Engineers India Limited (NSE: ENGINERSIN) Q3 2025 Earnings Call dated Feb. 10, 2025
Corporate Participants:
Sanjay Jindal — Director of Finance, Chief Financial Officer and Director
Vartika Shukla — Chair and Managing Director
Analysts:
Bhoomika Nair — Analyst
Mohit Kumar — Analyst
Nishit Master — Analyst
Manish Ostwal — Analyst
Vishita Lodha — Analyst
Sanjay Shah — Analyst
Arvind Joshi — Analyst
Unidentified Participant
Varun Gupta — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Engineers India Limited Q3 FY ’25 Earnings Conference Call hosted by DAM Capital 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. Should you need assistance during the conference call, please signal an operator by pressing star then zer on the touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms Bhoomika from DAM Capital Advisors. Thank you, and over to you, ma’am.
Bhoomika Nair — Analyst
Thanks,. A warm welcome to everyone on the 3Q FY ’25 earnings call of Engineers India. We have the management today being represented by Mr Sanjay Jindal, Director of Finance; Mr, Company Secretary and Investor Relations; Mr R.P. Bhatra, Executive Director of Finance and Accounts and Investor Relations; Mr Singh Chopra, Senior General Manager, CMD Office and IR; Mr Vivek, Senior General Manager, Marketing, Business Development and Investor Relations; and Ms Neha Narula, Senior Manager, Company Secretary and IR. At this point, I’ll hand over the floor to Mr Jindal for his initial remarks, post which we’ll open up the floor for Q&A. Thank you, and over to you, sir.
Sanjay Jindal — Director of Finance, Chief Financial Officer and Director
Thank you, Ms. Good evening, everybody. A warm welcome to Yale’s earning call of Q3 of financial year ’24 ’24-’25. We have declared results of quarter and nine months ended December ’24 on 105. As regard to financial performance for the three months ended December ’24, the company has registered turnover of INR750 crores vis-a-vis 676 crores during second-quarter of the financial year ’24-’25, showing an increase of 11% in turnoff. Turnaro from the and engineering segment stood at INR407 crores and from the segment at INR343 crores. Other income during current quarter ended December ’24 is INR37 crores as compared to INR53 crores during the second-quarter of current financial year. During the current quarter, the company has recorded profit before-tax of INR118 crores and PAT of INR88 crores in comparison to INR100 crores and INR79 crores, respectively during the second-quarter of the current financial year, showing an increase of 18% in PBT and 11% in PAT. Further, profit from operation for this quarter ended December ’24 reached INR81 crore vis-a-vis INR47 crores during the second-quarter of the financial year ’24-’25, showing an increase of 72%. This resulted in operating margin increased to 11% in December 24th quarter from 7% in September 24 quarter. In addition to our EBITDA for the quarter December ended is INR128 crores vis-a-vis INR110 crores during the quarter ended September ’24, showing an increase of 16%. Notably, EPS for the quarter ended December ’24 is INR1.57 vis-a-vis September quarter ’24 is 1.41%. On consolidated basis, profit-after-tax for the quarter ended December ’24 is INR109 crores vis-a-vis INR100 crores during the second-quarter ended September 24 of the financial year ’24-’25, showing an increase of 9%. The company has all-time high order — order book of INR11,353 crores comprising under consultancy segment of INR5,554 crores
Operator
And are under LSTK segment of INR5,799 crores as on this December 2027. Thank you. Thank you, Omeka.
Questions and Answers:
Operator
Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press R&1 on the touchstone telephone. If you wish to remove yourself from the question queue, you may press RN2. Participants are requested to use handsets while asking a question. Ladies and gentlemen we will wait for a moment while the question queue assembles thank you. Participants who wishes to ask a question may press star and one now. The first question is from the line of Mohit Kumar from ICICI Securities. Please go-ahead.
Mohit Kumar
Hi, good evening, sir, and thanks for the opportunity. My first question is on the what is the status of the IOCL tender where we were L1? Can we expect the finalization of the tender in the — in the coming months?
Sanjay Jindal
Which tender are you talking about? Sir, IOCL, I think one of the tenders we are L1, right? Last quarter we announced that we — I think we have mentioned we are L1 in of IOCL tenders, Panipad — sorry, Paradeep. Yeah, Paradeep petrochemical complex. We are L1. We are L1 and one of these projects basically they have the two projects. One is the Deep one package and other is package number two. In package number two and one, both of them we are L1. The PM package 1 has been awarded to us recent. I think last week it has been awarded to us and package number two is expected to be awarded in the next couple of weeks.
Mohit Kumar
Understood, sir.
Sanjay Jindal
So the result would be reflected in the next — I mean, basically the next quarter, basically ending of this quarter, you will get the results of that.
Mohit Kumar
Understood, sir. That’s very helpful, sir. Second, has the BPCF floated the tender for his consultancy tender for his new refinery in Andhra Pradesh. Is any progress out there?
Sanjay Jindal
I think the cost is floated as of now.
Mohit Kumar
What we can expect in the coming quarter, right?
Sanjay Jindal
It may come. It may come. Initially it will be initial studies, free project activities and all those things activities will be there. Later on, it would be the major tender will come, but not in this quarter itself. It should come somewhere in the next financial year, not towards the end of this quarter.
Mohit Kumar
Understood, sir. My last question sir, how is the work on CPCL progressing? How are you booking revenues as of now and we expect the revenue booking to pick-up in next fiscal year?
Sanjay Jindal
CPCL. CPCL, which product you’re are talking about CPCL expansion? It’s — I think our — the project is kind of on-hold, kind of on-hold because of the land issues. So we are yet to hear from them for the further decision on the product from the ILCL side.
Mohit Kumar
Okay, understood, sir. Thank you and all the best, sir. Thank you.
Operator
Thank you. Participants who wishes to ask a question may press start and one now. The next question is from the line of Nishit Master from Axis Securities. Please go-ahead.
Nishit Master
Sir, thank you for taking this question and congratulations on a good set of number. So just needed one clarification. There is a order which we’ve got, which is development of IIT Jammu Phase B. It’s on a depository basis. Now if you could just explain the difference between LST and depository basis, it would be helpful.
Vartika Shukla
There is no difference in the repository and LSPK. It’s almost the same philosophy. Almost the same philosophy, right? And the margin profile also would be similar. Almost similar, yes.
Nishit Master
Okay. Thank you, sir. Thank you so much thank you.
Operator
Thank you. Participants who wishes to ask a question may press R and one now. The next question is from the line of Manish Oswal from Nirmal Bang Securities. Please go-ahead.
Manish Ostwal
Yes, sir. Thank you for the opportunity. I have couple of questions on the company’s performance. First question on the — the order inflow, which we have received during the Nine-Month is close to INR7,000 crores compared to — which is almost 130% growth compared to nine-month period of last year. So first is the current order inflow, which we are getting, what is the margin profile on that? Can you explain because if I look at our mix of consultancy versus turnkey compared to December ’23 that has changed from 59% to 49% in favor of — in terms of consultancy, turnkey moved from 41% to 51%. So that has implication to the blended margin profile of the company. So can you guide us what is the sustainable margin turnkey projects for our existing order book and the consultancy margin so that we can figure out blended margin look like for the current order book segment profits?
Sanjay Jindal
I believe so. I think you are talking about the segment profit in the EPCM job and Listicated projects. In the EPCM job, we are having a segment profit of around 20% and in the gross, our segment profit is around 5% to 6%. And the current order book, what is the margin profile of the blended or margins to have order books, current order book INR11,352 crores. At this moment, our current order book this is INR11,350 crores and we have frankly business of INR5,800 crores and balance is consultancy job.
Manish Ostwal
And what is the timeframe of executing this order book? Timeline?
Sanjay Jindal
You are asking timeline?
Manish Ostwal
Yes, sir, timeline of executing this current order book 11352.
Sanjay Jindal
Maybe these projects are bigger in size. Generally they are executed — they’re being executed in three to four years. Unless until there is some, which may be completed in one year or so. Generally, bigger projects are completed three to four years.
Manish Ostwal
And the kind of — the kind of growth we have shown in the current year in terms of order inflow, can we sustain this kind of growth in the coming period?
Sanjay Jindal
Yeah, definitely, we are sure. We are targeting all the projects which are coming in India and we are very sure we will be technical consultant of all the clients, favourite consultant of the all the clients in future also.
Manish Ostwal
Okay, sir. I have only one request. I was trying for the meeting from the CFO face, but still I’m not getting the response. So I request you to please so that we can understand the business much more detail and advise our investors accordingly. Thank you.
Sanjay Jindal
Okay. Thank you.
Operator
Participants who wishes to ask a question may press star and one. The next question is from the line of Vishita Lodha from Swan Investments. Please go-ahead.
Vishita Lodha
Hi, sir. Thank you for the opportunity. My question is with respect to the previous participant question with respect to the L1 package. So can you quantify the second pack — the quantum of that order of the second package
Vartika Shukla
Listen, the package, the P&C is expected to be INR700 — around INR700 crores.
Vishita Lodha
Okay. And sir, in the previous conference call, you had said that order book in consultancy segment is expected to reach about INR8,000 crores to INR8,500 crores. So can you explain like the pipeline we have in consultancy, what kind of orders are we doing
Vartika Shukla
Order book, book quarter book has already reached INR11,000 crores.
Vishita Lodha
So I’m talking about consultancy order book. So consultancy order book is currently INR5,000 crores
Vartika Shukla
And order book would be with respect to the various upcoming orders, we must-have seen that this IOCL is going to be added in this financial year. Then we are bidding for few more projects in the petrochemical segment. Let’s hope for the best that next year we should be realizing those. There are various part proposals are in competitive mode and we are bidding for it. So they are in the pipeline. So we anticipate those things to be realized soon. Apart from that, infrastructure is another segment, which we have done wonderfully. So we are likely to get some opportunities right there too. You must-have seen the infrastructure has grown from earlier 25% to 44% in this segment. So we are getting lot of assignments in the infrastructure segment also. So all the segments would be contributing in this in EV reports.
Vishita Lodha
Okay. And in this quarter, we had reported an improvement in consultancy EBIT Margin so is this linked to the stage of execution of a particular project? Is there any is there any one-off in this margin because we have been guiding for only 20% of a sustainable margin. So if you can throw some more light on this would be helpful.
Sanjay Jindal
Thank you. This quarter margin is from the routine business of ERL. As you know, Yale revenues coming from the implementation of the project, which is cyclic in nature. This may be some more — this may be more in this quarter and this may be less in next quarter because it is always cyclic in itself. And increase in this quarter is only due to a increase in normal business only. From the implementation of project only. There is no one-time item is included.
Vishita Lodha
Okay. Thank you. Thank you, sir.
Operator
Thank you. Participants, you may press and one to ask a question now. The next question is from the line of Sanjay Shah from. Please go-ahead.
Sanjay Shah
Hi, thank you for the opportunity. Can you hear me? Yeah. I just wanted to check on what are the opportunities beyond — I mean, we are predominantly a hydrocarbon focused company. So are there opportunities beyond some of the conventional sectors into the new edge sectors, be it nuclear or some of the others? I know you mentioned about nuclear as an opportunity in the past, but just wanted to try and see if there are opportunities opening up in the new edge space.
Sanjay Jindal
The opportunities are there, definitely, it’s not only in the hydrocarbon sector. You know that we are focusing outside the hydrocarbon also, which includes the infrastructure, which includes the sunlight sectors, which includes the sectors like and. We have been doing various projects in now the steel sector. We have got various assignments. We have basically made the entry into the steel segment and lot of doing — a lot of engineering assignments out there. At the same time, we are again working for the segment like smelter and Elvina refinery projects, we are targeting them and we are getting few assignments there. So this is one of the segments then we have the segment like coal gasification. We are bidding for the upcoming coal gasification projects within the government has driven some approved the incentives for the upcoming coal gasification projects, which are there on the. So we’ll be targeting those. We are also working on the green hydrogen in green ammonia segment. We are already doing few projects with NTPC and then we’ll be having the latest — later parts like later implementation of those projects in the times to come. We are working with NTPC on the engineering assignments, which is purely a power sector. We are doing various structural stability studies for them. Similar kind of assignments are expected to come in — times to come. At the same time, we are there in the infrastructure, infrastructure, we have been doing pretty well. We have been doing with the like data centers, we are doing for the basically institutional campus. We are working the projects on OD basis. In fact, we have started working in projects on OV basis as well as on the repository basis in the infrastructure segment. So all these segments are beyond the hydrocarbon and we are contributing significantly — will be contributing significantly in our business apart from the oil and gas. But oil and gas is going to be the main market for us for this business. So we are not only lying only on the oil gas, we are also working on the other segments.
Sanjay Shah
Okay. Thank you. That’s really useful to know. And then in light of this, do you have some kind of a two-year or a three-year or a three to five-year growth map in terms of how much growth should as an investor be expect that going ahead, just given your order book and the kind of visibility that you have in the pipeline?
Sanjay Jindal
You must-have seen the order book right now, it’s INR11,000 crore. At least you are trying to be sustaining that much order book and will be at least increasing that order book. So that is a significant growth in last couple of years. We have been working for last three, four years consistently. Management has put in lot of focus on the new sectors, new areas, improvement of efficiency of the working productivity of the employees. All these segments we have been focusing not only on the business, all the fronts, new technology initiatives, visibility of company as a brand in the market. You see that today visible everywhere on the maybe Intranet or maybe Internet or on the social media. So brand improvement is also there. At the same time, we are working on the efficiency of our services and targeting the new projects. We are very much competitive. We are bidding very — despite being the — facing various challenges being the government of India company, but still we are getting the jobs on competition basis and very successfully getting those assignments. So those endeavors are there from all sides. So let’s hope for the best.
Sanjay Shah
Thank you very much.
Operator
Thank you. Participants who wishes to ask a question may press star and one. The next question is from the line of Arvind Joshi from Advisors. Please go-ahead.
Arvind Joshi
Yeah, hi, sir. Can you give us some updates on the West Coast refinery, the progress, if any?
Sanjay Jindal
West Coast refinery, we do not know the future of it because we have been hearing like it’s always published in the paper that it may not come. We might decide to go for two refineries at two different locations. So we don’t see any future at this point of time for this refiner. It’s all government decision and political decisions. When it is taken, we’ll get to know.
Arvind Joshi
Okay. Okay. And sir, any visibility on the new 2G ethanol plants and CBG plants that are there in the pipeline for us?
Sanjay Jindal
Primarily, we are targeting the oil and gas projects. PDG plants are also in the. We are looking for it and we are doing some internal studies also on the plant. So we’re not clear at this point of time how many projects we are going to be having those in our. We are targeting those and let’s see what we do in the key
Operator
Do participants who wishes to ask a question may press star and one anyone who wishes to ask a question may press R and one now. The next question is from the line of from DAM Capital. Please go-ahead.
Bhoomika Nair
Yes, sir. Sir, just wanted to understand, you know while we are L1 in the IOCL, but you know other pet-chem projects which are there in the pipeline, whether be it in terms of other IOCL projects or BPHP if or any others, if you can give some color on what is the refining capacity expansion planned by all the OMCs where they could possibly be some opportunities for us to look at, both in terms of refineries as also in terms of pet-chem.
Sanjay Jindal
Yeah. In terms of — you know that in terms of the pet-chem, this cracker is expected to come with publish the Phase-1 is being awarded Phase-2. Has been awarded to us and PMC 2 is that it will be awarded this month itself. That’s the major — one of the major projects which is coming on the frame. Then you must-have heard about the upcoming — upcoming petrochemical complex in Andhra Pradesh, wherein the work has initially initial work and they have allocated some INR5,000 crores for their additional pre-project activities. So that project is also on the enveil for the next year. There are few studies which we are — which are already in-place, which we are carrying out. These are for oil to chemical projects. One of them is for the private sector and two-three for the government sector at various areas depending on how feasible these projects are. If they are — if they are viable, then they would be coming in the shorter-term period because the studies are about to be completed in next couple of months, they will be making the decision. So let’s hope for the best. These projects are there. There are four, five such kind of projects and studies are on. At least two or three should realize and two or three should be materialized in the times to come in a year’s time. So those could be some other projects. There are certain refinery expansions, existing refineries are also thinking of expanding like refinery has plans for expansion. Refinities also has certain plans for expansion. So let’s hope for the miss. These are there in the initial stages. So in times to come, they will be converted into the major projects as well as their boards clear.
Bhoomika Nair
Okay. But any kind of if not in terms of crore in terms of possible refinery expansions where conversation is ongoing, which you think where ordering can possibly happen over the next two years. If you can talk about, you know in terms of the capacity increase in terms of refinery or in terms of pet-chem.
Sanjay Jindal
There are two refineries were sort of thinking of expanding — thinking of going for the expansion in the times to come. So that would definitely happen within one year time. Refinery and the refinery, both of them would be expanding. And there are news basically chatters are there in the news also that these are getting expanded. Apart from that, I told you that Petrochem Petchem complex is going to be Be there as a base. It’s a grassroot complex, so that would be integrating the refinery as well as the petrochemical complex within the plant in Andhra Pradesh. So despite that, apart from that, oil chemical projects are there. So those are also the refining from petrochemical complexes. As such, since the alone or refining capacity additions would be limited.
Bhoomika Nair
Okay. And on pet-chem side, I mean apart from the BPCL and the IOCL,
Sanjay Jindal
The projects would be integrated with the refinery and those will be the petrochemical complexes is integrated with the refinery apart from that in addition to the oil and gas, so basically oil to chemical complexes. So wherein the refinery and petrochemical are all together within the one project. But focus of that plant is on the, maximum output is petchem, but refinery is also there that will not be focusing on the transportation, more on the petchem of business.
Bhoomika Nair
Sure, sure. The other aspect is on the international business, we had put up our offices in Abdhabi, et-cetera. Are you seeing the order intake for the last two years been in that INR50 crore INR600 crore range also in the same kind of a broad range for the current year as well. How do you see that scaling up? What is the pipeline like? Any large orders government to government, bank related, anything which can possibly come up? Anything in the pipeline that you can talk about out there.
Sanjay Jindal
With respect to the government to government, there are very limited number of there. We don’t see any major discussions happening because it was the only one major investment by Government of India and Mongolia. Thereafter, we have not seen any major investment by government of India in any of the countries with respect to the oil and gas segment or any other major segment. But definitely with respect to the overseas business like our Abu office is doing pretty well and they are doing lot of assignments, engineering assignments. They have been getting lot of projects. Engineering mid-sized consultancy projects from the group of companies in the offshore segment in the onshore oil and gas segment, the refinery and petrochemical segment. So that office is doing pretty well and they are expected to grow well next year also because we are putting a lot of focus and lot of on this. We are increasing the manpower. So all focus is there. And apart from that, we are anticipating some of the — some minor projects may also come from the existing from Indian existing Nigeria segment wherein the — they might be going for certain one, the existing client might go for the modification in the plant, they will be adding few of the units there. So we have been talking to them. So some projects will come from there too. We are also doing one petchem complex. So it’s Phase-2 basically the implementation phase may come by the end of this year. So let us see. A lot of projects are there in there. We are bidding for various consultancy assignments in Algeria quite aggressively. So some of the assignments are also expected to become. We have won few smaller constantancy assignments in Algeria as of now, but we are anticipating more assignments from them. So these are some of the segments we are going for a targeted approach. In Middle-East also, Kuwait, we have been doing well. We have got various assignments from the KNPC and the other oil companies there. So is our consistent business of the giving a consistent business to us. We are running agreements with them with the major oil refinery there. We get lot of engineering assignments after these variant, we can sustain them as follows engineering assignment, but we are in continuously in the getting business from all these companies. So the focus is there, definitely on the Middle-East too.
Bhoomika Nair
Okay, okay. So sir, I mean, in effect what I’m trying to ask is the consultancy part of it, if you see there has been a significant improvement in the order inflows in the current year, we are already at INR3,000 crores, plus we’ll get some more orders in the 4th-quarter. Can this run-rate of INR400,000 crore INR5,000 crores of consultancy order intake be maintained given the pipeline that you’re seeing for the next one or two years? Yes.
Sanjay Jindal
That’s not difficult to get that because to maintain the similar kind of what we have today achieve — should be able to achieve the same kind of business next year or two with the kind of focus we have shifted and the points we are making, we should be able to get
Bhoomika Nair
Okay. Okay. Sir, lastly, just one thing on, you know, the NRL investment we’re doing, they are expanding capacity. Now as of date, what is our total investment in NRL and what will be the likely increase that we will do because of their capital requirements?
Vartika Shukla
Yeah. We have made INR700 plus 135 with the additional investment. Out of that we have scaled, I think INR100 crores we have already picked-up. So balance sheet around INR34 crore is
Bhoomika Nair
So INR700 plus INR135 crores INR835 crores will be a total investment in NRS.
Vartika Shukla
Yes, yes.
Bhoomika Nair
Okay. Okay. And so-far we’ve done some INR7800 odd crores, so INR35 crores is pending.
Vartika Shukla
Yeah. Okay.
Bhoomika Nair
Okay, sir. Okay. Thank you. Okay thank you.
Operator
Thank you. Participants who wishes to ask a question may press star and one now. The next question is from the line of Diren from Canadar Obanco. Please go-ahead.
Unidentified Participant
Yeah, hi, sir. Thanks for the opportunity. My question is on consultancy execution. So what kind of revenue can we expect over FY ’26, ’27 given the strong order book that we are sitting on
Vartika Shukla
Next year so there’ll be definitely growth in the next financial year and we are expecting some big order during the current financial year and next financial year. Over a period of time, definitely there will be growth.,
Unidentified Participant
I understand, but if you can give us some directional — I mean, how much execution improvement are you expecting next year over what we have seen in the current year?
Vartika Shukla
A normally directly in consultancy is around 36 to 40 months. So during the first year, the revenue recognition is around 5% to 7% and in the second and third year, the revenue recognition is around 35%. So going-forward in the financial year ’26, ’27, there’ll be a substantial increase in the turnover. We are expecting an increase in the. Got it.
Unidentified Participant
Got it, sir. And just one last one. This overseas big project that I think we had talked about earlier on the consultancy side, again, I think this was Dangote. Is there any update on the expansion project and the status of us getting the order here?
Sanjay Jindal
On Dangote, now they are not anticipating any major expenses at this point of time because at this point of time, they are focusing on stabilizing the refineries and increasing their production because it’s running at the lesser capacity because they had certain crude shortages within the country itself. So they are trying and stabilize that refinery. Thereafter in years time, they will be going for a lot of modifications in the existing front like they would be adding certain units and try to improve the product quality and all those kind of revamps as well as modernizations would come. Almost maybe a year’s time, they might go for the pet-chem. They have certain projects on the end will, but not in this financial year and probably by the end of next financial year as soon as the refinery stabilizes and they have the financial condition to meet — to invest those projects. So they will definitely go for it. We have recently visited and met them and they have shown certain interests in that. So let’s hope for the best. As soon as the refinery gets stabilized, I will have more opportunities like them.
Unidentified Participant
Got it. So no other large order in the international — in the consultancy side that we are expecting, right?
Sanjay Jindal
No, there in the Abu Dhabi segment, we are bidding for it. I would say it’s a fairly large segment. So it’s got INR30 crores INR40 crores, INR50 crores of work of business is there. Many projects which we are targeting, it’s mostly the feed, PPC and projects are there, we are bidding for them and those are — those would be coming.
Unidentified Participant
Got it. So what kind of order inflow from international and consultancy can we expect? I mean, ballpark, I’m just asking, sir.
Sanjay Jindal
How INR40 crores INR50 crores each? Each project. There will be many such projects accumulated, many such projects, it will be mid-sized projects totally it can be accumulated and they add to the good business per year. Apart from that, say, certain projects, major projects are also — EPCL projects are also in the bidding phase. Let’s hope for the best because there’s lot of competition in that segment. We are trying for that. So we’ll try and get those assignments. They are larger in size.
Unidentified Participant
Sure, sure. Thank you. Thank you so much.
Operator
Thank you thank you. Participants who wishes to ask a question, please press star and one. The next question is from the line of Varun Gupta from B&K Securities. Please go-ahead.
Varun Gupta
Good afternoon, sir. Thank you for the opportunity. I just need one clarity. Earlier — correct me if I’m wrong earlier in your previous phone calls, you had mentioned that for FY ’25, you are looking to do a turnover of around INR3,500 crores. Given how we have performed in the first-nine months, are we likely to maintain that guidance or will there be any revision to that number?
Sanjay Jindal
Yeah. At this moment, we are working with our clients for some change orders. And till the time such change order finalized, we are expecting to be remain same building turnover of these last year, around 3,000 and in case we are able to finalize our 10 order, then definitely we are going to hit the figure of 35.
Varun Gupta
Okay, got it, sir. That’s all from my side.
Operator
Yeah, okay. Participants who wishes to ask a question please press and one anyone who wishes to ask a question, please press star and one. The next question is from the line of Nar from DAM Capital Advisors. Please go-ahead.
Bhoomika Nair
Sir, just one small bookkeeping question on what is the cash on books right now at the end of 3Q?
Vartika Shukla
Cash is around INR100 crores.
Bhoomika Nair
Okay, sir. Okay. Okay. Understood. A fair point, sir. I think there are no more questions in the queue. I want to thank all the participants and particularly to the management for giving us an opportunity to host the call. Really appreciate it, sir, and wish you all the very best. Thank you very much.
Sanjay Jindal
Okay. Thank you. Thank you. Thank you.
Vartika Shukla
Thank you. Thank you thank you.
Operator
On behalf of DAM Capital Advisors, that concludes this conference. Thank you for joining us and you may now disconnect your lines.