Capacit’e Infraprojects Limited (NSE: CAPACITE) Q4 2025 Earnings Call dated May. 27, 2025
Corporate Participants:
Unidentified Speaker
Rohit Katyal — Chairman & Executive Director
Analysts:
Unidentified Participant
Nirvana Laha — Analyst
Rishi Kothari — Analyst
Parvez Akhtar Qazi — Analyst
Dhananjay Mishra — Analyst
Tejas Khandelwal — Analyst
Anupam Gupta — Analyst
Darshil Jhaveri — Analyst
Mukul Verma — Analyst
Pradyumna Laddha — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Capacit’e Infraprojects Limited Q4 and FY25 earnings conference call and as a reminder, all participant line will be in listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. [Operator Instructions]
Before we begin a brief disclaimer. The presentation which Capacit’e Infraprojects Limited has uploaded on the Stock Exchange and their website including the discussion during the call contains some forward looking statements concerning capisat Ladies and gentlemen, good day and welcome to the kpisite Infra Projects Limited Q4 and FY25 earnings conference call.
As a reminder, all Participant 9 will be in listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Start and zero on your touchstone phone. Before we begin a brief disclaimer the presentation which Capacit’e Infraprojects Limited h as uploaded on the Stock Exchange and their website including the discussion during this call contains some forward looking statements concerning Capacite Infra Projects Limited business prospect and profitability which are subject to several risks and uncertainty and the actual result could materially differ from those in such forward looking statements.
Please note that this conference is being recorded. I now hand the conference over to Mr. Rohit Katyal, Executive Chairman from Capacit’e Infra Projects Ltd. Thank you and over to you Mr. Katyal.
Rohit Katyal — Chairman & Executive Director
Good morning everyone. On behalf of Capacit’e, I welcome everyone to the Q4 and FY25 earnings conference call of the Company. Joining me on this call is Mr. Rajesh Das, CFO, Alok Mehrotra ED Finance and Marathon Capital Rirt. I hope everyone has had an opportunity to look at our results. The presentation and press release have been uploaded on the stock exchanges and our company’s website. FY25 results were historic both in terms of total income and pat. This success is a direct result of our prudent financial management and dedication to maintaining a healthy balance sheet positioning us for continued growth and deliver long term value creation.
Our careful project selection alongside our execution strength has resulted in surpassing our Highest ever yearly PAT in FY25 at 204 crores and setting new performance benchmark. We anticipate further acceleration in execution and operational improvements. We have set Vision 2028 where we have targeted revenue growth of 25% year on year, maintaining healthy EBITDA margins and improving on working capital on the order book front we have seen significant traction both from private and public sector. The bidding activity has seen a significant uptick which should translate in order awarding sooner. We have been awarded projects worth 2823 crores during the fiscal 2025.
We have entered a high growth phase supported by a diversified order book from esteemed clients across public and private sectors. Before we begin on performance update, we would like to highlight that starting Q4 onwards the company has made a policy of not recognizing profits on the projects until 10% of the contract is executed. So the project revenue for certain projects like npcc, Maldives and Signature Global. Have. Only been recognized and cost and no profit has been accrued. Before we begin on the performance update. As far as increase in the other income is concerned, there has been a writeback of rupees 20 crores in bad debts along with interest which generally should have been netted off from expenses. But as per accounting policy it needs to be shown in other income thereby impacting the EBITDA for the quarter by close to 2% and for the year by close to 1%. Consolidated Performance for FY25 the total income for FY25 stood at 2407 crores, up by 23% as compared to 196 crores in FY24.
EBITDA for FY25 stood at 437 crores, up by 20% as compared to 363 crores in FY24. Ebitda margin for FY25 stood at 18.2% as compared to 18.5% in FY24. EBIT for FY25 stood at 342 crores, up by 30% as compared to 262 crores in FY24. EIT margin for the last year stood at 12.6% as compared to 13.3% for FY24. PAT for FY25 stood at 204 crores, up by 69% as compared to 120 crores in FY24. PAT margin for FY25 stood at 8.5% as compared to 6.1% in FY24. I now turn to the consolidated performance highlights for Q4FY25.
Total income for Q4FY25 stood at 705 crores, up by 16% as compared to 609 crores in Q4FY24. EBITDA for Q4FY25 stood at 119 crores, down by 1% as compared to 121 crores in Q4FY24. EBITDA margin for reasons explained earlier for Q4FY25 stood at 16.9% as compared to 19.8% in Q4FY24. Ebit for Q4FY25 stood at 93.4 crores down by 5% as compared to 98.6 crores in Q4FY24. EBIT margin for Q4FY25 stood at 13.3% as compared to 16.2% in Q4FY24. PAT for Q4FY25 stood at 53.1 crores up by 2% as compared to 51.8 crores in Q4FY24”. PAT margin for Q4FY25 came at 7.5% as compared to 8.5% in Q4FY24.
We booked orders worth 2823 crores in FY25. Order book on standalone basis stood at 10545 crores as on 31st March 2025 with public sector accounting for 68% while private sector accounting for 32% of the total order book.
I now leave the floor open for questions.
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 Nirvana Laha from Batrinath Holdings. Please go ahead.
Nirvana Laha
Hi sir, thank you for the opportunity and congrats on a great year. So my first question is in the other income for this quarter 36 crores, can you provide a breakup of the absolute just to complete and last quarter you had said that other income also had, you know, contributions from trading. So is there a similar amount this quarter also if these two numbers you can call out.
Rohit Katyal
No, the majority of the income is from the write back of bad debts which is 6.62 crores and interest thereon of 5.78 crores. So when the settlement is done and payment received it was received including interest this amounts to close to 12 crores which in other words means about 1.8% impact on the EBITDA. So as per accounting policy we have to cover this write back under other income.
Nirvana Laha
Sure. So that leaves about 24 crores other income for this quarter. So what would that be contributed by?
Rohit Katyal
So that would. So it comprises of sales of scrap, it comprises of interest from fixed deposits. Because the finance cost is not netted off, it is shown in other income and it includes provides for excess provisions for earlier years.
Nirvana Laha
You mean reversal of excess provisions.
Rohit Katyal
Reversal of excess provisions. Absolutely.
Nirvana Laha
So based on how much would that be?
Rohit Katyal
24.08 crores in totality for the.
Nirvana Laha
For the financial year.
Rohit Katyal
Yeah.
Nirvana Laha
Okay. Okay. Sir, my question is. You’ve always asked us to look at EBITDA margin taking other income into consideration. So if we take this 36 crores into consideration, the margins are looking okay. But I’m compelled to also look at the operating EBITDA number which has now, you know, for the last two quarters it has slipped. Last quarter you said there was some GST one time hit that we had taken. But this quarter the number has slipped even more. So would you like to comment on this? How do you see this number going ahead? I’m not talking about the other income part, I’m just talking about the operating income.
Rohit Katyal
You see that the other income also basically is right back from what we lost in operations. That time it took the hit on the P and L. Now when it is coming back to the company, it is coming back under other income. So therefore we have always propagated that we look at EBITDA including the other income. All right. However, if you say that in my commentary I first mentioned that a company has stopped recognizing profit till 10% of the contract value for new projects which started in Q4 of last fiscal is completed. This includes NBCC, this includes signature Global and this includes Maldives project.
The total income recognized on these three projects alone is close to 95 crores in Q4 of last fiscal. Alright. And no profit has been recognized in this. This is simply being done because the quantum of EPC projects of large value is continuously increasing in the cloud in the company’s order book. So it’s only prudent that for entire design build projects the profit is only recognized once 10% of the contract is completed. At the moment for these three projects, no profitability has been recognized in Q4 of last fiscal.
Nirvana Laha
Understand? So you are saying that revenue is recognized, costs are recognized, but the profit is not recognized. Am I. Am I understanding it right? Okay.
Rohit Katyal
Absolutely.
Nirvana Laha
Okay. And sir, you did talk about it, but any specific reason why from this specific Q4 we decided that this was the right time to do it? Like were you tracking any metric or. Or any particular thing?
Rohit Katyal
Yes, so our now with the receipt of order from nbcc, the total operational order book, including circo, including mada, bdd, including the back balance work to be done in jj, the quantum of pure EPC design build projects has gone up substantially. Alright. And until unless the entire design is approved, it is not prudent to recognize any profit. And design approval does take in totality three to four months. And I believe that all these being short term contracts between 24 to 30 months there will be substantial revenue recognition as certified by the client in the first four or five months.
So it’s a question that it is only a matter of four or five months on a recurring basis and the profitability will start to be recognized. And that would basically be a more prudent profitability because once design is freezed and approved by maybe IIT or BGTI or any approving authority, then the BOQs or Bill of quantities are more perfect and therefore the chances of profitability getting impacted at a later date are virtually removed. Therefore this decision to take there are companies who are following 20%, there are companies who are following 15 and there are companies who are following 5.
We believe that the nature of the business we are in 10% is good enough time to get the entire design approved and certified by the client.
Nirvana Laha
Okay, Understood sir. So going forward, once this becomes normal practice for us, going forward, in how many quarters do you expect the EBITDA margin to recover to your earlier guided range?
Rohit Katyal
You see we have always maintained a guidance of close to 17 to 17.5% for the full year basis. We continue to do better. Now, one particular quarter, 19% happening and that being pulled up, that’s not the right way to see. For the full year we have crossed 18.15% on consolidated basis. On standalone basis we have done at 19% and we do believe that we should be for the full year close to this mark. But the guidance continues to be 17 to 17.5%. Anything above that should be taken as a bonus.
Nirvana Laha
Sure, sir. One question on working capital. We’ve been discussing this through all the calls and this has been a prominent topic of discussion. So you had guided that this year we would look to shave off 15, 20 days from the working capital day. That has not happened. And the trade receivables has actually, you know, it has increased quite a lot. I understand there can be some timing issues at the end of the Q4, but if you would like to comment on this, like the reduction plans and why it did not.
Rohit Katyal
Absolutely, yeah.
Nirvana Laha
And the spike in this Receivable it has doubled now from high 48 to 1080.
Rohit Katyal
So how do we see that that’s a positive? When there is a movement from contract assets WIP to debtors, that means the debtors are being recognized and the receivables will start pouring in. So receivables for in April, towards the last quarter outstanding collection was close to 240 crores which is one of the highest collections over the last couple of quarters. This trend will continue because the positive movement after now 8/4. What you are seeing is the movement from WIP under contract assets to debtors both certified and uncertified. So we believe that over the next three quarters the debtors and absolute level will fall.
The BIC will remain at constant level thereby making a substantial improvement in working capital there. So the movement should be viewed positively from WIP towards debtors.
Nirvana Laha
Sure. And the reduction in working capital is not happening. And how do we see that going forward?
Rohit Katyal
Just as I told you that the debtor collection has gathered momentum from April onwards the collection was at 2,3 quarter high in April as a month collection. We believe that the current quarter collection also will be substantially good. So we do believe that this absolute figure of thousand crores in debtors, the spike which you have seen will get corrected over the next two to three quarters and a correction of 200 crores to 250 crores will therefore translate into number days, number of days which you are mentioning.
Nirvana Laha
You expect contract assets to remain flat from here on.
Rohit Katyal
If we are going to do about 2700 crores of revenue in the current fiscal as a target, then obviously we will ensure no increase or maybe slight reduction. But obviously you will have to maintain about 900 crores of contract assessment which include work done, not build WIP design charges to be taken at a later date, 3% of collection happening on, handover of the particular building, so on and so forth.
Nirvana Laha
And last question if I may, reacting to what you just said. So now you’re saying that next year we’ll do about 2700 which is about a 15% growth on FY25. But this is significantly lower than the guidance that you’ve maintained throughout of 2020 5% growth. So is there anything to read into this? Are you lowering the guidance?
Rohit Katyal
I just gave you an example sir. The guidance remains at 25%. All right. Now whether you take it as other including other income or you take it excluding other income, so the guidance is 25%. I just told you if your revenue is 2700 crore then the WIP. Under contract, assets will have to be maintained at 850 to 950 crores in the midterm.
Nirvana Laha
Got it? Got it. Okay, I’ll come.
operator
Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants, please limit your question to two per participant. If you have a follow up question, I would request you to rejoin the queue. Then the next question is from the line of Rishi Kotari from PI Square Investments. Please go ahead.
Rishi Kothari
Yes, thank you so much for the opportunity. Sir. I. However, I have a doubt in. You know, the accounting policy that we have made a big changes in. So we are saying that 10% of the project is recognized. We will not have any impact on our P and L in terms of the project that we have completed. So how exactly is it?
Rohit Katyal
This accounting policy are for the projects which commenced in quarter four of the last fiscal and whatever projects will commence in the current fiscal and going forward. So as a matter as I explained in the last question, also when the company executes the project four months, five months down the line, when a thousand crore project is being executed with all technicality between four to five months, 10% of the contract amount is bid. Thereafter the profitability is accrued or recognized. This impact will only be for the first two quarters. Thereafter, what was not recognized in quarter four of last fiscal will start getting recognized in quarter two of the current fiscal.
So it is practically not a very big aspect. It’s only a prudence to ensure that until unless the design is totally approved and the bill of quantity is established and the profitability is firmed up, the profitability should not be recognized in the books.
Rishi Kothari
So I’ll recognize the top line for that project and a bit of expenses that has been, you know, to do that project. So apart from that, what exactly will not be recognized? At least for this Q4, but you know, for next Q2, FY26.
Rohit Katyal
So as a percentage completion, when you incur a cost of let us say 100 rupees and your slight contribution is or profit margin on gross is 15%, the sale automatically becomes 115. This 15% will not be recognized. Only the cost actual incurred and the actual billing done will be recognized.
operator
Thank you. Sorry to interrupt. Sir, I would request you to rejoin the queue for your follow-up question. The next question is from the line of Parveesh Ghazi from Novama Group. Please go ahead.
Parvez Akhtar Qazi
Hi, Good morning. Thanks for taking my question. So, wanted to get an update on three of our projects which is Madha Sedco and Signature Global. Thank you.
Rohit Katyal
So Madha project work on now 16 buildings of rehab are going on another six buildings. The work will start from from June end. So that will make it 22 buildings. Out of the total 33 buildings. The first set of two buildings are being delivered for inauguration by 10th of June. That is 10 days. From 12 days from now we have received a go ahead to start construction on the sale. Residential towers of 90 stories each. Six towers. The IOA is expected in the next 15 days for these six buildings. Which means our billing for the Sail towers will start from this quarter itself.
That is from June and there thereafter over the next remaining year. That is as far as Mara is concerned the only pending in Mahara would be the commercial building which ideally the client would give a go ahead maybe in the current financial year sometime. That’s point number one. Point number two. CIDCO project work is going on in full swing with enhanced revenues happening across the six locations. The first two locations are being delivered to CIDCO in July of the current financial year. The remaining four locations will be delivered starting December to October 26th. So that’s an approximate guideline give or take away a couple of months or a quarter.
But these are the. This is the status of Switgo. Location number seven has been re identified as sector 43. Out of the 360 tenements which the customer client had to remove, 302 have been removed. The balance is under process. So ideally I would see that location number seven also coming to the company sometime by Q2 of the current fiscal. What was the third one? Signature Global. Signature Global. The phase. The project of 1200 crores or thereabouts is split into two phases. Phase one, phase two. Phase one. The work has already started. Started in the current quarter.
Sorry, last quarter. We recognize a small revenue of about 5.00 crores in the last quarter. The work is going on in the current quarter as well. Phase two, the client has given an indication that will be made available by end of quarter two. So you will see ramped up revenue of above 20 to 25 crores from quarter three for this project. This is a shell and code project. Just to clarify.
Parvez Akhtar Qazi
Thanks. And all the questions.
Rohit Katyal
Thank you.
operator
Thank you. The next question is from the line of Dhananjay Mishra f rom Suniti securities and Finance Ltd. Please go ahead.
Dhananjay Mishra
Thanks for the opportunity. So you said that in Signature Global and BCC and this Maldives project all put together we have recognized close to 80 crore revenue and cost as well, right?
Rohit Katyal
Yeah. To be precise about 21 crores in Mada. 56 crores. Sorry. 21 crores in NBCC. I stand corrected. 54 crores in Maldives and something remainder in Signature Global.
Dhananjay Mishra
But some Maldives under jv. So it will come through line item revenue and ebitda and PAT or it will directly profit will be added in.
Rohit Katyal
The PNL line item. We are the majority shareholders.
Dhananjay Mishra
Okay. And when do you expect to reach 10% threesold level to book start booking margins. Profit margins in these projects in Maldives.
Rohit Katyal
From the current quarter from NBCC from quarter two and onwards. And even for. Because there are two phases in Signature Global. For phase one we should start recognizing profit from quarter two. And phase two we will start recognizing profit from quarter four.
Dhananjay Mishra
Okay. And what is the outstanding order inflow? Sorry order book in Citco. Anyway we are expecting to complete entire four sites in next 18 to 20 months. So what is the outstanding portion over there?
Rohit Katyal
Location number one to six is 2600 crores. We have built about 1100 crores. Submitted bills are close to 200 crores. Balance revenue to be booked over there is close to 1300 to 1350 crores to be recognized over the next 18 months time.
Dhananjay Mishra
Okay, I will come back on the queue.
operator
Thank you. The next question is from the line of Pradyumna Laddha from RSPN Ventures. Please go ahead.
Pradyumna Laddha
Yeah. Good morning Mr. Cartel. Thanks for the opportunity. I just wanted to check in. I read somewhere in the press release that we’ve decided to change our stat auditor starting this year. Just wanted to get your thoughts behind the rationale if there is any. Thanks.
Rohit Katyal
There’s no rational. We are required under law to change the stat auditor after 10 years. We have. We’re thankful to EY Associate for having supported the organization and guided us for the last 10 years. And that’s the only reason. There’s no other reason.
Pradyumna Laddha
Noted. Thank you.
operator
Thank you. The next question is from the line of Tejas Khandelwal from Prudent Equity. Please go ahead.
Tejas Khandelwal
Yeah. So sir, construction expense in Q4 came as 236 crore. So it is 50% increase year on year and 35% increase quarter on quarter. But revenue has not grown at that. So I just wanted to know the reason. Is it that. Is it that you have not recognized the NBCC Signature Global and all this revenue or something else?
Rohit Katyal
Absolutely. You have answered the question.
Tejas Khandelwal
Okay. So what I did not understand sir that this. The projects which have not. Which are not 10% which are. Which are not executed at least 10. You are going to recognize revenue and you are Going to recognize cost but so you are not going to recognize profit, am I right?
Rohit Katyal
Up to 10%. So as I just explained in my previous answer, we will start recognizing profit from all these from this quarter. We will start recognizing profit from June that is sorry from quarter two of the current fiscal for nbcc. We will start recognizing profit for phase one of Signature Global by quarter two and phase two by quarter four of the current fiscal. So this will now be a continuing thing. So you will see a blip. However, the guidance for the full year as far as EBIT EBITDA Pat is concerned is for the full year and that will continue as we have showcased for the full year in the current year as well our guidance always has been 17 to 16, 17.5% for the full year on Consol basis we are at 18.5% and the guidance does not change.
Tejas Khandelwal
But this, this 18.18% 17.5 18% margin or this is including other income, right?
Rohit Katyal
Yes, yes that has been. That has been followed continuously for the last two three years always.
Tejas Khandelwal
Okay, so you are expecting this 2030 crore Adhankam run debt for next couple of quarters.
Rohit Katyal
Sir, this is going to be coming majorly as a write back. So the company has to receive the very old receivables where it has won legal matters and so on and so forth as explained during my prior calls as well. Well out of that quarter two has quarter four for last fiscal has been nice. We expect that to continue. But I cannot give a pinpoint because these are legal matters. Something will happen in quarter one, maybe more will happen in quarter two and maximum could be could peak in quarter three. But yes, as a ballpark figure as I told you that the company had to receive close to 200 crores from old receivables and the journey has begun in the right earnest.
Tejas Khandelwal
Okay sir, understood. And so in your investor presentation you have guided for 20% CAGR revenue growth till FY28. So what about FY26? You are guiding 20% or 25%.
Rohit Katyal
As I told you that one is a minimum commitment. Everything else is a bonus. We have done 24% in the last financial year and we do not see any reason why that should not be done in the current financial year. The momentum is there, the projects are going on across the portfolio. There is no stoppage on that. We don’t see any elections in the current financial year. Obviously the challenge will come from workmen and lack of qualified workmen trained workmen in the country which is an industry issue and we all Are finding ways to resolve that.
So I answering your question, the growth has been delivered over the last two years and it will continue for the foreseeable future in the manner what we have given. Obviously the levels have risen significantly is only a result of fixed cost savings. The interest has outgo on absolute basis has been stagnant. Therefore as a percentage to top line has fallen. And therefore you see a significant increase in the bad percentage for the full year. So this phenomenon obviously will taper down. You cannot go and say that I am going to make a 12% profit from a higher base level of 8.15% of the amounts.
But yes, on absolute basis the company will grow and grow very strongly.
Tejas Khandelwal
Okay. Okay, sir. So you are saying 2900 crores is achievable, right?
Rohit Katyal
Would be less. But I have given everything to you. I mean it’s your guess now.
Tejas Khandelwal
Okay. Okay, sir. Thank you.
operator
Thank you. Before we take the next question question. I would like to remind the participants that you may press Star and one to ask a question. The next question is from the line of Anupam Gupta from IIFL Securities. Please go ahead.
Anupam Gupta
Yeah. Morning sir.
Rohit Katyal
Morning.
Anupam Gupta
So working capital, you highlighted the key changes which are there from contract assets to receivables. But let’s say what do you expect in terms of recoveries in this year and hence what can be your potential reduction in debt which has increased in this year because of working capital and growth or broadly let’s say if you were to look out to FY26 with 25% earnings, revenue growth and some potential reductions in receivables. What’s the sort of debt levels we are looking at by the end of the year?
Rohit Katyal
So the debt level historically have been C35. That is where we would ideally like us to see. There is a temporary play point of increase because of new projects starting. However, out of that 10% crores repayment has already happened on net basis in April and May and these repayments will continue. So we do look that by the end of the year we should be again on gross level of 334crore. But the net level will substantially fall because we carry approximately 65 crores to 90 crores of free cash on our books. So on a net basis if your debt level is cross close to 195 crores today we we ideally would like to see that about 120 to 125 crores.
Anupam Gupta
Sure, sir. Okay. And what’s the position on the fund and non fund based limits? Is that. Is that Enough available for the growth which you’re talking about for FY 2627.
Rohit Katyal
So for the current financial year State bank of India has already assessed us and we are. While we have 150 crores of unutilized BG limits available with US and LP limits commensurating with the requirement, what we have, we do believe that 260 crores of further limits will get tied up over the next one quarter. We don’t see any challenge on that. And with the results out, obviously we will be approaching for the rating agencies as well so that the finance cost can be reduced. What is interesting is after having gone into the investment grade all the banks have reduced the rate of interest and the rate of interest is not very interesting.
What is important is that they have reduced the commissions on the bank guarantee and the full impact will be visible from quarter two of the current financial year. Hopefully.
Anupam Gupta
Okay, so ideally a finance cost should be stagnant or lower in FY26. Right?
Rohit Katyal
That’s what you have seen in FY25.
Anupam Gupta
Yeah. Okay. And just one last question on your order inflow target. So order book obviously has been healthy. FY26, what sort of inflows you’re targeting? And if you want to have any mix which you want to highlight.
Rohit Katyal
So the mix will continue to what it is. We will be focusing on industrial projects as well. More of commercial, more of healthcare, limited residential. Because you know that residential projects are very labor intensive. And we all know that there is paucity of labor across. It’s not with us, it’s everywhere. So therefore the mix of the projects will be very very important going forward. More so when you get into the industrial projects you are aware that the completion periods also shrink substantially while the revenue will obviously go up. But then we will have to be very careful on the number of projects we take on.
I earlier also mentioned the management is comfortable in managing 35 projects which give minimum revenue of 10 crores or more to the company per month. And therefore we have told you this guidance of 2520 to 22% year on year. Answering your question, the order intake committed order intake for the current financial year will be 3,500 crore. Our internal targets will be higher. That can be left to another day once we cross this 3500crore.
Anupam Gupta
Sure sir. This helpful. Thanks a lot.
operator
Thank you. The next question is from the line of Rajesh Jain from RK Capital. Please go ahead.
Unidentified Participant
Thanks for the opportunity. Sir, I did not understand one answer even though you already answered it twice. So I’M just trying to rephrase and get a different answer from you. So. So if. If you had not changed your accounting policy and if you. So what I understand is that you had booked your cost but probably not your revenue. And so if you had booked the revenue and if you had not changed the accounting policy then. Then what would have been the EBITDA?
Rohit Katyal
The EBITDA would have been more by 12 crores.
Unidentified Participant
More by 12 year.
Rohit Katyal
12 year. 2%.
Unidentified Participant
Okay. So you have booked the cost but not the revenue. Or did you say you have booked both the cost and the revenue? I didn’t understand that.
Rohit Katyal
We have booked the cost and the revenue is equal to the cost. We have not put the margin as required under the input method to recognize profit. And this will be done only once 10% of the contract value is completed.
Unidentified Participant
Okay.
Rohit Katyal
Okay.
Unidentified Participant
Understood, sir.
Rohit Katyal
So you have seen that we have recognized 16 crores profit from our joint venture with Tata projects in the current financial year. We did not recognize this profit for three years because in that JV also the recognition will happen only after 10%. Now since 10% of the contract over there in the rehab portion has been completed. You see a profitability accruing to Capacit’e of 16.8 crores in the last fiscal.
Unidentified Participant
Okay. Okay. Understood. And my second question is today out of your total projects how many projects are not operational? And. And how many projects are facing delays?
Rohit Katyal
All are operational. No legacy contract. All. All projects have been completed. All the new projects we just spoke about, most of them, Mumbai, mmr, Delhi, NCR are the main markets. And all the projects are operational except the 2000 crore of location number seven. Once that is received, it will become operational.
Unidentified Participant
Okay. So out of 10,500 plus cr only about 2000cr is not operational. Apart from that everything is operational.
Rohit Katyal
Yeah, but at the same time you have to understand that we have recognized. We have yet to recognize 3000 crore of Mara order book in our order book. We only have recognized what is operational. So once more land is made available to the company the order book inherently will stand increased by another 3500 crores.
Unidentified Participant
Okay. And are you facing any delays in any of the projects? You said no, right? There is no delays in any of the projects.
Rohit Katyal
So there is no meaningful material change or delay in any project. The company is executing the projects as it as they ought to be executed.
Unidentified Participant
Okay, sir. Okay. Thank you so much.
operator
Thank you. The next question is from the line of Darshil Jhaveri from Crown Capital. Please go ahead.
Darshil Jhaveri
Hello. Good morning, sir. Thank you so much. For taking my question. So a lot of my questions have already been answered. So just wanted to know any kind of what are the. What are the capex that we planning to do this year?
Rohit Katyal
Sir, what are the. So we had restricted our capex last year to under 60 crores I believe. And we would like to see a similar number in the current financial year. Could be higher by about 15, 20 crores. But yes, there will be an increase in the temporary structures because of sizable projects being added in the quarter four of last fiscal site establishment means temporary structures which are written off or amortized over the project life cycle up till 85% of the project.
Darshil Jhaveri
Oh, okay. Okay. So. So we might see a slight uptick in depreciation if that could be consumed. Right. Like so you’ve only known like a Q400 is around 26 crore. So we should have maybe a slightly higher. There are more temporary structures. Is that a fair assumption?
Rohit Katyal
A fair assumption would be that there will be about 140 crores in temporary structures and there will be approximately 55 to 60 crores in capex. Temporary structures will be accelerated depreciation as amortized over the period of project execution period. For income tax it will carry a 40% depreciation.
Darshil Jhaveri
Okay. Okay. Fair enough. I’ll just last one bookkeeping question. A tax rate will remain at 25%. Right, sir?
Rohit Katyal
Right.
Darshil Jhaveri
What will be our effective tax rate, sir?
Rohit Katyal
Yes. Yes. Yes.
Darshil Jhaveri
Okay. Okay. Thank you. Thank you so much. All the best.
Rohit Katyal
Thank you.
operator
Thank you. The next question is from the line of Mokul Verma from Verma Associates. Please go ahead.
Mukul Verma
Yeah. Good morning sir.
Rohit Katyal
Morning.
Mukul Verma
I just wanted to know. A few quarters back we were L1 in one of the government projects to the extent of 6, 700 crores. So where is that project lying and why is it still not kind of.
Rohit Katyal
So that project still has not been even the cold story. Let me put it that way. There has been a change in the government. And fortunately or unfortunately, you may put the government of Maharashtra is trying to correct this finances. We believe that they are in for certain big grants from central government. Once that happens, the project will be awarded. Having said that the company’s order inflow has not suffered because of that order not coming in. But yes, the company is very keen on data centers. We’ll continue to bid in that space. And we hope to give you some good news sooner than later.
Mukul Verma
One more question, sir. Anything we are looking at.
Rohit Katyal
Sorry?
Mukul Verma
Anything we are looking. Anything we are looking at in Andhra Pradesh where this.
Rohit Katyal
Yeah. We have submitted our documents I believe that our qualification should happen very soon. However we will. As you know the company policy, we will look at a smaller project to start with. However, any small project over there would be 700, 800 crores because it’s lock and key. There are many iconic towers which have been planned over there. And we being one of the front runners in the country as far as super high rises and iconic towers are concerned, we will definitely have our opportunity. Great sir.
Mukul Verma
Thank you. All the very best.
operator
Thank you. As there are no further questions from the participants, I would now like to hand the conference over to Mr. Rohit Katyal for closing comments.
Rohit Katyal
I would like to thank all of you once again for joining us on this call today. We hope we have been able to answer your queries. Please feel free to reach out to our IRP team for any clarifications or feedback. Thank you. Till the next time we meet again.
operator
Thank you on behalf of Capacit’e Infraprojects Limited, that concludes this conference. Thank you for joining us. And you may now disconnect your lines.