Thank you very much. We will now begin the question-and-answer session. The first question is from the line of Aditya Bhartia from Investec. Please go ahead.

Hi, sir. In the opening remarks, we spoke about some of the execution challenges getting addressed over the next couple of quarters. Just wanted to check, are we seeing some concrete evidence of that? Are we seeing execution pace picking up across multiple projects, or at this stage, it is a bit of a hope?

At this stage, we are definitely seeing the symptoms of it all happening, and some of the issues with respect to land-related issues are getting addressed by proactive activities undertaken by Maharashtra government. So, that would result in significant release of lands, whichever places are there. There have been regular reviews from the government, which helps in pushing the project ahead. In there are similarly in Madhya Pradesh where we have a project also where there is a compensation-related issue is getting resolved shortly. Movement has happened. So, there also, out of two projects, one project will start moving up immediately. That is what we look. Therefore, the execution-related challenges with respect to blocked-up things is more or less getting over. And with geopolitical issues becoming a little improved as compared to the last quarter, I would put it, things in terms of movement of materials, though it's a little expensive as compared to the earlier period, it would still be improved in terms of movement of materials for our overseas projects. And with these two, we do expect there are clear indications that things are moving towards positivity. Q3 and Q4, we believe, would see significant uptick.

Perfect, perfect. That's great to hear, sir. Sir, my next question is on some of the large projects that we are having, like the Croatia project, the Vadhavan project. For these two projects, when should we expect work to start, and is it that the initial part would be more about designing and to that extent, there'll be lesser revenue accretion, and only over a period of time these projects should be picking up pace, if you could kind of indicate us the execution timelines around that? And a related question is on the HSR project. How should we think about that in terms of receiving payments in respect of past work that is done and execution pace from here on? Thank you so much.

With respect to Croatia, we believe the current year, there will be a minuscule expenditure as and next financial year onwards, Croatia will pick up. With respect to Vadhavan project, alternative methods are being discussed with the client, and currently, the approach road and also the reclamation-related work is yet to be completed. And you would have read in the newspaper about the agitation and all around that. So, we are working with the client proactively with the thing, but current year, it will only be a geotechnical investigation and related design-related work and initial installations that will only happen in Vadhavan. All others, there are also aggressive push from the government also to see that certain facilities or certain approaches are handed over to us so that we can start the work. So, therefore, in both the projects effectively, current year, there will be minuscule turnover. With respect to HSR, whatever turnover we have done, all these have been paid for regularly. And the tunneling- related turnover will commence from November, technically. Until that time, the initial drive will happen for about 3 months, and after that, we do expect a good turnover. As we had conveyed earlier also, tunneling carries higher level of turnover. So, therefore, as we start tunneling deeper, we will get into the turnover properly. We are in the final stages of getting the settlement with respect to force majeure done, and most likely, it will get settled in the current quarter.

Perfect, sir. That's great to hear. Thank you so much.

Thanks, Aditya.

Thank you. The next question is from the line of Shravan Shah from Dolat Capital. Please go ahead.

Hi, sir. A couple of questions. So, I was listening to your opening comments and the reply to the first participant questions. So, broadly, how So, let me break it into a 2-3 parts. So, do we see Q2 revenue be a Q-o-Q flat or a lower, and then when we are saying the H2 would be a better execution, I understand, though we are not providing a full-year guidance on the execution front, but on a directional front, even if we let's assume a 20% kind of a growth, is it possible or not?

Even if that is possible, then for full year, the broad, rough, my calculation says we will be a kind of a flattish or maybe a 1% kind of a growth. That's the correct way to look at, or we can see a maybe a 5% plus kind of a de-growth for this year?

So, see, we have already talked about that at this point in time, it doesn't make any sense to give any direction on the top line or any profitability-related guidance. So, we are not commenting on Q2 how it is going to pan out or how the year is going to pan out. But as things stand, things are moving in our, you know, whatever expectations we had, and we aspire that we should, you know, build a very strong order book in this financial year, and we should also improve the balance sheet this year by way of collecting, by way of reducing our contract assets and receivables, and by reducing our debt. So, we should be in a very strong position by end of the year in terms of order booking, in terms of financial health, and then we should ramp up the progress in the financial year '28.

Yes, sir, I understand. But still, again harping on the same thing, because a directional, because when we are saying that in H2, we should see a strong execution. So, how So -- sir, my point my point, sir, listen to me, sir. My point is that, because if we will be a doing a kind of a flat, because that's what the broad, even if I take a 20% kind of a growth in the second half and maybe a flat in the Q2, that means this would be the fourth year where we will be a kind of a having a flat revenue from the what we have done in the in the FY23 from there till now. We will be having a kind of a flat growth. So, that's the, and at the same time at the PAT level, we will be drawing a declining. So, will FY28 then would be a or maybe '28 and the '29 would be a so strong, maybe a kind of a 25%, 30% kind of a growth that we are looking at? That's the directionally wanted to understand.

So, just to answer you, in past, if we see the performance of the company in generally, H1 remains to be around 40%, 45%, and H2 remains around 55% to 60%. Directionally, if you ask me, we are looking at a similar kind of a situation this year also. Q3, Q4 is going to be where we'll bounce back to the levels we were generating earlier. And in terms of, you know, as the order booking is ramping up, and the way we are targeting to reach in terms of financial health, we are looking at a strong FY28 and FY29.

Okay, great. Sir, is it possible to share couple of balance sheet data points, because when we are saying we have mentioned that the I think the debt would have also increased, so if you can specify the particularly the gross debt and then the cash level, and also the some of the inventory, trade payable, debtor absolute numbers, and maybe mobilization advance, retention, unbilled. So, that will help us to understand how the things are either worsening or maybe at a similar level. So, that would be helpful.

See, generally, the balance sheet numbers are disclosed in H1, so maybe, you know, in September, we'll be coming out with the detailed numbers. So, you'll be able to figure out. But in terms of Q1 numbers, generally, we have seen almost say last 10-15 years, we have seen that

Q1 numbers will be always, you know, higher than the annual number, March number. So, this is the trend. But in terms of absolute debt number, we have talked about that the debt-to-equity is around 0.68 on net debt-to-equity basis, and numbers have slightly gone up as compared to the March number. But the deterioration happened in terms of say receivables or debt number or say contract assets number in last year Q1, this year, it has not gone that bad.

But, sir, unless we give the -- some directional numbers, would be difficult to kind of a quantify what we are saying. So, at least a gross debt level, what's the gross debt number and working capital days, what was in FY26 and now how much increase has happened?

It is at a elevated level as compared to a March number, but since, you know, we have the auditors have not certified the balance sheet number, it will not be prudent on our part to, you know, give those numbers.

Yes, because all other companies also provide. I understand it is un-unaudited number, but at least to get a sense and how one can pencil in the numbers, unless we have any anything on that front, would be it becomes a very, very difficult to kind of a pencil in how one can look at the full year and maybe the next year. So, political sorry, sorry for that, a diplomatic answer would be a difficult to kind of a convert into the numbers. So, that's the my suggestion. Thanks.

See, you will be able to calculate these numbers. You look at the March debt number, you look at the March net worth number, and what we are saying that at this point in time, the debt to equity on a net debt basis is around 0.68, so you'll be able to calculate it. It's very simple. I'm not spelling out because, those numbers have not been audited, so it is not advisable that, we talk on a public forum these numbers. That's the limited point. You'll be able to very easily calculate.

But working capital days sir we are not saying directionally also how much 10 days, 20 days increase something.

It has marginally increased from the March number.

Okay, okay. Thank you, sir.

Thank you.

Thank you. The next question is from the line of Balasubramanian from Arihant Capital. Please go ahead.

Good morning, sir. Thank you so much for the opportunity. Sir, our execution strategy to prioritize liquidity over maximizing quarterly revenue, basically limiting execution on projects with elongated payments. At the same time, we are focusing on reducing the net debt by in this financial year contract asset liquidation. So, like how we are managing this duality, whether slowing down new work to protect cash flow while simultaneously executing existing work to unlock cash, or how we are because our order

inflows also more than INR13,000 crores in this quarter. So, I'm trying to understand on the execution side how we are prioritizing our existing work as well as new work?

So, you are right that it's a very difficult situation where we need to manage the execution as well as we need to manage liquidity, and we are not unduly overexposing ourselves with some of the customer. So, this is, this approach, we are not approaching with all the customers. There are certain customers where we had seen that there were some challenges in those project, and in those projects only, we are taking such kind of stand like say project in Bangladesh or some water-related project. We are giving funds to the project based on the collection that project is generating. Otherwise, in excluding these projects, the payments are forthcoming. The projects' cash flows are positive. So, such projects, we are supporting with wherever there is a temporary mismatch, and if there is any requirement for the completion of the project.

Okay, sir. Sir, our strategic equipment base is nearly INR4,300 crores, I think, which creates high depreciation as well as maintenance burden. If you look at last few years, our topline is anywhere between INR10,000 crores to INR13,000 crores range, but if you look at our interest cost and depreciation, it's substantially increased. Is there any thought process or strategic shifting towards asset-light model where you can like lease specialized equipments or to form a JV with equipment providers for some specific mega projects, so thereby, we can improve our ROI and ROCE profiles? So, what's your thought process on owning most of the equipments as well as moving towards leasing or renting the equipments?

For strategic equipments only, we keep investing. We don't invest in all the equipments, number one. Number two, as we had explained in the past also, in outside of India, especially in Africa and all, the cost of rentals are very high. An equipment value is sought to be realized in 9 months' time in Africa, as opposed to some 48 months to 60 months in India. Therefore, in some of those cases also, we do invest equipments on the higher side, and we get commensurate returns as well. Third, in marine, we hold strategic advantage by having a large fleet of equipments, and that is something which helps us in some of backing up marine projects and other thing. And only thing as last couple of years, our turnover has stagnated or slightly de-grown, it creates an impression that it is on the higher side. It is not so. As we move forward, you will find that we have an asset turnover ratio also significantly improved. So, we have not invested in any assets which is not of strategic importance.

Got it, sir. Thank you.

Thank you.

Yes, sir, thanks for the opportunity. My question is first on the pipeline. You mentioned about INR1.5 trillion for the next 9 months. Can you break that across the segments?

Yes, sure. For the 9 months out of this INR1.5 lakh crores, major chunk is from urban infrastructure, which for us comprises of metro and elevated bridges and elevated roads, that is around 34%. Marine is 32%. Hydro and underground is 20%. It includes our water business as well. Surface, which is road and railway business, that is 14%. And this pipeline is for the next 9 months.

Understood. And, sir, any color on the long-term pipeline you mentioned about like INR3.96 trillion?

Sure. So, on the long-term pipeline, as MD sir mentioned in his speech, our long-term pipeline is close to INR4 lakh crores. In this part also, the pipeline is evenly distributed. Around 36% is from the urban infrastructure space, and surface transport will be around 20%, the hydro business will be relatively less, it's around 15%, and remainder will be marine and industrial.

Understood. Sir, can you give some details on the urban project like which are the big-ticket projects that are coming in the near term?

Some of the big-ticket projects if you can talk about is Brahmaputra tunnel is something which is coming up, which is around INR19,000 crores. And there is Dholera connectivity in Ahmedabad, which is about INR18,000 crores. And many other projects of the sizes of elevated expressways and other things are coming in excess of all around INR4,000 crores to INR5,000 crores. There are number of bridges which are coming up, which is also in the region of between INR3,000 crores to INR5,000 crores. So, we have a strong pipeline in the domestic market, and similarly in the international market also, there's quite a good pipeline available to us.

Understood. Sir, my last question is on the depreciation of TBM. How will that be accounted for?

So, TBM, we are accounting for as per the Companies Act prescribed rate, and we'll continue to account for those depreciations.

Understood. Thank you, sir.

Thank you.

Thank you. The next question is from the line of Parvez Qazi from Nuvama Group. Please go ahead.

Yes, hi. Good afternoon. Thanks for taking my question. So, couple of questions from my side. First, what was the capex that we undertook in Q1?

Possible to quantify that, or will it be same as more or less same as what it was at the end of March? Almost I think we had almost INR900 crores of CWIP if I'm correct?

Yes, similar number is there.

Got it. On the order intake front, we already have won about INR15,000-odd crores this year. So, for the year as a whole, fair to say somewhere around INR30,000-odd crores is something that we can look at?

Yes, INR30,000 crores, we are very confident of booking at a minimum.

Sure. And last question to Ramesh, other income, I mean, which you mentioned about INR57- odd crores this year, now I assume forex gains, et cetera., everything is included in that. For the year as a whole, what kind of number that could be? Because I mean, it has come down. We used to have almost about INR450 to INR470-odd crores of forex gain earlier. Now, it's reduced, so what number could it be?

So, what number you are talking about in other income around INR450-INR470 crores, it used to be a combination of these factors like say arbitration interest, foreign currency gain, and the miscellaneous income and some of the other stuff also like insurance claim and other stuff. Now, for this quarter, the number is low, because we also try to close things in March wherever possible, and the activity also goes up in H2. So, this year also, we'll be in the range of say, for the year somewhere around INR400 or so.

Sure. Thanks and all the best.

Thank you.

Thank you. The next question is from the line of Aritra Banerjee from Nomura. Please go ahead.

Yes, hi. Thanks for the opportunity. Just on the order inflow front, because we’ve already recorded such healthy order inflows, what is the upside risk that will overshoot the 30,000-order inflow target for FY27?

I would say that first, let us achieve the INR30,000 crores, then we will see what is the upside we are in a position to make it. And currently we are at 16,000, and we hope as we proceed, we will be in a position to guide you better, and today's guidance is INR30,000 crores.

Understood, sir. And sir, another question that I had was, the overseas projects that we have undertaken, particularly in Croatia and all. So, between domestic project and overseas project, which is likely to have a better margin profile? I understand that it's depending on the bidding and et cetera., but typically what's the margin differential between overseas and domestic projects if you could give a sense on that?

So, in overseas project, we generally make better margin, and the margin -- the delta in, say, domestic versus overseas is around 200 to 300 basis points, which is higher in overseas market.

And whatever project we are targeting in overseas market, the margins -- specific margin, we will not be able to give you what margin we generally target, but then domestic market vis-a-vis overseas market, the margins are better in the overseas market.

Understood, sir. Those were my two questions. Thanks for the opportunity, and all the best for the coming quarters.

Thank you.

Thank you. The next question is from the line of Vishal Periwal from PL Capital. Please go ahead.

Yes, sir. Thanks for the opportunity. Sir, in terms of our profit and loss account, what could be reason for decline in depreciation? Any link with the revenue that we book, or what's the reason behind that?

No, sir, depreciation, there is no link to the revenue, because generally depreciation is a time- related cost. So, the number has come down, because as I explained in the opening commentary, in this period, we did not had too much of tunneling-related activity, and we have explained in past that we used to do accelerated depreciation on the tunnel boring machine basis the running meter it used to excavate. So, this period, hardly there was any TBM-related tunneling activity. That is why the number has come down.

No. So which means it is linked with the revenue, right?

No, it is linked with the revenue only to the extent of TBM, which was not there in this quarter.

Okay, fine. And second thing is like, you know, in terms of execution, you did clarify in the previous questions, but if one has to pinpoint, like, there is -- order book is relatively young, initial stage, and execution could pick up as the quarter progresses, and that is one thought. Another is probably like, there are delays in the payment from the client, and as the clients are delaying, we are not able to pull the money, or probably like, deploy the money back in the working capital and another things which could improve execution. So, how -- which one directionally you will pinpoint, I mean, like, the reason of muted execution?

See, as we explained that the order book, whatever we have booked till now, say, around INR16,000 crores of order. These orders to convert in revenue, it will take some time. And the order what we were having in hand on, say, around INR32,000 crores, in such project, there were couple of project which were moving slow, and then in some of the other projects, there were some land acquisition related issues or there were some change in scope related stuff. So, the work fronts were not available. Because of that, there was a muted revenue in this quarter. As things stand, we expect the execution to significantly pick up from Q3 onwards, and so, we'll have a very strong H2, and all these orders whatever we have booked and the balance period in this year whatever orders we are going to book, we'll have a very sizable order booking in our

hand matured for construction for the next financial year FY28. So, that's where we are looking at that FY28, we'll have a sizable ramp-up in terms of execution.

Okay. Sure, sir. And thanks for the answers, and I'll come back in the queue, sir.

Thank you.

Thank you. The next question is from the line of Rahul Bhutra from Anand Rathi Share and Stock Brokers Limited. Please go ahead.

Hello, sir. Sir, my question is regarding the cash flow from operation. Is it negative for this quarter also?

I didn't get the question. What is that?

Sir, cash flow from operation, is it negative for this quarter also?

Yes, so cash flow from operations generally in Q1 remains to be negative, because in past also we have explained that customers, what they try to do is, they will try to release all the payment in -- up to date payment in March quarter. And Q1, they devote their time for planning and budgeting for the next financial year. So, there is less activity in Q1 from the customer and payment also remains to be slow in Q1. So, cash flow is negative.

Okay, sir. Thank you.

Thank you.

Thank you. The next question is from the line of Bhavik Shah from Invexa Capital LLP. Please go ahead.

Yes, hi, sir. So, my question is regarding our JJM order book and receivables. Can you quantify the amount of the orders pending in order book and how much receivables we are still yet to receive?

So, in Jal Jeevan Mission, all put together, we have got INR1,221 crores of total order, in which from the UP, the balance order is INR510 crore. Madhya Pradesh is INR414 crores, and Rajasthan is INR297 crores. Amongst this, in Madhya Pradesh, we are not having any major problem, because whatever work we are executing, we are getting paid. And in Rajasthan also, payments are partly coming. Major problem is in UP where the payments, recent times, they have started making payment, because wherever we have completed the last- mile connectivity, the payments have started flowing in, but then it is not that significant corresponding to the receivable we have. So, in past also, we have explained that in UP, we were having close to INR400 crores of receivable. From there, we have received a very small fraction. So, for all practical purposes, the receivable remains to be in the similar level.

Understood, sir. And what will be the unbilled amount, sir?

So, this amount what we are talking about is a combination of receivable plus unbilled.

Understood, sir. Thank you.

Thank you.

Thank you. The next question is from the line of Ashok Shah from Eklavya Invesco Family Office. Please go ahead.

Thanks for taking my question. Sir, we have very good order book position, but over the last few years, we are facing execution problem, or some different types of problem, maybe land and everything different. So, what's the problem, or how we are managing or going to increase the turnover or execution level, or what percentage of the sizable order is slow-moving? Can you explain or bifurcate it?

See, we have explained in the last quarter earnings call on some of the issues which is been factored in. If you look at of the overall order book value, roughly around 5.65% is slow-moving category, and Bangladesh orders constitute about 2%, and another about 3% constitutes Jal Jeevan Mission orders. So, these three put together, roughly around 11% is what we can categorize, or either slow-moving or otherwise. In some of the other cases, as we had explained, there have been -- initial the right of way and related issues, which is getting resolved. That is why we are saying the third and fourth quarter, it will pick up better. And with the proactive involvement of Government of Maharashtra, and there have been lot of improvements in such areas, which in the past had contributed a bit, now with the proactive involvement, things are getting resolved, and projects will be available for execution. And otherwise, we have already started in the water portion and other things, land portion also, we will commence in the second half of the year. So, with that, things will improve. So, these are the -- when nearly about 11% of the orders are slow-moving or other thing, and another about roughly about 20% of the orders are in the initial phase, then that is why there are challenges in terms of converting it into turnover, which will start improving in the second half-year.

So, as stated in the call, so we do plan to reduce our debt over the years by the March. So, what is the size we are seeing to reduce our debt?

Yes, so debt, we will look at a sizable reduction, and this year, as we said that, we had to make payment for some of the capital equipment we have bought, despite all that, we see that we'll see improvement in the number what we have clocked in FY26, from that number, we will see some improvement, at least there'll be some 5% to 10% improvement from that number.

Can you specify the...

So, it will be reduced by how much as a consolidated level around INR300 crores to INR400 crores?

No, so what we are talking about from FY26 debt number, we are looking at a similar number, but then this year, we will be making payment close to say around INR700 crores to INR800 crores towards capex. Despite that, we will clock the similar number on the debt front. In terms of working capital, the similar amount of improvement will be there.

You mentioned that the...

Yes.

No, so what I was trying to explain that the debt number in absolute terms will be similar number what we have clocked in March '26. But since we have done, we'll be doing a sizable capex this year, in working capital, we will see the improvement. So, that's why I was saying that we'll see around 5% to 10% improvement in working capital that is bare minimum.

So, net debt will be reduced by INR700 crores, or it will be lower than that?

Net debt will be reduced -- net debt will be somewhere around INR2,700 to INR2,800 crores kind of a number.

Thanks, sir. Thanks, and best wishes for current year. Thank you.

Thank you.

Thank you. The next question is from the line of Aritra Banerjee from Nomura. Please go ahead. Aritra Banerjee Yes, hi. Thanks for the opportunity for the follow-up question. Just one understanding I wanted to have. So, regarding these JV losses and higher taxes that you were mentioning about, so how are they accounted in the P&L statement? Just wanted an understanding on that.

So, you are asking about JV accounting, or you are asking about the JV tax? Aritra Banerjee Tax, basically. So, why the tax went up this year this quarter? So, just wanted to understand where that part is accounted in the P&L statement.

No, so it goes as a tax in whatever JV pays tax, that goes as a tax in the respective entity, and when then in consolidation, that forms part of tax. Because most of these JVs are forming part of the standalone financial itself, so it gets incorporated in standalone financials as well. Now, specifically, I was trying to explain for this quarter, because in Afcons, the profitability was low, in terms of percentage, it is appearing to be around say 40%. But the amount if you see per se is not that big number, it is around said INR4 crores to INR5 crores. Had we had maybe, say, INR150 crores to INR200 crores kind of a profit in Afcons, what we were clocking for so many quarters, these INR4 crores will not make that tax percentage a big number.

Aritra Banerjee Okay, but in that case, tax would have also gone up, right? Like, this wouldn't be a fixed number, right? These INR4 crores that you're saying, that would have also gone up in that case. So, just wanted a bit more clarity on that?

No, so, see in Afcons, we are making so most of the entities we are making tax payment in the range of 25% or so. Just because that this quarter in some of the entities, some of the closed project’s entity, we had to incur some administrative cost, because in such entities, we are following up with customer for collections, and some other closure aspects are not closed, and in such entities, we are required to make ECL provision on the receivables. Because of that, we are looking at those entities, we are looking at a loss kind of a situation, because the projects have completed. So, all these administrative expenses, ECL provisions are coming as only cost, and because of that, the consolidated profitability is coming down, and whatever loss we are incurring in these entities because of that the tax rate is going up despite paying say 25%-26% tax only. Aritra Banerjee Got it, got it. That's clear. Thank you for answering the question.

Thank you.

The next question is from the line of Shravan Shah from Dolat Capital. Please go ahead.

Ah, hi, sir. Thank you for the opportunity again. Sir, for capex, you said in this quarter, we have done an INR150 crores capex. But on the cash flow front, this number must be on a higher side.

Yes. Because some of the amount which was on 31st March, which was in CWIP, for that, we had to make payment in the quarter.

Okay, but for full year FY27, we are looking at INR700 crores to INR800 crores capex?

Yes.

And for next year, given till now whatever the orders that we have bagged, what broader number one can look at in terms of the capex for FY28?

So, in FY28, we are looking at capex in the range of say INR600 crores to INR650 crores.

Okay, okay. And given the depreciation, as you said, maybe the from November when the TBM full-fledged will start, so even in Q2, the similar kind of a INR83 crores to INR85 crores kind of a depreciation should be there, and for full year, how much one can look at in terms of the lower depreciation versus FY26?

You have rightly picked it up. As the TBM-related activity starts, there'll be a corresponding depreciation coming into play, because the TBMs are in the initial drive, and it is still sitting in the CWIP, and once it gets capitalized, then the corresponding depreciation will start coming in. So, it will -- in H2, there'll be a higher depreciation definitely vis-a-vis this number what we are

looking at in Q1. But then, correspondingly, revenue will go up, and it will get it is fully factored, in all our calculations what we look at, and it will reflect accordingly.

So, but whatever way, even if we look at the full-year depreciation, definitely would be lower versus FY26 of INR454 crores, because even if we taking up INR83 crores this quarter, and the next quarter also similar number INR160 crores, and then even if it picks up to INR130-odd crores, then also this number, is it fair to say or should be a close to a INR400-odd crores or even less than that?

We will not be able to give you that number, but then maybe for all practical purposes, you can consider FY26 depreciation number.

Okay. And for finance cost, this quarter, and the ECL provision, so was there any ECL provision in this quarter, and on the finance cost, how one can look at the finance cost?

So, as far as ECL provisioning is concerned, we have explained last time that we have made a framework for ECL provisioning, and which was approved by the board, and which was, we had taken professional guidance from experts in this particular field, and basis that framework was devised, and basis that framework, we have started making provisioning from last year, and we continue to do the provisioning on that basis. No specific provision as such in any project, because we believe that any such eventuality, I mean, we do not foresee any such eventuality going forward, and whatever project-specific, provisioning we had to do last time, on a company basis, if we evaluate, let's say, last 20 year, 25 years, maybe, those were aberrations, because such instance we never had. It was maybe say at max I can say 1%, 2% kind of a possibility. So, we do not foresee going forward such kind of provisioning will be required. But then on a prudent basis, we have made a very robust provisioning mechanism and, taking guidance from professionals, and basis that, we have been making provision. As far as finance cost is concerned, as we said that the debts are higher than what was in the March, and in terms of client advances, the interest-bearing advances continues to be on the similar level what we were having for say last 3, 4 quarters, similar number, so the finance costs are also on the similar lines. In terms of average borrowing cost, we have brought it down, we have significantly brought it down, many high-cost debts we have replaced with low cost debt. From operational aspects, whatever control on things we have, we have done our bit, and that's where despite debt going up the finance cost has not significantly gone up. But once we see improvement in collection and all, we will see a mark reduction in the finance cost.

In terms of revenue from overseas market, as in March, we had shown that the overseas revenue had come to around 30%. So, in Q1, we are we are having overseas revenue around 16% from overseas market, domestic is 84%. But now the order mix is changing. At the moment, the order book what we have, we have moved back to around say 25% from overseas market, and there are a lot of other projects in overseas market we are expecting. So, we hope that we will go back to 30% from overseas market, that is for minimum, and then as the order book moves 30% from overseas market, revenue also will go back to 30% from the overseas market.

Okay and balance whatever we are looking at close to INR14,000 to INR15,000 crores kind of an order inflow, there also one can say sizable should be from the international market, overseas market?

Yes.

Okay. Thank you and all the best, sir.

Thank you.

Thank you.

Thank you. As there are no further questions from the participants, I now hand conference over to management for closing comments.

Thank you very much. Thanks for your continued support and we look forward to an exciting period ahead. Thank you all.

On behalf of DAM Capital Advisors Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.