H.G. Infra Engineering Limited (HGINFRA) Q1 2027 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to the Q1F527 Earnings Constance Call of HG Infra Engineering Limited, hosted by GoIndia Advisors, LNP. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star-then-zero on your touchtone phone. Please note that this conference has been recorded. I now hand the conference over to Ms. Saluni. Thank you and over to you, ma'am.

Good morning, everybody, and welcome to HG Infra Engineering Limited earnings call to discuss the quarter one FY27 operational and financial performance hosted by Go India Advisors. We have on call today Mr. Harendra Singh, Chairman and Managing Director from HG Infra, and Mr. Vikas, the Chief Financial Officer. We must remind you that the discussion on today's call may include certain forward-looking statements and must be therefore moved in conjunction with the risks that the company faces. I now request Mr. Harendra Singh, sir, to take us through the company's business outlook performance, subsequent to which we will open the floor for the Q&A. Thank you, and over to you, sir.

Good morning to all of you. India continues to remain focused on infrastructure development, creating a strong long-term opportunity for companies with proven execution capabilities. Against this backdrop, HG Infra has evolved significantly over the last past two decades. What started as a focus road on highways companies has now transformed into a diversified infrastructure platform with capabilities across EPC and hybrid annuity barrel projects of highway, along with a growing presence across railways, metro, solar power, battery energy storage systems, transmission and distribution across more than 14 states now. This growth has been demonstrated through and made possible by our strong in-house capabilities, including an extensive experience equipment fleet, an experienced workforce, and established project management capabilities. We are today executing projects across multiple infrastructure segments and building capabilities that will support our next phase of growth. Just to highlight here, last year was not as per our expectations. The last one year and specifically the first quarter of FY27 has been challenging from a revenue conversation perspective. Revenue during the last quarter was impacted by several external and internal factors as the infrastructure industry experienced a period of slower growth and overall sluggishness. That is driven by multiple factors. These industry headwinds, wide headwinds, have also impacted HG, affecting new projects awarding, execution momentum, and overall business spectrum, including mutual project awarding and bidding activities. Geopolitical uncertainties also have affected severely. Intensifying competition and lower margins, as always, has been there. Against this backdrop, we went through a phase of consolidation with focus on maintaining stability across all key metrics, that is leadership, automation, manpower system, and process realignment, with more focus on the balance sheet, improving cash flows, accelerating data realizations, and enhancing execution efficiencies to propel into the next phase of growth. After testing what else with our diversification in phase one in the renewable We will now further scale and consolidate our next phase of growth aggressively into energy spirits like solar base and transmission and distribution projects. This will remain an important part of this strategy for growth beyond our traditional roads and highway business. The Q1 FY27 results were disheartening from an overall business and financial performance perspective, with a significant shortfall in both top-line and bottom-line. Along with the decline in the margins, the margin improvements were largely attributed to project-specific factors, such as In two roads, execution was impacted by delays in the appointed dates and handover of working fronts, constraints in the availability of bondage in few projects, and disruption in the supply of key commodities such as bitumen and HSD. In our best-in-transmission projects, execution was impacted by delay in land clearances and the right-of-use permissions, certain statutory approvals and pre-construction activities delayed. The constraint in the availability of critical metal commodities and the long-lead items also impacted badly in these projects. Also, similar challenges being faced in our few rail and remetro projects, including pending block permissions, restrictive working fronts due to operational constraints, and few of the stations. Taking together, these project-specific and external factors materially affected our execution momentum and contributed to the deep decline in the top line of Quarter 1 FY27. Having said that, these were unprecedented and largely unexpected factors, which had impacted on overall performance during the quarter. We have undertaken corrective measures across the affected projects to address the bottlenecks and bring the executions back on the track. I would like to convey that most of these issues are now under control, and we are working towards regaining the desired execution momentum. We remain confident that the upcoming quarters, particularly the period post-monsoon, especially in later half of FY27, will be much more promising with improved execution and meaningful recovery in our performance. Let me begin with a glimpse of our operational highlights. As of quarter 1 FY27, the company's order book stood at 14,502 crores, comprising of 9,386 crores from roads and highways, 3,054 crores from roads and rails and metro, 4,61 crores from Biff, and 1,44 crores from solar projects, 1,457 crores from transportation and distribution. Segment-wide roads, highways contribute 65%, railways 21%, and remaining 14% for railways, renewable projects. Update on our ongoing EPC as we have already completed Ganga Expressway and UR projects. TOD for both the projects are being obtained. The Jenshepur Elevator project is running smoothly with the current progress of 61.12%. The Nilmagar Tumpur project at 70% completion is progressing towards completion, and by March it's likely to be completed. The DLS project is struggling in the initial stage because of the length of strength with the completion of only 3%. The momentum of this project will be built shortly. During the quarter, the company secured the Puri Sherwood project from Valspan valued at 3,931.11 crore And it's currently in the initial phase of mobilization, with execution expected to gain momentum in quarter 3 FY27 onwards. Progress on HAM projects, Bernal Wing Road has reached 99% completion, and we already have applied PCC, which we are likely to get in quarter 2 FY27, and with COD expected in quarter 3 FY27. As shared in the previous quarter, provision completion certificates for Raipev, Mishagapatnam, Corridor projects like OD5, 6, and AP1. Also, Khamam-Devarapri project KD 1 and 2 already received the provision completion, and we will obtain the COD for all these projects in quarter 3 and quarter 527, since now all the pending issues are being resolved. The Chennai-Titupati hand project reached at 59.6% completion. Varanasi-Kolkata package 13 has achieved 43.1% financial progress. Varanasi Kolkata package 10, which received a pointed date with the platform 30th May 26th in a quarter one FY27, and the project has now achieved 15.5% completion. For Kosi Parikambar package 6 of Ayodhya, project execution has reached 35.7% completion. The Naro Sarkhej project has achieved 44.2% progress and remains on track for timely completion. The company has signed the contract agreement, concession agreement on 24th April 2026 for Gomindgar Tangi Capital Regional Ring Road Package 3 in Orissa. The land acquisition is in process, advanced stage, and the appointed date is expected in quarter three of the year. Turning to the progress of railway projects, the DMRC Metro project has achieved 100% completion and is currently in the handover process. The Bilaspur-Arvinal project, which is at 99% completion and targeted for completion in Q2-FI-27. The Kanpur railway station project is at 54%. The Dhule-Nardana railway project has achieved 54% again, and the Gayar-Soonnagar and Karanjikam project had at 50 and 54.5% completion, respectively. The new Delhi railway stations do face initial delays in land clearances and utility shifting approvals. However, gradual improvement is visible now with execution now gaining, and the project completion is currently at 13.34%. The appointed date for the newly awarded Thane Metro project being declared as 11th January 26. However, the project is facing various challenges such as land availability and the local disruptions. The company recently secured two railway projects from Adani Group in their two thermal projects. One is Alupur in Madhya Pradesh with 340 crore rupees, and the Mirzapur thermal Uttar Pradesh is a 440 crore rupees. So both these projects are currently under mobilization, and both these projects are in the execution phase. Regarding a solar project, as of 30 June 26, the overall physical progress in solar projects stood at around 94%. The project exhibition has been impacted by heavy monsoon conditions last year, land acquisition challenges, and the transmission lines and the certain local issues resulting in the delays. These challenges have been progressively resolved now, and the company is deploying adequate resource to commission all balance plants within the revised contractual timeline over the coming months. Notably, the Ministry of Renewable Energy, MNRE, has extended the commissioning deadlines for KUSUM projects in Rajasthan up to 31st March 27, thereby providing additional flexibility to address localised project acquisition challenges. From a financing perspective, approximately 85% of the total project debt requirement has been sanctioned, of which 95% being disbursed. The remaining balance of about 300 plus crore rupees is expected to be largely released post-commissioning of these plans during quarter 2 and quarter 3 of FF27. On the operational front, the company has raised in the voice of 175 crores to state this form for 127 commission plants till date, and of all commissioning of all plants, we are targeting to have annual revenue of 250 crore plus. Regarding this project, the company has executed binding agreement with GUNL and NVN for a development of three battery energy storage systems, projects with an aggregate capacity of 735 MW, i.e. 1470 MWh. The procurement activities for projects aggregating 435 megawatt are almost completed, and purchase order for all critical long-lead items, including batteries, have been placed, and the purchase order for DC block container has been awarded to a reputed overseas supplier, that is CAGL. Also, all long-lead items such as Emperar, Hitachi, and Siemens for the procurement of all such systems has been done. The company, through its special purpose vehicle, has acquired land for Banas Kanta, Dolera, and Churanya projects. Execution activities in all these three projects are now progressing at a rapid pace, including civil works and associated infrastructure development. Initial two projects are targeted for commission as planned in February and March 27, respectively, while Churanya plant is targeted for commission in June 27. And upon commissioning of all these best projects, the company expects to generate annual revenues of approximately 225 crores. In power transmission projects of URISA, where SPV has been incorporated and project design and engineering being completed, the procurement of all key long lead items being placed. Also, the financial closure has been achieved, and the procurement of all major components are currently underway, and the project remains on track. Additionally, the company has secured two power transmission projects from REC PDCL comprising of projects in Birzapur, Uttar Pradesh, and an EPC cost of 320 crore, and another in Jamshedpur, Jharkand, with an EPC cost of 843 crore. All these three projects are expected to generate annual revenue of approximately 215 crore, once commissioned, for a 35-year concession period. This is the update regarding the five hand projects. During Q1 FY27, company successfully transfers 51% of its shareholding in KD1 and 49% in KD5 and 100% in OD6, receiving partial consideration of 70 crore, 140 crore, and 203 crore, respectively. The remaining holdback amounts are expected to be received during Q2 and Q3 once we complete this project and achieve the COD and AP1 NOCs yet pending. Subsequently, in July 26, the company transferred the remaining 51% shareholding in Rajapur, Vishakhapatnam, OD5 projects, receiving a partial consideration of 103 crores. The balance consideration is expected to be received in Q3 and Q4, subject to final COD and completion of relevant conditions. The company expects to complete the equity transfer of AP1 projects during the upcoming quarter with respect to the Karnal-Ham project. Discussions are ongoing with the prospective investor to finalize the NBO, and the project is expected to be monetized by end of this current financial year. Regarding the equity requirements into all projects, so in HAM projects, transmission is based around 3,019 crores of total equity requirement as of June 26th. 1,665 crores has been infused in all these projects. The remaining equity will be infused in 9 months 27 and FY28 29. Moving on to the financial highlights of Quarter 1 FY27, Salerno financials remained 907 crore as a revenue with a EBITDA of 77 crore and a EBITDA margin of 8.49%. Pat for Quarter 1 FY27 stood at 28 crore at a margin of 3.12% compared to 125 crore at a margin of 7.34% in Quarter 1 FY26. On a cellular basis, our gross debt stood at 1,834 crores. This comprises of 910 crores in working capital debt, 410 crores from NCD, and 524 crores from term loan and current maturity, trade limits, etc. With our expected collections from receivables and the monetization proceeds, we are targeting to close our sterile debt at 900 crores by end of this year. Regarding the conservative financials, the revenue for Quarter 1 FI 27 reached at 1,101 crores with an EBITDA of 304 crores and an EBITDA margin of 27.6%. PAT for Quarter 1 is true debt, negative 45 crores with a PAT margin of 4.04% compared to 99 crores and a margin of 6.7% in Quarter 1 FI 26. Regarding way forward, we are confidently targeting for an order inflow of 11,000 to 12,000 crores in FY27, of which projects worth approximately 5,500 crores already being received in quarter one FY27. Going forward, we see a strong opportunity across roads, rails, and backflow, with an increased focus on transmission and power sector, and our roads in NHA has identified 54 projects worth approximately 1.85 lakh roads to be awarded in FY27, and while the expansion of high-speed rail and rapid road, Namo Bharat is creating significant long-term opportunity in the rail and metro segment. The transmission sector is also witnessing strong growth, supported by its rising power demand and renewable capacity addition and the government's green energy corridor initiatives. We remain focused on selective pursuing these opportunities while strengthening our execution capabilities to deliver sustainable growth. We are positioned for accelerated growth and superior return, and our diversified pipeline I am committed to delivering outsized value to our investors year after year. I will now hand over the call to our IR advisor and request them to open the floor for question-and-answer session. Thank you.

Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star in 1 on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We take the first question from the line of Vabhav Shah from JM Financial. Please proceed.

Sir, percure and margins, why were they impacted in 1Q, and how do you see it moving forward in the remaining three quarters of the year?

Ultimately, in quarter one, solar projects, they were being impacted because of the local issues, the transmission lines, and other ROW constraints were there. So because of that, we need to shift a few of the plants also to a new location. Also, the transmission line cost has been increased significantly over What

will be the margins for the remaining quarters? How do you see it for FI27 as a whole?

So overall, this margin front that definitely the project BGI already has started in highways and trail projects, say one or two projects where the margins are not that increasing, but overall margin would be in the range of about 13.5 to 14 percent EBITDA level.

So even after 8.5 in first quarter, the entire area would be around 13.5 to 14. Yes. So, it should revert back to normal levels from Q2 or we should see improvement in

Q2 also because of the rainy season and other impacts of supply disruption again we are not having that control. But then later half of the year, second half of the year, we believe that they are likely significantly we will be bouncing back to the top line as well as good bottom line.

So, secondly, what will be our revenue guidance for this year and next year? And also, can you get a breakup of equity investments for the next three years for both HEM and this portfolio?

So, for this year's revenue, we are quite hopeful, though we have lost significantly in first quarter, but we are quite hopeful to touch at least the number which we scored in FI25, and that's 6,100 plus crores. So, we will be in a range of 6,500 by the year end. And next year, no doubt, for FI28, with the orders in hand, we believe that we will be around 7,000 crores for 28. For an equity requirement is concerned, till date, we have invested around 1,664 crore rupees of equity into all these transmission beds and HAM projects. So the nine-month estimate is around 583 crore rupees yet to be invested for the best part of this year. And FY28 requires 625 crore rupees and just 146 crore rupees in FY29.

And the outcome of this between HAM and BESS?

The HAM project do require 309 crore rupees for the balance of this year, and rest 275 crore rupees in transmission and best. And for year FY28, HAM requirement is 235, and for FY29, it's just 71 crore rupees. And this, best and transmission, the requirement for FY28 is 390 crore rupees, and around 75 crore rupees for FY29. Okay.

And lastly, AD for the host for Pune Sheru in capital region is affected by when?

We are expecting in October because the land positions and all related, literally shifting things are in alignment, and within next 2-3 months, it would be done, and the financial project is also in advance page of the Dorisha budget. Likely by October end, we will be getting a point date for both these projects. Also for Pune Sheru?

Yeah, both of these projects. Okay. Thank you, sir. Those are my questions.

Thank you. We take the next question from the line of Shrubhaj Shah from Dollar Capital. Please proceed.

Hi, sir. Sir, couple of questions. Again, again, coming back to one on the guidance front. So, sir, we are still saying that for full year FY27, we are looking at 6100 to 6500 odd crore. Sir, it seems it is definitely much, much difficult to even reach a 6,000 crore kind of a number for this year. So, can you help us in terms of Q2 broadly? Are we seeing much better? So, this part of 907 crore. So, can Q2 would be a similar 902,000 odd crore than 2,000, less than 2,000 crore? So, we need a 4,000 crore kind of a number in the second half. That means 2,000 crore in third and fourth quarter. How that is doable? So, if you can broadly break it down in terms of whatever the segments that we have, HEM, EPC, VES, transmission, how are we looking at the revenue for this year? That would be helpful. And maybe a particular, the bigger project like SIRUR, how much we are looking at, then it will be helpful because it seems very, very difficult even if we reach 5,000, 5,200 crore would be a great.

I think you are talking regarding the revenue guidance. Ultimately, we are lost in quarter one for various factors. But in quarter two, we are quite hopeful that we will be roughly around 1,000 crore rupees. No doubt there has been the monsoon impact in few of the states which we are working. So that is one of the factors. But in quarter three and four, I think we received the appointed data of Unish, Iroor, as well as this Orisa project, which is a big-size project. We are already in the advanced stage of mobilization and already have secured everything like query and set up the plant and the entire establishment is in place. And utility shifting is at an advanced stage of progress in Pune Shilur also. So one is the sector which we are talking about in the highway. We are expecting to roughly do around 3,000 crore rupees in the next three quarters. So 3,000 crore rupees is from, say, ultimately it's around 700 crores from Pune Shilur only, at least 3,000. And roughly around 150 crore rupees from Orissa, this ring road project. So talking of that, 3,000 crore rupees, we are going to add this number and just best and transmission. So both the best projects to be completed in this financial year and they are at the advanced stage where the order is being already released. And by December and January, we are likely to receive one entire, all battery and containers. So, it looks like that in battery, we would be roughly around 90% of the progress completion would be done, all three battery projects by this year-end. So, with the transmission, the first transmission project and the second transmission project, which is going to be completed in 18 months, is already ordered. So, we are looking at DAL in this. So, put out around 2,000 plus roads of revenue to be separate projects, as well as all earlier Okay.

Okay. And on the margin front, sir, when we are seeing 13.5%, 14%. So, in Q2, let's say the similar thousand crore revenue. So, what I look at is the entire margin hit is primarily because of the lower revenue because our employee cost has a percentage of revenue. I think you are quite right because of the employee cost.

It has been significant high, and the employee cost at this particular top line is not, in any case, is not matching. So quarter three and four were $2,000, $2,000 plus crores of revenue to be done at this employee cost or even lower the employee cost because we are dragging to few of the projects of highway, especially I'm talking about IAM projects, as well as one, Ganga projects, which were dragged for almost one year plus the completion, then we could, we only completed 96%. So this 3 to 5 percent of completion in these seven projects, that has impacted a lot in all employee costs into these projects, where not a big amount was executed, but the entire cost of employee and establishment was huge. But then again, now we are into these whole mid-stage and the new, say, advanced stage of, initial stage of those projects, so no doubt it would be in that range where at 15 percent margin, then overall margin could be 13.5 percent for the year.

And for next year also FI 28, the similar 13.5-14% then would be doable because then we will be…

So I believe that as of this scenario is there, we are targeting those transmission projects which do have this juice of about say 13-15% EPC margin. So we are looking to that in rail also some of the projects of high value projects being announced and these we are looking at these are the projects which is around 3,000 plus cores of single project is there. Also, other than these rail and metro projects, urban infra projects, and highways, they are significant big-sized projects which are likely to be there. So, looking through the scenario, we are expecting that at least this number is quite doable in future years.

Okay, okay. And lastly, in terms of for the entire monetization, so, till now, how much we have received cash for the equity front, equity and subject that we have invested, And what is pending? And when we will be receiving the balance of money?

This is around 660 crore rupees being received, and 725 is balanced. In 725, typically in quarter two, we will be getting some 250 crore rupees, and balance portion in quarter three. And also, we are expecting to close this Qadhal project, where it's already the term sheet being shared with the potential buyers. It's unlikely that we will be closing this transaction at the year end because there the COD is not having that delay. Once the PCC is achieved within three to six months, we will be getting the COD also. So looking to that monetization, we are expecting roughly from now onwards roughly around 850 or 4 rupees to be collected in the company by the year end.

So that's why we are expecting that the 1800 crore date will go down to the 900 crore by year end.

Yeah, of course, Aika, there are few other sectors which we were expecting that solar debt would be released to SPB, the energy would be getting this money of 300 crore plus, could not be done because of civil issues related to the budget. Also, there has been long-drawn receivables where unbilled, this contract current asset could not be billed because of the COD and certain variation items not being approved till date by client. So, these are all majorly, all sectors would be there that is going to help us to see this front of cash flow inflow being a high target for the year. So, considering that, we are expecting that it will be half the number which we are at this stage.

Lastly, some balance sheet numbers, retention money, ham data, solar data, and ganga and railway data.

So, these details, I will tell my team to connect to you, because now, I am not having immediately the team.

No issues, sir. No issues. Thank you, and I hope we will start seeing the recovery soon.

Thank you.

Thank you. We take the next question from the line of Aditya Sahu from HTFC Securities Limited. Please proceed.

Hi, sir. Thanks a lot for the opportunity. A lot A lot of my questions were already answered. However, I did have a few more. Pandeep, we had some settlement of operational claims that we were expecting in H1. Where do we stand on that? You know, we had highlighted about the delay that was witnessed in Q4. So where do we stand on that?

So, ultimately, last quarter, we could, say, sign off one of the settlement claims. Almost three projects were there, around 22 crore rupees. Already, we think, 29 crore rupees in July. And apart from this, say, one of the settlement claims, which is in ministry, which is likely to be closed within this quarter only, and roughly in September, within, say, 30 days of the settlement agreement, they are need to pay us. So, likely in September, we will be getting this amount of around 100 crore rupees. 100 crore rupees. We are at 100 crore rupees in September. So, this is again which you are targeting in this particular quarter 2 only. Again, from other projects also, we are looking at this consolation to be completed within next 3 to 6 months. So, by year end, we would be, there are fair chances that we would be getting around 200 Okay, sir.

Understood, understood. On the, you know, just confirming the numbers, I think I may have talked about in between, with respect to the equity requirement, the total equity requirement is at 3,819 crores, of which 1056 has been infused till June 26th, if I'm not wrong.

Sir, I think it's the wrong information you are having. The total equity requirement into HAM is 1,331 crore rupees. Okay, okay, okay. We are not considering the project, which we are only considering as the project already monetized. So we are considering Kannal, we are considering package 10 and 13. Thank you.

Okay, okay.

Out of which already 9.69 crore rupees invested, balance 2.75 for the year, balance part of the year, 3.90 crore for next year and 75 crore rupees by 29.

Understood, sir. Understood. And what would be the debt as on June 26th at the standard level?

Sorry? Debt.

The debt at standard level.

No more questions.

Thank you so much.

Thank you. Before we proceed, a reminder to the participants who wish to ask a question, we press star in one on their touchtone telephone. We take the next question from the line of Renga Varshini from Wealthy Fight. Please proceed. My first question is how much of the current debt is expected to come down in the next 12 months purely based on project cash inflows, excluding the asset monetization and equity infusion, sir?

So the equity inclusion, which we are looking at for the last, so the nine months is around 85 crore rupees. So this equity inclusion, if you see, and the monetization is around 800 crore rupees, which is likely to be there. So this is taking out these two, the current assets, there are certain claims, certain closure projects, these are all final bills and the other point of operational, these are not claims, rather these are all operational cash flows. So, which we are expecting that by the year end, we are likely to get 300 crore plus for reduction in the debt out of these other things. And 800 crores of monetization is going to fund 583 crore rupees of commitment with a surplus of 200 crore rupees. So, if you see in totality, we would be roughly expecting that around 900 crores is the total cash receivables, including 300 crores plus receivables into solar from the debt, which we are going to receive from banks in solar SPBs.

Understood, sir. And the consolidated EBITDA margin had increased substantially despite foreign revenue. Can you please give us some color on this? Is it because of the business mix change or any other accounting factor?

No, it's a normal thing. I think the EBITDA in Consol is because of the solar receipt, which we are continuously now would be getting on a quarterly basis. So it would be roughly around 50 crore rupees, which we have built to discount. So that has held us. That is a pure EBITDA only, because hardly there is any cost which is incurred in operations in all these solar projects. So, if you see, these solar are based on transmission, which put together roughly is around 650 or 700 crores of total EBITDA, that is likely to be there on annual EBITDA, which will be there in consolidated numbers, once we commission all these projects.

Understood, sir. Thank you so much. Thank you. We take the next question from the line of power, Thabkar, from JM Financial. Please proceed.

Thank you for the opportunity. Sir, what would be our revenue expected from the two VRK package, Pune-Shirur, Thane Metro and Capital Region for this year?

So, Pune-Shirur, we are expecting around 750 crore rupees. Capital Range Road, we are expecting 150 crore rupees, and we are not very hopeful in Thane or project. Hardly 50 or 4 crore rupees likely to be there. So, put together, it is around 900 crore rupees in these three projects, new projects.

And so, both VRK packages?

The two VRK packages?

Which packages?

VRK, VRK.

VRK, definitely, they are advancing well, and we are expecting that a significant amount would be done within this year only. We are expecting around 200 crores to be executed within this year only.

Sir, how has the working capital moved compared to quarter-unquarter?

We would be roughly in control, and we would be at about 50 days, if you see, by year-end.

Sir, last question. Have we submitted any bids? May results are available, and what would be our total bid pipeline?

Almost, almost, we have submitted around 22,000 bids in ham and highway projects, sir, around 4,000 in rail projects, till date, and one or two transmission projects also has been bidded.

Okay. Thank you, sir. Those were my questions.

Thank you. We take the next question from the line of Prive Khan and the Reddy from YVR Securities. Please proceed.

Good morning, sir. Good morning. Any words on the CBI matter?

There was no update as of now until the time when the bail and everything was granted. There are only few queries and few, say, details required, and we furnish those details. That's it. I think we have not yet updated any further details and any further updates are not available.

Sir, is the execution speed picking up from the Quarter 2, sir?

Quarter 2, definitely there has been some initiatives which we have taken into three of the projects I'm very interested in the project which was partly affected because of pond ash and the appointed being declared in Varasya Kolkata. So the execution has been picked up in these projects. Also this recently awarded projects of Alupur and the project, these progress have been there. Also there is one variation of around 200 crore rupees which we have received in Delhi where the progress is there. Looks like in quarter two, it was a plus five. But in quarter After three and four, it would be very aggressive.

Okay, thank you, sir.

Thank you. We take the next question from the line of Dheeraj Malif from Wealthified. Please proceed.

Good morning, sir. I have a question like, we have a fairly reasonable order book at 14,500 crore, yet revenue has declined. What percentage of the current order book is currently executable? How much is filled back by hudders like land acquisition, appointed dates, and approvals?

There's approximately 6,000 plus crores of project out of 40,500 is not executable as of now because of the,

say you see Punejiru, you see

1,500 crores out of Orissa, this capital in crore project. So these are the two big sides and one more project of Mirza board, not yet started because of the land, and one of the transmission projects. So put together, it's around 6,000 crores plus. So if you take out this, only 8,000 crores of order execution isn't there. So, but in these three projects also, which we are expecting in quarter three, initial month of quarter three, only October, we will be getting that one in eight.

Okay, okay, got it. Thank you, sir.

That calls from my side.

Thank you. We take the next question from the line of Manish, an individual investor. Please proceed.

Hi, sir. I'm Audible. Yeah.

Hello. Sir, I have a query from you, and our share price is 70% down, sir. So many retail investors, because you have guidance is so good in the last two months, many retail investors are trapped. So what do you think, sir? When are you going to come? What do you think of future stock price?

Thank you.

Because we were about to recover some of the prices, so that you see on the top, so that also affected the sentiments of the market, right?

Second thing, we are quite hopeful for the year, by the end of the year, we would be again coming back to that normal.

Okay, sir. And the second query is, sir, why not, why not we buy the CRB? If it's at the mouth-notting value, sir, I mean, what, 70% down here, promoter voting, say, 21.5% here, you can still buy.

Thank you. Thank you.

And, sir, one more thing. Can you allocate some... Hello, Mr. Nadeesh.

Just one thing. Just one thing. Can you? Yeah, we will be doing that. Okay, thank you.

Yes, sir. Okay.

Thank you.

Thank you. We take the next question from the line of Renuka. From First Water Capital, please proceed.

Yes, hello. Thank you for the opportunity. Am I audible?

Yes, yes. Please continue.

Yes. So, in your consolidated financials in the exceptional item, there is a loss and impairment charge which is recorded for the Raipur OD 5 and 6 SPVs. So, I just wanted to know the nature of this, if you can just throw some light on it.

So basically the own consolidation and the consolidation to this project. So these are the projects where the net worth, which was built because of the significant delays, say they were for two years and then delayed by another two and a half years plus. So, there is the financial income, which is the accrued financial income, where this particular network was built, which now, with the realization of this monetization to see, is being discounted. And that is the factor which you are looking at, this exceptional item is giving this negative number.

And with regards to the impairment, Judge?

With regards to?

There is an impairment, well, for the AP1 project.

The AP-1 project, which is already auditors and we discussed that way, that in AP-1 also the monetization is being concluded at a number. So, once we have agreed at a number, so we are discounted by 20 odd crore rupees into 24, 5 crore rupees, that AP-1 monetization, the successful item already has been taken into consideration.

Okay, okay.

And I just missed out on the debt numbers, the gross debt and net debt to equity as on June 26th. If you can just share it again.

I will tell my IR team to get back to you.

Thank you. Yeah, I will tell my IR team to get back to you. They will touch base.

Okay, sure, sure. Thank you so much.

Thank you.

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