Dhruv Consultancy Services Ltd (DHRUV) Q2 FY23 Earnings Concall Transcript

Dhruv Consultancy Services Ltd (NSE:DHRUV) Q2 FY23 Earnings Concall dated Aug. 12

Corporate Participants:

Unidentified Speaker —

Pandurang Dandawate — Chairman and Non-Executive Director

Tanvi Auti — Managing Director

Rajesh Sindhav — General Manager, Finance and Accounts

Analysts:

Yashvanti Ketkar — Individual Investor — Analyst

Unidentified Participant — — Analyst

Mukesh Panjwani — Value Securities — Analyst

Apurva Mehta — Individual Investor — Analyst

Presentation:

Operator

Ladies and gentlemen. Good day and welcome to the Dhruv Consultancy Services Limited Q1 FY ’23 Results Conference Call hosted by Kirin Advisors. 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 Shah from Kirin Advisors. Thank you, and over to you, sir.

Unidentified Speaker —

Thank you. Good afternoon, everyone to — for joining the conference call of Dhruv Consultancy Services Limited for Q1 FY ’23 Results. I would like to welcome Mr Pandurang Dandawate, Director of Dhruv Consultancy Services Limited. Ms. Tanvi Auti, Managing Director of the company and Mr Rajesh Sindhav, GM Finance and Accounts. Pandurang sir, over to you sir.

Pandurang Dandawate — Chairman and Non-Executive Director

So good morning all. I would first like to say that Rajesh and Tanvi speak about the first quarter results and then I will also talk about at the end. Over to you, Tanvi.

Tanvi Auti — Managing Director

Good afternoon, everyone. Before coming to the results for those who are new, I would like to welcome them all and just give a small brief about the company. Dhruv Consultancy Services was incorporated in 26 August 2003 and in the last 19 years, we have grown as a project management consultancy firm in India. We are working in six sectors; highways, bridges, metros, architecture, environmental and ports and recently diversified ourselves into the solid waste management as well. We provide a variety of services, which includes e-tender that is preparation of detailed project report and feasibility study. Post tender services, which includes supervision for construction activities as well as maintenance activities, advisory services to carry out technical and structural audit and design services, wherein we offer design of highways and structures on those highways as well.

So we got ourselves listed on the BSE SME platform in May 2018 and recently migrated from main board — to the main board of BSE and got listed on NSE on 25th November 2021. We have seen in the last financial year that the company has bagged orders close to INR100 crores. This year, I’m very happy to tell you that in the first three, four months itself, we have bagged close to INR100 crores. So we are expecting double and triple addition to our order book by the end of FY ’23. We have also entered into the international consultancy market bidding projects funded by the Asian Development Bank, World Bank and African Development Bank. As on date, we have submitted close to 45 tenders and out of them, we have been shortlisted in four namely Cambodia, Bangladesh, [Kurdistan] and Zambia and before the end of this financial year, we are very positive to bag one or two international projects, which will be the beginning of marking our global presence.

So I now hand over to Rajesh Sindhav, General Manager, Finance and Accounts to give an overview about the Q1 results.

Rajesh Sindhav — General Manager, Finance and Accounts

Thank you everyone, Tanvi and welcome to all the — our shareholders and investors. I would like to present the Q1 results of the Dhruv Consultancy. The company has earned the total revenue in the quarter one INR17.76 crore against which the total expenditure of INR17.07 crores. So total profit of INR69 lakhs which has been earned which is against which the previous quarter was the loss of INR19 lakhs.

So the company has big shift from the loss into the profit in this current quarter. As compared to the previous quarter at the same period Q1 ’21 against Q1 ’22, the profitability has been gone down from INR1.73 crore to INR69 lakhs because of — there are two, three elements are contributing to that. The employee cost has been increased by INR50 lakhs. At the same time, the depreciation has gone up by INR22 lakhs and we have made the provision of ECL which has not been a part of the last year same quarter. So that’s the reason the profit has been gone down from INR1,73,00,000 to INR69 lakhs. This is from my side from the financial statements of the Q1 result.

Pandurang Dandawate — Chairman and Non-Executive Director

Yeah. So I’m Chairman of the company, Dandawate. So as briefed by Tanvi, we are very close to, you can say, making the record of order book in current financial year INR100 crore already bagged in first four months. And what I can add is that almost INR400 crore of the consultancy works are already tendered for which results are awaited and results are expected to be in next two months. That is one.

We are aggressively bidding with any [often] other clients of government of state government wherein only in August, we are planning to put 20 bids approximately amounting to INR130 crore. So together and considering our technical capability and high technical score in recent results, I’m very much confident that we should get the order book of INR300 plus crore in current year only against the bids submitted and bids to be submitted.

That is one. Secondly, international consultancy, I’m very confident of getting at least one work in current financial year. That’s all from my side.

Unidentified Speaker —

Yeah, we can start with Q&A Seema, please proceed.

Questions and Answers:

Operator

Thank you very much. We will now begin with the question-and-answer session.

[Operator Instructions] We take the first question from the line of [Yashvanti Ketkar], Individual Investor. Please go ahead.

Yashvanti Ketkar — Individual Investor — Analyst

Thank you for the opportunity. So we have seen very good growth in the topline [Indecipherable] but what lately concerns me is the profitability. We missed what we would like to tell you. [Indecipherable] offline nothing is coming at the bottom line, I mean, not the great thing for me the bottom line.

Tanvi Auti — Managing Director

Yeah. So I would like to answer this question. As I already mentioned that this first quarter we have bagged two projects close to INR100 crores and initial mobilization expenses are very high and though we have in Q4, we had booked a loss, but now we have, we are able to come into the profit side and Q1 and Q2, there has always been a trend in the infrastructure sector that expenditures are going on, but due to monsoon in the country, everywhere, the progress of the works is slow, but Q3 and Q4, you will definitely see a great jump in the profits, but due to these initial mobilization expenses of the newly received orders, we had to procure certain fixed assets. We had to hire more employees. So, the profitability has gone down due to the increase in the operating expenses.

Yashvanti Ketkar — Individual Investor — Analyst

So this, the increase in the employee costs will be rationalized over the next three quarters?

Tanvi Auti — Managing Director

Yeah. As the progress of the work goes on, so the revenues will be on a higher side as well as the profitability. Initially the expenditures are high, say close to first three, four months, because we have to do the office site setup, then there is vehicle then traveling cost and payments also come after two, three months. Payment start coming after two, three months.

Once we are mobilized on the site. So once that — the payment process smooth in our profitability also will be back on track.

Yashvanti Ketkar — Individual Investor — Analyst

Yes but ma’am, there would be some orders or there would be some work, which has been trending, which has been passed on from the Q4 like there is a continuous process. So even this cost is going to be higher? Normally it is higher for the first two quarters?

Tanvi Auti — Managing Director

Expenditure would remain. See if we receive more orders going ahead again mobilization expenses would go on a higher side but the projects that we have received now, they would be going smoothly. Like you said, the projects, which we had received in Q4 or Q3 last year, they have now smoothened out, so their expenditures are monthly fixed but during the initial phase of the project because we have to procure a lot of things, the expenditure is always on a higher side.

Rajesh Sindhav — General Manager, Finance and Accounts

I would like to add ma’am.

Tanvi Auti — Managing Director

Yes.

Rajesh Sindhav — General Manager, Finance and Accounts

Ours [peak] budgetry of our business, the budget of Government of India because our clients are [expert] road transport and highway and National Highway Authority of India that is. Now if you see the typical feature of the budget, normally, the last quarter, they released the funds project wise and year wise and if you see last 15 years history of our bank statements or balance sheet, we are getting almost you can say double the revenue and double the profits in last quarter. Or is conservatively go, first quarter is normally little bit on downside because the budgets which are expired in — on 31th of last year, again the making of the budget provisions for the fund release and all other things normally take one or — one month or 45 days in government, so that’s why [receipt] side is on lower side and expenditure thus we have to continue. If you again go past report, our gross yearly topline or sales is almost five times the first quarter.

Yashvanti Ketkar — Individual Investor — Analyst

Yes, that is what I was asking. See like when we have government, that’s a good way to the topline. What is hampering of our growth? That is what I just want to understand.

Rajesh Sindhav — General Manager, Finance and Accounts

Yeah and it is our experience, it is our first experience of quarterly results, so and again, we are dependent on government revenue only. So it is typical of the government scheme. What we can see, it is not equal like revenue from the private sector.

Yashvanti Ketkar — Individual Investor — Analyst

Okay. Sir and if I understand it correctly, does this mean that if any new project comes almost post two quarters were we higher like to the extent of 80% of the project and 20% on the balance two quarter — it — would it be right to say on that?

Rajesh Sindhav — General Manager, Finance and Accounts

Yeah, yeah. Almost. See what happens in last quarter suppose certain head has no budget provision for first quarter so even we submit the bill, we are not getting the payment, so again to avoid the GST hit, we submit the — we delay the submissions of the bills because fund availability is not there. So that happens normally in first quarter. Second quarter normally hit by monsoon because our — few of the revenue is dependent on progress of the work.

So first and second quarters are on downside. I can say 40% of the revenue comes in first and second quarter and 60% revenue comes in third and fourth quarter, whereas expenditures are continued. Hello.

Operator

Sir, I think the line for the participant who was asking question is disconnected, we will promote the next question. [Operator Instructions] We’ll take the next question from the line of Sandeep Mane. Please go ahead, sir.

Unidentified Participant — — Analyst

Hello? Hello?

Operator

Hello.

Unidentified Participant — — Analyst

Hello. Good afternoon.

Tanvi Auti — Managing Director

Good afternoon.

Unidentified Participant — — Analyst

Yeah, ma’am I want to know, what is your total order book? And what is the break up, what is the breakup of the order book?

Tanvi Auti — Managing Director

Okay. So as on date our total order book is INR423 crores, out of which INR215 is unexecuted.

Unidentified Participant — — Analyst

Okay.

Tanvi Auti — Managing Director

Okay.

Unidentified Participant — — Analyst

And ma’am, what is the status of our other articles — vertical for solid waste [going further]. Can you throw some light on numbers of project which are currently under execution?

Tanvi Auti — Managing Director

So for solid waste management, presently we are working at Yavatmal Municipal Parishad that is the one project that we have bagged and projects close to INR50 crores to INR60 crores have already been bidded for which results are awaited.

Unidentified Participant — — Analyst

Okay. And what is your current bidding pipeline and how much new orders can be expected?

Tanvi Auti — Managing Director

So, yeah, please.

Unidentified Speaker —

Basically as earlier, we.have submitted expression of interest in 45 assignments internal consultancy in 15 or 16 countries. The main clients are the developing countries through World Bank or Asian Development Bank or African Development Bank. We submitted bids in Cambodia, Zambia, Ethiopia [Indecipherable] Vietnam like that. So wherein we are expecting minimum one order, firm order in current financial year. Second in domestic market, as I explained in earlier speech, we have submitted bids to the extent of INR400 crore for which results are awaited and our success ratio — our success rate is increasing from 20% to 30% in current year because our high technical and because we are crossing the turnover of — average annual turnover of INR60 crore in last three years.

So we are getting more marks. We are getting more bids, we are having the sufficient bid capacity available. So comfortably, I can say this unexecuted order book, unexecuted order book of INR215 crores shall grow and reach to INR400 crore by end of the financial year.

Unidentified Participant — — Analyst

Okay sir, okay. Sir can you share details of some big tickets and iconic projects that we are working on?

Unidentified Speaker —

Tanvi.

Tanvi Auti — Managing Director

Yes. So last financials — in the last financial year, we have seen that company was earlier working only in two lane or four lane projects but now, our company has shifted to six lane and eight lane expressway projects. And in the past, the most iconic project that we have done is the capacity augmentation of the Mumbai Pune Expressway DPR preparation. So if you have traveled from Mumbai to Pune, you can see right now that an alternate route is being developed and construction is going on.

So from Kalapur Toll Naka to Sinhgad Institute, there are going to be two tunnels, close to 12 — I think 9 kilometers of length and there is going to be a big viaduct which will reduce the traveling time and avoid the ghat section on the Mumbai Pune Expressway where lot of traffic jams take place and this is going to be one of a kind of a structure as these tunnels are going to pass below the Lonavala lake and there is a lot of terrain difficulty.

So it was the most challenging job that we have done till date. And recently, we are working on the — we are working on the part of the Delhi Mumbai Expressway, the Delhi Vadodara section and I’m very happy to tell you that these are eight lane access controlled expressways and they are passing through rural area districts, which should provide a boost to employment in those areas. And it will [toll free] and Delhi to Mumbai travel time will be reduced down to 12 hours. There are going to be wayside amenities, huge IT logistics parks there and lot of forest development is also — lot of forestation is also being done in those areas. Along with that, I would like to highlight that our honorable Nitinji Gadkari and the Prime Minister’s office, they have planned to even land fighter jet planes on these roads. So these roads are also going to act as emergency landing situations in case of wars or such event. So I’m very happy to tell you that Dhruv is proud to be working on such prestigious projects and contributing to the economic development of the nation.

Unidentified Participant — — Analyst

Okay. Ma’am who is the contractor in Mumbai Pune Express (speech overlap) for missing lane

Tanvi Auti — Managing Director

Yes, what, what. Who is the?

Unidentified Participant — — Analyst

Who is the contractor?

Unidentified Speaker —

Two contractors are there appointed by MSRDC. One is the [Navyuga and F1] who is doing the bridge part.

Unidentified Participant — — Analyst

Okay. Okay, sir my last one here. Last question is which states contribute most to your business?

Tanvi Auti — Managing Director

Right now like till the — till this financial year also at present is Maharashtra. But going ahead, we have increased our presence in Andhra Pradesh also and at present we are working on eight projects in Andrew Pradesh and this year, since in FY ’22, ’23, most of our projects have been received in the state of Andhra Prestige.

Unidentified Participant — — Analyst

Okay. Ma’am, what is the contribution of expressways in order book?

Tanvi Auti — Managing Director

Expressways around INR50 crores.

Unidentified Participant — — Analyst

Okay. INR50 crores. Okay. Thank you, ma’am.

Operator

Thank you very much. We take the next question from the line of Yashvanti Ketkar, please go ahead ma’am.

Yashvanti Ketkar — Individual Investor — Analyst

Yeah, my last one, my line got disconnected. Sir I was just asking, what is the impression of the — on the proportion of the expenses which has been proportionately received whether over the years. So what you mean is that, you say that the expenses would continue, so only because of the finance which we receive or the budget allocation, which we receive, the impact on the profit is better?

Unidentified Speaker —

Correct. Absolutely correct. So normally our Q4, we have not such a great experience of quarterly results. For current year, we will analyze it properly, but what I can say the revenue of the quarter four is almost double the revenue of quarter two — quarter one, which it gives the profitability and everything double.

Yashvanti Ketkar — Individual Investor — Analyst

Okay sir and what is our debt level as on 30th of June, and average first that you are seeing?

Unidentified Speaker —

Rajesh?

Tanvi Auti — Managing Director

Ma’am could you repeat the…

Rajesh Sindhav — General Manager, Finance and Accounts

INR11 crore, ma’am.

Yashvanti Ketkar — Individual Investor — Analyst

Okay, INR11 crore is the debt.

Rajesh Sindhav — General Manager, Finance and Accounts

Yeah, and just wanted to contribute one more thing over here, on the expenditure side. There is an ECL provision we are making right now, which has not been the part of the earlier period. So there is a notional entry as per the accounting standard we are making in the books of account, which has been — so we have to make the provision of the ECL provisions in the books of account, which has not been a part of the earlier financial statement or comparable statement.

So this is the — as per the Ind AS accounting, this is the notional entry, which has been booking in the books of account, and that’s why the profit, which has been seen in the lower side.

Yashvanti Ketkar — Individual Investor — Analyst

Okay and what is the quantum of it?

Rajesh Sindhav — General Manager, Finance and Accounts

INR30 lakh. INR10 lakh per quarter.

Yashvanti Ketkar — Individual Investor — Analyst

Rajesh, sir, I had one question for you, like what is our — how is our working capital cycle?

Rajesh Sindhav — General Manager, Finance and Accounts

Working capital cycle is around 90 days we have after submission of bill, getting the bill preparation and everything, your collection, it takes 90 days.

Yashvanti Ketkar — Individual Investor — Analyst

Okay. And now my question is to Pandurangji sir. I just wanted to understand as we are entering into the export market, like how you would define its margins and on domestic project and on international project, how would they be attractive for us?

Pandurang Dandawate — Chairman and Non-Executive Director

Very good question actually. Ticket size in India is normally 8 to 10 for our past financial year. Current year it may increase from INR10 crores to INR12 crores, but that is the upper limit in Indian market even we get the Expressway assignment.

However, in International market, the minimum size of assignment is 18 crore to 20 crore and average assignment size is about INR25 crores. The nature of the work is same what we are doing in India. Even wherein say about 20%, 25% gross profits are there or EBITDA is there. So for International market, considering the [truck] cost and all of fluctuation things and all other things, our expenditure is 1.5 times increased. Still the profitability will be very, very high almost 40% of that. So I’m assuming above INR10 crore of profit in INR25 crore assignment for international market that too the revenue will be in dollar.

Yashvanti Ketkar — Individual Investor — Analyst

Okay. Sir both on the markets, we again need to spend more on our talent pool and all we will be resourcing it from the country where we are operating?

Pandurang Dandawate — Chairman and Non-Executive Director

Yeah, yeah. That’s why I’m saying it is 1.5 times. Travel cost is 15%, 20% of that. But majority of the outflow will be the extra cost for the talent pool and also the international, you can say manpower.

Yashvanti Ketkar — Individual Investor — Analyst

Yeah, that is really what I wanted to understand and whether we will be sending it from here or we will be able to source it from there?

Tanvi Auti — Managing Director

It is both actually. They do allow international professionals also to work. So we would be making maximum use of our present staff also. But yes, local staff is also a requirement, national experts, that we would be procuring from that particular country.

Yashvanti Ketkar — Individual Investor — Analyst

Okay. And yeah, what will be our future growth strategies? So from the two years or three years down the line, I mean, to go at a good rate for two to three years down the line?

Pandurang Dandawate — Chairman and Non-Executive Director

See today’s order book stands at about INR400 crore, out of which INR200 crore executed roughly. So I expecting to touch the order book by end of 2025 to the INR1000 crore, which will mainly contribute of course the core area will be there, the domestic consultancy. Added will be the international consultancy and two verticals added that one is the solid waste management, and also the small vertical that is structural repair work for the metros and monos and the concrete roads in India.

So put together, I’m expecting INR1000 crore order book in next three years.

Yashvanti Ketkar — Individual Investor — Analyst

Okay. Sir how — can you brief about how — what is our progress on the solid waste management?

Pandurang Dandawate — Chairman and Non-Executive Director

It is not much on the books of accounts. We have only bagged one project in Yavatmal, but we have put our bid for INR50 crore, INR60 crore project and we are expecting to get the results. The scrutiny is very slow because we — all the solid waste management business is with the Municipal Corporations and municipalities. So I’m expecting order book again by end of this financial year, maybe 10 times what we are doing now.

Yashvanti Ketkar — Individual Investor — Analyst

Okay. Sir the main hazards of the business cash flow is getting the budget approved and allocated from the government.

Pandurang Dandawate — Chairman and Non-Executive Director

The system of the government is that they [Technical Issues] their process every quarter or every — end of every quarter. So normally it could be — there are corrections in the budget allocation but gross outlay remain, say for example for road or highway outlook like current financial year it is INR1,34,000 crore only from the government side, and much more is also from the private side, I’m not accounting for that. So out of that INR1,34,000 crore, they have to spend in a year.

Now obviously, because of the system, the expenditure start somewhere in the month of May or even at the end of the May because of the budget systems in the software. And the first month or second month is hitted and then we get the payments smoothly till the month of December. At the end of December, they see the progress, suppose A sector or A state is doing much better than B sector. So they diversify funds of B sector to A sector, wherein the performers are getting the funds.

So it is a typical of the government budget, you — if you read the Economic Times or any budget related things on the website, you will understand that better way.

Yashvanti Ketkar — Individual Investor — Analyst

Okay. And this thing, are we looking at entering in the pilot private player’s segment?

Pandurang Dandawate — Chairman and Non-Executive Director

No, no, no. If you see the government itself. They are coming up with PPP model or HAM model wherein 60% the revenue in HAM models or 60% of the grant or you can say funding is from the private sector. That is 40% debt and 20% equity of the concessionary and government only spends 40% of the project cost. In that sense I was talking, this INR1,34,000 crore would be INR5 lakh crore roughly for year for outlay of the highways itself.

Yashvanti Ketkar — Individual Investor — Analyst

Okay. That’s it from my side. And wish you the very best for the coming quarters.

Pandurang Dandawate — Chairman and Non-Executive Director

Thank you, ma’am.

Operator

Thank you, ma’am. [Operator Instructions] We will take the next question from the line of Mr Mukesh Panjwani from Value Securities. Please go ahead, sir.

Mukesh Panjwani — Value Securities — Analyst

Hi, good afternoon. Am I audible?

Pandurang Dandawate — Chairman and Non-Executive Director

Yeah, yes.

Mukesh Panjwani — Value Securities — Analyst

My question is when we see our quarterly operating profit margins, we see there is a lot of volatility, so can you please explain the reason behind it and will this volatility continue going ahead also?

Pandurang Dandawate — Chairman and Non-Executive Director

Rajesh?

Rajesh Sindhav — General Manager, Finance and Accounts

The volatility, the comparable figures will definitely be going forward, because we are first time adoption of Ind AS account in the last — in the month of December itself. So in the first six months there is no — we have — we have been in MSC segment, so this is only half yearly we are giving the result, it’s a IDF accounting. So there is a volatility in the comparable figure, you can see, after the one year. I mean, after the six months from the 9 months onwards, you can see the comparable figure in a proper manner.

Mukesh Panjwani — Value Securities — Analyst

Okay. Okay, got it. And sir. My second question is, as you said that by 2025, we can see that our order book would be around INR1,000 crores. So that was in the terms of orders book. But I want to know where should we see our company three to four years from now in terms of topline and bottom line?

Rajesh Sindhav — General Manager, Finance and Accounts

It all depends on order book only, I’m not supposed to make any forward statement, but I can say top line today, last year is INR75 crore plus. Current year also it will be much more than that, but I can expect the top line or sales by end of 2025 roughly over INR200 crores.

Mukesh Panjwani — Value Securities — Analyst

Okay. That is great. That is it. Thanks a lot, sir. That was my — from my side. Thank you..

Operator

Thank you, sir. [Operator Instructions] We take the next question from the line of Apurva Mehta, Individual Investor. Please go ahead.

Apurva Mehta — Individual Investor — Analyst

Hi good noon. My question is what is the contribution of central and state government in revenue?

Pandurang Dandawate — Chairman and Non-Executive Director

Yes, Tanvi.

Tanvi Auti — Managing Director

Yeah. We are not, like when we started the company from 2003 to 2010, yes we were working with private sector and state government clients mainly MSRDC and PWD Government of Maharashtra. But since 2014, we are now working only with the Central Government, Ministry of Road Transport and Highways and [MHI] So you can say 90% of our revenue comes from work in MHI and 10% from a few private clients when we offer design studies.

Apurva Mehta — Individual Investor — Analyst

Okay. And what is the margin profile of your projects at EBITDA level?

Tanvi Auti — Managing Director

EBITDA level close to 20%.

Apurva Mehta — Individual Investor — Analyst

Okay and sustainable margin that we can maintain.

Tanvi Auti — Managing Director

Also going ahead, as we told you that we are entering into the international consultancy segment. So there the EBITDA margins are high because revenues are on the higher side and of course, income will be in the terms with — in foreign currency, so we are expecting EBITDA to increase to 30%, 35%.

Apurva Mehta — Individual Investor — Analyst

Any progress on solar verticals?

Pandurang Dandawate — Chairman and Non-Executive Director

Presently we are not very aggressive on that sector. It is — it was a try — we were doing in the era of COVID to have a another vertical. So we were trying structural repair work, solid waste management and this solar vertical. But as on now solar vertical we have kept on the back burner because of the dim market conditions.

Apurva Mehta — Individual Investor — Analyst

Okay. And what are current bid orders?

Pandurang Dandawate — Chairman and Non-Executive Director

Overall?

Apurva Mehta — Individual Investor — Analyst

Yes.

Pandurang Dandawate — Chairman and Non-Executive Director

An exhibitor order book is INR215 crores almost 100% in consultancy.

Apurva Mehta — Individual Investor — Analyst

And new bidding?

Pandurang Dandawate — Chairman and Non-Executive Director

New bidding. We have submitted bids for INR400 crore for which results are awaited. And we are planning to submit additional INR300 crore bids in next one month that is up to 15th of September. So put together INR700 crore bidding will be done and results are normally coming in two months or three months considering holidays, maybe four months. So the success rate for current year, am I expecting 30%. Last year it was 20%. So again comfortably I can say that today’s current year’s order book unexecuted is INR100 crores plus in four months, so it should be almost INR400 crore by end of this financial year.

Apurva Mehta — Individual Investor — Analyst

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

Operator

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

Unidentified Speaker —

Thank you. Thank you everyone for joining the conference call of Dhruv Consultancy Services Limited. If you have any query you should write us at info@kirinadvisors.com And once more many thanks to management teams and all the participants. Thank you.

Pandurang Dandawate — Chairman and Non-Executive Director

Thank you very much.

Tanvi Auti — Managing Director

Thank you. Thank you.

Operator

Thank you. On behalf of Kirin Advisors that concludes this conference call. Thank you for joining us. And you may now disconnect your lines.