutes, 20 seconds them. No no no no the process are uni is also over but the process really 23:27 23 minutes, 27 seconds finally because of the existing hospitals renovation the project gets delayed and that is the reason that our 23:35 23 minutes, 35 seconds account is not so probably I was expecting to get clos 23:42 23 minutes, 42 seconds at any point of time to get this okay so lastly uh we have two dhavi 23:50 23 minutes, 50 seconds projects in the order book. So what will be the value of each of them and what is the share of ADAN in the overall order right now? 24:00 24 minutes So presently if you see the order my total outstanding order is 14,200 24:06 24 minutes, 6 seconds out of which 67,9 and 43 24:16 24 minutes, 16 seconds and projects we have to write in the book. 24:20 24 minutes, 20 seconds So we have two projects in the book. So what is the value of each of them? 24:25 24 minutes, 25 seconds We are not mentioning project info. So we keep the trigger 24:34 24 minutes, 34 seconds not as of now because we are noting each and every on basis. But it is something 24:42 24 minutes, 42 seconds you can consider first and the second is more than 7.5. 24:54 24 minutes, 54 seconds I was not asking the outstanding order book. I was just asking the order value. 25:00 25 minutes So that's what I'm saying. I'm not declaring any order as of now. 25:05 25 minutes, 5 seconds So I'm saying that 75. 25:16 25 minutes, 16 seconds Okay. Okay. Got thank you. So those are my questions. Yeah. 25:22 25 minutes, 22 seconds Thank you. The next question is from the line of Vishal Pereal from PL Capitri. Please go ahead. 25:31 25 minutes, 31 seconds Yes sir. Thanks for the opportunity. Uh first one clarification in terms of our uh revenue guidance. Uh earlier in the 25:39 25 minutes, 39 seconds call we have mentioned 4 to 4 and a half thousand per so so are we changing that to 4 and a half plus sort of number or 25:49 25 minutes, 49 seconds how exactly to look at that? You know, previously also I was expecting that we said we should be having a revenue of 25:56 25 minutes, 56 seconds 4,500 cr. Today also we have around 4,500. 26:02 26 minutes, 2 seconds Okay. Okay. Fine. And then uh I think in this uh balance sheet that we have provided we have seen good operating 26:09 26 minutes, 9 seconds cash flow from maybe look like I mean led by mobilation advance uh that we have received and uh cash flow and sales 26:17 26 minutes, 17 seconds improve. So, so uh these advances that we have of 800 odd console are they interestbearing or how exactly it is structured in our working? 26:28 26 minutes, 28 seconds No, it is not interesting. Any advancement from the group? 26:34 26 minutes, 34 seconds Okay. Okay. Great sir. And one last thing sorry for hopping again on this ECL provision. I think the 29 odd crow 26:43 26 minutes, 43 seconds that you have mentioned see what happened like you know though it is oneoff but when it become consistent so I think it become kind of 26:51 26 minutes, 51 seconds cost so so I like you know going ahead also any any guidance or probably anything that can be provided will be 26:59 26 minutes, 59 seconds helpful how exactly to look at the CCM provisions see it is also the accounting requirement at this pro we are still 27:07 27 minutes, 7 seconds chasing our not yet I in future also presently we don't have that much issue 27:15 27 minutes, 15 seconds related to those strategies only related to medical college and so as of now we are 27:23 27 minutes, 23 seconds collision and for medical college in hospitals sector we know the real story but we 27:32 27 minutes, 32 seconds don't expect too much uh fields to come because of the projects are in the 27:39 27 minutes, 39 seconds United States. 27:48 27 minutes, 48 seconds Sure sir, sure. I think uh this is helpful and uh thanks a lot and best wish you sir. Thank you. 27:55 27 minutes, 55 seconds Thank you. Thank you. 28:01 28 minutes, 1 second Thank you. The next question is from the line of Aish Sabu from Choice in Institutional Equities. Please go ahead. 28:11 28 minutes, 11 seconds Uh can you throw light on the margins for 27 next year going forward? I mean do we see any considerable increase in cost? 28:21 28 minutes, 21 seconds Your war is very low. Your voice is very low. 28:26 28 minutes, 26 seconds Uh can you can you give guidance for the margins for FI27 and what would there be any significant impact in the ongoing 28:35 28 minutes, 35 seconds war on a material cost? I mean do we see any 28:43 28 minutes, 43 seconds I already margin some of the features one like 28:52 28 minutes, 52 seconds we can have little bit most of the other 29:02 29 minutes, 2 seconds so we don't see any related to keep 29:18 29 minutes, 18 seconds Okay, thank you. So you could consider 7 to 8% margin for the next. 29:26 29 minutes, 26 seconds Yeah. Okay. Right. 29:38 29 minutes, 38 seconds Thank you. The next question is from the line of Danj Mishra from Suniji Securities. Please go ahead. 29:46 29 minutes, 46 seconds Uh hello. Are you audible sir? Please. Yeah. Uh now it's better. 29:55 29 minutes, 55 seconds Yeah. Yeah. 29:56 29 minutes, 56 seconds Yeah. So uh congrats on uh very strong execution. We have achieved our uh uh 426 guidance and accelerated the 30:05 30 minutes, 5 seconds guidance and also order inflow and order order book is very strong and which provides growth uh for next four years. 30:15 30 minutes, 15 seconds Uh but my question is that earlier I mean before uh Adami project started we used to make 10 11% 12% margin and our 30:24 30 minutes, 24 seconds margin used to be uh 5 6%. Now even as we are doing 3,000 plus uh revenue 30:33 30 minutes, 33 seconds margin is close to 2% and we have reason to all these reason like CPF provisioning for different projects but 30:41 30 minutes, 41 seconds uh even at 7 and a half 8% margin can we improve net profit margin uh uh to to 30:49 30 minutes, 49 seconds the extent of four 5% uh by managing our interest cost because uh we don't have 30:56 30 minutes, 56 seconds to pay interest on advances from anani project. So maybe our uh uh we can save on that front. So can we reach four 5% 31:05 31 minutes, 5 seconds in next two three years in terms of margin. 31:09 31 minutes, 9 seconds So you are absolutely right. This year only we had this problem of using the total credit facility which we had available. 31:17 31 minutes, 17 seconds Now this modulation advance coming from group and most of the projects newly related to the assist project which are 31:26 31 minutes, 26 seconds going on. I think that is also getting completed. So deployment of working capital will be mostly sufficed by the advance already. 31:37 31 minutes, 37 seconds So we should be in a better position or maybe I expect let me expect that we should be debtful by next year. So this 31:44 31 minutes, 44 seconds this year 41 or 45 of interest can be converted into profit which can put us 31:50 31 minutes, 50 seconds to okay because less than 2% margin I mean 31:57 31 minutes, 57 seconds even if you do 5,000 6,000 top line yeah so at least even for construction 32:07 32 minutes, 7 seconds company uh one should really look at four and a half to 5% margin uh then I mean any any kind of what is we should target for ministry? 32:18 32 minutes, 18 seconds Yes. 32:19 32 minutes, 19 seconds Yeah. And sir, what is the out outstanding uh amount uh in UP medical uh in terms of unbuild or refusal term? 32:28 32 minutes, 28 seconds Yeah, I'll brief about that. Uh we have un of around 50 and uh of 60 unveil. Okay. 32:39 32 minutes, 39 seconds Yeah. Since we have not received the GST invoices of 40, we haven't observed this otherwise all final we have admitted and 32:48 32 minutes, 48 seconds we are waiting for the final uh certification of all. 32:54 32 minutes, 54 seconds Okay. So if at all we have to take ACL provision in future depending I mean how the auditor is suggesting we have to take on this 50 right? 33:06 33 minutes, 6 seconds We should not take that provision. No. No. 33:12 33 minutes, 12 seconds I mean that is the Yeah. So I mean right right right then I can understand 33:21 33 minutes, 21 seconds that I mean despite the it was such a right to understand from the investor 33:27 33 minutes, 27 seconds point all I want that the way we are doing in 33:37 33 minutes, 37 seconds terms of topline order inflow order book uh similar things could flow in uh in terms the operating profit on that. Uh 33:46 33 minutes, 46 seconds so there should not be any surprises uh on quarter and quarter basis. So that is all. 33:53 33 minutes, 53 seconds Yeah. Okay sir. Thank you and all the best. Hope we will do much better in the 27. Thank you. 34:01 34 minutes, 1 second Yeah. Thank you. Thank you. 34:05 34 minutes, 5 seconds Thank you. The next question is from the line of Shriard Doshi from Active Securities. Please go ahead. 34:13 34 minutes, 13 seconds Thank you. Good morning sir. Uh good afternoon. Uh I would want to know uh what is the working capital days that 34:20 34 minutes, 20 seconds we're expecting for FI27 and going forward. I believe our current is 94 uh days. 34:30 34 minutes, 30 seconds Yeah. So uh basically uh once we are we have started getting these projects the timeline of payments are very tent and 34:38 34 minutes, 38 seconds uh uh even we are getting adopes against submitted so there won't be any lending 34:47 34 minutes, 47 seconds of see that it should be within 60 days going forward. 34:57 34 minutes, 57 seconds Okay. Okay. 35:02 35 minutes, 2 seconds Thank you. That is from Thank you. The next question is from the 35:09 35 minutes, 9 seconds line of Lokesh Kashikar from SMS Institutional Equities. Please go ahead. 35:18 35 minutes, 18 seconds Yeah. Hi. Uh thank you for the opportunity. Uh so couple of questions from my side. Firstly on being here you know uh we have received uh secured 35:27 35 minutes, 27 seconds around 6,000 of order info in part of flow which has basically bloated our order book around 30,500. 35:34 35 minutes, 34 seconds So just wanted to understand is there any slow moving orders in the current order book or you know a project has level of construction 35:43 35 minutes, 43 seconds where the revenue accumulation will be comparatively lower in the let's say the 35:50 35 minutes, 50 seconds current just to have a sense on that actually we should not consider that slow moving water but because of the 35:59 35 minutes, 59 seconds initial computer and while we have just completed discussion part and Martin just starting 36:08 36 minutes, 8 seconds the sheet time and in Mumbai there are so many issues related to cutting and you know on time and lasting also they 36:15 36 minutes, 15 seconds starting early so such types of issues at the foundation level can hold project slow 36:23 36 minutes, 23 seconds but it's not because of any other reason but once you are in the foundation and once you are in that activities related 36:31 36 minutes, 31 seconds to foundation and land clearance that only it is slow but it's not practical that is a slow moving 36:40 36 minutes, 40 seconds okay okay but uh do you think that around 10,000 k of project out of this 30,500 is moving at a faster pace let's 36:48 36 minutes, 48 seconds say at the level of yeah yeah you can okay okay and secondly basically on 36:58 36 minutes, 58 seconds receivables current uh I think I have joined so basically our receivables have jumped to around and 28 crores you know 37:05 37 minutes, 5 seconds on uh and it is a sharp jump if you look at 25 level from the H1 level. So what has been the reason for that one and uh 37:14 37 minutes, 14 seconds do you think that it will move ahead? 37:19 37 minutes, 19 seconds Uh see basically the quarter revenue has to extent compared to the previous quarter because most of the has been 37:27 37 minutes, 27 seconds booked in February and March. So that is still showing in the uh 30th March number and will be collected in in the 37:35 37 minutes, 35 seconds launch of February. So that's the major reason the revenue has increased in this part in 37:43 37 minutes, 43 seconds but in terms of days if you look at in terms of retrieval days do you think that it it should get stable at around 60 to 70 days because at current around you know closer to 100 days. 37:59 37 minutes, 59 seconds Yeah, as I already mentioned it's like unbelieving 38:10 38 minutes, 10 seconds the receivables and that will be materialized over a period of time and as you uh mentioned that it should be uh 38:17 38 minutes, 17 seconds mean uh it is now 90 to 100 days but I have I already replied to one of the question that since we will be executing 38:26 38 minutes, 26 seconds the business or this going forward and the payment terms are very favorable for that. We will be getting the money on 38:34 38 minutes, 34 seconds time and uh we will be maintaining around maintaining 60 to 70 days of the um sure and just last one from my side. 38:46 38 minutes, 46 seconds What is the interest bearing portion of this mobilization advance of 814? 38:53 38 minutes, 53 seconds There is no interest bearing mobilization as of now. 38:58 38 minutes, 58 seconds So all mobilization advance uh is inve yes yes 39:06 39 minutes, 6 seconds from thank you the next question is from the 39:13 39 minutes, 13 seconds line of Balas subramanim from Arian capital please go ahead. 39:18 39 minutes, 18 seconds Uh good evening everyone. Uh thank you so much for the opportunity. Sir my first question what is our current capacity utilization for our pre-cast 39:27 39 minutes, 27 seconds facilities. Once we move to 4,500 cr kind of topline uh is there any further capacity addition required? If yes uh 39:36 39 minutes, 36 seconds what is the KEX cost and when it will be operational? 39:42 39 minutes, 42 seconds See presently the present capacity of the PAL is 3 million square ft per year and the way the PA is growing after 39:52 39 minutes, 52 seconds completing we having two three more exe 39:59 39 minutes, 59 seconds and also we will be good amount of the group itself 40:08 40 minutes, 8 seconds presently if you go by the patient which we We are going on I think much expansion required going forward to go 40:17 40 minutes, 17 seconds forward we already it can be on the equipment side it will 40:26 40 minutes, 26 seconds be in the range of 15 to 20 even if I have to expand to 1.5 times or something like that it will be required of you 40:34 40 minutes, 34 seconds equipment sorry because the shapes are already been there because we are doing for is empty 40:43 40 minutes, 43 seconds of center. So we can say 3 million and we can continue in the same place if we can 40:51 40 minutes, 51 seconds move through additional machines. 40:57 40 minutes, 57 seconds Yes sir. Sir the Commonwealth stadium uh it's around 7,000 to 8,000 case of uh 41:04 41 minutes, 4 seconds potential orders potential tenders. uh uh whether we have received any formal RFQ or RFP or uh any any thought process 41:14 41 minutes, 14 seconds on that when we can expect uh at this center. 41:18 41 minutes, 18 seconds Actually we were expecting in before March but I think the government has seen us anyone 41:28 41 minutes, 28 seconds that can come anytime in this. 41:32 41 minutes, 32 seconds Yes sir. So my last question the trade receivable is also increased 530 cr from 928 cr in 26. Uh actually the execution 41:41 41 minutes, 41 seconds is very strong. I'm trying to understand whether uh we have seen norizing great receivables from this month onwards. 41:50 41 minutes, 50 seconds Uh we have already answered similar question earlier but we again this revenue has been good in February and 41:59 41 minutes, 59 seconds March. Majority of 42:08 42 minutes, 8 seconds depending on 42:21 42 minutes, 21 seconds Thank you. The next question is from the line of Pavik Sha from Invexa Capital LLP. Please go ahead. 42:28 42 minutes, 28 seconds Yeah. and congratulations on good execution this quarter. Please be little louder. 42:34 42 minutes, 34 seconds Yeah. Yes. So my first question is uh regarding the Kashi project. So we told we have 60 crores of unbuild revenue 42:43 42 minutes, 43 seconds still there. So it was related to related to medical projects all seven projects of medical project. 42:54 42 minutes, 54 seconds Right. 42:56 42 minutes, 56 seconds Yeah. So our unbuild is still 60 cr. So how much is still in the receivables? 43:01 43 minutes, 1 second It is 40 cr in receable receable and 3040. 43:08 43 minutes, 8 seconds Okay. 4040. Understood. And so like what would be a generally execution timeline of a order book? Should we consider 2 years as the normal execution timeline? 43:20 43 minutes, 20 seconds No. Some of the large. 43:25 43 minutes, 25 seconds So this will run between two and a half to three years. 43:30 43 minutes, 30 seconds And so regarding our say bid pipeline, can we throw some light on say Adani and nonadani bid pipeline say in F27 43:39 43 minutes, 39 seconds currently what we have? So already 43:48 43 minutes, 48 seconds 5,000 will be and say your voice was not clear again. 44:00 44 minutes Sorry. 44:02 44 minutes, 2 seconds 5,000 and 1,500. So 5,000 will be around the bridge and 1,500 we answer. 44:11 44 minutes, 11 seconds Understood sir. Okay sir. Thank you so much. All the best. 44:19 44 minutes, 19 seconds Thank you. The next question is from the line of Shan Sha from Dulut Capital. Please go ahead. 44:25 44 minutes, 25 seconds Uh hi sir. Uh sir just wanted a clarification you were answering to the one of the previous participants. uh so 44:33 44 minutes, 33 seconds in terms of the how at a 7 8% I bida margin how one can uh we can improve the uh net profit margin so you were saying 44:42 44 minutes, 42 seconds that the interest cost which is for 26 let's say 45 cr so will this going forward are we looking at kind of a nil 44:51 44 minutes, 51 seconds kind of a number or very very uh minimum number that that was the way you were trying to say I think it should be n so I'm expecting 45:00 45 minutes that should be bree I give here or in the next two quarters they want 45:09 45 minutes, 9 seconds we receive all the payments and even if the recip like sports complex and number and even if 45:17 45 minutes, 17 seconds that we get that money now there will be a big help so we should be in a position in consider 45:28 45 minutes, 28 seconds oh so that's a big thing so so we I think maybe uh at least two three quarters 45:36 45 minutes, 36 seconds down the line we should be from maybe max Q3 or Q4 onwards this on a quarterly basis 11 12 interest should become a kind of a zero. 45:47 45 minutes, 47 seconds Yeah, I'm expecting okay that so the the the friends the uh 45:54 45 minutes, 54 seconds gross net that we have 1300 uh 37 cr uh that will be kind of a zero that we are now looking at. 46:04 46 minutes, 4 seconds Yeah. 46:06 46 minutes, 6 seconds And on the other income front then are we looking at any any kind of a major shift? So for fuller we are having a 21 cr in F26. 46:16 46 minutes, 16 seconds So is there a way that this number can also uh be on the higher side? 46:24 46 minutes, 24 seconds See basically this other income mainly includes the interest on the side. So if the increase it may increase to that 46:32 46 minutes, 32 seconds extreation run rate so which is obviously keep on 46:43 46 minutes, 43 seconds increasing so 26 crores. So at let's say except F27 we will be doing 4,500 cr and 46:50 46 minutes, 50 seconds maybe then 20 25% so maybe close to a 5,700 cr revenue in F28. So at that rate 46:58 46 minutes, 58 seconds what kind of a depreciation one can look at uh 32 35 cr kind of a so that would be a kind of a 140 150 cr on a yearly 47:08 47 minutes, 8 seconds basis because for us these all numbers is is becoming very very important because the beta margin is 77 and a half 47:15 47 minutes, 15 seconds so any any change in the way s interest cost if it goes down then it will a decent boost at the fat level the 47:23 47 minutes, 23 seconds similar way I'm trying to understand the depreciation So basically depreciation and interest cost we cannot compare. Interest cost 47:31 47 minutes, 31 seconds will be in our hand mean if we collect the funds and all we will be able to reduce that but depreciation is the requirement of the business right. So as 47:39 47 minutes, 39 seconds we have been saying that other uh 3 to 4% of the top line what we whatever we 47:46 47 minutes, 46 seconds have to incur asex so this year we have incurred around 190 200 cr of capex. So next year it may increase depending on 47:54 47 minutes, 54 seconds the order. So we cannot say that we'll be reducing deprecation expense. 48:00 48 minutes You can consider that this year or include was 10,90 cr so this is more than 3% of this 48:09 48 minutes, 9 seconds year's revenue but next year revenue is considered 3%. That cannot be the case that it will be exactly 3% because most 48:17 48 minutes, 17 seconds of the steps have been done for the project which we are going to execute now. 48:22 48 minutes, 22 seconds So that can vary. So maybe next year we can have a 2% capex also and in general you say considering 3% capex inclusion 48:31 48 minutes, 31 seconds and considering the depreciation of the new assets which are coming every year you can come to your I think am 48:41 48 minutes, 41 seconds okay and and sir uh this entire obviously uh the some of the projects which we have recently won obviously it 48:48 48 minutes, 48 seconds will be at a starting phase in terms of the design and then it will start but broadly by Q3 the entire this 13,500 K 48:58 48 minutes, 58 seconds order book would be kind of a contributing in the revenue to forecast as we said that May June and 49:07 49 minutes, 7 seconds maybe that can be because of the situation of the labor in the post maybe in the month 49:15 49 minutes, 15 seconds otherwise all the projects are on track except Mars and the excursion and all are over. So 49:25 49 minutes, 25 seconds we are out of the danger of losing much in because of this network. 49:35 49 minutes, 35 seconds Okay. But but at at a broader level in terms of our our goal is to keep on increasing the the or maintain the 49:43 49 minutes, 43 seconds growth in terms of the 20 25% at a for next couple of years. So that's the broader thought and we will be working towards that 49:51 49 minutes, 51 seconds 100% because that is the minimum which we are targeting because now is not a problem strengthening yourself to a larger extent in terms of executing 50:00 50 minutes large projects and building up to a larger extent in terms of execution 50:06 50 minutes, 6 seconds problem and we can easily go that got it. So thank you and all the best. 50:15 50 minutes, 15 seconds Thank you. 50:20 50 minutes, 20 seconds Thank you. A reminder to all the participants that you may press star and one to ask a question. 50:41 50 minutes, 41 seconds Okay sir. 50:43 50 minutes, 43 seconds As there are no further questions from the participants, I now hand the conference over to the mamm for closing comments. 50:53 50 minutes, 53 seconds Thank you everyone. On behalf of management of CS projected, we sincerely appreciate your participation today 51:00 51 minutes call. We trust we discuss that we have been able to address most of your questions. Should you have any further 51:07 51 minutes, 7 seconds queries, please feel free to reach out to me or our investor relationship partner Dubai and the team will be happy to follow up with with you offline. 51:18 51 minutes, 18 seconds Auditor, we may now conclude the call. Thank you and have a good day. Thank you everyone. 51:28 51 minutes, 28 seconds On behalf of PSP Projects Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.