Ircon International Limited (IRCON) Earnings Call Transcript & Summary

Good afternoon, ladies and gentlemen. I am Dorwin, the moderator for this conference call. I thank everyone for joining us today for the Ircon International Limited Q2 and H1 FY '24 Analyst Conference Call. [Operator Instructions] Today, we have with us the senior management represented by Smt. Ragini Advani, Director of Finance; Shri. B. Mugunthan, Chief Financial Officer and Executive Director of Finance; and Shri. Alin Roy Choudhary, CGM of Finance. I would like to remind you that some of the statements that will be made in today's discussion may be forward-looking in nature. It is subject to several risks and uncertainties, and the actual results could materially differ. I would now like to hand the conference over to Smt. Ragini Advani, Director of Finance, for the opening remarks, after which, we will have the forum open for the interactive Q&A session. Thank you, and over to you, ma'am.

Thank you. Thank you, Doven. Good afternoon, everyone. I'm Ragini Advani, Director of Finance, Ircon. On behalf of my team, I extend a warm welcome to you and thank you for your presence today at the Ircon's earnings call for second quarter and 6 months ended 30th September 2023. I have with me Shri. B. Mugunthan, CFO and ED Finance; Shri. Alin Roy Choudhary, CGM Finance; and Shri. Sachin Garg, DGM Finance. As you all are aware, we have recently been granted Navratna status from Government of India. With the grant of Navratna status, the company should be able to undertake larger size PPP projects, and it will definitely enhance the market credibility of the company. We extend our heartfelt gratitude to all the stakeholders for their continuous and unwavering support without which this would not have been possible. We shall continue to perform with greater zeal, zest and aspire to reach greater heights. I'm pleased to report that your company has recorded highest ever turnover in the second quarter, despite a seasonally weak quarter. Our teams have showcased remarkable dedication, profound technical expertise and an untiring commitment to conquer all challenges during this period and deliver exceptional results. I'm sure you've all had the opportunity to review the company's financial results and the presentation that is submitted to the stock exchanges. Let me now take you through the financial performance of Q2 FY '24. The company has reported total revenue of INR 3,136 crores in Q2 FY '24. This is up by 36% as compared to INR 2,306 crores for the same period last year. PAT has increased at 44% to INR 251 crores as compared to INR 174 crores in Q2 FY '23. Core EBITDA has also gone up by 16%. Earnings per share has gone up by INR 2.67 per equity share in Q2 FY '24 as against INR 1.85 per equity share in the last fiscal Q2 FY '23 on a face value of INR 2 per share. Order book of the company as at 30th September 2023 stood at INR 32,152 crore, which comprises 53% orders on competitive basis and balance on nomination basis. 92% of our order book pertains to domestic business and 8% international. Currently, Ircon has 11 subsidiaries, comprising renewable power, roads and highways companies. Ircon also has 7 joint venture companies as you all are aware. Now without taking much more time, I would like to open the floor for Q&A session. Thank you.

[Operator Instructions] The first question is from the line of Rohit from Antique.

My first question is with regard to order inflow part. What segments are you really looking for the new order inflows? What would be the targeted amount in this particular fiscal? What is the amount that we have won till date? If you could throw something -- more color on it, it would be really helpful.

Yes. So as we stated, as of 30th September, my order book stands at INR 32,152 crores, which is pretty much where we were about 3 months back. So we have been able to get new orders. We'll be changing the scope in our orders to continue maintaining the 30th June numbers. Going forward, we hope to continue this trend. But considering the fact that some of our -- the business opportunities are at fairly advanced stage, but it is beyond us on when they may fructify. The orders essentially will continue on railways and highways sector. But overall, I see the company being in the range of about INR 30,000 crore order book by the FY '24, 31st March 2024. We will continue to focus on competitive jobs both in India as well as outside of India.

Ma'am, if I have to look at the bigger picture, that is if your order backlog remains static, this would technically impair your ability to grow your revenue as such. And on top of it, the core EBITDA margins are also in a declining trend. So would it not bode well if you're looking for much bigger opportunity...

There are 2 things. One thing is that my EBITDA or core EBITDA is not on a declining trend. You have to understand that when I do HAM business, a lot of my income comes from interest. So if you were to consider that interest, my core EBITDA margins are where we expected them to be. So currently -- see, the point is that we have a very high order book of about INR 44,000 crores at one point in time. And therefore, it's been a good number vis-à-vis the turnover. But if you see an industry average, typically 2 to 2.5x is what the order book is for other companies. So to that extent, we are fairly stable now. We are not saying that we are not focusing on larger jobs or big ticket jobs. But at the end of it, there are a lot of extraneous factors, including the political environment, which determines when these jobs will come. So we are fairly well positioned in many of these areas. But when these will come, could be end of this fiscal year, could be beginning of next fiscal year. And we see ourselves continuing to grow going forward as we've been maintaining in the past also. And we shall be getting orders in due course.

Sure. Appreciate on those points. Ma'am, If you could help me explain the investment positions that you have in the FCDs, both in terms of equity plus the loans and advances? And how the income that you're booking out from those investments?

So if you see my investments, I have a total investment of -- I have already invested about INR 2,200 crores till now. And these are spread into my road and highway projects as well as into coal connectivity and renewable projects. Now the amount that I still need to invest is another INR 1,100 crores, which will be partially this year, partially next year and maybe a small amount a year after that. Out of all my JVs and subsidiary, you are aware that 2 of my road highway projects are toll projects in subsidiary and 1 in JV. So there, what I get is the toll revenue, which gets directly added to my operating revenue. Then as far as my HAM projects are concerned, I get an annuity after every half yearly or every quarter. And there, again, a part of that element goes into my core operating revenues and a part of it comes as a part of my other income, the interest that they give me as a part of my HAM. And then the third are assets which are under construction currently, which obviously will continue to give me revenue after they are constructed. And in the coal JVs, my revenue comes, I mean, obviously, because they are JVs, so I basically add profit in my consolidated balance sheet. But per se, their source of revenue is fair share.

Just to reconcile this equity of INR 22 billion and another INR 11 billion, this is inclusive of equity plus loans and advances or is that any...

So it is inclusive of equity and loans and advances, but those -- mostly those loans are interest-free loans. They are in the nature of quasi equity only.

The next question is from the line of CA Akash Dhanuka, an individual investor.

Congratulations, ma'am, for getting that Navratna status. And before I begin ma'am, I wish -- I want to wish a very Happy Diwali to everyone present.

Yes, absolutely, to you all, too. Happy festivities.

Now the questions, ma'am. In the last con call, ma'am, you gave a guidance of 10% over FY '23 with respect to the sales, the revenue. So do you maintain that? Or do you increase that?

No, I increase that slightly because now that the half year has passed and we've surpassed that guidance. So I would say it would be close to about 15%.

15% over FY '23, right?

Yes.

Okay. And you said, ma'am, that your core EBITDA is not declining. But if we go through the presentation, ma'am, the core EBITDA that you had mentioned in your presentation that mentions around -- somewhere around 1.25% decline on the core EBITDA part, which doesn't include the HAM annuity.

Yes, that's right. So what happens is that -- see, ultimately all our projects as I keep maintaining that these are long-term projects. So if we were to see quarter-on-quarter or half year to half year, few decimals here and there it can be. But if I were to look at an overall number, it is what we've been maintaining till now. But my EBITDA will be in the range of 10% to 11%. And my core EBITDA will be above 8%. So to that extent, I think we've been fairly higher than what we've been telling you all that we will be maintaining. And our PAT levels have always maintained, which will be overall 7% to 7.5%.

PAT, PAT?

Yes, PAT. Because when you are doing this, there are certain assets which are under construction. There are certain interest, which can flow in later. So for a company like ours, that's the overall number on which you will have to go rather than assuming that there is a quarter decline in over a period in certain things, that could also be because of certain provisions that may have come up. But holistically speaking, that's going to be my trend.

Okay. Okay. Ma'am, in this quarter, the other income was INR 149 crores -- INR 149.50 crores. And can you just provide us -- help us with the HAM annuity interest in this, the breakup of INR 149 crores?

Yes. So HAM annuity interest [Foreign Language] INR 45 crores [Foreign Language].

Okay. Okay. So ma'am, in the Q4 last year conference call, you had mentioned that the other income inclusive of this HAM annuity would be somewhere around INR 550 crores . We have achieved INR 260 crores in the first quarter -- first half. So can we achieve that INR 550 crores stuff?

Yes. Because [Foreign Language] So I didn't get your question because we are already at INR 260 crores overall other income.

Yes. So in the Q4 conference call, you had guided for INR 550 crores other income, which includes the HAM annuity. So I'm just trying to confirm that do we maintain that? Will we achieve that INR 550 crores?

Yes, because we're already at INR 260 crores. So total number, we should be in the range of INR 520 crores to INR 550 crores.

Okay. Okay. Two more questions, ma'am.

Including HAM, it is the total other income that we are talking about.

Correct. Correct. Yes. Two questions, ma'am, on the new order inflow, ma'am. In the G20 that railway projects in the Middle East was declared by many countries, which includes India. So do we expect anything out of that because that is fairly a large order?

See, right now, when it was declared in G20, it is after that, I mean, the various countries at the top most levels are right now conceptually envisaging and closing it. So it may take time, but definitely, Ircon will have a good role to play there. The reality will only be known to us once it's properly worked out and taken out. So railways -- Indian Railways is aware of this and it is also aware of the credibility and the credentials that Ircon carries. So yes, from a long-term point of view, it should be something we should be participating in.

Can you quantify that good role?

No. Because right now, even it's not even quantified at the country level.

I mean percentage-wise, not the value-wise.

I mean, again, unless you know what the product is all about, unless you know what exactly are they thinking, how do I qualify or quantify it?

Okay. Okay. The second one is, ma'am, just before G20 -- a couple of weeks ahead of G20, the Railway Minister had announced the expansion of railway lines in certain areas, which was congested. So I mean, because that is specific to India, do we get a good chunk of orders from that?

See, all orders that railways will come out with are on competitive basis. And as of now, we are well placed to get them. But again, announcement [Foreign Language] by the time they fructify into tenders and then we quote and we get, it takes time. But definitely, we are one of the strong contenders for it.

Okay. Okay. Just one last thing, ma'am, with respect to this order. I mean please correct me if I'm wrong. There are only 2 companies in India who are into the railway lines, I mean, not the infrastructure, just the lines, just the setting up of the lines, which is RVNL and Ircon, right? No other third company is present.

So that is not true. These 2 are the public sector companies that are essentially into it. There are many private players as well.

Okay, okay. And lastly, ma'am, I don't know whether I should be asking this, but I still -- I'll try my luck out, though it was noninvestable stuff, but 15 big investors had a meeting with you, you in the sense the company. So are they really interested in getting a long-term investor as an investor within the company or it was just as a normal update with them? I mean, because they were fairly big names.

Yes, yes. So it is a normal update. Nowadays, what DIPAM is doing is they're trying to get all public sector companies to have regular interaction with some good, large investors both in India as well as outside India. So that, if they have any questions on us or if they require any one-to-one discussion, both can be facilitated. The idea is for them to know us in more depth and more frequently, so it was one of those meetings. Nothing more than that.

Okay. Okay. Jut finally, the last one. Ma'am, I'm stressing it a little too much, but just the last one, confirm the last one. In the last conference call, you had said 3, 4 times that please keep trust on us, we'll achieve that order book guidance. I just wanted to confirm once again. I mean despite the low order inflow as of now, we keep that guidance at -- should I go by your words, that please keep trust on us, we'll achieve it?

See, what I've just mentioned, in fact, just at the beginning of the call, I have stated that while we maintain [ INR 30,000 ] crores to [ INR 32,000 ] crores in this quarter. But going forward, some of the opportunities which we were expecting to have it in this year, they may get -- the eventual award could come to us early next year. And these are because of certain circumstances which are beyond us because we are working in an industry where a lot of factors create an extraneous limitation for us. And therefore, I have, in fact, myself told you that we would revise our order book position for the year-end at a level close to INR 30,000 crores.

The next question is from the line of Shreyans Mehta from Equirus.

Congrats on a great set of top line. Ma'am, a couple of questions from my side. One, coming back to order inflows. So we've done closer to INR 2800-odd crores and we were targeting, say, INR 10,000-odd crores. So ma'am, is it fair to assume -- as you just mentioned that some orders which you are targeting would be coming to us next year, so is it fair to assume that -- is it primarily because of the delays which are happening in the system or it is also because a lot of our competitors or since the sector has been opened, there are other players who are taking these orders?

So the ones that I'm talking about and which we were very sure that we will be getting in this year, previously, those are getting delayed. And because they're getting delayed, therefore, I'm saying that I'm revising my order book expectations. But in terms of competition, yes, the competition is there. But as we've been maintaining -- there are certain areas or certain scale in which we are not even competing. So it's a very small ticket job of a limit of about INR 50 crores, INR 100 crores, INR 200 crores. We may not be competing there. And we anyway don't expect ourselves getting a job there. So those are happening. But the ones that I'm referring to, which we were fairly certain we'll be getting this year, that has been delayed.

Okay. Okay. Got it. Got it. Sure. Secondly, ma'am, in terms of revenue guidance, even if I do the higher end of what you indicated of 15%, we'll be closer to INR 11,000-odd crores. Whereas in 1H, already, we are at half of it. So are we still under guiding? Or is it fair to assume that we can easily surpass this?

So the point is that we are now coming into a period where we will also -- see, a lot of execution pressure was also there because of the upcoming elections. We are an infra company. So that is going to go down now. So to that extent, what we are maintaining right now is what we are comfortable with and we are certain about. And that is the reason we have told a number of about close to 15%.

Got it. Got it. And ma'am, any number for FY '25 in terms of order inflows or revenue guidance?

See, we definitely are on a growth path. But in terms of saying that what would be our growth number, it will really depend on the order inflows. And some of these orders, the big-ticket orders that we are focusing on currently and which we are seeing, it may get delayed. A lot will depend also in which part of the year, could come next year also because till May there would be some -- this thing -- there will be certain slowdown in terms of getting orders as well. So I think while we are in a better position to give a 2025 number closer to the next investor call that we do.

Got it. Got it. Fair point. Ma'am, in terms of our cash and bank balance, if you can share that number, our own cash and bank balance?

Our own cash and bank balance is close to INR 750 crores. And otherwise, of course, the overall number is INR 5,000 crores plus.

Right. Right. So last quarter, it was closer to INR 900 crores. So the balance has gone towards the equity investments?

Yes. So from last quarter to this quarter, it's essentially been equity investments and also dividend.

Right, right, right. And ma'am, just to understand that we've got this status, so how does it help? One, as you rightly pointed out, probably in terms of taking larger orders that might help you. But in terms of monetization of assets, does it give us any leeway?

So monetization of assets, we have to take the government permissions at different levels. And they are irrespective of whether we are a Miniratna or a Navratna. But those are -- yes, I mean, that is true for any public sector company. Navratna basically helps us in bidding for higher bid ticket PPP projects. And also it gives us a little bit more flexibility in terms of our financial and HR-related matters. So for internal working, it should ease out with Navratna status.

Got it. Got it. So it is more pertaining to administrative rather than financial or some perspective?

Financial, it is from the perspective that I mentioned that we'll have higher equity that we can invest in PPP projects. Also the kind of bids that we get, there are times when there are weightages for being a Navratna company also and all. So in QCDF or in credentials. So obviously, it will play a positive role overall. And it will be more in terms of these getting certain better technical qualifications, getting better rate from maybe lenders, getting more PPP-driven jobs. So those are the aspects that financially we should benefit out of it.

Got it. Got it. And then one last question from my side. In terms of bid pipeline, what would be our current bid pipeline, probably where we are targeting or where we have already placed the bids and probably the results are yet to come out?

So I think we are targeting bids in the range of INR 25,000 crores to INR 30,000 crores right now. And there are certain bids where we have [Foreign Language] L1 these emerged?

There are around [indiscernible].

L1 we've emerged in, just a minute -- total bids that you target is about INR 6000 -- no, sorry about [ INR 30,000 ] crores. And we are in the pipeline of having certain of these bids open, close to about, I think, INR 5,000 crores. So that we should go to -- get to know in another month or 2 months.

So just to clarify INR 50,000-odd crores is where we have bidded, INR 5,000-odd crores is where we have L1?

INR 30,000 crores is where we have bidded and INR 5,000 crores, we should get to know our state in another month or 2 months.

Okay. Okay. But we are not in L1 in any of these?

No. So these are yet to be opened.

Okay. Okay. But are we in L1 in any one of these projects where we've yet to put it in our order book?

We're already L1, have already been incorporated in -- close to -- we've had a new order win of about close to INR 500 crores. Out of that INR 500 crores, about INR 200 crores is where we are L1 and the LoA is awaited.

Got it. Got it. Got it.

Yes. So those are the ones which we obviously -- right now, we haven't reported to stock exchange, but we are awaiting for a formal letter from them.

Got it. Got it. Got it. Ma'am, wish you and your team a very Happy Diwali and a Happy New Year.

Thank you so much. Same to you all, Happy Diwali.

The next question is from the line of Vishal Periwal from IDBI Capital.

Again, quarter 2 is maintained. So can you clarify like what is the new order win in quarter 2? And what is the scope change in this?

We are doing 1 project in Sikkim, Sivok Rangpo project. So we've had an order increase there of close to INR 4,000 crores. Sivok increase is about INR 3,000 crores. And there are certain other increases as well. So overall, the increase in my order book, because of change in scope, is close to INR 4,000 crores. And the new orders that I've got, we recently announced MSME job that we got. That is INR 85 crores, but that's a consultancy job of INR 85 crores. So if I was to keep it at par with my EPC jobs, that INR 85 crores would be equivalent to about INR 1,500 crores to INR 1,800 crores on an EPC basis.

Okay. No, so just a clarification. See, because we have done a top line of roughly INR 2,900-odd crores, so when we are saying that new order win in terms of scope change is INR 4,000 crores. So is there some sort of deduction in the order book for the previous quarter?

Yes, yes, yes. So we've just indicated also that MCRL Phase 2, which is one of my joint ventures, Mahanadi Coal Railway -- Coalfields Railway Limited. There, the Phase 2 is being taken over by railways. So I've reduced that order book. Earlier, we were supposed to do it.

Okay. Okay. Sure. Okay. And then in your presentation, if I can just -- flip on the Page -- for Page #21, which has an annual financial statement, which is particularly P&L.

Just a second. Page 21?

Yes. So it has annual stand-alone numbers. And core EBITDA margin is roughly like 5.88% in this. So, like, if one has to look at probably FY '24, can you guide like where exactly this could -- the number...

This is standalone core EBITDA.

Yes. Yes.

So standalone core EBITDA would be in the range of 5% to 6%. But on a consolidated level because we continue to get HAM infrastructure that is where we've been maintaining our numbers.

Okay. So in terms of numbers, this 5.88%, it will be broadly in this range, though I mean there is a top line...

On a standalone, yes, because all my PPP projects are beyond standalone.

Got it. Got it. But since like when we are doing EPC work, top line is getting increased. So any benefit of, like, your fixed cost getting absorbed at a higher rate, high revenue...

Our fixed cost is very low, Vishal. So it will probably -- affect probably in minutest of decimals. That is where are our leeway is. I mean if you see -- if I were to exclude project expenses, my employee costs and other fixed costs are nominal in the range of 1% to 2%.

The next question is from the line of Atharva Bhutada from Purnartha.

Congratulations on a good set of numbers. I just had 2 questions. One is regarding IRSDC. The Ministry of Railways have asked for a slump sale by December 2024. So I just wanted to understand what was the main role of this company? And how are we proceeding with the sale of the company?

So IRSDC, the -- it was developing certain stations and then it was running and operating the station. Now -- railways -- Ministry of Railways is not consolidating all of that exercise and housing it with RLDA. So as a part of that consolidation, railways decided that IRSDC needs to be shut and all its operations as well as assets need to get transferred to RLDA. And stations which are already developed, they have gone to their respective zonal railways. That is where it is. Now regarding the slump sale, of course, because the company has -- I mean, their assets have to get transferred and then subsequently this company has to shutdown. Therefore, it is going to happen on a slump sale and at a value, which is being finalized as of now.

Okay, ma'am. And actually, I was going through the annual report and I didn't understand like why we were doing this. So we are having a lease agreement with RLDA, and we are using IRSDC to pay this lease, then I think you are getting the money back from RLDA?

That was the Bandra plot land, and in fact, now that entire transaction is squared off completely.

Okay. So we won't have this transaction...

It was in April '23. So from now onwards, you don't have any of such things in our balance sheet. There was a Bandra plot, which was supposed to be developed by us and for which there was a loan from IRFC and the land lease was through RLDA. But eventually, there were some technical and political issues because of which there was a stalemate situation on that Bandra plot for some time. And therefore, railways decided to end this transaction and take it back into the books of RLDA.

So have we lost any business opportunities due to that?

No, because even RLDA is just sitting with that piece of land right now.

The next question is from the line of Abhishek Maheshwari from SkyRidge Wealth Management.

Hello, am I audible?

Yes, you are audible, please go ahead.

First question is, so the bids that we have in advanced stages, are they more towards tunneling or high-speed rail or just track lane for normal trains? Can you throw some light on this?

Yes. So there -- some of them are on tunneling. And some of them are the doubling and expansion projects. And some of them are international opportunities that we are targeting. And some of them are road and highway projects.

Okay. So it's not skewed towards anything. It's more or less something of everything, is it?

Yes, yes, yes. Spread out in all directions.

Okay. And secondly ma'am, in layman terms, how is high-speed rail track different from a normal train track? Is there some niche that you have? Or is it pretty much the same?

So the bullet train project, this is based on the technology from Japan, and their system of laying tracks as well as all associated paraphernalia right from the slab, the mold as well as the kind of train that you will have running on it, everything is entirely different.

Okay. So having a niche share helps you, it gives you a competitive advantage.

Yes, because, I mean, we'll be the first one who will be learning this in collaboration with the Japanese party. And once we are able to develop it, we'll have the experience to take on further opportunities in this area.

And ma'am, any projects apart from what is already -- the work which is already going on, apart from that is there any other big projects in pipeline in high speed also? Or it's only after election that we'll come to know?

Not as of now. So DPR stage [Foreign Language] and how -- and when do we get an opportunity to participate in it.

Okay. Good to hear. And then lastly, ma'am, what ROI do we operate on for our JV companies with the coal projects and everything?

Sorry, I did not get your question.

What level of return on investment, ROI, do we operate at for our JV companies?

Yes, yes. So typically, the IRR that we look at is about 12% to 14%, project IRR. And equity IRR is in the range of 14% to 16%.

And that is something where we'll continue to maintain in future project also?

Sorry?

That is something we're looking to maintain in the future also?

See, right now, things are under construction. And in case of coal JVs, the -- what is important is that once the traffic flows through it, that is going to be our source of revenue, the freight sharing. So while all of these JVs where we have are very coal-intensive areas, be it Chhattisgarh, Jharkhand or Odisha for that matter. But once we have completed the construction, we will be in a better position. But having said that, because it's a coal-rich belt, there could be a short-term issue where we may have some initial hitches. But on an overall perspective, we should be getting good returns.

The next question is from the line of Atharva Bhutada from Purnartha.

Actually ma'am, last 2 question. So what is the bid success ratio for us?

Actually, in our kind of a company, it's very difficult to say what is the bid success ratio because there are a lot of jobs that you're trying to yourself seed while you're trying to bid for them, especially outside of India. And even within India, for example, when it comes to roads and highways, it is not about bid to success, but it also about how much equity I want to invest and how much can I support to go ahead in terms of PPP projects. Within railways also, it depends on the scale and the kind of job that it is. If it is station development or if it's a small time job, my -- probably, I will not even participate on those bids. And for mid and standard track laying facilities, may be my success rate might be lower. But if this was to be something which has complex bridges, tunnels or it is something which has to do something with niche technologies, like, we are doing the bullet train or the dedicated freight corridor, then my success rate goes up. Similarly, if it's a big ticket project, my success rate goes up. So it would be difficult to put an overall number to it.

And ma'am, actually I wanted to understand what is the revenue contribution from top 5 projects for half year? And what is the escalation percentage that we get? Is it like based on the inflation rate going on or the WPI...

So we have a fixed formula for the escalations, which are built into the projects, which are more to do with how much would be the labor cost increase and how much would be the material increase. And typically, there is a formula where you will have a CPI wholesale, all of these there. Then if it's an imported, then there would be some linkages to international indices also. So that is how it is determined. And I didn't get your question. You wanted to know the top 5 projects in terms of our turnover?

Yes. So like last year, it was 60%...

So what is the cumulative turnover of top 5 projects is what you're asking?

Yes, ma'am. Yes.

Yes. Okay. So the turnover from top 5 projects is about INR 2000, INR 2500 -- close to about -- for the half year I'm talking, it's close to about INR 2,600 crores.

[Operator Instructions] As there are no further questions, I would now like to hand the conference over to the management for closing comments. Over to you, ma'am.

Yes. Thank you, Mr. Dorwin, for moderating the call. I would also like to thank all our shareholders, business partners, analysts and investor friends who have continued to have taken us and supported us throughout the journey. Happy festivities to all of you. Happy Diwali. We would be happy to connect with any and every one of you on a one-to-one basis if required for any further queries and take it forward. I conclude today's con call. And thank you once again for all the active participation. Thank you.

Thank you. On behalf of Ircon International Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.