Thank you very much. We will now begin the question and answer session. The first quest ion is from the line of Mohit Kumar from ICICI Securities. Please go ahead, sir.

My question is, sir, on the new government, do you think the old projects can be revived meaningfully if I remembe r correctly, I think orders worth 100 billion was got cancelled last time in 2019?

Now, there are three parts we can discuss in the AP projects. In 2019, the government has cancelled certain orders. And at the same time, they abandoned certain order s. They have not cancelled those orders, but they are in the force. And certain orders , they asked us to continue and that we are being continuing those others. About the Capital City projects, which are there in the ports now, but only the amounts are outstanding from the client. Wo rks are abundant, but they have not cancelled those orders. So, those orders since the Capital City now coming up, we have every chance and the government also asked us to restart those works, but whether we take up those projects at the given rates and ot her things is a big question to see. So, therefore, lot of discussions takes place between the client and the NCC. And basing o n the conclusions, so roughly at this moment we can say about Rs. 5,000 crores those orders may restart. About the orders cancel, that is again a different outlook , the government again will come up with a new step or they may revive those others and how they are at this moment , we cannot talk on that one, but we have to wait for some time to have more clarity about the government's conclusion on that one.

Sir, my second question is on the order inflow. We started with a very soft quarter in Q1 in terms of order inflow. While you are seeing that some of your competitors have received a decent amount of order inflow espec ially post June. How do you think about the order prospects for the balance of the year and which are the segments where you are more positive compared to last year?

In the 1st Quarter, yes, about order pipeline concern, we have a strong order pipeline and we have some orders waiting for the LOS orders. So, once those LOS comes, then in the first half year, whatever the guidance we have given and mostly we achieve that guidance for even first half year al so. So, for the year , as a whole at this moment , Company is confident to achieve whatever guidance given for the order booking.

Thank you very much. The next question is from the line of Shravan Shah from Dol at Capital. Please go ahead, sir.

Sir, just to clarify in the sense that we are saying that 15% revenue growth for this year and 23% we have already done. So, is there a possibility that this number or growth of 15% can even go up to 18%-20% for this year?

Yes, that one basing on the present, whatever progress taken place in the 1st Quarter, there are chances, but in the third and fourth quarter, the invoice booking out of the new orders to secure in the year 24 -25 is to be seen, is not it? We have not got any or ders into our books of accounts, only we are waiting for the LOS. So, bearing that one, definitely 15% plus would be there in the invoice booking in the remaining quarters. In the second-half year, at that time, we can comment on that one about how the third and fourth quarter progress . At that time again, we will confirm you on that one.

And on the margin front , in the presentation, we said that 9.5%-10%, but in your opening remarks, you said 9 .5%, so slightly on the lower band of the margi n, so that is what we are seeing, whatever the orders that we have won and we are about to execute where we are likely to see a slightly lower margin and that is what we are saying , maybe we can achieve a lower band of 9.5% of EBITDA margin?

Yes, in the guidance, what we given 9.5%-10% the range we have given, so the 1st Quarter we achieved about 9.33 %. So, as a result at this moment , the minimum range band whatever is there 9.5%, we are confident to achieve 9.5% level and again more and above 9.5%, we have to wait and see about third and fourth quarter results.

And sir, L1 orders are two MSRDC and one another project or the values are close to Rs. 8,700 odd crores, if you can reconfirm?

And, sir, just a couple of data points on the balance sheet front , so inventory, data , retention money and loans and investment to your subsidiary and associate?

Can you please recall what you are looking for?

Yes, i nventory, trade payable, retention money and total investme nt in subsidiary and associates?

Inventories as on 31st March is Rs. 1,400 and as on 30th June is Rs. 1,300. Retention money is Rs. 1,500 as on 31st March and it is Rs. 1,532 as on 30th of June. And investments are Rs. 1,033 as at the end of March ‘24 and it is same level even as of the 30th June.

So, what was the loan numbers which was Rs. 509 odd crores as of March to subsidiary and associates?

Rs. 509 at the end of March and that was Rs. 473 at the end of the 1st Quarter now. There is a reduction.

And trade payable as on June?

Trade payable as on June Rs. 5,481 as against Rs. 4,966 as at March.

And lastly, possible the CAPEX, how much we have done and for full year, how much we are looking at?

Full year, we were budgeting around Rs. 250 crores and we have done around Rs. 51 crores at the end of the 1st Quarter.

So, this does not include that J Kumar JV TBM?

We have already told in the last year itself that when it is coming, it will be added in the CAPEX additionally.

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

Sir, you mentioned that on certain projects in Andhra , the payment is still pending. So, what would be the quantum of such payments which we are still yet to receive?

Now, two-three parts are t here. The first part is about the funds blocked on account of the Capital City projects are about Rs. 150 crores. And the running projects are about Rs. 350 or Rs. 400 crores are there . So, now, already the dialogues are taking place with the government and we expect nearly Rs. 300 crores to materialize in couple of weeks out of that one. Thereafter, s ome clarity will be known about the continuation of the projects. Some of the products are already running, there is change in the government and what the pri orities of this government from that of the earlier government, what works they ask us to continue, what works they give the priority basing on that clarity, some of that will come. But as far as the pending payments are concerned, we expect about Rs. 300 crores to materialize in a couple of weeks.

So, when we say that Rs. 350-Rs. 400 crore is on account of running projects, these are also in Amravati and running or these are projects in the rest of the state?

In the rest of the pla ce, these are the projects which are running in the rest of the places , other than if it required in the Amravati projects. They are medical colleges and FPS MIDC projects.

Water supply projects are there.

What would be the cash level at the end of June?

Rs. 140 crores.

And last question would be great if you could update us about the status of the Ja l Jeev an Mission project and also the Smart Meter project?

About the Jal Jeevan projects, by end of June ‘24 we have completed 60% of the projects. And the balance we have about Rs. 6,000 crores as on this date and by March 2025, we expect to complete about 95% of these projects. About the Smart Meter projects , Bihar project is one already we issued the orders for suppl y for meters and supplied the meters , about 80,000 meters supplied and 55,000 meters we installed and also the software system is also installed into that one. Now, the client is verifying the system as a properly synchronized wi th the IT system and communication system. The checking is over and our department, our division is expecting this clearance from the client in a month ’s time. So, thereafter, once the clearance comes, there on they continue to install the meters. That is about this Bihar R oad project. We have also drawn the mobilization advances for the first lot to spend for the project. And about the Maharashtra state, two packages are concerned. Now the client changed, priorities changed that one and they given priority to install the meters at the offices rather than at the total remote villages. Installation at the office means , it is in a scatter place, the progress of the installation will be low. So, in the first 2 -3 months, the progress w ould be low and once the government gives the clearance to install in the total village, then the progress will pick up. So, thereby we expect that Q2 and Q3 may not be there good progress and in Q4, we expect to pick up the progress on that run.

Sir, but you expect any impact of the Maharashtra election on this approval sector?

Certainly, we were also cautiously moving on that one, we are not aggressively moving keeping the elections ahead. And thereby we will also want to do as per th e client go in the slow pace because if severe uncertainty would be there when elections are there, even if I done as far as bill process, payments are concerned, there are some uncertainties. So, we are going a little bit slow as far as Maharashtra projects are concerned and the rest of the things, whatever requirements are there that we are doing except buying and installing the meters.

Thank you very much. The next question is from the line of Prem Khurana from Anand Rathi Shares. Please go ahead, sir.

Sir, two questions. One was with respect to TAQA settlement that we had achieved some time back, I think Rs. 175 crore was the number that we are supposed to pay to TAQA and 90 was paid last quarter itself. So, what is the status on the balance amount, has it been paid or it is still to go?

We have paid the second installment of Rs. 45 crores.

Rs. 45 crores which is due in June and the third last installment, is due in December and we expect to pay on time as scheduled.

And sir, second I am not sure, if you in your opening remarks as I joined a little late, so please pardon me, if it is already answered, but if you are l ooking to have a partner for our Smart Meter business, any progress that you could share with us? The two SPV projects we want to open a partner, right, wherein we were willing to enough gave away 50% sort of economic interest. So, have we been able to identify any partner and what sort of dilution would be willing to enough go with them?

I think my colleague, Mr. Raju has already brought to your attention to the fact that for the Maharashtra project, which is in S PV, we have decided to go a bit slow. That said, we have initiated discussions with couple of potential investors. So, as and when the pace of the project picks up, we should be in a position to finalize the partner.

So, the plan sta ys, but then obviously, you would want to make some progress before you go ahead with the plan?

That is right because at the end of the day, there is a mobilization advance and we have to raise the equity when we have to really procure those meters i n bulk. For that we need the money. So, currently as Mr. Raju brought to your attention, we are going a bit slow. As and when this picks up pace, we will have partner on board.

Any thoughts on, how many vendors are we dealing with kind of procure meters, given the fact that there were many orders of the same nature, I am not sure if the industry has that sort of capacity to be able to kind of produce those many meters. So, how is the situation? I am sure you have already assessed the situation and which is how you would have taken the orders, but if you could just share your thoughts on how easy or difficult is it to be able to find the vendor?

And this is a big question. Now, vendors are there in the market and it is not a big c hallenge for the Company to procure the meters identifying this one, but a lot of work is going on in that front. Ultimately, what we look for is a reliable quality and lower price. We have the primary objectives. So, on that front, lot of exercise is going on. And currently to keep the progress , hardware enterprise and the suppliers supplying the m eters, but going forward it go in a different manner , not depend on one supplier. So, like that, the exercise is going on at this moment. So, it is not correct to detailed vendors names and other things.

Mr. Khurana, if I may add my sense to your question in this project, the ownership rests with us for about a decade or so. So, at the end of the day, we are responsible for the performance of the meters for a decade, and in most of the tender, the conditions talk about some kind of technology platform, not a name of the vendor XYZ, ABC or so. So, if there are plenty of vendors available in the market, we have to also keep in m ind the fact that to how long these vendors should be in a position to support these maintenance of these meters , operations of these meters for about a decade’s time. So, the technology platform is available and there are a lot of people who should be abl e to qualify for the SLAs which are required for the performance of these meters. So, we will decide at the right point of time, but I don't think that is going to be a challenge for us.

And just one last book keeping question, if you could help me with the bank balance number , you gave the cash number, but if possible the bank balance number, please?

Rs. 140 crores cash and cash equivalents as of 30th June ‘24 as against Rs. 489 crores of March ‘24.

As for margin money deposits, how much would that amount be if you could share, please?

Rs. 694 crores now.

Thank you very much. The next question is from the line of Parikshit Kandpal from H DFC Securities. Please go ahead.

Sir, I am talking about AP in the peak of your order book , AP was contributing about Rs. 18,000 crores to the total overall order book , so just wanted to understand from the point of view of next 3 -4 years, how do you think it would be ? As in the last 3 -4 years, nothing has happened from ordering point of view. Could there be a catch -up? How substantial can this opportunity be for you?

So, I would answer this question in two parts. Firstly, it is premature to talk about wh at kind of projects are really coming for bidding. What is the competition? What is the size of the project? And who are the people who are finally going to qualify? So, there are lot of , so we will cross the bridge when we get to it. At this point of time , it is really difficult to even estimate what kind of projects are coming? What is the size, nature, vertical? So, we will cross the bridge when we get to it. That said, the second thing that I wish to bring to your attention is we are not a Company that is currently dependent on only one state, AP or X, Y or Z, you must have seen in the investor presentation that we have uploaded on our website, we are a Pan India Company. We have projects from almost all the states and we are quite confident to go to any state of the country wherever good projects are available , to bid for the projects , bag the projects and execute the projects. Specifically, coming back to the AP, once the projects are announced, then we should be in a position to really talk about a possible number, whether that may be the top contributing state or the secon d top contributing state or the fifth. That time hasn't come as we speak.

But given your current, I think, if you can just help repeat what is the current inf low guidance? I think you spoke about Rs. 20,000 to 25,000 crores for inflows of this year, right?

Yes, let me repeat, the inflow that we have shared with street is a band this time for a change that is Rs. 20,000 to 22,000 crores.

And you are not expecting any meaningful contribution in this to come in from AP?

May come , may not come. The kind of media reports which are coming out that the government itself is trying to study, which are the right projects to start, but when.

That I understand, sir, your assumptions, you are not building a big order inflow from the AP in this number of 20, so if anything comes from AP, could be positive surprise on this number, right?

Of course, when we shared these numbers with you way back in mid -May, we did not have all these development available with us. So, the guidance that we have shared with street is all these states minus AP if you prefer you could say that.

Sir, my second question is on the entire transmission and distribution opportunity. So, what is the play for us there? Do you think now with Power G rid giving large orders on HVDC side, do you think we will participate in that or we wi ll focus on lower vol tage segment and maybe more on RDSS opportunity and state utility side. So, if you can highlight the opportunity and the play for us there?

See, there are all three kinds of opportunities which are coming, though we have done lot of projects on the HT side also . We have the qualification for 400 KV transmission line even higher transmission line. We have also done 220 KV , but those kind s of p rojects which are really coming for bidding are some kind of BOOT kind of model in which you have to invest some equity, coming to some debt. So, we are actively looking at those projects, but I think the prime activity currently is happening in the LV space that is RDSS scheme. RDSS scheme is a signature project of the Government of India, well-funded. The total outlay available is more than Rs. 3,00,000 crores, the funding is already in place largely by P FC and REC. So, I think that is the main chunk of the market that we are currently focusing upon.

And one last question sir, now most of the Indian players similar size like KEC, Kalpataru and all. So, my question was more on the opportunity which they are playing in T&D 400 KV and above, 400-760-5800 K V that was there and related to that, are you revi siting your international strategy? Do you think that now it is time to revisit and start also looking at opportunities in international market or you think that India is self -sufficient wherein you can still grow with domestic orders?

Currently, we are not focusing any international market. We think this market is sufficiently large for us to give us the inflows that we really need for short to medium term. So, currently our focus continues to be the construction market in India.

And just last thing, if you can help me understand what is the pending real estate payments on the land we have sold in Vizag?

That is Rs. 33 crores. That is the equity part and there would be the loan part that is expected to come to us in next couple of years. I repeat the equity portion, the pending payment from the client is about Rs. 33 crores and then we are expecting to get the loan back in next couple of years.

What is the loan amount, sir, total loan amount pending?

Rs. 377 to be accurate as of 30th June.

And this is expected by when Rs. 377 crores, any revised date or when is?

Next two years.

In 2-3 months, this quarter.

Thank you very much. The next question is from the line of Dhananjay Mishra from Sunidhi Securities. Please go ahead.

All my question s are answered , just one question again on AP part. So, given the past experience we had, although you said that this incumbent government is through development and central is also supporting this year or maybe next 4 -5 years going to support the state government and more projects will come, but in terms of our exposure, would you like to be selective and be given the past experience or you will be aggressive in bidding for just in AP?

Let me answer your question a little differently. Being a listed Company, we have a committee of the Board ERM and we look at the state wise , vertical wise risk very carefully. So, not only for the AP , for any state or any vertical for that matter, we do n ot really believe in going aggressively, just bidding for the sake of bidding, b agging a project for the sake of bagging a project, we never have followed that strategy, and we continue to have the same stand as far as aggressive bidding is concerned.

Thank you. The next question is from the line of N idhi Shah from ICICI Securities. Please go ahead.

I know that you have already answered a couple of questions on the order book, but I still wanted to know the LOS that you said you will be receiving, what is the amount of that is pending, number one? And how much do you think could be clear in this coming quarter from that? That is my first question.

One is that we have already explained you earlier that about Rs. 8,500 crores are the orders which are in the pipeline and we are expecting those orders to get matured maybe in this quarter.

So, you are expecting the entire balance to be matured in this quarter?

As on date, it is the expectation and we have to wait and see.

That said this is a prerogative of the client. When the client inte nds to award the order then only we get it. It doesn't really depend on the kind of effort that we make. We might prefer to have it tomorrow morni ng, but they may not be in a position to award. So, hopefully in this quarter or maybe next quarter, we are quite hopeful to get those projects.

You are talking about the second quarter?

Yes, second quarter. Have you received any orders in the second quarter?

No, w e have not received and even if we receive, we would first submit that to the Stock Exchange. As we speak, we have not received . All that we have is what we have shared in the PPT.

Thank you. The next question is from the line of Vishal Periwal from Antique Stock Broking. Please go ahead.

Sir, in this quarterly presentation, the order book has a composition of mining as one of the segment. So, is that fair to understand that your order book which is working will be executed within this year and then 12-month timeframe?

Yes, now the order book, whatever we have given in the order book is for a period of 3 years. So, that is executable in 3 years period. At this moment, the progress in that project is going well and whatever now, we consider in the budget of FY24-25 from that Company or from the project is achievable. And the order book may go on increase every year, since it is a long term project of 25 to 30 years. So, whatever value given in the book that represents 3 years value.

So, 8% is 3 years?

Yes.

And maybe one clarification , in the initial part of the commentary, you did mention that Andhra roughly like Rs. 5,000 odd crore worth of project could get ordered so this for the project they are part of the order book, or they have been dropped and then further they can come back as an order inflow for us?

It is not there in the present order book that we have dropped earlier.

Thank you very much. The next question is from the line of Shravan Shah from Dola t Capital. Please go ahead.

So, to continuing, sir, if this Rs. 5,000 crore comes up, so our order inflow that we are looking at Rs. 20,000-Rs. 22,000 crore plus this Rs. 5,000 crore, if it c omes back and plus if AP anything more comes up, so that is the way one can look at?

Already that part was explained by a colleague in the budget orders we consider from the Andhra Pradesh. So, now if any orders come generally participate in the order book. So, again this Rs. 20,000-Rs. 22,000, there is no hard and fast rule. That figure also varies and downward may vary or upward may vary even without Andhra Pradesh. So, when Andhra Pradesh is there, there is a positive outlook to book more or less than what we give in the guidance.

And sir, in terms of the d ebt level which you have mentioned that it normally increases in the 1H and then it reduces so by end of FY25 how we look at in ter ms of the standalone gross debt level?

So, now according to our plan is to stand at Rs. 500 crores debt level by end of FY25.

And in terms of the Sembcorp, we were supposed to get Rs. 47 crores, have we received it?

No, it is no t received and there are certain issues for which the Sembcorp went to the court, at the same time NCC also went to the court. Once the court proceedings are over, then only the result will come about that payment. It takes some time.

Thank you very much. The next question is from the line of Vaibhav Shah from JM Financial. Please go ahead.

First, we mentioned that our exposure to AP, so receivables would be around Rs. 150 crores for Capital City and for running projects around Rs. 350 to Rs. 400 crores?

Yes

So, total amount is roughly Rs. 500-Rs. 550 odd crores. So, what was this amount as of March ‘24?

In the same level. There is no change in the 1st Quarter. Since elections have taken place in AP, no significant change taken place from date of March ‘24 to June ‘24.

So, we expect this Rs. 550 crores to come down to around Rs. 200 odd crores in next couple of weeks?

Yes, not couple of weeks totally, some progress is there gradually, first, they may release Rs. 100 crores, thereafter another Rs. 100 crores like that will be ta ken place. By end of second quarter, s ome clarity will come . By end of third quarter , some more amounts also may get released.

Firstly, when you mentioned about order intake of say Rs. 20,000-Rs. 22,000 crores, what is our bid pipeline out of which we are looking at the conversion rate of Rs. 20,000 -Rs. 22,000 crores?

Mr. Kapoor, we have a very healthy prospective pipeline of projects close to Rs. 2,00,000 crore. It is a prospective pipeline of projects, but it depends at what ti me client intends to award which project. So, this is a function of the time and the decision making cycle of the client. But we continue to have a very healthy pipeline of prospective projects for the next 12 to 15 months.

And sir, what is our O&M component in the order book?

Now, in this order book , for all the major orders, what we secured in the last two years, particularly the Mallard water treatment project, t he GMLR project, in electrical project, in all the projects whatever O&M part is there, that we have excluded in the present order book. That will only take into the order book as and when the project is completed , as and when we start the O&M. T hat is the policy of the Company. As such for all these major projects O&M content is not there in the present order book, but in some of the orders, small size of orders, Rs. 300, Rs. 400 , Rs. 500 crores of orders , one year O&M , some Rs. 20 crores, Rs. 30 crores, small amounts, they will be there in the order book along with the main order value.

But just to hop on it , so for revenue from operation or at a consol level, what is the O &M component there?

From the O&M content, we can take about 4%-5% of the major order book will be there.

So, the revenue of Rs. 5,500 crore has O&M component of Rs. 550 crore to be precise?

Yes Rs. 400-Rs. 500 crores.

Sir, w hen we look at the order book split up in the various verticals, irrigation part is very small, only 2%. So, can you allude to the factors? Is there not enough work in the irrigation sector or what is the reason for a very small order book?

Yes, you are right. Unfortunately or fortunately, the irrigation continues to be a state subject. There have been few awards, but this is not a very focused business area for us. We have four large focus areas or divisions. Irrigation is a very small business for us and depending on the experience that we have had in this sector in the past , last two decades or s o. So, we are very selective, l et me say that we are very selective in bidding for irrigation projects. In the irrigation project, there are a lot of permissions, forest clearance, these projects are in very vast areas. This involves many times states , so we are very selective in this space . That said there are four large divisions that I take this opportunity to share with you which are giving us the orders that we really need. The first one is the buildings division , t he second one is the transportation division, the third one is water division and the fourth one is electrical T&D. So, these four businesses are the focus areas for us. And I have already shared with you that the fact that we have a very healthy prospective pipeline of projects and we are ve ry happy to concentrate on the sectors that we think are profitable, sustainable for us in the long term . I hope that answers your question.

Small concluding point, I think so this time it is mentioned in the notes also that the Board has given principal approval for amalgamation of NCC Infrastructure Holding, so if you could just share your thought process on this procedure, although the rationale has been mentioned, but why have this timing been selected now? And if you can give some more color?

NCCIHL is a wholly owned subsidiary. That is the reason we thought okay, we will merge that into this. Two things which we were thinking to achieve , one is on the tax benefits by getting the dividends into the main Company, so that they can get exempted because of the dividend declaration by the main Company, s o the second one is on the administrative control and cutting down of the cost and also limiting the number of entities. These are the advantages we thought, okay, we will have it w hen we have the merger of these amalgamation of this NCCIHL with NCC.

Sir, concluding point on the major projects under execution, you alluded to the fact of UP project component having Rs. 6,000 crores of un-executable portion that will get executed by this financial year. However, in your presentation, slide number 23, you allude to the fact of Rs. 1,635 crores as survey design drawing and construction multi-group village schemes, water supply scheme in Agra . So, if you could explain my unde rstanding where I am getting it wrong?

No, I will try to explai n this question to you. We are executing Jal Jeevan M ission project , different kind of projects. There are two broad buckets of these Jal Jeevan Mission projects, the first bucket of projects is about the household, primarily rural portable water connections to the households. This is the first part. So, we are executing this project as well as we have bulk water supply projects. We have backed two large projects in the Agra, Firozabad, in these two places. So, in this slide , what we intend to do is to share with the investors and analyst community the broad span of projects that we are executing. This is not a total number. If you add these projects to all the value of the project, this is not Rs. 52,626 crore. What we intend to do here is to highlight what are these signature marquee projects that we are currently executing, just to give a sense of the span of the complexity, the different verticals, the projects that we are currently executing. That is what the intent is.

And for the UP project, sir, can you give the number , what is the execution amount we have executed for Q1 and you have given Rs. 6,000 crores will be displayed over the coming three quarters, but how much have we done in terms of the billing?

Let me answer your question, but we had total order value of about Rs. 17,000 crores from this mission. We have already executed about 60 %-70% of the project. What remains to be executed in the next 3 quarters i s about Rs. 6,000 crore s of the project. To answer your question, how much have we done in the 1st Quarter Rs. 1,212, I repeat what we have done in the 1st Quarter is Rs. 1,212 crores.

And for Q4, what was the number, sir?

The last year we have the number, last year we have done about Rs. 6,000 crores.

Whole year, we have done Rs. 6,000 crore last year which is there in the investor presentation of the Q4.

Quarter number do you have, sir, I want to just understand the scale of execution?

That it would be close to Rs. 1,400-Rs. 1,500 per quarter. That is what makes it Rs. 6,000 for the whole year. So, in any quarter depending on the billing cycle , milestone of the project , execution of the project, so these factors, but broadly, it would be anywhere close to Rs. 1,200 to Rs. 1,600 every quarter.

Thank you. The next question is from the line of Prachi, Business Standard. Please go ahead.

Sir, this is regarding the real estate segment. I would like to know, would you like to comment on the reduction of assets? It was Rs. 743 crores in June 2023, the quarter ended in June 2023. And it was Rs. 716 crore in the recently concluded quarter. So, what would you say about it? And also I would like to know profit after tax consolidated in the real estate segment in comparison with the last year?

Repeat me the second part.

The first part is, sir about the real estate segment assets which reduced on year-on-year basis? And second part is profit after tax consolidated in the real estate segment in comparison with the last year?

So, the current quarter reported a profit of Rs. 7.38 crores as against turnover of Rs. 75.35 crores, same time, the profit Rs. 7.38 crores against Rs. 10.08 crores of the last year. So, the change or the variation in the profitability depends upon the mix of the projects. There are two parts of projects a re going on. Again, in the second part real estate project, there are several projects. The profit margins vary from the project to project and also the profit margin s vary from the other projects. They are also taking up on development on construction basis, some of the real estate projects from the others. So, it depends upon the mix of the projects on quarter- on-quarter and year-on-year. The other question is about the reduction in the real estate assets. So, as we develop the land pockets and as we book the income into the profit and loss account, the value of the investment also gradually comes down. So, you are asking investment by NCC?

Yes, sir. I just wanted to know about segment assets, the reduction?

Last quarter investment by NC C, the buyback of the sales have taken place in the last part of the last year, the difference represent the buyback of shares. And we got the money on account of buyback of shares. As a result, the investment has come down from Rs. 240-Rs. 229 crores.

Sir, your future outlook in this real estate segment, particularly in context with Amravati and the segments order book in the coming days?

There are two parts to your question. Firstly, the real estate business that we h ave reported in our investor’s presentation is a very small business at the group level. That is less than about 1.5% of our revenue. So, that business is a real estate business. What we do here is we acquire land and we develop apartments, villas, commercial spaces and we sell these to our clients. So, that is a very small business. In Amravati, what we have tried to do in the past or what possibly we may get to do in the future is the contracting business. It has nothing really to do with the real estate business that we have reported . Our contracting business is our bread and butter. What we do really here is we get the contract from the clients and construct whatever is required to be constructed. So, in Amravati, we hope to get those construction contra cts that may be a real estate business for the government or the ministries, not for us.

Thank you very much . Ladies and gentlemen , that was the last question. I would now like to hand over the conference to Mr. Vaibhav Shah. Please go ahead, sir.

Sir, just one question from my end . Sir, out of our standalone order book of around Rs. 47,625 crores as of June, w hat would be the value of those smart meter contracts taken in the standalone book?

Two third of that smart meters where you participate in the standalone order book.

Rs. 3,300 crores is considered in our standalone order book related to the smart meters.

927.

So, consol book is lower?

Yes.

So, thanks a lot for giving us the opportunity. Kindly closing remarks from your end.

Thank you very much Mr. Shah, for hosting this call for us. We take this opportunity to thank you and the inves tors and broad analyst community that participated in this discussion. Thank you very much. Thank you all.

On behalf of JM Financia l, that concludes this conference. Thank you for joining us and you may now disconnect your lines.