RAILTEL CORP OF INDIA LTD (NSE: RAILTEL) Q2 2025 Earnings Call dated Oct. 30, 2024
Corporate Participants:
Sanjai Kumar — Chairman & Managing Director
Analysts:
Vishal Periwal — Analyst
Sanjesh Jain — Analyst
Harshit Nagpal — Analyst
Dhvani Shah — Analyst
Viraj Mithani — Analyst
Nitin Padmanabhan — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Post-Result Q2 FY ’25 Earnings Conference Call of RailTel Corporation of India Limited. [Operator Instructions] 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, sir.
Vishal Periwal — Analyst
Yeah, thanks, Sejal, and good morning everyone. Welcome to post-result interaction with the management of RailTel. From the management team, we have with us Mr. Sanjai Kumar ji, who is the Chairman and Managing Director; Mr. V. Rama Manohara Rao ji, Director, Finance; Mr. Manoj Tandon ji, Director, Projects, Operations and Maintenance; and Mr. Batra ji, who is the Special ED and Finance.
As usual, we’ll have a brief overview from the management on the gone-by quarter and then we’ll have the lines open for Q&A. Yeah, Sanjai sir, over to you.
Sanjai Kumar — Chairman & Managing Director
Thank you, Vishal ji, and a very good morning to all and a very happy and prosperous Diwali. It gives me great pleasure to interact with you on the company’s performance in the backdrop of Q2 financial results for FY ’25, which were declared by the company on 28th October, 2024.
The company declared interim dividend of INR1 per share. The company achieved operating revenue of INR844 crores in Q2 of FY ’25, as against INR558 crores in Q1 of FY ’25, registering the growth — Q-o-Q growth of 51%.
The telecom segment contributed INR338 crores and project segment contributed INR506 crores in company’s operating turnover. The total revenue of the company during Q2 of FY ’25 was INR863 crores as compared to INR613 crores in Q2 of FY ’25 with year-on-year growth of 41%.
The profit before tax in Q2 of FY ’25 is INR94 crores as against INR67 crores in Q1 of FY ’25, registering a Q-o-Q growth of 41%. The profit after tax in Q2 of FY ’25 is INR73 crores as against INR49 crores in Q1 of FY ’25, registering Q-o-Q growth of 49%.
Earnings per share in Q2 of FY ’25 stands INR2.26 as against INR1.52 in Q1 of FY ’25, registering a growth of 49%. Earnings per share in first half of FY ’25 stands INR3.78 as against INR3.32 of first half of FY ’24 with year-on-year growth of 14%.
The company achieved total income of INR1,440 crores in H1 of FY ’25 against INR1,096 crores during the corresponding previous year with year-on-year growth of 31%.
Profit after tax during H1 of FY ’25 is INR121 crores as against INR107 crores in the corresponding period of previous year, registering a year-on-year growth of 14%.
This year marks an important milestone for us. While we are celebrating 25th year of our journey, we have proudly achieved the prestigious Navratna status, joining the elite group of PSUs. We remain committed to pursuing growth and creating value for our esteemed investors. We are also exploring new opportunities in order to realize our true potential.
I thank you for your trust and collective vision for the future of this company. Thank you.
Questions and Answers:
Operator
Thank you very much. [Operator Instructions] The first question is from the line of Sanjesh Jain from ICICI Securities. Please go ahead.
Sanjesh Jain
Yeah, good morning, sir. Thanks for the question and happy Diwali. I got a few questions. First on the order book side, where do we stand today in terms of the order book for the quarter ended September? And any progress on the opportunities on the railway side on the Kavach and LTE which has materialized?
Sanjai Kumar
Yeah, so your first question is order book value. We stand at INR5,254 crores today. When you talk of railway side orders, so we are getting success in signaling work. On Kavach side, if I speak, so we did not participate in the last station loco Kavach tender because we had some doubts about the readiness of the product of our partner. And we are still in discussion with the partner, whether he will be — his products will be ready by the time it is required. So, though it is a big kitty, but we are cautious at the same time because this is a new product and it is still under testing and all those things. Therefore, we decided as a Board that we should not be in hurry. That is why we have not gone into recent tenders, but we are — there are tenders still, and we are continuously tracking and making decisions, rational decisions, to participate in these tenders.
Sanjesh Jain
Fair enough, sir. Fair enough. That is very clear. We also hinted that we may look at other partners in the previous calls. Is that something we are pursuing along with the Quadrant partnership?
Sanjai Kumar
Yes, certainly, because, see, you don’t know the industry. When product is not yet approved, you have to continuously explore other opportunities also.
Sanjesh Jain
So, that, of course, is ongoing, right? But again, we have not closed any other partner along with Quadrant as of now.
Sanjai Kumar
Not yet, not yet.
Sanjesh Jain
That’s clear. Second, on the project business margin, at the EBIT level, this quarter had a 3.4% margin, which is lower than what we have earlier guided and our performance has been consistently over 7% if I look at past few years. Any reason why there is a sudden dip or this is just a transitory thing and you still believe for the full year we will be able to do 6%, 7% EBIT margin?
Sanjai Kumar
Yeah, yeah. So, thank you for this question because this question might be there in other investors’ mind also. See, last — this pertains to orders which we received last year and it is a transitional, you can say, and we got few orders last year which were really very low margin. But again, since they were there and efforts required to implement those orders were also not that much, so, we took some orders which were low margin and in this quarter particularly, we have few such orders which were — basically which brought revenue. So, that is the reason. Otherwise, we have become wiser to choose the margins and choose the projects. And I am sure that 5% to 6% of our guidance in projects, we will continue to remain in that bracket, overall basis.
Sanjesh Jain
Very clear, sir. My third question is on the growth guidance, what we shared in the previous quarter. We said that we want to grow revenue by 30% and profit by 30%. Revenue, we are probably ahead of our guidance. But on the profitability side, we are just significantly lagging versus guidance. How do you see second half of this year? We will be able to make some of these shortfalls of Q1 in Q2 — sorry, H1 in H2?
Sanjai Kumar
Yeah. So, again, a very pertinent question. See, because Q1 was slightly muted because of elections and all those things, if you see H1, it certainly gives you better and moderated picture. And I have been telling earlier also, we being not a big revenue numbers company, so, overall, when we see on a yearly basis, I still have the same guidance, which I’ve been maintaining on profitability and revenue as far as concerned.
Sanjesh Jain
Great, sir. Just one last bookkeeping question. Can you give the revenue for all the three segments for this quarter?
Sanjai Kumar
So, you’re talking of telecom and project revenue?
Sanjesh Jain
No, telecom breakup: NLD, ISP and IP WAN [Phonetic].
Sanjai Kumar
Okay, okay, okay. So, telecom revenue INR159 crores this quarter with a year-on-year growth of 8%. ISP revenue INR111 crores. So, you might be seeing that there is no growth if we compare with the last quarter — last year-on-year, Q2 of FY ’24. But there is one transactional, one-time event last year, if you remember, G20 was there and we were the very — we had a very good amount of revenue from G20 last year. So, that is the one reason you might be seeing. Otherwise also, ISP, because of pressure on tariff, the revenue growth is not translated from the number of subscribers. So, you can see this and IP WAN also this year, INR64 crores. This is all about the telecom revenue segment.
Sanjesh Jain
Very helpful, sir. Any further development of the data center you want to share?
Sanjai Kumar
Data center, the progress from our edge data center side, the partner is continuously and making good progress since last quarter when we made the agreement and all that. So, we are hopeful that by end of this financial year, we should have some data centers, four to five edge data centers in place.
Sanjesh Jain
And what will be the total capacity of this four to five data centers?
Sanjai Kumar
This will be a very small capacity because these are small edge data centers on those — out of those 102 edge data centers which we are planning to have pan India. And next year, you should have better numbers, more numbers. If you see, this can be 0.2 — 200 kilowatts kind of.
Sanjesh Jain
Okay. So, 200 kilowatts in the total, all 102 put together?
Sanjai Kumar
No, no, no. One edge data center, 200 kilowatts, one — each data center.
Sanjesh Jain
Okay. Each will be 200 kilowatts and into 102. That will be the total?
Sanjai Kumar
Yes, yes, yes. But this will come up over a period of time.
Sanjesh Jain
And how many years when you say over a period of time?
Sanjai Kumar
It should be — maybe starting now, it should take one and a half to two years to completely roll out the complete 102 numbers.
Sanjesh Jain
Sorry, sorry, I did not get. What is the time frame?
Sanjai Kumar
So, starting now, it should be a year and a half to two years.
Sanjesh Jain
Okay, 18 months. Okay, 18 to 24 months, all the 102 should be up and running.
Sanjai Kumar
Yes, yes, yes.
Sanjesh Jain
That’s clear. Thanks, thanks. Thanks, Sanjai sir, for answering all those questions so patiently and best of luck for the coming years.
Sanjai Kumar
Thank you.
Operator
Thank you. [Operator Instructions] The next question is from the line of Harshit [Phonetic] Nagpal from Yes Securities. Please go ahead.
Harshit Nagpal
Good morning, sir. Am I audible?
Operator
Yes, sir.
Harshit Nagpal
Yeah. Sir, first question on, if you could give the breakup for railways and non-railways for the order book that we have. And the second one on, you’d guided around INR3,300 crores of revenue. So, you’re maintaining that or do we think we can do better considering the quarter performance of slightly better than 30% [Phonetic]?
Sanjai Kumar
So, your first question, we have railway project order book around 14% to 15% of the total. And the remaining is, of course, non-railway, including telecom, project business also. The second question, I just immediately preceding told that we are maintaining the same because this quarter is somehow somewhat has made up for the lesser number in the previous quarter. So, I am not intending to change any growth guidance.
Harshit Nagpal
And, sir, one more thing, the expenses on projects this quarter were up by 121% year-on-year. Is there something unusual there or is that because the top line has also grown, that’s why the expenses are there?
Sanjai Kumar
No, as I told you that — in the preceding question — investor’s question also, that there was one or two projects which were low margin, means more expensive.
So, that will certainly reflect in more expenses. In this quarter, we have executed few projects which were low margin, very low margin, and which were — actually, orders were received last year. And now we are more careful in choosing low-margin projects and the type of projects also.
Harshit Nagpal
Right. Thank you, sir. Thank you so much.
Sanjai Kumar
Yeah, yeah. Thank you.
Operator
Thank you. [Operator Instructions] The next question is from the line of Vishal Periwal from Antique Stock Broking. Please go ahead.
Vishal Periwal
Yes, thanks for the opportunity. And just a couple of clarifications. In revenue side, on a project — project revenue side, can you also give a breakup between Indian railway revenue and others?
Sanjai Kumar
Yes. So, this quarter, we have done INR104 crore from Indian railways and INR402 crores from other than railway.
Vishal Periwal
Right, sir, right. And then, sir, is there a margin between these two segments very significantly or one can take that same 4%, 5% kind of margins?
Sanjai Kumar
Railway projects, certainly slightly better margins in comparison to non-railway. But recently, we have started taking project business through tenders also. So, margins are pressured in railway business also and future will certainly impact our margins in railway business to a certain extent because the project business through tenders, earlier we were having a nomination tender work, which were under execution. So — but we will — again, I will impress upon the same thing that 5% to 6% is our guidance and that we will continue.
Vishal Periwal
Right, sir, right. And just, you did mention the order book breakup between railway and non-railway. I just missed on that number. What percentage is railway in this, 5,200 [Phonetic]…
Sanjai Kumar
Railway is exactly — precise — to be precise is 14.37%, 1-4.37%, yeah.
Vishal Periwal
Right, right, right.
Sanjai Kumar
It is INR1,189 crores.
Vishal Periwal
Okay, okay. And then, within this order book, is it like the pie from non-railway side, it’s increasing or probably we are getting more orders or you are seeing equal sort of opportunity in the railway side also?
Sanjai Kumar
See, railway is one of the sectors, one of the segment. So, we are now [Speech Overlap] yeah, yeah, it is certainly smaller one. Therefore, it is very natural that we get more orders from non-railway.
Vishal Periwal
Okay, okay. Got it, sir. And in P&L, if you look at, we have this exceptional loss of INR14-odd crores. Can you highlight, like, from which segment it is coming and pertaining what, sir?
Sanjai Kumar
This is ECL only.
Vishal Periwal
Got it. Got it. And maybe one last thing and then I’ll come back in the queue. Can you give some color on the RailWire, like how the ARPUs are, any benefit that we are seeing in terms of internal ARPU increase, which is there in the sector, any benefit that we are seeing? That is the last thing for me.
Sanjai Kumar
So, ARPU is — I think we are in the same range INR490 to INR500. But the subscribers growth was slightly dwindling. Maybe during election period also, there was some pressure — basically impact on our subscriber numbers. Since we are operating majorly in Tier 2 and Tier 3 towns, activities certainly get impacted in business also when you are in election. So, we are again now gaining momentum and we are doing innovating everything so that — because see, this is very low entry business. ISP business is very low barrier entry. And we have been raising this question with Department of Telecom also. There are certain people, the ISP agencies, who are actually using some methods which are actually not as per regulatory norms. And they are also — Government of India and TRAI and DOT are also doing their best to stop such things. So, they are actually a very big hurdle in ISP growth. But we will not let this go. We will continue to innovate and mix our bouquet of offers, prepare in such a way so that subscribers will stay with us and grow also.
Vishal Periwal
Right, sir, right. And what will be the number for us at the end of this quarter?
Sanjai Kumar
5.69 lakhs currently.
Vishal Periwal
Okay.
Sanjai Kumar
So, we have grown from 5.65 lakhs in the Q1.
Vishal Periwal
Got it, sir. Sure, sir. Thanks for this and I’ll come back in the queue.
Operator
Thank you. The next follow-up question is from the line of Sanjesh Jain from ICICI Securities. Please go ahead.
Sanjesh Jain
Thanks, sir, again for taking my question. A couple of questions, again, on the data center side of the business. You said that each of these data centers will be 200 kilowatt and 102 total data centers. What is the commercial agreement between us and Techno Electric, the partner that we have?
Sanjai Kumar
Your voice was cracking slightly, can you repeat?
Sanjesh Jain
Okay. I was interested in understanding what is the economics between us and the partner in the data center business?
Sanjai Kumar
I would really not be able to share this because this is something the specifics of percentage share with any particular agreement may not be good to talk in such a forum. So…
Sanjesh Jain
No, no. I was not looking at the percentage but what is the total revenue opportunity from all these 102 data centers? What is the total market size? What could be the growth beyond this 102? If you could share those details, even that will be very helpful.
Sanjai Kumar
I think I would like to make some data collection for answering your question. Maybe, I may not be in position right now, but yes, we have worked out and we have lined up our marketing teams to explore the opportunities as well as our data center partners also. But certainly — I think last time also, it was somewhere around INR80 crores to INR100 crore business in the longer run. But right now, it won’t be fair for me without really getting into the numbers and come again.
Sanjesh Jain
Got it, got it. Just on the larger macro data center we have, what is the capacity utilization there and are we planning any addition [Phonetic]? I know that we added one last year. Any more plan on the macro data centers?
Sanjai Kumar
So, Noida data center which we are planning, we have closed our discussions with the potential partners and we are coming out again with the RFP — EOI. Last time that RFP could not succeed because there were some new potential partners having some apprehensions. So, we have now closed those apprehensions and we are shortly coming out with the RFP again for Noida 1.
Sanjesh Jain
Okay.
Sanjai Kumar
And, yeah, so earlier, we were planning that 30 megawatt data center will come in one go. Now, we have decided to begin with 10 megawatt and then maybe we can scale up. So, that is how we are. RFP is likely to come very soon.
Sanjesh Jain
Got it, got it. When should we close this one, Noida 1?
Sanjai Kumar
Sorry?
Sanjesh Jain
When should this be over in terms of tendering and actually the revenue recognition happening?
Sanjai Kumar
During the next — during this current quarter, we should be closing it.
Sanjesh Jain
Current closure — quarter, it gets closed. Got it. Great, sir, great, great. Thanks again for this discussion.
Sanjai Kumar
Thank you.
Operator
Thank you. [Operator Instructions] The next question is from the line of Dhvani from Investec. Please go ahead.
Dhvani Shah
Hello. Yeah, hi. Thank you for giving me this opportunity. Just wanted — yes, could you give us some color on the margins that are expected?
Operator
Sorry to interrupt, Ms. Dhvani. You were not audible. I would request you to please repeat your question.
Dhvani Shah
Am I audible now?
Operator
Yes, ma’am. Please go ahead.
Dhvani Shah
Yeah. Thank you for giving me this opportunity. Just wanted some color [Technical Issues] Could you tell us what the margins would look like?
Sanjai Kumar
Your voice is…
Operator
We are not able to hear you. I would request you to rejoin the queue, please. Thank you. The next question is from the line of Viraj from Jupiter Financial. Please go ahead.
Viraj Mithani
Yeah. Thank you for the opportunity and congratulations on outstanding numbers. Sir, my question is related to the project expenses. This has gone up this quarter. What is the reason for that?
Sanjai Kumar
This is basically corresponding business expenditure to the project business. And there was some low margin business in this quarter which brought revenue. So, certainly — so, this is repeat answer I am again repeating. Because of low margin business getting included in the revenue numbers. So, that is corresponding expense — expenditure. Nothing special and different.
Viraj Mithani
And so, is it fair to assume your margins from the next quarter will be better?
Sanjai Kumar
See, our project business portfolio brings low margin business as well as good margin business. So, wherever in a quarter, there is a low margin business getting converted into revenue, it is seen in a quarter as a more expenditure and a bit going down. But if you see on an overall basis over some longer period, longer duration, say, FY, full financial year, then you will find that our margins will be some — between 5% to 6% only. So, that is how our product business portfolio is about. So, yes, if in some quarter, some low margin business is bringing the revenue, it’s converting into — getting converted into revenue, it will be seen as a more expenditure and low margin and all that. This is one off. Therefore, it will be — quarterly, you may see some variations.
Viraj Mithani
Okay. And sir, my next question is, so will we — what will be your revenue guidance for this year would be? And will you maintain 10% net margins, which we have been maintaining so far?
Sanjai Kumar
I think it was somewhere around between 9% to 10%.
Viraj Mithani
Yeah, 9.5%.
Sanjai Kumar
Yeah, yeah. So, we should be there only, 9% to 10% only.
Viraj Mithani
And what will be the revenue guidance, sir, this year would be, FY ’25?
Sanjai Kumar
30% growth guidance, we maintain.
Viraj Mithani
Year-to-year, is it?.
Sanjai Kumar
Yeah, yeah.
Viraj Mithani
And any update on Kavach, sir?
Sanjai Kumar
I think I have already given a detailed discussion on this. Maybe you were not there in the…
Viraj Mithani
Yes, I joined the call late. Sorry for that.
Sanjai Kumar
So, Kavach, we have not yet started participating because our partner’s product was not yet ready. It was not yet approved. So we didn’t want to jump in the queue and were not — we want to patiently watch the situation and then only bid. Otherwise, we might stuck in the project and rather than bringing real profit, it might put in some trouble. So that is why we are really cautious. But we are taking very rational decisions in the interest of the company. There are more tenders which are due for bidding this month, November, and maybe in December also few more and we are deciding on participating in those tenders.
Viraj Mithani
What would be opportunity — so what would be opportunity size there in Kavach?
Sanjai Kumar
So opportunity size is — if you talk of now, it is close to INR1,000 crore tenders would be coming in next five to six months.
Viraj Mithani
Thank you and all the best, sir.
Operator
Thank you.
Sanjai Kumar
Thank you.
Operator
[Operator Instructions] The next question is from the line of Nitin Padmanabhan from Investec. Please go ahead.
Nitin Padmanabhan
Yeah. Hi. Thank you for the opportunity. I wanted to check, from the data center business perspective in terms of tenancies on the edge and what you’re trying to build overall across those 118, 120 data centers, you think over the next 18 to 24 months, where will the tenancies come from? Is it largely be driven by government or will that be a significant driver? Or will it be a — will private also be a larger chunk? How are you thinking about it? And relatively, when you look at government versus private, how are margin profiles relatively?
Sanjai Kumar
See, in data center segment, when you talk of edge data centers, it is going to be a mix. Certainly government is going to be there, but private players also we are in discussion with, and because of some OTT players and all those video games and these things, we are in discussions with them. So it is going to be a mix. As far as margins are concerned, margins certainly will remain in the 8% to 10% only for us.
Operator
Mr. Nitin…
Nitin Padmanabhan
Okay. Yeah, so the data center margins will be in the range of 8% to 10% overall is what you’re saying.
Sanjai Kumar
That is what — yes.
Nitin Padmanabhan
Got it, got it, got it. That’s very helpful. And I think revenue potential you mentioned as INR80 crores to INR100 crores over — once everything is set, right, over a period of time is the revenue potential.
Sanjai Kumar
Yeah.
Nitin Padmanabhan
Perfect, perfect. Thanks a ton and all the very best.
Operator
Thank you. The next follow-up question is from the line of Vishal Periwal from Antique Stock Broking. Please go ahead.
Vishal Periwal
Yes, sir, just a couple of follow-up. In terms of data centers, the Noida 1 is something that we are doing on our own and the edge is with the JV partner, is that right understanding?
Sanjai Kumar
No. So Noida also we are looking for a partner who will invest and then we will manage those data centers. That is how it is, similar to edge data centers. It is almost similar.
Vishal Periwal
Okay, okay, okay. But partner-wise, it will be different from the one which you have with edge.
Sanjai Kumar
Yes, yes. We are yet to select. That is — that size is and scale is bigger. So there were some apprehensions from the potential investors. So now we have corrected our EOI/RFP and then it will come out shortly.
Vishal Periwal
Got it, got it. And in terms of the existing — the data centers that we have, what is the quarterly basis revenue profile will be?
Sanjai Kumar
So this quarter we have INR27 crores from DC business, data center business. If you compare to the last year, it was INR12 crores and if you compare to the last quarter, it is INR23 crores.
Vishal Periwal
Okay, okay. And just as a reminder, what is the size of the existing one that we have?
Sanjai Kumar
Megawatts?
Vishal Periwal
Megawatts, yeah.
Sanjai Kumar
So it is around 2.5 megawatts — 2 megawatt.
Vishal Periwal
Okay, okay, okay. Right. And then sir, any further development on the tower business side and anything that is happening or probably that can happen only post-Kavach?
Sanjai Kumar
What is your question? Sorry?
Vishal Periwal
Yeah, so on the tower side, earlier there was a plan to put up a capex or probably like ministry will be putting up a capex and we will have some bit of resolution [Phonetic].
Sanjai Kumar
No, actually you are I think talking about LTE.
Vishal Periwal
LTE, yes.
Sanjai Kumar
So LTE tender is still not — it is still basically — it is due in December and we don’t know whether it will be again postponed. But tower infrastructure is being created by railways and we have bagged few orders for construction of those towers in South Central Railways also. But I wouldn’t like to comment right now because things are I think getting still finalized in the ministry on this.
Vishal Periwal
Okay, okay. Sure, sir. And then on this cash flow front, I think in this quarter, we are seeing a bit of — I mean receivables have been little bit on the higher side and operating cash flow is also a little bit negative. So any particular segment from where it is slowing or anything that you like to give some color on this front?
Sanjai Kumar
I think because of the Lok Sabha elections and all that, so it takes some more time in election year because budgets are passed later on. So because of that maybe some — that may be the reason. Otherwise, there’s nothing to worry about.
Vishal Periwal
Sure, sir, sure, sure. Yeah. I think, one last thing if — okay. In terms of Kavach, though I think you have clarified a lot of data point, though I think we keep on hearing in the media like government plan to roll out, but in terms of tendering opportunity, I mean, not a similar thing probably we could see. Even when you mentioned like for the next five to six months, INR1,000-odd crore tenders will be there. So I mean like tendering will pick up probably in the next year or they are still working on it? Any industry — from industry specific point can you share something, what are their status?
Sanjai Kumar
Actually some new OEMs are also — like one of our partners also, their product is not yet approved. So maybe we can’t comment why railway is not coming all at once. But certainly they are preparing. All individual railway units are likely to come with tenders.
Vishal Periwal
Okay. Okay. And as of now, these tendering which we are seeing, that is largely — if one break up Kavach into multiple parts, so this is for the — between the loco and then at the station, that’s what the ordering is happening. LTE still not yet getting bidded. Is that fair understanding?
Sanjai Kumar
Yes, yes, yes.
Vishal Periwal
Okay, okay. Sure, sir. I think that’s all from my side and I will come back in the queue.
Sanjai Kumar
Thank you.
Operator
Thank you. [Operator Instructions] The next question is from the line of Harshit Nagpal from Yes Securities. Please go ahead.
Harshit Nagpal
Yes. Just one more question on the order book, if you could give the breakup for how much is the tender and how much is government nomination as of the current order book?
Sanjai Kumar
So out of this, if we talk of — nomination is around INR1,250 crore and tenders is around INR4,000 crores.
Harshit Nagpal
Right. Also sir, the total capex that we are planning on, we had guided some INR296 crores last year. Is it the number same or is it — has it changed?
Sanjai Kumar
Yeah, yeah, it is same.
Harshit Nagpal
Okay. Thank you, sir.
Operator
Thank you. [Operator Instructions] As there are no further questions, with this, we would now like to conclude the call. [Operator Closing Remarks]