Ashoka Buildcon Limited (ASHOKA) Q3 FY23 Earnings Concall Transcript

Ashoka Buildcon Limited (NSE: ASHOKA) Q3 FY23 Earnings Concall dated Feb. 13, 2023

Corporate Participants:

Satish Parakh — Managing Director

Paresh Mehta — Chief Financial Officer

Analysts:

Ashish Shah — Centrum Broking — Analyst

Mohit Kumar — DAM Capital — Analyst

Mahesh Bendre — LIC Mutual Fund — Analyst

Jitendra Bakker — JB Capital — Analyst

Nikhil Abhyankar — DAM Capital — Analyst

Prem Khurana — Anand Rathi Shares & Stock Brokers — Analyst

Vishal Periwal — IDBI Capital — Analyst

Rikesh Parikh — Rockstud Capital LLP — Analyst

Ash Shah — Elara Capital — Analyst

Rohit Natarajan — Antique Stock Broking — Analyst

Parvez Qazi — Nuvama Group — Analyst

Jiten Rushi — Axis Capital — Analyst

Harsha Kotari — Individual Investor — Analyst

Hari Kumar S — Individual Investor — Analyst

Akhilesh Parwai — Individual Investor — Analyst

Vikash Banerjee — Individual Investor — Analyst

Narendra Samar — Samar Chemicals — Analyst

Yachna Bhatia — Individual Investor — Analyst

Presentation:

Operator

Ladies and gentlemen, good day, and welcome to the Q3 FY ’23 Earnings Conference Call of Ashoka Buildcon Limited hosted by Centrum Broking Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. [Operator Instructions] Please note that this conference is being recorded.

I now hand the conference over to Mr. Ashish Shah from Centrum Broking Limited. Thank you, and over to you, sir.

Ashish Shah — Centrum Broking — Analyst

Yeah, thank you. On behalf of Centrum Broking, I welcome all the participants to the Q3 FY ’23 results earnings call of Ashoka Buildcon Limited. We have from the management, Mr. Satish Parakh, Managing Director; Mr. Paresh Mehta, the CFO of the company. We will have the opening remarks from the management, and we’ll be following back with the Q&A. So over to you, sir.

Satish Parakh — Managing Director

Thank you, Ashish. Good afternoon, everyone. I would like to extend my warm welcome to everyone on this earnings call for third quarter and nine months that ended December 31, 2022. I have Mr. Paresh Mehta, our CFO, along with me on the call.

Let me now give an update on the equity sales of ACL project. As mentioned earlier, we have signed a foreign asset sale transaction of Ashoka Concessions Limited for five SPVs by entering into a share subscription and share purchase agreement with Galaxy Investment II Private Limited, an affiliated entity of KKR. The deal is to be completed soon after receiving required approvals from the lender [Indecipherable] and other relevant stakeholders and completion of certain condition procedures. We have received approvals for a few lenders and other stakeholders. We are still in process of completing the balance. Meanwhile, we have received an extension of [Indecipherable] for the fulfillment of CPs from our investors. The deal transfers the entire share capital of these five BOT SPVs, including repayment of shareholders’ loan for an aggregate consideration of INR1,337 crores. The total proceeds received will be utilized to facilitate the exit of SBI Macquarie from Ashoka Concessions Limited and allowing SBI Macquarie to exit the company fully. Further transfer of these 5 SPVs will reduce the consolidated project debt of ABL by INR2,833 crores.

Also, we have executed a share purchase agreement with National Investment and Infrastructure Fund for sale of 100% equity of Chennai ORR. For an aggregate financial consideration of INR686 crores. Of INR686 crores, ABL is expected to receive INR450 crores and INR250 crores towards loan repayment, around INR200 crores towards 50% equity stake in SPV. Recently, we have executed a share purchase agreement with National Investment and Structure Funds for sale of equity of Jaora Nayagaon project for an aggregate financial contribution of INR691 crores. Post this transaction, the company will remain with the following major projects in highway portfolio. Three fully owned annuity projects, which is [Indecipherable] and the fully owned portfolio of 11 HAM projects.

Coming to HAM projects. We have execution of concession agreement with NHI about INR1,079 crores for the development of six lanes Access Controlled Greenfield project at Baswantpur to Singnodi section of NH 150C — of NH 150C on Hybrid Annuity Mode under Bharatmala Pariyojana. The construction period is 912 days and the operation period is 15 years. We’ve also achieved financial closure for the same. And we have received appointed date 13 [Phonetic] November 2022. We received pre-COD of our TS1 which is Mallasandra Karadi on NH 206. Also received Pre-COD of Kandi to Ramsanpalle of NH 161. The total equity requirement of 11 HAM projects is about INR1,096 crores of which we have already invested INR901 crores as of December 2022.

Coming to our order book, as mentioned, we have achieved a robust inflow. Some of the key large orders received in the — from 1st October are as follows. So we were S1 [Phonetic] in EPC project in Kerala of INR1,668.5 crores in November 2022 followed by an LOA we’ve got for the same project in December 2022. And now the appointed date also is given from 1st February 2023. Secondly, we received the LOA for EPC project in Bihar of INR2,161 crores in January 2023. This is a project of Construction of Four Lane Elevated Corridor of Danapur Bihta on EPC mode. When we were awarded project of INR754.57 crores for Madhya Pradesh PoorvKshetra Vidyut Vitaran Company for power distribution infra in Balaghat circle, Satna circle and Rewa circle of MP. We also received LOI from UP Power Distribution Utility company for a project of INR807.64 crores in January 2023. Again, for development of distribution infrastructure at Aligarh and Agra zone.

Our balance order book as on date is INR19,150 crores. The breakup of INR19,150 crores order book. As on date is, roads and railway projects comprise around INR12,455 crores, which is 65% of the total order book. Among the road project order book, HAM projects are to the tune of INR2,363 crores and EPC road projects are worth INR8,653 crores and railway is around INR1,449 crores. Power T&D and others account for around INR3,669 crores, which is approximately 90% of that total order book. The total EPC building segment is INR2,996 crore, which is 16% over took on order book and EPC work of CGD business comprises of around INR29 crores.

Let me reiterate that our focus remains to build strong EPC business in segments of highways, railways, power T&D and buildings. The current order book of INR19,150 crores providers with good visibility of EPC business growth. Our asset portfolio, we have already built 11 HAM projects. In terms of new project billing, our priority will remain on HAM projects and strengthen the HAM project portfolio.

This is all from my side. I would now request Mr. Paresh Mehta to present the financial performance of Q3 and nine months of FY ’23. Thank you.

Paresh Mehta — Chief Financial Officer

Hello. Good afternoon. The result presentation in this press release for the quarter have been uploaded on the stock exchange and the company had signed. I’m sure you must have had time to go through the same.

Now I will present the financial results for the third quarter dated December 31, 2022. Starting with the consolidated results. The total income for Q3 FY ’23 grew by 35% year-on-year to INR1,996 crores as compared to INR1,475 crores in Q3 FY ’22. EBITDA stood at INR530 crores for Q3 FY ’23 with a margin of 26.6%. Profit after tax is at INR138 crores since FY ’23. For nine months FY ’23, total revenue was INR5,757 crores, up by 41% year-on-year. The EBITDA stood at INR1,518 crores with a margin of 26.4%. Profit after tax stood at INR339 crores.

Coming to the standalone numbers. The total income for Q3 FY ’23 stood at INR1,590 [Phonetic] crores as compared to INR1,133 [Phonetic] crores in the corresponding quarter last year, registering a growth of 40%. EBITDA for the quarter was at INR147 crores with an EBITDA margin of 9.3%. The company reported a net profit after tax of INR67 crores in Q3 FY ’23. For nine months FY ’23, total revenue was INR4,140 crores, up by 39% year-on-year. The EBITDA stood at INR465 crores with a margin of 10.5%. Profit after tax stood at INR237 crores.

As you are all aware, due to equity sales transitions, we are not recognizing interest from SC in our books, and it has reduced the EBITDA. Also, EBITDA margins have been impacted mainly due to inflationary pressures and higher competitive biddings in some of the projects in the — during the COVID period. During Q3 FY ’23, Building division recorded a toll collection of INR291.4 crores as against INR251 crores in Q3 FY ’22 and INR275 crores in Q2 FY ’23. Total consolidated debt as on 31st December 2022 stood at INR6,987 crores of which project debt is INR5,942 crores, of which INR283 crores stand for the five BOT projects. NCD stood at INR200 crores at ACL level. The standalone debt is at INR846 crores, which comprises of INR146 crores of equipment loan and INR699 crores of working capital. Out of the total consolidated debt of INR6,987 crores, INR2,833 crores will be transferred along with the five assets of the BOT projects and also INR130 crores of the Jaora-Nayagaon project on exit. Post the sale transaction, the effective consolidate would be around INR4,024 crores.

With this, we now open the floor for question-and-answer. Thank you.

Questions and Answers:

Operator

Thank you very much, sir. We will now begin the question-and-answer session. [Operator Instructions] The first question is from the line of Mohit Kumar from DAM Capital, please go ahead.

Mohit Kumar — DAM Capital — Analyst

Yeah, good afternoon sir and thanks for the opportunity. Sir, First question is on the margins. While our top line has grown at a very healthy pace, it is not translating into EBITDA, EBITDA and other income. In fact, our EBIDA [Phonetic] margin is below around 8%. I think it was at 8% over last three quarters. So to — how do — how should one look forward to, let’s say, for FY ’24, FY ’25, can you go back to 10% given the current order book?

Satish Parakh — Managing Director

Yeah, as we had spoken in the last con call for September ’22, margins have been subdued due to a couple of reasons like competitive bidding during COVID period where competition is high, escalation has also contributed to bad debt because — which has changed the budgets have been revised per site. In certain cases, when projects have been completed, and they are on completion stage for PCOD. There are also extra cost incurred for closing the completion certificates. Costs had to be incurred for handing over the asset to the authority. So these were reasons which contributed to the low margins. We believe that this probably will go up to another couple of quarters when then we can start looking at better EBITDA numbers because the recent contracts are at a better margin.

Mohit Kumar — DAM Capital — Analyst

So you say better margins are aspiring to 10%, 11%. What kind of margin we are looking at generally?

Satish Parakh — Managing Director

In the range of 9.5%, 10% should be fitted with that.

Mohit Kumar — DAM Capital — Analyst

Okay, sir. My second question is on the deal which we — I think we have done around three sale deal now. When do expect all of them to close? And how much money will flow to the company post all the sales and executing all liabilities?

Paresh Mehta — Chief Financial Officer

So as described, the KKR deal will purchase INR1,337 [Phonetic]. That is expected to close by Q2 of next year, Q1 — between Q1 and Q2 of next year, we should be able to close it, wherein INR1,337 [Phonetic] will be flow in. On the Chennai ORR deal, we expect to close it before the Q1 of next year. So by June, definitely, we should be through with the transaction, which will fetch the company around INR450 crores. And on the Jaora-Nayagaon sale, I believe Q2 next year would be the time when the transition would get over, which will fetch us approximately INR400-odd crores.

Mohit Kumar — DAM Capital — Analyst

And we’re to pay INR12 billion to [Indecipherable] is that a fair number?

Satish Parakh — Managing Director

[Indecipherable] will be paid around INR1,200 [Phonetic] crores.

Operator

I’m sorry to interrupt, sir, your sounding distant. Can you please repeat?

Satish Parakh — Managing Director

Yes. So for the SBI Macquarie exit, we will be — we’ll have to pay INR1,200 crores from these receipts.

Mohit Kumar — DAM Capital — Analyst

Will it be anything extra sir, over and above because of your delay in closing the transaction? [Speech Overlap]

Paresh Mehta — Chief Financial Officer

At present, there is definitely not any — it’s a free amount. So that will be [Speech Overlap]

Mohit Kumar — DAM Capital — Analyst

Understood, sir. Lastly, sir, on the distribution. We are looking to get more and more order in UP or let’s say, in MP, mostly, it looks like is reform development linked savings scheme tenders. So what is the EBITDA margin expectations in these tenders? Are we looking — [Speech Overlap].

Satish Parakh — Managing Director

Hello?

Mohit Kumar — DAM Capital — Analyst

Yes.

Satish Parakh — Managing Director

On the utility power utility contract [Indecipherable], we are expecting a range of 10% to 11% of EBITDA margins in these projects.

Mohit Kumar — DAM Capital — Analyst

And how do you see these portfolios are going forward? I think the large amount of order I think is this in pipeline?

Satish Parakh — Managing Director

So we continue to bid for power project also. There is the pipeline, but we target at our ratio of roles and other projects would be in the range of [Indecipherable]

Mohit Kumar — DAM Capital — Analyst

Understood, sir. Thank you and all the best sir. Thank you.

Operator

Thank you. The next question is from the line of Mahesh Bendre from LIC Mutual Fund. Please go ahead.

Mahesh Bendre — LIC Mutual Fund — Analyst

Hi sir, thank you for thank you for the opportunity.

Operator

Sir your — sorry to interrupt. You’re sounding too low sir, could you please increase the volume little bit.

Mahesh Bendre — LIC Mutual Fund — Analyst

Yeah, am I audible?

Operator

Yes sir, please proceed.

Mahesh Bendre — LIC Mutual Fund — Analyst

Sure. Sir, the agreement with KKR, I think earlier expectations was that we will close by March. Now we are talking about Q2 next year. So why we’re looking for a six months of extension?

Paresh Mehta — Chief Financial Officer

So we expect all our CPs to get over by between March and May. And then when they do a drawdown, they’ll take another 40, 45 days. Basically, the delay is on account of what you call NOCs from the lenders and NHI. NHI also takes its own time to sort out claims and other matters. So as to fetch the NOC from them.

Mahesh Bendre — LIC Mutual Fund — Analyst

Okay. Sure. And sir, the margins, operating margins have come off significantly over the last seven quarters. So you said another two quarters, it will take time to recover. So will it go further down or they will stabilize here for at least next two quarters?

Paresh Mehta — Chief Financial Officer

We believe that it should be okay. We should maintain the — at minimum, this will probably increase after a couple of quarters.

Mahesh Bendre — LIC Mutual Fund — Analyst

Okay sure. Thank you so much sir.

Operator

Thank you. [Operator Instructions] We have the next question from the line of Jitendra Bakker [Phonetic] from JB Capital, please go ahead.

Jitendra Bakker — JB Capital — Analyst

Hello, and thank you for the opportunity. My question is to Mr. Paresh Mehta, and this is about the EPS for the nine months ended 31st December this year or ’22. I believe there was some correction and clarification after the results were initially published. And EPS stands at INR11.91. Am I right?

Paresh Mehta — Chief Financial Officer

Yes, sir.

Jitendra Bakker — JB Capital — Analyst

And as compared to the previous year, it is INR8.07 for the nine months ended 31st December ’21, right? And the — and then we see the — for the year — last year ended 31st March 2022, the EPS has grown almost twice from INR8 to INR16. We can understand that the last quarter which is more accruals, but do we expect the same thing for this nine months to the next quarter as well?

Paresh Mehta — Chief Financial Officer

[Indecipherable] there was a exceptional item of INR326 crores reversal of liability for our — exit of our [Speech Overlap]

Jitendra Bakker — JB Capital — Analyst

I’m talking without the exceptional item. The last two rows, that is without the exceptional item.

Paresh Mehta — Chief Financial Officer

Yeah, so that is generally — so for the quarter, for — generally, the March quarter fetches more revenue and profitability. So we expect that, that should happen in the same way.

Jitendra Bakker — JB Capital — Analyst

This time also. It is — yeah, because it’s quite a sudden jump as we can see. Almost three quarters earnings are accrued in just the last quarter? So is that guidance also for this time as well?

Paresh Mehta — Chief Financial Officer

[Indecipherable] recognized, but at present we will maintain, say 15%, 20% higher quarter-on-quarter. But we’ll see at the end of the quarter how the performance of all the projects and completions happen based on which maybe any bonus or otherwise is expensed.

Jitendra Bakker — JB Capital — Analyst

Okay, thank you.

Operator

Thank you. The next question is from the line of Nikhil Abhyankar from DAM Capital. Please go ahead.

Nikhil Abhyankar — DAM Capital — Analyst

Good afternoon, sir and thanks for the opportunity. So we have got around INR190 billion of orders now, and we are clocking a revenue of around 6 or 3 book-to-bill ratio. So should we accept that there will be a certain or a gradual revenue ramp up in the next two years?

Paresh Mehta — Chief Financial Officer

Yeah, based on the order book we should definitely see a ramp up in the execution. For the quarter, for the nine months, we are already 39% [Phonetic] up. So coming quarters also, we see ramp up and ’23, ’24 also should be better.

Nikhil Abhyankar — DAM Capital — Analyst

And sir, what kind of number should we consider for ’24?

Paresh Mehta — Chief Financial Officer

I believe 20%, 25% minimum should be feasible.

Nikhil Abhyankar — DAM Capital — Analyst

Good. Okay. And sir, given this order size, will we go slow on any new order inflows?

Satish Parakh — Managing Director

See now going ahead [Indecipherable] is already achieved. Going ahead, we will be selective in bidding. But definitely, bidding activity will continue.

Nikhil Abhyankar — DAM Capital — Analyst

Okay. And sir, just on the executable order book as of December ’21 of the [Indecipherable]?

Satish Parakh — Managing Director

Can you repeat your question?

Nikhil Abhyankar — DAM Capital — Analyst

Sir, what is the executable order book like everything is right now being executed?

Satish Parakh — Managing Director

See out of this only building order book is a little delayed, say around INR1,500 crores. Otherwise, everything is executable.

Nikhil Abhyankar — DAM Capital — Analyst

Understood. And sir, can you also give me the inventory, trade receivables, contract asset trade [Indecipherable] liability as of December?

Paresh Mehta — Chief Financial Officer

You would want the inventory?

Nikhil Abhyankar — DAM Capital — Analyst

Yeah, trade receivables, contract assets, trade payables and contract liabilities

Satish Parakh — Managing Director

So receivables, all net of ECL would be INR1,192 crores. The unbilled revenue would be INR1,528 crores. And advances, again, that would be around INR815 crores.

Nikhil Abhyankar — DAM Capital — Analyst

So payable you said how much?

Satish Parakh — Managing Director

Payables would be approximately INR1,147 crores.

Nikhil Abhyankar — DAM Capital — Analyst

Approximately INR1,147 crores. Okay, that’s helpful. Thank you.

Satish Parakh — Managing Director

And stock would be INR297 [Phonetic].

Nikhil Abhyankar — DAM Capital — Analyst

Sir inventory, I forgot, inventory?

Paresh Mehta — Chief Financial Officer

Inventory is INR297crores.

Satish Parakh — Managing Director

INR297 crores.

Nikhil Abhyankar — DAM Capital — Analyst

INR297 crores. Sure, thanks a lot. All the best.

Operator

Thank you. The next question is from the line of Prem Khurana from Anand Rathi Shares & Stock Brokers. Please go ahead.

Prem Khurana — Anand Rathi Shares & Stock Brokers — Analyst

Yeah, thank you taking my questions and congratulations on good set of numbers this quarter especially on the order booking side. Sir, just to understand our KKR transaction little better. So as far as I know I think Dankuni, kharagpur we don’t have COD in place.

Operator

Sorry to interrupt. May we request you to keep your mic little bit farther from mouth and speak please.

Prem Khurana — Anand Rathi Shares & Stock Brokers — Analyst

Is it better now?

Operator

Yes, sir. Please proceed.

Prem Khurana — Anand Rathi Shares & Stock Brokers — Analyst

Dankuni, kharagpur I think we still don’t have COD in place and the concession agreement stage you’re allowed to exit only if you have COD. I think we were in discussion with the NH going to get the corrected. What’s the status there? And also can you help us understand on Chennai ORR [Phonetic] the partner was under NCLT there. I mean, have we made any progress in terms of acquiring the stake from the partner that we are supposed to.

Paresh Mehta — Chief Financial Officer

Right. So on the Dankuni project, let me clarify, we received COD in September ’21. So already one and half years is over. So that is the status on Dankuni. So their exit is not a challenge. We are already requesting for — there is already a circular for reduction to one year. So I think that is possible. On the Chennai ORR transaction, our partner who was under NCLT, he is already out of the NCLT proceedings. And one of the investors have already — the potential bidders have already bought it out. So now they are free from any restrictions of doing business.

Satish Parakh — Managing Director

There is no challenge from [Indecipherable] disposing of those shares.

Prem Khurana — Anand Rathi Shares & Stock Brokers — Analyst

Sure. And on this KKR transaction because there are five assets involved. So all these five will go together or we could sell these on [Indecipherable] so let’s say if we have approvals and everything in place, CPs are complied four out of five. Is it possible to sell four and then wait for the fiscal year have everything in place and then transfer or is it that we have to transfer all the five as a single bunch.

Paresh Mehta — Chief Financial Officer

To do it as a bunch, only what would happen is there may be a timing difference. Once they have certified as all the five is happening.

Prem Khurana — Anand Rathi Shares & Stock Brokers — Analyst

And sir, on order addition you had previously good order addition until this time. But how much more are we targeting in Q4? And possible to share? I mean, how many tenders we would have already created bid for and how the prospect pipeline looking like?

Satish Parakh — Managing Director

So looking at order book, our target order book is almost done like. And we’ll be very selective in bidding projects now. Our focus would remain on HAM projects and some specialized structures. As far as power distribution is concerned, we have enough products in hand. As far as railways is concerned, we still will opt for bidding in some selective stretches.

Prem Khurana — Anand Rathi Shares & Stock Brokers — Analyst

Okay. Okay. And just to clarify on the recent NHI-EPC orders, I think, numbers that we have in place, it seems — our bids were lower than the base cost estimate. So how do you explain the discount, the base cost estimate. And will it be possible for us to kind of deliver the kind of margin that we target, I mean if it has been below the base cost. I think we are at a larger variance and even Kerala was below the base cost which was there from the NHI.

Satish Parakh — Managing Director

Yeah basically, these are all design based structures. So cost of every bidder will vary. We had bid at a good margin, both the projects BR and Kerala.

Prem Khurana — Anand Rathi Shares & Stock Brokers — Analyst

Okay. So we will be confident that 10 odd percent that we target on a blended basis will be [Indecipherable]

Satish Parakh — Managing Director

Yeah, absolutely, there is nothing to worry.

Prem Khurana — Anand Rathi Shares & Stock Brokers — Analyst

Thank you. And all the very best for future.

Operator

Thank you. We have the next question is from the line of Vishal Periwal from IDBI Capital. Please go ahead.

Vishal Periwal — IDBI Capital — Analyst

Yes, sir. Thanks a lot for the opportunity. One, first is on revenue guidance, which you have given for FY ’23, which is like around 25%, 27% — 25-odd percent range. if you can do the working implied for the fourth quarter, it come in like flattish to marginal decline. So will that be a fair understanding?

Satish Parakh — Managing Director

So see, overall for the year, we’ll close around 30%.

Vishal Periwal — IDBI Capital — Analyst

Okay. Okay. And next is on our margins. I think you did mention like the initial commentary from — so it was comment like for the next few quarters, it will be like a weakish sort of margin. So when you say few quarters, would you like to quantify a number of quarters that we’ll have this kind of margins?

Satish Parakh — Managing Director

So this basically will depend on completion of projects, which we have picked up at aggressive nature in COVID period. When all the qualifications were diluted. So until the completion of that, so maybe another three, four quarters, our margins will be depressed. The new orders which we are taking are again at comfortable margins. So that will start improving as the mix changes.

Vishal Periwal — IDBI Capital — Analyst

Okay. So is it coming from any particular segment, if not any particular project you want to highlight. Any segment roads or maybe non-roads?

Satish Parakh — Managing Director

Some road projects, building projects, even the railway projects where we have taken a JV where JV charges are to be paid. So it’s all mix. So this maybe three, four, five projects, will get over by another three, four quarters and our mix will start improving.

Vishal Periwal — IDBI Capital — Analyst

Okay. Okay. And one last, which is more of a — from a number point of view, I think there was a clarification from a project like Chennai ORR which we have sold being set around INR450-odd crores, but the PPT mentioned the equity is something like in the range of INR690 crores or INR700 crores. So what is the

Difference, if you can clarify?

Paresh Mehta — Chief Financial Officer

So INR690 crores is the total consideration. There will be some year-end, adjustment of working capital adjustments on the SPV, which will fetch the shareholders INR650 crores, of which INR450 crores will be paid to Ashoka Buildcon and 200 [Phonetic] will be paid to the DV, other partners. Our equity at to equity and debt profile for the SPV, 200 [Phonetic] plus, 250 [Phonetic].

Vishal Periwal — IDBI Capital — Analyst

So we have as an investment, we have done like INR450 crores [Phonetic] same in terms of like the same that we are getting back is the same or? That’s fair to understand?

Paresh Mehta — Chief Financial Officer

Pardon.

Vishal Periwal — IDBI Capital — Analyst

No, you mentioned like INR200 crores of debt, INR250 [Phonetic] is the equity.

Satish Parakh — Managing Director

INR250 [Phonetic] is the debt and equity is INR100 crores, which we put in INR98 crores we put in against which we’ll get around INR200 crores.

Vishal Periwal — IDBI Capital — Analyst

Okay, okay. Sure. Yeah, sure, that’s all from my side, sir. Thank you.

Operator

Thank you. The next question is from the line of Rikesh Parikh from Rockstud Capital LLP. Please go ahead.

Rikesh Parikh — Rockstud Capital LLP — Analyst

Yeah, thanks for the opportunity. So I just wanted to understand more of the KKR deal side. Now we are targeting a Q1 or Q2 of the next year. So do you think further deal will be possible or this will be the final time line by which we should be receiving the money?

Satish Parakh — Managing Director

I don’t think there’s any other delay. I think this should conclude by June, I’m just keeping a safety margin. June should be the period when we should be able to conclude.

Rikesh Parikh — Rockstud Capital LLP — Analyst

Okay. And second thing is on our HAM project, we have been mentioning that we are looking at — elevate our sale to investor. Any movement on that side?

Satish Parakh — Managing Director

So we have bankers working on the transaction, and we’ll see as soon as we get proper offerings, we’ll come back to the investors for what is actually happening on the — but we are already exploring the cost.

Rikesh Parikh — Rockstud Capital LLP — Analyst

Okay. And then last thing, once we have this exit of the stake, probably in FY ’24, we’ll be comfortable on the debt equity side. So how do we look at it from the debt equity point of view we’ll be looking at from the going forward basis post that?

Paresh Mehta — Chief Financial Officer

So generally, as we have disclosed in the previous quarters, we would like to be a multi-sector EPC player. Though in the road sector, HAM is one model, which is typically for a few — for the initial period, it is a captive project, but we would like to monetize it. So we’ll generally try to keep a low consolidate going forward once these transactions are true, including the HAM transaction.

Rikesh Parikh — Rockstud Capital LLP — Analyst

Thank you. That’s it from my side.

Operator

Thank you. The next question is from the line of Ash Shah from Elara Capital. Please go ahead.

Ash Shah — Elara Capital — Analyst

So can you just provide some time line on the non-moving projects from the building segment. So for example, the Mali [Phonetic] or the DY Patil or the new airport, Patil hospital and other projects which are not moving? When do we expect that?

Satish Parakh — Managing Director

So Mali [Phonetic], we expect in the coming quarter to — by March, it should be cleared. DY Patil may take some more time. And other all projects are moving smoothly.

Ash Shah — Elara Capital — Analyst

Why is the delay for the DY Patil? I mean, if you could provide some color on that.

Satish Parakh — Managing Director

For DY Patil, this was a concession agreement between port authority and DY Patil and there is some dispute between the parties. So the EPC takeoff has been delayed.

Ash Shah — Elara Capital — Analyst

Okay. Next is, have we started working on the sewage treatment plant that we have received from MCGM?

Satish Parakh — Managing Director

MCGM has already started now.

Ash Shah — Elara Capital — Analyst

Okay. And coming back to the earlier participant’s question on the asset monetization. Could you just throw some light on how many HAM assets are we planning to sell and what is the equity that we have invested in those assets?

Paresh Mehta — Chief Financial Officer

From a overall concept, we are planning to sell all the 11 projects, though a couple of projects are still under construction. I mean substantial construction is spending. The total equity to be invested in these projects are in the range of INR1,050 crores, of which INR900 crores is already invested. So that’s what we intend to monetize.

Ash Shah — Elara Capital — Analyst

Okay. And last question, can you just provide what will be the users of the excess cash that we received from all the transactions if [Indecipherable] KKR or Chennai ORR. What will be the capital allocation for the sale?

Paresh Mehta — Chief Financial Officer

Currently, we have not — we have a couple of options, which we have taken like to reduce working capital debt or to — with the two — paid by investors certain money in the form of buyback [Indecipherable]. But those options will be exercised once we come to that stage with good certainty of cash in hand. So we are in Q2 next year.

Ash Shah — Elara Capital — Analyst

Okay, thank you. Thank you. That’s all from my side.

Operator

Thank you. The next question is from the line of Rohit Natarajan from Antique Stock Broking. Please go ahead.

Rohit Natarajan — Antique Stock Broking — Analyst

Thank you for this opportunity. So my question is more to do with the monetization of BOT projects. We are — I mean, post the payment to SBI Macquarie, I think somewhere INR1500 [Phonetic] odd crores of cash will be there. But those will be at [Indecipherable] level. Is there any withholding tax or some tax consideration to upstream to the parent level?

Satish Parakh — Managing Director

No, no. So the instruments which held by ABL in ACL or to be held by ABL in ACL would be in the form of CDs end typically would not attract any withholding tax kind of a structure. It will be a redemption of CCDs or repayment of loans of ABL to ACL.

Rohit Natarajan — Antique Stock Broking — Analyst

Sure. Sir, in the HAM projects that we have in the portfolio at this point in time, I understand the equity is almost at INR900 [Phonetic] odd crores you have invested in. What are the loan advances to these projects?

Paresh Mehta — Chief Financial Officer

So as already in the loans — on just tell you the number. Total loans on HAM projects is to the tune of INR2,563 crores as of date.

Rohit Natarajan — Antique Stock Broking — Analyst

Advances from your side, the parent side to this HAM projects not the loans on the books.

Paresh Mehta — Chief Financial Officer

Whatever equity we have communicated. That is all that has been invested from ABL either through ACL or directly by ABL, INR901 [Phonetic] crores.

Rohit Natarajan — Antique Stock Broking — Analyst

Sure. Got it. Got it. I got I got that. Sir, my final question is more to do with I understand that you have said on the margin part, it will be — maybe there will be some pressure on the more quarters — but in the longer-term horizon, are we looking at those double-digit what we used to do in the past? Is that something in the horizon?

Paresh Mehta — Chief Financial Officer

Yeah definitely. I mean we are looking at a double-digit margin going forward. And this is the way we have bid for the projects also, which are new projects added to the portfolio.

Rohit Natarajan — Antique Stock Broking — Analyst

Sure, thank you sir. All the best.

Operator

Thank you. The next question is from the line of Parvez Qazi from Nuvama Group. Please go ahead.

Parvez Qazi — Nuvama Group — Analyst

Hi, good afternoon and thanks for taking my question. So a couple of questions from my side. Can we get the equity inclusion schedule for what is the pending

Equity that you need to do?

Paresh Mehta — Chief Financial Officer

So approximately INR197 crores of equity will be pending as of date. Of which INR64 crores will be invested by March end. INR92 crores will be spent between ’23/’24 and in ’24/’25, INR41crores. That is the schedule of investment of equity for the HAM projects.

Parvez Qazi — Nuvama Group — Analyst

And what was the revenue breakup for Q3, would it be possible to break it in terms of various segments?

Paresh Mehta — Chief Financial Officer

For the quarter?

Parvez Qazi — Nuvama Group — Analyst

Yeah, for the quarter.

Paresh Mehta — Chief Financial Officer

In the road sector, it was INR1,121 crores; in the power, it was INR152 crores; railway was INR139 crores; CGD and other sector was approximately INR80 crores; and RMC INR61 crores.

Parvez Qazi — Nuvama Group — Analyst

And lastly, what was the capex that we incurred in Q3 or nine months and whatever number that’s is available?

Paresh Mehta — Chief Financial Officer

For nine months approximately, INR51 crores was spent on capex of which in Q3 it was INR28 crores.

Parvez Qazi — Nuvama Group — Analyst

Thanks and all the best for future.

Operator

Thank you. The next question is from the line of Jiten Rushi from Axis Capital. Please go ahead.

Jiten Rushi — Axis Capital — Analyst

Good afternoon, sir. Thanks for taking my questions. Sir, on the revenue pickup. So can you give us the nine month revenue breakup segment wise?

Paresh Mehta — Chief Financial Officer

Yeah, for road it is INR2,973 crores; power, INR452 crores; railway, INR476 crores; CGD and other segments is approximately INR240 crores; and RMC, INR160 crores.

Jiten Rushi — Axis Capital — Analyst

And sir, on the capex you said nine months is INR51 crores. So what would be the Q4 capex number and next year because of the high order backlog. So we expect execution to pick up from next year? So what would be the capex number for Q4 and next year, sir?

Satish Parakh — Managing Director

Coming five quarters, where we will invest approximately INR250 crores.

Jiten Rushi — Axis Capital — Analyst

INR250 crores. Okay.

Satish Parakh — Managing Director

[Indecipherable]

Jiten Rushi — Axis Capital — Analyst

Basically next — Q4 and next year, you will be investing INR250 crores combined?

Satish Parakh — Managing Director

Yes, yeah.

Jiten Rushi — Axis Capital — Analyst

And sir, obviously, you’ve given the details like on the order inflow, you will not be looking for order in this aggressively. But sir, any view on the next year order input target in terms of segment? And also at what kind of margin we’ll look at? Obviously, we have, as you said, currently, that margins have been compromised this time because of aggressive bidding. But what about the recoup in margins from next year. Are we looking to recoup? Or we will see aggressive bidding to continue and we will participate in that or we’ll lower exchange from participants because of the high order backlog.

Satish Parakh — Managing Director

Now going ahead, we definitely will be selective. As a company, if you see the history of Ashoka, we have been conservative in bidding. Only during COVID period, we have been aggressive. And going ahead, definitely we will come back to our original margins.

Jiten Rushi — Axis Capital — Analyst

The projects which you have won this year, are in double-digit EBITDA, like 12%, 13% of what you saw last time or [Speech Overlap]

Satish Parakh — Managing Director

Current projects are all in double digits.

Jiten Rushi — Axis Capital — Analyst

And sir, any — [Technical Issues]

Satish Parakh — Managing Director

Hello?

Jiten Rushi — Axis Capital — Analyst

Any guidance in terms of order inflows next year?

Satish Parakh — Managing Director

Next year order inflow will be like we will be focusing more on HAM projects than EPC roads. Definitely power and railways.

Jiten Rushi — Axis Capital — Analyst

Okay sir. That’s it from my side. Thanks and all the best.

Operator

There is a follow-up question from the line of Ash Shah from Elara Capital. Please go ahead.

Ash Shah — Elara Capital — Analyst

Hi, thank you for the opportunity again. I just wanted to know that we were planning to monetize our CGD business also. So is there any update on

That front? Or how is it right now?

Paresh Mehta — Chief Financial Officer

So on the CGD business, we are at a very, very advanced stage, and we should be coming to the investors shortly on what is transaction.

Ash Shah — Elara Capital — Analyst

And how much have we invested in this business till now — till date?

Satish Parakh — Managing Director

So approximately INR65 crores — INR66 crores invested in this business.

Ash Shah — Elara Capital — Analyst

Okay. And this will be [Indecipherable]

Paresh Mehta — Chief Financial Officer

Ashoka Buildcon share, both parties put together approximately INR135 crores.

Ash Shah — Elara Capital — Analyst

INR135 crore?.

Paresh Mehta — Chief Financial Officer

INR135 crores, yeah.

Ash Shah — Elara Capital — Analyst

Okay. And by when will we come to know approximately — I mean by March this end or it will get postponed to the next FY?

Paresh Mehta — Chief Financial Officer

Definitely before March.

Ash Shah — Elara Capital — Analyst

Okay, that’s all. Thank you.

Operator

Thank you. The next question is from the line of Harsha Kotari [Phonetic], an individual investor. Please go ahead.

Harsha Kotari — Individual Investor — Analyst

Yeah, hi, thanks for the opportunity. So my question is regarding the arbitrage award that we have got for the [Indecipherable] project, which we are — which is going to be eventually transferred to KKR. So previously, it was mentioned that the whatever arbitrage we will win, it will be — it would be taken by a Ashoka Construction. So now how the proceeds are going to be?

Paresh Mehta — Chief Financial Officer

Yes. So whatever extension of days we have got in this project, the project will be converted into value and they’ll be paid upfront to ABL.

Harsha Kotari — Individual Investor — Analyst

Okay. So have we — so have become kind of the amount or said its spending?

Paresh Mehta — Chief Financial Officer

We’ve already discussed the amount. Once we have a final transition in place, we’ll definitely communicate.

Harsha Kotari — Individual Investor — Analyst

And regarding the solar project, what is the update on that? And how the things proceeding there?

Satish Parakh — Managing Director

In solar projects, M&R has given guidelines for giving extension to these projects as well as giving this BCD exemption. And even the solar module prices have come down. As of now, we are still focusing on completing all bands of works, which should happen by March end. And module placement negotiations are underway and which should be able to place the orders very soon.

Harsha Kotari — Individual Investor — Analyst

Okay. And regarding the INR500 crore NCD or the debt that we are looking to raise in the new Board meeting. So what’s the basic reason to raise these ones?

Paresh Mehta — Chief Financial Officer

So basically if you see our working capital debt, approximately around INR800-odd crores, INR860 crores. This money, which will be raised will be used to replace certain short-term debt into a slightly longer-term debt so that there is a continuity of cash flows available for better periods of time.

Harsha Kotari — Individual Investor — Analyst

And the last question. So in the total NHI claim that we expect? Of course, not the period, but the claim amount?

Satish Parakh — Managing Director

So with respect to arbitration, arbitration is still on certain are still on. And conciliation process is still also initiated. So we are still to see the is of the same.

Harsha Kotari — Individual Investor — Analyst

Okay. And what — so the amount that we have asked for or claimed for?

Satish Parakh — Managing Director

So claims would be in the tune of approximately [Indecipherable] INR1500 [Phonetic] crores for all the five projects, of which a couple of projects we have already set it [Indecipherable].

Harsha Kotari — Individual Investor — Analyst

Okay, thanks. Yeah, thanks a lot.

Satish Parakh — Managing Director

It should be including extension of days for certain projects.

Harsha Kotari — Individual Investor — Analyst

Yeah, got it. Thanks a lot sir.

Operator

Thank you. The next question is from the line of Hari Kumar S, an individual investor. Please go ahead.

Hari Kumar S — Individual Investor — Analyst

Yeah, good afternoon, sir. My first question is regarding these assets held for sale. Like for the timing difference, like do we get the interest or recognize the income in our books, sir?

Satish Parakh — Managing Director

Timing difference from accounting purpose will be — there’ll be a carry on these transactions, but it be recognized only at the time of final exchange of [Speech Overlap]

Hari Kumar S — Individual Investor — Analyst

Okay. So will be recognized in the revenue in our books, sir?

Satish Parakh — Managing Director

So it will be — just in the consideration.

Hari Kumar S — Individual Investor — Analyst

Okay. Okay. Good, sir. And second question, sir, the sub work obtained from Adani road, like how are the receivables are the secure, sir, like payment. Are the pass-through or something like that?

Satish Parakh — Managing Director

See, Adani, we are doing two projects. One is [Indecipherable] which is a INR1,400 crores project where we already completed around INR400 crores, and we are getting payments in time. This is a BOT project for them. So loans have already been tied up, and we are getting our payments in time. Also for the EPC project, which we are doing for Navi Mumbai airport, there also we’re getting our payments in time.

Hari Kumar S — Individual Investor — Analyst

Okay. And last question regarding this huge order growth, like what is the source of funds and the required capital, sir?

Paresh Mehta — Chief Financial Officer

I think so from an order book perspective, the captive order book, which is there, we’ve already communicated that total equity requirement for the balance is INR197 crores. Otherwise, there’s no other capital requirement — equity capital requirement.

Hari Kumar S — Individual Investor — Analyst

Okay. Like going ahead, what is the expected quarterly toll collection, sir, run rate like? They’re going to improve from here, sir?

Paresh Mehta — Chief Financial Officer

So it will continue to remain similar. So last quarter, revenue was approximately INR291 crores. And so this quarter also, we should be approximately around INR300 crores.

Hari Kumar S — Individual Investor — Analyst

There won’t be any huge ramp-ups?

Paresh Mehta — Chief Financial Officer

January has been slightly better, but we have to see the whole year out. February again is another three, four days traffic short, 28 days kind of.

Hari Kumar S — Individual Investor — Analyst

Okay, that’s all. Thanks again.

Operator

Thank you. The next question is from the line of Akhilesh Parwai [Phonetic], an Individual Investor. Please go ahead.

Akhilesh Parwai — Individual Investor — Analyst

Hello?

Operator

Yes sir, please proceed.

Akhilesh Parwai — Individual Investor — Analyst

Sir, my question is on this NTPC project, as you mentioned, that ordering for modules will also begin soon. So is there any loss that you anticipate we will have to take on this project?

Satish Parakh — Managing Director

Yeah, only on finalization of modules will be able to face. But as of now, prices are already coming to our target price. Only [Indecipherable] which happen is the dollar fluctuation, which has happened over the years. So we will come to you, by next quarter it will be clear.

Akhilesh Parwai — Individual Investor — Analyst

Okay. And sir, on this transaction with KKR. Just to understand, there is no major structural issue with this deal, right, because it’s getting extended. You have given some reasons, but you have no reason to believe that there were any risks to this deal.

Satish Parakh — Managing Director

Well, As of now, there is no risk to the deal. Slowly, we are getting all the clearances. Though it is taking time, but all the clearance are getting in place.

Akhilesh Parwai — Individual Investor — Analyst

Okay, all right. Thank you.

Operator

Thank you. The next question is from the line of Vikash Banerjee [Phonetic], an Individual Investor. Please go ahead.

Vikash Banerjee — Individual Investor — Analyst

So we are an [Indecipherable] investor. So we count a lot on the guidance that you gave us. What has been disappointing is over the last so many months, every quarter, we have given some new time lines for the deal closure, which largely impacts the overall kind of view that we have on the business or in the commentary that’s given by the management. Given this quarter, you see a view that it would be closed by June the possibility of second quarter, which is September. Sir, can you give us give as to what is spending in concrete manner so that we know that only A or B or C is left so that we don’t keep asking the same questions every time. So that’s a request. As an investor, we believe that we have been in business for 20 or 30 years you would have good visibility as to how much time should it take — disappointed on the fact that every time it is getting extended sir.

Satish Parakh — Managing Director

Yes. I fully agree with you. Even for us, our estimated time lines have gone beyond our estimation and the reasons are completely beyond our control. Because all these deals need NOC from the employer, which is primarily NHI. And NHI has been doing a concession agreement and model concession agreement then there have been changes. So every time they have to come out with a circular for a specific agreement, like Dankuni Kharagpur was one project, where [Indecipherable] provisions were not there. So we had to get — though it was not affecting our cash flow toll collections were there from day one. But COD as such has to be taken up. And unless we have complete 100% land, they were not giving COD. So we had to come to a settlement agreement where certain descope was done. These core values were arrived. And we had to freeze the COD after COD, the concession agreement till two years you cannot transfer 100% shareholding. Now there was a relaxation to be sought from NHI. So NHI came up with a circular of one year. So NHI welcoming with circular came up with MC agreements only. Now unfortunately, Dankuni was before the MC agreements, model concession agreement. So again, we had to go back to Board and request them to consider this also as part of their relaxation. So that process is now on. So this all is dealing with government and definitely, nobody will go out of concession agreement to help us. So it is taking time. Those are value is freeze there is a carry cost. So there is a huge comfort which we are giving to investors, but actual deal is taking time because ease of doing in India still remains where it is.

Vikash Banerjee — Individual Investor — Analyst

Right, sir. So sir, just answer one layman question. So the delay that’s happening, how much — how does it impact we as investors and you as company. The delay an initial thought of let’s say six months to now let’s say 18 months, would we be at any loss or will it be linked [Phonetic] to us from a consolidation perspective.

Satish Parakh — Managing Director

The losses from the availability of cash and use of that cash. Otherwise, 1337 [Phonetic] does have a carry cost till the end of the deal. That is up to September end. We’ll still enjoy a carry cost. But if you say, is carry cost enough for businesses which we do? No. If we get cash in hand, our equity returns will be much more.

Vikash Banerjee — Individual Investor — Analyst

Thank you sir. Thank you. We should not [Indecipherable] we all count on you and your leadership to steer us through [Indecipherable].

Satish Parakh — Managing Director

Yes, to give you comfort like — all of our — we are trying to be pure EPC players, and we are — even our HAM projects portfolio is on an advanced stage of sale. Our CGD, definitely before March, we’ll be able to announce that. Jaora-Nayagaon is another typical case where governments may take a little more time because they are typical conditions in the concession agreement where delay happen for NOC. Even Claim settlement is what is insisted by NHI and other parties before they give us an exit. So all this takes a little more time than estimated and it is not for us, but for almost all the players in the industry.

Vikash Banerjee — Individual Investor — Analyst

Right sir.

Operator

Thank you. The next question is from the line of Narendra Samar from Samar Chemicals. Please go ahead.

Narendra Samar — Samar Chemicals — Analyst

Thanks for opportunity. Congratulations for couple of slide again, management team for giving a wonderful results. Sir, my main concern is that what is our net reduction program because that is a main killing our profit margin impact?

Satish Parakh — Managing Director

I didn’t follow, sir. What did you say?

Narendra Samar — Samar Chemicals — Analyst

Debt reduction program because if they — you will be killing our profit margin.

Paresh Mehta — Chief Financial Officer

Yes. So on the consumer side, definitely, we have a large debt, which majorly is all pertaining to project funding. So these are the direct project-based funding. As and when we monetize these assets, this will go off our balance sheet. Other they are still sufficient to take care of their own cash flows. They have no — they don’t have a pressure on the ABS CPC business to fund them. So that is one of the characteristics except for one project, simple project, which typically has that problem. Otherwise, all projects are independent. As far as standalone debt is concerned, this is more related to the EPC business and the credit cycle in that business. We believe that as time goes by, this cycle will slightly reduce and this debt amount should go down in this couple of quarters.

Narendra Samar — Samar Chemicals — Analyst

And this is non-material prices have come down considerably. What is the reason that our margins have [Speech Overlap]

Operator

I’m sorry to interrupt, sir. I would request you to use your handset to ask your question as your audio is not clear sir.

Narendra Samar — Samar Chemicals — Analyst

Sir, this raw material prices has come down considerably. And what is the reason that we are having such a constrain in the margin?

Satish Parakh — Managing Director

See, raw material prices have not come down. In fact, they have gone up in recent years. There has been only in [Indecipherable] otherwise, cement and oil has always remained high. Some of the projects and fuel is also very high. And some of the projects have been fixed price contracts. So most of the projects are pass through kind of.

Narendra Samar — Samar Chemicals — Analyst

And final question, that again the shareholder will be rewarded from the management because specialty [Indecipherable]?

Satish Parakh — Managing Director

Could you just repeat?

Narendra Samar — Samar Chemicals — Analyst

See when shareholders will be rewarded this year because they are waiting special [Indecipherable].

Paresh Mehta — Chief Financial Officer

Yeah. As you said the cash flow of the company is expecting to monetization of this. I think it is typically will throw substantial cash in the equity and apart from a few debt amount I think there is a good opportunity to return capital to the investors to include [Indecipherable]. So let’s hope that this ’23/’24 somewhere in quarter two, quarter three, we’ll be able to demonstrate something on that account.

Operator

Thank you. The next question is from the line of Yachna Bhatia, an Individual Investor. Please go ahead.

Yachna Bhatia — Individual Investor — Analyst

Hi, thanks for the opportunity. I wanted to find out the status of the INR200 crores Kavach project that we had received from East Central Railways, if you could update on the current status of that? Hello?

Satish Parakh — Managing Director

Yes. This is in the initial phase of it working. Though the projects have started. So we are getting all the approvals of the [Indecipherable].

Yachna Bhatia — Individual Investor — Analyst

So in particular. I wanted to understand that India Railways had approved only three players for Kavach. So my understanding was that you would need to go through a technology tie-up for that? I wanted to know has that been completed? Sorry?

Satish Parakh — Managing Director

We are in the process of tying up with one of them here.

Yachna Bhatia — Individual Investor — Analyst

Okay. So have you frozen on your technology partner yet?

Satish Parakh — Managing Director

No, we are under negotiation with them.

Yachna Bhatia — Individual Investor — Analyst

Okay. Okay. I mean is there a deadline to complete this thing?

Satish Parakh — Managing Director

Yeah, it’s a advance stage of negotiations. So maybe — but this margin will be completing.

Yachna Bhatia — Individual Investor — Analyst

Okay, sure. Thank you.

Operator

Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to Mr. Ashish Shah for closing comments. Over to you sir.

Ashish Shah — Centrum Broking — Analyst

Yeah, Sir, any closing comments from you.

Paresh Mehta — Chief Financial Officer

Nothing significant. We are all — thank you — We thank everybody for joining the call. I understand what is our pushing ahead, and we are available for any responses or replace or queries, directly or through Investor Relations.. Thank you.

Ashish Shah — Centrum Broking — Analyst

On behalf of Centrum Broking, we thank all the participants for attending the call and thank you to the management for letting us host. Thank you.

Operator

[Operator Closing Remarks]