Ashoka Buildcon Limited (NSE: ASHOKA) Q2 2025 Earnings Call dated Nov. 13, 2024
Corporate Participants:
Satish Dhondulal Parakh — Managing Director
Paresh C. Mehta — Chief Financial Officer
Analysts:
Jyoti Gupta — Analyst
Parikshit Kandpal — Analyst
Mohit Kumar — Analyst
Hari Kumar — Analyst
Vishal Periwal — Analyst
Vasudev — Analyst
Anant Mundra — Analyst
Presentation:
Operator
Ladies and gentlemen, good day, and welcome to the Q2 FY 2025 Earnings Conference Call of Ashoka Buildcon Limited hosted by Nirmal Bang Equities Private Limited. [Operator Instructions] Please note that, this conference is been recorded.
I now hand the conference over to Ms. Jyoti Gupta from Nirmal Bang Equities. Thank you, and over to you, ma’am.
Jyoti Gupta — Analyst
Thank you, Mukta. Hello, everyone. On behalf of Nirmal Bang Institutional Equities, I welcome you all to the Ashoka Buildcon Limited Quarter 2 FY 2025 Earnings Conference Call. We have with us Mr. Satish Parakh, Managing Director; and Mr. Paresh Mehta, Chief Financial Officer.
Without further ado, I request Mr. Satish Parakh sir to start with his opening comments, after which, we can open the floor to question and answer.Thank you, and over to you, sir.
Satish Dhondulal Parakh — Managing Director
Thank you, Jyoti. Thank you. Good afternoon, everyone. Hope everyone had a great Diwali festival and all are doing well. On behalf of Ashoka Buildcon Limited, I extend a warm welcome to everyone joining us today to discuss our business and financial results for quarter and half year ended 30th September 2024.On this call, we are joined by our CFO, Mr. Paresh Mehta, and SGA, our Investor Relations adviser.
Let me begin by giving an industry overview. India is experiencing a massive boost in road infrastructure investment, bringing a major shift in connectivity and economic growth. To support rapid growth and transport network, the National Highway Authority of India, NHAI, has launched ambitious road development projects. And these actions aim to cut travel times improve — improvements and build a strong road system for the future of India.Through national monetization plan, NHAI has attracted substantial investment from both local and global sources using creative financing approaches. These includes focusing on toll operating transfer projects, infrastructure investment costs, which have helped scale up road development efforts like never before.
Road investment in India has sped up significantly in recent years. NHAI has awarded 15 TOT bundles raising about INR49,000 crores and has also raised around INR25,900 crores in which under the NMP. A key factor driving this growth is a strong increase in toll revenue, bolstered by development like fast tag, regular toll, rate adjustments for inflation and overall economic growth.Over the past five years, total toll collection has grown by 2.6x, reaching around INR65,000 crores in FY ’24. These measures have supported higher passenger rate traffic, significantly increasing the revenue for the country.
Coming to the company. Ashoka Concessions Limited, a subsidiary of the company, has entered into share purchase agreement with Indian Highways Concessions Trust internally for development — for divestment of its five subsidiaries. The enterprise value of the transaction is either INR5,718 crores subject to adjustment of cash and debt, translating into an equity value of INR2,539 crores. The company has entered into SPA to acquire 34% of equity of ACL, along with 77,41,250 Class A CCDs and INR two crores class B CCDs from Macquarie SBI Infrastructure Investment Private Limited and SBI Macquarie Infrastructure Trust for INR1,536 crores.
The company, along with its subsidiary, Viva Highways Limited and ACL has entered into an agreement with investors for the following transactions which shall be subject to completion of sale of certain project assets of ACL. The company and thereby providing an exit to the investors from ACL. Post acquisition of ACL securities held by investors, ACL would become a wholly owned subsidiary of the company with effect from the date of acquisition of ACL securities.
Viva Highways Limited, a subsidiary of the company, to acquire investments of investors totaling 7,46,20,000 equity shares, comprising of 26% equity share held in Jaora Nayagaon Toll Road Company at an aggregate consideration of INR1,580 crores.Monetization of land. Land owned by Viva Highways Limited, our wholly owned subsidiary, under its real estate portfolio situated at Hinjewadi, Pune has been monetized for a total consideration of INR453 crores.
Now on the projects front, let me give you an update. The company has a recent completion strategy for its HAM projects four laning of NH-161 from Kandi to Ramsanpalle in the state of Telangana from August 2024. The project is executed by Ashoka Kandi Ramsanpalle Road Private Limited, a wholly owned subsidiary of the company. The SPV has received a certificate for completion of entire project stretch of 39.98 kilometers. Consequent to this, the SPV will receive annuity for the entire state stretch 39.98 kilometers.
The company has revived three LOAs from Mumbai Metropolitan Region Development Authority, MMRDA, in October 2024 aggregating to INR1,737.86 crore. Companies also received a LOA for CIDCO for EPC project, which is for the integrated infrastructure development under NAINA project for a value of INR1,673.24 crores. This is in JV where the company is the lead member with 51% stake. The company received a letter of acceptance for Maharashtra State Road Development Corporation, that is MSRDCM, in October 2024 for an aggregate value of INR2,309.99 crores. The company has also received a LOA for the BMC project of construction of flyover at T Junction on Sion-Panvel Highway with project value of INR1,126.58 crores inclusive of GST.
Company received the provisional completion order from NHAI, project where the company has informed at September 15, 2024 as the commercial operation date for a stretch of 39.07 kilometers.As per letter issued by Independent Engineer, HAM project of the NHAI on Hybrid Annuity Mode under Bharatmala Pariyojna. The project is executed by Ashoka Baswantpur Singnodi Road Private Limited, a wholly-owned subsidiary of the company. The SPV has received a provisional completion certificate of 39.07 kilometers of the total stretch of 40.6 kilometers.
Upon the declaration of COD, the SPV is eligible for receipt of annuity from NHAI for the operational period of 15 years at the interval of every six months from September 15, 2024. In addition to this, Ashoka Buildcon Limited is also declared as lowest bidder, L-1, for MSETCL Project on November 1, 2024. It’s a domestic project for establishment of 400 public 220 kV substation EPC work at Nandgaon, Amravati. The project bid price is INR312.3 crores including GST.
Coming to the order book status. As on September 30, 2024, our balance order book stands at INR11,104 crores. This excludes additional orders received from projects post September ’24 worth INR4,320 crores and also excludes L-1 of INR265 crores. The total or current order book stands at INR15,424 crores. The breakup as on September 28th, roads and railway project compromise around INR6,582 crores, which is 59.3% of the total order book.
Among the road project order book, HAM projects are to the tune of INR844 crores and EPC road projects are worth INR5,185 crores, and railway is around INR842 crores. Power T&D accounts to INR3,939 crores, which is approximately 35.5% of the total order book. The total EPC building segment is INR583 crores, which is 5% of the total order book.To conclude, let me share this again, that our primary focus remains on maintaining a sustainable EPC business in segments compromising highways, railways, power transmission, distribution and buildings.
This is all from my side. I would now request Mr. Paresh Mehta to present the financial performance. Thank you.
Paresh C. Mehta — Chief Financial Officer
Thank you, sir. Good afternoon, everyone. Starting with the standalone numbers for Q2 and H1 FY 2025. The total income of Q2 FY 2025 stood at INR1,459 crores as compared to INR1,590 crores in Q2 FY 2024 with a drop of approximately 8%. EBITDA for the quarter stood at INR160 crores with an EBITDA margin of 11%.Finance costs during the quarter has increased by INR18 crores on a Y-o-Y basis due to an increase in long-term borrowings. This is largely on account of increase in working capital cycle of power orders and constitutes interest paid to 100% substitute — or 100 subsidiaries where fund have been borrowed from the 100% subsidiaries.
PAT stood a INR26 crores for the quarter. For H1 2025, the total income stood at INR3,295 crores as compared to INR3,093 crores, a growth of 7%. EBITDA for the period stood at INR305 crores, a growth of 14% with EBITDA margins improving by 60 basis points to 9.1%. Reported PBT grew by 4% to INR121 crores and PAT is INR77 crores.Our revenue contribution for each segment for Q2 FY’25 is as follows: road EPC and road HAM contributed 49%, power EPC contributed 28%, railways stood at 12% and other segments like building EPC contributed to 11%.
Coming to the consolidated results. The total income for Q2 FY 2025 stood at INR2,489 crores as compared to INR2,154 crores in Q2 FY 2024, which has seen a growth 16%. EBITDA for the quarter stood at INR945 crores, a growth of 61% Y-o-Y. PAT grew by 34% Y-o-Y to INR463 crores.For H1 FY 2025 total income stood at INR4,954 crores as compared to INR4,090 crores as on Q2 FY 2024, registering a growth of 25%. EBITDA for the quarter stood at INR1,573 crores, a growth of 43% year-on-year. Tax stood at INR620 crores, growth of 269%.
Total consolidated as on 30 September, 2024, stood at INR6,881 crores. The standalone debt is at INR1,317 crores, which comprises of INR109 crores of equipment and term loans and INR1,209 crores for working capital loans. In Q2 FY 2025, in our BOT division, the company recorded a gross total collection of INR316 crores as against INR297 crores in Q2 FY 2024 recording a growth of 6%.
With this, we now open the floor for question and answers. Thank you.
Questions and Answers:
Operator
Thank you very much. We will now begin the question-and-answer session. [Operator Instructions] The first question is from the line of Parikshit Kandpal from HDFC Securities. Please go ahead.
Parikshit Kandpal
Hi. My first question is that in the first half, we have grown by 7%. But if I see your debt, it has gone up to INR2,200 crores, including from subsidiaries. So it’s a jump of almost INR950 crores. So — and even the working capital seems to be very weak in the first half. So, what is happening on this front on working capital is substantially increased, debt has gone up significantly. So how do we look — so what are the key reasons for this? And how do we look for these numbers in coming quarters?
Paresh C. Mehta
So it’s typically as one of the point we’ve given is that working capital on the power sector which we had won a lot of contracts in ’23, have been executed largely in this two years, 1.5 years, working capital cycle in the power subsidies are longer, elongated. That is the reason these working capital cycle has increased, which has been typically funded both by loan from subsidiaries, as well as loan from or capital lenders. So what we expect is by — these projects will come to an end by March to June next year, and where we’ll see this number is going down by INR300 crores to INR400 crores at least.
Parikshit Kandpal
No, sir, I’m just talking about this quarter. So even if I look from March to September, the debt is up by INR800 crores. So in six months, what has gone up? Because are there — one thing is that, your margins are not coming. So you are supporting the projects. And since the cash flows is a shortfall so you are supplementing it with increased debt. And that means that the debt will eventually become very sticky and it will not reduce. So this INR2,200 crores stays on your balance sheet and you will look forward to only reduce it from the cash flows from the monetization proceeds. So because this is only six months, I’m not talking about — even Y-o-Y, six months is INR800 crores, Y-o-Y 12 months, it’s almost INR950 crores. So there’s not much of a difference on this. But we know that has happened over the last six months.
Paresh C. Mehta
Yes. So basically, I just said, there is a large requirement of working capital in the power sector and certain receivables in the road sector where the projects are coming to an end, and there are certain receivables which will be received, as well as the project is handed off totally because these are projects coming to an end. So we will see the change. No doubt that there is a ramp-up in this quarter. But if you also see, as of June 30, there was a large cash balance which was used for working capital.
So if the cash balance would not have been there and what would have been used for reducing the debt, then this difference should not be that much. You see as of June 30, they were almost cash balance of INR357 crores, which are receivables received at the end of the quarter, June 30. The effective increase in working capital debt between June 30 and September 30 is to be adjusted for almost INR300 crores of cash lying in the books as of June 30.
Parikshit Kandpal
Okay. I’ll take it off-line, sir. I’m still not able to understand [Indecipherable]. The numbers are still not matching. Second question is on the margin. In Q3 FY — Q4, FY ’24 you have said that — FY ’23, you have said that the margin will continue for two more quarters or two, three quarters. And then every quarter, that deadline has been shifting back two, three quarters. The only thing which has remained constant is that shifting of quarters by two, three and we have already behind schedule by almost, I think three, four quarters. And we’re still not able to reach double-digit margins.
So my question is that why don’t we do cost of completion accounting and take the write-off of all these projects and move to normalized margin? Because this paying — the guidance is not being met and every time I’m missing it. So when do we get to that double-digit number is a big question now because, again, last quarter, you said two, three quarters. So now do you think that in Q3 or Q4, we’ll be back to double-digit margins?
Paresh C. Mehta
No, I don’t think so we’ll be back on double-digit margin. It’s not due to that we can change the margin. Margins at what have been settled for the past two, three years for these projects. And these projects are coming to an end. The new projects, whenever there is the take off by probably February or March, the new projects have been — which have already come in, which are better margins. So the double-digit numbers would be seen only in Q1, Q2 FY ’26.
Parikshit Kandpal
Basically then the original deadline is almost moved ahead by almost a year. So we expect it now Q2 FY ’26 that we start hitting double-digit margins.
Paresh C. Mehta
Yes.
Parikshit Kandpal
Just the last question. Sir, what was the total order inflow for the financial year-to-date in ’25?
Satish Dhondulal Parakh
Around INR6,000 crores.
Parikshit Kandpal
The guidance for the full year? So if you can give some color on full year guidance and how is the bid pipeline looking. So that’s my last question.
Satish Dhondulal Parakh
So bid pipeline is there. Around INR1 lakh crore bidding is there from NHAI, out of which INR65,000 we’ll be participating. There are bids to be opened of around INR9,000 crores, which we already bid. And bid opening is yet to balance. And we hope we should pick up around INR4,000 crores to INR5,000 crores in balance part of the year.
Parikshit Kandpal
Okay. Sure. Thank you.
Operator
Thank you. The next question is from the line of Mohit Kumar from ICICI Securities. Please go ahead.
Mohit Kumar
Yes. Thanks for the opportunity, sir. My first question is, sir, are we still maintaining your guidance of 10% growth in revenues for the entire fiscal F ’25 and EBITDA of 9.5%? Or do you think that EBITDA will be — the EBITDA guidance?
Paresh C. Mehta
So on the execution side, keeping in view the orders which have come in and their expected date of start of activities, we believe that the revenue — top line may be flattish for this year. So what we have said in the last quarter. As far as EBITDA is concerned, we expect at least it should improve by 0.5% for the next two quarters.
Mohit Kumar
To 0.5%. 0.5% — 9% entire, 9% for the next two quarters?
Paresh C. Mehta
8.5%. Sorry.
Mohit Kumar
8.5%, leverage achieved in the Q2, same number
Paresh C. Mehta
Then Q4 — then we start our new orders. That time the revenues will then start looking into that 10-plus numbers.
Mohit Kumar
Given the fact that we have been doing below 10% for a very long time, what makes you confident of getting into double-digit for the project which you won earlier? Were there the fixed price contract, what is different about the new orders?
Paresh C. Mehta
Yes. As we have explained in the last few couple of quarters, the margins have been lower on the projects, which we have won in the last two, three years post-COVID. So that’s the intrinsic part of it. These orders now being coming to an end will change, and we now continue to bid at double-digit margins. So these are four orders, which were taken in the past and the impact of — as there were fixed price contract, the impact of inflation or increase in prices have had an impact on the margins to four orders.
Mohit Kumar
My last question is Jaora Nayagaon and [Indecipherable]. Are you looking to sell these assets to NIIF? Where we are right now? Is the earlier recommend double wide?
Paresh C. Mehta
So as far as NIIF was concerned, it had a long stop date, which has expressed quite some time back. So presently, it is not on — the SP is not live. But we continue to engage. We — as far as Jaora [phonetic] concerned, we could consolidate our stakes and we are in the process of structuring the debt on that and then take it to the market for sale.
As far as JTCL is concerned, we are still awaiting permissions from the state government NHAI for a transfer of 26% of shares. And in that — meanwhile, we’ll also try to consolidate the balance 26%, which is being helped by Macquarie.
Mohit Kumar
Understood. Thank you.
Operator
Thank you. [Operator Instructions] The next question is from the line of Hari Kumar, an individual investor. Please go ahead.
Hari Kumar
Yes. Am I audible, ma’am?
Operator
Yes, sir.
Hari Kumar
Yes. My question is regarding 35% stake by INR1,500 crores and the total sale consideration we are getting is INR2,500 crores. Am I right, sir?
Paresh C. Mehta
Yes, for the BOT projects, correct.
Hari Kumar
Yes. So for 60%, we are getting only INR1,000 crores. Or I am wrong on my assumption, sir?
Paresh C. Mehta
So these sale of assets are presently only of the five BOT projects, which SPs have been signed. We also have other assets in ACL, which will represent the balance 66% also. So having acquired 34% from SBI Macquarie, post that all the other assets will be part of 100% ownership of ACL. So we have HAM projects, seven HAM projects under ACL plus certain shares of Jaora Nayagaon, which also has — is of value to be available to ABL for monetizing.
Hari Kumar
Okay, sir. And my second question, sir, this land sale by our subsidiary has been recorded in this September quarter account, sir? Or it’s not yet included in the books?
Paresh C. Mehta
Yes. It has been recorded, and it has — it is reflected in the consol numbers, because this land sale was held by the 100% subsidiary of Ashoka Buildcon Limited, Viva Highways Limited. And that’s the reason we see the consol numbers quite robust.
Hari Kumar
Okay. It’s not shown as other income. It has been shown as regular income, sir?
Paresh C. Mehta
Yes. It’s because the land purchase sale is part of ACL’s business, so it showed a regular revenue.
Hari Kumar
Okay. Sir, my last question, sir, regarding the end of the year. Can you give an estimate of the consolidated debt profile because of the sale? How much are we going to end up as an estimate, please sir?
Paresh C. Mehta
So, by the end of this quarter — by end of this year, we probably — the INR6,800 will be used by debt, which is already on the five BOT projects of INR2,400 that will happen. That will go down. Certain debt on the HAM projects also will go down, which we intend to sell. So, today, it’s difficult to estimate what exactly, but we expect that at least of INR3,500-odd crores of debt definitely will go down before March. And then balance will happen in post-March.
Hari Kumar
Okay. Thanks a lot sir. Thank you.
Operator
Thank you. [Operator Instructions] The next question is from the line of Vishal Periwal from Antique Stock Broking. Please go ahead.
Vishal Periwal
Yes.
Operator
Sir, your voice is not audible properly.
Vishal Periwal
Yes, if this better now?
Paresh C. Mehta
Yes.
Operator
Yes sir.
Vishal Periwal
I’m sorry. So, on the margins front, just a clarification. So, you mentioned the second half margin may be 50 basis points higher than what we have done in the first half. Is that fair to understand?
Paresh C. Mehta
We expect to do that, yes, definitely.
Vishal Periwal
Okay, okay. So, I mean, like in the first half is almost like 7.5% to — I mean, it’s touching like 8% in the second half. That’s what we could see. Okay.
And then second, on this transaction that we have done. So, HAM asset is not part of it. So, any color that you can provide, like anything that is happening on that front?
Paresh C. Mehta
So, we are — as we have stated in the past, and we are constantly engaging. And we expect that in the next couple of weeks, we should be able to sign the SPA for the HAM projects also.
Vishal Periwal
Okay. So, which means basically, I mean, probably in this quarter itself, I mean that’s-
Paresh C. Mehta
Yes, yes.
Vishal Periwal
Okay. And then earlier this couple of the sort of BOT assets that we have done, so there were impairments that was taken. So, I mean, like can you highlight, like will this lead to a write-back or anything on that front in the coming quarters? Or anything that you can share with us?
Paresh C. Mehta
So, there will be impairment at ACL level which will be reversed once these assets are sold off, which is almost at ACL balance sheet of almost INR800 crores. And at ABL balance sheet, there could be a reversal of approximately INR250 crores to INR300 crores post-pay. Hello?
Operator
The recipient has left the queue. [Operator Instructions] The next question is from the line of Jyoti Gupta from Nirmal Bang Equity. Please go ahead.
Jyoti Gupta
Thank you for the opportunity. As I heard correctly, you said that the current order book will be executed in the next, let’s say, three quarters, and then you would be bidding in for projects which will give you double-digit margin. What projects would that be, sir?
Paresh C. Mehta
No, no. What we have clarified is that the new projects which we have won, there they — the execution of that will largely start somewhere in the last month of FY 2025. And then it will be full swing in FY 2025-2026, wherein, then we will be in a position to book double-digit margin.
Jyoti Gupta
Okay. All right. So what is the current one we see this quarter? I mean, we see that the second quarter was impacted because of several reasons. How do we — how should we see third quarter now as the execution picked up pace and fourth quarter, you are more positive. So are there green shoots here?
Paresh C. Mehta
So we — as we said, primarily, we will end up this year, ’25, in a flattish sense. So we’ll have a marginal growth in the revenue based on the existing order book, which is getting over a period of time. So overall, we will do the similar turnover, which we did in last year — last half year H2.
Jyoti Gupta
Okay. And what would be the outlook for FY ’26, sir?
Paresh C. Mehta
FY ’26, based on this order book, and maybe next order book, we should definitely look at — after getting new orders to grow by 10% to 15%.
Jyoti Gupta
Okay. Thanks, sir.
Operator
Thank you. [Operator Instructions] The next question is from the line of Parikshit Kandpal from HDFC Securities. Please go ahead.
Parikshit Kandpal
Sir, this land sale is reflected in which line item in the consolidated?
Paresh C. Mehta
In the revenue from operations. So…
Parikshit Kandpal
Sir, how much is 400 and how much is 430 of that?
Paresh C. Mehta
452.
Parikshit Kandpal
And you have received the payments, the payments also against this?
Paresh C. Mehta
Yes.
Parikshit Kandpal
Okay. And so what is this arrangement with the subsidiary, the land debt which has gone up from a subsidiary. If I do the math from presentation that the balance sheet, that there’s a difference. So what is that arrangement with the subsidiary?
Paresh C. Mehta
Big forest regarding what?
Parikshit Kandpal
So this INR950 crores difference between the presentation debt of INR1,317 and the balance sheet debt INR2,250 crores. There is a difference of INR950. So which has increased over the year, this number has been increasing, the difference between the two. So what is that…
Paresh C. Mehta
INR950 crores is loan from the subsidiaries.
Parikshit Kandpal
This is for working capital?
Paresh C. Mehta
Which has been just for working capital.
Parikshit Kandpal
So instead of borrowing, you’re borrowing from subsidiaries, the INR950 crores.
Paresh C. Mehta
100% subsidiary, like whatever land was monetized this INR430 crores. Most of it was upstream to ABL for ABL’s operations.
Parikshit Kandpal
Now do you think this is a peak that I mean with now the growth improving, this working capital debt of INR2,050 crores, including the INR950 crore subsidiary debt. So this will keep ballooning from here also as the growth picks up. Or this is a peak right now?
Paresh C. Mehta
From a turnout perspective is a peak that. But from perspective of realization of monetization money and a mix of new HAM projects and BOT prices coming up, we cannot immediately say what — how they could peak out. But I think we should be close to a peak.
Parikshit Kandpal
But what could be the nonrecurring part in this? I mean, because we were under assumption that once you do the BOT, there’ll be some release of cash, which is not incurred.
Paresh C. Mehta
This will happen maybe next year, 2025-2026.
Parikshit Kandpal
This will raise the debt INR2200 crores and keep sitting now for some quarters before it starts reducing.
Paresh C. Mehta
Yeah, by Q4 or Q4 — sorry, Q1 ’26 it will start reducing.
Parikshit Kandpal
So without the repayment — I mean, without repayment from the monetization proceeds. So, on an absolute basis, as the margins come back and generate operating cash flow, this number will start reducing.
Paresh C. Mehta
Yes, definitely.
Parikshit Kandpal
But increasing from here on, you don’t see significant headroom for this to grow from here now?
Paresh C. Mehta
I don’t expect because they are almost essential working capital has been provided for the projects. And the projects will now be growing back the realization of debtors and WIP, which will then rationalize the working capital.
Parikshit Kandpal
So what’s the impact of new connections from the clients which have impacted or elevated this working capital? Because all the companies have seen that during this quarter, there has been delays from release from the government agencies. Maharashtra has been into elections. So will you attribute a part of this increase also to that? Or this is the normal business cost increase in the debt?
Paresh C. Mehta
Largely based on the working capital cycle, of course, partly also on these sideline delays in payment really due to various non-administrative reasons. But capital cycle plays that way. So power projects which have been — which require initial capital or procurement or other things, they tick up a lot of working capital requirement. Because on the purchase side, there’s a lot of competition on buying. So you need to the vendors.
Parikshit Kandpal
But sir, when I look at the cash flows on the stand-alone side, actually the increase is coming because the trade payable is going down, so not because of…
Paresh C. Mehta
We have used that money for — did you say the trade payables more, but correspondingly relation has been slower at the — from the client side.
Parikshit Kandpal
But trade payables for what? What kind of trade payables have…
Paresh C. Mehta
Vendors for my power and growth projects.
Parikshit Kandpal
Okay. And so you’ve given them advances for procuring the project?
Paresh C. Mehta
If you see that trade payables have gone into WIP and debt from purchase of materials for my power projects.
Parikshit Kandpal
Sure. Thank you.
Operator
Thank you. The next question is from the line of Vasudev from Nuvama Wealth. Please go ahead.
Vasudev
Hi. Thanks. So sir, after we’ve acquired 34% from SBI and acquired applied about INR1,526 crores. Will there still be anything remaining to be paid after that? And when do you expect this acquisition to get completed?
Paresh C. Mehta
So as far as ACL is concerned, after payment of INR1,526, Ashoka will become 100% owner of ACL. We expect this transaction — the last update for this transition is June ’25, and we expect to get that done somewhere in the month of March — April, May ’25.
Vasudev
Okay, okay, sir. And for the Jaora-Nayagaon, any tentative time lines when we might again start to look for monetization of these projects?
Paresh C. Mehta
See This will happen somewhere in ’25-’26. We recently focus on the BOT and HAM projects, which we are already on.
Vasudev
Perfect. Okay, sir. And sir, if you can help me with the total equity requirements for the HAM project. How much have you already induced? And how much do we plan for FY ’25-’26?
Paresh C. Mehta
The balance equity for our current HAM projects is approximately INR100 crores.
Vasudev
Okay. And how much of this would be infused in H2 then?
Paresh C. Mehta
It should be totally infused before March.
Vasudev
Okay. And lastly, sir, what is the capex that we did in H1 and how much are you planning for the second half?
Paresh C. Mehta
So in H1, we did capex of approximately INR33 crores. And in FY2, we may probably to another INR35 crores to INR40 crores, not FY. H2.
Vasudev
Okay. Sure, sir. That’s it from my side. Thank you.
Operator
Thank you. The next question is from the line of Anant Mundra from Mytemple Capital. Please go ahead.
Anant Mundra
Hello. Thank you for the opportunity. Sir, what was the book value of the land that we sold in this quarter?
Paresh C. Mehta
Approximately INR60 crores. INR65 odd crores.
Anant Mundra
Sorry, I missed the numbers. How much was it?
Paresh C. Mehta
Approximately INR65 crores.
Anant Mundra
INR65 crores.
Paresh C. Mehta
Yes.
Anant Mundra
So — and INR65 crores, we’ve recorded a revenue of INR435 crores, correct?
Paresh C. Mehta
Yes. Plus other expenses. Net, we are recording a profit of INR370 crores.
Anant Mundra
INR370 crores. All right. And sir, after this monetization, what is the land bank that we have remaining, the book value of the land bank that we have?
Paresh C. Mehta
So we would have approximately INR210 crores of land bank with our subsidiaries, which will be available for sale and which could have maybe a value thre to 4x at least. These are land banks on an average hold of six to seven years.
Anant Mundra
Okay. All right. So sir, in spite of these INR435 crores flowing in this quarter, the control debt has not increased. And there is no identification of loans. [indecipherable] Is that understanding correct? Once these power protectors are over and we have negotiated the work, that should again normalize and start registering?
Paresh C. Mehta
Largely, this amount has been utilized for payment of — the payables of power and EPC projects.
Anant Mundra
Got it. And sir upper…
Operator
I’m sorry to interrupt, sir. Your voice is breaking, sir.
Anant Mundra
Is this better? Hello?
Operator
Yes. Now it’s better.
Anant Mundra
So what is the total equity plus loss funding that we’ve done for the 5 BOT projects that we’re going to monetize?
Paresh C. Mehta
Approximately INR2,300 crores.
Anant Mundra
INR2,300. Against that, we are getting about INR2,500 crores, right? INR2,500 crores to INR2,600 crores.
Paresh C. Mehta
Right.
Anant Mundra
And 15 — some INR1,500-odd crores is what they’re going to pay to SBI Macquarie, which is already provided for in the book?
Paresh C. Mehta
Right.
Anant Mundra
All right. And sir, what was the — I mean, if you have that number handy, these 5 BOT projects would have contributed to how much PAT for FY ’23 and ’24?
Paresh C. Mehta
I would not have it off hand.
Anant Mundra
But was it profit making?
Paresh C. Mehta
What?
Anant Mundra
Were they making profit?
Paresh C. Mehta
The EBITDA definitely will be positive. And most of the projects would be plus also. Maybe you can take it off-line, and I could give you that data.
Anant Mundra
Got it, got it, sir. And sir, this land parcel that we sold, is this — has this been sold some related party?
Paresh C. Mehta
No, it has been sold. We have declared that it has been sold to Microsoft India.
Anant Mundra
Okay. Okay. Got it, sir. That’s it from mine. Thank you.
Paresh C. Mehta
All right.
Operator
Thank you. As there are no further questions from the participants, I would now like to hand the conference over to the management for closing comments. Over to you, sir.
Paresh C. Mehta
I hope we have been able to answer most of your queries. We look forward to your participation in the next quarter call. For any further queries, you may get in touch with SGA, our Investor Relations advisers or ourselves. Thank you.
Satish Dhondulal Parakh
Thank you. Thank you, everyone.
Operator
[Operator Closing Remarks]