H.G. Infra Engineering (NSE:HGINFRA) Q1 2027 Earnings Call

0:00 Ladies and gentlemen, good day, and welcome to the q one FY twenty seven earnings conference call of H. G. Infra Engineering Limited hosted by Go India Advisors L and P. 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 0 on your touch tone phone. Please note that this conference has been recorded. I now hand the conference over to miss. You, and over to you, ma'am. Good morning, everybody, and welcome to H. G. Infra Engineering Limited earnings call to discuss the quarter one FY twenty seven operational and financial performance hosted by Go India Advisors.

0:50 We have on call today mister Harendra Singh, chairman and managing from HG. Infra and Mr., 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 and 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.

1:42 What started as a focus roads on high base companies has now transformed into a diversified infrastructure platform with capabilities across EPC and hybrid annuity payroll projects of highway, along with the 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 fleet and an experienced equipment fleet and 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.

2:32 Just to highlight here, last year was not as per our expectations. The last one year and specifically the first quarter of FY 'twenty seven 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 has also impacted HG affecting new projects awarding, execution momentum and overall business spectrum, including muted project awarding and bidding activity. Geopolitical uncertainties also has affected favorably, intensifying competition and lower margins as always has been there.

3:21 Against this backdrop, HG went through a phase of consolidation with focus on maintaining stability across all key metrics that is leadership, automation, manpower systems 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 waters with our diversification in Phase one in the renewable space, we will now further scale and consolidate our next phase of growth aggressively into energy space like solar, best and transmission and distribution projects. This will remain an important part of the strategy for growth beyond our traditional roads and highway business. The quarter one FY twenty twenty seven results were disheartening from an overall business and financial performance perspective with a significant shortfall in both top line and bottom line.

4:17 Along with the decline in the margins, the margin improvements were largely attributed to project specific factors such as into road execution was impacted by delays in the project dates and handover of working fronts, constraints in the availability of potash in few projects and disruption in the supply of key commodities such as bitumen and HG. 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 metro projects, including pending block permissions, restricted working fronts due to operational constraints and few of the stations.

5:08 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 one FY twenty twenty seven. 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 execution 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 FY 'twenty seven, will be much more promising with improved execution and meaningful recovery in our performance.

6:01 Let me begin with a glimpse of our operational highlights. As of quarter one FY 'twenty seven, the company's order book stood at INR 14,502 crores, comprising of INR 9,386 crore from roads and highways, INR 3,054 crore from roads and rails and metro, INR $4.61 crore from BES and INR 144 crore from both solar projects, INR $14.57 crore from transmission and distribution. Segment wide road highways contribute 55%, railways 21% and remaining 14% for renewable projects. Update on our ongoing EPCs as we have already had completed Ganga Expressway and UER projects. COD for both the projects are being obtained.

6:49 The Jinchakur Elevator project is running smoothly with the current progress of 51.12%. The Neel Muga Tunkur project at 70% completion is progressing towards completion and by March, it's likely to be completed. The DLS project is struggling at the initial stage because of the land cost trend with the completion of about only 3%. The momentum of this project will be built shortly. During the quarter, the company secured the Pune Chirud project from Valspar valued at INR3931.11 crore and is currently in the initial phase of mobilization with execution expected to gain momentum in quarter three FY 'twenty seven onwards. Progress on HAM projects. So now the road has reached 99% completion and we have already has applied PCC, which we are likely to get in quarter two FY 'twenty seven and with COD expected in quarter three FY 'twenty seven.

7:44 As shared in the previous quarter, provision completion certificate for RISI, Mishakapatnam, Oridore projects like OD five, six and AP one. Also, Hammam De Wapiti project KD one and two already received the provision completion, and we'll obtain the COD for all these projects in quarter three and quarter three FY 'twenty seven since around all the pending issues are being resolved. The Chennai Pitugapati hand project reached at 59.6% completion. Varanasi Kolkata Package 13 has achieved 43.1% financial progress. Varanasi Kolkata Package 10, which received a point in date with effect on 05/30/2026 in quarter one FY 'twenty seven, and the project has now achieved 15.5% completion.

8:32 For Kosi Parikhoma, Package six of Ayodhya, project execution has reached 35.7% completion. The Naros Sur Kej project has achieved 44.2% progress and remains on track for timely completion. The company signed contract agreement concession agreement on 04/24/2026 for Gumindkar Tangip Capital Regional Ring Road Package 3 in Orissa. The land acquisition is in process at one 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 Pilaspur Armenal project, which is at 99% completion and targeted for completion quarter two FY 'twenty seven.

9:20 The Kanpur Railway Station project is at 54%. The Tulane Nirvana rail project has achieved 54% again and the Behar, Thunnagar and Karanjikawa project had 5054.5% 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 Hane Metro project being declared as 01/11/2026. 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 INR $3.40 crore and the Mirzapur thermal, Uttar Pradesh is a INR $4.40 crore.

10:16 So both these projects are currently under mobilization, and both these projects are in the execution phase. Regarding our solar projects, as of 06/30/2026, the overall physical progress in solar projects stood at around 94%. The project execution 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 complete commission all balance plans within the revised contractual timeline over the coming months. Notably, the Ministry of New and Renewable Energy, MNRE, has extended the commissioning deadlines for Khusum projects in Rajasthan up to 03/31/2027, thereby providing additional flexibility to address localized project acquisition challenges.

11:10 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 INR 300 plus crore is expected to be largely released post commissioning of these plants during quarter two and quarter three of FY twenty twenty seven. On the operational front, the company has raised invoice of INR 175 crores to state.com and for 137 commission plants till date. And upon commissioning of all plants, we are targeting to have annual revenue of INR 50 crore plus. Regarding best project, the company has executed binding agreement with GOLL and NVN for a development of three battery storage system, projects with an aggregate capacity of seven thirty five megawatt, that is fourteen seventy megawatt hour.

12:03 The procurement activities for projects aggregating four thirty five megawatt almost completed and purchase order for all critical long lead item, including batteries have been placed. And the purchase order for DC block container has been awarded to a reputed overseas supplier that is CATL. Also, all long lead items such as Emperor, 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 Kartha, Dholera and Churanya projects. Execution activities in all these three projects are 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 Chironia plant is targeted for commission in June 27.

12:57 And upon commissioning of all these best projects, the company expects to generate annual revenues of approximately $2.25 crores. In power transmission projects of Orissa, 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 PVCL comprising of projects in Birlzapur, Uttar Pradesh and an EPC cost of INR $3.20 crore and another injunction for Jharkhand with the EPC cost of INR $8.43 crore. All these three projects are expected to generate annual revenue of approximately INR $2.15 crore once commissioned for thirty five year concession period.

13:51 This is an update regarding the five HAM projects. During quarter one FY 'twenty seven, company successfully transferred 51% of its shareholding in KD1 and 49% in 45100% at OD6, receiving partial consideration of INR 70 crore, INR 140 crore and INR $20.03 crore, respectively. The remaining holdback amounts are expected to be received during quarter two and quarter three, once we complete this project and achieve the COD and AP1 NOC is yet pending. Subsequently, in July 26, the company transferred the remaining 51% shareholding in Raiffon, which have a platinum OD five project, receiving a partial consideration of INR 103 crore. The balance consideration expected to be received in quarter three and quarter four subject to final COD and completion of relevant conditions.

14:41 The company expects to complete the equity transfer of AB1 project during the upcoming quarter with respect to the Kadnal Ham project. Discussions are ongoing with the prospective investor to finalize the MBU and the project is expected to be monetized by end of this current financial year. Regarding the equity requirement into all projects, so in higher projects, transmission is best around INR 3,019 crores of total liquidity requirement as of June 26, $16.65 crores has been infused into all these projects. The remaining equity will be infused in nine months 'twenty seven and FY 'twenty eight, 'twenty nine. Moving on to the financial highlights of quarter one FY 'twenty seven. Salono Financial remained INR $90.07 crore as a revenue with EBITDA of INR 77 crore and EBITDA margin of 8.49%.

15:32 PAT for quarter one FY twenty twenty seven stood at INR28 crore at a margin of 3.12% compared to INR125 crore and a margin of 7.34% in quarter one FY twenty twenty six. On a salary basis, our gross debt stood at crores. This comprises of INR910 crores in working capital debt, INR14 crores from NCD and INR2524 crores from term loan and current maturity, credit limited. With our expected collections from receivables and the monetization proceeds, we are targeting to close our external debt at INR900 crores by end of this year. Regarding the consolidated financials, the revenue for quarter one FY 'twenty seven reached at $110.01 crores with an EBITDA of INR $30.04 crores and an EBITDA margin of 27.6%.

16:20 PAT for quarter one stood at negative INR 45 crores with a pat margin of 4.04% compared to INR 99 crores and a margin of 6.7% in quarter one FY twenty twenty six. Regarding way forward, we are confidently targeting for an order inflow of INR 11,000 crores to INR 12,000 crores in FY 'twenty seven, of which projects worth approximately INR 5,500 crores already being received in quarter one FY 'twenty seven. Going forward, we see a strong opportunity across roads, rails and metro with an increased focus on transmission power sector. And our road manager identified 54 projects worth approximately 1.85 lakhs to be awarded in FY 2027. And while the expansion of high speed rail and rapid roll Nammo Bharat is creating significant long term opportunity in the rail and metro segment.

17:08 The transmission sector is also witnessing strong growth supported by 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 returns and our diversified pipeline, financial discipline and bold sector best position as a future ready multi sector infrastructure leader and committed to delivering outsized value to our investors year after year. I will now hand over the call to our IR adviser and request them to open the floor for session.

18:09 Participants are requested to use handsets while asking a question. We take the first question from the line of Viparsh Shah from GM Financial. Sir, first Q on margins, why were they impacted in 1Q? And how do you see it going forward in the remaining three quarters of the year? Ultimately, in quarter one, solar projects, they are being impacted because of the local issues, the transmission lines and other ROW constraints earlier. So because of that, we could we need to shift few of the plants also to a new location.

18:58 Also, the transmission line cost has been increased significantly over there. So that is the hit which we have taken in this quarter one margin. What will be the margins for the remaining quarters? How do you see it for FY 'twenty one as a whole? So overall, this margin front, that definitely the project we already have started in highways and rail projects, say, one or two projects where the margins are not that increasing. But overall margin would be in the range of about, say, 13.5 to 14% EBITDA level. So even after 8.5% in first quarter, the entire year will be 13.5 to 14%? Yes. So it should revert back to normal levels from Q2 or we should see improvement in second half? Because in Q2 also, because of the rainy season and other impacts of supply disruption, again, we are not having that control.

19:55 But in later half of the year, second half of the year, we believe that there's likely significantly, we will be bouncing back to the top line as well as good bottom line. So secondly, what would be our revenue guidance for this year and next year? And also, can you give a breakup of equity investments for the next three years for both HAM and this portfolio? So for the this year 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 FY 2025, that is INR 6,100 plus crore. So we will be in a range of INR 6,000 to INR 6,500 by the year end. And next year, no doubt for FY 'twenty eight with the orders in hand, we believe that we will be around INR 7,000 crores for INR 28.

20:49 For an equity requirement concern, till date, we have invested around $16.64 crore of equity into all these transmission based and projects. The nine month estimate is around INR $5.83 crore yet to be invested for the balance part of this year. FY 2028 requires INR $6.25 crore and just INR 146 crore in FY 2029. And the income of this between HAM and BEST? The HAM project do require INR $30.09 crore for the balance of this year and rest INR $2.75 crore in transmission and BEST. And for year FY 'twenty eight, hand requirement is two thirty five crores and for FY 'twenty nine, it's just INR 71 crore.

21:38 And this best in transmission, the requirement for FY 'twenty eight is INR $3.90 crore and around INR 75 crore for FY 'twenty nine. Okay. And lastly, 80 for the host for Pune children capital region is by when? We are expecting October because the land positions and all related are really shifting things are in alignment. And within the next two, three months, it would be done. And the financial project is also in advanced stage of the HG. Likely by October end, we will be getting a quantity for both these projects. Yes, both these projects. Yes, both of these projects. Thank you.

22:30 We take the next question from the line of from Dallet Capital. Please proceed. 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 FY 'twenty seven, we are looking at INR 6,100 to INR 6,500 odd crore. Sir, it seems it definitely much much difficult to even reach a INR 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 quarter INR $90.07 crore? So can Q2 would be a similar INR 900 crores, 2,000 odd crores than 2,000 less than INR 2,000 crores. So we need a INR 4,000 crores kind of a number in the second half.

23:25 That means INR 2,000 crores 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, HAM, EPC, BS, transmission, how are we looking at the revenue of this year? So that will be helpful. And maybe a particular... The bigger project like a, much we are looking at? So then it will be helpful because it seems very, very difficult even if we reach 5,000, INR 5,200 crore would be great. I think you are talking regarding the revenue guidance. Ultimately, as we have lost visibility in quarter one for various factors, But in quarter two, we are quite hopeful that we will be roughly around 1,000 crore.

24:15 No doubt, there has been, let's say, 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, having received the appointed data of Ole Chirur as well as this Orissa project, which is a big size projects. We are already in the advanced stage of mobilization and already have secured everything like query and set up the plant and entire establishment is in place. And utility shifting is an advanced stage of projects in Pune Sherwood also. So one is the sector which we are talking in the highway, we are expecting to roughly do around INR 3,000 crore in next three, three quarters. So INR 3,000 crore is from, say, ultimately, it's around INR 700 crore from Pune Sherwood only under INR 3,000 crore and roughly around INR 150 crore from Orissa, the Spring Road project. So talking of that INR 3,000 crore, if we are going to add this number and address 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 entire all battery and containers.

25:24 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, first transmission projects and the second transmission project, which is going to be completed in eighteen months. We've already ordered all items which are required. So in that scenario also, we are looking at at least INR 600 plus crore of revenue to be done in this. So INR 3,600 and INR 3,600. And rest is, we are expecting no doubt around INR 2,000 plus crores of revenue to be done in all rail projects, including Alupur, Mirzapur as well as the recently awarded projects as well as all earlier projects, which we are discussing like Kanpur, RBL.

26:10 So these are all the projects which we are quite hopeful, and we are running on track also. Okay. Okay. And on margin front, sir, when we are seeing 13.5%, 14%, so in Q2, let's say, the similar INR1000 crores revenue. So what I look at is that the entire margin hit is is primarily because of the lower revenue because our employee cost as a percentage of revenue has has gone up significantly from 5.4% to 10.3%. So that's the entire 5%. So if we had eight and a half and 5% to 1313% plus kind of number is there. So in q two, most likely, it would be the kind of a similar number. Then in second half, are kind of looking at a 15% plus kind of margin and that's why we saying that for full year 13.5% to 14% is doable?

27:07 I think you are quite right because of the employee cost, it has been significantly higher than employee cost at this particular top line is not in any case is not matching. So quarter three and four were INR 2,000 crores, 2,012 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 of projects as well as one Ganga project, which were dragged for almost one year plus the completion when we completed 96%. So the 3% to 5% of completion in these seven projects that has impacted a lot in all employee cost into these projects, where not a big amount was executed, but entire cost of employee and establishment was huge. But then again, now we are into these all 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 odd percent margin, then overall margin could be 13.5% for the year. And for next year also FY 'twenty eight, the similar 13.514 then would be doable because then As we will of this scenario is there, we are targeting those transition projects, which do have this juice of about, say, 13% to 15% EPC margin.

28:23 So looking to that in the real also some of the projects from high value projects being announced and we are looking at the projects, which is around INR 3,000 plus crores of single project is there. Also in other than this rail and metro projects, urban projects and highways, they are significant fixed size 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?

29:09 This is around INR $6.60 crore being received and INR $7.25 crore is balanced. In INR $7.25 crore, typically in quarter two, roughly, we will be getting some INR $2.50 crore and balance portion in quarter three. And also, we are expecting to close this Qatar project. We are already the term sheet being shared with the potential buyers and likely that we will be closing this transaction at the year end because there, the COD is not having that delay. Once the PCD 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 $8.50 or INR crore to be collected in the company by the year. So that's why we expecting that the 1,800 crore date will go down to the INR 900 crore by year end?

30:00 Yes, of course, there are few other factors which we were earlier expecting that solar debt would be released to SPVs and as you would be getting this money of 300 crores plus, would not be done because of civil issues related to the projects. Also, there has been long drawn receivables where unbilled 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. Got it. Lastly, sir, balance sheet numbers, retention money, HAM debtors, solar debtor and Ganga and railway data. So these details, I will tell my team to con... Connect to you because now, say, I'm not having immediately with me.

31:01 No issues, sir. No issues. No issues. Thank you. And I hope we will start seeing the recovery soon. Thank you. Thank you. Thank you. We take the next question from the line of Aditya Sahoo from HGFC Securities Limited. Please proceed. Hi, sir. Thanks a lot for the opportunity. A lot of my questions were already answered. However, I did have a few more. On the the... You know, we had some settlement of operational claims that we were expecting in h one. Where do we stand on that? We had highlighted about the delay that was witnessed in Q4.

31:48 So where do we stand on that? Ultimately, last quarter, we could, say, sign off one of the settlement claim, almost three projects were there, around INR 42 crore. Already, we think INR 29 crore in July. And apart from this, say, one of the settlement claim, which is in ministry, which is likely to be closed within this quarter only. And roughly in September, within, say, thirty 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. So this is are at INR 100 crores in September. So this is the case which we are targeting in this particular quarter two only. Again from other projects also, we are looking at this constellation to be completed within next three to six months. So by year end, we would be look, there are fair chances that we will be getting around INR 200 crore onto the various consolidations being done.

32:50 Okay, sir. Understood. Understood. On the just confirming the numbers, I think I may have dropped in between. With respect to the equity requirement, the total equity requirement is at INR3819 crores, of which INR1056 crores has been infused till June 26, if I'm not wrong. Sir, I think it's a wrong information you are having. The total equity requirement into HAM is $13.31 crore. 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 crores, INR INR crores already invested till June in these projects and INR $30.09 crore nine months for the year, balanced part of this year, $2.35 crore for FY 2028 and INR 72 crore is for FY 2029, okay?

33:50 And in solar and pest and transmission projects, if you are talking, so this is a total liquidity requirement of INR $16.89 crore, which already INR $9.59 crore invested, balance INR $2.75 crore for the year, balance part of the year, INR $3.90 crores for next year and INR 75 crores for FY '29. Understood, sir. Understood. And what would be the gross debt as on June 26 at stand alone level? Sorry? Debt? The debt at stand alone. Rupees. $18.34. We didn't have to Understood, sir. No more queries. Thank you so much. We take the next question from the line of Renga Varshini from Wealthify.

34:58 Am I audible? Yes. My first question is how much of the current debt is expected to come down in the next twelve months purely based on project cash inflows, excluding the asset monetization and the equity infusion, sir? So the equity infusion, which we are looking at for the last for the nine months is around INR $5.85 crore. So this equity infusion, if you see, and the monetization is around INR 800 crore, 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 the all final bills and the other point of operational these are not claims rather, these are all operational cash flow. So which we are expecting that by the year end, we are likely to get INR 300 crore plus for reduction in the debt out of these other things.

36:03 And INR 800 crore of monetization is going to fund INR $5.83 crore fees of commitment with a surplus of INR 200 crore. So if you see in totality, we would be roughly expecting that we at around INR 900 crore is the total cash receivables, including INR 300 crore plus receivables into solar from the debt, which is we are going to receive from bank in solar SPVs. Understood, sir. And the consolidated EBITDA margin has 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 factors? No, it's a normal thing. I think the EBITDA in CONSOL is because of the solar receipts, which we are continuously now would be getting on a quarterly basis.

36:53 So it would be roughly around 50 crore, which we have built to discount. So that has helped 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 $6.50 crores or INR 700 crores of total EBITDA, which 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 from GM Financial.

37:39 Please proceed. Thank you for the opportunity. Sir, what would be our revenue expected from the two BRK package, Pune Shiro, Hana Metro and Capital Region for this year? So Pune Shiro, we are expecting around INR $7.50 crore. Capital Wind Road, we are expecting INR 150 crore. And we are not very hopeful in Haneo project, hardly INR 50 crore to be there. So put together is around INR 900 crore in these three projects, new projects. And sir, both VRK packages? Sorry? There are two VRK packages? Which packages? VRK, VRK, sir. BRK, definitely, they are advancing well, and we are expecting that a significant amount would be done within this year only. We are expecting about INR 200 crores to be executed within this year only.

38:33 Yes. Sir, how has the working capital moved compared to quarter on quarter? Already we have discussed the working capital is going to be eased out once the collection is in the fast pace. And looks like that the collection, including monetization, including solar debt, is likely to be realized from quarter two, three, four and progressively incrementally good. Though it was expected last six months, but definitely there are a few reasons which there have been delays significant delays has happened. But the working capital would be roughly in control and we will be at about fifty days if you see by year end. Sir, last question, have we submitted any bids where results are awakened? And what would be our total bid pipeline?

39:18 Almost we have submitted around INR 22,000 crores of bid in HAM and highway projects, around INR 4,000 in rail projects till date. And one or two transmission projects also has been delayed. Okay. Thank you, sir. Those were my questions. Thank you. We take the next question from the line of Vivekananda Reddy from YVR Securities. Please proceed. Good morning, sir. Good morning. Any word on the CVA matter? There's no update as of now until the time when the bail and everything was granted thereupon.

40:03 Only few queries and few, say, details they require 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 two, sir? Quarter two, definitely, there has been some initiatives, which we have taken into three of the projects, which were partly affected because of Pond Ash and disappointed it being declared in Haurav Sikolkata. So there has acquisition has been picked up in these projects. Also, this recently awarded projects of Alukor and the project progress has been there. Also, there is one variation of around INR 200 crore, which we have received in Delhi, where the progress is there. So looks like in quarter two, it was a plus 5%. But in quarter three and four, it would be very aggressive.

41:15 We take the next question from the line of from Wealthify. 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 backed by hudders like land acquisition, appointed dates and approvals? Approximately INR 6,000 plus crores of project out of INR 40,500 crores has not executable as of now because of the, say, you see Pune Shiro, you see INR 1,500 crores out of Orissa, this capital employed project. So these are the two big size and one more project from Mirzabo, not yet started because of the land and one of the transmission projects. So put together, it is around INR 6,000 crore plus. So if you take out this only INR 8,000 crore of order execution isn't there.

42:10 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 We take the next question from the line of Manish, an individual investor. Hi, sir. Am I audible? Yeah. Hello? But definitely, we are quite hopeful for the year, SNAN.

43:38 But naturally, the numbers are share price we we were about to recover some of the prices. So on the top. So that also affected the sentiment of the market. Right? Our second thing is that we are quite hopeful for the year. By the end of the year, we would be again coming back to that normal. Okay. And the second query is fully. Is why not why not we buy the share fee? If it's certain more modeling values and percent down here, promoter holding 71.5 that you can still buy. Thank you. Thank you. Thank you. And, sir, one more thing. Can you allocate some financial investment from the Can you? Yes, sir.

44:39 Yes, sir. Okay. Okay. Thank Thank you. You. Thank you. 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 item, there is a a loss and impairment charge, which is recorded for the RIPOR o d o d five and six SPEs. So I just wanted to know the nature of this, if you can just throw some light on it. So basically, the own consolidation in, I guess, turnaround and the consolidation on to this project. So these are the projects where the network, which was built because of the significant delays, they were for two years and then delayed by another two point five years plus. So there is a 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.

45:57 And with regards to the impairment charge? With regard to? There is an impairment With regards to for the a p one project. The a p one project, which is already auditors and we discussed that way that in AP1 also, the monetization is being concluded at a number. So once we have agreed at the number, so we are discounted by INR 20 odd crore rupees into 24 crore 5 crore, That AP one, monetization, the exceptional items 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 26. So if you can just share it again.

46:48 I will tell my... Say, IR team will get back to you. Thank you. Hello? 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. Participants who wish to ask a question may press star and one on their touch tone telephone. A reminder to the participants, in order to ask a question, you may press star and one on your touch tone telephone.

47:48 As there are no further questions from the participants, I would now like to hand the conference over to the management for their closing comments. So thank you for joining us all today, and we remain confident in our continued success and are here to address any further questions. Please feel free to reach out to us or our IR adviser, Go India advisers. Thank you, and good day. Thank you. On behalf of Go India Advisors, LNP, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.