Thank you, sir . Ladies and gentlemen, we will now begin the question-and-answer session. If you have a question, please press * and 1 on your telephone keypad and wait for your turn to ask the questions. If you would like withdraw your request, you may do so by pressing * and 1 again. So, the first question comes from Dixit Doshi, Whitestone Financial Advisors Private Limited. Please go ahead. Thanks for the opportunity. Sir , my first question is, what is our current outstanding order book, including all the subsidiaries and Amrapali and all the redevelopment projects? K. P. Mahadevaswamy, Chairman and Managing Director Around INR 55,000 crores consolidated level.

Okay. And of this INR 55,000 crores, how many projects the work is already started? K. P. Mahadevaswamy, Chairman and Managing Director Almost, Amrapali, all the projects already awarded except one Tech Park, out of 25 projects, 24 are already awarded, one project yet to be awarded that is Tech Park. Whereas in seven GPRA, almost eight projects already awarded, rest projects, we were awarding. It is in process.

So, in terms of value of this INR 55,000 crores. In terms of value, already awarded around INR 20,520 crores.

NBCC (India) Limited 5 10.11.2023 INR 20,500 crores. Okay. Now my second question, you said about in the opening remarks about how much order we have received this year in H1. If you can mention it again and how much we are targeting? K. P. Mahadevaswamy, Chairman and Managing Director We have received so far INR 7,094 crores, that is INR 7,100 crores we have received so far during this financial year.

Okay. And we are targeting another INR 10,000 crores. K. P. Mahadevaswamy, Chairman and Managing Director Another INR 10,000 crores. Amrapali is still another INR 8 ,000 crores to INR 9 ,000 crores we have, that it will come during this year. And we have lot s of PSUs, railways which require of their land parcels.

Okay. And broadly this INR 55,000 crores order book will be around 8%, 9% margin? K. P. Mahadevaswamy, Chairman and Managing Director Approximately around 6% to 8%.

6% to 8%, okay. Now, in terms of our real estate business, our own real estate. How much is the ready inventory we haven't composed that? K. P. Mahadevaswamy, Chairman and Managing Director Around INR 800 crores is ready to move inventory we have, some projects , one or two projects will be completed in this quarter only. So, total INR 812 crores inventories are available.

Okay. And how much will be extra land bank post this? NBCC (India) Limited 6 10.11.2023 INR 670 crores land bank parcel we have. That we’ll bring to start the…

Okay. And typically in our own real estate, what kind of margins we expect? K. P. Mahadevaswamy, Chairman and Managing Director Around 20% to 25%.

Okay, fine. That's it from my side. I'll join back in the queue. Thank you. K. P. Mahadevaswamy, Chairman and Managing Director Thank you.

Thank you, sir. The next question comes from Vasudev Ganatra from Nuvama. Please go ahead. Yes. Thank you for the opportunity, sir, and also congratulations on a great quarter. And s ir, it was very good to see the opening remarks was so brief in details. So, sir my first question is that, this INR 7,900 crores of order intakes, which you said that was on standalone or consolidated basis? K. P. Mahadevaswamy, Chairman and Managing Director It is on consolidated basis. NBCC secured INR 4,600 crores, HSCL some INR 300 crores, and HSCC INR 1,900 crores. So, totalling up INR 7,094, it is consolidated basis.

Okay. And so then, sir, this INR 55,000 crores of order book which you sell. So, would it be possible to split between the PMC and the redevelopment? We can say 42% in redevelopment, 58% on PMC.

NBCC (India) Limited 7 10.11.2023 Okay, sir. And, sir, if you can give us that on the consolidated basis, how much projects we've awarded in Q2 and how much are we still planning in the H2? K. P. Mahadevaswamy, Chairman and Managing Director We have already awarded the INR 4,333 crores work order and we are planning to award INR 5,300 crores during this year. In total, it will be around INR 9,600 something like that.

Okay. And so , now that our margins are back on track, so how much do we plan to do for the full year, like, our EBITDA and PAT margins? K. P. Mahadevaswamy, Chairman and Managing Director EBITDA, around 5% to 5.5%.

K. P. Mahadevaswamy, Chairman and Managing Director During this year, EBITDA will be around 5% to 5.5%. Next year, we are planning 5.5% to 6%.

K. P. Mahadevaswamy, Chairman and Managing Director And next year, business development, we are targeting around INR 20,000 crores and tenders will be around INR 12,000 crores.

Okay, sir. And what are the PAT margin that you're looking for FY24? Similar range. PAT margin same, almost 5% to 5.5%. NBCC (India) Limited 8 10.11.2023

Okay. And what is the real estate inventory that we sold not till date? K. P. Mahadevaswamy, Chairman and Managing Director Till date, around INR 54 crore of real estate we booked during this year. So, expected another INR 100 crore to INR 154 crore will be booked during this quarter only. There are two prospective buyers are in the line. And by December, I think we will go to sell another INR 100 crores.

Okay. And sir lastly, if you can give the status update on the seven GPRAs calling work? K. P. Mahadevaswamy, Chairman and Managing Director Seven GPRA, already we are working in various packages. So for Nauroji Nagar, this value will be, almost 91% we have already completed and balance will be going to complete by before March. March, we will complete in all respect, Nauroji Nagar. And regarding sale also, we already sold around INR 8,750 crores. And during this year, INR 2,650 crores already sold out and the balance will be another only INR 5,000 crores, that I think we're going to sell before March. Regarding Netaji Nagar's construction, the general GPOA, the work is in full swing, almost 42% we have already completed. By upcoming July, we’re going to complete this also. Regarding other projects, Type 6, Type 4, another Type 2 quarters, so the work is going on in full swing.

Okay, sir. And Sarojini Nagar is fully completed, when? K. P. Mahadevaswamy, Chairman and Managing Director Sarojini Nagar, around 3,600 work in progress, that is Type 2 quarter INR 890 crores commercial almost completed, 92% already completed in commercial near metro stations. Type 5 quarters already we have started and Type 4 also we have started. Yesterday, we had Bhumi Pujan for Type 4 and Type 5, valuing of around INR 1 ,700 crores. Type 6 quarters we' re going to award today or tomorrow. So, that also we're going to start immediately. And one local shopping centre already in progress, multi-level car parking also in progress.

Okay. And sir, what was seed money in total and how much is the pending interest on that? NBCC (India) Limited 9 10.11.2023 Madam please. B.K. Sokhey, Director (Finance) Good morning. Th e seed money outstanding as on date is INR 1 ,011 crores, which comprises of principal amount of INR 775 crores. We have received back the principal amount of approximately INR 200 crores from the ministry because we have not enough money from the sale of the Nauroji Nagar project and we have also received the interest during this quarter to the extent of INR 69 crores and the balance outstanding interest is now INR 235 crores.

Okay, ma'am. B.K. Sokhey, Director (Finance) Am I clear, or do you want anything else?

No, I'm clear on that. Just one question on this, NBCC green project, so now we have to demolish the entire project. What are the steps we are taking to ensure that such kind of thing does not again repeat in future in any other projects? K. P. Mahadevaswamy, Chairman and Managing Director The quality, we have created in-house quality department and we are engaging third -party in all the projects and personally Directors and including CMD top officials are monitoring. So in future, that type of things will never happen. So , we have taken all precautions. And for quality control, we are sending the materials directly by NBCC officers. Earlier, contractor used to send the samples. And all the sites, we have installed the RO plants, the quality majorly problem in water or sand. These two materials, other materials are tested by the laboratory as well as manufacturers. But these two, we have already taken care and we are addressing these two issues. And apart from that, we have issued so many technical circulars to our officers and we are personally monitoring this quality. The quality division created at HO level, in regional offices levels. And I think in future, and one more thing, we had changed the technology. So , we are using now MIVAN Technology or Precast Technology, so the quality part, I think in future, zero tolerance on quality.

NBCC (India) Limited 10 10.11.2023 Okay. That was all.

Thank you, sir. The next question comes from Rohit Natrajan, Antique Stock Broking. Please go ahead. Thank you for this opportunity. Sir, now that the new CMD as a role that you have taken up, what exactly do you have in mind roadmap for the next five years? Where do you see NBCC's execution net profit going to ? Will it be like INR 20,000 core revenue, INR 1000 crore net profit, that kind of a vision and if you could share, it would be really helpful? K. P. Mahadevaswamy, Chairman and Managing Director Definitely. Next five years, our target is around , the top line is around INR 25,000 crores and the bottom line, that is PAT will be around INR 1,000-1,200 crores. This is our roadmap for which we wish to do diversification also which includes redevelopment of metro cities. Now , presently our existence is only Delhi. However, we have secured INR 2 ,000 crores redevelopment work in Cochin. Similarly, we are expecting some projects in Mumbai, Bangalore and other metros , Kolkata. And in Delhi also, we are going to get another two projects on redevelopment model. So, our top line will be around INR 25,000 crores, bottom line INR 1000-1200 crores.

K. P. Mahadevaswamy, Chairman and Managing Director And we wish to start our real estate projects. There, we can get good margins, some 20%, 25% margins. We have few land parcels. So, during this year, we’re going to start Jaipur, Coimbatore. And of course, Patna we have one land parcel. So that also we ’re going to start these to ensure top end as well as bottom line.

Sir, I'm given to understand that you have an expertise in turning around stressed assets like Amrapali project, for instance. What is your roadmap to take this redevelopment portfolio that you have, almost like INR 22,500-odd-crores? I understand that you have done multiple round of commercial monetization , three auction route. And so far , you have got close to INR 8,700 -odd- crores. But what my point here is that, this monetization pace is not really moving up. Look, for NBCC (India) Limited 11 10.11.2023 instance, our target in the last round of monetization was almost like INR 5 ,700 crores, but we could fetch only 25% of it. What seems to be the disconnect, sir? K. P. Mahadevaswamy, Chairman and Managing Director Now, all the real estate properties, the rates are also increasing . Just example, Amrapali, we started the selling of the rate in some X rupees. Now the rate is X plus 40, around 40. So, 40% increased and still increasing and we have already sold around 4 ,500 units which was the largest in cluding any private sector in Amra pali and we have fetched around INR 2,500 crores value. So, the inventory is very less now in Amrapali. Additional FAR, we are waiting for the court direction. Once we receive the FAR decision, so we can do construction there as well. So that, each and all homebuyers should get their home. They have waited for lon g 8 to 12 years. So , the waiting period is over. Now , before 2025, we're going to complete all the projects in Amrapali that is in span of three to four years we have completed INR 8,000 crores value and around 38,000 homebuyers will going to get their home.

Sir, I appreciate your comments on Amrapali, but my question was more to do with the 1.47 million square feet which we were planning to sell on 23rd October 2023 through E-auction. The site was at WTC in Nauroji Nagar. Ideally speaking, this is a prime location, and you are already selling at almost like INR 40,000 per square feet as such, but you could manage only 0.39 million square feet, that is almost like 26% of the target and could regain only INR 1 ,500 odd crores kind of number. What seems to be the disconnect? Like, here the number, the figure that initially you were looking. K. P. Mahadevaswamy, Chairman and Managing Director Disconnect is nothing. Actually, earlier we used to sell this property to government agencies, government. Now, that is almost banned. So, we are selling to only private agency and PSUs only. The Nauroji Nagar property has to be sale as per the recent directive, only private and PSU. The last auction, we sell it to HDFC one full tower. So, valuing of around INR 1,100 crores. Similarly, we have some other buyers in PSU. Petronet, also we sold around three floors. So similarly, before March we will go and sell it. Earlier, it was only INR 200 crores to INR 300 crores sale, now we reached 1500 crores last auction, we reached, before that last auction INR 822 crores, out of which INR 550 crores we sell to private agency. Similarly, last auction, we sell it around INR 1 ,500 crores, out of which INR 1,200 crores only private agency. Private agency, basically they want to purchase the property. They can go for Noida or Gurgaon, still they are purchasing in World Trade Centre. There is no miscommunication, there is no gap rather. So, another one or two auction, we'll going to well it all the properties.

Got it, sir. NBCC (India) Limited 12 10.11.2023 Now, they're inquiring and they have to come through auction. I think next section, it will be , I think we can sell around INR 2,000 crores, already in the pipeline, they are in the pipeline.

Got it, sir. So, just to harp on this particular topic, that is Nauroji Nagar. Let's assume you are already selling it at INR 40,000 per square feet. Given that you want to do much bigger volume is the p rice discretion, that is to reduce the price from INR 40,000 to say a reserve price of lower reserve price and then go call for E-auction. Is that option or flexibility do you have with you? K. P. Mahadevaswamy, Chairman and Managing Director Not necessary. We're going to sell all the properties in one or two auctions. Now, the market, real estate markets are also increasing. Not necessary. Reducing, of course, it has been approved by the cabinet, it is not easy to reduce the reserve price.

Okay. Got the point, sir. Thank you. That's it from my side.

Thank you, sir. The next question comes from Venkatesh Subramanian, LogicTree Consultants Private Limited. Please go ahead. Yes. Good morning, Mr. Mahadevaswamy. Wish you a very Happy Diwali. K. P. Mahadevaswamy, Chairman and Managing Director Thank you. Wish you the same.

And, you’re bubbling with profitability and optimism, which great to hear from NBCC after a very long time , sir. Congratulations. So that's one. Two questions, sir, a lot of my questions, Rohit and Dixit has asked. So one is, you talked about the big plans that NBCC have, and you're talking about using PSU land banks and then there are some other projects of metros, et cetera. Can you give us NBCC (India) Limited 13 10.11.2023 some color on what kind of project, because even the Prime Minister has been talking about urban development and making India housing for all et cetera. Will we be participating in such projects? K. P. Mahadevaswamy, Chairman and Managing Director Regarding metro, we have already discussed with our Delhi Metro . So, they are going to participate the construction of metros and acr oss world. So there , we are going to sign a MOU with them. And regarding internal metro, that is Kochin Metro, we are already working with them. So , they wanted to construct around 20 metro stations. So NBCCs, they're having the vast experience in building metros. However, as the metro line will be done by Kochin Metro , and metro station , we are in a mutual understanding with Kochin Metro. And regarding PSUs, lot many PSUs, example, I don't want to put their name presently, because it will be confidential. But lot s of PSUs having their vast land parcel in the city area. And they are paying huge interest on their loan amount. Once we did the redevelopment model, so they can get their money more than what their land cost, because the construction is done by us and w e will going to charge the PMC . So, by that, they can pay their loans and that company can get profit. This is our main idea.

Okay. So, when you're talking about these projects, so all this is part of your INR 20,000 crore top line that you're projecting for next year. K. P. Mahadevaswamy, Chairman and Managing Director Rather INR 25,000 crores next year.

INR 25,000 crores. Okay sir. The next question is, you're talking about various projects on one side Amrapali, EPC. Sir, NBCC as an organization and you also want to expand into a bit into Africa, Maldives, Arabia. Do we as an organization have the manpower and the team to execute? Do we have the execution bandwidth to achieve such numbers? K. P. Mahadevaswamy, Chairman and Managing Director I am talking about NBCC's current manpower, around 723, we have technical qualified engineers and the 125 CA , ICWA, 73 MBA in HRM. So , we have full strength. So, to take up any value of projects, whether it is in India or abroad. Since , we already completed so many projects in abroad, Maldives, Mauritius, and the Dubai Expo also done by NBCC. So , we have all expertise and I think there is no short fall in manpower as far as manpower is concerned. NBCC (India) Limited 14 10.11.2023

Right sir. Yes. Just two last questions from my side. One is, you said, there is something prospective that we could be looking forward to in terms of announcement. Would that be in the infrastructure side or on the housing particulars? Because I'm trying to align with th e government's objective for the sector, housing sector. K. P. Mahadevaswamy, Chairman and Managing Director No, housing is also there, housing and infrastructure and we wanted to do some diversification also. Irrigation projects, since NBCC has successfully completed a VIDC irrigation project at Nagpur, so we are focusing on irrigation projects as well as railway redevelopments. All the railway stations in the metros, they have very good land parcel and they're unable to do their maintenance and all. So, it is old structures in depleted conditions. We wanted to redevelop that also. So, we are thinking to diversify also, as well. So, they around 2,000-acre land parcel. We had a n initial discussion with them. So, at the earliest, we are going to give good news to you.

Okay. Right, sir. K. P. Mahadevaswamy, Chairman and Managing Director Once it is approved.

Right sir. Last question, sir, which is, you are under the Ministry of Urban Development. Is that right, sir? K. P. Mahadevaswamy, Chairman and Managing Director Yes.

And the Ministry also in terms of th at we obviously need a lot of Central Government support and because like the Defense Ministry, defense stocks have done well, rail stocks have done well. Are we aligned with the Ministry in terms of vision for achieving these things? NBCC (India) Limited 15 10.11.2023 Definitely. We are at talk with the Ministry , Defense also. We wanted to do redevelopment of defense as well as . So, I don't want to disclose their names presently because our competitor reach there and we may face some problems. That's why I don't want to disclose their names.

I understand. I won't query you on that. S ir, this year’s top line you're projecting approximately INR 11,500 crores, sir, broadly? K. P. Mahadevaswamy, Chairman and Managing Director Yes, around INR 11,000 crores to INR 11,500 crores.

Okay. Right, sir. Wish you all the very best, sir. Thank you so much. K. P. Mahadevaswamy, Chairman and Managing Director Thank you.

Thank you. sir. Dear participants if you have any question, please press star and one on your telephone keypad. The next question comes from Akshaya Patil, Individual Investor. Please go ahead. Akshaya Patil Hello. Am I audible? K. P. Mahadevaswamy, Chairman and Managing Director Yes. You are audible. Yeah. First of all, congratulations to K.P. Swamy sir for being appointed as CMD. We as shareholder have great faith in his execution. So , first question, provisioning of INR 65 crores has been done in this quarter. As of now, any further provisioning is required for NBCC Greenview, or is this the final one? NBCC (India) Limited 16 10.11.2023 I think this is the final one, but what is happening, somebody wants to ref und, somebody wants reconstruction. So, due to this, we are unable to finalize. Otherwise, we wanted to close this issue as early as possible, because of two -three groups we are unable to settle the ir issues. And, our main focus is, we wanted to settle this issue during this financial year itself. We are creating provision, but so far, we have not dispersed, because there is no unity between the groups, existing homebuyers, because of that we are unable to settle. Earlier, we are offered for 5000 run rate buybacks that only few people accepted , and the second offer, we have thrown them is 6% interest. So, for which we have created this provision. Anyhow, I think during this year, this issue also we are going to resolve, because only 200 homebuyers are there. In Amrapali, we have resolved around 38,000 homebuyer issues and this issue, I think, very small issue, but still it is a very concerned area. We are focusing on this and we' re going to settle at that earliest. Don't worry.

Yes. And all the best for that. And next thing is, the case has been filed against Rama civil Company for recovery of INR 750 crores, I guess. Sir, can you enlighten more on this one? K. P. Mahadevaswamy, Chairman and Managing Director It is under subjudice. So, once court decisions will come, then definitely we'll revert back to you.

Okay. And one more query, what will be the impact of ban on construction s in Delhi on revenues and profitability in this coming quarters? K. P. Mahadevaswamy, Chairman and Managing Director No. There will not be . I think, for only few days, the construction ban will be there. Of course, we have already planned. Internal work we can do, only concreting and earthwork that cannot be done. I think today with the grace of god, rain already came at . I think it will be going to lift the ban. So , there will be no impact on our quarter results. Only durin g this month for a few days, we have problem, but it is very good season. I think we'll come out with this. We already planned some activity in the banned area period.

Okay. And, can you enlighten us on the impact of land monetization national infrastructure pipeline on order book revenues and profitability NBCC? NBCC (India) Limited 17 10.11.2023 That's what I'm saying. Actually, we are focusing two, three PSUs. They are already discussing with us. So, they are paying their interest, every year they're paying INR 200 crores, INR 300 crores interest. By this, they cannot earn the profit also, they are running in loss. So , we had a discussion with some PSUs. So , they are ready to , willing to do the redevelopment model. So once it is approved, our top line as rightly I already told you, that during this year the turnover won't come, but of course, the tender and all that part can be completed. From next year onwards, we can do construction in full swing and they can pay the interest as well as the principal amount also. So , by doing the redevelopment model, I think, they can repay their payment.

Yes. Your words have giving me the faith that NBCC goes back to the golden days, which it was and I think three year back. K. P. Mahadevaswamy, Chairman and Managing Director Definitely.

Congratulations to you, sir, once again. K. P. Mahadevaswamy, Chairman and Managing Director Thank you.

Thank you. That's all for my side.

Thank you, sir. The next question comes from Dhananjay Mishra, please go ahead.

Hello, sir. So, regarding your provision, you have done in the Gurgaon Sector 37D. And till date, we have done about 224 crores of provisions. And also, we have filed claim of amounting INR 700 crores. So, against whom we have filed this claim and what is the expectation within this claim? NBCC (India) Limited 18 10.11.2023 The claim against that contractor that is Rama civil Infrastructure INR 750 crores. It is under subjudice. And this is only provision for making the payment and settle the homebuyers.

Okay. So, till this settlement happens, we will be making quarterly provisions or is it the last one? K. P. Mahadevaswamy, Chairman and Managing Director I think this is the last one.

Okay. And also, sir, I had recently visited NCR region and we have seen prices has put up close to 40% in Noida, Gurgaon. So, are you also, in your project, you are seeing same kind of price? K. P. Mahadevaswamy, Chairman and Managing Director Yes, definitely. The market rate has increased in, of course Amrapali, last February we started to sell the inventory. Now, we have increase in the same project, the rates are increased more than 40%, 45%. Similarly, Gurgaon has increased more than 50%, 60%. So , we're going to fetch ample amount in 37D once the issue resolved. That I can ensure you. Whatever provisions we are making that will going to recover in a year, year or so.

So, any specific region you see for such a 40%, 45% movement in a last one year? K. P. Mahadevaswamy, Chairman and Managing Director Because after COVID, once again, the business started gaining and everybody wants to buy their home, some investors are also investing. So, this is the reason, investors as well as homebuyers. They have confidence on NBCC. After waiting eight years, they're getting their homes, all the homebuyers are sharing their views. They booked 10 years back, now they're getting their home. So that is the one confidence , not only NBCC, in the whole Noida area redevelopment, because all the private players they're not giving their homes in time . Whereas NBCC is giving in time as well as quality products. That is the confidence on NBCC.

NBCC (India) Limited 19 10.11.2023 And you said that, now you will make sure that our project quality will be at par with the other player, and that you will ensure, because our project is still at discounts, I said the prices , compared with the other projects and we are still at, I think, 10%, 15% discount when I'm comparing projects in surrounding area. K. P. Mahadevaswamy, Chairman and Managing Director Yes. Definitely. That's why we are changing our technology also. So earlier, you used to do brick and mortar and column, so the quality could not be achieved. Now we are going to monolithic construction and in one of the recent project in 7 GPRA that is precast technology. So, precast technology, the quality can ensure that the slabs, beams, stake, everything is captured at the yard and simply erected at site. So, we can get good quality. So that is the reason. We are focusing on quality. So, we have introduced new technology. And, of course, in our real estate also we wanted to do with the MIVAN shuttering, that is aluminium shattering. So that we can ensure the better quality and we wanted to put richer specification. Nowadays, the homebuyers want good quality and richer specification. So, for same thing we are incorporating in our tender conditions.

Okay. Thank you, sir. I wish your team are very Happy Diwali and prosperous New Year. Moderator, take the next question.

Okay, sir. The next question comes from Vasudev Ganatra, Nuvama. Please go ahead.

No, all my questions are answered. Thank you.

So, the next question comes from Dixit Doshi from Whitestone Financial Advisors Private Limited. Please go ahead.

Yes, thanks for the opportunity again. Just one clarification, in Amrapali project we'll be getting the PMC fee, right? Any price increase or the upside is not for us? NBCC (India) Limited 20 10.11.2023 It won't come to us. We are getting fixed PMC 8% and 1% on marketing. Apart from channel partners they are selling that PMC , that marketing fees also we are getting. So, 9% we are getting overall on Amrapali projects. Whatever increase that will be going to Supreme Court that is Court receiver.

Okay. That's it from my side. Thanks.

Thank you, sir. There are no further questions. Now, I hand over the floor to the management team for closing comments. K. P. Mahadevaswamy, Chairman and Managing Director Once again, thank you all the investors and shareholders and wish you Happy Deepawali in advance. And I think in next quarter, we can come with good results and good news. Thank you.

Thank you, sir. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using Door Sabha's conference call service. You may disconnect your lines now. Thank you and have a pleasant day.

1. This document has been edited to improve readability 2. Blanks in this transcript represent inaudible or incomprehensible words.