{"id":173687,"date":"2026-01-22T10:21:45","date_gmt":"2026-01-22T15:21:45","guid":{"rendered":"https:\/\/alphastreet.com\/india\/vishnu-prakash-r-punglia-ltd-vprpl-q3-2025-earnings-call-transcript\/"},"modified":"2026-01-22T10:21:45","modified_gmt":"2026-01-22T15:21:45","slug":"vishnu-prakash-r-punglia-ltd-vprpl-q3-2025-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/vishnu-prakash-r-punglia-ltd-vprpl-q3-2025-earnings-call-transcript\/","title":{"rendered":"Vishnu Prakash R Punglia Ltd (VPRPL) Q3 2025 Earnings Call Transcript"},"content":{"rendered":"

Vishnu Prakash R Punglia Ltd (NSE: VPRPL) Q3 2025 Earnings Call dated Feb. 04, 2025<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Manohar Lal Punglia<\/strong> \u2014 Managing Director<\/em><\/p>\n

Sarfaraz Ahmed<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Jayant Pungalia<\/strong> \u2014 Project Executive<\/em><\/p>\n

Analysts:<\/h2>\n

Nupur Jainkunia<\/strong> \u2014 Analyst<\/em><\/p>\n

Subhash B.<\/strong> \u2014 Analyst<\/em><\/p>\n

Chandan Mishra<\/strong> \u2014 Analyst<\/em><\/p>\n

Sahil Patani<\/strong> \u2014 Analyst<\/em><\/p>\n

Tej Patel<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Dhananjay Mishra<\/strong> \u2014 Analyst<\/em><\/p>\n

Vidhi<\/strong> \u2014 Analyst<\/em><\/p>\n

Prateek Bhandari<\/strong> \u2014 Analyst<\/em><\/p>\n

Rajesh Bhandari<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the Vishnu Prakash R. Pungle Ltd. Q3 and 9 months FR25 earnings conference call. As a reminder, all participant line will be in listen only mode and there will be an opportunity for you to ask question after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchtone phone. Please note that this conference is being recorded.<\/p>\n

I now hand the conference over to Ms. Nupur Jainkuya from Valorum Advisors. Thank you and over to you ma’am.<\/p>\n

Nupur Jainkunia<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you. Good afternoon everyone and a very warm welcome to you all. My name is Nupur Jenkunia from Valorum Advisors. We represent the investor relations of Vishnu Prakash R. Pungriya limited or vprpl.<\/p>\n

On behalf of the company, I would like to thank you all for participating in the company’s earnings call for the third quarter and nine months ended financial year 2025. Before we begin, let me mention a short cautionary statement. Some of the statements made in today’s earnings call may be forward looking in nature.<\/p>\n

Such forward looking statements are subject to risk and uncertainties which could cause actual results to differ from those anticipated. Such statements are based on management’s belief as well as assumptions made by and information currently available to management. Audiences are cautioned not to place any due reliance on this forward looking statements and making any investment decisions.<\/p>\n

The purpose of today’s earnings call is purely to educate and bring awareness about the company’s fundamental business and financial quarter under review.<\/p>\n

Now let me introduce you to the management participating with us in today’s earnings call and hand it over to them for opening remarks. We have with us Mr. Manohar Lal Pongalia Managing Director Mr. Jayant Pongalia Project Coordinator and Mr. Sarfaraz Ms. Chief Financial Officer of the company.<\/p>\n

Without any further delay now I hand over the conference to Mr. Manoelal Punglia. Thank you. And over to you sir.<\/p>\n

Manohar Lal Punglia<\/strong> \u2014 Managing Director<\/em><\/p>\n

Thank you ma’am. [Foreign Speech].<\/p>\n

Sarfaraz Ahmed<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Thank you sir. Good afternoon everyone. Starting with the third quarter of financial year 2025, our revenue from operation 441 crores which decreased by around 0.5% year on year basis. The EBITDA was reported at around 28 crores which decreased by around 19% year on year with the EBITDA margin reported at 11.42%. The main reason, the company incurred substantial upfront expenditure on new projects awarded on mobilizing resources, procurement of materials and initial project execution.<\/p>\n

Since these projects are still in the early stage, the incurred cost impact the current quarter’s margin. However, the revenue from these projects are expected to materialize in the upcoming quarters which will result in significant margin improvement. Net profit for the quarter shoots are around 4 crores which has declined by 78% year on year basis.<\/p>\n

PAT margin for the quarter shoots at 1.62%. Our main reason is delayed payment from the clients or department resulted in companies to secure external financial support from bank or financial institutions leading to additional interest cost and affecting the profitability. Now coming to the financial highlight.<\/p>\n

For the nine months of the financial year 2025, our revenue from operations eased at 832 crores marking a year on year increase at approximately 2%. EBITDA was around 110 crores representing a year on year growth of around 5% with EBITDA margin 13.19%. Net profit for the nine months was approximately 42 crores reflecting a 23% decline year on year basis, the pat margin is put at 5.09%.<\/p>\n

Now I will request Mr. James Undia to provide the operational highlights for the quarter and the review.<\/p>\n

Jayant Pungalia<\/strong> \u2014 Project Executive<\/em><\/p>\n

Thank you sir. Good afternoon everyone. The company has successfully secured new orders worth rupees 1333 crores during the current financial year reflecting strong business growth and with that the total order book stands at approximately rupees 5125 crore. As on 31st December 2024, the company was granted registration under the RDSO vendor directory for the fabrication of steel bridge girders which will enhance the company’s Atwood integration, reduce dependency on external vendors and improve operational efficiencies.<\/p>\n

The company has a strong pipeline of new bidding opportunities. Potential orders worth around Rs. 4,500 crores are expected to be finalized in the coming months, positioning the company for the continued growth.<\/p>\n

The company remains committed to business expansion by actively bidding for new projects to sustain a healthy and growing order book, ensuring long term business stability.<\/p>\n

With this, we can now open the floor for question-and-answer session.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue accepts. The first question is from the line of Subhash B from Value Investment. Please go ahead.<\/p>\n

Subhash B.<\/strong><\/p>\n

Hello. Am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes sir.<\/p>\n

Subhash B.<\/strong><\/p>\n

Okay. So the FY24 revenue was 1474 crores. And after the Q2 results came out in the investor call, the management guided that you would have about 10 to 15% of growth in FY25. So when I calculate 10 to 15% on FY24 the FY25 estimated revenue was 1695 or 1650 crores. So in the Q2 call when I asked whether this is achievable, the management was very confident. And you guys said that this is definitely achievable considering you had to do 500 crore revenue in Q3 and also another 500 in Q4. But in Q3 you have done 200 odd crores. Now so I went through your presentation. The presentation clearly gives the reason why the EBITDA margin is down. It’s because of the upfront charges that you have incurred for the new projects. But there is no reason given for the revenue decline. So could you explain the reason why the revenue is not recognized?<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Technical Issues]<\/p>\n

Subhash B.<\/strong><\/p>\n

Sorry?<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Subhash B.<\/strong><\/p>\n

So how much payments are delayed? So if those payments were realized, what would have been the revenue? Could you give us at least a ballpark number?<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Subhash B.<\/strong><\/p>\n

So you are saying 800 crore and 692 crore is not realized. And if those were realized then you would have had another,450 crores in this quarter. I mean I didn’t understand the numbers. You said 800690 crore. Right. But this quarter number is only 200 odd crores.<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

This is the three months figure now.<\/p>\n

Subhash B.<\/strong><\/p>\n

Okay, I’ll leave it at that. Maybe I’ll fall back in the queue for to ask this again. But my next question, the second question is, so in the, in the last quarter your receivable, that is trade receivables was 852 crores which I think all the analysts questioned you a lot about. And you said that most of those receivables will be collected in October. Right? You said that it is already, I mean material part of it is already collected and that would reflect in the Q3. But now in the Q3 we don’t see the balance sheet. So could you give us the net trade receivables amount as on Q3 current? So what is the amount of trade receivables as of today?<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

As of today trade receivables is around 800 crores.<\/p>\n

Subhash B.<\/strong><\/p>\n

800 crores again. Okay. And could you give us debt levels as on Q3? This is my last question.<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

Our debt level as on gross Debt level is 608 crore out of which working capital facilities are 200 crores term loan and 100 crores and other facilities are 250 crores.<\/p>\n

Subhash B.<\/strong><\/p>\n

Okay, so it was 668 in during Q2 and now it is 600 odd crores.<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

Yes sir.<\/p>\n

Subhash B.<\/strong><\/p>\n

Okay. So if you could explain what is the reason for revenue decline maybe after you answer other analyst questions that would be helpful. And also my suggestion would be, I mean see when you were doing the Q2 investor call you were already. We were already in Q3. Right. So you would have had at least a slight picture of how your Q3 would look like. But still you guided that Q3 would be very good. Right. But the Q3 revenue is not at all good. I mean we expected 500 crore and it is 200 odd crore. So my position would be to not be too optimistic about the revenue and guide as per the realistic pictures. Thank you.<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

We are on the conservative side especially.<\/p>\n

Jayant Pungalia<\/strong><\/p>\n

The thing was even in the previous quarter we were receiving like kind of part payments from different state governments. So looking to that we anticipated that payments might regularize in the coming quarters. But then the things didn’t work out as we thought. And looking to the previous budget the central government officially announced our the major segment that is water supply. So now we are very much confident that in coming quarters the backlog will Be recovered.<\/p>\n

Subhash B.<\/strong><\/p>\n

Okay. I hope the trade receivables come down compared to Q2. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Chandan Mishra [Phonetic] from Finvesta. Please go ahead.<\/p>\n

Chandan Mishra<\/strong><\/p>\n

Good evening, sir. Thanks for the opportunity. My question, sir regarding tax incurred. Sir, historically we have incurred 25 odd percent tax quarterly. But this quarter we have incurred approx. 49.48% tax. What is the reason sir?<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

Sorry.<\/p>\n

Chandan Mishra<\/strong><\/p>\n

Sir, historically we have incurred 25 odd percent odd tax percent quarterly. But this quarter we have given 49.48% tax. What is the reason for this hike in tax?<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

Tax provision?<\/p>\n

Chandan Mishra<\/strong><\/p>\n

Tax percent. Yes.<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

Yes, sir. It is the same at the same level, sir.<\/p>\n

Chandan Mishra<\/strong><\/p>\n

[Foreign Speech].<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Chandan Mishra<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Chandan Mishra<\/strong><\/p>\n

Okay. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Sahil Patani from Stockholm Capital. Please go ahead.<\/p>\n

Sahil Patani<\/strong><\/p>\n

Hi. My question is similar to one of the previous participants. We had given a guidance of 10 to 15% on a year.<\/p>\n

Operator<\/strong><\/p>\n

Sorry to interrupt. Mr. Sahil, I would request you to please use your handset.<\/p>\n

Sahil Patani<\/strong><\/p>\n

Sorry for that. Yeah. My question is very similar to one of the participants that we have given a guidance of 10 to 15% year on year. So I’ll now go to revise the guidance or what is. What is the management outlook on that.<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

So it depends on the payment from the department. [Foreign Speech] But as of now on a conservative side [Foreign Speech]<\/p>\n

Sahil Patani<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sahil Patani<\/strong><\/p>\n

[Technical Issues]<\/p>\n

Operator<\/strong><\/p>\n

Sorry to interrupt. Mr. Sahil, your line is not very clear.<\/p>\n

Sahil Patani<\/strong><\/p>\n

[Technical Issues]<\/p>\n

Operator<\/strong><\/p>\n

I can hear background noise.<\/p>\n

Sahil Patani<\/strong><\/p>\n

[Technical Issues] Okay.<\/p>\n

Operator<\/strong><\/p>\n

Mr. Sahil? Due to no response from the current participant. We will move on to the next participant. The next question is from the line of Tej Patel from Navasia. Please go ahead.<\/p>\n

Tej Patel<\/strong><\/p>\n

Thank you. Thank you sir. [Foreign Speech].<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]. So since it is it has been like officially declared. We are very much confident [Foreign Speech].<\/p>\n

Tej Patel<\/strong><\/p>\n

[Foreign Speech].<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech].<\/p>\n

Tej Patel<\/strong><\/p>\n

[Foreign Speech].<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech].<\/p>\n

Tej Patel<\/strong><\/p>\n

[Foreign Speech].<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech].<\/p>\n

Tej Patel<\/strong><\/p>\n

[Foreign Speech]. Okay. Okay. No problem. Sir. Thank you so much. That’s all from my side.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Harsh from elegant family office. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello. [Foreign Speech].<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech].<\/p>\n

Unidentified Participant<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech] and then combining with the state [Foreign Speech]. [Foreign Speech].<\/p>\n

Manohar Lal Punglia<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

[Foreign Speech]. All the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Dhananjay Mishra from Sunidi Securities. Please go ahead.<\/p>\n

Dhananjay Mishra<\/strong><\/p>\n

Hello sir. [Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Dhananjay Mishra<\/strong><\/p>\n

Okay.<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Dhananjay Mishra<\/strong><\/p>\n

Okay. [Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Indecipherable]<\/p>\n

Dhananjay Mishra<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Dhananjay Mishra<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Dhananjay Mishra<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Technical Issues]<\/p>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, we have lost the connection of the management. Please stay connected while we reconnect them. Thank you.<\/p>\n

Ladies and gentlemen, we have the management connection back on call. So please go ahead.<\/p>\n

Dhananjay Mishra<\/strong><\/p>\n

Hello? [Foreign Speech] what kind of margin we are making compared to water?<\/p>\n

Manohar Lal Punglia<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Dhananjay Mishra<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Manohar Lal Punglia<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Dhananjay Mishra<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Dhananjay Mishra<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Dhananjay Mishra<\/strong><\/p>\n

[Foreign Speech]. Thank you. All the best for the upcoming quarters.<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Vidhi [Phonetic] from Indison bank. Please go ahead.<\/p>\n

Vidhi<\/strong><\/p>\n

Good evening everybody. [Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Vidhi<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Vidhi<\/strong><\/p>\n

Okay, sir. [Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

Right.<\/p>\n

Vidhi<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Vidhi<\/strong><\/p>\n

[Foreign Speech].<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

Yes, ma’am.<\/p>\n

Vidhi<\/strong><\/p>\n

Okay. Thank you, sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Subhash B from Value Investments. Please go ahead.<\/p>\n

Subhash B.<\/strong><\/p>\n

So you said that due to the new work that you completed there are, I mean the trade receivables again increased, right? So how much of that amount is increased in this particular quarter?<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Subhash B.<\/strong><\/p>\n

Can you give me the quantified number?<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Subhash B.<\/strong><\/p>\n

Okay. And also how do you recognize the revenue? So do you recognize the revenue only after you actually receive the payment or as soon as you complete the phase of the project, do you recognize the revenue even though the payment is not received, would you recognize?<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

Yes, sir. [Foreign Speech].<\/p>\n

Subhash B.<\/strong><\/p>\n

Well, as soon as the work is satisfied the revenue. Okay. So for this quarter you made 240 crores revenue, right? So out of 240 crores how much is received actually. And how much is receivable?<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

How much is receivable?<\/p>\n

Subhash B.<\/strong><\/p>\n

Yeah.<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

Around 60 to 70% is receivable.<\/p>\n

Subhash B.<\/strong><\/p>\n

60 to 70% of…<\/p>\n

Operator<\/strong><\/p>\n

Mr. Subhash, does that answer your question?<\/p>\n

Subhash B.<\/strong><\/p>\n

No, actually. So that comes up to 144 crores, right? Out of 240 you are saying 144 is receivable. But you did say that out of 852 crores of receivables from last quarter you said material amount of that was actually received by. Right. But I Didn’t get that number as well.<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

But you if you see the 853bifurcation there. There is a few details also.<\/p>\n

Subhash B.<\/strong><\/p>\n

Okay. Okay. Thanks.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Pratik Bhandari from Artventures. Please go ahead. Mr. Pratik, I would request you to unmute your line and speak please.<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

Can you hear me now?<\/p>\n

Operator<\/strong><\/p>\n

Yes sir.<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

[Foreign Speech] second quarter of FY25.<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

Yes sir.<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

Yes, sir.<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Manohar Lal Punglia<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Manohar Lal Punglia<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Manohar Lal Punglia<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

Okay, sir. [Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Manohar Lal Punglia<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Manohar Lal Punglia<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

[Foreign Speech]. Thank you.<\/p>\n

Manohar Lal Punglia<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Rajesh Bhandari from Nakoda Engineers. Please go ahead.<\/p>\n

Rajesh Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Manohar Lal Punglia<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Rajesh Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Manohar Lal Punglia<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Rajesh Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Manohar Lal Punglia<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Rajesh Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Rajesh Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Rajesh Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Manohar Lal Punglia<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Rajesh Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Rajesh Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Manohar Lal Punglia<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Rajesh Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Manohar Lal Punglia<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Rajesh Bhandari<\/strong><\/p>\n

[Foreign Speech] [Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Rajesh Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Manohar Lal Punglia<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Operator<\/strong><\/p>\n

Sorry to interrupt. Mr. Rajesh, I would request you to please rejoin the queue for your follow up question. Thank you.<\/p>\n

The next question is from the line of Lokesh from Smith limited. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello. I’m audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes, sir.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. My question is more towards the revenue front for Q4F25. [Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I understand that. [Foreign Speech] [Technical Issues]<\/p>\n

Operator<\/strong><\/p>\n

Sorry to interrupt, Mr. Lokesh, your line is not very clear. Can you repeat your question again?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Am I audible now?<\/p>\n

Operator<\/strong><\/p>\n

Yes sir. But there’s a lot of background noise from yours.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Now? Is it clear?<\/p>\n

Operator<\/strong><\/p>\n

Yes sir. Please. Please continue.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And for FY26 [Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

On the margin front, sir, last question from my side [Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next follow up question is from the line of Pratik Bhandari from Art Ventures. Please go ahead.<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

90 to 100 days?<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

190 [Foreign Speech]<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

Yes, sir.<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

Yes, sir.<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

9% to 12%?<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

Yes, sir. [Foreign Speech]<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

Okay. Thank you, sir.<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of session. Who is an individual investor? Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Operator<\/strong><\/p>\n

Sorry to interrupt sir, I would request you to please use your handset.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I am on the handset. Is it better now?<\/p>\n

Operator<\/strong><\/p>\n

Yes, sir. Please continue. Okay. Can you please repeat your question?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure. [Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. That’s all from myself. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Prashant Pani who is an individual investor. Please go ahead. Mr. Prashant, I would request you to unmute.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello?<\/p>\n

Operator<\/strong><\/p>\n

Yes sir.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Is it audible sir?<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

Yes sir.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. So my only one. Most of the questions got answered here. One question. So actually as we have given the guidance of 10 to 15% growth in top line and bottom line. So until nine months so far. So our growth is just 2 to 3%. So still it is intact. Like we’ll be growing at the end of this financial year by 10% or 15%.<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And second just second question. So actually I have been hearing that your billing and payment delay from the government things. Right. So like other field companies I have not been hearing this kind of issues. Like payment is also it’s being like they are not projecting that kind of issues there. So just understand. So whether it is because of that depends upon the state government’s project because of that it is having or something.<\/p>\n

Manohar Lal Punglia<\/strong><\/p>\n

Okay. So. So sir, basically if you look after the companies that are into like similar nature of our work which have like major. Major portions into water supply. So everyone is facing these kind of issues.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. But that is not reflecting in their balance. So that’s okay. Yeah, that’s from my side. So thanks for the future.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next follow up question is from the line of Vidhi from in this bank. Please go ahead.<\/p>\n

Vidhi<\/strong><\/p>\n

So a follow up question to my previous question is that you have. You are saying that if you receive payments from the government which are stuck up you would be able to match your FY24 revenues. [Foreign Speech] are we expecting a decline over FY24 revenue in FY25.<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech] We are not expecting the same.<\/p>\n

Vidhi<\/strong><\/p>\n

[Foreign Speech] So what could be the impact?<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Vidhi<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Vidhi<\/strong><\/p>\n

Okay. And sir, what is the expected order execution for Q4FY25? If you could just give us a ballpark figure.<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Vidhi<\/strong><\/p>\n

[Foreign Speech] Because we are about 650 crore short.<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech] Next coming two years. Two to three years on an average. You can analyze.<\/p>\n

Vidhi<\/strong><\/p>\n

So Basically we are 650 crore short to match with FY24 numbers for now. [Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Vidhi<\/strong><\/p>\n

Okay. Okay, sir. And sir [Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Vidhi<\/strong><\/p>\n

[Foreign Speech] Okay. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Pratik Bhandari from Art Ventures. Please go ahead.<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

In percentage-wise?<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

Sorry.<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Operator<\/strong><\/p>\n

Mr. Prateek, does that answer your question?<\/p>\n

Prateek Bhandari<\/strong><\/p>\n

Yeah. Okay. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next follow up question is from the line of Rajesh Pandari from Nakoda Engineers. Please go ahead.<\/p>\n

Rajesh Bhandari<\/strong><\/p>\n

[Foreign Speech] You can come out with QIP also. [Foreign Speech].<\/p>\n

Manohar Lal Punglia<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Rajesh Bhandari<\/strong><\/p>\n

[Foreign Speech] Hello.<\/p>\n

Operator<\/strong><\/p>\n

Sorry to interrupt. Mr. Radish, I would request you to rejoin the queue for your follow up question.<\/p>\n

Thank you. Ladies and gentlemen, we have lost the connection of the management. Please stay connected while we reconnect them. Thank you. Ladies and gentlemen, we have the management connection back on call.<\/p>\n

As there are no further questions from the participants, I would now like to hand the conference over to the management for closing comments.<\/p>\n

Sarfaraz Ahmed<\/strong><\/p>\n

Thank you, all, for participating in this earnings con-call. I hope we have been able to answer all your questions that is factor in. If you have any further questions or would like to know more about the company, please reach out to our IR managers at Valorem Advisors.<\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

On behalf of Vishnu Prakash R Punglia Ltd., that concludes this conference. Thank you for joining us and you may now disconnect your lines.<\/p>\n

Jayant Pungalia<\/strong><\/p>\n

Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

Vishnu Prakash R Punglia Ltd (NSE: VPRPL) Q3 2025 Earnings Call dated Feb. 04, 2025 Corporate Participants: Manohar Lal Punglia \u2014 Managing Director Sarfaraz Ahmed \u2014 Chief Financial Officer Jayant Pungalia \u2014 Project Executive Analysts: Nupur Jainkunia \u2014 Analyst Subhash B. \u2014 Analyst Chandan Mishra \u2014 Analyst Sahil Patani \u2014 Analyst Tej Patel \u2014 Analyst […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-173687","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":173685,"url":"https:\/\/alphastreet.com\/india\/vishnu-prakash-r-punglia-ltd-vprpl-q1-2026-earnings-call-transcript\/","url_meta":{"origin":173687,"position":0},"title":"Vishnu Prakash R Punglia Ltd (VPRPL) Q1 2026 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"Vishnu Prakash R Punglia Ltd (NSE: VPRPL) Q1 2026 Earnings Call dated Aug. 14, 2025 Corporate Participants: Unidentified Speaker Manohar Lal Punglia \u2014 Managing Director Sarfaraz Ahmed \u2014 Chief Financial Officer Jayant Punglia \u2014 Project Coordinator Analysts: Unidentified Participant Nupur Jainkunia \u2014 Analyst Aayush Saboo \u2014 Analyst Lokesh \u2014 Analyst\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":173686,"url":"https:\/\/alphastreet.com\/india\/vishnu-prakash-r-punglia-ltd-vprpl-q4-2025-earnings-call-transcript\/","url_meta":{"origin":173687,"position":1},"title":"Vishnu Prakash R Punglia Ltd (VPRPL) Q4 2025 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"Vishnu Prakash R Punglia Ltd (NSE: VPRPL) Q4 2025 Earnings Call dated May. 30, 2025 Corporate Participants: Purvangi Jain \u2014 Investor relations Manohar Lal Punglia \u2014 Managing Director Sanjay Kumar Punglia \u2014 Director and Chief Executive Officer James Kunglia \u2014 Director Analysts: Rajesh Bhandari \u2014 Analyst Sahil Patan \u2014 Analyst\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":142820,"url":"https:\/\/alphastreet.com\/india\/praveg-communications-india-ltd-praveg-q3-fy23-earnings-concall-transcript\/","url_meta":{"origin":173687,"position":2},"title":"Praveg Communications (India) Ltd (PRAVEG) Q3 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"February 27, 2023","format":false,"excerpt":"Praveg Communications (India) Ltd (NSE:PRAVEG) Q3 FY23 Earnings Concall dated Feb. 14, 2023. 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