NBCC (India) (NSE:NBCC) Q1 2027 Earnings Call

0:00 Good morning, ladies and gentlemen. I'm Akash, moderator for the conference call. Welcome to NBCC India Limited Q1 FY 'twenty seven Earnings Conference Call. We have with us today, Shri K. P. Mahadev Swamy, Chairman cum Managing Director Anjeev Kumarjan, Director, Finance, Shri Rishikesh, Executive Director, Finance, Shri M. B. Singhal, Executive Director, Finance, Shri Prateep Sharma, Executive Director, Business Development, Shibal Kishan Singla, Investor Relations. As a reminder, all participants will be in listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Please note this conference is being recorded.

0:52 I would now like to hand over the floor to Shikipim Hari Viswamy, sir. Thank you, and over to you, sir. Thank you, Akash. Good morning, everyone. A warm welcome to all of you. For quarter one operation and execution, we have achieved a revenue from operation INR1823 crores stand alone and INR2260 crores unconsolidated, reflecting 10% year on year increase on stand alone basis. On stand alone basis, EBITDA increased to INR160 crores from INR99 crores in the corresponding quarter of last year, registering a robust 62% growth with the EBITDA margin jumped to 8.77.

1:39 Further, our stand alone profit after tax stood Rs. 151 CR, representing a strong 32% year on year increase. Order book position. NBCC's stand alone order book stands INR 112,000 crores and consolidated order book INR 127,000 crores. Business secured. NBCC secured INR 1,600 crores on consolidated basis in quarter one. Following are the major projects secured in quarter one by NBCC, schools in different districts of Wadhisar 253 CR, J And V campus in various District 171 CR, New Andhra Pradesh, Bhavan at Delhi 106. Apart from the above, NBCC has secured a few major works in July and August.

2:28 Housing project at Sichel, that is Africa, around $6.20 CR. Residential and office complex, Reserve Bank of India, Amravati AP, seven eighty CR. Science laboratory and in various government schools of Rajasthan to this $4.31 CR. Business awarded to the contractor. In quarter one, we have awarded rupees 1,700 CR new tenders on consolidated level. In the next two, three quarters, we are expecting rupees 18,000 to 20,000 CR new works will be awarded. Redevelopment projects, all major project packages in the development projects are in running state now. Currently, we have INR 10,200 of balance worth, which is going to be contributed significantly to the top line as well as bottom line in the upcoming years.

3:22 For sale, resource mobilization under seven gs Para project, NBCC has sold the entire Bharat business for successfully and generated rupees 10,000 CR in just three action within three months. Amrapani project. Phase of the Amrapani project has started in different packages, and the project will have significant contribution in top line and bottom line in the coming quarters. Various packages of Goa redevelopment project have kicked off, first as it signed outside Delhi redevelopment project. During the quarter, board approved the merger of HSBC into NBCC, considering HSBC's only own subsidiary of NBCC. The proposed merger is expected to create operational and financial synergies by combining NBCC acquisition spend with the SEC expertise, thereby enhancing scale, diversifying business opportunities, improving resource utilization and supporting stronger long term value creation for stakeholders.

4:27 The Board has accorded in principle approval for incorporation of wholly owned subsidiary SNHPE for the proposed CPAC REIT, subjected to approval of administrative ministry and DIFM. Pursuant to honorable finance minister budget 2026 announcement on CPAC, REIT and DIPAM, NBCC has been interested to developing the structure of the proposed REIT. This is a significant strategic initiative that will support efficient asset monetization and position NBCC to play a pioneering role in creating country first CPIC REIT. Thank you. Now the forum is open for the question and answer. Thank you, sir. Ladies and gentlemen, we will now begin the question and answer session.

5:22 Session. The first question comes from the line of Mr. Venkatesh Subramaniam from Logic Tree Consultants. Please go ahead, sir. Good morning. Congratulations on improving performance, sir. So my question is with respect to two things. One is the order inflow. In the last seven to eight months, you have indicated that there are prospective orders, which are supposed to flow to NBCC to the tune of INR 80,000 crores, especially you were talking about a couple of large orders. One was about INR 25,000 crores, another one also similar size, which were very imminent.

6:17 But somehow, it seems to be getting delayed month after month, quarter on quarter. Can you give us some idea? Because it will help us to get us a sense of how FY '27 would look like and FY '28 would look like. Because, is there any inordinate delay happening, or it... It's just normal course of business that will help us order order inflow? One order we are expecting that is five g p r a. That is, the already industry, minister, of group of minister already cleared. PAB also cleared. Now it has gone to cabinet for their approval. So it will come at any time. It is a redevelopment project. It is a redevelopment project also. It is self sustainable project. It is a unique project, not like just budgeted projects. Budgeted project and budget, they will allot the front end, and we'll get the PMC.

7:08 This is redevelopment project. Not not many issues have to be solved, and rather not many statutory approvals, clearance are all required. So because of that, the development project it takes some time. That is... That's all. Nothing else. It is matter of time. We'll we'll go to get it. We'll go to get it earlier. What is the value of these two projects, sir? Around 50,004. Last time I told you, Roughly 50,000 for... Apart from that, we are doing... Discussion is going on in final level with some state government. I don't want to name the state government right now. So from state government also, we are expecting. So this year, we're going to get $5,050,000 crores, another business in the... Our.

7:56 Okay. So so is it fair to expect at least by the end of this quarter, we can at least get one or two contracts possible? At least one or two contracts, definitely, we're going to get. This quarter. But next quarter next quarter, definitely, third quarter, we'll want to get, I think, All all the projects. Okay. Super. Great. The second question is, you had indicated a top line growth, FY 2027, FY 2028. And FY 2028 or FY 2029, you said could be an interesting year because of real estate money coming in. FY '27, are we holding on to our revenue targets? And I think you indicated about 16 to 18,000 crores, I think, roughly. Yeah. 15,000...

8:41 15,000 to 17,000, I already committed same thing still we are adding. We'll try to Okay. We are adding to that. Okay. No. Good, sir. No. Thank you, sir. Thank you for those two. I'll come back on the queue. Thank you. Thank you. Thank Thank you so much, sir. The next question comes from the line of Mr. Hardik Chadda from Lark Consultancy. Please go ahead with the question, sir. Sir, how would you see the margin profile going ahead? Because some of the orders now which we are executing are high margin. So do you see the margins going up from here every quarter, or will they stay where they are? How do you see the margin profile for the next two to three quarters? Definitely definitely, we're going to increase because our redevelopment and number of early projects is contributing more than 60% of our total revenue.

9:30 These projects are high value projects, right, PMC projects. Definitely, our margin is going to increase. Any rough idea, sir, by how much could you just give a ballpark range by how much you expect the margins to go? FAT. FAT. 6.5... Six to 6.5% FAT, and the EBITDA, 6.5 to 7% minimum. Okay. Thank you so much. That's it from my side. Thank you, sir. Thank you. Thank you. Thank you so much, sir. The next question comes from the line of Mr. Vasudev Ganathara from Dwawama Wealth Management Limited. Please go ahead, sir. Yeah. Thank you for the opportunity, and congratulations on great set numbers. Sorry. Sir, if you can just, you know, tell us about this one total lakh 27,000 crore order book that we have.

10:22 What is the split between PMC and redevelopment in this? PMC around 40%, 60% on redevelopment. Okay, sir. And this... You just mentioned in an earlier participant's question that 50 to 60,000 crores of new orders are we looking for this year? So is it just from the five GPRA, you said, or this is the total order inflow? Total. Total. Only GPRA around 30,000 we may get. Other... Apart from GPRA, we are expecting two, three big orders. So that altogether, fifty, sixty thousand force we are expecting. Okay. That's great, sir. And, sir, now now I just wanted to know the status of this Vinayak, Munda, Mark, India, Mark, and the Africa Avenue.

11:13 Where are we on this? Africa Avenue, already we have called the application for sending up two sixty two units. For two sixty two units, we have got the overwhelming response around 2,900 individually participated. So that action has been postponed due to some technical issue. It will be going to open our award in this month only, August. In ninth month, we are targeting in the month of September, and, the other one, Palanji area, I think September October. So Bharat business was 100% sold out. So we... Wherein we could generate around 10,000 crore rupees. So now for redevelopment projects, there is no money crisis. We have sufficient money.

11:58 So once this Leela Africa revenue sales means we'll going to get another 5,006 thousand crore rupees. So our redevelopment projects, whatever we are expecting, $3,035,004 rupees, fund generation, that will going to happen during this year only, sale part. It will be, of course, concession and need to plan. So you're going to get the money in two years. Okay. That's great, sir. And what about the need? Are you in that project? Yes. I think we are already... Yeah. Concession is going on. GPO completed and handed over. Now the ministry from North Block and South Block, shifted... Two, three ministry already shifted. Coal ministry shifted. Coal ministry already shifted.

12:44 Some other ministry, they're going to shift in GPOA. And apart from that, all the tenders we have added, that is type six, type seven, type eight. So construction is going on. Okay. Sure, sir. And, sir, in Amrapali, know when do we expect to complete the phase one? And in phase one and phase two, know how much have we monetized till date? Phase one, almost we have completed out of 24 projects, 23 projects we have completed. Twenty fourth project also ready. That is other. It was the last project, which is the last project. We'll go into... End it over already that in phase manner, ending was started. So in phase one, we have completed all the 24 projects.

13:32 Ending work is going on. And phase two, already we awarded. So the... It is in full swing. One project, already we have reached up to 20th Floor. We have captured up to 20th Floor, wherein we are using new technology, not new new technology, monolithic construction technology that is. We have already reached in one project 20... 20th 4. The other projects, we are gone up to thirteen four. So it is in full swing. Phase two also in... It is in full swing. And commercial on commercial properties, that we are... We're going to complete by September, October. That project within the time, we're going to complete the commercial project wherein we're going to generate some revenue also. And the fair projects also, are going to get some revenue. Two projects are yet to be sold. That's how the thing is already...

14:23 Pipeline package is already we are still in through bulk sale. Okay. So so how much... And if you can just quantify in terms of units or value that we've already sold? Totally 8,800 units. Out of which, almost 4,000 to 4,500 unit already sold. Okay. That's great, sir. And, sir, what about our super tech projects? So where are we that? Super tech project already... For all the projects we are awarded the consultant. So they are preparing their balance work quantity. So, hopefully, during this quarter, we'll going to call a tender, and we'll going to finalize the tender also.

15:10 So next quarter onwards, I think we're going to get the turnover also from Superdeck. Okay. That's great, sir. And And the 16 projects? 16 projects. Superdeck, we have a 16 projects.. Sir. And, sir, yes, in the state, does it came about Naveen, Nagpur, Mahaprit, JNK, and Mumbai Port Trust? JNK, one tender already we called. Technically, evaluation is going on. Technical bid already opened. It is set to be awarded. That is the infrastructure for the development of the plots. Another five tenders we're going to publish during this month, the earning of nearly 3,500 here.

15:58 So now JNK through, so we're going to get the revenue from top end as well as bottom end from this project. Naveen Nagpur, good news is already they have acquired four hundred four hundred fifty acre land out of thousand acre land. So consultant already appointed DPR... Preparation of DPR in final stage. We're going to get the approval of the cabinet of the DPR. Once the DPR is approved, then we... All the infrastructure tender at the earliest. Hopefully, during this quarter, if not, next quarter, definitely. Hello? Sure, sir. And... Yes, sir. Yes. Yes, sir. And about Mahaprit? Mahaprit is still not matured.

16:47 So, hopefully, like, the next quarter, it is going to start. Mahapith, of course, it got delayed. And, Goa, you already started. Goa, you already... Pardon me? Am I audible? Yes. Yes, sir. Yes, sir. Goa, already, we have ordered four packages. Over two packages tender is to be done. So Goa, also, we are through. So Goa already is in the site mobilized and work also started. Okay. That's great, sir. And now when are we looking for launch at Jatore and Gurgaon Sector 37 D projects? 30. 37 D, we got, already awarded the contract. Contractors mobilized.

17:36 The file also also already done. One approval we are getting, we are seeking, regarding revised plan as well as revised easy, environmental clearance. So that will, I think, hopefully, it will come during this month. Once we reviewed means already, it's mobilized. We have to register in the. Hopefully, next quarter onwards, sale will take place in 3070. Regarding returning, the final shareholder agreement is in process. Once it is over, means we have... Apparently, we called the consultant center also. We are hoping to finalize during this quarter the contract end. Then I think last quarter, I think we're going to get... Start the project, but revenue will come... Both the projects revenue will come during after a position.

18:30 So it will come after two years only, revenue point. But cash inflow will start. Yeah. That's great, sir. So, sir, total... Now what is the presales that we are targeting for this year then? Pardon me? Target top line. Presales. Presales. Like, from the total real estate that we have our own real estate. So what is the total sales we are estimating from this? Real estate sale, we are expecting during this year. Real estate sale. Can can I can I answer this question? Uh-huh. Real estate, in fact, we have three type of sales. Sale of land, sale of a completed inventory, and sale of construction.

19:17 So we are expecting revenue of approximately 500 CR from real estate. As long as launching is concerned, definitely, we are going to launch the 37 in the, I think, second or third quarter. Okay. That's great. And, sir, lastly, no, just what sort of cash in our book? So this the last question. First question... Is triple six code as on June 30. So it was 6,500 close last quarter, so no comparable figure. No. $6.66 CR, I'm saying. Okay. Got it, sir. Thank you. That's it from my side. Thank you so much, sir. The next question comes from the line of Girija Ray from Nirmal Bank Securities Private Limited. Please go ahead.

20:09 Hi, good morning, sir. Thanks for taking my question. So I think I have missed a few things. This redevelopment project, you mentioned, you know, the kind of order book we are expecting. What is that, you know, any any idea? What was the amount we are expecting? We developed this project. Future project. Sorry? Future project? I'm not I'm Redevelopment. Future project? Redevelopment project. In your opening remarks, I think the the second participant, he was asking. Yeah. Around 50% on redevelopment, total order book around 60% redevelopment, 40% e... PMC or EPC. PMC. PMC is not EPC. You mentioned this redevelopment project is expected to come in the second quarter or third quarter.

21:02 So that that order That that is five gs area colony, new development in New Delhi, five colonies. So Logite Colony, Andrews and then the area that will come around 30,000 crore rupees order we're going to get shortly. Okay. 30,000 crore. One second. Okay. So and many congratulations for a very good, you know, the the EBITDA margin, I can say. But a small doubt I'm having, this EBITDA margin, I can see because of our cost structure. Right? So I can see this work and consultancy expenses has came down to thousand $5.36 in one q f I twenty seven from 3,412 in four q f I twenty six. I'm talking with the stand alone basis.

21:54 So is there any major changes or anything we have, you know, adopted as the reason this has come down, or we can see a spike in this EBITDA margin? Why is this marketing... Sorry. Why the EBITDA got gone up? The reason is we are doing redevelopment projects. In redevelopment projects, we are getting two type of pieces. One is PMCP, that is construction monitoring everything, sorry, construction and execution supervision. The other one is marketing fee. During this quarter, we got marketing fees for through selling of the Bharat business car. So wherein the expenses will be less and we are getting good profit margin. That is the reason. Of course, we're going to get this will be in this quarter also, we're going to get the sale of residential plots in Africa Avenue that will come to our kitty, and then we will go into sale.

22:51 And some more property we are selling in 70 period at Sarojin Nagar, from which you will going to get marketing fee. And, yeah, of course, in Amrapale also, we are getting 8% P and C and 1% marketing fee. So there also, we're going to sell around the 4,005 thousand crore rupees inventory. By selling $45,000 crore rupees inventory, we're going to get 1% of the marketing fee. So that's where we are... Our EBITDA has gone up. Great. Great, sir. So our FY 2728 revenue target is 15 to 17 k, you are saying. Right? 15,000 to 17,000 per hour. 16 to 17. Precisely. 16 to 17. Okay. 16 to seven. And any guideline, for FY '28 or something like that?

23:39 '28... Around 21,000 crore and, 29, 25,000 crore. We are expecting twenty four to twenty five thousand crore. Okay. Thank you, sir. Thank you very much, and all the best. Thank you. Thank you, sir. Ladies and gentlemen, if you have any questions, please press star and one on a telephone keypad. The next question comes from the line of Mr. Pankaj Kumar from Kotak Securities. Please go ahead, sir. Yes, sir. Thanks for taking my question. Sir, if you look at the revenue booking in this current quarter, we've seen 10% overall growth and even in the P and C, we've seen 12% growth. So is there any specific reason related to this quarter that's why there is a lower growth? Because if you look at the full year targets, you mentioned INR 60,000 to INR 17,000 crores of sales in FY twenty twenty two?

24:41 On stand alone basis, we have a growth of 10%. But unfortunately, due to one of our subsidiary, that is HSBC, there, our turnover revenue gone down, dipped down due to merger and one project that were... Backed on a very low PMC fee, Parashtra government that we are... Rather, we are foreclosed. So due to that, that turnover got down, but any of the profit is increased. And on stand alone basis, our performance is very good in the first quarter compared to previous year also. The first quarter, usually, it will be on slower pace. Second, more quarter onwards, it will pick up. So that is the reason. FCC, we foreclosed on contract from Maharashtra sales or material therein, we got the order only 2% margin.

25:35 2% margin means that even our consolidated level EBITDA also got affected due to that. So that is the reason. Sir, for the full year guidance, stand alone, what kind of numbers we are looking at for FY '27, '28? Around 13 to 14,004 rupees on stand alone. And FY '28? '28, we are expecting around 21,000 CR. 29, 24 to 25,000 CR. And the fact will be around 1,100 to 1,200, during this year. Next year, 13 to 1,400, 1,300 to 400, and, of course, '29 around 2,000 CR.

26:23 We are expecting a bad debt. Our real estate project will going to contribute. That is 17 contribute more profit margin. So this is on the stand alone basis? No. Consult. Consult. Consult basis. Oh, consult. Okay. And, sir, regarding this Maapri order, what exactly is the status? Mean, where it is start? And can we expect this to come in the order book in this current financial? Because earlier, you're guided for 2 lakh crore of of the book, and you're targeting another 50,000 crore. So that doesn't match this 2 lakh crore number by the end of the financial. Yes. Of course, of all the redevelopment project, Mahapreet still stuck up with the approvals. Actually, still, we could not get the approval from the Mahapreet and the the, you know, the company.

27:18 Anyhow, I think on the third quarter, it is going to be resolved. So we are discussing with them. Hopefully, third quarter onwards, it will start. J and K also one and a half year back order, but now it has come to on track. So because with the state government... In central government, of course, in central also, the redevelopment projects, it is a self sustainable project wherein money is the main issue. We have to get the loan also or some some sort. Seed money is required to start the project till sale takes place. So because of that, market is getting delayed. Hopefully, third quarter onwards, market is also going to mature. Sir, lastly, on the REIT, as you stated in the opening remarks that you've got that you would be eligible for putting CPC REIT.

28:08 So if you can highlight more on that, which all projects will come into that and how much investment will be required. I'll ask my director of finance minister. Please, sir. You go ahead. In fact, as you know, the budget, finance minister announced the comment will come out with a national REIT. And NBCC being the only CPAC having a real estate experience, and CB revolution provide that only, for launching a REIT, sponsor should have a real estate experience. So we are the logical life of the government of India to be a sponsor of a national REIT. So we are now in discussion with the DeepPump. And last day itself, we have approved a formation of SPV, wherein we will transfer our three rentable assets, 75,000 square feet of asset will transfer to SPV.

29:07 And then we'll work with MTNL, ITI, BSNL, or lot many CPFC. See, they... Deepgram is having a meeting with lot many CPFC, and we are identifying the rentable asset first. Once the rentable asset are identified, then we'll identify the... How much fit out is required to make them rentable. So that each and every s p... Every CPFC will create SPV and will be the natural partner for fitting out refurbishment as well as redevelopment of those assets and to make those assets rentable. Once a considerable portfolio is available in those SPV, then we'll launch a national REIT and we'll go for public. As you aware, the REIT is always for public listing.

29:57 We have started the work. Our... If the... Basically, SPV... Creation of SPV is just a starting point. I mean, any timeline we can expect, say, five or six REITs are there and portfolio under those REITs are in the tune of 40 to 50,000 CR. So we are in talk with CPSC because CPSC assets are some assets are required refurbishment, some assets are required redevelopment. So right now, it is difficult to put any time line. But as soon as we'll able to generate or gather a considerable portfolio, then only we can launch a national REIT.

30:43 Okay, sir. Thank you. That's all, sir. Thank you so much, sir. The next question comes from the line of Prem Lunia from Astute Investment Management. Please go ahead, sir. Hello. Yes, sir. Can you hear me? Yes. Yes, please. Yes. So congratulations on the number and the margin, sir. I just had a few questions. So when we had the Investor Day recently, we talked of we would be willing to award almost $3,032,000 crores of projects this year, the awarding from NBCC. But we are seeing that in the first quarter, it is a very smaller number as of now. Are you sure that the... Do you believe that this 30,000 crores can be achieved this year?

31:30 I'm I'm very much confident. Actually, you cannot compare to quarter to quarter for a award of work because some quarters, we'll get... Going to get with the order book, sorry, award, some quarter less. So, still, we are confident to award around $2,025,000 crores here because we also award Super Tech around 10,000 crores order. J and K, 3,500 in phase one. So Rajasthan Mandapam also some 3,500. So it will be done during this year. That figure, I am still confident. We're going to award. Is there a possibility we can move... Do more maybe $30.35, 40,000? Because we have order book pending. Yes. Yes. Yes. Yes. We are Okay. Cleared by... Yeah. Of course, Supertech also got delayed. Now we will have got the clearance from Supertech also, Supreme Court. So this year, we will going to award around $2,025,000 a year easily.

32:23 Right. Sure, sir. And I wanted to understand the use of the profit which we are generating. We have bought this one tower in in the business park. When will the cash flow... Cash go out from the company? What would be the time line for that? Because we will be paying that amount. Right? It is construction linked plan. So only first installment 10% we have paid. So the rest of the payment will be as long as as soon as the the structure is completed. Suppose it's the foundation completed, we have to pay some percentage. If it is gone to third level, then some percentage. Sixth level, ninth level, ninth floor, similarly finishing. So it is a construction plan, but cash flow will go in two years.

33:09 Okay. So we can assume that out of the... Maybe 1,100 crores, which we are... That we are seeing that we might achieve this year, and maybe $131,400 crore part which we do next year, a good chunk of it would be going in this project. Cash flow will go. Cash flow will go. It is a CapEx. Okay. Cash will Sure. Sure. One one good news one good news for you. Last time we purchased that on base rate, that is 39,100 rupees we purchased that tower. Recently, last action, the price has gone up to 66,000 rupees. That much appreciation we got, already got. So in the Ground Floor, it it has fetched around 66,000, and the upper floor, 55,000 to... 50 to 55,000 rupees floor wise, it has gone. Whereas we purchased at the base price of 39,100 rupees.

34:05 Sure. Sure, sir. And, also, I wanted to understand very specifically on the new colonies in Delhi. What the... What is the status on the... On those projects, the one fifty colonies across which we were talking of? The one fifty... Out of one fifty colony, the current proposal is only for 5 g per colony. So current, that is almost 50,000 crores value it will be generated and, $4,550,000 crore rupees expenditure. So wherein we'll go... Presently, choose the five colonies. One is Lodi, other one is Andrewgan, D A Zed, Lakshmi Bayanagar. So this colony will be redeveloped. So once it is re... Redeveloped means the waiting list of GPRA will be sorted out, and we'll going to get some marketing also from the commercial point by selling commercial area.

34:59 We'll going to contact the GPRA colonies. Oh, sure, sir. And We are not by colony. Only five colony we are going to take presently. Okay. Sure, sir. And the last question, which are the assets which we are thinking of putting into the REIT, which are explained in the last question? What are your At presenter, we are planning to put 75,000 square feet worth of assets in our SPV, which will ultimately go to the rate once the rate is formed at Littelfest. Sure, sir. But this would be these assets? This would be the Business Park Tower? This is in the WS. Business Park is right now. You cannot put retail.

35:46 If you want to put in REIT, it has to be completed. Not under the session, you cannot put in the rent... Sorry, in lead lead. Sure. So once it is completed, then we are thinking. We are part of putting on rate. Sure, sure. Thank you so much. Thank you. Thank you so much, sir. The next question comes from the line of Ankit Asha from LRR Capital. Please go ahead, ma'am. Yes, hi. First, what has been the key reason for the delaying project awarding? The the project that we've already bought, but I guess we awarded to the contractors almost 95,000 closing pending. What stops us? I mean, what is the reason for this? Ma'am, these projects are large project, self sustainable projects, not redevelopment.

36:37 Exactly. I'll not put the word redevelopment. Of course, it is a redevelopment. Of course, J and K project. It is 15,000 per project. It is self sustainable mode project wherein government clearance also required. So government has to give the clearance, and DPR has to be prepared. DPR, we have prepared. Now we got the approval. After one and a half year, this project is take off rather. So similarly, Mahapri is a big value, 23,000 course, but it is getting delayed due to various reasons. And the other project, Supertech. Supertech went to the time the agency, the builder went to Supreme Court unfortunate... But, fortunately, we would get the power order once again as per the Supreme Court. Now we will going to call the tender of Supertech also. So these are all the reason major projects around 50,000 crores work order got delayed due to various reasons and various approvals. That's all. Nothing else. Otherwise, we will going to know.

37:39 Pardon me? You wanted to say something? Ahead. Go ahead. That's all. Of course, Goa... Government, we recently got the approval, and they're proactive. We have ordered four packages. So with state government, their approvals and all, and, of course, generation of fund. I mean, of course, recently, we had an MOU. So that has almost 400 acre of land that they acquired in the... Through farmers. Another 400,500 acre going to acquire. Once it is acquired, means finally, we are phase one who started the infrastructure development that BPR is in process. Once it is over, means then we're going to call the tender of Naveen Nagpur also.

38:29 So out of this 90,000 crores, how much do you think will be awarded this year? $2,025,000, I I already committed minimum $2,025,000 we're going to award during this year. Okay. And then balance $7,080,000 crores will be... Well, if you are next... Next...... You are asking. Next... Is funding a constraint for these projects? Of course, seed money is the main constraint apart from other approvals, such as the approvals. You have to get the... Any project you wanted to start means you have to get the environmental clearance. It will take at least six months. So it has to be registered online. Similarly, other approvals, airport clearance, daily means traffic.

39:18 There will be around 18 to 20 approvals you have to get, then only you can start the projects. If you can by us or the client? No. Some projects we are incurring, but some projects we are telling to in... Incur by the clients. Or recently, we had an MO with... To resolve this issue because client also don't have money. So to resolve this issue, recently, we had an MO with with the ARCO for giving seed money to wherever required, provided the government is willing to give... Are capable to give the sovereign guarantee, then ARTCO will ready to finance. In this model, already, Navin Nagpur, have arranged a fund around 3,500 crores to acquire the land.

40:07 So that process is already through. Okay. Got it. And for projects where we have to arrange the seed money, are we are raising those funds, or we are waiting for better clarity before we start raising funds from the financing details. In seven g, include our seed money, and, currently, we put some money in Amrapali. That's all. These two project and, of course, some money to DTC. We have put some in DTC in small amount in Delhi Transport Corporation. So rest of the thing, the client will... Is arranging. Housing board, I think now the state government is going to take the loan.

40:54 So So so I pointed even for the new projects, which are... You're yet to start, you are not arranging the seed money, probably because you're not clear on the approvals and, you know, clarity on the timelines of approvals. Is that okay?.., we are facilitating them to get that money either through a loan by mortgaging their asset or because our role is marketing of the... Those assets or a pre launching of the asset or launching of the asset to generate the funds under redevelopment stream. But we are also facilitating them. CMD has told we have a MOU with Hudco also.

41:39 Wherever any seed money will be required for those project, maybe of the state government, then Hudco will pitch in and provide money to state government. And if state government is able to give the mortgage of the land and all this. So we are facilitating them. Okay. My my only concern is given the order book looks very strong. However, approvals are significantly delayed, and, you know, the timeline getting extended, which is impacting execution. So we need better clarity on execution ramping up over the next nine months and which will come only if we have clarity on new project contract awarding to the contractors coming through. That's what the whole whole process of understanding.

42:27 Also, just a highlight, if there is any... Yeah. Alright. Already I explained you. So due to various approvals, the project got delayed. Two reason. One is fund. Other one is various approvals. And, of course, first time we are extending this business to state government. State government, the way of working is not the the central government, and they don't know the procedure. They are in the in the process of learning the pro... Procedures and all. So anyhow, now we get through, and only Mahapriti is getting delayed. That's all. Rest of the redevelopment projects already, we are in the fast track, I can say. Okay. Apart from this, any other clarity or or a pipeline of projects? You have... You already mentioned the GPRA projects of 50,000 crores.

43:20 Apart from that, anything else in the pipeline for this year in terms of inflows as in as it comes? We we are talking with various state governments and some PSUs also. We are talking with ways. You don't want to name them, you know, presently. Once we will get the orders, then definitely, we'll come to know that. Yeah. I think that within within this month or next month, you're going to get some more news. Don't worry. As if state government projects are kind of getting, you know, slow, I mean, should should we continue to focus on state government projects? Yes. Definitely. We are...... Cautious about. No.

44:05 Everywhere... Wherever we are going in the state government, we are doing on PMC basis. We are not infusing any of our money or anything. So it is a PMC project. Mhmm. As long as it is a PMC project, we are safe, but the matter is only time. So the state government is having very good land person in the prime location. Unfortunately, they could not monetize properly. We are the only agency after Motiva, Kidway, Nagar, and now seven g. It is a world... Fifteen years old company in redevelopment and one of the unique, profitable margin project that is redevelopment. So we can better utilize of FAR because earlier projects, it is only grown for 1st Floor. If you don't monetize this land in prime location, what is going to happen? Either it will be enclosed by someone else, or it will be maximum a forest.

45:02 So better, monetization is the best part. So we have expertise, and state government don't have money, and they need not to invest money. That is also the beauty of this project. So that's why we have a good win win situation for state government, for us, and lot of employment will be generated to do this. Not only the employment, so we are paying almost 18% GST to government of India and state government. They'll go to get the revenue through GST, income tax, labor sales. Apart from that, they will going to get a good number of employment generations. So better model why we should not why we should not go to state government. So we wanted to expand our business throughout India.

45:50 It is a national building concession company. Why it's restricted to only Delhi? This is our concept. Oh, one last thing. What will be the ownership ownership structure of the REITs that is planned? Then you will...... That right now, we are in the process of formation of the SPV, where we will transfer our asset to that SPV, and ultimately, the holding of this SPV will transfer to our REIT whenever it is formed. Rate will be formed by the considerable number of portfolio is gathered because we are still in discussion with various PSUs. So once that portfolio of asset is available across a number of SPV, only then we will have a national level reach. So ownership Okay. Ultimately, sponsor will be NBCC only. That is clear. And ownership will depend on the assets put under that portfolio.

46:49 If a particular SPE want to put their asset, that first ownership of all SPE will be with that as a CPFC. And once it is transferred to REIT, that again, unit will be issued to that CPFC only. But we may put some money in the form of development expenditure, fitting out refurbishment out. For that refurbishment or development, we may take some ownership. But risky ownership will be decided once it is formed after a numb... A good chunk of portfolio is available for rentable assets. Got it. Okay. Thank you. Okay. Thank you, sir. The next question comes from the line of Sumit Rohra from Smart Sun Capital Private Limited. Please go, sir.

47:42 Yes. Hi, sir. Good morning to you. Sir, you know, under the thing is that your stand alone numbers are clearly, you know, very encouraging. But, you know, the way I'm doing on the way the market is actually looking at it is that, you know, the things that you have an order book today of 1 lakh 27,000 crore. You have said repeatedly that, you know, you're going to get those $5,060,000 crore. So, sir, market is... Was off the view that, you know, you will end the the year with about 2 lakh crore kind of order book. Now, sir, the thing is that, you know you know, that order book, I mean, of 1 lakh 20,000 crore which you have today needs to be executed over the next four to five years. Now, sir, you know, somehow, you know, the revenue growth, okay, is basically not kind of reflecting, you know, what is actually supposed to happen.

48:30 Right? Because, I mean, if you're supposed to execute 1 lakh 20,000 over over a four, five year period, your your run rate has to get to twenty, twenty five thousand crore. And at some point of time, when your order book is 2 lakh crore, it has to get to 35,000 crore. So then what do you think is basically, you know, kind of, you know, coming in between us? Because the potential for this company is enormous. I mean, there's absolutely no question on on on, you know, on that point that, you know, that this company can actually, you know, be one of the best PSUs in the country. But, sir, you know, it is not translating into a revenue growth because even if you see your consolidated number, you know, you you very clearly highlighted that that is because of, you know, your merger or whatever that is. You know? But the thing is that, sir, so do you think that this revenue growth is now, you know, at that point of time where, you know, you will see, you know, a sharp off take over the next couple of years? So if I understand correctly, you said $1,617,000 crore revenue will basically be for current financial year, and next financial year, you said, will be about 21,000.

49:30 So, sir, do you think that, you know, there is scope, you know, to kind of, you know, outpace those numbers? Because your order book is clearly there, you know, and that the fact is that you have the business which is to be executed. You know? Plus you have the sector 37 d project, plus you have Meroleaf, you know, plus you have, you know, Bombay Portrait. You know, you you don't love the work. Hello? I'm really sorry, sir. I believe mister Subida slipped the line. Okay. So I'll just your next question then. Otherwise, I can reply both question at a time. Sure, sir. We'll take on the next question from mister Dakshmalhotra from Adriv Global. Please go ahead, sir. Yes. Good afternoon, sir, and thank you for the opportunity.

50:22 My question is also on similar lines. In we have discussed that we have a substantial order book, plus we have these five GPRA and other state orders coming in amounting to 50,000 crores, 60,000 crores. And on different platforms, we have mentioned order book for this year to be INR 2 lakh crore plus. Secondly, in the first quarter, we would it would be really nice if you can help us understand how will the HSBC merger help us while that Maharashtra project, the margins were very low. Now if we merge it with the parent NBCC and it becomes easier for consolidated for standalone to, you know, be understood better. Other than that, how is that going to help us?

51:23 And, you know, in q three, we expect Grap to again slow things down for us in Delhi, given the ruling from the government from November to January. The construction has to be... So I don't see ourselves even achieving the INR16000 INR17000 crores revenue on consolidated basis. And given that our run rate for PAT is INR150 crores, INR150 crores in the first quarter, Even if we pull it up, sir, how can we from INR 600 crores to INR $7.50 crores, sir, just your some light of confidence needed on the PAT number of INR 1,100 crores, INR 1,200 crores that we are anticipating for this year.

52:13 How is that going to be a reality? In which quarter will we see the real jump? Seven gs this Gurgaon and Vidormi, the real profit drivers are also coming from the next couple of years. So, you know, is it going to happen, or will we sort of falter on our commitment, once again? Thank you, sir. It will going to definite... It will going to definitely happen. We have figures. I'm not committing like that. So, otherwise, I could have told, I'll go into company execute 20,000. I'm say... Pay... Saying 15,000 means I have a backup also. And similarly, I have 1,046 means that also... 1,100 means I have a backup. Definitely, it will be achieved considering all the factors, whatever you have mentioned, graph, everything we have taken into care account, then only we are committing. Otherwise, simply simply, I can say 20,004 rupees, 2 lakh $1.04 lakh 27,000 is there. I'll going to complete 20,000.

53:16 I'm saying 16,000 means it will be definitely achieved. You can see last three years, whatever we are committed, that we are going to achieve. After a gap of four, five years, the company is getting excellent rating. The the excellent rating measured by all the parameters, whatever you have mentioned, beyond also. Some parameters, even negative marking is there. That also we have tried to achieve. Not only in the part... In the taking care of investor, we have to do profitability, we have to do social responsibility, We have to do r and d. There are 10 number of parameters that has measured by DP. And one thing I wanted to share with you, last year, we got... I think the second PSU got a score of 98.65 score.

54:07 So so we are doing, but, unfortunately, you are right. So the big goddess, one is Mahapri, Supertech, and Jammu Kashmir. They're all... These three projects adding together around 50,000 per hour quarter. It is got delayed. J and T now I threw it. After one and a half, two years, it has through. So with the way of working of state government, you also know. So it is taking time, but definitely, it is achievable. There is no gimmick or something like that. We're going to achieve the profit. I have a backup. I... Currently, I don't want to share it with you. So thousand, the Gara's or the full landed profit, definitely, it will come and around 16,000 crores. As I... As you rightly asked, and $30.70, that profit will come after two years, not now. But we have other real estate properties.

55:07 That I think that one day for property already, we have started construction. Other property, we wanted to sell it or in the... We're going to sell the property. From that, also, we're going to get some money and profit also. So we we have a backup. Don't worry. I'm committing. Still, I am committing that figures. Whatever I am, saying, that figure will be. Good to know, sir. And the... On the HSBC, if you can shed some light, how will that merger Actually Apart from the competitors, how will it help us? And can we bring HSBC out of the existing, you know, situation of Yes. Definitely. What happened negative impact on revenue and profit. Yes. Yes. Definitely. What happened when you purchase the JCL, HSCC, HSCC used to do steel plant projects.

55:58 And once steel plant project... Well, construction. Once the steel plant... All the steel plant commission, then do then they have a work order, and it was literally in the phase of closure or wind up phase. That time, NBCC 2018, we procured the company. We acquired the company. And today, that company is a Mini Retina company. I was the CEO of that company for two years, and we got Mini Retina in less than three years. After twenty nine years, we got the profit. Almost three decades, that company was running last. So now we got our quarter during the four year period period. We got around three thousand five hundred hours work order, and that company survived.

56:46 And presently, is a profit making company and headquarter at Calcutta. You... Do you know how to work in Calcutta? So still, that company is making profit. Similarly, it is the... We acquired in the year 2019. Unfortunately, these two company, they are quoting very low fee, whereas their overheads are more than whatever they're quoting. The overheads is around three to 4%, but they quoted 2%. So that we have stopped. Why we should work on loss? Let it be... If you're not if you're not getting top line, okay. But on last, we should not work. So that's why Maharashtra work, stopped, wherein we was lost around 304 rupees the top line, but profit wise, not not much more impact.

57:33 But this sale is going to cover with my stand alone project that is NBCC. NBCC projects, 7 g per year, all the tenders. It was awarded in 2000... Almost eight, ten years back. That could not be materialized. But now we are awarded all the packages around 10,000 per work order is... With us. That has to be completed within two years. I think, in less than another eighteen months. So 5,600 per work order, I'll going to get the the top line from this project. Similarly, Amrupali has to be completed in two years. There also, I'll going to get 5,000 to 6,004 rupees top line. So only these two projects, I'm going to get 10,000 crores. Similarly, Supertech will... I'm going to award. JNTI will go and award. This... Whatever figure I'm saying, I have a backup calculation.

58:22 Nothing to worry. I'm still adding these figures. Sure, sir. Good to know. And, you know, on the long term trajectory of the company, we are very, convinced. But sometimes in the quarterly run rate, when we I fully agree. I fully agree. Conversion took too much of time, but nothing to worry. We'll going to execute. Just to read the HCTL story, then I I think you can imagine how it was the company. Even Tata, no. No. They stopped their working, and they put a plant in Anand. Whereas NBCC did the HSL's unknown story. So now it is a profit making. And one more thing I wanted to highlight you, Amrapali Projects, when we took our Amrapali project, time, even our... All the contractors, big contractor came to me. I was the HR that time I was the executive director for Amrapali projects.

59:20 They came to me, and they told, sir, why can't you foreclose this project? Today, you know what is going on. Almost 8,000 workers work here. Top line, have completed. Our bottom line also are almost 9% we are getting on that project, 8,000. And we have paid 2,004 rupees GST to state and central government. Lot of employment has generated, and the law... Home buyers, they have suffered last eight to twelve years. They got their own. The genuine home, they got it, and, we have completed that project due to which Supreme Court once again interested the work of Super Tech. So that is the confidence they have on NBCC. And one thing I wanted to tell you, whenever any PSUs fails, private will take over. Example, Air India fails, Tata took over. Whereas in this case, the reverse, a private builder failed, and PSU is completing that project.

1:00:20 So that is the turnaround story for NBCC, for investor like you, confidence analysts. So we are doing their job. Thank you, sir. Wish you the best. Thank you. Thank you. Thank you so much, sir. We have mister Sumitra Her from Smart Sun Capital Private Limited back to the call. Please go ahead with the question, sir. Yeah. Hi, sir. I'm I'm I'm confused. Apologies. My call is dropped. I missed you. In between... Yeah. So, sir, so, sir, you know, that's... So coming back to the the the point, sir, you know, so under your and and and Anisha's, you know, the leadership, I mean, you know, there is absolutely no question of the fact that, you know, you both will take this company to a different height.

1:01:11 But, sir, you know, just that, you know, as you explained, you know, to the last participant as well that, you know, there are a little little bit of confidence in the building measures which need to be, and, know, you explained so much in detail. So I won't be, you know, repetitive to ask the same thing again. But, you know, I would just, you know, kind of just, you know, tell you that the the, you know, the the potential is enormous. Your your your plate is full of, you know, orders. You know, the only thing, sir, which basically keeps us away from glory and from being, you know, ranked as one of the best public sector companies in this country is basically on the execution. So, sir, you know, if you can just get that, you know, ball moving, you know, at a faster clip, you know, then, you know, I'm sure that, you know, this is headed for a totally different trajectory.

1:01:58 So on on this note, sir, I'll wish you all the best or good luck, and, hope to, you know, see you now on the on the next conference call, sir. And thank you so much. Thank you, Sumit. May I simply whatever, amount of projects delay reason reason beyond our control. Okay. Otherwise, why you should make the delay projects? We are pursuing, unfortunately, the clients, the state government, we are working. Because of that, it got delayed. Three projects three projects that is one is to Supertech, other one is JNK, and third one is Mahape. So conversion JNK through here. Supertech tender almost technical evaluation is going on. So once just infrastructure So we'll going to close this month itself.

1:03:04 So what was the phase one strategy or phase two. Only super tech a bit only partly. Project. It will be surprise news to you. Rather rather, it will be a bonus. Okay? I am taking conservative figure. Definitely, it will be achieved.

1:03:51 Sure, sir. Sure. Wish you all the best, sir, and and good luck, Why are... We are not incoming to start means that we are waiting for cabinet approval. As soon as we get the cabinet approval, immediately, we're going to announce you. Sure. Sure. Sure. Thank you so much, and wish you all the best. Thank you. Thank you. You. Thank you, sir. We have one follow-up question from Mr. Vasudev Ganthara from Luwama Wealth Management. Please go ahead, sir. For the follow-up opportunity, sir, just one update on the Dubai operations.

1:04:42 Where are we over there? Dubai? Because it's you'll answer may... It is... The way the operation is well on track. We have already got the developer license. And as you already know, the domain is there that we have already had a land parcel purchased, and we are constructing housing units there, around 66 housing units. All the design and local authority approvals have been obtained. And recently, we have floated a RFO for selection of brokers. So they will be helping us in doing the marketing and sales and promotion and all those activities. So we are very much well in track. As soon as the marketing consultant is on board, he will do the branding and the sale proposition and all those activities will take... Start taking place.

1:05:32 And the construction tender is also most likely to be floated in the month of October. That is our planning. Okay. Sure, sir. That's it from me. Thank you. Thank you so much, sir. There are no further questions. Now I hand over the floor to Mr. KP Mahade Swamy for his closing comments. In PRA redevelopment, all major packages are under execution with approximately INR 10,000 crore of balance worth. We'll be going to execute within two years. Successfully sold entire Bharat business for only three to four months in three actions, just three months in under seven g period redevelopment project, and few more projects are in the pipeline for sale action that is in... Including the 9th Mandirmar, India Marg, and Africa Avenue apartment.

1:06:26 Amrapali projects, phase two execution has come across multiple packages and expected to contribute significantly to revenue and bottom line that is profitability in coming quarters. JNK Satellite City, rupees 3,002... 500 to 4,000 crore tender will be uploaded very soon. Supertech project is going to award upcoming months. Infrastructure work also is going to upload shortly. So one thing apart from this, wanted to share with you. Company last almost twenty nine years last, there was no recruitment. Company.

1:07:25 Company. Company. Company. Just three years company We company. Have a good working staff also. Only just 22 regular employees are almost contractual employees. Company appreciation suppose they invested at the express.

1:08:26 Today, they are getting four times six or 400 times six to 500 times six. Supertech Supertech Not only Supertech, across India Both are private agency NBCC You have completed Amarapali. Why can't you do our projects? So we're going to get some private projects in this process. Those start projects. Recently,, two thousand hospital we are expecting some business.

1:09:15 Business but we're going to get that the earliest. Trust me, whatever we are committing, we'll try to honor it, and we'll going to adhere it and achieve it. With this, once again, thank you all. Thank you. Thank you, sir. Thank you so much, sir. Dear investors, if you have any further questions or require additional information, please reach out to Mr. Bal Kishan Singla, Investor Relations, NBCC. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation for using Dulceva's conference call service. You may disconnect your lines now. Thank you, and have a pleasant day.