Cemindia Projects Ltd (NSE: ITDCEM) Q3 2026 Earnings Call dated Feb. 05, 2026
Corporate Participants:
Nidhi — Investor Relations
Nitesh Sharma — Chief Financial Officer
Jayanta Basu — Manager Director
Analysts:
Unidentified Participant
Dhananjay Mishra — Analyst
Abu Shah — Analyst
Vinay Chaudhary — Analyst
Presentation:
operator
Sa. It. Ladies and gentlemen, good day and welcome to Q3FY26 TAM Q3FY26 SAM India Project Limited earnings conference call hosted by ICIC Securities Limited. As a reminder, all participants lines 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 star then zero on attached on phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Nidhi from ICIC Securities Limited. Thank you. And over to you ma’.
Nidhi — Investor Relations
Am. Thank you. Uskant. Good evening to all. On the behalf of ICIC Securities, I welcome you all to the Q3FY26 earnings call of SEM India Projects Limited. Today we have with us from the management Mr. Jayanta Basu, Managing Director, Mr. Nitesh Sharma. The CFO Mr. Ritesh Agarwal, Head of Investor Relations. We begin with the opening remarks from the management followed by a quick Q and A thank you and over to you sir.
Nitesh Sharma — Chief Financial Officer
Good evening everyone and thank you for joining us on the Q3 FY26 results Concord. This is Nitesh Sharma. Before we begin, I would like to mention that our discussion today may include certain forward looking statements relating to SAM India Projects Limited. These statements are based on management’s current expectations and assumptions and are subject to various risks and uncertainties. Actual results may differ materially from those expressed or implied in such statements. Let me first start with the financial performance for the quarter and subsequently our MD Mr. Jayanta Basu will be taking you through the operational performance of the company.
We are pleased to share that Q3FY25 26 marked another quarter of good performance for the company. The key highlights for Q3FY26 are. The total operating income stood at 2,315 crore in Q3FY26 against 2270 crore of the previous previous corresponding year quarter. EBITDA stood at 245 crore in Q3 against 217 crore of previous year which recorded a growth of 13% on year on year basis. The EBITDA margin was at 10.6%. We recorded a PAT of 111 crore in Q3FY26 against 87 crore of the corresponding quarter of the previous year. Again 27 growth on year on year basis.
Now the financial performance for nine months to that ending 31st December was operating income at 7,087 crore in nine months against 6,714 crore in the previous year. A growth of 6% year on year EBITDA for nine months stood at 749 crore. Again 668 crore in the previous year. Nine months period a growth of 12% EBITDA margin at 10.6% PAT of 356 crore in nine months against 259 crore of the previous year. A growth of 37% year on year basis the company stood at a very conservatively financed with a net debt equity of 0.26x. Now during this 9 months period ending 31st December the company has secured order worth 9725 crores.
Post December 25th till date we have also secured orders worth 2000 odd crores. So that makes the total order book in the current year as 11,700 crores. The overall pending order book in hand today stands at 21,800 odd crores. So this is for from my side. Now I would request my RMB Mr. Jayanta Basu to take forward on the operational performance. Thank you.
Jayanta Basu — Manager Director
Hi, Good evening. Welcome to this Hong Kong Q3 2526 of India. I think nitesh has covered all the parameters given to the last quarter results. As you can see that revenue has increased moderately around 5.676% compared to last nine month quarters. 2024. There is a reason behind that which I’ll explain. But I’m very happy to share that our profitability has increased a lot. Our pat is now around 5% which was 3.9% last year. The same period 259 crore becomes 356 crores. Similarly EBITDA is close to 11%. And you might have seen that for several years.
Our EBITDA used to be around 9 to 9.5. For last few quarters we have been able to maintain more than 10%. These are the good signs. Regarding revenue. I think two factor has impacted. Otherwise it could have been little more. We secured a job at project Vadavan. The port job that was secured a year back. Not year back say beginning of this year last year. And we would have expected some revenue from this project. But because of some issues related to local problem and all we must be knowing that everyday newspapers were able to make any any hardly any progress that has really impacted our revenue.
And similarly the water flow order. Flows order. We have secured around 9,000 crore orders by this time. But this order flow will impact coming quarters. In the last year. If you see our order up to Q2 was only 2000 crores. And quarter four 834 crores. So whatever order we have secured last year that is being matured now for revenue which is compared to less as it should be. So this issues are some deferred revenue because of delayed order. And Bhagawan port not getting as really implanted or revealing Otherwise would have been very happy to even report around 18 to 20% revenue more than last quarter last year.
Having said that profitability is better and I have to share there are some significant or good things which has happened last year. We have completed the Mumbai Metro tunnel. We have handed over a beautiful building to government of West Bengal. That is new High court building at West Bengal. They have completed Biringham port. They have completed Ulanguri port. We have completed Calcutta Metro. You know how difficult it was few years back. So some big challenging job we have completed last year which is a good, good achievement. All a very challenging job. And now our main focus is to handle two challenging job few more challenging jobs like project Barsa like Pune Metro.
You have received order few months back. And the head Petronet and Ruiz and Abu Dhabi. They all said our jobs are all going well. And I think that quarter four is better than quarter three. And there are opportunity wise. You know it is something like that. You may get one order which may impact you a lot. Because the big ticket jobs are waiting. Each job will be 5,000 to 10,000 crores. Few jobs in that range. If we are lucky, if we get one or two jobs in that big ticket job the whole scenario will change.
And we hope that we are working very hard and we hope that some of them will be secured by us. So good orders secured so far opportunities are ahead, secure from more order, big ticket jobs. Profitability is better, finance is good. So that is what from my side if you have any questions going forward with us. I think that’s all from my side.
Nidhi — Investor Relations
So we can open the floor for the question and answer.
Nitesh Sharma — Chief Financial Officer
Yes. Yes.
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask questions may press char and one on the dash turn telephone. If you wish to remove yourself from question Q you may press char and two participants are requested to use handsets for asking a question. Ladies and gentlemen, wait for a moment while the question queue assembles. The first question is from the line of Dhananjay Mishra from Sunidi Securities. Please go ahead.
Dhananjay Mishra — Analyst
Yeah, thank you for the opportunity. Am I audible? So just wanted to know as you said that a lot of projects got completed in this current quarter. And we have seen very strong Margin expansion. So I guess this is kind of one off because we got a lot of order completed or is it going to be kind of double digit margin sustainable for upcoming quarter as well?
Nitesh Sharma — Chief Financial Officer
Yeah, I think that is the end of the year definitely have double digit margin which is expected next quarter or going forward. Yes. And that is consistently are doing. If you see last quarter also it was double digit margin. I’m talking about EBITDA this quarter also a little bit more than last quarter.
Dhananjay Mishra — Analyst
Because 1% improvement is something. I mean on higher side. And despite this new new labor port provision of 15 crore. And so that is. And can you give some roadmap about order inflows pipeline for next three to six months. Whether these order will come from group or outside private environment and which sectors we are accepting order for six to nine months basis.
Nitesh Sharma — Chief Financial Officer
Yeah, I mean okay. So far 9,000 workout jobs till now and there we have submitted our bit and we are waiting for the results. Like. Metro jobs at Delhi and on port job in Odisha. There are plenty of jobs from the group including data center. So I think tender. But yet we open and another 30 to 40,000 ports. So that is the kind of. The coming quarter. This is quarter. Few jobs for the group which are on the discussion. The roadmap wise. If you see that it will maintain that another 2,3000 this year which is February and March and Q4 or Q1 Q2 next year there are some big ticket jobs.
It depends upon when government opens the tenders, the timing. If it is happening then there are very quite big ticket jobs which will change the whole scenario.
Dhananjay Mishra — Analyst
And lastly on guidance front because of this Q3 soft revenue or as you said the development happened in Wadwan board order. So what is the status over there and are we still maintaining 11,000 crore mark or maybe 10-5900 crore mark. For that we have to achieve 4600 crore kind of turnover in Q4. So what is the. I mean your view?
Nitesh Sharma — Chief Financial Officer
It is not very sure how Vadawan will take place because it is totally not in our control. And but at the same time the Pune Metro should start producing something and that project has realized that producing something. So I think that it will be at least 15 to 20% more than the quarter roughly.
Jayanta Basu — Manager Director
Of the current quarter.
Nitesh Sharma — Chief Financial Officer
The current quarter? Yes.
Dhananjay Mishra — Analyst
20% more.
Nitesh Sharma — Chief Financial Officer
Yeah, yeah. Estimate, estimate.
Dhananjay Mishra — Analyst
So that is all from my side. Thank you.
Nitesh Sharma — Chief Financial Officer
Thank you.
operator
Thank you. The next question is from the line of Neeraj Mansingha from White Pine Investment Management. Please go ahead.
Unidentified Participant
Thank you for the opportunity. I just wanted to understand about the data center. Adani has a plan of data center on its own as well as a joint venture with global scale and hyperscalers. One, I want to understand how much are you ready to and in capability to take those orders. And number two, how, what is, what is your visibility on the orders of those coming in and the execution of those.
Nitesh Sharma — Chief Financial Officer
Yeah, this data center is under discussion for last at least seven or eight months since AD started. I mean taking over this company. And we have ramped up our capabilities during this last few months. We have recruited several engineers, those who are experienced in data centers. We have visited a lot of sites all over the world to see how this has happened, this happens, what is the method, what is the nuances in this business. And we have already started two data center building and Mumbai and foundation work is already completed. Precasting work also have done.
So we are in readiness to take up this activity. Visibility that Azari has got a big plan. And even if we do half of that, that will be quite big for our company.
Unidentified Participant
Got it. And any potential, if any thought process on how much is your opportunity size for you on the data? Maybe on a per megawatt basis. This helps me understand how much you are present in the data center.
Nitesh Sharma — Chief Financial Officer
You are asking about the cost.
Unidentified Participant
No, I’m asking how much you would be capable of doing the projects like.
Nitesh Sharma — Chief Financial Officer
Of 120. 130 megawatt typically is a two year cycle from beginning to the commissioning two years to 27 months. So we have already secured three data centers of similar capacities. We may have another two or three this year. You can do around 500 megawatt roughly in prison capacity.
Unidentified Participant
This year means f March ending 26.
Nitesh Sharma — Chief Financial Officer
Yeah, it depends upon the secured. If you secure the job now, what happen when you secure the job? There are two part. First part is the civil. Second part is the balance. Yeah, civil part is hardly 20%. You will not see that ramp up in revenue in the first year. Second year definitely with the electromechanical part, that is 70% or 80%. We have to factor all these numbers when we calculate the revenue from data set.
Unidentified Participant
And so how much? If you take example of say 120 megawatt, how much would that if you get an order of 120megawatt, how much revenue could you book order? Can you book on that side a potential range?
Nitesh Sharma — Chief Financial Officer
If you are asking a direct question what will be the price of 120 megawatt? It’s very difficult to answer because it depends upon the condition. Depends upon where is what are the terms and condition of the project? Something of supply fee. But what I can say that 120 megawatt timeline may take 2 to 27 months time and first year 20% revenue. Next year 80% revenue.
Unidentified Participant
Okay, I’ll come back to the queue. Thank you.
operator
Thank you. The next question is down the line of Abu Shah from JM Financial. Please go ahead.
Abu Shah — Analyst
Yeah. Can you provide some clarity on the Bangladesh order status right now.
Nitesh Sharma — Chief Financial Officer
Work is going on. Absolutely. Okay. I mean there are natural reason why everybody should get scared. I know that. But local government is really supportive to us. Not only us to any foreign company, those who are working there. And our people are quite okay. We are delivering the job as far as schedule. We are getting paid on time and we are almost operating the piling job by end of May. So there are majority of the work will be completed.
Abu Shah — Analyst
What is the outstanding book as of December in the Bangladesh order?
Nitesh Sharma — Chief Financial Officer
Outstanding I have to check out.
Abu Shah — Analyst
Okay, sir. Secondly, when do we target to complete the Bangladesh order?
Nitesh Sharma — Chief Financial Officer
In FY27 this order will be completed. You see physical work will be completed by before next monsoon. That is May or June next year.
Abu Shah — Analyst
Okay. Okay sir, if I got the number correctly, so our year to date order inflows including the 2000 crores which we won in January, it should be around 11,700 crores.
Nitesh Sharma — Chief Financial Officer
Yes, you are absolutely right.
Abu Shah — Analyst
Okay. Okay. Sir, how do you see the margins going ahead? So it should be double digit, right between 10 to 11.
Nitesh Sharma — Chief Financial Officer
I think you you don’t expect too much of hype. But the same margin pattern will be there, 10%.
Abu Shah — Analyst
Okay. So lastly one bookkeeping question. What would be our gross debt as of December?
Nitesh Sharma — Chief Financial Officer
It’s close to 920 crores gross debt.
Abu Shah — Analyst
Okay. Okay. Thank you. So those are my questions.
operator
Thank you. The next question is from the line of Vinay Chaudhary from Invexa. Captain, please go ahead.
Vinay Chaudhary — Analyst
Hello.
Nitesh Sharma — Chief Financial Officer
Hello.
Vinay Chaudhary — Analyst
Yeah. Yeah. So.
operator
I’m sorry to interrupt. Sir, your voice is not audible.
Vinay Chaudhary — Analyst
Am I audible?
operator
Yes sir.
Vinay Chaudhary — Analyst
Yes. So in the last quarter we had an basically the inflow of about 7100. And we had a couple of L1 like Pune Metro and Sea Veg Plant of about 3000 odd crores. So what is the status of those L1 and because that also totaled up to about 11,000 plus. And currently also we are about 11,000 including the two projects what you mentioned. So just wanted to have some clarity and fill in the gaps in that.
Nitesh Sharma — Chief Financial Officer
I will not be able to connect last year, last quarter. But I Can tell you the present status. So far I think we have got around total 11,700 crores. And that includes Pune metro of 1500 crores as well. And there is no such job where we have L1 exit. A small job in Seabark. But there are plenty of jobs. We have submitted our bids. So it depends upon how it comes out. I think we have submitted a bid of around 25,000 crores total. Out of that one job we have already secured or L1. That is that group company called Adani Moore Sagar project in Rajasthan which is around 3,500 crore jobs.
So that will be added to the kitty very soon.
Vinay Chaudhary — Analyst
So about 15 odd thousand we what we were expecting. So is there any upward revision what we are expecting in this year?
Nitesh Sharma — Chief Financial Officer
So I still maintain around 14,15,000 crores. Because what has happened few of the government tender which you are expecting to have already completed is still getting delayed. And as well some group jobs also getting little delayed as a matter of time. Otherwise have achieved 50,000 crore this year.
Vinay Chaudhary — Analyst
So will this, you know, the delay will that, you know come up in the next year or it’s. It’s a kind of a lost. Kind of a bid for us.
Nitesh Sharma — Chief Financial Officer
So it’s not lost. It will come next year. It’s a matter of time, time lag. That’s all. Yeah. I mean if you get, you’ll get now. You can get later on also. So that is the issue whichever you get or do not get. But if you get now, if you get later on that is not going to affect much in our progress. Financial progress.
Vinay Chaudhary — Analyst
Okay, sure. Thank you very much.
operator
Thank you. The next. The next question is from the line of Aditya Sahu from HDS Securities. Please go ahead.
Unidentified Participant
Hi. I hope I’m audible.
Nitesh Sharma — Chief Financial Officer
Yes.
operator
Yes sir.
Unidentified Participant
Thank you so much sir, for the opportunity. I do have a few questions. I think it may be. What would be the revenue guidance for FY26, the revenue EBITDA margin and the order info guidance.
Nitesh Sharma — Chief Financial Officer
Well, I think for to answer your question, this is a big issue because we spend months after months evaluate how much it is. It is not appropriate for me to give you correct number. But as I have maintained it will be around 15 to 20% rise in revenue.
Unidentified Participant
And on The EBITDA margin 10, 11 is what I. What I gather.
Nitesh Sharma — Chief Financial Officer
Yes. Yes.
Unidentified Participant
On the order influence front you have mentioned 15,000 crores. I hope that would be the correct number.
Nitesh Sharma — Chief Financial Officer
Yeah, I think. See there are few jobs which are quite big. And if you are lucky to one of them the number can be anything I mean it can be 10, 12,000 to 20, 21,000 as well so understood.
Unidentified Participant
Of this how much are we expecting from group entities and what percentage are we expecting from group entities?
Nitesh Sharma — Chief Financial Officer
Yeah, I think we’ll maintain a number of 20 to 28% from group.
Unidentified Participant
Okay, okay, 2025% from. And what would be the current bid pipeline that we have and how much of that is also from the group entities? If you can show some light on. That.
Nitesh Sharma — Chief Financial Officer
Current work pipeline a few data center jobs from the group which they are developing in many places and some job as I mentioned just now more sale one irrigation job in Rajasthan maybe some road jobs if they got. If they get
Unidentified Participant
understood on the value terms if you can provide.
Nitesh Sharma — Chief Financial Officer
Value terms whatever I have said going forward I don’t know but immediately maybe around 10 to 12,000 crore job.
Unidentified Participant
In terms of the capex so I understand that we did a capex of about. I think last time the guidance was 300 crores for FY26 is that the same keeping guidance do we have right now and how much have we deployed till now?
Nitesh Sharma — Chief Financial Officer
See it depends upon again how which job you get because last year we have secured many building jobs where you have to invest a lot for farmwork material Though it is not as costly as plant equipment but still it is costly because nowadays everybody go for system forward so there we have a lot and few general plant we have procured so these are also in their own. Whatever we spent last year see on Export this is 10% 15% more than last year 15% more in 9 months he has spent around 2200 odd crores towards the.
Unidentified Participant
Understood, understood. And in the current order book that we have of 21,000 cr how much of that is from the group entities?
Nitesh Sharma — Chief Financial Officer
27%.
Unidentified Participant
27% On the port that you mentioned Any visibility as to when do you see that happening? And and also how much what would be the contribution of that particular order? In the overall order.
Nitesh Sharma — Chief Financial Officer
It is 1600 crore yes out of 21,000 work in hand less than 10% and we have got. We can. We cannot speculate what may happen it is not in our control.
Unidentified Participant
Thank you so much. Thank you so much.
operator
Thank you. The next question is from the line of D. Shah from Ohn Portfolio Please go ahead.
Unidentified Participant
Hello sir, thank you for the opportunity. My question again relates to the Wadhvan port delay that you talked about in this quarter where apparently we have seen a revenue loss but your margins are actually better so how should we think about it? Because if your revenue loss is due to work not being done then that means that you have not been able to deploy your people or equipment and you have resulted that into revenue loss. Then is there also a corresponding expenses that should have come in or does it mean that the rest of the business was at much higher margins? That’s my first question.
Thank you.
Nitesh Sharma — Chief Financial Officer
Well, revenue loss because what hasn’t happened? So that is a direct. You can see that. I think. I’m sure another 200, 300 crore revenue would have been more at this operation. And regarding margin betterment, you have done good. We have efficiently handled the project. That is how this.
Unidentified Participant
No. So do we understand that 2 to 300 crore revenue loss is the unbilled item in which case the expenses are also booked. So perhaps your margins are better than what you have reported.
Nitesh Sharma — Chief Financial Officer
So actually definitely we have not spent 200 crore of expenses. In Bhagawanpur. We are very cautious. We have very, very small and scanty setup at site. Because expenses are mostly because of the material what we source and what we done and which converse to revenue.
Unidentified Participant
But you guys are able to redeploy your people to other projects.
Nitesh Sharma — Chief Financial Officer
So in Bhagwanpur added towards the engineers. That’s all.
Unidentified Participant
I see. But even the redeployment of people did not yield to higher revenue from on an overall basis, is it?
Nitesh Sharma — Chief Financial Officer
I couldn’t get you, sir.
Unidentified Participant
I said that if. If you. If you could not proceed with the Wadhwan port order and there was some loss of materials and whatever. But you were able to redeploy your team, that team should have helped you to recover that revenue from other projects. Or were they idle for the quarter?
Nitesh Sharma — Chief Financial Officer
Yeah, I mean you see in a large company like us 5, 6 engineers here and there doesn’t make much difference. So even if you have a team of other one working somewhere else does not mean that they are generating the extra revenue.
Unidentified Participant
I see. I see. And next quarter you are able to figure out as to where to redeploy and recover the data on overlocks in this quarter.
Nitesh Sharma — Chief Financial Officer
Basically tomorrow, provided the situation.
Unidentified Participant
No, no. I’m saying that your wadwan is delayed but you are able to redeploy your team elsewhere. And that is where you are expecting. Your revenue to be 15% higher over the quarter.
Nitesh Sharma — Chief Financial Officer
Not because of other resources deployed somewhere will give us better. It is because of time cycle. You know, when the project starts initial 5, 6 months you do at less progress and then progress increases. Permanent turnover is more all this factor. If you put together then you’ll find that the Revenue is little bit more than this quarter.
Unidentified Participant
Understood? Understood. Best wishes for that. And my last question is when do we see a meaningful scale up in your quarterly revenue run rate? I’m not asking for specific guidance but given that your order book is very large, perhaps you are capable of growing at least say 20, 30% from your current base. Now of course this is dependent on how your projects scale up and the milestone. Is that something that is going to happen in the next few quarters or will it still take time?
Nitesh Sharma — Chief Financial Officer
Well, it depends upon the order, nature of order, how fast they are converted to revenue. But if you ask me, as a company we have got the capacity to ramp up the progress by 30% with our existing resources.
Unidentified Participant
Right. But based on your current orders and the milestone and the promise for execution, do do you see a significant ramp up in the coming quarters?
Nitesh Sharma — Chief Financial Officer
I mean quarter four. Sorry, quarter four is okay. Quarter one, quarter two. Yeah, that will be better than quarter three. Quarter four definitely. Because few jobs like Pune Metro will be in full swing. Like Abu Dhabi port will be in full swing. Like some more job which you have secured recently, Data center will give more revenue. So this 11,000 crore order, what you have secured, they are now in threshold stage, initial stage. They will giving the revenue from next next year quarter on quarter two.
Unidentified Participant
Okay, thank you very much. That’s all. Best wishes.
operator
Thank you. The next question is from the line of Weber Shah from JM Financial. Please go ahead.
Unidentified Participant
Yeah, thanks for the follow up. So what would be our revenue growth guidance for FY26 given the weaker Q3?
Nitesh Sharma — Chief Financial Officer
18%.
Unidentified Participant
But to achieve that 18% the asking date would be much higher in the fourth quarter. So we are confident of around 3738 crore revenue in Q4.
Nitesh Sharma — Chief Financial Officer
No, I’m not talking about Q4. I’m talking about next year.
Unidentified Participant
Okay. For FY27.
Nitesh Sharma — Chief Financial Officer
Fy 27.
Unidentified Participant
Okay.
Nitesh Sharma — Chief Financial Officer
And for 26 number it is not, it’s not correct. Will be around 16 or 20 growth in next year in terms of revenue.
Unidentified Participant
That’s what I’ve said for FY26.
Nitesh Sharma — Chief Financial Officer
FY26 we are left on with one quarter now and maybe we have achieved 2300 crore. Maybe another it will be 15, 20% more. 15% more say
Unidentified Participant
compared to Q3 in Q4.
Nitesh Sharma — Chief Financial Officer
Compared to Q3 for Q4.
Unidentified Participant
Okay. Okay. And then what would be your outstanding receivables from Bangladesh? It was around 120 crores last quarter.
Nitesh Sharma — Chief Financial Officer
Yes. 1170 crore in this as on December.
Unidentified Participant
Okay. Okay. Thank you sir.
operator
Thank you. The next question is from the line of Aditya from HDS securities Case Corporation. Go ahead.
Unidentified Participant
Hi sir, thanks a lot for taking my question. Again, just one question over here. I did notice that the numbers, you know, so for example historical numbers for say Q2 or the FY25 for that matter were marginally different, if you can elaborate a little bit. So because I see some the numbers that are there for Q2 in the Q2 disclosures versus the numbers that are there for Q2 in the current disclosure of today, those are marginally different. Can you elaborate on that one?
Nitesh Sharma — Chief Financial Officer
I really couldn’t pick up your question if you can repeat once again.
Unidentified Participant
Just a second. Right, so, so I was mentioning that the historical numbers say for example for Q2 is marginally different from the disclosure that we as compared to today’s disclosure versus the Q2 disclosure that we had. Uh, similarly, I saw this 1 for the FY24.5 origin numbers, if you can, you know, throw some light on that one.
Nitesh Sharma — Chief Financial Officer
Yeah, so there, so there’s a, so. There is a accounting representation change which has like the joint jointly controlled operations which we were doing in, in various JVs. So the crossing up of net line items have been done and I got accordingly for this entire year the, the numbers have been reinstated in the line of Tumblr. However the profit number and the P and L will not change. The profit and loss remains the same. And that, that’s an accounting treatment which has happened which has led to a change in, in which were disclosed earlier.
Unidentified Participant
Understood the reason because you know, I saw this on the audited numbers also. So that is the reason, you know.
Nitesh Sharma — Chief Financial Officer
Yeah, so it’s, it’s, it’s more of a, like we have a benchmark that with the, with the, with the best of the industry practices and we took a view and then, and then there’s a judicial decision which was taken to.
Unidentified Participant
So this was a one time exercise what you’re saying in terms of the crossing of Netline items as you mentioned.
Nitesh Sharma — Chief Financial Officer
Right, right, right, absolutely.
Unidentified Participant
Okay. Okay. Thank you so much. Thank you.
operator
Thank you. If that was the last question for the day, I would now hand the conference over to the management for closing comments. Over to you, sir.
Nitesh Sharma — Chief Financial Officer
Thank you so much. Thank you so much for joining and attending this call and we wish you all a very, a very happy and good day and we wish that whatever we expect, the things go well and the next, next period performance would be in line with the expectations which we have told to the investors. Thank you so much. Thank you so much for joining us.
operator
Thank you. On behalf of ICIC securities limited that concludes this conference. Thank you for joining us. And you may now. Thank you.