ITD Cementation India Limited (NSE: ITDCEM) Q3 2025 Earnings Call dated Feb. 13, 2025
Corporate Participants:
Prasad Patwardhan — Chief Financial Officer
Jayanta Basu — Managing Director
Analysts:
Nidhi Shah — Analyst
Aditi Loharuka — Analyst
Shrey Gandhi — Analyst
Noel Vaz — Analyst
Pratik Kothari — Analyst
Jainam Jain — Analyst
Aditya Sahu — Analyst
Neha Raichura — Analyst
Devang Shah — Analyst
Parikshit Kandpal — Analyst
Vipin Kumar — Analyst
Nishit Singhai — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the ITD Cementation Conference Call hosted by ICICI Securities. As a reminder, all participant lines will be in the listen-only mode and there’ll be an opportunity for you to ask questions after the presentation concludes. Should during the conference call, please signal an operator by pressing star and then zero on your touchstone phone. I now hand the conference over to Ms Nidhi Shah from ICICI Securities. Thank you, and over to you.
Nidhi Shah — Analyst
Thank you, Mike. Good afternoon. On behalf of ICICI Securities, I welcome you all to the Q3 FY ’25 earnings call of Cementation India Limited. Today, we have with us from the management, Mr Basud, the Managing Director; Mr Prasad, the CFO; Mr Rahul Agarwal, Lead of Investor Relations. We begin the opening remarks from the management, followed by a Q&A. Thank you and over to you, sir.
Prasad Patwardhan — Chief Financial Officer
Thank you, Nil. Good morning, everyone. This is from ITV Cementation. Before we start the con-call, let me remind everyone that there could be some forward-looking statements made during this call, which will be subject to several risks and uncertainties and the actual results may differ materially from these statements. Now coming to our numbers, which we announced yesterday for Q3 FY ’25, we have reported a top-line of INR2,250 crores approximately as against INR2,17 crores a year-ago, which represents a growth of 11%. EBITDA margin has come in at 9.5% and profit-after-tax is INR87 crores, which is again a growth of 11% on a Y-on-Y basis. For the nine months ending December ’25, our revenue consolidated revenue is INR6,600 crores, which represents a growth of 21% on a year-on-year basis. EBITDA margin for the nine-month period stands at 9.9%. Profit-after-tax is INR259 crores for the nine-month period as against INR185 crores in the previous financial year nine months, a growth of 41%. Our balance sheet continues to be under-leveraged and the net debt-to-equity ratio is about 0.4 times. In this nine-month period, we have secured orders of about INR6,370 crores. And in addition to that, we are L1 on orders of about INR800 plus crores. So that is all from my side. To start with, I will now hand over to Mr Bashi for the initial comments and then we’ll start with the Q&A session.
Jayanta Basu — Managing Director
Thank you, Prashad. Welcome all to this Q3 results telecom. Has given the data for the financial there is revenue and the profitability. There are some significant achievement we had during last quarter. First of all, I must say that we have got two big orders, that is Vadwan Port and IKEA. So both are close to INR600 crores INR1,700 crores. And Port, as you know that these are initiated by the Government of India, huge investment is expected and we are happy that we get into that in the first package. Similarly, IKE also very prestigious job, iconic building at Delhi, Noida. So that is also a good order book for us for last quarter. In addition, we have some other small jobs from media’s agency. So today, if we see our work secured is around INR6,600 crores this year and we are expected to get up to INR9,000 crores, which will be — I hope will be achieved. Now coming back to last quarter performance in terms of the revenue, which is INR2,240 crore or INR50 crores, this is largely impacted because of the Bangladesh project, as all of us know that we are having a job going on in Bangladesh where since from August, September we could not do any work, which is a starting point actually after the monsoon. And that was nothing related to our performance. It was government of India has, I mean, not allowed us to do the work because of the local condition and it is valid for all the company. So the revenue what was expected during the last quarter from Bangladesh, which was a big chunk, which we could not get. Otherwise, our revenue top-line would have been at least INR200 crore more. Then you could have seen the similar type of growth of 23% 24% quarter-to-quarter. Otherwise, bottom-line is all okay and working hand today we have got INR20,000 crores of working hand and out of that I think government is 50% and private is 42% and PSU 8%. This complexity little bit change going-forward. As you know, our new promoter will like to do much more work. So there could be some inorganic growth as well. So all these things has to see in how it goes going-forward. But there will be a lot of opportunity and a lot of improvement in the top and bottom-line is expected going-forward. So coming back to the project, Chennai Metro, project and, all the big projects are going okay. The of completion. So nothing much to deported about the projects are all under control. That’s all from my side. So I’ll be happy to have questions from your end. Please go-ahead. Thank you.
Questions and Answers:
Operator
Thank you. We will now begin the question-and-answer session. Participants who wish to ask a question may press on your telephone. If you wish to remove yourself from the question queue, you may press Tar N2. All participants are request use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We have the first question from the line of Adity from CD. Please go-ahead.
Aditi Loharuka
Hello how do you think is your order pipeline getting influenced by depreciation of rupee or depreciation of the rupee
Jayanta Basu
I don’t think that will affect much because as you must be knowing that our overseas presence is around 10% to 11% and the depreciation of rupees while pricing will take care of that forex portion. And going-forward, I don’t know. I don’t see that will affect our order pipeline at all.
Prasad Patwardhan
Yeah., we don’t expect any impact on the order flow because of the depreciation of the rupee.
Aditi Loharuka
Okay. How much of your current order book comes from international markets?
Prasad Patwardhan
About 10% of the order book is from overseas markets.
Aditi Loharuka
Okay. All right. And what sort of leap in project execution capabilities the company needs to take as it moves towards executing more than INR10,000 crores of order book
Prasad Patwardhan
Sorry, can you repeat the question,?
Aditi Loharuka
What sort of leap in project execution capabilities the company needs to take as it moves towards executing more than INR10,000 crores in any financial year?
Jayanta Basu
Yeah, already this year will be close to INR10,000 crores, if not INR10,000. So we have the capability to do INR10,000 crore. And in terms of the execution capability, what we need we need some capex involvement. Normally we try to get it from the market because the plant and want to use, unless it is very specific, we can get it from the market. Manpower wise, we are already there, maybe some infusion required bottom level and the labor force, of course, we have to get from the market, which is sometime bit a challenge. We don’t see much of challenge to grow in terms of the delivery is concerned.
Aditi Loharuka
Okay. So up to what level of projects can the company execute with the current capability.
Jayanta Basu
It depends it is. There is no straight answer because the same setup can do INR200 crore job can do INR500 crore job you require a project manager, you require the following staff for both that type of project. So if you ask me now with this ballpark, maybe you can go up to INR13,000 INR40,000 crores easily. Thereafter you may require to increase some capex manpower.
Aditi Loharuka
Okay. And what sort of operational excellency do you people now need like if at all post exit of the forging promoter?
Jayanta Basu
Well, I mean, technology is the key. So materially we have to improve and we are improving in many folds. We never did pile of — just very technically I’m talking about 50 to 60 ton weight. We are doing not 300 ton each pile. We are using 1,500 ton of crane in floating condition. So there are many things. Technically we are continuously upgrading ourselves. So that is required also because timeline has shrunk. Earlier days we used to take more time government is to allow now. The timeline is also strong, quality has increased so technological investment is going on.
Aditi Loharuka
So apart from technological improvement ITD is well-versed with all the excellences which is required.
Jayanta Basu
Yes, yes.
Aditi Loharuka
Okay, thank you.
Operator
Thank you. We have the next question from the line of Sri Gandhi from Mangal Keshav Finance Services. Please go-ahead.
Shrey Gandhi
Good afternoon, sir. So my first question was regarding the acquisition of Open Offer. Like, expect the open offer to commence. So my first question was that. Second question was key, do you expect any main change post the acquisition? Is there any kind of main change going to happen for the company? This was my second question.
Jayanta Basu
So offer depends upon certain — I mean gratitude one clearances we are waiting for, not we are waiting for. I mean the sellers and buyers are waiting for which will happen. It’s a matter of I not say two months from now. Very soon, one month, it should be okay. And many names we are expecting post the question immediately because there has been no discussion on that line.
Shrey Gandhi
Okay. They will continue. Okay. And sir, my next question was regarding so this time the results, what we have seen is EBITDA has come very flattish on year-on-year basis. So like what kind of operational challenges did you face because of the EBITDA — at the EBITDA level margins normally you have been maintaining over 10% margins and this time you have come near a 9.5% amount. So like — and how do you see it to improve it further?
Jayanta Basu
Well, I think this quarter-to-quarter this we have to get-out of that, because some quarter will be good, some quarter will be very good, some quarter will be average. In total it will have to see, we don’t see much of challenge because been behind us now when Bangladesh also could have contributed a large chunk of margins which was not done. So I don’t see that as a reflection of going-forward.
Shrey Gandhi
Yeah. So you are confident of maintaining around 10 — above 10% margin which you have been maintaining over the years, right?
Jayanta Basu
Yeah, I think it should be, yes.
Shrey Gandhi
Okay. And sir, out-of-the total bidline of around INR31 crores, which you are told INR12,000 crore INR13,000 crores we had already in last quarter. So like how much is for this under how much — and when do you expect it to finalize the order pipeline?
Jayanta Basu
Be it we have already submitted around INR15,000 crore roughly which is under various stages, either negotiation or L1 or just submitted on that INR15,000 crore tend that we are working for which will be submitted maybe okay.
Shrey Gandhi
Okay. Okay, sir. Thank you so much. Thank you.
Operator
Thank you. We have the next question from the line of Noel Vaz from Union Asset Management. Please go-ahead.
Noel Vaz
Yes, thank you for the opportunity. I just have — I just have one follow-up question. Just to clarify, the order inflow you have guided for FY ’25 is INR9,000 crores.
Jayanta Basu
Yeah, I think around that INR9,000 crores.
Noel Vaz
Okay. And do we have any clarity for the next year, FY ’26?
Jayanta Basu
FY ’26, I cannot give a clarity, but it should be around INR12,000 crore crores order we should get next year.
Noel Vaz
Okay. Thank you. And just one point, you had mentioned something about inorganic growth opportunities. So could you just — I mean, what would that look like for a company like us?
Jayanta Basu
Okay. If you have, if you have said that we are in metro, we are in marine, we are in airports, we are in special job and then industrial structure, some building and irrigation, water. We are most everywhere we are there. But there are road also we are there but there are few opportunities which may come once the new promoter comes, you know. So I will not be able to comment much of that. So you have to guess. So let us see. I mean there could be some element of the work we have to do but the opportunities will be huge and good business as well. Yeah.
Noel Vaz
Okay, but this will be more like JVs or this will be — I mean, what structure would it look like or would it will be
Jayanta Basu
No, no, not JV. We have got to improve our capability. We have to induce some team. So those process will take some time. I mean, it is not that next one is going to happen maybe after seven, eight months time. But opportunities are there as we understand from the — from the new promoter would be. So it will be by in-house only.
Prasad Patwardhan
No, just to clarify further, I think what we mean is getting into certain segments that we probably don’t have a presence today. I don’t think we are talking about any growth or acquiring any other company at least as of now.
Noel Vaz
Okay. Thank you for the clarification. That is all from my side. Thank you.
Operator
Thank you. We have the next question from the line of Pratik from Unique PMS. Please go-ahead.
Pratik Kothari
Yes, hi, good afternoon, sir. Just to your — to your last comment, just to confirm. So when you mean inorganic, you mean you intend to enter new segments. This is not acquiring a company?
Jayanta Basu
Yes, yes. That’s exactly.
Pratik Kothari
Okay. So this would be what we had spoken about, sir, in the last call, I mean green hydrogen, data centers, I mean the possibilities, I mean, what is it that we currently don’t do but potentially can do in the future?
Jayanta Basu
Exactly. I think you’ll go as much as
Pratik Kothari
Fair enough. Sir, one on the international side, I mean, I mean, just how are things progressing there? I mean, we wanted to build-up a large part of our order book from there, especially in the Marine, Middle-East, Africa, other regions. Just how are things panning out on the international side?
Jayanta Basu
Is the same and it’s quite good going on. We are expecting at least one order very soon from international that is the main segment. Another two, three tender already have submitted. We are hopeful that we may get one from there. So we are maintaining the same sort of tempo in overseas market for marine segment is concerned.
Pratik Kothari
Correct. And sir, it’s been about three, six months since the new promoter has come in. Any conversations either with them or with clients, anything that you would like to highlight positive, negative, anything?
Jayanta Basu
Well, definitely there have been some conversation. It has to be. So the new promoter they have got a huge, their internal planning to invest lot of lot of money to have green energy, to have many, many other, many other things from data centers and roads and whatnot. So as those require infrastructure those, we’ve got a lot of construction and MVP activity. So huge opportunities are lying in front of us to do a lot of work with all running group.
Pratik Kothari
Correct. And then this 20% 25% revenue guidance which you had given for two, three years, I mean this still holds, ex of Bangladesh also.
Jayanta Basu
Yes, yes. I mean, we will continue to do whatever we are doing. And for the new promoters, there will be some job as well, I mean, not only India.
Pratik Kothari
Correct. And just to confirm of this INR20,000 crores, Bangladesh should be about INR1,500 crores in order book.
Jayanta Basu
That’s all we have.
Pratik Kothari
Correct. Thank you and all the best, sir.
Operator
Thank you. We have the next question from the line of Janum Jain from ICICI Securities. Please go-ahead.
Jainam Jain
Thank you for the opportunity. Sir, my first question is, what is your order pipeline currently
Jayanta Basu
Order pipeline, as I just mentioned that around INR50,000 crores of worth of tender we have submitted and we are lowest in around INR800 crores, we are L1 and tender which is yet to be submitted will be another INR15,000 crores roughly.
Jainam Jain
And sir, can you just give us some details pertaining to inventory trade receivables, unbilled revenue, modernization advance and trade payables?
Prasad Patwardhan
Then outstanding, the net working capital is under 100 days. So I mean, it is very much under control and we are collecting money from our customers on a regular basis. So apart from contractual detention which is held back by the customers, we are able to realize our money on-time. So it’s under 100 days, which I think it is part of the industry or maybe better than that?
Jainam Jain
Okay. And sir, considering the order inflow guidance of INR9,000 in this year, until now we have made two-third of the guidance, like are you confident enough to meet this year — this year guidance and like any specific project, which you would like to highlight, which is giving us this confidence?
Jayanta Basu
We are confident that as I mentioned to you that one of the — we are already in the 800 crore job, so that is one job which we are more or less here that will get the LOI for job crores. So more or less we are okay with the INR9,000 the INR9,000 crores
Jainam Jain
Okay. And what is the project detail of the project? I mean the INR800 crore project
Jayanta Basu
What is that Betro work-in the in which that we can discuss it separately, but 800 crore jobs are involved.
Jainam Jain
All right, okay, sir. That answers my question. Thank you so much and all the best.
Operator
Was that your last question,?
Jainam Jain
Yes. Thank you for the opportunity.
Operator
Thank you. We have the next question from Aditya from HDIC Securities. Please go-ahead.
Aditya Sahu
Hi, thank you for the opportunity.
Operator
Sorry to interrupt you. I request you kindly go off the speaker phone. Your audi pretty low.
Aditya Sahu
All right. I’m audible right now. Yes. Sure. Just one small question over here. Of the bid pipeline that we have INR15,000 crores, how much of that would be from the overseas markets?
Jayanta Basu
Yeah. INR2,500 crores roughly.
Aditya Sahu
Understood, sir. And just one other question. On the capex front, what would be the capex that we have done in till Nine-Month FY ’25 and what are we planning to do for the remaining part of the year?
Jayanta Basu
Capex till nine months we have done around INR100 crores. So which is much less than what we had last year Apple to Apple. And going-forward to be how much, maybe another INR15 crore INR20 crores maximum. So total capex this year would be INR120 crore, INR125 crores at the next.
Aditya Sahu
Understood, sir. Thank you so much.
Operator
Thank you. We have the next question from the line of Neha Raichura from Abacus Asset Manager. Please go-ahead.
Neha Raichura
Thank you for the opportunity, sir. So my question is on the Bangladesh project. If you can just share some details on the issues that we have faced in Bangladesh. So last quarter you had mentioned that it was because of the political tension. So what exactly — I mean are the on the on-ground challenges that we are facing right now? Are there any difficulties or technical difficulties or — and have they eased out now?
Jayanta Basu
Will up to a certain point, none of the Indian companies were allowed to do the work, start the work there because of, as you know, all you know, there are some turmoil. But a few months back, maybe end of November or mid of November. So it was cleared and today we have mobilized all the people and the plant is getting mobilized there. So things are quite okay. But because of the delay in the mobilization, which was supposed to happen in month of September, October, which is happening now. So there is a gap of three months this time, which we have lost. Otherwise, today’s is okay and we are able to do one there. No, no issue.
Neha Raichura
Okay. So in that sense, then how much revenues can we expect from this project say in this current quarter and then for FY ’24?
Jayanta Basu
I mean, next year is okay, hopefully the things will be — there will be no effect for us. But this year, if you see up to this quarter, quarter one, two and three, we have INR500 crores of revenue we have considered where we have done hardly INR150 crores. Okay. Okay. Even in last quarter, INR300 crore revenue was budgeted, we have done only INR97 crore revenue. So this year has been affected by Bangladesh.
Neha Raichura
And sir, any broad number for FY ’26 that we can expect to do from this project?
Jayanta Basu
Number-one, you have to see because that depends upon detail I have to find out. Total INR1,500 crore job we have to complete in good 30 month time.
Neha Raichura
So and also just my question — second question was on the other expenses. So this quarter if we see we have significantly increased almost 26% 27% up year-on-year and even the debt levels have increased. So is this both because of this particular project or is there some other reasons for these increases?
Prasad Patwardhan
No, no, it’s nothing to do with any particular project. Overall, the scale of operations has gone up and the other expenses need to be seen along with the material costs and the subcontracting costs. So it just depends on the mix and the inputs that go into any project execution. So it’s not related to any single project.
Neha Raichura
Okay. And sir, just my last question on the opportunity side from the port. So I think the opportunity — the total opportunity size stands at almost about INR170 crores INR18 lakh crores. So is that the right number? And if you can just guide on what opportunities are we seeing from there so there are opportunities.
Jayanta Basu
I will not be able to comment on the number, but there are opportunities we have already there secured the first package so there will be another second or 3rd package will be in the pipeline. so we have to see where the tender comes. Yeah,
Neha Raichura
Okay. Thank you. That’s it from me. Thank you.
Operator
Thank you. We have the next question from the line of Devang Shah from AssetC Mehta Investment. Please go-ahead hello, sir. Yes. Yeah. Good afternoon, sir. Sir, the way we are seeing the budget in which once again the emphasis is given for infra growth and the capex push has been given. So do you feel next year also there will be a good allocation whatever maybe the public-private partnership and the segment in which predominantly you are into diversified. So there is a huge scope and opportunity for you to also to get some kind of bidding as far as tender is concerned and chances of getting some kind of winner also. So we may expect a significant order inflow also for the next year because you already earlier commented around INR12,000 crore to INR30,000 crores. So sir, that could be a possibility and it can increase also for next year as far as order inflow is concerned.
Jayanta Basu
So it depends upon one stroke of luck because if we get an order of one single order of INR5,000 crores, the INR12,000 crore figure will be INR17,000 crores, you know. And whatever government investment will come next year, that will not affect much, but already whatever investment is there, that is quite a bit, quite lower seas market also, there are good opportunities. Middle-East is opening very fast. So yes, I mean, next year should be good for all the infrastructure.
Devang Shah
And sir, as far as just one question that there is any kind of risk that you are pursuing as far as execution risk are concerned due to domestic and global kind of challenges.
Jayanta Basu
Domestic risk, whatever risk we had, we have — so we know the risk, so we can cater that. Of course, if we go-to-market, if it is a new market, we have to assess the risk and this country has got their different chemistry. So in general, generic is very difficult to say like Banglade is we never expected this to happen, you know. So that is the political risk. Sri Lanka which are supposed to be very risky country in terms of economy now it is going very well. So things like that it has to be assessed time-to-time, it’s very dynamic situation.
Devang Shah
Okay. And sir, for next year, what kind of capex that you are projecting? Because for this year, you already mentioned around INR120 crore for next year, any kind of plan for a capex?
Jayanta Basu
We really haven’t have any plan because it depends upon — there are a few big jobs which may come in the way and those require some new plant and machinery. So we have not plant anything for next year. I will try to keep it under control, but if we have to diversify to some new field, maybe capex has to be there. So really I don’t have an exact number now,
Devang Shah
Okay. And sir, one more question that are you going to maintain the margin or there is a scope of any kind of improvement also, the EBITDA margin that is around 9% to 10% range in which you are into. So by considering the fact you are now bidding new projects, so it is a margin lucrative, there is any scope of expansion of margin from here on or it will remain stable.
Jayanta Basu
So actually, it is market-driven and the segment driven. Basically the construction industry margin is around that, 9%, 11%. So of the company, those who go for different model, BOT and annuity, etc., et-cetera, there is different, but we are purely EPC infrastructure company. So I don’t see there will be much change unless we do something exceptional in a particular.
Devang Shah
So it is going to remain stable around 9.5% to 10% that should we can expect?
Jayanta Basu
Yes, yes.
Devang Shah
Okay. Okay. Thank you, sir. Thank you.
Operator
Thank you. We have the next question from the line of Parikshit Kandpal from HDFC Securities. Please go-ahead.
Parikshit Kandpal
Yes, sir. So first question was on the guidance. So you — so did you see on in the call that this year revenue will be about INR10,000 crores? Hello? Yes, sir, can you hear me hello? I said it will be close to INR8,000 crores. Yeah, okay. And margin is about double-digit EBITDA margins.
Jayanta Basu
Yeah, it should be.
Parikshit Kandpal
Yeah. Okay. Sir, next year you have guided for INR10,000 to INR12,000 crores of inflows. So does it include the inflows coming in from your — the new promoter or that will be over and above that?
Jayanta Basu
Sir. I think it’s together.
Parikshit Kandpal
Okay, that will be together. And what are the pending regulatory approvals required because I think we’ve got CCI approval and earlier ITD shareholders have approved this acquisition. So what is the pending approvals required for this? I mean, does the RBI approval is required and before the open offer gets executed. So if you can help us understand the pending regulatory requirement or approvals required for the open offer now.
Prasad Patwardhan
So, we don’t need to take any approval from the RBI for this transaction. What is remaining now is largely the SEBI approval for the open offer and a few consents from the lenders. So once that is true, the collection will be — will go through.
Parikshit Kandpal
But within this — do we expect to close this within the end of 31st March?
Prasad Patwardhan
I mean, within the financial year, the open offer will get closed. Yeah. As of now, I think it would be safe to say that the election should get completed by March by next month.
Parikshit Kandpal
Okay. Okay, sir. Sure. Those are my questions. Thank you.
Operator
Thank you. We have the next question from the line of Vipin Kumar from Sumangal Investment. Please go-ahead.
Vipin Kumar
Hi, sir. Thanks for the opportunity. So we have various JVs with our current promoter ITDC Thailand. So what will happen to those JVs post their exit?
Jayanta Basu
And then those projects have almost completed. Maybe in the next six months or so Mumbai Metro, Calcutta Metro projects and one or two other projects will get completed and there is no other work that is coming in those joint-ventures —
Vipin Kumar
But they were our key technology partners, so we were getting some technologies from them. So what will happen to that part?
Jayanta Basu
See we are with them for last close to 20 years and because of them we have started doing airports in underground metro and once upon a time, they used to have 300 people working in India, which has come down to now only 30 people now. So technology more or less, whatever we do, we don’t require their support. But I’ve more of — more than that, we have an agreement that they will keep on supporting us so that they are in the board or not technological support they will give. There is agreement with us, and there. So I don’t see there is much of issue on that.
Vipin Kumar
So will you be paying any royalty for that technological support front?
Jayanta Basu
That needs to be seen because that is between the two of the promoters. I’ll not be able to comment on that. But at least we have in principal agreement that technology support will be continued if required.
Vipin Kumar
And last question, sir, your new promoters, so will we be getting orders from them on nomination basis or there also will have to compete via tender on? So have you any discussions with your new promoters on this subject? Can you throw any light on this?
Jayanta Basu
Yeah, I got it. So-far I know it will be the process which have been followed. They will go for the tender and based on that will be awarded.
Vipin Kumar
So on nomination days is only
Jayanta Basu
No they’ll go for tender they’ll invite beat from the all the and then they will take a decision based on the evaluation of the beat
Vipin Kumar
Okay sir thank you and all the best thank you. Thank
Operator
Thank you. We have the next question from the line of Nishit Singhai, an Individual Investor. Please go-ahead.
Nishit Singhai
Yes, hi. Good afternoon, sir. Thank you for the opportunity. So my question is on the Bangladesh front again. So are we expecting any revenue shortfall in the current quarter as well from the Bangladesh project?
Jayanta Basu
Yes. And current quarter because current quarter this January, February is almost gone. So actually we were supposed to do piling from the month of November, that means this quarter the full swing from January, February, March full work that is there, but the piling activity will start maybe end of this quarter, which is a major source of revenue. So there will be definitely the revenue will be affected even this quarter also.
Nishit Singhai
Okay. And so I believe the mobilization advance we were supposed to receive in the last quarter. So will that revenue be covered up in this quarter?
Prasad Patwardhan
No, no, we have already received the mobilization advance earlier this year. So there’s nothing yet to be received on the Bangladesh project in terms of the mobilization advance.
Nishit Singhai
Okay, okay. So basically, we are just at a three to Six-Month delay that that’s it else things stay the same.
Jayanta Basu
Yes, yes, yes.
Nishit Singhai
Okay. Thank you. Thank you.
Operator
Thank you. We have the last question from the line of Mr Sri Gandhi from Mangal Kesha Finance Services. Please go-ahead.
Shrey Gandhi
Yeah, good afternoon, sir. So is there any projects which is going on Dubai side in Dubai, do you have any project lined-up?
Jayanta Basu
Not executing any project in Dubai as of now projects in.
Shrey Gandhi
Okay. Thank you so much. Thank you.
Operator
Thank you. That was the last question. I would now like to hand the conference over to the management for closing comments.
Jayanta Basu
Thank you. Thank you everyone for joining us on this Q3 FY ’25 earnings call. We look-forward to interacting with you again next quarter. Thank you once again.
Operator
Thank you. Thank you. On behalf of ICICI Securities, that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.