Thank you. First question comes from the line of Niteen S Dharmawat with Aurum Edge LLP. Mr. Dharmawat Please go ahead. Mr. Dharmawat, please unmute yourself and go ahead. Since there's no reply from the line of Mr. Dharmawat, we'll move to the next. This is Vaibhav Shah with JM Financial. Please go ahead.

Sir, on the execution front, how do we see the entire year for FY27? And what could be the growth in FY28?

FY27 we are targeting because you know that we did last year around INR2,000 crores. So this year, definitely, we will cross more than INR2,000 crores, but maybe you can say 10% to 15% more. So maybe around INR2,200 crores to INR2,300 crores will be FY27 because whatever the execution is, it's going to start in our ECR Chennai project and Telangana, Mahabubnagar project in the Q3 and mining project of Kusmunda Chhattisgarh, that is going to start next month. So FY27 will be this. And as far as FY28 is concerned, definitely, that year should be the good year because whatever the projects are there, projects will completely start in FY28. So FY28 should be more than actually INR3,000 crores, we will try to achieve.

And for the two new HAMs, when do we expect the AD?

They will start in Q3, that's right.

We expect AD- in Q3, the ADs for two new HAM.

Yes, yes. Q3, we are expecting AD.

And the older mining project, last year's mining project?

So last year, mining project in the Chhattisgarh. So this project has got only the forest clearance, one stage only cleared. The stage clearance two has not come. So it will take further around 8 to 10 months to start the project. But whatever the project in Kusmunda, Chhattisgarh recently, we got. That project is going to start in within one month.

The older one will start in FY28 only probably?

For that FY28 only

Okay. So how is the execution going on in the water pipeline order? And what revenue we target for next two years, FY27, FY28?

Water pipeline project initially, there were some challenges in that project, but that project i s doing good. So order book is left out around INR830 crores is there. So this year, definitely, we are targeting to do somewhere around INR300 crores to INR400 crores in this year and balance in the next year.

You have seen the Q1 as well as Q2 also, the margin will be the same only. But definitely from Q3 onwards, the execution of this our HAM project and our mining project will start. So Q3, Q4 margin should be good . It will be somewhere range of around 11% to 12% EBITDA will be there in Q3, Q4. And definitely in next year, , it should be better because once all projects will be in the full operational capacity, then definitely once turnover will be more. So corresponding, our EBITDA will be more, but average around 12% to 13% of EBITDA we can achieve.

In next year?

Yes.

And for FY29, it would be something around 9%, 10%?

9%, because Q3, Q4 will be only around 10% to 11%. So average will be around, you can say, 8% to 9% will be there.

Okay. Sir, lastly, on the irrigation recoveries, so what are our expectations? How do you see those coming down? Do we have any talks recently with the ministry?

Yes, sir. The recent talks, this week developments we speak about, there had been a positive discussion with the Finance Ministry as well with the Irrigation Department because of the lesser rains that are happening and expecting huge crisis of water into Hyderabad city kind of thing. And our project, one of that Package 4 stands very suitable for them to pump out some water in emergencies and all that. So they are now considering to speed it up actually. So for that, they thought they will pay in installments. They even asked us to continue for a speedy working up. So I think -- earlier also, this discussion was done by CMO, but right now, they are very serious. They are talking about installment payments, they said every month, they will be paying us around INR80 crores, INR90 crores kind of arrangement, which they said within, I think, almost INR650 crores is outstanding on that project. And again, there is some RE, the revised estimate is also there, which is more than INR700 crores., So I think this INR650 crores part, they said they'll be paying in six, seven installments. Maybe they have spoken about 10 installments, but we said it's not possible if you go for 10 installment, it will run in a year time, and we'll be losing a lot of money towards the interest payments only because the delays have been so much and further delay is not acceptable to us. So they said that they will try to adjust in five to six installments. I think some positive news if they pay first installment, then definitely, we will see that something is happening on that front,. So again, some positive discussion is there that's -- which I'm sharing. Later, we have to see what happens. But I think this time, they are serious. This time, they are serious, I think.

So this year, we can expect something around INR600 crores from the government in FY27?

INR600 crores. Yes, actually, but they said about, say, five, six installments, they were talking about the INR650 crores only. And that RE concerned, I have a submission that there is a committee -- the technical committee has cleared that the revised estimate has to be sanctioned

by the government. So I think that is constituted by the same government itself. So they have decided that this is a genuine thing and it could be paid. So I think it needs a Finance Ministry approval as well as Irrigation Ministry approval after that committee, then they should make a G.O., then it will come into for payment. So that may take five, six months process. So I think once they get over with these payments, they will start doing that also, can have that.

At least INR500 crores.

Right now only this such news is with me, sir.

Can we expect INR400 crores to INR500 crores coming in this year?

Yes, of course, I'm expecting.

Okay. And sir, lastly, out of the irrigation book of INR 1,685 crores as of June, what would be the unbilled portion where revenue has already been recognized?

Around INR825 crores is there.

INR825 crores recognized already.

Yes, yes.

Okay. And sir, what would be the HAM debtors as of June?

HAM debtors as of June is INR178 crores.

Okay. Thank you, sir. Those are my questions.

Thank you. Next question comes from the line of Shravan Shah, Dolat Capital. Please go ahead.

Hi, sir. Sir, a couple of questions.

Good morning.

Good morning, sir. How are you sir?

Good sir. Please go ahead.

Yes. Sir, couple of things. So first, what is the value of L1 currently? Second, how many value of projects that we have bidded and where bid is yet to open?

Sir, around INR1,500 crores, we have L1, sir, announced, but I think LOA is yet to issue. A few are in Chennai and few are in Hyderabad City actually. So apart from that, pipeline we have submitted a couple of bids. I don't know, I'm not very sure about things what is happening there. Yes, sir.

Okay. Second, sir, in terms of capex in Q1, how much we have done? And now this -- for Kusmunda, mining will also start. So overall, in both the mining, how much capex we n eed to do? And in FY27, how much and in FY28, how much we are planning to do the capex for that?

Yes, sir. Actually, the first Banhardih mine, we speak about, sir. There some land acquisition is still going on, sir. I think we expect around five months to six months that can happen for the land acquisition. So, after that, I think we'll have to deploy equipment and all that. There also, we'll be needing about, say, INR300 crores, INR400 crores roughly the equipment will be required. Second, I talked about the Kusmunda mine, which is now on execution. I think we have been issued LOA one and a half months ba ck. And now they are insisting us to start the work, but they have given that 100 -tonne dumpers the minimum capacity to be started with the OB removals. So, those equipment, which we don't have, we have started procuring them. Right now, I think a ppointed date is expected in first week of September. In fact, they are insisting us to take from August itself, but August, in Kusmunda, there's a big rain that is happening. I think non -stop rains are happening there. We are trying to prepare that road widening and all because that haul road, we call it as haul road. Haul road is not prepared. So, that widening we are doing because for 100 -tonne dumper movement will be needing 30 - meter wider road, is required. That we are unable to do because daily there is rain going on. So, then we are refusing to take the appointed date because you cannot insist us to take an appointed date in the rainy season and ask us to do some progress by which we will fall into issues. So, -- which they are considering, I think first week, they are talking about appointed date to happen. Most probably, I think September, first week onwards, it should go dry. We are also expecting that. So definitely, I think that will come into operation from first, second week of September, sir. And equipment also, we have purchased enough. I think around INR500 crores to INR600 crores equipment need to be deployed. Certain, we are planning old. That's why I'm saying that vague word between INR500 crores and INR600 crores. So certain old equipme nts can be used for coal transportation and all, so which we are trying to use.

So total capex for Kusmunda is INR500 crores to INR600 crores or INR500 crores to INR600 crores dumpers we are saying?

No, sir, everything, actually, it's put together. There is -- we need surface miners, dumpers, excavators and then dozers, haul road preparation and maintenance of the road will be used by the graders and supporting other equipment like lighting equipment and then the other, what you call, coal dumpers and then surface miners, all that put together, we are talking about.

Actually, sir, Q1, we spent nothing. I think Q2, these things are coming up. I think almost around INR200 crores, I NR250 crores, we have already given orders. Rest of it, we'll be giving it because the land is not fully available there also. But in available land, we are trying to start, around 46 hectares they are supposed to give us, which will run our show for one t o one and a half years. So, meanwhile, that Risdi village is there. Risdi village need to be acquired. If you acquire Risdi village in one year time, definitely, we'll be able to make a clear stretch for another two, two and a half years. So, it goes like that, sir, actually.

Okay.

Q1, we did only INR14 crores of the capex.

Okay. Venkat, sir, so overall, if we have to build in, in terms of number for capex, so for FY27, FY28, including this mining and others, how much capex one can build in? So, accordingly, the question is how one can look at the depreciation and when it will start inching up?

Because all this capex, we will start to roll on phase-wise only. So definitely, Kusmunda work is going on. So there will be more and for Jharkhand project because it will take further around 9 to 10 months to start. So as far as Kusmunda is concerned, definitely, that is phase-wise. Then maybe this year, we will do somewhere INR250 crores to INR300 crores. And balance if available land is there, then we will do in the next year.

Actually, the department is insisting us for fully mobilization. They are assuring that we will not keep your equipment idle. We'll even give SECL is doing one patch, out of which they are using only 45% to 50% of their patch only. So, other patch is free to do some work. So, they are asking us unless your Risdi village is vacated, we'll be accommodating there also. That's what they are saying. So, definitely, I think it has some meaning. So, 60% to 70%, 80% of mobilization we'll have to do this year if they insist.

So, next year, then the capex would be INR500 crores, INR600 crores kind of a number should be there. Obviously, the phase basis, but broadly, if I have to break it down, so FY 2028, roughly INR400 crores, INR500 crores or INR500 crores, INR600 crores kind of capex will be there?

Actually, sir, this year, I think Kusmunda, you can take INR400 crores, we'll be doing this year, INR400 crores, up to INR450 crores, we will touch. Then Banhardih, if it happens, that is around INR200 crores this year, we'll have to do because there we can use a lot of old equipment. There is no restriction on using the higher capacity equipment. So, you are free to use whatever equipment you have, you can do the mining. So all our road equip ment, which they were working, if they are not busy, I can deploy and do that.

Okay. So, sir, the depreciation then how one can look at? So this quarter, INR10 crores, .

: Actually, that's what I couldn't get the figure. Actually, I have asked our team to calculate it properly. See on overall, Kusmunda, if you take -- I'm just talking about an example. It is almost around INR500 crores to INR600 crores, means INR550 crores you can take for that matter. But

the turnover, you can expect with that equipment is around INR400 crores. So, there the depreciation is charged heavily. So I don't know what sort of EBITDA that will fetch because it's not like roads, we used to deploy 10% of the entire project cost that is this thing. But every year, we used to get,even if I take a INR 1,500 crores project, INR700 crores, INR800 crores will directly come in a year. So that is distributed quite in a proper way for the highways. But here, complete equipment base and labor base and HSD, the diesel, all three are major components. Nothing else is other thing. So here, quite difficult for me today, but I'm very sure while quoting the bid or while assessing even after bid, we have done a lot of practical data collected from various other players and all that and with the different manufacturers, we have collected the data. After that data, I'm very confident that we'll be able to make PAT level about, say, 6% plus.

But broadly, seven, eight years, we will be depreciating whatever the capex that we do, we will depreciate over seven, eight years. That's the way one can look at broadly?

Sir, actually, we are working out different ways. One sort of method, which we got we sorted for this dumpers that Caterpillar is offering every two years buyback policy. And that is working out much cheaper for us because the maintenance cost after second year is going up like anything for that dumpers. So what we are also planning to go buyback method only. And they assure around 75% of return to us after two years. So completely, we use for two years, again, we replaced with the new trucks. So that efficiency of the trucks is good and fuel efficiency is good and maintenance is less. So with that, I think the capital cost, what we are incurring, the differential cost what we are incurring, even we take it into consideration, we are in good profit for that. So such methods are there for Caterpillar equipments. So even the Komatsu dumpers, we have placed an order because of the urgency, we even have to choose that Komatsu equipment. The Komatsu is also offering similar type of buybacks. We have insisted that, they agreed for that. So we will have that. But like certain equipment, the surface miners and then certain dozers and all that, they don't have this type of arrangement. Even for coal equipment is also not having such an arrangement. So there, we'll have to take it for five years and then scrap it and then go for the new ones. Every five-year cycle, we are taking sir.

Okay, got it, sir. Thank you and all the best sir.

But surface miner being a higher cost equipment that we are continuing for eight years. Because that surface miner, each one is costing about, say, INR13 crores, and we will be requiring four numbers right now. And if at all any delay that happens, w e'll have to induce one more. So up to five itself is becoming a bigger ticket. So that we will continue for this thing. So, the certain pattern is there, which we have decided by which company can make good margins.

Okay, got it, sir. Thank you and all the best sir.

Thank you. Next question comes from the line of Faisal Hawa with H.G. Hawa and Company. Please go ahead.

Sir, now that the capex at least for the coming year is only on account of the mining project, why are we not giving a larger dividend or a suitable buyback?

Yes, sir. Buyback, we are considering, sir. We'll come back on it. I think most of the decisions are getting done. The final meeting need to be concluded to come back on that. Second, sir, the capex that is concerned, that coal mines we have to do and certain maintenance capex is also there in that actually, that most of the projects got completed. And there the equipment, they become a little bit older and not viable for operation, those we are deciding and we are replacing with the new ones. we have completed the two Kerala projects and then Mangalore project and Avinashi also. With all that, those equipments, wherever we can accommodate, we'll try to accommodate. Then after that, whatever we need, then those only we will try to replace. Rest of them, we will just sell it and then be ready for another order to come and then deploy.

Sir, it is very heartening to note that now mining, which was not even a major vertical for us, has now become 45% of our total order book.

Sir, actually, yes, considering the ticket size, it looks bigger, but year turnover will become very less actually. INR3,300 crores is the order size which looks at, but it can give you only INR400 crores to INR350 crores turnover. And the Kusmunda mine is also INR5,000 crores out of which my share is about 75%. That is only stood at INR3,500 crores. So like this, there are a lot of ifs and buts and those to be completed in five years. And Kusmunda is almost eight years we need to complete. So this is the way that is catering, sir.

So, is it like we said say in the future that we have many such sectors entering our order books and they really become quite significant for us, things like solar EPC or even, for example, something to do with data center or even large bridges or dam projects?

Yes, yes, sir. See main thing is that most of the flyovers are coming in the EPC mode itself. So the minimal working capital will be required, that's it. And the other highway projects concerned, most of the equipment we own and then wherever there is an equity commitment that we are just keeping it reserved. In fact, not taking the decision early on buyback proposals is one of the reasons that we are keeping reserve with our future requirements on equity as well on the capex. So, those things we are keeping in mind, then we are moving forward. So, this is the cautious call which we are trying to take actually.

Sir, actually, we have decided to make full rounds and get that at least because that is need of an hour. Now I'll be needing that money badly. So, I'm making a lot of efforts on that. I don't want to leave them the committed date, I'll go sit there unless they write the cheque, I'll not come back. Like that we are planning. Let us see, sir, how it goes.

So, it will not be like an automatic thing. You will have to keep on following every month.

Sir, actually see, they say it's an automatic thing. Once we start doing, we'll do every month, we'll be paying you INR70 crores, INR80 crores, whatever they're saying. But unless you don't push, things will not happen. You know that in Telangana Government now situation is different. Earlier, sir, we used to get, we never used to even go for payments. We submit the bill we used to get. That gut feeling, I went on a bigger order book size and I landed into this issue actually.

But to your credit, sir, you have never taken any Andhra Pradesh orders even though you have been so close to the State

We'll try to keep a close watch on it, sir, and we'll be pushing that very hard.

No. It is that you have always avoided even Andhra Pradesh orders. So you have been ever careful with outstanding. But these are accidents which sometimes happen in business, and I don't think we can blame the management for this.

Yes, sir. Thank you.

Thank you. Next question comes from the line of Niteen from Aurum Edge. Please go ahead.

Yes, thank you for the opportunity. Sir, my line got disconnected in the initial part. So just wanted to understand what exactly we are planning in storage space, what kind of capabilities we are developing and what do we want to achieve from there? Any re venue guidance that we are taking over there?

Battery storage. You are talking about battery storage?

Yes, sir.

Sir, battery storage, initially, we tried some bids. They went ver y bad actually. So, right now, I think we are just preparing some bids, but I'm not very sure of winning a contract because the way things are moving here in India, they are very wrong actually. And moving out that, another risk is there, with the increasi ng dollar price and all other external factors, it has got assigned with its own risk. So we are just cautiously going, that's it.

Understood. And you mentioned about the entire mining projects revenue and our part. So, if I had to understand out of this INR15,000 crores plus order book, what is the expected total revenue? And during what period it will get executed based on the understanding as of today?

Okay. So for this year, what will be the revenue guidance and EBITDA guidance? I missed that. Sorry, if you already covered that

This year, we are targeting somewhere around, you can say, INR2,200 crores to INR2,300 crores of revenue with EBITDA of around 8% to 9% this year. And next year should be the good year. We are thinking they try to cross INR3,000 crores plus with EBITDA of around 11% to 12%.

Any new orders that are adding in these days, sir, will add up to our expectations. But we have not taken anything into consideration.

Got it. And as previous participant also asked about the buyback. I think this may be the time considering the valuation that we are having. So what is the amount that you are keeping in mind I know that decision is subject to the Board, but there must be some percentage amount that you must have kept in mind, which you would like to assign towards buyback? And will it be a market buyback or some other mechanism, what you are considering?

Actually, sir, there is a conclusion meeting supposed to happen, sir, on that. Definitely, after that, we will try to come out with the details. Right now, it's all under assumptions only.

I got it.

Board meeting only will decide.

Okay. Okay, sir. Got it. Thank you and wishing you best of luck.

Thank you. Next question comes from the line of Vasudev with Nuvama.

Yes. Thank you for the opportunity. Sir can you just guide us the kind of revenues that you are looking to clock in irrigation pipeline and mining projects in FY27 and FY28?

Irrigation is left out if you adjust the unbilled, irrigation order book is almost left to only INR800 crores only. And out of that majorly is back-to-back project actually is there and one Package 3 is there. So this year, from irrigation, we do somewhere around INR20 0 crores only. And pipeline is definitely INR800 crores order book is there. We will do somewhere around INR300 crores to INR400 crores in pipeline project in this year.

And sir, from mining overall, what kind of revenues can we expect this year and next year?

Sir, this year, we are planning about, say, INR150 crores this year because mining - there are two projects, but I think this year, by March, we can only start on one, that too which is starting from September. And they ask for 100-tonne dumpers. Actually, those dumpers are likely to get delivered the required quantum of dumpers ar e supposed to deliver by November end, I think. By the time we put them into operation, it will be a few more days. So I think last quarter only, we'll be able to do solid execution in that this thing. But however, the opportunity is happening from September with partial available equipment. So whatever best we can do, we'll do, but INR150 crores, we are expecting from this, sir, plus or minus INR30 crores, INR40 crores could be there, INR20 crores, INR30 crores.

And then next year, how much can we target from the mining project?

Sir, INR400 crores.

Both the projects?

No. Actually, only one Kusmunda I'm talking about. If that starts, I think Banhardih, again, it will be around INR500 crores per annum , but we don't know when it will start. That's the problem actually.

Okay. Got it sir. And sir, on EBITDA margin, like we are guiding for 8% to 9% for the full year, and you said around 11% to 12% in the second half. But in Q1, we already did abou t 15%. So was there any one -off because even our subcontracting expenses were quite low during this quarter?

Actually, in this quarter, as we already told that, you know, we had upstream of cash surplus of around INR 90 crores, including GST. We did in this inour deal with our investor. So that was there in our Q1 results. So that's why this year, it looks means it is considered that EBITDA is coming to 15%

Okay. So excluding that, what would be our EBITDA margins?

Around 5.5% is there.

Okay. Got it, sir. And sir, if you can just help me with the revenue split segment -wise for the first quarter.

Yes. The first quarter revenue from irrigation, it is just 3%. From HAM, it is 70% and our EPC work, it is 25%.

Okay. And sir, on the capex front, like at the company level, what is the overall capex that w e are planning for FY27?

As we already informed, Q1, we did around INR14 crores . And FY27, we are planning somewhere around INR350 crores to INR400 crores basically mining capex will be more capex. So including that, it will be around INR350 crores to INR400 crores

And sir, just some bookkeeping questions. What is the stand -alone debt cash and outstanding receivables from Telangana as of the end of the first quarter?

Yes. Stand-alone debt is nil, and consolidated debt is INR1,975 crores. And stand-alone cash is INR310 crores and consolidated cash is INR435 crores. And this basically receivables from the Telangana from Package 4 is there, INR1,300 crores is there,. Overall receivables from irrigation will be around INR1,450 crores.

Okay. Got it sir. That’s it from my side. Thank you.

Next question comes from the line of Bhavin Modi with Anand Rathi. Please go ahead.

Hi, sir. Thank you for the opportunity. So first question is with respect to the order book, sir. We have the order book of around INR8,700 crores. So what is the amount of unbilled revenue factored in that order book? And second thing was with respect to what is the amount for the unexecuted order book for the Somvarappadu, which we have excluded this time and kept in the others?

So out of order, unbilled total is around INR1,220 crores was there in unbilled in our order book as of now. And your second question is around, what is Somvarappadu is there?

So last time, it was around INR153 crores. So what is this time, the unexecuted order book?

INR100 crores is there.

So, for that, INR1,220 crores, you can provide the breakup in terms of what is unbilled revenue for the road, for the irrigation pipeline?

Irrigation is around INR825 crores and around INR400 crores is rest actually.

Thanks. The second questi on was with respect to when I'm seeing the numbers, order book numbers unexecuted. So sir, the Mysore, Kushalnagar Package has still not picked up, sir. So what is the reason? And what are we planning for this year?

Sir, actually, last two months back, I think they have handed over full of land. Otherwise, we had only 5-6 kilometers in hand for Package 5 and then Package 4 also. Package 4 also was there only 30%, 35% of the land was available because suddenly, the loc al public has revolted to asking for some service road. So wherever they wanted the service road, they have blocked that highway construction itself. So that was dealt with the government and then the central government, what NHAI made an agreement with the state government that state government will acquire the land and then give them for execution of their service roads, then they would do. So actually, it has taken a long time for giving the police protection to vacate those people from obstructing. So recently, two months back, they have vacated entire land and they gave us. Now the execution has speeded up. I think this quarter onwards, things will move better actually. We are even making arrangements for going COD by December for whatever the land which they made available for us around 30 %- 40% available land was there, on that only, we would like to do the PCOD and balance we execute in the thing. Otherwise, if the revenues are not started on the project, I'm coming into kind of more blocked IDCs and all. So we are starting in that way also for that.

Sir, entire project has to be completed, sir. Entire project should be completed by April. We are planning, coming April end or May maximum. That's it. We want to close that.

Okay. Sir, one more question was with respect to the recent mining order that we won. So it was, I think, in the partnership at 50/50. So are we getting the back-to-back 100% EPC, so that's why we have taken the entire amount in our order.

Yes, sir. we are doing 100% EPC by taking back-to-back, sir.

Okay. And sir, last question is now most of the road players are also entering the elevated metro space. We are still not obviously, there must be some working or team building must be happening in the elevated metro space. So how are we looking at that space, the elevated. Have we started bidding for the projects in the elevated metro space?

Actually, sir, that Odisha, Bhubaneswar bid we have done for elevated metro. But subsequently, that went with unhealthy price. So we were not there in that. Later, it got cancelled also, but I'm not going by that. But however, our struggles are on to go on this, sir. Because we have done a lot of segmental construction, so which that is easing out this thing. And we have started the JV with NCC also for going on these projects.

Right sir. Sir, any back-to-back arrangement with any of the leading groups, for example, Adani or NCC or any of the big road players like Welspun, any talks which are going on?

Actually, sir, in fact, KNR, they wanted us to come in. The thing is the prices and all that were not suiting. And some pre-tender understanding you were asking, I think it is on. The discussion is on. Actually, there are certain southern projects only I'm challenging because if you go wit h the third -party, can’t leave southern project and go to other projects -- because of the rainy seasons extended timings and all, we will not be able to deliver in time. At least in South, things are in control. So we would like to go in South only with t he private players. So we are sorting certain bids, sir. Those bids could not happen.

But geographically, sir, like there are many bids which are coming up in Madhya Pradesh, you know, UPEIDA especially, so are we open to those states or those geographies?

Sir, UPEIDA, I'm not getting qualification because they ask for some express highways to be constructed. My expressways have not been completed yet. Only one we are doing, I think. Greenfield express highway experience the y're asking. So at UPEIDA, I'm not getting qualification. So I'm not participating in that. But rest of the bids, I'm participating.

Okay, sir. Thank you. Thanks a lot, sir.

Thank you. Next question comes from the line of Rajarshi Maitra with InCred.

Yes, please.

One-off is, in revenue, it is around INR76 crores and expenditure side also, it is around INR30 crores has been there in expenditure side. So net INR46 crores has been considered in the EBITDA, as a one-off.

Thank you.

Thank you. Next question comes from the line of Sudeep Bora with AMBIT Capital Private Limited. Please go ahead.

Thank you sir for the opportunity. Sir I know you have talked about it earlier, but just wanted to have an understanding about the margins and the IRR profile for the mining projects, like what range are we looking at?

The mining project is concerned, we have considered while bidding, I think we have considered about 6%-plus PAT levels in that because right now, I haven't calculated for that equipment component, generally, we used to have an idea on highways, how EBITDA is coming up. But in this mining sector, what is happening that almost INR500 crores to INR600 crores worth of equipment is deployed, and INR400 crores turnover is expected around on every year. And this is to be continued for eight years period of time. So that there are certain equipments which are getting terminated on buyback basis on every two years, certain equipment are getting terminated on five years. So on that, we need to have a detailed calculation, then only we will get the EBITDA levels. But otherwise, 6 %-plus PAT levels are possible, our estimate according to that.

Okay, sir Got it. And sir, just wanted to confirm the outstanding order book numbers on a few projects like the multilevel flyover at IIIT Hyderabad and the two EPC projects, one is the GHMC and the Shankarpally Road at MGIT.

So this is for Khajaguda IIIT Junction. It is INR459 crores is the closing order book. And MGIT to Manikonda, I think you asked, that is same, around INR83 crores is there, that is the same.

And the other project like 3-lane flyover at Kukatpally, that is completed?

No, no, that is Y -Junction flyover is still there, it is not completed. INR72 crores is the order book is there. It has to start project has to be started.

Okay. Okay. Yes sir. So this were my questions. Thank you.

Okay, sir. Okay. Thank you.

Thank you. We have a question that is from the line of Vaibhav Shah with JM Financial. Please go ahead.

In Q1, what is the revenue from water pipeline order?

Of that INR830 crores order book, what will be the unbilled portion in water pipeline?

Water pipeline is already, back -to-back is there. So there won't be any unbilled portion in the water pipeline. It is the back-to-back work will be there.

Okay. Okay. Thank you, sir.

Okay. Thank you, sir.

Thank you. Ladies and gentlemen, as there are no further questions, we have reached the end of question-and-answer session. I now hand the conference over to the management for closing comments.

Yes. Thank you all for joining us on this call. Please reach out to our Investor Relations Consultant, Strategic Growth Advisor s or us directly should you have any further queries. We can now close the call. Thank you, everybody.

Thank you.

Thank you. On behalf of KNR Constructions Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.