Ahluwalia Contracts (India) Ltd
NSE:AHLUCONT
| US |
|
Fubotv Inc
NYSE:FUBO
|
Media
|
| US |
|
Bank of America Corp
NYSE:BAC
|
Banking
|
| US |
|
Palantir Technologies Inc
NYSE:PLTR
|
Technology
|
| US |
C
|
C3.ai Inc
NYSE:AI
|
Technology
|
| US |
|
Uber Technologies Inc
NYSE:UBER
|
Road & Rail
|
| CN |
|
NIO Inc
NYSE:NIO
|
Automobiles
|
| US |
|
Fluor Corp
NYSE:FLR
|
Construction
|
| US |
|
Jacobs Engineering Group Inc
NYSE:J
|
Professional Services
|
| US |
|
TopBuild Corp
NYSE:BLD
|
Consumer products
|
| US |
|
Abbott Laboratories
NYSE:ABT
|
Health Care
|
| US |
|
Chevron Corp
NYSE:CVX
|
Energy
|
| US |
|
Occidental Petroleum Corp
NYSE:OXY
|
Energy
|
| US |
|
Matrix Service Co
NASDAQ:MTRX
|
Construction
|
| US |
|
Automatic Data Processing Inc
NASDAQ:ADP
|
Technology
|
| US |
|
Qualcomm Inc
NASDAQ:QCOM
|
Semiconductors
|
| US |
|
Ambarella Inc
NASDAQ:AMBA
|
Semiconductors
|
If you don’t study any companies, you have the same success buying stocks as you do in a poker game if you bet without looking at your cards.
Utilize notes to systematically review your investment decisions. By reflecting on past outcomes, you can discern effective strategies and identify those that underperformed. This continuous feedback loop enables you to adapt and refine your approach, optimizing for future success.
Each note serves as a learning point, offering insights into your decision-making processes. Over time, you'll accumulate a personalized database of knowledge, enhancing your ability to make informed decisions quickly and effectively.
With a comprehensive record of your investment history at your fingertips, you can compare current opportunities against past experiences. This not only bolsters your confidence but also ensures that each decision is grounded in a well-documented rationale.
Do you really want to delete this note?
This action cannot be undone.
| 52 Week Range |
676.25
1 495.7
|
| Price Target |
|
We'll email you a reminder when the closing price reaches INR.
Choose the stock you wish to monitor with a price alert.
|
|
Fubotv Inc
NYSE:FUBO
|
US |
|
|
Bank of America Corp
NYSE:BAC
|
US |
|
|
Palantir Technologies Inc
NYSE:PLTR
|
US |
|
C
|
C3.ai Inc
NYSE:AI
|
US |
|
|
Uber Technologies Inc
NYSE:UBER
|
US |
|
|
NIO Inc
NYSE:NIO
|
CN |
|
|
Fluor Corp
NYSE:FLR
|
US |
|
|
Jacobs Engineering Group Inc
NYSE:J
|
US |
|
|
TopBuild Corp
NYSE:BLD
|
US |
|
|
Abbott Laboratories
NYSE:ABT
|
US |
|
|
Chevron Corp
NYSE:CVX
|
US |
|
|
Occidental Petroleum Corp
NYSE:OXY
|
US |
|
|
Matrix Service Co
NASDAQ:MTRX
|
US |
|
|
Automatic Data Processing Inc
NASDAQ:ADP
|
US |
|
|
Qualcomm Inc
NASDAQ:QCOM
|
US |
|
|
Ambarella Inc
NASDAQ:AMBA
|
US |
This alert will be permanently deleted.
Ahluwalia Contracts (India) Ltd
You don't have any saved screeners yet
Ladies and gentlemen, good day, and welcome to the Ahluwalia Contracts Q1 FY '23 earnings call hosted by Dolat Capital.
[Operator Instructions] Please note that this conference is being recorded. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on the date of this call. These statements are not of the guarantees of future performance that involve risks and uncertainties that are difficult to predict.
With this, I now hand the conference over to Shravan Shah, Vice President of Research Analyst at Dolat Capital. Thank you,. And over to you, sir.
Thank you. Good afternoon, everyone. I would like to welcome you all for Q1 FY '23 Results Conference Call of Ahluwalia Contracts India Limited. We thank the management for giving us the opportunity to host the call. From management, we have Mr. Shobhit Uppal, Deputy Managing Director; along with; Mr. Vikas Ahluwalia, Executive Director; and Mr. Satbeer Singh, Chief Financial Officer, with us. Without wasting much time, I would now hand over the floor to Shobhit sir, for opening remarks, and then we can have a Q&A session. Over to you, sir.
Thanks, Shravan. Ahluwalia Contracts India Limited Company has announced its financial results for Q1 FY '23. During this quarter, the company has achieved a turnover of INR 609.24 crores and a PAT of INR 37.78 crores in comparison to a turnover of INR 580.09 crores and PAT a INR 34.79 crores in Q1 FY '22. Company has registered a year-on-year growth of 5% in revenue and 8.59% in PAT over the corresponding quarter of the previous year. EPS of the company for Q1 FY '23 is INR 5.64 as compared to INR 5.19 in Q1 FY '22. During Q1 FY '23, the company's EBITDA margin is 11.13% as compared to 11.42% and a PAT margin of 6.2% as compared to 6.00% in the corresponding period of the last financial year. Net order book of the company is INR 8203.91 crores to be executed in the next 24 to 30 months. Total order inflow during the current year stands at INR 2864.13 crores. In addition to this, we are L1 in projects amounting to INR 792.88 crores.
So we are ready for questions now.
[Operator Instructions]
The first question is from the line of Mohit Kumar from DAM Capital.
Congratulation on a very set of numbers, especially on the order and churn order book side. Sir, my first question is that the -- of course, the order book is very sizable. But for the first quarter our revenue growth was slightly tepid. So we are still maintaining that 15% growth and 12% EBITDA margin for the entire year. Is that correct, sir?
Yes, we are.
Given that we have already have a sizable order book, do we expect still to bid for the projects? Or do you think we can take a pause for a couple of quarters or less for this entire year, fiscal year?
We have been in, but we are bidding conservatively and we're picking and choosing our projects on which to bid for.
And sir can you please let us know this L1 order of INR 792 crores the nature of this order?
So there are 2 projects. One is the Tata cancer hospital projects in Mumbai, which we've been L1 for some time. That -- because that project is slightly over budget that is pending approval. We are expecting it in this quarter. The second one is at the Depot, the Mandale depot for MMRDA, which we are already doing. These are some additional PV works of approximately INR 69 crores, INR 70 crores, which we have just become L1 4 days ago. So that we expect to be awarded short term.
So the major part is this cancer research center on Tata which should be around INR 20-odd crores. Is that it?
Yes, you're right.
[Operator Instructions] The next question is from the line of Vibhor Singhal from PhillipCapital.
And congrats on very strong order input that we have seen through to the first quarter of the period. Sir, my first question was on the execution this quarter. So I think you reported almost a 5% order book growth on a Y-on-Y basis. Given that the first quarter last year was severely impacted by the second wave of COVID. The top line number seems to be a bit on the softer side, so any specific? And also, I mean like since numerically, we are looking around INR 600 crores of revenue in this quarter. Last quarter, we were at INR 730 crores. Of course, Q4 is the strongest one. But any specific reason that execution in this quarter was a bit tepid in terms of really some projects, we were not doing picking up significantly for some other external reasons that you might want to highlight?
So a couple of reasons. One, a lot of EPC projects, which we have bagged on them in the initial phase of the life cycle of the project, designing is something which goes on. So the execution then picks up in the second phase or the second phase of the life cycle of the project. That is happening on some of our projects.
A couple of our projects, though they started, they were initially slow moving, but they've started like the Veterinary University in Bihar. And a couple of hospital projects, while they are now -- they've now started full-fledged, but a couple of state governments continue to grapple with the funding issues. So they're in 2 or 3 of our projects have slowed down.
Thirdly, the first quarter, as you've seen historically, is the least in terms of productivity. So I see no reason if I was to plot our growth quarter-on-quarter over the past few years, we are confident that we will meet our projection of 15% to 20% growth, top line growth this year also. Also now when the order inflow around when we talked [Foreign Language] that has been addressed. The order inflow, as you yourself said, has been we've almost met our target for the entire year. So now the execution, the focus is going to be on execution in the next 3 quarters. So as I said, we will achieve our target of 15% to 20% growth, top line growth.
Perfect, sir. And so let come on the margins front. The commodity prices remain still quite at a limited level. So how do you see PAT playing out? I mean, they have pulled out in the last 1 month or so. So do we expect that maybe next quarter margins will be at a similar 10% rate from Q3 onwards, maybe we'll be able to report take the margin up a much to meet high of 12%, so just on the [ 12% ] that trajectory level you are expecting for the margin for the remainder of the year? And any other confirms in terms of commodity or other things that you might want us to be aware of?
I think that I see the commodity prices stabling -- stabilizing, sorry, over the last 7 to 8 months of this financial year. And that is why we had given a projection of 12% as far as EBITDA is concerned. And we are going to get there. I see -- I don't see any major challenges there. From now until end of March, the only challenge that I see, the only a couple of challenges that I see: one is in October, there is now an annual break that happens in projects in NCR on account of pollution. That is a challenge which now we tend to build-in into our planning.
The other is we are kind of keeping our fingers crossed that there is stability going forward as far as Bihar is concerned with the ministry expansion today. There seems to be a continuity in the portfolios or in the ministries for which we are working. So hopefully, that should not be too much of a concern, but we are keeping our fingers crossed there.
As far as Bengal is concerned, the government projects, 2 of the government projects that we were doing there. One, the Milan Mela is already handed over a final bill is happening there. The auditorium which is also slated for inauguration in October. So we don't see a lot of risks there too. So that is -- these are the challenges that I can foresee. Otherwise, pricing, we are in line to meet our guidance targets.
Great to hear that. Sir, one last GCP question, if I may. If I could just get the breakdown of the order book in terms of all our -- these will be residential and [ commercial ] vis-a-vis?
This is commercial. This is 8.69% and infrastructure, 7.77%, institutional 35.51%, residential 13.84%. That is [indiscernible]. And government 81.36%, private, 18.64%. And region-wise, this is east, 36.88%, north 34.51% and west is 18.72%, south, 4.51% and then oversees, 5.38%.
Sir, oversee is 5.38%?
Yes.
And sir in the hospital segment. How much is that?
33%.
The next question is from the line of Prem Khurana from Anand Rathi.
Congratulations on a very good set of numbers this quarter ratios and strong additions. Sir to begin with, just want to get a sense on the political situation that we have in Bihar and given the fact that Bihar makes up for a fairly large part of our order backlog have including the same impact in the project currently have. Do you see any risk to any of these cross segments in terms of payments? Or would you believe that there could be a situation wherein you are going to go a little slow on some of these orders because you would like to kind of keep a check on the money that you kind of invest into these projects from your pocket or from the business?
Frankly speaking, I am a whole lot more comfortable today than what I was maybe from a half ago because there was palpable tension between the allies a month ago. But now I think the present dispensation is expected to last until the next round of general elections, right?
So -- and my personal feeling is that the government is much more stable now. And going forward, I think the fund flow would also be better.
Sure. Any of these sort [indiscernible] that money was supposed to come from central government? I mean the project has been given by state, but then funding from Central Government any projects, which is a part of our order backlog of such nature?
So the central government funding for, say, the Chapra and Nalanda hospital that we are doing is already being completed. Now it's the state funds, which need to be pumped in. So all the projects that we're doing or the major projects that we're doing now are sort of marquee and visible projects for the government of Bihar. We feel that they will pull out all stocks to make sure that before the next round of elections, these buildings are completed, like the Veterinary Hospital and University, which is about INR 890 crores, that is the CM's type project. Nalanda Hospital is in his constituency. Chapra, another large hospital, which is about 50% done. So we feel that the government -- present government will be focusing on completing these projects in the next couple of years. So I think that all goes well.
Sure. And on -- so the order addition that we've done during the year seems to be a fair mix between public and private domestically and we have the international order as well. I think there is some time back, we were not comfortable with private especially on the residential real estate side, and we have a couple of residential real estate projects in this quarter. Any change in thought process? I mean, why did we go for this international order, why private sector? I mean, private sector mix up almost 30% of the total domestic orders that you've had during the year. So any change in thought process? Are we have started finding comfort with private orders now or we would still be very, very selective?
So I have been mentioning to you guys over the last 2 calls that we've had that in the long term, we would like to maintain a healthy mix. And we would continue to slowly build up our private sector portfolio while maintaining the proper due diligence on the clients that we engage with. If you see the order inflow from the private sector side, they are all marquee clients, blue-chip clients. We won a data center from Adani. Just to mention as an aside, data center is an area of focus for us. We've already executed one. This is the second 1 that we picked up. We've actually picked up a large order from Bharti Real Estate, the Ahlcon developers order that we've got. This is a large commercial development in the Aerocity. So Bharti is particularly is well known. Amity, they continue to be one of our top private clients. They've started the university in Bangalore. We are doing that.
So these are -- these and such other large or stable private sector clients is what we continue to look at. Residential is still not a large focus for us. However, we picked up a small order from Suraksha in Mumbai, in Vasai. We are testing the water as far as this client is concerned. And these are 2 orders aggregating about INR 140 crores.
As far as international order is concerned, this is in Nepal. And this is totally funded by the government of India. Hence, we've entered into this. It's a prestigious building. It's the Police Academy which is coming up there. And it's designed by CPWD, funded, as I said, by the government of India. And this, again, was a project where there was very limited competition because only an Indian bidder could back the job.
Sure. And 2 more from my if I may, please. One was -- how much is the debt and cash balance on our books as of June?
Debt and cash balance.
Debt and cash and equivalents?
INR 11.91 crores and cash and cash equivalents INR 164 crores and bank balances is INR 194 crores.
Sure. And sir, just one last. I mean, I think in answer to one of the earlier participants, I mean, you alluded to some payment issues in a couple of states. Bihar, you seem to be fine, I mean, some comfortable now. So which stage of these and you're still seeing some issues in terms of collections or units?
As I explained, Bihar and Bengal. And Bengal, the government projects that we have, 1 is completed. The second should be completed in the next couple of months. Bihar the last 1.5 months, there was because of obvious reasons, the payment cycles were stretched. Now with the present new government in place, we are hopeful that things will improve, keeping in mind the next round of elections a couple of years from now.
Just a small clarification. So these time the order backlog that you -- the income that you gave us in terms of...
Your voice is not clear, can you speak up, please?
Yes. Is it better now?
Yes, it is.
Yes. So the question for Satbeer. I think the order backlog that you gave us either in terms of the segments or geographies or same time the public and private mix. This is for the quarter in order backlog or the current INR 80 crores to INR 100 crores will be the order backlog?
It's the total order backlog.
The next question is from the line of Ashish Shah from Centrum Broking.
Sir, 2 questions. One on the margin. You did say that you're looking at 12% for the year. But if you can just walk us through how you expect the quarters to pan out? Because is the commodity cost inflation now fully taken care in terms of our price escalations, which gives you the confidence? Or the revenue mix and the order mix is likely to be better, which will take us to 12% because in Q1 we were at 10%? I just want to know how we get to the rate of 12% from the current 10%?
As I said, Ashish, the quarters, especially the H2 that the productivity will improve substantially, right? And the prices -- commodity prices have also more or less stabilized now, plus the initial investment, a lot of EPC projects, which we have done in this quarter will begin to yield results over the next 3 quarters or 2.5 quarters. So that we feel will drive up the margin.
Sure. The second is on the inflow. So obviously, given the year-to-date inflows have been good. Yet when I look at, let's say, the expected turnover for '23, we might end up at somewhere between INR 3,100 crores, INR 3,200 crores based on the guidance. So do you think we'll need to actually go to an inflow of when more than INR 3,500 crores or INR 4,000 crores this year because otherwise, then next year's growth, again becomes a question based on the expected turnover for this year?
I think I'm not worried on that count because that should happen organically. We are just in to the fifth month of the year or the sixth month of the year, and we are already -- if you take into account the L1 projects also, we've already touched about INR 3,600 crores. And this does not include the increase in orders of -- the small increase in orders with our existing clients, which keeps on happening, say, for instance, Bennett Coleman for whom we are doing the university in Noida. They've already extended our order go by another INR 60 crores. So I don't foresee crossing INR 4,000 crores an issue. I think we should go beyond that.
Actually, sir, what is the to go from...
Will not be a constraint in growth even next year. Pipeline is healthy.
The next question is from the line of Parvez Qazi from Edelweiss Securities.
Very strong order intake. So my first question is on the order intake itself. Obviously, I mean, you alluded that including L1, we have an almost about INR 3,600 crores of order. So how was the competitive intensity for all these orders, was it better than what we see last year or was it broadly the same?
It was broadly the same.
Okay. And we would expect to make our 12% kind of margins on all these orders that we have won as well?
Yes.
The second question that I have is it would be great if you could give us -- I mean you obviously alluded to some of the projects in Bihar and Bengal, but would be great to know the status of some of the other major projects that we have, like, let's say, [indiscernible] hospital, the Chamba project, the poultry-market project and so on?
So Chamba and Hamirpur, the 2 hospital projects are moving fine. This is for the government of Himachal Pradesh. In Chamba, there is a slight issue. The total order is about INR 290 crores, out of which a small part is yet not clear, the rectory is there. This is for about INR 40 crores. So we are told that, that should happen in the next 1 month or so. So we are looking to complete that project in the next 1 year. That period, this area should get cleared and we should complete that also alongside the completion of the other portion of the job.
As far as the Hamirpur is concerned, we are looking to complete it in May of '23, so that's moving on track. We have recently won for the government of Himachal actually, it's for the central government, Education Ministry, a central university in Dharamshala, which is funded by the Center again, but it is in Himachal. As far as poultry market is concerned, Vikas, you want to take them to the poultry market and the Sion Hospital project?
Yes, sure. So the poultry market project is now -- it is back on track, it has slowed down for some time because there were certain decision pending with respect to design and some decisions from the government. But now all is clear now, and we've completed a lot of work and it's -- although the project is delayed but then it's on back on track. So that is the thing.
And then Sion, the first part of the project is over, which was we were to make a transit building for about 50,000 to 70,000 square feet of space that we've already handed over to the Sion hospital management. And the other portion in that now, there is an environmental clearance being awaited because we have to remove some x number of trees, a lot of trees. So that permission is due to come any time. And apart from that, the other side, although the work is still on, there is a nursing building also, which is the work is going on at full stream. So Sion is on track.
Great to hear that. And lucky bookkeeping questions for Satbeer, sir. Sir, what would be your average cost of debt currently? And what was the CapEx that we incurred in Q1?
The average cost of debt is 7.5%. And next question?
CapEx, INR 12.2 crores.
I'm sorry, I didn't get that.
INR 12.2 crores in Q1.
The next question is from the line of Parikshit Kandpal from HDFC Securities.
Congratulations on good inflows. So my first question is on inflows. So if I include Delan order, which is start in some procedures may get awarded soon. So we already have INR 35 crores, INR 3,500 crores in the [indiscernible]. We have almost second half, full second half, almost 7 months, 6.5 months left for the year. So -- sorry, 7.5 months left for the year. So what's the outlook on ordering, particularly when we see the second half to be loaded on inflows? So do you think this number crossing INR 7,000 crores to INR 8,000 crores for this year?
No, I don't see it crossing that number. As I said, when I answered the first question, we're going to be conservative. But yes, it should be anywhere between INR 4,000 to INR 5,000. That's my guidance.
So it's a conservative guidance right now because I think start of the year, you were at INR 2,500 crores. We've already done INR 3,500 crores.
Yes, it is conservative, yes.
Okay. The second question on your segment of commercial, hospitals and transmission. And just wanted to understand the commercial piece where we are seeing a major activity on the private side has been doing well and is expected to pick up significantly, and it remains only about 8.5% of our total order book. So how do you see -- a large part of this market is South of South. So how do we see both the segment as well as the geography, which is the south which is about 5% of the order book ramping up over the next 1 or 2 years for us?
So yes, it's a good question. I think at some stage, I mentioned that we would start looking at the southern market once we had stabilized in the other geographies. So we have now -- if you go through our order book, you see that we have recommenced operations in Bangalore. The Amity University, as I mentioned earlier, this is in Bangalore, in [indiscernible]. Plus, we have also got an LOI for a medical college and hospital, it's very prestigious work for Indian Institute of Science in Bangalore. So going forward, we feel that at least one more project in this financial year, we will add to our portfolio in Bangalore. And then maybe next year, we would then move to Hyderabad. That's as far as our strategy and planning in working in the southern part of the country is concerned.
We don't see ourselves working in [indiscernible] or Kerala as of now. We would look to stabilize in Bangalore and Hyderabad. And then take a call in other regions of the southern part of country. So in -- as far as the East goes, we are now even in Orissa, the one Z-1 project that we are doing, that seems to be picking up speed now. So we may look at other special private developments there. As I mentioned in the answer to the earlier question, we've picked up a large commercial project from Bharti Realty. We have -- so we are looking at increasing our private sector portfolio now.
Okay. So these are the government sector orders which you highlighted. So but broad thoughts on the private sector where typically the cost...
No, what I highlighted in response question are all private sector orders.
No, we're talking about office space grade as these are like -- I know these are like medical college and university, but I was more like interested on the office space, where there are TD developers?
Bharti order at the Aerocity is 2.4 million square feet used space.
I'm talking about South market, which is...
So as I said, we now -- we will now start reestablishing our connections with some of the stable developers that we've worked with in the past. And that is an area that we're looking had to grow again.
Okay. Because we need to also counterbalance some of our East and North, which is a sizable portion of the order book, so having South is a very upmarket, which is very healthy and other financially closed and there are Tier 1 developers operating or from there. So it is great counterbalance to have over the next couple of years.
Be looking at, but you know us, we'll always be conservative. We will not just to beef up our portfolio, we are not going to throw caution to the wind.
Okay. Just on the comp. Last question on competitive intensity, sir. So now we have seen very healthy inflows financial year to date. So do you think still -- I mean again, used to bucket these orders up to a certain size. So now how do you see the competitive intensity in this segment? We have healthy inflows. Typically, our conservative nature, we don't bid aggressively. So do you see the competitive intensity even for the rest of the year, if you can just give your views on the competitive landscape in the Building segment?
I don't think, overall, if you were to take an overview, I don't think the intensity is going to reduce. What we are also seeing is that phenomena of any infra players entering or trying to enter into building industry is that is reared its head again. You see the [indiscernible] cons or the [indiscernible] build cons or the KCs of this world wanting to enter into building industry. So competitive intensity for the rest of the year, I think, will remain the same. We will just have to be careful in how we do our due diligence and which clients we pick and how we are able to zero-in on projects or geographical areas where we feel that we will have an edge and can command a higher price.
We have, say, for instance, we have now -- as a part of our organic growth, we've now followed since we already had a strong presence in East. We have now taken a significant step towards the Northeast. We have picked up a project in Vasai, a large hospital project because we see a lot of funding from the center happening there. So there, the competitive intensity is less. And I think it will continue to be less because it's not an easy area for, say, a company from the West -- western part of the country or the northern part of the country to go there. You need to have experience of having worked for a substantial scale of project in the eastern part of the country. So we are kind of leveraging that and moving forward.
Sir, within your parameter, sir how is the segmental bid pipeline looking now, sir? Because you had good orders. So how is it now -- how does the segmental bid pricing look now within the various segments if you can just quantify now?
So as you yourself said, we see a significant increase in the private sector of the pipeline especially from large established, there is consolidated has happened there across the country as far as private developers are concerned. And we are looking at a lot of our old clients reaching out to us again even for residential projects for which we are doing our due diligence and seeing [indiscernible] with.
On the public sector side, the health care an area which continues to be a focus for the center as well as state governments. And there seems to be a continual spending on the education side also. This is what I had mentioned in our last in Education and health care seems to be still focus areas for the government.
So we see this bid pipeline one, if you can quantify what is the bid pipeline? So traditionally, which has been there for us. And now we are also looking to expand in South and looking to add more segments, we said maybe in Hyderabad, maybe in private office side. So do you think organically our overall historical bid pipeline may multiply because of these 2 addressable opportunity will increase significantly for us over the next 2 years?
So it is increasing. One area which I failed to mention earlier is like there is this redevelopment of railway stations, 12 or 13 tender NITs have come out, but we have stayed away in the first round because of our experience with the [indiscernible] station if you recollect, that was a still-born project. So we are still waiting to see whether there is adequate funding by the central government for all these railway station redevelopment projects. So there are such areas, even in building construction, infrastructure buildings that we see the government is taking steps to increase the CapEx.
So I think the order pipeline will continue to increase over the next couple of years. And maybe a year, 1 year, 1.5 years from now, the competitive intensity should also start coming down because we are already seeing signs of stress in some medium-sized companies for smaller companies.
What I'm hearing is that redevelopment was if we come on under the HAM model and you may require investments. So when you go with that model or would do you stay away from any equity-intensive model?
We will not, at the moment, no.
The next question is from the line of Meet Parikh from Anand Rathi.
Given the status of the [indiscernible] for another 3 projects the Jammu hospital, what is the status on that project?
So the Jammu AIIMS project, we have executed about value-wise, INR 500-odd crores. And at the moment, the targeted completion is in September next year, September, October next year.
Okay. Then on the as affordable housing, how is it going that project?
That's picked up now. We are logging a billing of about INR 7 crores to INR 8 crores a month here now. So that's after the initial hiccups.
And on the Mandale depot, you had mentioned during the months that we see additional orders from them. So on the Mandale depot, the biggest main project that you are [indiscernible] see. So how is the execution on that project?
Vikas, do you want to answer that?
Mandale Depot, what is -- any specific question? Or is this a general kind of a...
Yes, it is regarding the execution, how is it going?
Execution is going fine. I mean it's all right. There's nothing...
And lastly, sir, on the [indiscernible] project. So what is the status on that project?
Yes, it's INR 510 crores project. It have done a billing of about INR 110 crores there. That project is now moving on track.
The next question is from the line of Jiten Rushi from Axis Capital.
A few questions from my side. Sir, just 1 one on the last quarter, you said there will be [indiscernible] project, which was in L1, INR 536 crores. So what is the status as of now, sir?
So yes, that project has been awarded. And at the moment, it's an EPC project. So designing is happening. And we should be breaking ground on the project in the coming months, in September.
Okay. So from September, we can see the execution, right, sir?
Yes.
So is this part of the order backlog, if I may ask, sir?
Yes, it is. Yes.
And sir, a few details as required on the closing order backlog of projects will be just naming the projects, please help me with the closing order backlog as of June. So first is the Animal Science Bihar, what is the order backlog?
Can you specify?
Yes, so Bihar Animal Science project?
That's it INR 253 crores.
INR 890 crores. sir, the last quarter?
As I said, [indiscernible], the execution has just started -- and yes, it has just started. And we have barely executed about 5% of the project.
Sir, this Kolkata New Town today, what is the order backlog, sir?
Sorry Kolkata New Town...
Kolkata New Town project, sir, and order backlog?
New town project, the order backlog is about 90%.
90% in the order. So 10% in [indiscernible].
What I understand from the AIIMS, you said INR 500 crores executed. So right now, the order backlog would be what around...
About INR 750 crores.
INR 750 crores. Okay. Sir, on the old project of Chapra and the Nalanda project, what is the status now, sir?
So as far Chapra...
Closing book.
We're looking to complete these projects by middle of next calendar year. And the value left in the both these jobs is to the tune of about INR 150 crores each.
Basically, we are not seeing much movement in Nalanda from the Q4, this 56 now it is 150, I understand?
As I said, for the past couple of months, 1.5 months.
But again, on the Sion, what is the closing order book, sir, Sion Hospital?
Sion, as far as the Sion Hospital is concerned, the remaining work is about INR 495 crores.
And this [indiscernible] after the -- so I think the closing order book, if you can help me, then I will add the L1 portion as you said in the opening remarks. So what is the closing order book?
INR 324 crores. When you say closing, you're talking about the remaining order, right?
Remaining order, excluding the L1 portion?
INR 324 crores.
Absolutely. Sir, this Bhubaneshwar real estate?
Bhubaneshwar, that state INR 289 crores.
And sir, the Gardanibagh, as you said that it is picking but what is the closing order in June now?
As far as Gardanibagh is concerned, INR 350 crores.
And sir, is this from [indiscernible] project. So it was 1 year back. So any progress on this project? Or what is the status, I don't know?
This project is moving fine. We're logging a billing of INR 7 crores to INR 8 crores every month there.
So what could be the order backlog as in June, sir?
INR 140 crores.
Sorry, sir?
INR 140 crores.
INR 140 crores. And sir this [indiscernible] commercial development for [indiscernible] space, any movement or any clue there, sir?
That project, as far as our scope of work is concerned, that's all now.
Okay, we had some INR 200 crores. So this Chamba project, what could be [indiscernible] Chamba project order book, sir?
So as far as Chamba is concerned, order book is INR 150 crores.
And sir, [indiscernible] hospital work in Hamirpur, what is the status now, sir?
INR 170 crores. Both of these jobs as I said will be completed by May or June next year.
Okay. So is this Chamba and this both companies May or June of next year. And sir just one last thing I would like to ask you. So you said you can expect about INR 4,000 crores to INR 5,000 crores of inflow that is any good. But any bid pipeline in terms of value, which you would like to highlight it, which key projects you are focusing? And what is the value and what can be the outcome revenue then we expect the bid outcomes over the next 2 to 3 months in terms of value and [indiscernible]?
So we begin, as I said, hospitals continues to be a focus area both for the central and the state government as well as us. So we're looking we're bidding for a few hospitals in Haryana. What we're seeing, where the governments are the same, that is and in the states, we are seeing substantial funding happening. [indiscernible], we picked up a hospital. There are a few other institutional projects, which are coming there. We have seen some redevelopment projects CPWD happening in Delhi, like Srinivaspuri, we bid for a job which was about INR 800 crores that was canceled. It's come up again. Then there are projects like [indiscernible] for BMS, again, a large project would be military INR 800 crores. So that we are bidding. I mentioned that we're bidding for dealer. We are bidding for a client like [indiscernible], which is an Indo-Japanese collaboration. So our pipeline is to the tune of INR 5,000 crores.
Are they selling buildings and hospital mix?
Yes.
Sir this AIIMS Bangalore project, which -- what is the closing order book or it has not started yet?
No, no, it's not AIIMS.
No, AIMS. Sorry, Amity, my bad.
Amity is a university. It just started. We're not even broken ground mobilization is happening. So we expect to break ground in the month of September. We are looking to complete about 7 lakh square feet in the next 1 year, but we aim to start the university next year.
Okay. So that this is a [indiscernible]? So 1 year, you should be able to complete the project by next 1, 1.5 year, right?
Yes.
Sir, what is the value if you can indicate?
As it happens with Amity, they've [indiscernible]. At the moment, the order value is INR 150 crores. But from the time that we are awarded, as you know, they are existing clients of most of the developments across the country. So when they had awarded it to us, they've already scaled up in the months. So I think our total value here by the time we finish the total development should be INR 350 crores to INR 400 crores.
Sorry, INR 350 crores to INR 400 crores.
The same happened when we did the project in Kolkata, we started off with INR 100 crore order and actually, I think, finished close to INR 400 crores when the total [indiscernible].
So if we can go up to INR 400 crores that is a big jump, what you bidding in Kolkata. Sir, just last question from my side. What is the fixed price in [indiscernible] contract percent in the order backlog?
15% is fixed price.
Okay. So Nepal project is in variable portion or is a fixed price contract?
Nepal is -- I'll have to get back to you on that since it's a project which has been -- and by CPWD, I think it has a variable price contract. There is a 10CC clause there.
The next question is from the line of Shravan Shah from Dolat Capital.
Yes. So most of the things we have already discussed. Sir, a couple of data points on the balance sheet front. So inventories as on June trade receivable and trade payable value?
Trade receivable, this is INR 419 crores, including current and non-current. And [indiscernible] should be INR 177 crores.
Sorry, inventories -- INR 177 crores is inventory?
INR 177 crores is retention.
INR 171 crores is retention.
Okay. And INR 167 crores for [indiscernible].
INR 157 crores.
INR 167 crores. And unbilled revenue INR 334 crores. And besides that inventory, INR 250 crores.
INR 250 crores. And trade payable?
Including real estate inventory INR 384 crores.
Sorry, sir I didn't get.
This is inventory INR 250 crores, out of which, real state inventory is INR 38 crores. And WLP INR 334 crores.
INR 334 crores. And a trade payable is?
Trade payable is INR 594 crores.
INR 594 crores. Okay. Okay. And sir, you mentioned that the overall bid pipeline right now is INR 5,000-odd crores. So in that private share would be how much broadly?
Private share would be about 30%.
30%. Okay. And in terms of the rate will be -- mostly would be the central government or it will be 80% would be central government?
Yes.
So thank you for giving us the opportunity to host the call. Thank you all the participants for participating. Sir, do you have any closing comments?
No. I think if there are any other questions that the participants have, they can reach out to our IR team, and we will revert back to them individually. Thank you so much, and looking forward to seeing you after when we announce the results of the next quarter. Thank you so much. Bye.
Thank you, sir.
Thank you, and thanks for the management. Ladies and gentlemen, this will conclude today's conference call. Thank you for joining us, and you will now disconnect your lines.