Patel Engineering Limited (NSE: PATELENG) Q3 2025 Earnings Call dated Feb. 12, 2025
Corporate Participants:
Kavita Shirvaikar — Managing Director
Rahul Agarwal — Chief Financial Officer
Analysts:
Dheeraj Singh — Analyst
Narendra — Analyst
Viraj — Analyst
Pritesh — Analyst
Tanishq — Analyst
Disha Shah — Analyst
Shubham Shelar — Analyst
Manish Gupta — Analyst
Yash Mhatre — Analyst
Nitin Gandhi — Analyst
Sunidhi Joshi — Analyst
Pranchal — Analyst
Pija — Analyst
Abhishek — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Patel Engineering Limited Q3 FY ’25 Earnings Conference Call hosted by Ashika Stock Broking Limited. 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 zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr Singh from Ashika Stock Broking Limited. Thank you, and over to you, Mr Singh. Thank you.
Dheeraj Singh — Analyst
Thank you. On behalf of Ashika Institutional Equities, I welcome you to — I welcome you all to Engineering Limited 3Q and nine months FY ’25 earnings con-call. From the management side, we have Ms, Managing Director; and Mr Rahul Agarwal, Chief Financial Officer. I hope everyone had an opportunity to go to the investor deck and press release that we can have been uploaded on exchanges and the company’s website. I would like to mention a short disclaimer before we begin the call. This call may contain some of the forward-looking statements, which are completely based upon the beliefs, opinions and expectations as of today. These statements are not a guarantee of the future performance and involve uncertain risks and uncertainties. With this, now I hand over the call to Ms, Managing Director for closing remarks. Thank you, and over to you, ma’am.
Kavita Shirvaikar — Managing Director
Thank you. Good evening, everyone, everyone. Thank you for joining our Q3 FY ’25 earnings call. It’s a pleasure to speak with you all here today. We have uploaded the presentation summarizing the company’s performance for Q3 FY ’25 along with the results on the stock exchange for your convenience. I trust you, you had the opportunity to review the same. I shall provide some updates on both our company’s performance for the last quarter ended, 31, 2024 and the future outlook considering the latest project and other ongoing initiatives taken by the government. We are once again happy and proud to present a good set of financials for Q3 FY ’25. We have been able to achieve a revenue of INR1,205 crores, which is growth of 13.6% for the quarter as compared to the corresponding quarter in previous year. And our net profit has grown by 14.5% from INR70 crores in Q3 FY ’24 to INR80 crore in Q3 FY ’25 and by 48% from 140 in Nine-Month FY ’24 to INR209.3 crore in Nine-Month FY ’25. This robust performance is due to commencement of full-fledged works across projects post-monsoon our total realization from non-core assets, monetization of awards is around INR486 crores, out of which INR36 crore is from land monetization, INR100 crores from sale of stake in Michigan and balanced INR350 crores from arbitration awards. Further, I’m pleased to announce that we have substantially completed the permanent integrated oil level building located in Jammu and Kashmir. This pilot project, designed with special features to achieve a net zero habitat aims to improve the quality-of-life of our soldiers stationed in extreme weather conditions. The building is designed to maintain an internal temperature of around 22 degrees even when outside temperatures dropped to minus 35. The project was substantially completed in December 2024 with the final testing and commissioning expected to be carried out shortly. At our Quar hydroelectric project located in Jammu and Karashmir, we have commenced dam concreting a key milestone, which was officially inaugurated by the CMD of NHPC, Shi RK and CVPPL MDC Ramesh. The one more project in J&K, the Parnay project also reached key milestone with the completion of civil works for the Bharash and bridge. Next, at our Tunnel T15 and part tunnel T-14 project, we successfully completed the second-stage concreting at the T-14 Edit, which is a crucial step forward the completion of the entire project. On the tunneling front, we are also making strong progress at the tunnel T7 rail line project, having completed the overtlining for the first kilometer out-of-the total three kilometers. Hence, overall, this quarter has been quite good and the company expects to continue the momentum going-forward. Now let me discuss the key takeaways for us from Union Budget for FY ’25-’26. The honorable Finance Minister’s eighth budget focuses on infrastructure as a key driver for India’s economic growth and its goal of becoming a borrowers by 2047 India is expected to remain the fastest-growing major economy with GDP growth forecast between 6.3% and 6.8% in-line with IMF projections. The government is allocated in our INR11.21 lakh crores for infrastructure, signaling a strong focus on economic progress. The Indian Budget 2025 placed a strong focus on the public-private partnership model to enhance the private sector soul in the country’s development. It is anticipated that the coordinated three-year project pipeline of the government, which is supported by ministers and the Indian Infrastructure Project Development Fund will not only speed-up the completion of projects, but also sustain private sector participation. The cooperative framework in which states are encouraged to bid for PPPs is considered an important step towards efficiency and faster infrastructure development in the country. Further, strengthening this momentum, the launch of the second asset monetization plan with INR10 lakh crores earmarked for reinvestment underscores the commitment to leveraging existing assets to fund new projects. Besides sharing PM Shaki data with private players will help improve project planning and execution and minimize inefficiencies in resource utilization. With this initiative, the PPP model is well-positioned to take a significant lead-in the fast-tracking of India’s infrastructure development, foster cooperation between the public and private sectors and drive sustainable economic growth. The government target of 500 gigawatt non-fossil fuel energy by 2030 and 615 gigawatts by FY 32 creates significant opportunities in hydro and PSP sectors aligning with our strategy. Coming to the mission and Pradhan Oceana, the extension of the mission till 2028 with an allocation of INR67,000 crores for FY ’26 and increased funding for Pradhan Manthri and Oshna will boost the irrigation sector supporting our long-term goals. Moving on to our order book. As of December 31, 2024, our order book stands at INR16,396 crores, with 64% coming from Hydropower, 21% from irrigation, 10% from and the remaining from other sectors. While project awarding activity was muted in the first 3/4, we expect a strong flow of large-scale projects in this calendar year providing ample opportunities. We are on-target this year to grow around 10% and we expect to continue this growth momentum in the next year as well, where we may again grow at 10% to 12%. An update on our bidding activity, we have bid for projects worth more than INR30,000 crores, which are currently under evolution stage and yet to be awarded. With more projects worth INR30,000 to INR40,000 crores expected to be available for soon, ensuring continued growth in the pipeline. With new order inflows, this project would take around six to nine months for mobilization, FY ’27 onwards, the revenue growth should take as such. In conclusion, we remain committed to sustainable growth and creating long-term value for all stakeholders. With a legacy of 75 years, we are focused on executing projects with excellence and maintaining steady growth. Thank you for your continued support. I will now hand it over to Rahul Agarwal, our CFO, to take you through the company’s financial numbers. Thank you.
Rahul Agarwal — Chief Financial Officer
Thank you,. And good evening and welcome to all on this earnings call. I will now take you through the company’s financial performance for Q3 and nine months FY ’25. On a consolidated basis, the revenue is INR1206 crores, up by 13.6%, driven by strong project execution. Our operating EBITDA is at INR184 crores, which is an increase of 29.5% year-on-year. EBITDA margin is standing around 15.3% as compared to 13.4% in Q3 FY ’24. Profit-after-tax is INR80 INR80 crores compared to INR70 crores in Q3 FY ’24. On a standalone basis, the revenue is INR1187 crores, an increase of 12.78%. Operating EBITDA is INR175 crores, up by 21% year-on-year. EBITDA margin is 14.8% compared to 13.8% in the corresponding quarter in previous year. Profit-after-tax is INR74 crores compared to INR43 crores, which is up by 72%. On the sector-wise revenue breakup, on a standalone basis, contributed 43%, irrigation 21%, tunneling 9%, roads 25% and others 2%. On a consolidated basis for nine months, our revenue from operations is INR3,482 crores, which is up by almost 9% compared to the previous year. Operating EBITDA is around INR515 crores, up by 13.7%. EBITDA margins for full nine months is 14.8% compared to 14.1% in the previous year. And profit-after-tax is INR209 crores compared to INR141 crores, which is again up by almost 50%. On a standalone basis, revenues at INR3,424 crores, up by 8.5%. Operating EBITDA is INR489 crores, which is 40.3% and profit after taxes to INR23 crores. Coming to the debt number, on a consolidated basis, our debt stands at around INR1,422 crores as compared to INR1,885 crores at the end of previous year March ’24. Hence the debt has come down significantly by more than INR450 crores in this year. Client advances is at INR713 crores compared to INR760 crores. So the debt-equity ratio has improved to 0.38 compared to 0.6 as of March. And breakdown wise, the debt includes INR568 crores of term debt, which is to be repaid over the next two, three years and balance INR850 crores in working capital debt. Our net working capital days after adjusting for land claims and bank borrowings and investments and bank balances is at around 115 days. That concludes the financial overview. Now we are happy to take questions.
Questions and Answers:
Operator
Thank you very much. We will now begin with the question-and-answer session. Anyone who wishes to ask a question may press R&1 on the telephone. If you wish to remove yourself from the question queue, you may press R&2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while I question while the question queue assembles. Participants, you may press RN1 to ask a question. The first question is from the line of Narendra from RoboCapital. Please go-ahead.
Narendra
Hi, thanks for the opportunity. My first question is regarding the growth rate. So as you mentioned, next year also we are there to grow 10% to 12%, right? So what is the order inflow that we are expecting this year and maybe next year in order to get a idea about the growth in FY ’27? Yeah, that’s my first question,
Rahul Agarwal
Yeah. So see, we are targeting at least INR10,000 crores to INR12,000 crores order inflow and accordingly, you know, similar inflow may happen in the next year as well.
Narendra
Okay. Okay. So FY ’27 growth might also be around 12%, 13% CapEx or are we seeing a higher-growth FY ’23 onwards?
Rahul Agarwal
See, with this order inflow, we see at least more than 15% in for FY ’27.
Narendra
Okay. Okay, understood. And the second question is regarding the arbitration. So what amount of claims are under process, sir and what kind of awards are we expecting over the next couple of years?
Rahul Agarwal
And maybe we have arbitration awards in our favor of around INR800 crores. And apart from that, there are under arbitration of — under arbitration at various stages of claims of around INR3,000 odd crores. So all combined. So yeah, so we expect on arbitration awards to start coming in. But cash flow-wise, we see that from non-core assets around INR200 crores realization year-on-year.
Narendra
Okay. Okay. So the INR200 crore realization is from the non-core assets and the arbitration awards is over and above that, right?
Rahul Agarwal
No, no. So what I’m saying is non-core assets means including arbitration awards, at least realization will be expect INR200 crores year-on-year.
Narendra
Okay, okay. Okay, sir. So on the INR3,000 odd crores of claims that we have, right? So what have according to our historical rate that we have been awarded, so what could be the rough realization on those claims.
Rahul Agarwal
So see in the past also when whatever claims we have made, we have got arbitration awards of, you know, almost more than 50% of the values.
Narendra
Okay. Okay. All right, sir.
Rahul Agarwal
So excluding interest. With interest, the realization is almost 100%.
Narendra
Okay, okay. Understood. Okay. So the INR3,000 crores, right? So any broad idea that you could share on as to when we can expect the awards coming up majority of the? What’s with that coming in slowly, slowly.
Rahul Agarwal
So this — so this awards will start coming in slowly, slowly every year depending upon what stage of arbitration it is. There are some claims which are getting into arbitration, some claims are into arbitration right now. So that’s why we can easily give you a number of that INR200 crores realization because that is easily determinable based on arbitration awards in-hand and other non-core assets we have.
Narendra
Okay. Okay, sir. Understood. Understood. Thank you so much and all the best. I’ll fall-back into your question.
Operator
Thank you. Participants, you may press to ask a question. Ladies and gentlemen, you may press and one to ask a question. Next question is from the line of Viraj from Moneygro India. Please go-ahead.
Viraj
Hi, congratulations on the stable results. Ma’am and sir, I had a question regarding the revenue growth for FY ’26 guided towards, given that lot of your projects are now probably moving to the late-stage of execution, is it possible that you could exceed a 12% revenue growth number for ’26 and then accelerate it from ’27 onwards?
Kavita Shirvaikar
While we’ll try, this is based on our right now assumption, we’re saying 12% is achievable. While we’ll try for more growth.
Viraj
Understood. And then we accelerate from ’27 onwards to a higher numbers?
Kavita Shirvaikar
’27 onwards, we expect to more than 15% growth.
Viraj
Understood. And second question is for this 12% revenue growth number for FY ’26, would you operate with the same level of employees and employee benefits expense or are you likely to hire more headcount and see your employee costs go up meaningfully?
Kavita Shirvaikar
So at current level, we expect to employee level will be maintained. Now as we are expecting new order book INR10,000 crores INR15,000 crore in next one year. So based on that, which projects you are getting project-to-project we might need to increase?
Understood. But more likely for ’26, you’re not seeing a big increase. More likely in ’27 you may see a jump. True. Sure.
Viraj
Sure. Okay. All the very best. Thank you. Thanks so much.
Operator
Thank you. Next question is from the line of Pritesh from Lucky Securities. Please go-ahead.
Pritesh
So for the ’26 revenue growth, most of it — the entirely will come from the execution of the backlog that you have today, right? You do not need a newer order inflow to — to support that revenue growth.
Rahul Agarwal
Yeah. So more or less we are looking at from the existing order book only. There will be obviously some inflow coming in from the new ones also.
Kavita Shirvaikar
In Q3, Q4, we expect some
Pritesh
And how much of the backlog that you have today in this INR16,000 crore is towards, let’s say, the later-stage of execution or towards the projects which have moved up, moved or progress — substantial progress.
Rahul Agarwal
Almost more than 50% is done a substantial progress. So in the presentation, we have this thing. So if you see in the presentation, we have put, so more than 50% projects out of this is almost INR4,000 crores, 30% to 50% is INR6,000 crores, which will start moving in this year. And below 10% is only INR2,500 crore INR2,800 crores. So yeah, that is something we’ll also start moving in this year. So all projects are running well and that is where our book-to-bill ratio was around four, it has come down to around 3.5, if you see. So things are doing good.
Pritesh
Okay. And lastly, sir, on the ordering side, so what was your order inflow this year?
Rahul Agarwal
This year has been — has been pretty sluggish, I would say, it is almost — including L1, it is almost INR400 crores. And we have INR120,000 crores right now. So that bid should start opening up.
Pritesh
Okay, just INR400 crores.
Rahul Agarwal
Yeah, yeah.
Pritesh
And in the hydl and the pump storage side where the government has given out the FY30 number the next 56 number of closer to 75,000 megawatt of 75 gigawatt to be installed. In that the installation which is ongoing is about 24,000 megawatt. What is our share in that 24,000 megawatt? Hello
Operator
Participants, please stay connected. The line for the management romped. Ladies and gentlemen, please stay connected while we return the management back to the call ladies and gentlemen, thank you for your patience. We have the line for the management reconnected.
Pritesh
Were you able to hear the question?
Rahul Agarwal
Can you please repeat?
Pritesh
I said in the 22,000 megawatt of hydro and pump storage, which is under execution in India, what is our market-share there based on the execution or order backlogs, etc., that we have? And in the 75,000 megawatt planned over the next five years, out of which obviously 25 is under execution. Any comments do you have for the incremental 50,000 megawatt out of that, how much is under this bidding stage or project finalization stage or any comments there, especially for the hydro and the pump store because that’s like 60% of your business. So just wanted to check on it.
Rahul Agarwal
See, traditionally, our market-share has been around 25% and right now under of the 18,000 megawatt hydropower projects under execution, we are being doing associated with almost 8,000, so which is around 45%. And going-forward, see, we — we will keep bidding for good project and we would expect there are only four, five players in the market. So we expect the share kind of that to maintain.
Pritesh
And what is the progress on that 50,000 megawatt will be bidd out, what is the what kind of projects are there or how much begawatt has been finalized this bid evaluation that you’re talking about some 20,000 crore of projects where you bidd for how much gigawatts are those
Rahul Agarwal
So what we are bidded for in that I mean in terms of megawatt maybe around 4,000 okay what is expected to be bidd see more the next 1, 1.5 year, we see around 25,000 megawatt of projects coming out of it.
Pritesh
Okay. Okay, sir, I will come back you have more questions.
Operator
Thank you. Participants you may press R&1 to ask a question. Ladies and gentlemen you may press R&1 to ask a question hi, next follow-up question is from the line of Narendra from RoboCapital. Please go-ahead.
Narendra
Hi, thanks for the follow-up. So are we — are we seeing any opportunities in the nuclear sector for our company?
Rahul Agarwal
So if till the projects are yet to come, we’ll see when it comes, how do we evaluate that.
Narendra
So do we have the capabilities to do that?
Rahul Agarwal
We will see with the tender team when the document comes what all qualifications are required.
Narendra
Okay, okay. And just one clarification. So this year also, are we still expecting around INR10,000 crores of order inflow considering there only 1/4 that is remaining?
Rahul Agarwal
No, no, not in this quarter, not in this quarter. This quarter some order inflows may come, but we cannot — yeah. So we are saying about full one year.
Narendra
Okay. So okay. So FY ’25 order inflow should be INR10,000 crores?
Rahul Agarwal
No, no, I’m not saying FY ’25, say FY ’25, 3/4 already done, only one and a half months are left. So we are not sure when the bids open, whether it will open before March or after March, that timing is a little difficult to say. But what we are saying is next one year, say, by December, we should — we are targeting INR10,000 crores at least.
Narendra
Understood. Understood. So sir, this year what are we expecting?
Rahul Agarwal
By FY ’25
Narendra
March FY ’25, FY ’25 March.
Rahul Agarwal
So FY ’25 see, we have bidded almost INR30,000 crores of worth of projects, but we don’t know whether — the project timing of opening will be before March or after March.
Narendra
All right. All right, understood. So sorry, I missed the number. What did you say? How much order inflow had we have we had till-date?
Rahul Agarwal
This year INR400 crores.
Narendra
Okay, okay. Understood, sir. Thank you so much.
Operator
Thank you. And next question is from the line of Tanish from Elara Capital. Please go-ahead.
Tanishq
Sir, could you please repeat the number of the land monetization.
Rahul Agarwal
Said from non-core assets
Operator
Sorry to interrupt you. Your question was not audible. Can you repeat that once again?
Tanishq
I just wanted to get the breakup of INR486 crore of non-core assets realized, I think.
Rahul Agarwal
Okay. So around INR36 crores is for land, INR100 crores from sale of shares of you machine investment, yeah and around INR350 crores from arbitration cost.
Tanishq
And so when you say 12% revenue growth, you include the arbitration with that or this will be the core revenue growth of 12% in FY ’26 and FY ’27, 15%.
Rahul Agarwal
Core revenue growth
Tanishq
Yeah. Yeah. So this does not include the arbitration included in the revenue, right?
Rahul Agarwal
See, what we are saying is this INR350 crores is receipt of payment for arbitration award for their and
Tanishq
I understood for FY ’26, you guided for 10% to 12% of revenue growth, right?
Rahul Agarwal
Right.
Tanishq
So that excludes the arbitration or any non-core monetization that you will be doing?
Rahul Agarwal
Yeah, yeah. But non-core monetization and all will not be included in revenue.
Tanishq
Okay. Thank you. Thank you thank you so much.
Operator
And thank you. Next question is from the line of Desha Shah from RRR Investment Advisory. Please go-ahead may I request to unmute your line and go-ahead with your question please.
Disha Shah
Hello
Operator
Yes, go-ahead.
Disha Shah
Can you hear me?
Rahul Agarwal
Yeah,
Disha Shah
Yeah, hello, sir. So I have a — I have a bookkeeping question. So I just wanted to know if for today, I get an order of, say, for example, INR1,000 crores. So in how many — if we take an average cycle around four to six years, could you please let us know what percentage would be booked in each year.
Rahul Agarwal
So on a ballpark basis, I can say that the first year goes into — only into six to nine months into mobilization and a little bit of work. So around 5% to 8%, 10% in the first year. And second year onwards when the work starts easily, then it can be from second to fourth year, it is — it is high. And then from the post four year, it again starts deepering now.
Disha Shah
Okay. Sir, I have one more question. So there is other income of around 185 from nine months in FY ’25. Could you please give us a bifurcation of that what is included in that 185 CR
Rahul Agarwal
For nine months, right? So that mostly includes the interest income on arbitration awards, some income tax refunds refunds or the sale of shared investment, yeah, sale of scraps and all that.
Disha Shah
I also have one question regarding the MOU we signed with and RVNL. So can we expect any order near-future?
Rahul Agarwal
So see, we have signed MOUs for bidding large projects together. The biddings have already started. So let’s hope what — how much orders we get?
Disha Shah
Okay. My last question would be in the last call, the company shared its interest to accept some orders from private companies for construction of PSPs. So can we — can you shed some light on this?
Rahul Agarwal
Maybe there are PSP.
Kavita Shirvaikar
So we have started bidding, as we mentioned that we have already submitted bid for around INR30,000 crores worth of projects, which includes PSC from private sector also. So we have already started bidding for the project of — eventually we target to get-out of INR10,000 around INR3,000 crore INR4,000 crores from.
Disha Shah
Okay. Okay, that’s it. Thank you so much. Thank you.
Operator
Thank you. Participants, you may first start and one to answer question. Next question is from the line of Shabham Shella from IDBI Capital. Please go-ahead.
Shubham Shelar
Yeah, hi, sir. Thank you for the opportunity. I just wanted to ask, recently BMC declared their budget. And in that budget there were also some funding for water supply projects. So going ahead, are you bidding for more water supply projects?
Rahul Agarwal
Yes,
Kavita Shirvaikar
Yes, yes, yes, we are we will be bidding for the water supply projects also.
Shubham Shelar
Okay. And second question was on margins. So we will maintain margins around 14% for next year also?
Rahul Agarwal
Yeah, somewhere around that range only, 13% 14%.
Shubham Shelar
Okay. Yeah. Yeah, that’s it from my side. Thank you.
Operator
Thank you. Next question is from the line of Manish Gupta from. Please go-ahead.
Manish Gupta
Hi, sir. I wanted to check with you how is our receivables situation? Because I saw in the presentation, there is an increase in the working capital and we are also hearing a lot of press reports which talk about infrastructure companies getting a lot of delays in payments, especially from government, state government and maybe PSUs also. So just wanted to hear your perspective on that for the company and maybe for the sector also depending on whatever you can share.
Rahul Agarwal
So the receivable cycle, there is no major change in the receivable cycle and we are still having receivables, although the revenues have increased, our receivables have — the current receivables is around INR560 odd crores as compared to INR475 crores earlier. So which is in-line with the increase of revenue
Manish Gupta
In all so we are insulated because we do less work with state governments or more with, say, PSU entities. Is that why
Rahul Agarwal
It is because central PSUs are cash rates so that getting is not an issue with them.
Manish Gupta
Okay, sir. Thank you.
Operator
Thank you. Participants, you may press RN1 to ask a question. Next question is from the line of Yash Mathre from Cruise Capital. Please go-ahead.
Yash Mhatre
Hello. Hi, sir. My first question would be, could you help me out with what you’re seeing with respect to PSP project orders? Are you witnessing any traction over there?
Rahul Agarwal
Yeah. So we are seeing a lot of project builds coming up for PSP project, especially from the private one.
Yash Mhatre
And what is your outlook on the capex requirement over the next two years?
Rahul Agarwal
And what is the capex for order inflow what we expect, INR150 crores INR200 crores?
Yash Mhatre
All right, sir. Thank you. Thank you.
Operator
Thank you. Next question is from the line of Nitin Gandhi from Enoquest Advisors. Please go-ahead.
Nitin Gandhi
Yeah. Thanks for taking my question. How is the Q4 spanning out? Are we on-track Y-o-Y growth or Q-o-Q, where are we stand? Are you facing some hurdles in terms of execution? If you can share some thoughts. Thank you.
Rahul Agarwal
So we are in-line for growth around 10% this year, what we had said and execution is going on at all project size.
Nitin Gandhi
Thanks. Let’s finish his mind. Thank you.
Operator
Thank you. A reminder to all the participants, you may press start in one to ask a question. Next question is from the line of Joshi from NM Financial Service. Please go-ahead.
Sunidhi Joshi
Thank you for the opportunity. Am I audible?
Rahul Agarwal
Yeah.
Sunidhi Joshi
Okay. So I was just away for a while. I don’t know if this question was taken, but I just wanted to understand the bifurcation of the INR30,000 crore bids in terms of hydro irrigation and tunneling projects
Rahul Agarwal
So in terms of hydro irrigation and tunneling, see, hydro and PSP combined is almost 70% and rest other segments is balanced 30%, out of which irrigation is around 7%, 8%.
Sunidhi Joshi
Okay. And last quarter you had bid for around INR10,000 crore of order book, but we haven’t added any of the new order in the quarter. So any specific reason for the same as in if they are allotted to someone or still the bid is not open?
Rahul Agarwal
So most of the bids are still not open. So we are looking at the bids will open anytime.
Sunidhi Joshi
Okay, got it. And what is our expectation of conversion in the INR30,000 crores bids that you mentioned you applied till-date?
Rahul Agarwal
See generally our success ratio is around 20%, so we should get that.
Sunidhi Joshi
Okay. Thank you, sir. Thank you.
Operator
Thank you. Next question is from the line of Pranchal from Nivesa. Please go-ahead.
Pranchal
Hi. I just wanted to know the non-core asset realization.
Rahul Agarwal
We expect INR200 crores year-on-year for the next couple of years.
Pranchal
And what was the realization till-date for this year?
Rahul Agarwal
This year it has been around INR480 odd crores, out of which INR30 crores INR35 crores is from the real-estate, INR100 crores from the sale of shares, around INR350 crores from arbitration awards.
Pranchal
Can you please repeat?
Rahul Agarwal
So this year-around INR480 crores.
Pranchal
And the breakup
Rahul Agarwal
INR350 crores arbitration award, INR100 crores sale of shares and around INR35 crores from real-estate sale.
Pranchal
Got it. Thank you.
Operator
Thank you. Participants, you may press star and one to ask a question. Next question is from Mr, Individual Investor. Please go-ahead.
Pija
Yeah. Thanks for taking my question. I wanted to figure out in our country’s ambitious projects of interlinking the rivers and also the tunneling for the railways, for which we have a collaboration in-place. Do we see ourselves playing any role in any significant way? One. And secondly, in the past, I had heard the you’re saying that the real-estate land, surplus land available for monetization was to the tune of INR1,000 crores. So of which cumulatively, how much have we sold single in this financial year?
Rahul Agarwal
To your question, we are looking to bid for projects for river interlinking and you know other railway projects. INR55 crores from real-estate and we are
Operator
Sorry to interrupt you. We are losing your audio. So Jack, can you mute your line from yourself? Can you meet the line from your side
Pija
Yeah, yeah, I’m there. So essentially, I just wanted to figure out the potential market size of this area of interlinking of river for us and because we are easily one of the most capable company so do we have any kind of a ballpark figure for you know of river as well as for new railway lines or wherever the tunneling is needed, essentially these two questions.
Rahul Agarwal
So see, in terms of tunneling, almost 800 or tunneling and so there are many projects and almost INR1 lakh crores of work is there for tunneling. For irrigation across, it is more than INR1 lakh crores of work, out of which river linking projects be almost 20%. So there is huge scope in each avenue.
Pija
And real-estate monetization, are we in any advanced-stage of selling it or it is still discussion.
Rahul Agarwal
So we — we are in discussion for land parcel, but not yet closer.
Pija
Okay. And so wishing you all the very best to see you in your prime we remain very optimistic with the future in especially in the current you know leadership that your company has.
Operator
Thank you. Participants, you may press and one to ask the question. Next follow-up question is from the line of Narendra from Robo Capital. Please go-ahead.
Narendra
Hi, sir. Thanks again for the follow-up. So given that our order book would be falling and given that we are aspiring to grow 10% next year as well. So would it be driven by higher execution of the current projects or how will that 10% be achieved given our order book would be significantly smaller than what we had at the beginning of the last year — of this year, right?
Rahul Agarwal
The projects are all under full execution mode. So last year, if you see, we had lot of projects which were below 10% and now they have all moved into a category where the revenues will start moving in. And so that is why we are optimistic about this revenue growth. And obviously, we will be expecting new orders to start coming in maybe from this quarter onwards only. And so that also first year-after six months of mobilization, the project operations will start. So all combined, we are hopeful that easily we can achieve this number.
Narendra
Okay, sir. Got it. Got it. Thank you so much.
Operator
Thank you. Next question is from the line of Manish Gupta from Maneigro India. Please go-ahead.
Manish Gupta
Hi, sir. Thanks for the follow-up opportunity. Looking at the results of last several years, it’s clearly given that March quarter is typically very strong in net profit. We saw that in FY ’24, FY ’23 also. So just wanted to check with you that are we — is it — is it fair to expect something similar for March quarter for FY ’25 also?
Rahul Agarwal
I think March quarter is generally last two quarters, Q3 and Q4 of post-monsoon are the best quarters for execution. So that way, yes, I mean that all will now depend upon how the execution happens in this quarter. But yeah, the — generally it has been that.
Manish Gupta
Cool, sir. Thank you.
Operator
Thank you. Next question is from the line of Abhishek, Individual Investor. Please go-ahead.
Abhishek
Good evening, everyone. Am I audible?
Rahul Agarwal
Yes, yes.
Abhishek
Okay. I just have one question regarding our US subsidiary, which we have. And is there any litigation which has come up with ASI? I was reading some article actually, so I was just asking.
Rahul Agarwal
So there was — there is a litigation, but we have already sold that entity.
Abhishek
So okay. So we will not have any impact on that litigation right now or
Rahul Agarwal
We don’t see any impact coming to us.
Abhishek
Okay, now what is the size of the litigation if you could share a little bit on that.
Rahul Agarwal
So it may be somewhere around $15 million to $20 million.
Abhishek
Okay. Okay. So as of now, we have sold that and we are not much involved in that
Rahul Agarwal
Yeah, yeah. So we are not involved much in that.
Abhishek
Okay, okay. Thank you. I’ll just go into the article so I all. Thank you so much.
Operator
Thank you. A reminder to all the participants, you may press star N1 to ask a question. Next question is from the line of Nitan Gandhi from Enoquest Advisors. Please go-ahead.
Nitin Gandhi
Yeah, thanks for taking my question. Regarding land monetization, can you give some more color on-time frame and expected flow over two or three years? Thank you.
Rahul Agarwal
So land monetization, see, we have targeted fuel land parcel, which we will be looking to sell. And considering the land monetization expected and considering money to be received from arbitration award, we have kept a target of at least INR200 crores realization.
Nitin Gandhi
No, I was just with reference to land, not including everything, just specifically land, if you can share some thoughts. Total expect realization expected from the land.
Rahul Agarwal
See, it is because the land transactions are not like — can be said to be — that it will be concluded in this financial year itself or the next financial year itself. I can give you a number like over next three years, so if we have to look from land monetization, maybe INR200 crore INR300 crores.
Nitin Gandhi
Thank you. That’s all. Thank you.
Operator
Thank you very much. As there are no further questions, I will now hand the conference over to the management for closing comments.
Rahul Agarwal
Thank you all for attending this call. If any further questions are there, we’ll be happy to take it outlined.
Operator
Thank you very much. On behalf of Ashika Stock Broking Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you. Thank you.