Rail Vikas Nigam Ltd (NSE: RVNL) Q3 2025 Earnings Call dated Feb. 19, 2025
Corporate Participants:
Pradeep Gaur — Chairman and Managing Director
Sanjeeb Kumar — Chief Financial Officer
Mritunjay Pratap Singh — Director of Operations
Analysts:
Vishal Periwal — Analyst
Rajesh Agarwal — Analyst
Pranav Furia — Analyst
Vivek Nayak — Analyst
Unidentified Participant
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Rail Vikas Nigam Limited Earnings Conference Call hosted by Antique Stock Broking. Please note, this call is for 40 minutes.
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 call, please signal an operator by pressing star then zero on your touchstone form. Please note that this conference is being recorded. I now hand the conference over to Mr Vishal Periwal from Antique Stock Broking. Thank you and over to you, Mr Periwal.
Vishal Periwal — Analyst
Yeah, thanks, Rayo, and good afternoon, everyone, and welcome to the earnings call of Nigam Limited. From the management side today we have with us Mr Pradeep Gorjee, who is the Chairman and Managing Director; Mr Sanjeep, Director of Finance and CFO; and Mr N.P. Singhy, who is the Director of Operations.
So as usual, we will have maybe a brief from the management and then we’ll have lines open for Q&A. Yeah, thank you and over to you, sir.
Pradeep Gaur — Chairman and Managing Director
Yeah, actually what we’ll do, because the time is short, why don’t we go-ahead and take more-and-more questions? Will it be — I think that will be preferable?
Vishal Periwal — Analyst
Yeah. Sure, sir. Sure.
Questions and Answers:
Operator
Sure. We’ll now begin with the question-and-answer session. Anyone who wishes to ask questions may press star and 1 on the touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking questions.
Ladies and gentlemen, we will wait for a moment while the question queue assembles, to ask questions, please press star and one. The first question is from Rajesh Agarwal from Money. Please go-ahead.
Rajesh Agarwal
Sir, my question is on the guidance of INR21,000 crore. Now in the nine months, we have done INR13,000 crore, so we can do INR8,000 crore in the last quarter itself? This is my first question. And second, sir, the profits from JV, which has come at INR56 crores this quarter, is that sustainable and bidding intensity pipeline? Three questions.
Pradeep Gaur
So as far as turnover is concerned, definitely INR8,000 crores in last quarter is absolutely achievable because that is where the maximum turnover we get it historically also.
Rajesh Agarwal
Okay.
Pradeep Gaur
So I think we are quite confident we are in-line with that.
Rajesh Agarwal
Okay.
Pradeep Gaur
And regarding this JV, INR56 crores, and what is this INR56 crore JV?
Sanjeeb Kumar
So this is — just margin profit from this profit from JV.
Pradeep Gaur
See, this is not only sustainable, this is going to in fact improve substantially because in this — this one, we are showing minus INR76 crores under KyNet. This is our joint-venture for manufacturing,
Rajesh Agarwal
Okay.
Pradeep Gaur
So here the revenue stream is going to start maybe after a year or so. This is a notional negative because manufacturing is still to start and we have invested a lot of money, right. So this is going to get return. So not only it will be sustained — it will sustain, but I think we’ll get to see much-improved figures in this case.
Rajesh Agarwal
So any contently what can be the figure, sir for JV from associates next year?
Pradeep Gaur
And kindly repeatly
Rajesh Agarwal
Next year, next year ’26, 25 profits from a JV in a yearly basis, how much it can be?
Pradeep Gaur
We’ll assess and give it because it will be difficult because this if suppose this JV minus INR76 was not there, the profit itself should have been almost INR130 crores.
Rajesh Agarwal
Okay. Understood. So immediately, when the revenue starts, it will come into profit with JV?
Pradeep Gaur
Yeah. Yeah, yeah, definitely, definitely because that is the way it has been planned.
Rajesh Agarwal
Okay.
Pradeep Gaur
I will give you some figures of this one that our manufacturing cost, what we have bid for this is INR120 crores per train set. Set of course, then there’ll be a price variation clause to it, okay. I don’t know, it may come to maybe 2%, 3% further, okay, or even 4%. And manufacturing cost as of by integral core factory is in some in 90s crore.
Rajesh Agarwal
Okay.
Pradeep Gaur
So definitely it’s a profitable asset. And then the — when the production unit of railways can do it at that cost, definitely in a — in a joint-venture with Russians and with a much-improved working — working, it will improve.
Rajesh Agarwal
Okay. And sir, now I’m talking about, 26 27 turnover where the base will be INR21,000 crore from that we will increase by how much next year revenue, overall revenue?
Pradeep Gaur
Okay. So let me be slightly be a bit upfront on this. We are undergoing a transition,
Rajesh Agarwal
Okay.
Pradeep Gaur
As you are aware, we were — we were an organization which was confined to doing works exclusively assigned to us by Ministry of Railways,
Rajesh Agarwal
Okay.
Pradeep Gaur
And that assignment pipeline has stopped,
Rajesh Agarwal
Okay.
Pradeep Gaur
But we have navigated it through very — I mean ,. And now I’ll be happy to share with you that our — out of our today’s order book of around INR97,000 crores, we have gone — it is INR49,000 crores from the bidding works and INR47,000 from the 47,000 something from the railway works, okay. So this is a transition we are undergoing. When this — when this assignment works for stop, our value of order book from railways was almost INR140,000 crores.
Rajesh Agarwal
Okay.
Pradeep Gaur
So INR1,40,000 crores, sorry.
Rajesh Agarwal
Okay.
Pradeep Gaur
So this is some sort of this thing. So turnover either will maintain, maybe it may dip slightly, but we are on a very sound trajectory now because we have got enough orders from the market by bidding. So I will not say this will be the base, but we will not be too much off the mark.
Rajesh Agarwal
Any time-frame INR95,000 order book has to be over two years or three years. Any time-frame on that?
Pradeep Gaur
Yes. Typically this is this is around INR97,000 crores. So normal gestation period for all the projects is three to four years.
Rajesh Agarwal
Okay.
Pradeep Gaur
So I think — and plus orders will go on adding,
Rajesh Agarwal
Okay,
Pradeep Gaur
Because even they see even this year, as of now, we have got orders of almost INR25,000 crores, exclusively this year itself.
Rajesh Agarwal
Understood. But the orders good margin, sir, margin will be maintained?
Pradeep Gaur
The margins are — I mean, the price is decided by the market, but because we will of course like to have more-and-more margins,
Rajesh Agarwal
Okay.
Pradeep Gaur
But this organization, which has been — which has been one of the outlier in project execution with the kind of efficiency and all that.
Rajesh Agarwal
Okay.
Pradeep Gaur
Definitely we — our margins will not take any beating from whatever we were getting from a sign and maybe in few cases will be even better than that.
Rajesh Agarwal
Okay, understood, sir. So this can do INR30,000 crores. If we have to do over 3, 3.5 years, the average run-rate should be INR28,000 to INR29,000 crore yearly.
Pradeep Gaur
Think that’s a realistic figure. That’s realistic.
Rajesh Agarwal
Thank you, sir. Thank you.
Pradeep Gaur
Thank you. Thank you so much.
Operator
Thank you. Participants who wish to ask questions, please press star and one ladies and gentlemen, to ask questions please press star and 1. The next question is from Pranav Furya from Antique Stock Broking. Please go-ahead.
Pranav Furia
Yeah, good evening, sir. Thank you for the opportunity. Sir, my question is, is there any update on the one day quarter? When will we start executing change in configuration of the train from 16 coaches to 24 coaches. This decision was taken somewhere in June or July June or July of 2024. So which led to change in design and all those things. This has has sort of put back the whole — this initiative by around eight to nine months.
Pradeep Gaur
And railways have also given a currency extension for that. So the first prototype, which was supposed to be in September, October 2025 will now take place somewhere in the first-half of the next year. Otherwise, everything is over — everything is in very proper shape. The factory is completely ready to manufacture.
And now Ministry has told that please go back to the original. And so that gives us another comfort that for whatever we were planning, so we are going ahead with that. So most probably maybe first-half of ’26, the first prototype will be ready for the trials.
Pranav Furia
Yes, sir. And the INR97,000 odd crore order book that you mentioned. So we’ve included the order yet or it yet to be included in the order book?
Pradeep Gaur
This is excluding Bhara, this is excluding Manjay Bhara, because we are not taking it in that sense because it is not it will start generating revenue after maybe a year or so. So we are keeping it slightly as far as our calculation is concerned, we are not adding it for the time.
Pranav Furia
So what would be the broad order value-based on the foreign currency
Pradeep Gaur
Sorry slightly, if you may kindly speak slightly
Pranav Furia
Is it better now?
Pradeep Gaur
Yeah, please, please
Pranav Furia
Yeah, sir, I was asking what would be the broad order value-based on the current exchange
Sanjeeb Kumar
It is in rupees.
Pradeep Gaur
It is in rupees only. The contract is in rupees. The total contract is around INR30,000 crores, out of which our share is 25%, which comes to around 64,500 crores. I think it will come to around —
Sanjeeb Kumar
Total is including the maintenance of 35 years.
Pradeep Gaur
Okay. I’m sorry. I’m sorry. Let me let me correct myself that total order is 120
Sanjeeb Kumar
12 another 14,400 is a good price and another 30,000 is for the 35 years
Pradeep Gaur
Yeah, that total order is no, it is all right. Total order is around INR32,000 crores and in 2.25 will become 348. So around — it is around INR8,000 to INR9,000 crores and — but of course there is a price variation to it, so some percentage may go up this.
Pranav Furia
Okay, sir. That was very helpful. That’s it from my side.
Pradeep Gaur
Anyhow, it is not part of this INR97,000 crores what I have shared. This is beyond that.
Pranav Furia
Okay, okay, sir. Thank you. Got it.
Operator
Thank you. Before we take the next question, a reminder to participants that you may press star and one to join the question queue. Ladies and gentlemen, to ask a question, please press star and 1. Next question is from Vivek Nayak, who is an individual investor. Please go-ahead.
Vivek Nayak
Yeah. Sir, you said that am I audible?
Pradeep Gaur
Yeah, yeah, please. If you can be a bit louder, bit louder.
Vivek Nayak
Okay, it’s better now?
Pradeep Gaur
Okay, please go-ahead.
Vivek Nayak
Sir, you said that the decommit from the railways with respect to old legacy projects. But your Director of Finance yesterday on CNBC said that there is INR40,000 crores of legacy orders. So just can you clarify what is this all about?
Pradeep Gaur
Yes, because out of this INR97,000 crores orders what we have told, okay. And the railway orders are around INR47,600 crores. Thank you. So these are the orders — these are the balance works what we have on-hand of the projects which were assigned to us by Ministry of Rail
Vivek Nayak
Okay are you saying going-forward we will not get any such orders?
Pradeep Gaur
No policies may change, but as of now, this is a policy because we have seen a lot of policies changing I mean government it is up to the government how it sees it, because this organization was established exclusively for executing the railway projects assigned to it by ministry. In fact, there was a time when we wanted to venture out for something else also beyond railways. So we were told nothing doing, you have to confine two railway projects. So that was a policy ones.
Now policy is you please go to the market and get the works. Now depending on how the capex is spent by Journal Railways, how it is performed, government is, is I mean free-to take decisions we there is quite possible. They may go back to it or the other possibility of existing policy continues. So everything is on the table. Nothing can be said for I’m sure.
Vivek Nayak
Okay. And sir, any color on the international projects? I think there was some — apart from railways, there was something in Kazakhstan and other countries. So can you give us an update on that
Pradeep Gaur
Yeah, my colleague Mr MT Singh will speak on this.
Mritunjay Pratap Singh
Yeah, good evening. We have got already some foreign projects which we are already got through bidding or through MOU. So some of them are solar projects in Ujbekistan and Kingdom of Saudi Arabia and we’ve got a project in also that is a transmission line project. And we are actively bidding — bidded for the railway and metro projects in Turkey and simultaneously, we are exploring options for railway projects in Peru through government-to-government contracting also.
Vivek Nayak
Okay.
Mritunjay Pratap Singh
And already one international project is the execution in, that is a harbor project.
Vivek Nayak
Okay.
Pradeep Gaur
I will add to what Mr MK Singh is telling. See, we are very, very keen to have a lot of our footprint in international market because that is complete — that is absolutely important and necessary for the organization to go on even a exponential growth trajectory. And so we are trying our best. We kindly appreciate that we have started bidding in just last two to three years. So domestic was easy to get. International and I’m not saying it is difficult, but we were less — we were less exposed to that.
Now we are getting into a lot of partnerships, lot of this thing, whatever projects we have taken like solar and all, we have entered into partnership. So we are finding our feet there and definitely this is one of the important areas for us to spread-out.
Vivek Nayak
Yes. Thank you, sir. I am an investor right from the IPO days and I’ll continue to hold the shares
Pradeep Gaur
Hi, thank you so much.
Operator
Thank you. Participants who wish to ask questions, please press star and one the next question is from Rajesh Agarwal from Manior. Please go-ahead please go-ahead
Rajesh Agarwal
Hello, sir, continue. Can I ask the question?
Pradeep Gaur
Yeah, please, please. Please,
Rajesh Agarwal
Sir, how has been the cash-flow? Do we need working capital? How is the working capital situation now? And what is the working capital days number of days now
Pradeep Gaur
Would you like to answer.
Mritunjay Pratap Singh
Working capital is not an issue at the moment. We have the surplus is surplus with which we finance and plus in many of the projects acquired through beginning, there is a mobilization advanced without which is used for working capital,
Vivek Nayak
Okay.
Mritunjay Pratap Singh
And yeah, we have sufficient reserves to that. So that is not an issue at the moment,
Rajesh Agarwal
Okay. So we don’t have to borrow, no interest cost will come for that. No. No.
Pradeep Gaur
No interest. And I’ll just add to what Director of Finance has spoken that even when we take mobilization advance based on the bank guarantees. So our finance team has done an excellent work and we are getting it extremely — I mean extremely competitive. I think it is just 0.1% is the premium what we pay,
Rajesh Agarwal
Okay.
Pradeep Gaur
As compared to many of the organization paying even 2% to 3%. So credibility and credit worthiness of is quite high with almost all the things. So that is another happy situation. The — and the capital — I mean, the money gets saved on even these type of expenditures.
Rajesh Agarwal
And sir, for the in it JV, you said we’ll make a margin of INR30 crores per train rate per coach on one day train?
Pradeep Gaur
No. Yeah, what I’m trying to say that our court is INR120 crores. Presently it is getting manufactured in ICF in 90s of crores. It can be INR92, it can be INR97, I’m not sure.
Rajesh Agarwal
Okay.
Pradeep Gaur
So as of now, it is quite all right.
Rajesh Agarwal
Okay. So our share will be 25% of that, our shares because we have 25% in the JV.
Pradeep Gaur
Yeah, our share is 25%.
Rajesh Agarwal
So our profit maybe around INR7 to INR8 crores per year.
Mritunjay Pratap Singh
Yes, if Russian share with us,
Rajesh Agarwal
Right. And 120 and we have to make 120 now on
Mritunjay Pratap Singh
126.
Pradeep Gaur
126 we have to make
Rajesh Agarwal
126 crores. And you have seen INR30 crores per INR90 crores per set, INR130 crores per se.
Pradeep Gaur
I did not say INR90 exactly. I said it is in 90.
Rajesh Agarwal
Okay, understood, sir. And sir, when will the Bharat — Bharat — Bharat network order which we got when the execution will begin?
Pradeep Gaur
Okay. And, we have recently got letter of acceptance okay so that is value is around INR13,200 crores,
Rajesh Agarwal
Okay.
Pradeep Gaur
So now things we will maybe — I mean, we have already deposited performance security and all those things. And all the groundwork has been done.
Rajesh Agarwal
Okay.
Pradeep Gaur
So again, that is again a new area which I mean which we have put our this thing. We have traded on a slightly — slightly known territory, not fully because we have been doing lot of communication work even in railways, but not to this extent.
Rajesh Agarwal
Okay. This is also in JV enough. What is our share in the JV?
Pradeep Gaur
This we are 100%. This is — this is only by RBNL. We are 100%.
Rajesh Agarwal
Okay.
Pradeep Gaur
And again, as Director Finance mentioned in this thing, I think in the previous question of this one. This again provides a mobilization advance of almost INR1,000 crores, okay, free of interest.
Rajesh Agarwal
Okay.
Pradeep Gaur
So even the — even the capital availability will be quite good. So we have to — and we are making a SPV exclusively for this 100% owned buyers, which will be executing this project so that we will have — will fireball this balance sheet with Arvinel’s balance sheet and all that, so that accountability and all these things will do. So we are quite excited about this and we are looking at it as a — not only as a big venture, it is almost INR13,000 crores, which is expected to go to even INR17,000 crore INR18,000 crores.
Rajesh Agarwal
Okay.
Pradeep Gaur
But it opens up a huge vista of opportunities for us in telecom sector, which is a very, very sort of sunrise sector for the country.
Rajesh Agarwal
It’s a good margin order, sir. Our margins are good in this.
Pradeep Gaur
Yes, yes. It’s a — of course, the market — bidding was competitive, but we have done our calculations well. And even when BSNL wanted to do negotiations, we have struck to our figure and so we have not made any compromise on that.
Rajesh Agarwal
Okay. And sir, any — let us update on the from what we have formed a company in is from Railway. Any update on that
Mritunjay Pratap Singh
We have found a joint-venture company that is the industry.
Rajesh Agarwal
Okay,
Mritunjay Pratap Singh
We are even that project that government of Kyrkyzstan is signing-up for the financials for that project.
Rajesh Agarwal
Okay.
Mritunjay Pratap Singh
We have already submitted the DPR for that project and based on their evolution, there were certain issues with the lending rate from the foreign bankers, so that government of is trying to resolve it and we hope to see if this project will see late soon.
Rajesh Agarwal
Thank you. Thank you, and.
Operator
Thank you. Next question is from Vishal Periwal from Antique Broking. Please go-ahead.
Vishal Periwal
Yes, sir. Thanks for the opportunity. Sir, the order book that we have INR97,000 odd crore. Can you give a breakup like how it is like. Railways out of this
Pradeep Gaur
Assigned projects of railways is around INR40 — is exactly INR47,600 612 crores and balance INR49,000 crores is in various sectors, starting from metros, national highways, even some projects we have taken from railways on bidding also and irrigation port and this includes all domestic as well as international.
Vishal Periwal
Okay. So between domestic and international, what could be the number of internationals maybe a ballpark number?
Pradeep Gaur
International as of now is around INR4,500 crores. So as As of now, it forms just almost 10%, but we are looking at it to go at least up to 40% to 50% in near-future.
Vishal Periwal
Okay, sir. Okay. And for this, you mentioned is one work that we are eyeing and then further there are a couple of Turkey Peru which congo transmit distribution. These are the further projects which can build-up the order book. Is that fair understanding?
Pradeep Gaur
Actually, we are looking — I mean, we are — this is one of our focus areas and wherever opportunity is coming, we are definitely putting all effort — all our effort towards it. So this will be one of the areas which we are looking at it very, very — I mean, strategically as well as commercial.
Vishal Periwal
Okay, sir. Okay. And you mentioned total inflow in this year is INR25,000 odd crores. So is this LOA plus L1 combined together it is NOA which is received?
Pradeep Gaur
And which one? Because this order? That is only by bidding one. LOA. Only. L1 and LO
Vishal Periwal
Okay. So 25,000 is the NOA that we have received for this year inflow.
Pradeep Gaur
Yes.
Vishal Periwal
Okay, okay. And then I think on this Bharat, you did mention like we are the lead member and there are some social members. So I mean the full work.
Pradeep Gaur
There is no consortium number. I said has is the I mean it is 100% I mean alloyed to RVNL only. There is no consortium.
Vishal Periwal
Okay, okay, maybe I think I saw that in the question.
Pradeep Gaur
We have just entered an MOU for supply of element, but they are not part of this bidding.
Vishal Periwal
Okay. Okay. Got it, sir. Got it. Got it.
Pradeep Gaur
And so that is a pre-bid arrangement with them, but the contract is to us, even whatever they are going to supply to us, are you still have a margin even on that?
Vishal Periwal
Okay, got it. Got it. And maybe aside from an industry perspective, can you give some color like we do bidding in railways and couple of others also metro, highway and other all. So where do you find the competitive intensity is higher? Where do you find, I mean, probably like there are way less players and like we have a niche in that. So any industry-specific color, if you can just provide maybe qualitative aspect will be helpful.
Mritunjay Pratap Singh
Actually, I mean, competition is becoming not only, I should say more, it has gone to unhealthy levels. People are quoting very low but there are some projects like HAM projects, BOT projects these are the different where competition is still not that much as EPC and other contracts. So that is one area which we are looking at. And government has also, I mean, improved lot of conditions for BOT projects. So we have built two, three big value BOT. That is another area which we are looking at where the competition is less and the margins can be better. So that is one area. And second, which one you said?
Vishal Periwal
Metros.
Mritunjay Pratap Singh
Metros, of course, metros is another area where we are getting — I mean we are performing also well and margins are also good.
Vishal Periwal
Okay. So you mentioned beauty. So beauty is which segment we are in BOT
Pradeep Gaur
Basically national highway projects in highway.
Vishal Periwal
Okay, okay. Okay. Maybe, sir, broadly, is this possible to say like no, because in BOT also, we have seen, I think there’s a lot of work that like government will be awarding work, but somehow it has been kind of delayed and post them. So anything on that is the DPR work or maybe like some bit of documentation that is still pending, that is delaying things or anything there is a delay which is there.
Pradeep Gaur
So at least two projects we have built recently, which is two projects of INR5,000 crores each. So I think things have started moving on that because this has come in last 1.5 months-to two months only. So I think things will move. In the coming year, I think we’ll see more-and-more because that is the preferred option for NHAI today because they have lot of depth on their books. So they are also going for more-and-more BOT projects.
I think their debt is almost in the range of INR3 lakh crores, INR3 lakh crores, the NHA.
Vishal Periwal
Okay. Okay. Maybe one last question from me. What could be our — I mean like the projects that where we have bidded and we are awaiting outcome, maybe a quantum if it is handy with you, sir.
Pradeep Gaur
But yeah, we have bid projects of around INR80,000 crores this year. We have got orders of INR23,000 crores. So maybe another 10,000 crore to INR20,000 crores will be their bidding, which we have — which we are awaiting the results of that. Maybe it will be in the range of around INR20,000 crores. Around INR20,000 crores is something which we are still awaiting the outcome of our bidding. For our strike rate, the strike rate generally has been varying from 30% to 40% in different sectors.
Like our electrical segment, the strike rate is almost 40% to 45%. Again, signaling telecom and all our strike rate is quite high. And in these EPC projects of civil infrastructure, our strike rate is varies from 25% to 30%. So as of now, INR28,000 crores is under evolution. Is something which we have bid and it is under evaluation?
Vishal Periwal
Okay. Okay, sure, sir. Maybe I’ll just ask one last thing. So in Bharat Net, when we have bidded sir what will be the number of players who have bidded for the Maharat Tech in according to you? Just to understand the competitive intensity, is it similar to what’s EPC highway or Indian railway work that we have or it’s little less.
Pradeep Gaur
I think I will just confirm my officer is there. He will come. I think mostly there were three to four years each bid. This is what I faintly remember, but I’ll confirm it to you.
Vishal Periwal
Okay. Sure, sir. Sure, sir, I think this is very helpful in answering, sir, all the questions, sir. Thank you and I’ll come back-in the queue.
Pradeep Gaur
Thank you. Thank you so much.
Operator
Thank you. Before we take the next question, a reminder to participants that you may press star and 1 to join the question queue. The next question is from Vivek Nayak, who is an individual investor. Please go-ahead.
Vivek Nayak
Yeah. Sir, any insight on the Mumbai Dubai corridor — train corridor? Corridor and also I think it’s linked to the India, India, Middle-East, Europe rail connectivity.
Mritunjay Pratap Singh
You are talking of India, Middle-East, Europe corridor
Vivek Nayak
Yes, yes,
Pradeep Gaur
Yes so that is still something in making. Let us see. I mean, it’s — it will open huge opportunities, of course, as and when it happens. But as of now, I think lot of geopolitical situation is — has to settle down before this takes some sort of some sort of right path but as and when it happens, it will because that is one area which organization like will have lot to I mean participate because it will be rail-based so and it will be I mean going long distances to Middle-East and right up to euro and that will open huge opportunities even Israel. Israel metro also is another area which the team had come and they were very positive about capability in metros.
So that is another area of opportunity we are looking at — they are talking of next maybe one to two years before they start. And Indian government is trying government to government arrangement so that Indian companies can go and do the job there. So let us see. Lot of things are there. Let us see how things go further.
Vivek Nayak
Sir, yeah, one more question is, I understand there has been execution delays for the past nine months and we hope to catch-up in Q4 of this year. So how confident is the management that we will catch the INR22,000 crores revenue, which was communicated in the past con-calls?
Pradeep Gaur
No, I’ll not say it is a delay in execution. I mean delay, yes, delay to the extent, see, monsoon is in-between and that takes three to four months. Then there are festival season comes and this time even elections were there which had taken because lot of labor movement take place that time. They go to their native places for vote and all this thing. And the way the present elections are held, people stay for almost month or so.
So a lot of this thing was there, but still there. But this is the last quarter Is something where we are out of all festivals and the weather is also most suitable for work and money also organizations want to spend the money. So I think very favorable and we will — we will achieve whatever we have planned to achieve.
Vivek Nayak
Thank you, sir.
Operator
Thank you. Due to time constraints, we’ll be able to take one last question. The last question is from Roshan Dere from RVNL. Please go-ahead.
Unidentified Participant
Hello.
Pradeep Gaur
Hi, yeah, please.
Unidentified Participant
So last quarter KRLCR joint-venture payments any issue that how many time to take it solve? Can you clarify the question?
Pradeep Gaur
Kindly say it again
Unidentified Participant
Last quarter, December quarter, you reported in a perfect loss statement KRCL joint-ventures for INR1,400,000 crores car.
Pradeep Gaur
Okay. Okay, okay. I
Mritunjay Pratap Singh
NR1,400,000, INR400 crores.
Pradeep Gaur
Yeah, INR1,400 crore here that is with the interest also, but they have started paying back plus and there is an arbitration award already there of around INR584 crores. So that is in favor of KRCL. So next date is 20th February, let us hope or if that this gets executed that order, I mean that arbitation award.
So I think that cash-flow situation of Krishna Patnam and all will improve. And that will help us to get our money back. But in-spite of that is getting good traffic and they are able to pay almost at the range of INR100 crore to INR200 crores per year. I think last year they gave INR200 crores, 100 crores. 100 crores INR150 crores. Crores this year will be 200.
This year it will be INR200 crores. So I think we are getting our money back slowly, but if this arbitration award is executed, then it will become quite it will be — it will give a good jump to this thing.
Unidentified Participant
One more last question, sir. How much order you — order book have to complete it time to take?
Pradeep Gaur
The present order book is around INR97,000 crores and most of the work take place over next three years or so.
Unidentified Participant
Yeah. Okay. Thank you, sir.
Pradeep Gaur
Thank you.
Operator
Thank you very much. We’ll take that as the last question.
Pradeep Gaur
Thank you.
Operator
On behalf so much. Sure, you’re welcome. On behalf of Rail Vikas Nigam Limited, we thank you for joining the call and you may now disconnect your lines.
Pradeep Gaur
Thank you.
Mritunjay Pratap Singh
Alright, thank you so much.