Dhruv Consultancy Services Ltd (NSE: DHRUV) Q4 2025 Earnings Call dated May. 19, 2025
Corporate Participants:
Unidentified Speaker
Pandurang Dandawate — Chairman
Tanvi T. Auti — Managing Director
Rohit Mahakal — General Account Manager
Analysts:
Unidentified Participant
Harshil Ghanshyani — Analyst
Mahesh Seth — Analyst
Aditi Roy — Analyst
Pooja Gupta — Analyst
Abhishek Sharma — Analyst
Shreya — Analyst
Rajendra Singh — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Q4FY25 results conference call of Dhruv Consultancy Services Limited hosted by Kirin Advisors Pvt Ltd. 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. Should you need assistance during this conference call, please signal an operator by pressing 0 on your Touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Harshal Ghanciani from Kirin Advisors Private Limited. Thank you. And over to you sir.
Harshil Ghanshyani — Analyst
Thank you. Good afternoon everyone. On the behalf of Kirin Advisors, I welcome you all to the conference call of dhruv Consultancy Services Limited from the management team we have Mr. Panduran Gandavade, Chairman, Ms. Tanvi Ayuti, Managing Director, Mr. Rohit Mahakal, account Manager. I now hand over the call to Ms. For opening remarks. Over to you, Ma’ am.
Tanvi T. Auti — Managing Director
Good afternoon ladies and gentlemen. I extend a hearty welcome to each one of you who has joined us today for the for Q4 Group consultancy investor call where we will delve into the financial results of the financial year gone by. That is 2425. Your participation and interest in our company’s performance are highly valued. During this session we’ll offer a CONCISE review of Q4.25 Financials providing insights into our achievements, the challenges we faced and outlining our future strategies. Before we immerse ourselves, let’s take a look at our journey so far. The company was founded in 2003 based in Navi, Mumbai by Mr.
Panto Gandavate. Roof Consultancy has now emerged as a leading name in the infrastructure. We offer end to end project solutions such as design and engineering, project management consultancy and techno advisory services which makes us a trusted partner in the infrastructure development sector. A wide range of expertise covers the feasibility studies, preparation of detailed project report, detailed design, then construction supervision for construction as well as maintenance activities, asset management services, value engineering services, safety audits and technical audits and lenders Engineering as a strategic partner for investors. We are always doing the project so as to solve the complexities and reach an amicable solution with our client.
Let’s now delve into the prominent achievements and milestones of Q4FY25. Q4FY25 marked a period of strong operational momentum. And as we secured high value consultancy contracts across various sectors and regions this year we did not just focus on the highway sector but we as said in the last conference call also that we would be entering new segments, new territories and new sectors as well. So we were awarded with a general consultancy contract worth 11.05 crore by West Central Railway segment so far marking a significant diversification in our portfolio. We also received a 9.27 crore order for independent engineer services under the Bharat Mala Pariyojana in West Bengal.
We additionally bagged two greenfield highway projects around Kanpur in Uttar Pradesh for the price of 7.85 crore and we further secured a 6.37 crore supervision consultancy contact for NHI ONM phase of the Abdulgan ITRC section of NH 46 in Maharashtra. We signed an agreement worth 1.09 crore with the HCC that is Hindustan Construction Company for design proof checking of a key two lane bridge across Agaranda Creek on the river. This marks our entry. This marks our entry into the private sector as well. In the company for the future is now focused on increasing the private sector order book along with the government.
On the urban infrastructure front, we were appointed by the NMRD as a Project Management Consultant for Mumbai Metro Line 5 with a contract value of 1.35 crore. We were also engaged by the Indore Municipal Corporation for the development of Master Plan Roads for a consultancy assignment worth 1.25 crores. These milestones underscore our unwavering commitment to delivering superior infrastructure solutions while steadily expanding our footprint. We continue to harness our technical excellence and strategic partnerships and execution capabilities to drive sustainable and long term growth. Now let’s take a closer look at the company’s financials in Q4. FY25, Zoof Consultancy Services reported a notable financial growth with a total income of 28.03 crore reflecting a 12.09% year on year increase.
The EBITDA stood at 4.09 crore making a year on year growth of 75%. Profit after tax was 1.99 crore showing a significant increase of 360% as compared to FY24. The diluted earnings I.e. the EPS grew by 290% to 1.13. Now coming to the year on year review for FY25, the company has finally entered a three digit turnover I.e. a total income of 103.52 crore, a slight year on year growth of 25.6%. The EBITDA was 15.78 crore up by 6.96 year on year 6.96% year on year PAT reached 6.9 crore a year on year growth of 17.26%.
The diluted EPS increased by 6.7.0% to 4.14 rupees. In both Q4FY25 and the financial year 25, the company has achieved remarkable financial milestones attesting to an unwavering commitment to excellence. These achievements underscore our dedication to financial progress and sustained success in the dynamic landscape of infrastructure consultancy. Before we proceed to the question and answer session, I would once again like to thank all our investors, our esteemed stakeholders, for their indispensable contribution to our journey of growth. Your unwavering support has been a cornerstone of our success and we sincerely value your significant role in our achievements.
I now invite you for a question and answer session. Your insights are highly valuable to us. Thank you once again for your presence and ongoing support.
Questions and Answers:
operator
Thank you very much. We. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone phone. If you wish to remove yourself from the question queue, you may press 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Mahesh Sheth, an individual investor. Please go ahead.
Mahesh Seth
Hello, can you hear me?
Tanvi T. Auti
Yes,
Pandurang Dandawate
little loud.
Mahesh Seth
Yeah. So, thank you.
Pandurang Dandawate
Okay.
Mahesh Seth
And my first question is that what percentage of your current business is coming from highways, tunnels, ports and environment segment respectively?
Tanvi T. Auti
So right now 90% of the revenue is coming from the highway sector only because we have just started working in the railways and metro sector and around 5 to 10% of the revenue is coming from the railway sector, railways and metros together.
Mahesh Seth
Okay, so major contributor is highways, right?
Tanvi T. Auti
Yes, yes, yes. But going forward we will be adding new sectors. Along with railways and metros, we would be adding airports, public health, engineering and I think urban infrastructure sector also.
Mahesh Seth
Okay, got it.
Tanvi T. Auti
Yeah.
Mahesh Seth
And my next question is that how do you assess your execution capabilities and resource availability like especially as you scale up international and domestic projects.
Tanvi T. Auti
Yes. So right now we have a total employee strength of 450 plus. We have a dedicated business development and a human resource team which is working constantly towards the recruitment of new manpower as and then as and when it is required project to project. So we don’t actually hire the manpower on day and we just have to identify, submit the tender and then when the tender is awarded, if the tender is awarded to us, then we hire the manpower. So there is no finance financial burden as such from day one. Secondly, the company is now 22 years, will complete 23 years this year.
So since day one, the employees who have been with us are still there. There is a. For a permanent, for a permanent payroll, our admission rate is as low as 2%. So very, very few instances have been where employees have left us. Even in the freshers sector last two years we have faced remarkable attrition with respect to the employee retention. So these employees who had joined us say 10 or 15 or 20 years before have now come to a managerial position who are now executing projects domestically and internationally. So as opposed to our competitors in the market, we have a dedicated team of hundred engineers at our head office or corporate office in Mumbai who don’t actually, who are not actually a part of the assignment or who are not actually proposed for the particular assignment, but they actually monitor sitting here in the head office as and when required, they travel to the sites also.
But all approvals, all the control of all projects are there at the head office level. So as far as manpower is concerned, I think these 6,200 engineers can take up another hundred projects in the future. So till then we have more problems.
Mahesh Seth
Okay, got it. And my last question will be that with the Muzan, the project recently secured. So how is this planning to build capabilities for more international assignments? Are there other geographies?
Tanvi T. Auti
Yes. So currently 75 plus POI has been submitted for which results are awaited. We have submitted over 15 RFPs. Our financial course has been submitted. So the turnaround time being a bit slow. Even Mozambic was submitted one year before the act, before we were awarded the work. An update is that in Mozambique we have now registered a branch office in the name of Roof Consultancy Services Ltd. So we have got a work permit also in Mozambique. So now since we have a work permit there, it has now become easier to back local assignment there. We any territory we try to enter into, especially territories in Africa where the countries are a lot underdeveloped.
So we have actually made a strategy that we will only target funded projects like AfDB, ADB, World Bank. So this Mozambique project is a World bank project. We are bidding, submitting bids through these multilateral development banks only EXIM bank also. And as and when the works are awarded, we register a company there and then the local assignments follow. So this is the strategy that we are adopting. Along with Mozambique, we are targeting Zambia, Tanzania, Ghana, Nigeria. In the African region in Middle east there is Saudi Arabia and Dubai uae. In Southeast Asia there is Vietnam, Cambodia and South Asia, Nepal and Bangladesh.
So these are the territories we are expecting future orders.
Mahesh Seth
Okay. Okay. Thank you for answering that. Thank you.
operator
Thank you. We take the next Question from the line of Vidur Kapoor from pmd. Please go ahead.
Unidentified Participant
Yeah. Hi. Can you hear me? No, I just had a. Hi. This is just a quick clarification. The last time there was a presentation I had asked there was a. An update about a certain appeal that was made in the Madras for the pardon for the NHAI regarding taken part in the. In the project. So my question was is there any news on that? Has that been. We were expecting a reversal to take place. Has that happened yet?
Pandurang Dandawate
Yes. On 22nd of April the hearings are completed. And we also heard that online hearing video conferencing. So according to our council also the.
The hearings went in a positive way in side of DHRU and our joint venture partner global. And anytime we are expecting either HT order or squash. According to our concept it is under typing. Order is under typing. But let me add something in it. This is not affecting on our current financials or financials of next two years. Because we have an executed order book of 300 crore including NHI which is untouched because of this debarment order. Only limited restriction we got is we are not in a position to bid for NHI assignments. But other than NHA assignments we are bidding it.
We are getting the works also.
Unidentified Participant
Yes, yes. That. That part we are unaware of. But of course it doesn’t this make a kind of a positive sentimental change for an investor. Once we know that the. The debugment has been lifted.
Pandurang Dandawate
Yeah. Yeah. Surely. Surely debarment out of 10 such cases happened. In fact it have been given the order of stay in favor of the consultant. And only one or two were continued. So our case is very strong according to our council. And so we heard the hearing. The main, main. Main you can say defense point from our council was that action was taken on a company which is thousand kilometer away from the site.
And no action has been taken on the contractor who is working on site. Officials who are working on site and the team leader who is working on site. So honorable court was very much annoyed with this. You can say bias action. So we are hoping the things in our favor.
Unidentified Participant
And will there be a formal communication made on this one? You know the result.
Pandurang Dandawate
Yeah. Yeah. It will be disclosed on the exchanges immediately.
Unidentified Participant
Thank you.
operator
Thank you. We take the next question from the line of Aditi Rai from Patel Advisors Private Limited. Please go ahead Aditi ma’ am. Please go ahead. Ms. Aditi, you are now online. You may proceed with the question. No response. Participants who wish to ask questions may please press star N1. At this time we Take the next question from the line of Pooja Gupta, an individual investor. Please go ahead.
Pooja Gupta
Hello. Am I audible to you?
Tanvi T. Auti
Yes. Yes.
Pooja Gupta
Okay. Yes. So could you just provide insight into the company’s cash flow generation during FY25.
Tanvi T. Auti
Yes. So I’ll tell the full year review as such. So like the trend has been for the past 22 years, the cash flow situation as such. Recently when we did the preferential issue we raised a total of 33.24 crores by diluting 3,000 around 3,000 shares. So out of those 33 crores most of it were used for working capital. Then another 25, 30% of it is still lying with us. For the future bank guarantees that is there.
For the future bank guarantees that we may require. We have presently exhausted our bank guarantee limits and enhancement is due. So till then we might have to issue certain bank guarantees for new project. Especially in international projects wherein a line of credit might be required for some funded assignments. So those funds are reserved. Apart from that, our present order book is a total of 300. Unexecuted order book is a total of 300 crores to be executed in the next 2 and a half to 3 years. And those bills are coming on a monthly basis with a debtor.
With a debtor cycle. With a receivable cycle of 60 to 90 days from NHI and more predominantly then there is railway projects, there is state government project, msidc. There are few PMGSY assignments, Upeda Ganga expressway assignments. So now company is not only dependent on one client or one sector. And because of which there have been significant cash flow improvements and going ahead also with private sector assignments coming in having huge profitability margins, I think cash flows would be much more on a positive side and stress there would be less stress on equity raising or debt funding.
As the cash flows are becoming more and more supportive.
Pooja Gupta
Okay, thank you. And my next question is given the nature of your consultancy contract how do you manage working capital cycle and has there been any improvement in collection or billing efficiency?
Tanvi T. Auti
Yes. So earlier the. If you see the last two or three financial years the debtor days was close to 160, 180 which has come down to a total receivable cycle of 90 to 120. So there have been significant improvements there. In addition to that with margins improvement there have been, it has helped the cash flows also.
With the Mozambique project coming in, then the MSIDC and more and more state government products coming in, we can see further cash flow improvements. And as margins would improve along with that we have we definitely have support from our bankers HDFC and PNB where we have a total CC limit of over 6.5 crores and which is due for enhancement also now. So we are expecting further support from the debt side as well. And we have our preferential money also lying with us.
Pooja Gupta
Okay. Okay, thank you. Thank you very much. And my next question is with increased order execution do you foresee any trend on operational cash flow in your term and how are you planning to maintain liquidity buffer?
Tanvi T. Auti
Yeah, so actually the answer is again linked to my previous answer.
We recently also made two purchases I.e. one mobile bridge inspection unit and polling weight deflectometer. So with these purchases now the operational capacity have further strengthened because not just on our NHI or state government projects but now they are being used on airport projects also. Like the Navi Mumbai airport that is now due to open soon. We are doing the Runway testing there with our falling weight deflectometer. Then it is largely the MBIU and falling weight deflectometer are being used largely in the private sector also giving a lot of operational support there. So with the addition of these machineries our operational capacity has strengthened.
We have also added few high tech software for highway design and bridge design which has further strengthened and reduced the overall the overall submission timeline of the review and design review and design team. As far as manpower is concerned there is no absolutely there’s no problem there because we have enough manpower to sustain for another 80 to 100 projects and we will not be requiring any head office extra support as such. But for project to project we may appoint contract basis employees where our business development team and human resource department is working hand in hand and doing a great job there.
Pooja Gupta
Okay, thank you very much. So my next question is considering the wide geographic footprint of current project, are there any region specific risk or potential delay the company’s current diligently navigating?
Tanvi T. Auti
No, I think right now even in Africa the Mozambique project that we were doing so we faced a minor challenge because there was political instability there. But then things keep on changing Also there was no operational difficulty as such. Only thing is sometimes if there is any war like situation or any like in Manipur there have been riots going on. So such places the project project is not affected.
But yes, our manpower needs to be provided with safety safety measures. There’ll be they are to be given support in whatever way we can. Otherwise project execution angle. I don’t think we have faced any such problem.
Pooja Gupta
Okay, thank you very much for answering all the questions.
Tanvi T. Auti
Thank you. Thank you so much.
operator
Thank you. Participants who wish to ask questions may please press Star in one. At this time we take the next question from the line of Aditi Rai from Patel Advisors Private Limited. Please go ahead.
Aditi Roy
Hello.
Tanvi T. Auti
Yes,
Aditi Roy
thank you for giving the opportunity. My question is, what are. What are your QE focus areas in FY26 to sustain the current momentum?
Tanvi T. Auti
Can you repeat please? What are the key.
Aditi Roy
What are your key focus areas in FY26 to sustain the current momentum?
Tanvi T. Auti
Okay. Okay. So like we have announced in the previous investor calls and time and again we have been saying that as far as our Vision 2030 is concerned, which will again provide you an insight on FY26. We plan to diversify ourselves in four to five other sectors with railways, metros. We have already achieved Success in the Q4, FY25.
Going ahead, we are targeting urban infrastructure projects like town planning, then like the smart city project, then there are airports. So as far as airports are concerned, the central government has already made an announcement of constructing airports in tier 2, tier 3 cities with 226 new airports coming up. So there is a huge market available in the airport sector as well. And there are hardly one or two Indian consultants working there. So we want to be an early entrant there. And we are hopeful of getting an airport project very soon. Then there is public health engineering, mainly wastewater and sewerage.
Then there is inland water transport projects also where we have enough expertise to execute such projects. So going ahead, we would see more and more projects from the other sectors coming in. Of course, highway would be the core. It would remain the core as the connectivity that the highway highways provide no other transport sector can provide. But like we have become a leader in the highway sector now as far as India is concerned, we want to replicate that in the other sectors as well. And after this, this is going to be our Vision 2030, wherein at least we become a leader in two such two other such sectors.
Along with this, we would be increasing our footprint outside India. We have already started working in Mozambique. There is a company formation in Ukraine. So with such developments happening, our business development team is actively pursuing a few orders from Vietnam, from Saudi Arabia. So even geographical expansion can be expected in this financial year. Overall, this year you would see a combination of geographical expansion as well as sectoral expansion.
Aditi Roy
Thank you, ma’ am. I have one question. Any service verticals or technologies you are looking to adopt to enhance.
Tanvi T. Auti
So as far as the machinery is concerned, I already said we have recently procured another falling weight definiteer and a mobile inspection unit which will Further enhance our operational capacity to execute projects not just in the government sector but in the private sector also.
And as far as software are concerned. So since the codes, the design codes and the standards are different with different regions and territories outside India, I think software, the use of software will also be different. The expected quality and the expected deliverables are also different. So we are constantly training our employees in order to support them, provide them with whatever resources they require and enhance their capabilities so they can take up projects in any region coming in the future. And we have added a few softwares also with respect to highway design and bridge design which have.
And with I think artificial intelligence also coming in. I think our design team has become. The timeliness has improved and the review and the design time that were taking, I think months has come down to days now. So the efficiency has improved a lot due to these software.
Aditi Roy
Thank you ma’ am. I have one last question. Could you please highlight the key challenges faced during the reported quarter that impacted to a compression in the EBITDA margin.
Tanvi T. Auti
So I think there is significant improvement as well. But instead of seeing the only quarter I would like to show a picture that is that is going to come ahead.
Because the company for so many years was only working with NHI North. The revenues are definitely good but the margins were significantly lower. Now that we are, we have already expanded our client base, our geographical base. Then we are entering into private sector. Our business development has been given targets of increasing the private sector order book. We are also in the process of acquiring a few lenders engineering assignments. Then wayside amenity project. Then a few outsourcing projects. Design outsourcing projects from developed countries like USA and Europe. So with so much development happening the prime focus would not just be the top line but the bottom line also which would give a cash flow support and good profitability and EPS in the coming quarters.
Aditi Roy
Thank you ma’ am and all the best one.
Tanvi T. Auti
Thank you.
operator
Thank you. We take the next question from the line of Abhishek Sharma, an individual investor. Please go ahead.
Abhishek Sharma
Hello.
Tanvi T. Auti
Yes.
Abhishek Sharma
First question is given the current order. Book of 573 crore plus how is your domestic portfolio segmented across various verticals?
Tanvi T. Auti
The entire order book, 98% of the order book is domestic itself. Mozambique project is 33 lakh USD only. So going ahead but. And this, this unexpected order book comprise unexecuted order book is around 300 crores. 570 is the total order book that is there. So out of this 300 crore unexecuted order book there is a combination of NHIRG, MSIDC, UPEDA Ganga Expressway, then NHIDCL, MMRDA, few municipal corporations and the World Bank Mozambique project that is there. So we. There are railway projects also with the Ministry of Railways. We are working in Rajasthan and in Tamil Nadu and we are expecting few more orders very soon there.
So I think with the client base improving, we can see improvements thereby. Like we target that 60, 70% of the order book will still come from the domestic market. But 20, 30% we are targeting that the international order book would increase.
Abhishek Sharma
Okay, my next question is what step is Dhruv taking to strengthen its market. Position and capitalize on the new growth avenues in the infrastructure and consultancy sector.
Tanvi T. Auti
Yeah, I think I already mentioned that we are diversifying airports along with railways and metros. Airports being a very. The world is actually looking now at airport development in India. Along with the highway development. Lot of emphasis has been given on the railway sector also. So going ahead I think we are. We like we adopted the strategy in highway sector. We are adopting the similar strategy in the other sectors also. Wherein we begin with a small say private sector assignment or a state government assignment.
And then slowly, slowly, slowly we start building our eligibility. But it shouldn’t take much time because of the emphasis given by the central government on development of infrastructure. I think by 2027 our Prime Minister has announced a 3 trillion economy, a 5 trillion economy target to be achieved. So in line with that we are very confident of becoming a leader in two to three other such sectors apart from highways. Along with that the 2047 target of a developed economy of India. So definitely infrastructure and MSME would play a significant role in that. So going ahead the next four to five years being very crucial, the company is confident enough of bagging large number of assignments because of the limited supply that is there.
There is very limited competition as far as infrastructure consultant is concerned and the demand is more so. The company is strategically positioned in such a way that we can bag any assignment that is coming in front of us. We are also forming strategic partnerships with if there are certain territories where we don’t have our presence or any such cases then we form JV’s associations with a few players. Wherein we may have a lower share of the joint venture at first. But as and when we increase our eligibility, this share would improve and then we can bid for sole assignments also as far as other sectors are concerned.
Abhishek Sharma
Okay, thank you. That’s it from asad.
operator
Thank you. We take the next question from the line of Shreya from Unity Finance. Please Go ahead.
Shreya
Hi. Am I audible?
Tanvi T. Auti
Yes, yes, you’re audible.
Shreya
According to the company’s expanding geographic footprint both domestically and internationally, what are the key execution risks or logistical challenges you foresee that could impact project timeline?
Tanvi T. Auti
So one very big risk that is there is the political instability in such countries because where there is infrastructure development going on in a large scale, the countries are either developing or underdeveloped. So yes, there is a political risk, there is a chance of riots and lot of like delays in award of assignment. But that is why what what we are doing is we are going only through funded projects.
So like World bank, Exim Bank, AfDB, African Development Bank, Asian Development Bank, UNDB. So once we get a heat of what the actual scenario is in that particular country, then we take the work permit and then we go ahead and bid for the local assignment. Otherwise the strategy that we are adopting going through funded assignments and we are making strategic alliances with local partners or local consultants there. Now these consultants are present there, but they don’t have the eligibility to bid for such large assignments. So it becomes a win win. Then we give them the technical eligibility, they give us the local support.
So we have formed such around 21 such strategic alliances in different, different countries which is helping us bag assignments in the international market. Also,
Shreya
are there any red flags or early indicators of delays in the current order book, especially in projects located in remote or newly entered regions?
Tanvi T. Auti
No. And right now we are only working in Mozambique and there are no such red flags that identified. In fact, our execution is already completed hundred percent with one or two reports pending. So we never faced any red flag as such. Once the since these are funded assignments, the funds are available with the government and World bank or AfDB, they make sure that the consultants are paid timely.
Because only if consultants are appointed, the project goes as per the plan. They do not just depend on the government. That is the reason they hire consultants so that there are no red flags in the project.
Shreya
Okay, how are we ensuring consistent project execution standards across diverse geographics and what contingency plans are in place to migrate region specific disruptions.
Tanvi T. Auti
Yeah, so all this is the credit of the employee strength that we have. So pre Covid, I think or before listing. Also the company was a family owned managed business with the directors directly getting involved. Now we have a very strong second line of leaders who have immense background from the private sector as well as the government sector.
We have a CEO, we have a cto, we have design heads, we have business development vice presidents, we have an HR vice president. So these people are now looking at stronger. With these people coming in, the execution capabilities have enhanced and like I said past 15 or 20 years the employees have stayed with us who have joined since day one. And the attrition rate of the company is as low as 2 to 3%. So now these people who had joined 15 to 20 years back are now going to become the CEO CTOs of tomorrow. So we have a thorough succession planning in place wherein we are not just looking at short term but trying to create a legacy for the future.
Shreya
Okay, thank you. That’s all from my side. All the very best.
Tanvi T. Auti
Thank you.
operator
Thank you. We take the next question from the line of Rajendra Singh, an individual investor. Please go ahead.
Rajendra Singh
Hi, I’m audible.
Tanvi T. Auti
Yes, yes, yes.
Rajendra Singh
So congratulations on your strong quarter performance.
Tanvi T. Auti
Thank you sir.
Rajendra Singh
Three questions if you can please clarify will be great. The first question is could you please elaborate on the key factor that led to our 24 point around 20. Around 24 percentage on quarter on quarter groups and 12 percentage or year on year growth in total income.
Tanvi T. Auti
Yeah. So there have been two such factors. One being increase in the client base. Increase in clients. That is we have enhanced our base not just in the highway sector but in the railway sector also. So with new clients coming in the there there has been improvements in the top line as well as the bottom line. So two major projects. One is the railway project in Tamil. Three major projects, railway project in Tamil Nadu. Then second being an MSI DC 300 km supervision assignment again which is a 23 crore assignment. Third being the Mozambique project which is around 4 lakh USD and we have completed its execution and we are yet to receive the final money from there.
But since the revenue has already been booked for that there has been significant growth in Q4 and 5. 25.
Rajendra Singh
Okay, thank you. And the second is can you please go through our current capital deployment priorities and whether they need any funding requirement for upcoming project.
Tanvi T. Auti
So that is the reason we did our preferential issue. Because we are expanding ourselves geographically as well as sectoral expansion is going on. So we may require not fund based but non fund based limit going ahead in the future. As far as fund base is concerned, we have enough support from the bank and with preferential money, preferential money also coming in, we have got enough support there from the equity side. So the only support that we would require in the future is bank guarantees. So there we would require support from the bank.
Rajendra Singh
Okay, thanks.
operator
Thank you. We take the next question from the line of Vidur Kapoor from pmd. Please go ahead.
Unidentified Participant
Yeah, hi.
Tanvi T. Auti
Yes.
Unidentified Participant
Hi. Sorry. I just wanted to just re. State what you said earlier about the new airport which has been the. Did you say 200 plus airports licenses have been issued by the government for the tier 2, tier 3 cities.
Tanvi T. Auti
200 plus airports are going to come up in. In the future. So a total of 400 airports in India have been planned up to 2050.
Unidentified Participant
Wow.
Tanvi T. Auti
So yeah. So not just in the highway sector now and in the railway sector also. I think with bullet trains and whatnot, project hyperloop projects also coming in. We can see significant number of projects adding up in the portfolio.
Unidentified Participant
Right. So this is obviously the. It will spill over many sectors you could say like tourism and hopefully wishes the plans to be a part of it for in consultancy or will there be more than that?
Tanvi T. Auti
Yes. So we have. We not only have experts for the highway sector, we are currently in the process of developing a team for the fourth sector as well. And we have made a. We have made. We are in talk with one or two strategic partners there. We are in the process of hiring one or two expert manpowers mainly for the master planning and design of airport. As far as railways and metros are concerned we. We have enough manpower available and you can take up assignments on a sole basis for the railways and metro sector.
Unidentified Participant
Wow. Good to know. Thank you.
operator
Thank you. Ladies and gentlemen, if you wish to ask a question you may press star and one at this time. I repeat to ask a question please press star and one now. As there are no further questions, I would now like to hand the conference over to Mr. Harshal Ghanciani for closing comments. Harshal sir, over to you.
Harshil Ghanshyani
Audible yes. Yes, yes. Okay, thank you everyone for joining the conference call of Dhruv Consultancy Services limited. If you have any queries you can write us@researchadharanadvisors.com Once again, thank you everyone for joining the conference call. Yes, thank you.
operator
On behalf of Kirin Advisors Private Limited. That concludes this conference. Thank you for joining us and you may now disconnect your lines.