Wpil Ltd (NSE: WPIL) Q1 2026 Earnings Call dated Aug. 05, 2025
Corporate Participants:
Unidentified Speaker
Prakash Agarwal — MD & Director
Analysts:
Unidentified Participant
Deepak Purswani — Analyst
Ravi Kumar Naredi — Analyst
Vineeth Lambu — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the WPI Limited QN FY26 earnings conference call hosted by Adijan Capital Markets Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchtone phone. Please note that this conference has been recorded. I now hand the conference over to Mr. Rona Kwal. Thank you and over to you, sir.
Unidentified Participant
Hello and good evening to everyone. On behalf of AR Capital Market Initiative, I thank you all for joining me to quarter 1 XY 26. Earning conference call of WPI today. From the management we have Mr. Prakash Agrawal, Managing Director of the company. Mr. Krishna Kumar Kanel Manasur, Executive Director of the company. So without any further delay, I will now hand over the call to Mr. Patasha Jamar sir for his opening remark. Over to you sir.
Prakash Agarwal — MD & Director
Thank you and good evening everyone. It is a pleasure to welcome you all to our earnings conference call for. The first quarter of financial year 2026. Let me first take you through the. Financial performance of the company followed by the operational highlights. For the quarter under review. Consolidated revenues from operations stood at 379 crores, an increase of 4% year on year. EBITDA was 49 crores which declined by 18% year on year with EBITDA margins for the quarter at 13%. Profit after tax amounted to 26 crores. On a standalone basis, revenues stood at. 181 crores a decline by 24% year. On year while EBITDA stood at 28. Crores and EBITDA margins at 15.62%. Net profit stood at 19 crores. The product division maintained its growth momentum. Delivering revenues of 65 crores compared to 55 crores in first quarter FY25. We also achieved the highest ever product. Order booking in the first quarter of 139crores which has grown our order backdrop to 411crores. Product and market development continues to gain. Further momentum across all sectors. We’re seeing a strong inquiry pipeline especially. In the power and irrigation sectors and have received new orders from the Navy for new vessels, further expanding our product range in naval applications. The recalled order intake this quarter came. Across sectors with large orders in irrigation and port sector supported by international drainage orders. The domestic product business remained constrained due. To sectoral challenges with revenues at 116 crores compared to 184 crores in Q1 FY25. Our main focus remains on project completion. Which is progressing well. On a positive note, four projects have. Started O and M this year and another four are expected to be commissioned by the end of the year. The payment situation is slowly improving and we expect improvement in the water sector in the second half of the year as the Jal Jeevan issues are resolved and fresh tenders are expected for both rural and urban water sectors. International business revenues increased to 197 crores. Compared to 126 crores in Q1 FY25, driven by the strength of our new acquisitions. Margins were affected by transactional and legacy costs in the first quarter but are expected to improve and normalize through the year. Grupo Turia and MESA are both operating. With strong model books and expected to regain growth momentum this year. Grupo or Turia had a strong order. Intake in Q1, particularly from the irrigation and water sectors in the MENA region. It has also commissioned its large pump. Test facility during the quarter. With supply of large flow pumps to. The Kalin government, WPI South Africa has. Strengthened its position in the country’s water sector supplying the largest pumps for the Zokerbush pumping station. PCI Africa starts this year with a. Record order book with strong traction in the Eastern Cape wastewater sector and a robust pipeline across both water and wastewater segments. Eigenbau also begins the year with a strong order book and is expected to ramp up revenues supported by good orders from Nigeria. Meanwhile, Misa IP has been working through. Legacy contracts and is now actively rebuilding client relationships which augurs well for future growth. Sterling Pumps Australia operation remains stable with improving profitability supported by higher margins and a better cost structure. Lastly, WPL Thailand continues to expand in the large GNA sector which is aligned with the government Thai government’s focus on this sector. Now I’d like to take your questions.
Questions and Answers:
operator
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 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 a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We take the first question from the line of Deepak Purswani from Swan Investments. Please proceed.
Deepak Purswani
Yes, good evening sir and thank you for the opportunity. Sir firstly wanted to check it out. You mentioned about issue regarding the JGM has been resolved. If you can throw some more light in terms of how has been the payment processing at this point of time and whether the receivable cycle has now normalized and how is the billing is shaping up in these kind of project at the current juncture. And second part of the question is on the opportunity pipeline which you may. I mean there is a. You also mentioned that there is an encouraging pipeline for these projects.
If you can give broader sense on that part as that would be really helpful. That is my first question.
Prakash Agarwal
So regarding the jjm. The jjm the JJM projects are being. Reviewed in the first quarter since the budget announcement. The government set up a committee to review the JJM schemes and future financing. Apparently the review has been conducted and the final report submitted and we expect clear direction going forward. But I think it will be on a positive note and we expect the results of this review to start giving taking shape from the second half of the year. Payments. Some payments have been released and we expect the major chunk of payments to be released shortly. Also as this review has been conducted, hopefully the ambiguity has gone and we will have a clearer picture in the second half of the year. The tender pipeline has been slow and. Is expected to pick up post this review. So again from the second half there. Was a lot of work to be. Done in the JALG1 mission also and in the urban sector. So we should see a good inquiry pipeline.
Deepak Purswani
From the execution point of view. How should we see this year as a whole for the project division? Would it be better than last year? This year there would be still some sluggish needs throughout this year. Should be at the same level as last year. Or a bit improved this year because as the cash flow situation improves going forward we are focused on our project execution because we want to complete them contractually and also move into O and. M. The challenge remains for newer contracts. As the landscape becomes clearer but for. This year there is no challenge.
Deepak Purswani
Okay. And second part of the question is on the we also mentioned that we are looking at some opportunity from the Navy side of the business on the pumping business. If you can get a broader sense on this, what are the size of the project which we are looking at out and what would be the typical execution cycle for these projects and what would be the kind of margin they would enjoy next three to four years.
Prakash Agarwal
The Indian Navy has taken up a. Large plan to modernize and to large manufacturing plan for a number of over the next 30 years. So we have been aligning ourselves with. The Navy’s needs and getting our products. Approved and as the vessels are coming. Into manufacturing we should see a good amount of business Increasing with an increasing trajectory going forward. But what we want to say is that we are increasing our product range and that will place us well to. Exploit the opportunity in the sector.
Deepak Purswani
Okay, and just last part of my question is on the any update on the South African acquisition? I mean if you can give a broader sense, what is the currently revenues update we should expect from South African acquisition and what is the order book at this point of time we have and whether the acquisition process is consolidated or how should we see entire thing.
Prakash Agarwal
The presentation we have now split up into two parts. If you see that we have made. It into product division which has got India domestic and international. And in that you will see the. Q1 performance was 141 crores revenue in. International and 65 crores in domestic. So it’s a 2 3rd 1 3rd ratio. And the order backlog for products was. About 1,053 for products. This is again 411 in domestic and 642 international. Similarly in projects. Now we have shown that the revenues for Q1 were 116 crores in domestic. And 56.6 crores from international, primarily from South Africa. And the order backlog is 3200 crores. 22,260 crore is from domestic and the. Balance is from international. So you can see that there is a shift towards. We are now in the project business. We are getting to a ratio of about. Already this year it was 75%, 25%. 75 domestically, 25% international. And we are targeting to bring this to 60 40. That means domestic country and 40% international. The order book if you see is. In the similar lines.
Deepak Purswani
Okay. And on the annualized basis.
Prakash Agarwal
So on an annualized basis you can assume the same picture. So this is. I think the picture will evolve but you will see that our revenue this year is 197 crores from overseas and. 181 crore from domestic. I think this ratio of 50:50 will. Be maintained throughout the year.
Deepak Purswani
And all the consolidation for the acquisition has been already completed in this quarter in South Africa. That is the thing.
Prakash Agarwal
So we had a lot of challenges this quarter because the PCI Africa we consolidated only for one month because the. Transaction completed in May. Similarly there were some transaction and legacy. Costs in the Eigenbau, Misa and pci. So you know all are completed now. And now we see good traction going. Forward for the rest of the year.
Deepak Purswani
Okay, I have more question having come up in the queue. Thank you.
operator
Thank you. Before we proceed with the next question, I Would like to remind participants that you may press Star in one in order to ask a question. The next question is from the line of Ravi Naredi from Naredi Investments. Please proceed.
Ravi Kumar Naredi
Thank you Prakashi. To give the opportunity to me. This is our top line is same but bottom line is down heavily in this quarter. So any specific reason is our joint call late.
Prakash Agarwal
So if you already replied I feel sorry. So I think there is no reason. I think it is as we have explained one of the issues is that the overseas operation is now a significant part of the. For example it is 197 crores and 181 crores is domestic. The overseas EBITDA for this quarter came down to 11%. Our typical is between 16 to 20%. So this has happened because there were some costs in the first quarter and. The revenues were not aligned. So as the acquisitions are now consolidated smoothly we should see this improving. And by the year end we expect. To go back to our normalized level EBITDA levels.
Ravi Kumar Naredi
Okay. Okay. And sir, due to heavy rains this year in India how we see pump. Division in nine months?
Prakash Agarwal
I think as we have mentioned the product business is very strong. We see very good outlook. The order book being at record level. And projects we are really. Yes, the rails have affected a bit. Of construction for us. But we want to see more clarity on these Jal, Jeevan and Amrud schemes which we should see in the second. Half of the year. So we are very optimistic about the. Second half of the year.
Ravi Kumar Naredi
Okay. Okay. Thank you very much sir.
Prakash Agarwal
Thank you.
operator
Thank you. The next question is from the line of Saket Kapoor. From Kapoor, please proceed.
Unidentified Participant
And thank you for this opportunity. Sir, firstly if you could. Firstly, am I audible to you sir?
Prakash Agarwal
Yes, you are audible.
Unidentified Participant
Firstly sir, if you could just give what are our receivables from the gel given mission as on the closing balance of March 25th and as on date, how much is the closing balance and what quantum of work have we executed for this quarter?
Prakash Agarwal
So we don’t have it clearly as. Far as Chinese itself is concerned. But we received some funds in the. Month of July itself. So that is quite very positive. And we see this further traction improving. In August and September. So we see a positive movement in the outstanding going down and we are focused on completion. So our projects are significantly advanced now we are at most of our older. Projects are at 60, 70, 80% completion. So we are into completing them and. Putting them into O and M. But. We don’t see problems regarding the existing projects and we See, the cash flows are stabilizing in this quarter itself. And we are concerned a bit about. The outlook for the sector, the domestic sector. And however we, you know with the. Policy statements we see that also should. Be optimistic in the second half. But as a company, as you can see we took a very important stand to de risk ourselves. And we built up a good project. Business in international project business which today. Will be 40% of our project revenues which will de risk our business model.
Prakash Agarwal
If I remember correctly, something around 4 to 500 crore were the receivables.
Unidentified Participant
Can you give a ballpark number and also the July number. Just to understand the gaze of one village. Because across the board for JG1, whether it is EPC players, whether it is product players, everybody are of the same tune, are of the same view that funds are being stuck and the receivables are mounting up. So if you could just give some color. And secondly on this order book position what is the executable period for the project part?
Prakash Agarwal
Sir, I think so. The closing order book of 2200.
I think 3200 is there out of the 2260. Is our domestic business in. Which we have approximately 1700, 1750 of construction contracts. And typical time frame would be. So you can see we have still. Got two years order book at a revenue of 800 crores.
Unidentified Participant
Okay. And for the. Payments we have received payments in April and in July. So our outstanding as a company has come down. I’ll say 25%. 25 to 30%. So we are quite positive that this. Situation will further improve. And we are not as distressed as we were feeling in March. Enter for the international order book. What is the execution? What is the execution period on 9th office.
Prakash Agarwal
Approximately you can take that you’re looking at there is a bit slower because the projects are a bit longer between say two and a half years. It’s about two and a half year order book. Two and a half to three years. But a lot of new contracts are. Also in the pipeline there. So very very positive. The international order book gives us great confidence.
Unidentified Participant
Any color on the bid pipeline? Sir, you can give only.
Prakash Agarwal
International. Lot of projects are in noi stage. Which we will be reporting soon. The domestic bid pipeline is quite disturbing.
Unidentified Participant
Yeah. No. Any numbers you can say for international Just to get a gaze. What where are we present and what is our wind ratio?
Prakash Agarwal
I think the win ratio is quite high and significant because our companies are. Very strong in their sectors and in their markets. I think we will come with more clearer definition as the quarters go by but as of today you can see that there are 940 crores order book. There and good amount of lors maybe the similar amount of lois in the pipeline. So you should see good order booking and revenues down the line.
Unidentified Participant
Sir, a small point on the margin. I think so. To the earlier participants you did mention that going forward we will be determined to our EBITDA margin which used to be I think 15. 15 to 18% was there should be the number we should look this quarter was lower at 16%. I think so. No lower than that. It was slightly lower than that.
Prakash Agarwal
So domestic was 15% 15.1 or I think percent which should go back because again the first quarter is a bit erratic and I think we will be. In the higher range between 15 to 20 as we normally are. We don’t see any concerns on margin. International fell to 11% because of certain one off costs which will get normalized. In the balance three quarters.
Unidentified Participant
So as a year as a whole, sir, on a consolidated basis, what should be the EBITDA margin for both the division taken together, what should be the.
Prakash Agarwal
Same or improved from previous years?
Unidentified Participant
Okay. And on the incremental volume, sir, what should be anticipating? Only we are into three months into the year. In fact four and a half months into the year. But still on what top line we did last year what should be the growth should be or the incremental execution scale should be for the current financial year.
Prakash Agarwal
We will see a good amount of traction in the international operation. You can take the first quarter as a guideline there. Both in the product and the project business. The first quarter is a good guideline. We are very happy with the numbers we achieved in the June quarter as far as revenues are concerned. And this should be the guide for. The rest of the year. You are alluding to the product division or the project parts or both. International product and project. That revenue has jumped up to 197from120. So I think this growth should be. Maintained throughout the year.
Unidentified Participant
Okay. And lastly sir, on the NFC listing, so investors and the analyst community were hoping for some traction on the listing of our stock going ahead. So any thought process or are we in the process of doing the necessary to get ourselves listed?
Prakash Agarwal
Actually it wasn’t a priority for us. We were really focused on stabilizing and consolidating our business. As the year goes by we will. Again look into this. We had. So it’s not been a priority for us.
Unidentified Participant
Okay. Kindly sir, prioritize it. I think so the type of investor base and the Segment where we are MFP provides a bigger landscape than BFP.
Prakash Agarwal
So kindly my point was that we. Had you know quite a concerning period through the last one year so we have been you know we had a period of change where we were dealing with this Indian project cash flow challenge and growing the international business with I think very good acquisitions. So that has taken up some time and we will now go back to.
Unidentified Participant
Re looking at this Two small points sir. What is our net cash on the book sir currently or what is the cash and debt number? If you could share.
Prakash Agarwal
Can I come back to this point?
Unidentified Participant
Yes and one more request sir Our presentations are uploaded just 15 or 18 minutes before the call commence so either of the same, either a call can be shifted by 40, 45 minutes so that we can go through the content. I think we will try to keep. It at 5:30 because we are seeing. Our board meeting is taking a bit. Longer so we will. Okay, I joined the queue for my follow up and and I hope that we gain traction but the Q2 will be I think so on the execution scale would be lower because of the monsoon intact or the catch up would be there from the international order book execution I think we will see traction.
Prakash Agarwal
The international traction will pick up As I mentioned we just have one month. Performance from PCI Africa which is a very significant contributor to our revenues and same with all our international businesses they pick up in the second half of the year. So our second and third quarter is. Their peak period especially the Subiramba quarter is very interesting things.
Unidentified Participant
Okay so the confusion would be much higher than okay sir, I just wait for that death and cash number and I join the queue again sir. Thank you sir.
Prakash Agarwal
Thank you.
operator
Thank you. Before we proceed with the next question I would like to remind participants that you may press star in one and order to ask a question. The next question is from the Lena Vineet Lambu from HSBC Asset Management. Please proceed.
Vineeth Lambu
Hello. Can you hear me?
Prakash Agarwal
Yes please, I can hear you.
Vineeth Lambu
Out of this 2200 crores what would be the OEM O order books in. About 530 I think. 530. So in fact we haven’t won any orders this quarter. Right. So. No order means for the last. For quite some time now. And about the receivables, I don’t know I have heard the number if you have any number.
Prakash Agarwal
Receivables are improving. It has peaked in March and we received payments in April, May, June, July. And so by July we are in a better position by 25, 30% it has gone down. So the right now. So the only problem is from the project Wind perspective, this is mainly because of the. I see that. So this will also help our interest. Cost to reduce going forward which was. Which has, you know, affected our pact. And only problem is that though we are optimistic, you know, because this being a policy issue, when the projects are. Restarted, they will be done with the bank. So hopefully we’ll be able to rebuild our order book second half.
Vineeth Lambu
And the other thing is other expenses have increased by 30 to 40% in the range of 30 to 40%. This is mainly because of the one off cost in the international acquisition.
Prakash Agarwal
Yes, you see the international acquisitions have taken place. Their cost structure has merged with us. But the revenues will. You know, our businesses are quite cyclical. So a year is the better way. To look at it because most are project revenues. So you will see it as a year. It will be. The margins will improve and normalize. So it will take another 12 quarters or from second quarter this margins. It will start from second quarter, the first quarter as I mentioned, only one month. We got look because the acquisition. So this 11% of the international margins on. Yeah, that will improve. Margins will not be a problem. Quarter turn quarter two as usual because of the rains and all would be a dull quarter. Right. So the international segment will be strong. They are not affected by rains.
Vineeth Lambu
I will fall back in the.
operator
Thank you. The next question is from the line of Deepak Pool Swani from Swan Investments. Please proceed. I would request Mr. Deepak to unmute them themselves and then speak.
Deepak Purswani
Yeah, thank you for the follow up opportunity. Sir. Sir wanted to seek little more clarity on the international project part of the business. If you can give some little more clarity on all three acquisition, what was their annual revenue at least for the last fiscal year? For example PCR Africa, what was the last year single numbers or FY numbers. And NISA Italy and Eganbach acquisition, what was the annual revenue and how should we see the consolidation in this year? Probably PC Africa would be consolidating consolidated only for the 10 months. Right. And rest of the remaining two acquisition would be for the 12 months.
Okay, so can you please give an entity wise revenues for last fiscal year.
Prakash Agarwal
Approximate revenues I had indicated in my previous investor presentation. If you check it out, you can see it. I don’t have it with me now. But in March I had indicated Approximately I think 400 crore something.
Deepak Purswani
Okay. Okay. And on the margin profile front for this project part of the business in the international division, we expect that will also come back to the Original, I mean India part of the business. That that would be close to the 15 to 20% kind of range which we have in maintaining.
Prakash Agarwal
Yes, yes, absolutely.
Deepak Purswani
Okay. And what was the one off cost for this quarter? What was the amount this quarter? There was some one off cost related to acquisition. What was the amount?
Prakash Agarwal
No, it’s, you know, different types of. One is a currency loss which is an M2M transaction. Some are some legacy contract which we had in the company like Misa, which we have to bear. So it’s difficult to do. But you can assume that that has. Affected this margin which is at a lower level right now.
Deepak Purswani
Okay. And then sir, finally on the project part of the business last year in the domestic side we did somewhere close to 860 odd crore. This year, roughly 900 odd crore and then 400 crore kind of this year. International part of the business. Would that be the fair assessment in terms of the revenue for FY26?
Prakash Agarwal
I don’t want to give that figure. What I want to say is that the overseas business, as you can see. This quarter it has jumped from 120 to nearly 200 crores. This gives a good outline that the. Overseas will now be about 50% of our business. The domestic business, as I mentioned, the. Product is very strong and should keep up the growth and the project. We are confident of completing the contracts. However, it is subject to the scenario. We are optimistic but it is still. Subject to the scenarios.
Deepak Purswani
Okay, sir, on the product side of the business, how should we see growth trajectory in each domestic and international business? If you can give broader color or sense for that kind of business as well, please.
Prakash Agarwal
I think the product side is very. Strong and the international project side is very strong. The product domestic has been a very surprising up move which we are seeing now. It started off last year and it’s continuing so very, very pleased with that. And the international business as we have mentioned also is now, you know, the Middle East, North Africa region is supporting us, South Africa is supporting us. So very positive outlook and very. We have shown by the project order backlog internationally that is also looking very positive.
Deepak Purswani
Okay, and final part of my question is on the pipeline of acquisition, is there any further acquisition we are exploring or at this point of time we are done and then should be looking at further place for consolidation of these acquisitions and then we’ll probably explore more. If you can give a broader sense on that.
Prakash Agarwal
Yeah, we want to. We are looking at further opportunities for. Acquisition because we feel we have consolidated this well and we as a company are very Satisfied with our acquisition process and consolidation process and they have been relatively smooth and we still have considerable funds available after the Rupshi transaction. So I think it’s just opportunities. We are very selective because we are looking at opportunities which have long term profitability, good valuation and which are where we can add value by using synergies.
Deepak Purswani
And sir, any thoughts on increasing the stake in some of the existing international subsidiaries where we have submitted in some of the acquisitions, 54 to 63% stake. Are we looking to make it wholly on subsidiary at some point of time or how should we see as an investor?
Prakash Agarwal
It’s a capital usage which we have to consider. We basically we have a 60:40 ratio. In Singapore with the promoter company. How you know whether that is an efficient use of capital we have to review. Today our priorities are on growing the. Business because we sold one business and we generated significant cash and we want to deploy it to grow the business.
Deepak Purswani
Thank you, sir. Thanks a lot and wish you all the best.
operator
Thank you. Before we proceed with the next question, a reminder to the participants that you may press Star in one in order to ask a question. The next question is from the line of Devyash Jain, an individual investor. Please, please proceed.
Unidentified Participant
Hello sir. Am I audible?
Prakash Agarwal
Yes, you are audible.
Unidentified Participant
Yes sir. The first question is. The Q1 presentation highlighted several global mega trends. Example the LNC plant build out any infrastructure boom. So how is WPI tailoring its RND roadmap and product development priorities to capture these thematics opportunities? And what new offerings can we expect by Q3s 26?
Prakash Agarwal
Let me understand your question please.
Prakash Agarwal
Can you repeat?
Unidentified Participant
The Q1 presentation highlighted several global mega trends like the LNG plant, hail out me and infrastructure. So how is WPI tenoring its rd Ron and certain development priorities to capture these opportunities?
Prakash Agarwal
WPL has a very strong R D. And which is supported by our European operations. We work on our own targets which. Are primarily like right now we are. Focused on your pythons. Please. Sorry, one second. Can you mute. Can you hear you?
Unidentified Participant
Yeah. Yes. Yeah. Now.
Prakash Agarwal
So we are focused on the naval. Product development which is our focus area for us. We are focused on the drainage product development which is another area which we see sewage and drainage and navy. These are the three segments which are presently focused on and our focus keeps going as per client requirements. We are product leaders in our segments.
Unidentified Participant
Okay, sir. So secondly, WKI’s consolidated working capital days have trended upward over the past two years. So what specific initiatives such as supplier financing, digital invoicing or contact structuring. Changes are you deploying to optimize receivables and payable cycles?
Prakash Agarwal
We have got a significant debtor pile. Up with the Jal Jeevan mission which. Is now reducing over the last three months. And we expect it to completely normalize. In the next three months. So we don’t see any major challenge.
Unidentified Participant
Okay, sir.
operator
Thank you. The next question is from the line of Saket Kapoor. From Kapoor, please proceed.
Unidentified Participant
Firstly, if you have the number with you in terms of the cash and the net. The cash and then that the debt number. And secondly, you mentioned about our international acquisition of the. Because of this the legacy cost has been booked and the turnover is not commensurate to the same. This is what the understanding is to be taken.
Prakash Agarwal
Yes, we have said that there are certain. You see the turnover is 197 crore is for one quarter and the EBITDA is 21 crore. So there are some legacy costs and. Some exchange losses which you can see there. These have affected the first quarter and within the balance 3/4 it will normalize. To the normal range which is high, you know, high end of 15 to 20.
Unidentified Participant
And these numbers are booked in the PNL in the other expenses and the employee benefit expenses or where should we look at for these, these numbers? The other expenses is not commensurate to the administration.
Prakash Agarwal
We have got. Suppose one is we have some administration. Costs and certain costs in sales like some contracts which have had losses in the old contracts which we took over. Then there are certain the personal and administrative costs are not commissary because the. Revenues have not been fully, you know, reflected which will be reflected in the going forward. So I think you have to be. Patient and wait for the next three quarters.
Unidentified Participant
So we got your point very clear. But what all these people are looking is if you can give us a number so that we can just model it out as a one off number for the first quarter.
Prakash Agarwal
Yeah, I don’t have the number. I would say that it is affected, the EBITDA levels are affected because all hedge funds are affected marginally and they are. So it is looking like it was lower and it will normalize because our normal levels are higher, our business levels are higher and actually our international acquisitions are higher margin than our domestic. So you will see the benefit, you will see the effect. You can imagine this is the first quarter where all three businesses have been consolidated. So it is quite remarkable that you know we could buy these businesses starting.
From last year, I think October, November and in six, eight months we have bought the businesses, consolidated them and stabilized them.
Unidentified Participant
Yes, your point is very well taken. But we people were only looking for just the one off number if you don’t have them. But that would have surprised a lot of the margin compression for us. That was the only reason why every one of us is just looking for that part. So any ballpark number would have helped us in getting sense of what led to the lowering of the profitability. Secondly, the thought process on the cash and the debt number if you can.
Prakash Agarwal
Share roughly about 200 crores net cash. Is there in the books. And I think this was at and further as we have received outstanding as I said on judge even significant amount. So it is further improving and you will see it quite significantly improved by September.
Unidentified Participant
Okay. And how much have we spent on these international acquisitions? Of the three of them in total?
Prakash Agarwal
Roughly about 100 crores.
Unidentified Participant
Roughly how much sir?
Prakash Agarwal
100 crores we have spent on the total acquisition.
Unidentified Participant
That is by our cost of.
Prakash Agarwal
Yeah, approximately.
Unidentified Participant
I think sir, I’m getting the numbers wrong. This African acquisition and all everything put together is only worth 100 crore.
Prakash Agarwal
Yes.
Unidentified Participant
Okay. And. The asset size of this business which we have acquired by this payments in terms of the infrastructure and the assets under these companies, what should be the balance sheet?
Prakash Agarwal
You don’t have it with us. You will see it in the next. Quarter when we give the balance sheet.
Unidentified Participant
Okay. So to take home the point is that the should normalize for the international business going ahead in the second quarter itself. And margins will also take an uptick for the domestic operations. We need to wait for how the government ramps up again the scheme with the type of deliberation that are going on. This should be a good understanding for to take on.
Prakash Agarwal
Sir, the product segment of the domestic. Operations is very strong. The project business is stable for in line with last year. But further improvement and further visibility down the line. We should see in the second half. The international business as the acquisitions have shown up to some extent here the margins and also show up in line. With our gender trend because that is our targets on those businesses are higher, much higher. So they will show up in the coming quarters as the businesses play out. And we are generally buying businesses at very good valuation. So that is, you know, that is our main focus. We did not overpay.
Unidentified Participant
Right, sir. All the best to the entire team and hope to hear much from you people again. Sir. Thank you, sir. Namaste.
Prakash Agarwal
Thank you.
operator
Thank you. A reminder to the participants that you may press Star in one in order to ask a question as there are no further questions from the participants. I would now like to hand the conference over to the management for closing comments.
Prakash Agarwal
So thank you all for participating in this earnings conference call. I hope you were able to answer your question satisfactorily and at the same time offer insights into our business. If you have any further questions or would like to know more about the company, please reach out to our investor relation manager at Valorium Advisors. Thank you and good evening.
operator
Thank you on behalf of Arihan Capital Markets Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines.