Patel Engineering Limited (531120) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to Patel Engineering Limited Q3 FY '25 Earnings Conference Call hosted by Ashika Stock Broking Limited. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Dheeraj Singh from Ashika Stock Broking Limited. Thank you, and over to you, Mr. Singh.

Thank you. On behalf of Ashika Institutional Equities, I welcome you all to Patel Engineering Limited Q3 and 9 months FY '25 Earnings Con Call. From the management side, we have Ms. Kavita Shirvaikar, Managing Director; and Mr. Rahul Agarwal, Chief Financial Officer. I hope everyone had an opportunity to go through the investor deck and press release that have been uploaded on exchanges and the company's website. I would like to mention a short disclaimer before we begin the call that this call may contain some -- some of the forward-looking statements, which are completely based upon the beliefs, opinions and exceptions as of today. These statements are not a guarantee of the future performance and involve uncertain risks and uncertainties. With this, now I hand over the call to Ms. Kavita, Managing Director for her opening remarks. Thank you, and over to you, ma'am.

Thank you. Good evening, everyone. Thank you for joining our Q3 FY '25 earnings call. It's a pleasure to speak with you all here today. We have uploaded the presentation summarizing the company's performance for Q3 FY '25, along with the results on the stock exchange for your convenience. I trust you, you had the opportunity to review the same. I shall provide some updates on both our company's performance for the last quarter ended December 31, 2024, and the future outlook considering the latest budget and other ongoing initiatives taken by the government. We are once again happy and proud to present a good set of financials for Q3 FY '25. We have been able to achieve a revenue of INR 1,205 crores, which is a growth of 13.6% for the quarter as compared to the corresponding quarter in previous year. And our net profit has grown by 14.5% from INR 70 crores in Q3 FY '24 to INR 80 crores in Q3 FY '25 and by 48% from INR 140 crores in 9 months FY '24 to INR 209.3 crores in 9 months FY '25. This robust performance is due to commencement of full-fledged works across projects post monsoon. Our total realization from non-core assets, monetization of all is around INR 486 crores, out of which INR 36 crores is from land monetization, INR 100 crores from sale of stake in Michigan and balance INR 350 crores from arbitration awards. Further, I'm pleased to announce that we have substantially completed the Permanent Integrated Coy Level Building located in Jammu and Kashmir. This pilot project, designed with special features to achieve a net zero habitat aims to improve the quality of life of our soldiers stationed in extreme weather conditions. The building is designed to maintain an internal temperature of around 22 degrees, even when outside temperatures drop to minus 35. The project was substantially completed in December 2024, with the final testing and commissioning expected to be carried out shortly. At our Kwar Hydroelectric Project located in Jammu and Kashmir, we have commenced dam concreting, a key milestone, which was officially inaugurated by the CMD of NHPC, Shri R. K. Chaudhary and CVPPL MD, Shri Ramesh Mukhiya. So one more project in J&K, the Parnai project also reached key milestone with the completion of civil works for the barrage and bridge. Next, at our Tunnel T-15 and Part Tunnel T-14 project successfully completed the second stage concreting at the T-14 edit, which is a crucial step forward the completion of the entire project. On the tunneling front, we are also making strong progress at the Tunnel T-7 rail line project, having completed the overt lining for the first kilometer out of the total 3 kilometers. Hence, overall, this quarter has been quite good, and the company expects to continue the momentum going forward. Now let me discuss the key takeaways for us from Union Budget for FY '25, '26. The honorable Finance Minister's Eighth Budget focuses on infrastructure as a key driver for India's economic growth and its goal of becoming a Viksit Bharat by 2047. India is expected to remain the fastest-growing major economy with GDP growth forecast between 6.3% and 6.8%, in line with IMF projections. The government has allocated INR 11.21 lakh crores for infrastructure, signaling a strong focus on economic progress. The Union Budget 2025 placed a strong focus on the public-private partnerships model to enhance the private sector role in the country's development. It is anticipated that the coordinated 3-year project pipeline of the government, which is supported by ministries and the Indian Infrastructure Project Development Fund will not only speed up the completion of projects, but also certain private sector participation. The cooperative framework in these states are encouraged to bid for PPPs is considered an important step towards efficiency and faster infrastructure development in the country. Further, strengthening this momentum, the launch of the second asset monetization plan with INR 10 lakh crores earmarked for reinvestment underscores the commitment to leveraging existing assets to fund new projects. Besides sharing PM Gati Shakti data with private players will help improve project planning and execution and minimize inefficiencies in resource utilization. With these initiatives, the PPP model is well positioned to take a significant lead in the fast tracking of India's infrastructure development, foster cooperation between the public and private sectors and drive sustainable economic growth. The government target of 500 gigawatts non-fossil fuel energy by 2030 and 615 gigawatts by FY '32 create significant opportunities in hydro and PSP sectors aligning with our strategy. Coming to the Jal Jeevan Mission and Pradhan Mantri Krishi Sinchai Yojana, the extension of the Jal Jeevan Mission till 2028, with an allocation of INR 67,000 crores for FY '26 and increased funding for Pradhan Mantri Krishi Sinchai Yojana will push the irrigation sector supporting our long-term goals. Moving on to our order book. As of December 31, 2024, our order book stands at INR 16,396 crores with 64% coming from hydropower, 21% from irrigation, 10% from tunneling and the remaining from other sectors. While project awarding activity was muted in the first 3 quarters, we expect a strong flow of large-scale projects in this calendar year, providing ample opportunities. We are on target this year to grow around 10%, and we expect to continue the growth momentum in the next year as well, where we may again grow at 10% to 12%. An update on our bidding activity, we have bid for projects worth more than INR 30,000 crores, which are currently under evaluation stage and yet to be awarded. With more projects worth INR 30,000 crore to INR 40,000 crores expected to be available for bidding soon, entering continued growth in the pipeline. With new order inflows, these projects would take around 6 to 9 months for mobilization FY '27 onwards, the revenue growth should take a surge. In conclusion, we remain committed to sustainable growth and creating long-term value for all stakeholders. With a legacy of 75 years, we are focused on executing projects with excellence and maintaining steady growth. Thank you for your continued support. I will now hand it over to Rahul Agarwal, our CFO, to take you through the company's financial numbers. Thank you.

Thank you, Kavita. Good evening, and welcome to all to -- on this earnings call. I will now take you through the company's financial performance for Q3 and 9 months FY '25. On a consolidated basis, the revenue is INR 1,206 crores, up by 13.6%, driven by strong project execution. Our operating EBITDA is at INR 184 crores, which is an increase of 29.5% year-on-year. EBITDA margin is standing around 15.3%, as compared to 13.4% in Q3 FY '24. Profit after tax is INR 80 crores compared to INR 70 crores in Q3 FY '24. On a stand-alone basis, the revenue is INR 1,187 crores, an increase of 12.78%. Operating EBITDA is INR 175 crores, up by 21% year-on-year. EBITDA margin was 12.8% compared to 13.8% in the corresponding quarter in previous year. Profit after tax is INR 74 crores compared to INR 43 crores, which is up by 72%. On the sector-wise revenue breakup, on a stand-alone basis, hydropower contributed 43%, irrigation 21%, tunneling 9%, roads 25% and others 2%. On a consolidated basis for 9 months, our revenue from operations is INR 3,482 crores, which is up by almost 9% compared to the previous year. Operating EBITDA is around INR 515 crores, up by 13.7%. EBITDA margins for full 9 months is 14.8% compared to 14.1% in the previous year. And profit after tax is INR 209 crores compared to INR 141 crores, which is again up by almost 50%. On a stand-alone basis, revenues are INR 3,424 crores, up 8.5%. Operating EBITDA is INR 489 crores, which is 14.3% and profit after tax is INR 223 crores. So coming to the debt number. On a consolidated basis, our debt stands at around INR 1,422 crores as compared to INR 1,885 crores at the end of previous year, March '24. Hence, the debt has come down significantly by more than INR 450 crores in this year. Client advances is at INR 713 crores compared to INR 760 crores. So the debt equity ratio has improved to 0.38 compared to 0.6 as of March. And breakdown-wise, the debt includes INR 568 crores of term debt, which is to be repaid over the next 2, 3 years and balance INR 850 crores is working capital debt. Our net working capital days after adjusting for land, claims and bank borrowings and investments and bank balances is at around 115 days. That concludes the financial overview. Now we are happy to take questions.

[Operator Instructions] First question is from the line of Narendra from RoboCapital.

My first question is regarding the growth rate. So as we mentioned, next year also, we are to grow 10% to 12%, right? So what is the order inflow that we are expecting this year and maybe next year in order to get an idea about the growth in FY '27? That's my first question.

So see, we are targeting at least INR 10,000 crores to INR 12,000 crores order inflow and accordingly, similar inflow may happen in the next year as well.

Okay. Okay. So FY '27 growth might also be around 12%, 13%, right? Or are we seeing a higher growth FY '27 onwards?

See, with this order inflow, we see at least more than 15% for FY '27.

Okay. Understood. And Second question is regarding the arbitration. So what amount of claims are under the process, sir? And what kind of awards are we expecting over the next couple of years?

See, we have arbitration awards in our favor of around INR 800 crores. And apart from that, there are under arbitration of -- under arbitration at various stages of claims of around INR 3,000-odd crores, so all combined. So yes, so we expect all arbitration awards to start coming in, but cash flow-wise, we see that from non-core assets, around INR 200 crores realization year-on-year.

Okay. Okay. So the INR 200 crore realization is from the non-core assets and the arbitration awards is over and above that, right?

No, no. So what I'm saying is non-core assets means including arbitration award, at least realization we expect INR 200 crores year-on-year.

Okay. Okay. Okay, sir. So on the INR 3,000-odd crores of claims that we have, right? So what -- according to our historical rate that we have been awarded, so what could be the rough realization on those claims?

So see, in the past also, whatever claims we have made, we have got arbitration awards of almost more than 50% of the values.

Okay. Okay. All right, sir.

That is excluding interest. With interest, the realization is almost 100%.

Okay. Okay. Understood. Okay. So the INR 3,000 crores, right? So any broad idea that you could share on as to when we can expect the awards coming up? Majority of the [indiscernible] position.

The arbitration awards will start coming in slowly, slowly. So these awards will start coming in slowly, slowly every year, depending upon what stage of arbitration it is. There are some claims which are getting into arbitration, some claims are into arbitration right now. So that's why we can easily give you a number of that INR 200 crores realization because that is an easily determinable based on arbitration awards in hand and other non-core assets we have.

[Operator Instructions] Next question is from the line of Viraj from MoneyGrow India.

Congratulations on the stable results. Ma'am and sir, I had a question regarding the revenue growth for FY '26 guided towards, given that a lot of your projects are now probably moving to the late stage of execution. Is it possible that you could exceed a 12% revenue growth number for '26 and then accelerate it from '27 onwards?

While we'll try, this is based on our right now assumption, we think 12% is achievable. While we will try for more so.

Understood. And then we can accelerate from '27 onwards to a higher number?

'27 onwards, we expect to more than 15% growth.

Understood. And second question is for this 12% revenue growth number for FY '26, would you operate with the same level of employees and employee benefits expense? Or are you likely to hire more head count and see your employee costs go up meaningfully?

So at current level, we expect the employee level will be maintained. Now as we are expecting new order book of INR 10,000 crore to INR 15,000 crores in next 1 year, so based on that, which projects we are getting project to project, we might need to increase.

Understood. But more likely for '26, you're not seeing a big increase, more likely in '27, you may see a jump?

True. True.

Next question is from the line of Pritesh from Lucky Securities.

So for the '26 revenue growth, most of it -- the -- entirely it will come from the execution of the backlog that you have today, right? You do not need newer order inflow to support that revenue growth?

Yes. So more or less, we are looking at that from the existing order book only. There will be obviously some inflows coming in from the new ones also.

In Q3, Q4, we expect some inflows coming from new ones.

And how much of the backlog that you have today in this INR 15,000 crore is towards, let's say, the later stage of execution or towards the projects which have moved up, which moved or progressed substantial progress.

See, almost more than 50% is done in substantial progress. So in this presentation, we have put. So more than 50% project out of this is almost INR 4,000 crores, 30% to 50% is INR 6,000 crores, which will start moving in this year. And below 10% is only INR 2,500, INR 2,800 crores. So yes, that is something will also start moving in this year. So all projects are running well and that is where our book-to-bill ratio was around 4%, it has come down to around 3.5%, if you see. So things are doing good.

Okay. And lastly, sir, on the ordering side. So what was the order inflow this year?

This year has been pretty sluggish, I would say. It is almost -- including L1, it is almost INR 400 crores. And we have bidded [indiscernible] crores right now. So that bid should start opening up.

Okay. Just INR 400 crores?

Yes, yes.

And in the hydro and the pumped storage side where the government has given out the FY '30 numbers, the next 5, 6 year number of closer to 75,000 megawatts or 75 gigawatt to be installed. In that installation, which is ongoing, is about 24,000 megawatt. What is our share in that 24,000 megawatt? Hello?

Participants, please stay connected. The line for the management dropped. Ladies and gentlemen, please stay connected while we rejoin the management back to the call. Ladies and gentlemen, thank you for your patience. We have the line for the management being connected.

Were you able to hear the question?

Can you please repeat?

I said in the 22,000 megawatts of hydro and pump storage, which is under execution in India, what is our market share there based on the execution on order backlog, et cetera that we have. And in the 75,000 megawatts planned over the next 5 years, out of which, obviously, 25 is under execution. Any comments you have for the incremental 50,000 megawatts out of that? How much is under this bidding stage or project finalization stage and so on? Any comments there, especially for the hydro and pump storage because that's like 60% of your business. So just wanted to check on that.

See, traditionally, our market share has been around 25% and right now, under of the 18,000 megawatts hydropower projects under arbitration, we are being doing associated with almost 8,000, so which is around 45%. And going forward, see, we will keep building for a good project. And we would expect there are only 4, 5 players in the market. So we expect the share kind of that to maintain.

And what is the progress on that 50,000 megawatts to be bid out? What is the -- what kind of projects are there or how much megawatt has been finalized with the bid valuation that you're talking about some INR 20,000 crores, INR 30,000 crores of projects when you bidded for how much megawatt are used?

So what we have bidded for in that, I mean, in terms of megawatt, maybe around INR 4,000. What is expected to be bidded, see, more than in the next 1, 1.5 years, we see around 25,000, 30,000 megawatts of projects coming out of it.

[Operator Instructions] Next follow-up question is from the line of Narendra from RoboCapital.

Sir, are we seeing any opportunities in the nuclear sector for our company?

So till the projects are yet to come, we'll see when it comes, how do we evaluate that.

So do we have the capabilities to do that?

See, we will see with the tender team when the document comes what all qualifications are required.

Okay. And just one clarification. So this year also, are we still expecting around INR 10,000 crores of order inflow considering there is only one quarter remaining?

No, no, not in this quarter, not in this quarter. This quarter, some order inflows will come, but we cannot -- yes. So we're saying about full 1 year.

Okay. So okay. So FY '25 order inflows should be INR 10,000 crores?

No, no. I'm not saying FY '25. See, FY '25 3 quarters already done, only 1.5 months are left. So when the bids open, whether it will open before March or after March, that timing is a little difficult to say. But what we are saying is next 1 year, say, by December, we should -- we are targeting INR 10,000 crores at least.

Understood. Understood. So sir, this year, what are we expecting?

By FY '25 March?

FY '25, yes. Yes. FY '25 March.

So FY '25, see, we have bidded for almost INR 30,000 crores of worth of projects, but we don't know whether timing of opening will before March or after March.

All right. All right. Understood. So sorry, I missed the number. What did you say how much order inflow have we had till date?

This year, INR 400 crores.

Next question is from the line of Tanishq from Elara Capital.

Sir so could you please repeat the number of the land monetization something [indiscernible]?

We said from non-core asset...

Sorry to interrupt you. Your question was not audible. Can you repeat that once again?

I just wanted to get the breakup of INR 486 crores of non-core asset realized, I think.

Okay. So around INR 36 crores is for land, INR 100 crores from sale of stake in Michigan and around INR 350 crores from arbitration.

So when you say 12% revenue growth, you include the arbitration is that or this will be the core revenue growth of 12% in FY '26 and FY '27, 15%?

Core revenue..

Yes. So this does not include the arbitration, included in the revenue, right?

What we are saying is this INR 350 crores is receipt of payment for arbitration award, fair enough we were..

Yes. I understood for FY '26, you've guided for 10% to 12% of revenue growth, right?

Right.

So that excludes the arbitration or any non-core monetization that you will be doing?

Yes, yes, non-core monetization and all will not be included in revenue.

Next question is from the line of Disha Shah from RRR Investment Advisory. Disha, may I request to unmute your line and go ahead with your question.

Hello?

Yes, go ahead.

Can you hear me?

Yes, we can hear you.

Yes. So I have a bookkeeping question. So I just wanted to know if for today, I get an order of say, for example, INR 1,000 crore. So in how many -- if we take an average cycle around 4 to 6 years, could you please let us know what percentage would be booked in each year?

So on a ballpark basis, I can say that the first year, it goes into -- only into 6 to 9 months, it's a mobilization and a little bit of work. So around 5% to 8%, 10% in the first year. And second year onwards when the work starts majorly then it can be from second to fourth year, it is high. And then from the post fourth year, it again starts tapering down.

Okay. Sir, I have one more question. So there is an -- other income of around INR 185 cr for 9-month FY '25. Could you please give us a bifurcation of that, what is included in that INR 185 cr?

For 9 months, right? So that mostly includes interest income on arbitration awards, some income tax refunds, some sale of shares, investment, yes, a sale of scrap and all this.

Okay. Sir. I also have one question regarding the MoU we signed with IRCON and RVNL. So can we expect any order in near future?

So see, we have signed MoUs for bidding large projects together. The biddings have already started. So let's hope what -- how much orders we get.

Okay. My last question would be in the last call, the company shared its interest to accept some orders from private companies for construction of PSPs. So can you -- can you share some light on this?

See, there are PSPs. Kavita?

So we have started bidding, as we mentioned that see, we have already submitted bids for around INR 30,000 crores worth of projects, which includes PSP from private sector also. So we have already started bidding for the project of eventually we target to get out of INR 10,000 crores around INR 3,000 crores, INR 4,000 crores from PSP also.

Next question is from the line of Shubham Shelar from IDBI Capital.

I just wanted to ask, recently BMC declared their budget. And in that budget, there were also some funding for water supply projects. So going ahead, are you bidding for more water supply projects?

Yes.

Yes, yes. We are -- we will be bidding for the water supply projects also.

Okay. And second question was on margins. So we will maintain margins around 14% for next year also?

Yes, somewhere around that range only 13%, 14%.

Question is from the line of Manish Gupta from MoneyGrow.

Sir, I wanted to check with you how is our receivable situation? Because I saw in the presentation, there is an increase in the working capital. And we are also hearing press reports, which talk about infrastructure companies getting a lot of delays in payments, especially from government, state government or the PSCs also. So just wanted to hear your perspective on that for the company and maybe for the sector also depending on whatever you can share.

See, receivable cycle, there are no major change in the receivable cycle. And we are still having receivables, although the revenues have increased, our renewables have -- current receivable is around INR 560-odd crores as compared to INR 475 crores earlier. So which is in line with the increase of revenue.

So we are insulated because we do less work with state governments or more would say, PSU entities? Is that why...

Because central PSUs are cash rich, so that getting in fact is not an issue itself.

[Operator Instructions] Next question is from Yash Mhatre from [indiscernible] Capital.

My first question would be, could you help me out with what we are seeing with respect to PSP project orders? Are you witnessing any traction over there?

Yes. So we are seeing a lot of project bids coming up for PSP projects, especially from the private one.

And what is your outlook on the CapEx requirement over the next 2 years?

The CapEx for order inflow, what we expect INR 150 crores, INR 200 crores.

Next question is from the line of Nitin Gandhi from InoQuest Advisors.

How does the Q4's panning out? Are we on track, Y-o-Y growth or Q-o-Q? Are you facing some hurdles in terms of execution? You can share some thoughts.

So we are in line for growth around 10% this year, what we have said. And execution is going on at all project stage.

[Operator Instructions] Next question is from the line of Sunidhi Joshi from NM Financial Service.

Am I audible?

Yes.

Okay. Sir, I was just away for a while. I don't know if this question was taken, but I just wanted to understand the bifurcation of the INR 30,000 crores based in terms of hydro, irrigation and tunneling projects.

So in terms of hydro, irrigation and tunneling, see hydro and PSP combined is almost 70% and the rest other segments is balance 30%, out of which irrigation is around 7%, 8%.

Okay. And last quarter, you had bid for around INR 10,000 crores of order book, but you haven't added any of the new order in the quarter. So any specific reason for the same added if they're allotted to someone or still the bid is not open?

No, most of the bids are still not open. So we are looking at -- bid may open at any time.

Okay. Got it. And what is our expectation of conversion in the INR 30,000 crores bid that you mentioned you have applied till date?

See, generally, our success ratio is around 20%. So we should get that.

Next question is from [ Pranjal ] from Nevasa.

I just wanted to know the non-core asset realization.

So we expect INR 200 crores year-on-year for the next couple of years.

And what was the realization till date for this year?

This year, it has been around INR 480-odd crores, out of which INR 30 crores, INR 35 crores is from the real estate, INR 100 crores from the sale of shares, around INR 350 crores from arbitration awards.

Can you please repeat? Sorry?

This year, around INR 480 crores.

And the breakup?

INR 350 crores arbitration award, INR 100 crores sale of shares and around INR 35 crores from real estate.

[Operator Instructions] Next question is from Mr. P Jha, individual investor.

Yes. I wanted to figure out in our country's ambitious projects of interlinking the rivers. And also the tunneling for the railways, for which we have a collaboration in place, do we see ourselves playing any role in any significant way? One. And secondly, in the past, I heard you saying that the real estate land -- surplus land available for monetization was to the tune of INR 1,000 crores. So of which cumulatively, how much have we sold in this financial year?

To your question, we are looking to bid for projects for river interlinking and other railway projects -- INR 55 crores from real estate. And we are...

Sir, Sorry to interrupt you. We are losing the audio. So Mr. Jha, can you mute your line from your side, please?

Yes, yes. I'm there. So essentially, I just wanted to figure out the potential market size of this area of interlinking of river for us. And because we are easily one of the most capable company. So do we have any kind of a ballpark figure for interlinking of river as well as for new railway lines or wherever the tunneling is needed. Essentially these 2 questions.

So see, in terms of funneling almost a -- for tunneling. So there are many projects and almost INR 1 lakh crore of work is there for tunneling. For irrigation across it is -- they are more than INR 1 lakh crores of work, out of which river linking projects, maybe almost 20%. So there is a new scope in each revenue.

And real estate monetization, are we in any advanced stage of selling it or it is still...

We are in discussion. So we are in discussions for land parcels, but not yet closed...

Wishing you all the very best to see you in your prime. We remain very optimistic with the future in -- especially in the current leadership that your company has.

[Operator Instructions] Next follow-up question is from the line of Narendra from RoboCapital.

So given that our order book would be falling. And given that we are aspiring to grow 10% next year as well. So would it be driven by higher execution of the current projects? Or how will that 10% be achieved given our order book would be significantly smaller than what we had at the beginning of the last year -- of this year, right?

See, the projects are all under full execution mode. So last year, if you see, we had a lot of projects which were below 10% and now they have all moved into a category where the revenues will start moving in. And so that is why we are optimistic about this revenue growth. And obviously, we will be expecting new orders to start coming in maybe from this quarter onwards only. And so that also first year after 6 months of mobilization, the project operations will start. So all combined, we are hopeful that easily we can achieve this number.

Next question is from the line of Manish Gupta from MoneyGrow India.

Looking at the results of the last several years, it's clearly evident that March quarter is typically very strong in net profit. We saw that in FY '24, FY '23 also. Sir, just wanted to check with you that are we -- is it fair to expect something similar for March quarter for FY '25 also?

See, March quarter is generally last 2 quarters, Q3 and Q4, a post monsoon are the best quarters for execution. So that way, yes, I mean, that all will now depend upon how the execution happens in this quarter. But yes, generally, it has been that way.

Next question is from the line of Abhishek, an individual Investor.

Am I audible?

Yes, yes.

I just have 1 question regarding our U.S. subsidiary, Patel [indiscernible] which we have. And is there any litigation which has come up with ASI? I was reading some articles actually sir, thought I'll just ask you.

So there was -- there is a litigation, but we have already sold that entity.

Okay. So we will not have any impact on that litigation right now?

We don't see any impact coming to us.

Okay. And what is the size of the litigation, if you could share us a little bit on that sir?

So it may be somewhere around $15 million to $20 million.

Okay. Okay. So as of now, we have sold that and we are not much involved in that, am I right?

Yes, yes. So we are not involved much in that.

[Operator Instructions] Next question is from Nitin Gandhi from InoQuest Advisors.

Yes. During land monetization, can you give some more color, time frame and expected flow for 2 or 3 years?

So land monetization, see, we have targeted few land parcels, which we will be looking to sell and considering the land monetization expected and considering money to be received from arbitration award, we have kept a target of at least INR 200 crores realization.

No, I was just referring with reference to land, not including everything, just specifically land, if we can share some thoughts. Total realization expected from the land?

See, it is -- because the land transactions are not like -- can be said to -- that it will be concluded in this financial year itself or the next financial year itself. I can give you a number like over the next 3 years. So if we have to look from land monetization, maybe INR 200 crores, INR 300 crores.

As there are no further questions, I will now hand the conference over to the management for closing comments.

Thank you all for attending this call. If any further questions are there, we'll be happy to take it offline.

Thank you very much. On behalf of Ashika Stock Broking Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.