NBCC (India) (NSE:NBCC) Q2 2027 Earnings Call

0:00 Good morning, ladies and gentlemen. I am Kathy Gayn, moderator for the conference call. Welcome to NBCC (India Limited Q2 FY twenty twenty seven) Earnings Conference Call. We have with us today Sri K. P. Mahadeva Swamy, Chairman cum Managing Director Doctor. Suman Kumar, Director Commercial Anjeev Kumar Jain, Director Finance Sri Ashutosh Gautam, Director Projects and Mr. Sri M. B. Singhal, Executive Director, Finance. 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.

0:54 I would now like to hand over the floor to Sri KP Mahadeva Swamy, sir. Thank you, and over to you, sir. Thank you, mister Kartikan. Good morning, everyone. A hearty welcome to all of you. First of all, happy Danteres, and wish you a happy Deepali in advance. Before starting off call, we welcome our new Director Project CEO, Asthosh Gautam. He has been serving for more than thirty four years in multidisciplinary wings of infrastructure, which will help NBCC in multiple trends. For quarter two operation and execution, we have achieved a revenue from operation of INR2890 crores stand alone and INR3396 crores unconsolidated, reflecting a 38% year on year increase on stand alone basis.

1:48 On stand alone basis, EBITDA increased significantly by 154% INR219CR from INR86CR. And our stand alone PAT increased by 31%, stands at INR225CR, marking a significant growth. For H1 operation and execution, we have achieved a revenue of operation INR4713 crores alone and crores on consolidated, reflecting 26% year on year increase on stand alone basis. On stand alone basis, EBITDA increased significant by 105%, INR $3.79 CR from INR 183 CR.

2:40 And our stand alone pants stands at INR $3.76 CR, marking a significant 31% year on year growth. In terms of order book position, NBCC's stand alone order book is standing at 1 lakh 12,000 CR and consolidated charter book rupees INR 126,000 crore. New business secured in quarter two stands INR 3,600 crore on a consolidated basis and following are the major projects secured in last quarter. RBA residential complex at Amaravati AP, New Andhra Pradesh, valuing 800 CR, hosting project execution around 600 CR. Business awarded to contractors.

3:26 In quarter two, we have awarded INR1500 crores of new tenders on consolidated level, which makes a total of INR3200 crores first half in twenty twenty six-twenty twenty seven. In next two quarters, we are expecting 15,000 crores to INR 16,000 crores of new work will be awarded. Tenders of all the package of Super Tech have been uploaded worth of INR 1,600 crores and will awarded this quarter three itself and turnover will start from quarter four. And many more projects including recently secured government of BR, West Bengal, JNK will be awarded in the upcoming quarters. Redevelopment projects. In continuation to sale of resource mobilization under seven g per project, NBCC successfully sold residential apartment of 8.8 lakh square feet area at Avenue Towers, opposite to Leela Hotel, Sarojinagar, New Delhi through an opening action a test of total sale value of INR 5,191 crores.

4:28 All major packages in the redevelopment projects are in the running stage. Now currently, it has 9 rupees 9,200 c r of balance workload. Amrupali projects. Phase two of Amrupali project has started in different packages and currently, there's 8,000 course of balance workload. We are happy to share that NBCC has completed stalled 24 Amrapali project of phase one, and now ending or is in progress. Amrapali phase two works are progressing on fast track, and at one of the package, the building site has reached up to 26 floors. And in the last, to update about the HSBC merger, it is on fast track so that we would have better synergy.

5:14 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. Gentlemen, will now the question answer First question comes from the line of Pankaj Kumar from Kotak Neo. Please go ahead. Yes. Thanks for taking my question.

6:00 Sir, congrats on good set of numbers. Sir, in terms of guidance that we had given for FY twenty twenty seven earlier around INR 13,000 crores to INR 14,000 crores of stand alone revenue. And with H1, we have reached around INR 4,700 crores. So where are we in terms of achieving this guidance? And how is the way forward for FY 2028 and 2021? We are still I'm assuring we will going to achieve 13,000 to 14,000 on stand alone basis. Usually, our first and second quarter will be in a slow pace. Second, third and fourth quarter only, we're going to achieve this figure, it holds good. We're going to achieve 13,000 to 14,000 CR on stand alone basis. And how about '28 and '29? '29, already we have committed around 21,000 CR in consolidated level basis, and 20, 25% growth will be there, stand alone as well as...... FY '28 FY '28 next year, you're saying that? '21? Yes.

7:00 Yes. Yes. Yes. And, earlier, we stated about, 50 to 60,000 crores of order inflows, and that includes your one large project five GPRS. So what is the status of that? And how is the overall outlook for in terms of order inflows for current sanction? We're going to get 50,000 to 60,000 per work order in in the coming... During this year. Still, it is world's goods only. So recently, we got... We have government some 2,500 CR work that we got. Another 8,004 rupees work order rate will come in this quarter itself. GPRA, it will come either this quarter or next quarter, definitely. It is in process. We're going to get that the earliest. Around 30, 35,004 works we're going to get from five GPRA.

7:49 And with this, is that, around due to the fall, environmental related issues, we see the construction restrictions. So, how how that construction site progressing? It it will be there, but we are following all the the the norms we are following. But still, whenever AQ is increased, they'll going to stop the construction. That will affect only our Delhi projects, not other projects. Across India, definitely, we are doing well. We'll go into our... During this quarter, we'll go into our Supertech also. And next quarter onwards, Supertech third number will come from Supertech as well as JNK. JNK three tender already...

8:35 We have received the technical bid. It will go into open at the earliest. The price will go into the earliest, and we'll go into our during this month itself, J and K. Okay. So this 15 to 16,000 crores new award includes roughly 9,600 crores from Super Tech. That's what we did. No. $5,260,000 more, we are... We're going to get. Award there around 15 to 16,004, we'll going to award during this year. Already, we are committed to... That will go to protect and JNK. And some... We we may expect some work we'll going to work through Bihar government and West Bengal also. Recently, we have signed a move with the Bihar and West Bengal government.

9:23 And how about next financial? What kind of award we are looking at? And what would be the total number of... What would be the total value of the project that would be running by the end of the financial and then by the next? Next year? Pardon me? What is the balance you're going to need? The running project. Yeah. And... Yeah. Yeah. Currently, around 33,000 post is running. So next year, we... Another 16, 17,000, it will add it means. So it will be increased another 10 to 20%. Okay. And, sir, last year on Mahaprit project, what is the state? Mahaprit project, it is under... Somehow it got delayed. But I think during this year, we're going to start Mahaprit also. So what are the... Recently recently, my director project visited and they talked with them. Some initial...

10:16 Because it is a self sustainable project, we are to arrange funds. We are to get the clearances, approvals, and all. Because of that, it is getting delayed. But during this year, we'll going to start Mahaprit also. And I mean, Nakur also will going to the... I mean, Nakur also will going to start the tendering in the last quarter. So this would go... Direct one that is done or so that's still pending? Would go funding? Yeah. For Matthew, you were... You discussed about would go funding. It is it is it is going on. It is it is going on. Okay, sir. Thank you. I'll come back to you. Thank you. Thank you. You. The next question comes from the line of Mahesh Tulani from GoQuarter.

11:03 Please go ahead. Your line is unmuted. Please go ahead with your question. So there seems to be no response. The next question comes from the line of Vasudev Ganatra from Nuwama. Please go ahead. Yes. Hi, you for the opportunity, sir, and congratulations on a great set of numbers. So sir, our revenue growth and EBITDA margins both they were quite good this quarter. So have we done something very differently? Or were there any one offs? So can you just throw some light on this? Director of finance will reply.

11:52 This time, EBITDA has increased to 8%, basically. We used to say, okay, EBITDA is in the range of five to 6%, but this time we have feature... In... Including in q one also, we recorded 9%. So it was primarily because of the marketing fee we earn on sale of self sustainable projector on behalf of Ministry of Housing and Urban Affairs. So we recorded in half year approximately 100 CR of marketing fee. Because of that, that increase is there. And apart from that, we used to say, see, our cost structure is always fixed whenever there's a increase in revenue, that is going to have an impact on EBITDA. So because of increasing revenue in this quarter as well as half year, that impact is being visible. So sir, what led to that increase in revenues in this quarter?

12:42 There has been increase in approximately... It's q one, you say, 1,823. Q two, we recorded 1,890. And on console basis, you see, there is a... As an as twenty two sixty, we recorded 3,400. So that revenue itself contributed a good increase in EBITDA. Okay. So so this revenue increase was purely from all the executions that we did. There was no one off for any such kind. Right? No. No. Sure. So that is great. And so for h two now and in x five twenty eight, what are our monetization plans? Any bulk sale or anything that we are planning?

13:40 Last time, I think in q one con call, we said we are planning and we have stabilized our sale of some land parcel. In q three itself, we conducted sale of two land parcel and that... I think this quarter itself, we we are going to book approximately 433 CR of the revenue from sale of land parcel. Apart from that, two more land parcel RFP is in the pipeline, and that may also come up in this quarter. So we are planning whatever land bank is there. We want to monetize that, and we want to generate money so that that money can be used for future projects. Okay. Sure, sir. And, sir, what is our target revenue and margin guidance for the console basis for FY '27 and '28?

14:31 In fact, what... 15 to 16,000 there on top line, around thousand 100 to thousand 200 and that. We are maintaining our guidance. Whatever guidance we have provided... And let's provide that that... We're maintaining by...... On it, and we will go into definitely achieve this. Yeah. That's great to hear, sir. And lastly, sir, know when are you planning to launch the Chathorny project and the sector thirty seventy projects? Thirty seventy already work awarded. Contact already mobilized. Piling work already started. So the sale will be started. I think, hopefully, we'll going to launch in the month of January. After fifteenth, we'll going to start a sale. The attorney, of course, the sale agreement had to be executed. Once it is over, means that the consultant tender already we have reviewed.

15:19 So we are to appoint a consultant, and we have to do the agreement with the the Delhi government. Once it is over, I think next year onwards, the attorney also will going to start. It will going to take bit a shift. Okay. Right, sir. And lastly, sir, on our Dubai operations, what is the status there? On Dubai operation, we have we have taken all the approvals. Our design and bronze have been approved. We are going to... Because in Dubai, also, there is a real estate requirement is there. And, hopefully, this month or maybe first week of the December, we are going to do the groundbreaking ceremony. Okay. And when can we expect the sales to start, sir?

16:07 Yeah. We are planning to start a sale in a sales manner, and I think first phase will be by end of December or maybe by... In January 2027. And that will be only sale. Cash will be received, but revenue will recognized only after completion of that project. Position. Position. Okay. Got it, sir. And just one more second squeeze in out of this console order book. Will be a rough split between PMC and data lock lens? Around 66... 60%. 6060% on Sixty forty. 40. Day development, sixty forty. And in concern level, it is 53, 47%.

16:54 Okay. Got it. That's it from my side. Thank you. I'm happy to give the value to your team. Thank you. Thank you. Thank you. The next question comes from the line of Komal Soudhury from Ratnavali. Please go ahead. Hello, sir. Am I audible? Yes, please. Sir, Yes. Thank you for the opportunity. You had guided for a closing order book of 2 lakh crores by end of financial year. Right now, we are at around one twenty five, one thirty. And I'm assuming there were two big orders that were expected. What is the status of those orders? Still yet to come. It will come. It will come two big orders, but in between, finally, we got recently BR government also.

17:40 Some $23,000 crores, we got it, and another 8,004 we're going to get in phase two in this quarter itself. And West Bengal also we got. We are trying with the... Where discussion is going on with another two, three state governments. What is the size of? Yes. Bengal, we are on 10,004, maybe. We are saying almost nine MOUs. So we are to access the value. So roughly around ten thousand four hours order will be there from West Bengal. That's very great, sir. And, sir, why is our execution... I mean, our h... Quarter one and quarter two, the awarded contracts are almost the same size.

18:26 So what is the what is the bottleneck? Why are we not being able to award more contracts? Because right now, we're sitting at almost six years of, order book. If if we continue this space... So what... Where is the bottleneck? Why are we not... I... I'm... I saw... I've been tracking your tendering site. You have ordered super tech of 10,000 crores, etcetera. But beyond that, why are things not happening? Mahapreet could not take us, and Jammu Kashmir also got delayed. Now Jammu Kashmir tender also there in the website, already tender which we received around two to four the work order we'll going to issue this month itself. And as far as Super Tech also, I think this month end or next month, definitely, we'll going to award around 10,004.

19:12 So total around 15 to 16,000 CR, we'll going to award during this year. This is minimum, I'm telling. If West Bengal and the BR will be added, means it will be more than that. I think Mahaprit also going to get into... Converted into business to execution. So Naveen Akhur also is going to start. So redevelopment projects and with state government. Actually, state government, we are... It is on self sustainable mode, and it does get... It has to be get lot of approvals. So due to approvals and the financial arrangement, it is getting delayed. That's all. Otherwise, it will be definitely converted. Sure. And, sir, one final question. Because we have done so much of good work in the daily monetization, is the government expected to give us some more orders? Because we have really given, this recent land...

20:04 This recent sale in Delhi, etcetera. So are they warming up to more orders? Because every day, we hear news about few buildings falling in Delhi, etcetera. So government has to do a lot of redevelopment over there. Yes. Definitely. We are talking with the state government also. So that's why I'm not naming the state government. We'll going to get two, three state government with big orders. Of course, Delhi required lot of redevelopment, all old buildings and in depleted conditions. There is no proper road facility infrastructure, even energy efficient also is not there. By doing re... Doing redevelopment, it is almost net zero building we are doing. So even solid waste, STP, energy efficient building we are doing in World Trade Center, even.

20:57 So this is a big opportunity we have. So... And lot of state government, the empty lands are there. Disconnection is going on. I think we'll going to track one or two orders in this year itself. And the the two big orders, sir, should we expect it in the calendar year? Yes. Yes. Definitely. Definitely. That GPR, five GPR already, it is in the process of approval of cabinet, and we are expecting one border fencing also. Sure. Thank you so much, sir. Thank you. Thank you. Thank you. The next question comes from the line of Sarojit Singh. Please go ahead. So he has withdrawn his request.

21:47 We have the next question coming from the line of Smith Rohra from Smart Sun Capital Private Limited. Please go ahead. Yeah. Hi, sir. Very good morning. Firstly, I wish you and your entire team a very, very happy Diwali. And and, sir, congratulations on a fantastic set of results. Now, sir, I have a I have a few detailed questions. So, sir, firstly, you know, you signed nine MOUs just a few days ago with West Bengal. Sir, could you kindly highlight, you know, what is the opportunity size you see there, and how soon do you think that, you know, that can translate into, you know, business flow? That is my first question, sir. My second question, sir, sir, if I understand correctly, is that you said that your revenue guidance, 14,000 crore is on a stand alone. So on a on a consolidated basis, we should be about 17... 16 and up to 17,000 crore, sir. Is my understanding correct? With that being about 1,100 to 1,200 crore as you highlighted.

22:44 Sir, thirdly, my question is, you mentioned just now that, you know, you're expecting order inflows of nearly 50 to 60,000 crore in terms of GPRA and the other order. So that means, sir, you are still expecting that by March 31, we should close with our total order book after awarding. Could be to the tune of about 1 lakh 85,000 to 2 lakh crore, sir. Is my... I mean, is that understanding correct, sir? Yes. Yes. Definitely. Definitely. So 1 lakh 80,000, maybe 20,000, we'll go into our 1 lakh 80,004 rupees in the balance for cloud will be in the next year... Next financial year. Okay. And and and also, I mean, And regarding s... S bingal, I'll tell you, we have signed nine MOU with the various departments.

23:29 So one is department, the other one is urban development, Kolkata Municipal Corporations. So we did so many iconic projects in Kolkata. One is Dandania, the other one is Sojania. So they have... They know the quality and potentiality of NBCC. So they wanted to... Because due to change in government, so they wanted to engage NBCC earlier. There was a bar to PSUs. Only state government can execute more than 50 crores work order. So now that barrier has been already broken, so we got successfully executed nine MOU. I I think in West Bengal career, first time nine MOU in a single day, they executed it with the PSU. So minister also very much interested, and she is so fast to start the work immediately.

24:18 So one of that kind of that the work is the pink tyrant. They wanted to build pink tyrant across West Bengal. That we're going to start in the first quarter next quarter. That is fourth quarter we're going to start. Apart from that, Riverfront and some IS, IPS officer, clearly, quarters, we are to consider. I was call... Apart from that that library, Chenabazar. So so many Calcutta is a old city and they reached the city. They wanted to do lot many development works in there, and we have USB and redevelopment model. Currently, we got this work order through PNC. And, of course, they wanted to build a new cabinet also. So that also, I think, will come to our committee. So so many other works are in pipeline.

25:05 So I don't want to mention details in detail, but we will going to get a good work order from West Bengal. Sure. And sir, I mean, if I heard correctly also, I mean, our director of finance also said that we have conducted two land parcel sales in this quarter. So effectively for that means in Q3, we will get about INR 400 crore of revenue from the land parcel with some addition in bottom line of about INR 200 crore. I mean, is that also a is that correctly? Q four, we will going to get because it has to be realized once... Already we sell it. We'll going to get the cash in q three, but q four is the the turnover as well as profit will be booked in the q four. Understood. Understood. And, sir, also, you know, I can I can tell you confidently that, sir, you know, you? All of you have built a wonderful company because today, sir, in the public sector space, you are one of the only companies who has a book to bill ratio of one is to 10. You know?

25:59 So you have a very high amount of visibility. So, sir, my only request to you is that, you know, I have also seen that on October 18, also appointed a director in the infrastructure about the development projects. You know? So because, sir, you know, the the kind of visibility you have of nearly 1.5 lakh crore, you know, going to 2 lakh crore now, you know, you can easily be a 40, 50% growth company, you know, I mean, on a year on year basis. Right? Because you have that kind of order book. So, you know, if if we can focus a little bit more on, you know, also on on on execution, you know, it will actually do a world good to us, sir. You know? So, I mean, if you can just share your... Some thoughts on that as well, it would be very helpful. Definitely. Sumit, one thing I wanted to tell you, what NBCC did during the last one or two years, three years, Amrapali projects, it was stalled and Supreme Court by the grace of God and intervention of supreme court, honorable supreme court. We have completed all the 22 projects.

26:56 It is on self sustainable mode. Whenever a PSU fail, usually, what will happen? Away takeovers. In this case, it is a reverse story. A private builder left the project, and a PSU is completing. Similarly, seven g pair, almost a lot of waiting list for the officers. The officers used to travel one or two hours from Naira or the Faridabad, Gurgaon. Now they are getting their own. Almost 5,000 of homes already, we have entered our flights. Now Mhmm. The... Another 9,000 work is in progress. By this year end, we are going to get some... Or we don't put it on this. But definitely, next year onwards, seven g p r, we're going to complete all. By the end of '20...

27:43 Year, December or March, we're going to complete both Amarapali phase two as well as seven g. This will be a big order and big projects, and we are expecting five g also. And state government also is following. Go go already. We are awarded the education started. J and K will going to start one project, small project already started. So other three tenders are in pipeline. So lot of opportunities are done. Lot of work already. We have to convert. Of course, conversion, it took some time, but definitely now the turnover will come. And as well as you're going to get the pet also. Pet, baby, everything. So, basically, sir, so And Yeah. One more thing I wanted to add in this, we have changed the technology also.

28:31 By doing this, now in seven GPRA and in Amarapalli, we are doing almost 33 man floors. We are doing just two years. This is a big achievement. We are using my one shuttering, and speed is very fast, and quality is also there. So the technology we are changing now at seven g per day, we have used precast technology also. So so we have changed the technology for better quality and timely execution. Understood. And, of course, energy energy savings and all, yes, we are following. Sure. Sure. So, sir, so I mean, I mean, if I if I may ask, so on on a consolidated basis, you should basically end the current year with about 17,000 crores, sir? I mean, I I mean, is that broadly correct? Whatever.

29:20 15 to 17, whatever we have committed. Okay. Sure. And and, basically, going ahead next year, I mean, the matter of fact is that you're awarding nearly 20,000 crore. So next year, we should basically be looking at upward of about 25% growth. So can we look at about twenty one, twenty two thousand crore? Yes. Yes. Yes. 21,022 thousand. Okay. Wonderful, sir. I wish you all the best, sir. Good luck. And once again, very happy Diwari to you and your entire team, sir. Thank you. Thank you. Wish you the same. Thank you. The next question comes from the line of Prem Lunya from Aschut Investment Management.

30:07 Please go ahead. Hello, sir. Thank you for the opportunity. Sir, I just wanted to inquire if we this is an example I'm taking. If we give out an order, what is the usual timeline of it converting into a revenue? What has been it in the same In in in PMPC project, it all depends on the type of structure, what is the height of the structure, what is the foundation. Usually, three to four years, we can complete PMC projects. For redevelopment project, four to five years. And volume. What is the volume? If it is a self generated, we initially six months for process of approval and all, and we have to generate the money for that six months is required. Execution, currently, we are following twenty four months to thirty months only.

31:00 Okay. So, sir, the view of asking was that we have around then maybe 5,000 crores of revenue in the past. And based on our guidance, we have to do around, let's say, at least $1,010.12, 11,000 crores, and the awarded order book is only 33,000 crores as of now. So But what is the confidence? Awarded work will be going to compete within two years. Maximum eighteen to twenty four months only. I'm talking about fresh projects, three to four years, not awarded. Awarded days will be maximum twenty four months. Sure, sir. That was a good question. Sure, sir. Thank you. So you think that the 10,000 would be achievable from the 30,000 cover? Yes. Yes. Definitely. Definitely. Sure.

31:45 And, sir, on the marketing fees, so I understand that in the last two quarters, we have done a lot of sales. So we have gotten a lot of marketing fees. So can you give me the exact number for h one and q two? What was the marketing fees beyond? For h one, the marketing fee is around 100 crore. 100 crore. Approximately. Okay. Sure. Sure. And it's also 50 crore. Sorry? 28 crore. 28 crore. It's too many 88 crore is in the q one q one. Okay. Okay. Sure, sir. And on the 400 crore land parcel sales, sir, what would be the type of margins we'll book on this?

32:36 This would be a historic land, so the book value will be lower? Approximately 50%. Okay. Around 200 that it... Most we are going to get better profit. Okay. Sure. Sure. Thank you so much. Thank you. We have the next question from the line of Vikas. Please go ahead. Hi. Two questions. A, regarding the land sale parcel, is it held in the books as stock and trade or investment? My question was, will we pay 12.5% tax? Or will we pay the highest marginal tax rate on NBCC? That was my first question. It's being shown as inventory in our books, I found. That'll be the maximum margin tax rate. And what is... What do we expect in half two? I'm sorry. I didn't understand clearly in terms of land sale parcels in h two and 2728.

33:33 What kind of... Could you give us a broad broad range of land sales? In fact, we have approximately 54 acre of land in our books accounts as a land parcel. And the value value in amount of rupees $7.20 CR. So we are in planning to monetize the land parcel. And as per that strategy of monetization, we have started with the tool and parcel that in Jaipur, where we said that we are going to get 433 CR sale value as against the book value of approximately $1.95 CR. And more... Two land parcel are also in the auction state in the process of auction that is in Mehrat and Ghaziabad. Apart from that, we are also planning in next year also, we'll put some land parcel on sale. These are historical land parcel in our books or accounts appearing in inventory in our books or accounts.

34:28 My question was what is the approximate market value of our land parcel in inventory as of date? Or is it is a thousand crores, 2,000 crores? Just a very broad range. I'm sure you have got evaluation done. Yeah. Yeah. Yeah. As per as per per IBB, I evaluate... Valuer report, which we carried out at year end, it is approximately 600 plus crore. 600 plus crore? 1,600. 1,600. Oh, that's... And out of which we have only say... How much have we sold this quarter? We have sold... If we talk about the market value, then we have sold approximately two fifty. So we have 1,400 in the pipeline approximately, give or take 10, 20%. Yeah. My second question was... My second question on commission, you know, of... For the ministry flats to be sold.

35:19 What and also the commission on the private sector flats, if you have any. What kind of trajectory are you looking at this month, this half, second half in the next year in terms of commission sales Commission income? 1% we are getting actually on the sale value. Recently, we have concluded the one action at the Africa venue wherein the highest sale price was 89,000 rupees per square feet. The reserve price was only $371.60. Whatever selling price is there, selling price on 1%, we'll going to get. Around $51.0.25... Core rupees, we'll going to get as a marketing fee in 7 GPRA. And, of course, Amrapali also we are selling. There also we are getting 1% marketing fee. So mean, Bihar, recently we entered a MOU wherein we'll going to get 1.25% as a marketing fee.

36:15 Got it. So what what... So so, sir, what kind of... When I say a half to... H two, what kind of marketing fees... You know, broad range. I I don't want to put you down to it. And next year, what kind of market or the broad range if you can give me for h two without h two. You know, either specifics, I'm really appreciate you are giving me. H two and the next financial year, what kind of marketing fees are we talking about? The h two, we'll going to get another 100 CR. And next year, around 220, 25% increase and $202.50 crore we'll going to get through marketing. So... No. Oh, so 200 to $2.50. Okay. That answers my question. This is fantastic. Thank you so much. Thank you. Thank you. Thank you, sir.

37:02 We have the next question from the line of Subot from Purnata. Please go ahead. Can you hear me, sir? Please, please. Yes, yes. I just had one question on order book. So actually, as on March FY twenty six, our consolidated order book was INR 127,000 crore. Then after h one inflows were 5,000 approx crore, and the revenue for h one is also 5,000 crore, sir. So why the order book is 1 lakh 26,000 crore, which is 1,000 lesser? Do we have any cancellation in order? No. No. No. There's no cancellation. So during October also, we we are... September, there are some work at... We could... No. Only the 1,000 for your difference in... Difference you are saying.

37:52 Yes. Yes. Yes. No. There is no cancellation. There is no cancellation. Conversion part, it is taking some time. That's all. So far, there is no cancellation. Okay. Okay. And what running projects do you see at the end of FY '27, sir? '27. 32,000 already it is running. So we'll going to get another 10,004 rupees work order at the VWA executed, and 15 to 16,004 will award. So this will be around 40,004 end of the year, we'll be at consolidated level, 40,004 running projects. Okay. Okay. This answers my question, sir. Happy to give only to you and your team, sir. Thank you. Thank you. Wish you the same. Thank you. Next question comes from the line of Vivek Naredi from Naredi Investments. Please go ahead.

39:02 Sorry, I think you're speaking somewhere else. We have a follow-up question from Vasudev Kanatra from Nuwama. Yes. Thank you for the follow-up opportunity, sir. So So, sir, this Africa Avenue that we sold, that will come in revenues in q three. Right? It is not booked in q three. Yes. Yes. Exactly. Exactly. Q three will come. Okay. And when are you planning for bulk sale of this Kenya market in Vinayak, Andhra month? Next quarter next quarter, most probably. Last quarter, both will come. And what would be the typical sale value that we're estimating from this? Around 10... 8 to 10,000 CR sale value, we'll going to get the 1% of the marketing fee.

39:53 Okay. So both of them combined sale values around 8 to 10,000 CR. Uh-huh. Okay. And lastly, sir, what does our progress status on the? Is running well. All the projects are already awarded. So the work is in full swing. Of course, due to graph, some... The the... Yeah. Earthwork and some restrictions on some items, but let us see. It is going well. Around 9,100 CR, it is on running, both Netaji Nagar and Saro Nagar combined together. Okay. So that's it from my side. Thank you.

40:41 Thank you. Next question comes from the line of Ravi Kumar Naredi from Naredi Investments. Please go ahead. Thank you very much to give me the opportunity. Sir, what will be our top line and bottom line in financial year 2028, not 2027? The top line and bottom line. Around twenty one to twenty to twenty two, 1,000 top line and 1,500 will be the back bottom line. Sir, okay. It is a very nice... Sir, our four two four and a half leg square feet in Githorney, any development so far?

41:31 The final MOU has to be good. That shareholder agreement, it is in the process. So by this quarter end, I think we're going to sign the MOU. Already, tender has been called. So evaluation in the process. Once the shareholder agreement is over, then we'll going to start the planning and execution of the project. Next year onwards, I think we'll start the construction. So we hope by thirty thirty first December, we will sign MOU? Yes. Before that. Before that. Okay. Sir, last time, month from 4,000 karol order, what is the position? I think the date is increased to 5,500 karol later on. Yes. Yes. Actually, due to election, the court of conduct, it it could not be start. I think November told this election is over. Local election is going on.

42:25 November December, the tender will also come. And the Mumbai portrait, 10,000 crore order, anything... Any progress? Already, we have started some small work around under CR work we already awarded. Rest of the thing, it is in the pipeline. Now they wanted to go in redevelopment model. Earlier, it was in PMC model. Now the... After seeing the successful story of Delhi, that seven g pair and all, So now you... Even portraits everywhere, even government department, income tax, GST department, everybody wanted to do in this model so that government should not invest any money. Rather, they will get surplus money and maintenance. Everything will be covered in this. So that's...

43:12 That model they wanted to follow. So recently We will do this project also? As a redevelopment model, self sustainable model. Portrait also. So NBCC will do this project? Yes. Yes. NBC will do. NBCC will do. Okay. We'll sell we'll sell the build up area. Instead of selling land parcel, they will go to get that. Understand. Understand, sir. And what about project with one leg corona project we are having opportunity there? Initially, I told we will go to get two more states. I don't want to mention that these are not... Wherever. So let let you know. Once it is come to us, let let us... I'll disclose to you. We're going to get two, three state newer quarter and redevelopment model during this year itself.

44:09 And any BPCL, IOC, SBCL, or BPCL already. Yes. BPCL already, we got it. ONGC also, we recently signed... We're going to sign an MOU for ONGC also for their their redirectment works and all. HPCL already, we have signed, and we're going to start the work at Bangalore. HPCL Bangalore. Because there are lot of responsibility on your shoulder. So it still depends, see, how you execute them. Definitely. Definitely. Lot of PSUs having lot of land parcel. Rather, I can say, a new delay is land parcel, and they will go into encroach or something like that. So we are planning to redevelop this valuable lands, but but better monitor. In other words, in next five year, we can do project of five carou... Five lakh carou?

45:02 Let us see. Let us see. Okay, Okay, okay. Thank you. We have the next question coming from the line of Krish Berywal from Millennium Capital. Please go ahead. Your voice is not audible. Sir Barewell, line is unmuted. Please go ahead with your question. There seems to be no response. Next, have a follow-up question from Vikas. Please go ahead. All my questions have been answered. Thank you very much.

45:50 Most welcome. Most welcome. Thank you, sir. There are no further questions. I now hand over the conference to the Chairman for closing NBCC has secured few major works from state government like West Bengal, Bihar last week itself. West Bengal, various urban development work in East Bengal. And in Bihar, four redevelopment projects, around the 10,000 crores of work we're going to get, I mean, the immediate... In future, but during this year itself. In real estate, NBCC successfully undertook the sale of two land parcel at Digipur through opening action process amounting of INR $2.50 crore and INR 180 crore respectively. The transaction now resulted in aggregate profit of around $2.39 CR that will come in next two quarters.

46:42 NBCC has also achieved significant milestone in its international expansion with the formal integration of its branch office at NBCC Australia in Melbourne, Australia on 10/28/2026. For resource mobilization, seven g per project successfully sold Africa Avenue to a residential tower. Few more packages are in the pipeline for sale action. So wishing you a happy and prosperous Deepavali, and have a safe Deepavali to all of you. Thank you. Thank you so much, sir. Dear investors, if you have any further questions or require additional information, please reach out to Mr. Bal Kishan Singhla, Investor Relations, NBCC.

47:31 Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using Duseba's conference call service. You may disconnect your lines now. Thank you, and have a pleasant day.