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Ahluwalia Contracts (India) Ltd
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Ladies and gentlemen, good day, and welcome to the Ahluwalia Contracts India Limited Q4 FY '22 and Full Year FY '22 earnings conference call hosted by Anand Rathi Shares and Stock Brokers. [Operator Instructions]
I now hand the conference over to Mr. Meet Parikh from Anand Rathi. Thank you, and over to you, sir.
Thank you, Inba. On behalf of Anand Rathi Shares and Stock Brokers, I welcome everyone to Q4 FY '22 and full year FY '22 earnings call for Ahluwalia Contracts India Limited. From the management side, we have Mr. Shobhit Uppal, Deputy Managing Director; Mr. Vikas Ahluwalia, Whole Time Director; [ Satbeer Singh, Chief Financial Officer ] of the company. We will start with the opening remarks from the management regarding the industry, the results and post which we will open up for an interactive Q&A. Over to you, sir.
Thank you, and good afternoon. Welcome, everybody. Ahluwalia Contracts India Limited has announced the financial results for Q4 FY '22. During Q4 FY '22, the company has achieved a turnover of INR 730.86 crores and a PAT of INR 42.35 crores in comparison to a turnover of INR 761 crores and a PAT of INR 37.06 crores in the corresponding quarter of the last financial year.
EPS of the company for Q4 FY '22 is INR 6.32 as compared to INR 5.53 in Q4 of FY '21. During Q4 FY '22, the company's EBITDA margin is 10.25% as compared to 9.63% and a PAT of 5.79% as compared to 4.87% in the corresponding period of the last financial year. During the year ended on 31st March, 2022, the company has achieved a turnover of INR 2,692.47 crores and a PAT of INR 155.26 crores as in comparison to a turnover of INR 1,982.19 crores and a PAT of INR 77.24 crores in the last financial year.
EPS of the company for year ending 31st March, 2022 is INR 23.18 as compared to INR 11.53 in the last financial year. During the year ended on 31st March, 2022, the company's EBITDA margin is 10.61% as compared to 8.91% and a PAT margin of 5.77% as compared to 3.90% in the corresponding period of the last year.
Net order book of the company as on 31st March, 2022 stood at INR 5,870 crores to be executed in the next 2 to 2.5 years. Total order inflow during the year ended 31st March, 2022 is INR 1,267 crores. We are L1 in 2 projects totaling INR 1,250.84 crores.
We are ready to take questions now. Thank you.
[Operator Instructions] Our first question is from the line of [indiscernible] from Equirus.
[indiscernible] your line is unmuted. Could you go ahead with your question, please?
Yes, sure. So just wanted to know the guidance for FY '23 in terms of revenue and EBITDA margin?
15% top line growth and EBITDA margin should also be in the region of 12% to 13%.
12% to 13%. Sure, sure. And sir, during this quarter, did we have any one-offs?
No.
Got it. Got it. Sure. And sir, in terms of CapEx guidance for FY '23?
It should be in the range of about INR 30 crores.
INR 30 crores, sure. And sir, lastly, in terms of Central Vista project, we've been given to understand that one of the projects has been canceled. So just wanted to understand that. And secondly, what is the opportunity size still left in that entire stretch now?
Yes. As the tender has been canceled, that knowledge is in public domain. So your information is correct. It is being retendered. And...
Okay. Sir, will we be rebidding for it?
We are still deciding.
Okay, sure. And sir, in terms of the opportunities still left for the Central Vista?
I think the situation as it is unfolding, it's yet not very clear. But in the immediate future, I think there would be tenders to the tune of about INR 3,000 crores to INR 4,000 crores. When I say immediate future, I mean in the next couple of years.
Our next question is from the line of Mohit Kumar from DAM Capital.
Sir, my question is, sir, how do you see the order inflow in FY '23? We are left with 2x, roughly 2x FY '22, the revenue as the order book. So for the growth, I think we need a substantial number in FY '23 to grow in FY '24.
Mohit, during the last call, I had given a guidance of an order inflow of about INR 2,500 crores to INR 3,000 crores. We stand by that. I had also mentioned that we were deliberately being conservative on account of a couple of factors: one, increased competitive intensity, coupled with the inflationary market. So going forward, we see the pricing -- the prices, commodity prices stabilizing. And also in the latter part of this financial year, I expect the competitive intensity to also become better. So we stand by our guidance given earlier.
Any color on this, sir, order opportunity basket available in FY '23?
So primarily public sector, our focus remains on the public sector, private sector, there are green shoots. So maybe out of this INR 2,500 crores, we expect about 20% to come from the private sector from our existing clients. We continue to be very of taking on new clients, especially in the residential sector, in the private sector. As far as the public sector is concerned, more of the same, hospitals, education and institutional buildings.
[Operator Instructions] The next question is from the line of Shravan Shah from Dolat Capital.
Sir, just wanted to know, particularly on the EBITDA margin, anything has happened because this quarter, we have seen, again, on Q-o-Q basis, the EBITDA margin is coming off again. But -- so what was -- any specific reasons? And are we now confident that 12% to 13% for FY '23, is this achievable? Or we can see first and second quarter maybe a lower margin because of the increased commodity prices?
As I said, in this quarter, our EBITDA margin is 10.25%. So that in spite of there is a slight improvement from the corresponding quarter of the last financial year, in spite of, as you yourself mentioned, the inflation has hit us. So yes, the first 2 quarters would be along the same lines. But overall, I think we will -- we stand by our guidance of 12% to 13% as far as the year is concerned.
Okay. Secondly, sir, last time we said we can do a 20% kind of a revenue growth in FY '23. Now we are seeing a 15%. So are we seeing any slowdown in it?
No, no. Shravan, last time also, I said 15% to 20%. Now also, I'm saying 15% to 20%.
Okay. Okay. Second, sir, in terms of the 2 L1 projects that you have mentioned. So which are these 2 projects?
One is NIT Patna, that should be awarded to us in the next 2 weeks. That is INR 526 crores. The other is the Tata Memorial Hospital in Mumbai, which is about INR 710 crores, which -- it's taking a bit of time. I think we are expecting it to be awarded in the next 1.5 months.
Okay. Sir, we were also L1 in Mumbai Custom project of INR 1,100 plus and 1 Muzaffar Hospital from Tata?
Both those projects have been canceled because the bid price, though we were L1, the big price was far above the estimate price. So the projects -- those tenders will be recalled.
Okay. Okay. Sir, I need a couple of data points, order book segment-wise government-private region-wise fixed price breakup?
Satbeer will answer them.
This is segment wise, this is a hospital, 43.50%, infrastructure 11.5%.
Sorry to interrupt, Mr. Satbeer, could you come a little closer to the device and speak, sir, we can't hear your voice.
This is a hospital, 43.50%; and infrastructure, 11.5%; institutional 20.90%; residential 17.96%. And commercial is approximately [indiscernible] and...
Sorry, sir, commercial, can you repeat?
This is 4.98%. And hotel is 1.17%.
Okay. And in terms of the government?
The government is 84.38% and private is 15.62%.
Yes. And in terms of the region?
The east is 45.45% and north 35.86%; west, 17.83%; south is 0.85%.
And how much is the fixed price, sir?
This is approximately 15%.
15%. Okay. And sir, what's the number for mobilization advance, retention money and unbilled revenue?
Yes. This retention is INR 180 crores and debtor [indiscernible] bills is INR 487 crores. Total INR 657 crores. And mobilization is INR 203 crores and unbilled revenue is INR 251 crores.
INR 251 crores, okay. And so with sir, in terms of the working capital days, is there any pressure are we facing in terms of the payments from the -- any specific client? Or are we expecting further improvement?
We are expecting a further improvement in this quarter. And if you were to see the figures, which Satbeer tell you...
This is working capital days was in last quarter, 89 days. And now this comes out -- comes down to 73 days. That's [indiscernible] and...
And as I said, it will further improve.
Okay. That's a great thing, sir. Sir, in terms of the overall total bid pipeline side, so you mentioned that focus will be on the public 20% we are expecting from private. But in terms of the size what would be the total bid pipeline size as of today?
So it would be about INR 7,000 crores, tenders that we are to submit in the next 1.5 to 2 months.
Okay. And sir, any update in terms of the land monetization, which we have in Kolkata, anything -- any progress?
Not in the immediate future, no.
Thank you. We'll take our next question from the line of Rajat Setiya from ithought Portfolio Management.
My first question is about the fixed price order book, which is 15%. So what is the kind of margin impact do you think these orders will happen? When are these orders going to be executed?
These orders will be completed in this calendar year. And the margin impact on these particular projects will be to the tune of about, we will take a hit, our profitability will be halved. So the margin -- the hit will be to the tune of about 4% to 5%.
Okay. So basically, [Foreign Language], maybe we'll make 5%, 6% on them, right?
Yes. Yes.
Okay. And sir, why was this Central Vista tender canceled and it is coming up again, what really happened?
My favorite newspaper? No, what -- the value, if you've seen the value of the tender package has gone up by about INR 200 crores. So it seems that they have added certain components like ICT and also increase the area somewhat. So they felt that the earlier tender was not an accurate reflection of what they were ultimately going to make. So they recalled it.
Okay. Okay. And this time around, are you seeing any idea on the competition like what kind -- how many people were tendering -- bidding in the first time and how many will be bidding now? What do you expect the competition to be this time?
We are evaluating that only. Earlier on, 4 companies were prequalified. So now if they're doing the entire process again. So we are yet not clear how many will be added to these 4. So we are evaluating our options. And because of the nature of the project, as I mentioned earlier, we are still not clear whether we will bid again or not. So we are still doing our due diligence on this.
Okay. Understood. And sir, any stock orders like non-moving orders?
So now the projects which were stalled are also moving fine. We've broken ground on the Patna Veterinary University project also, agricultural and veterinary universities, that's the large one. So that was awaiting environment clearance, which has come and we have broken ground there. So when the auditorium project in Kolkata, which incidentally is one of the fixed price contracts, that is slated for completion in September. So that is also moving full steam ahead.
Okay. And the competition that we are seeing that it's increasing. So earlier in your commentary, you used to specifically mention that order sizes below INR 200 crores, there is high competition and above, there is less. So are you seeing competition right now across order sizes? Or is it, again, high in certain categories and low in certain categories?
Now that INR 200 crores figure has become INR 500 crores, in orders up to INR 500 crores of competitive intensity is high. But what is also -- what we're beginning to see is that a lot of people in the midsized segment, they have burnt their fingers. So now there is a bit of discipline when the bidding is there, where all these people, the midsize companies are participating. So as I predicted over the next 3 to 6 months, I think there will be more disciplined as far as bidding is concerned.
Sure. And sir, one final -- on the CapEx side, over the last few years, we have been spending INR 20 crores, INR 30 crores on an annual basis. So going forward, do you think we would have to spend some big CapEx at some point in time or that is not required in our business. That's not the [indiscernible]
So over the years, over the last 2, 3 years, we've been steadily -- majority of this CapEx is in replacing old defunct equipment. So I don't see -- that's why I projected the CapEx of INR 30 crores. I don't see a substantial increase in this number in this year also.
So this question is more from the perspective of let's say, next 5, 6 years, that is this the kind of CapEx. So CapEx right now on a INR 3,000 crore top line, we are saying INR 30 crores. So do you think this kind of run rate will go in line with the revenue growth? Or you think we will have to do, at some point in time, big CapEx as well?
It will increase. If you're talking about longer term, it will increase.
Yes. In line with the revenues?
Yes. In line with the revenues, yes.
[Operator Instructions] Next question is from the line of Parikshit Kandpal from HDFC Securities.
Just -- so just joined a little late in the call. If you can just tell us what the total order backlog, so I understand the number?
INR 5,870 crores.
And can you repeat the L1 number?
INR 1,250 crores.
Okay. Okay. So just on the margins, I think we have been saying until last quarter that the margins are not normalizing. And again, we have a little surprise on margins in this quarter, so -- and you were saying that another 2 quarters, the margins were in [indiscernible] muted. So we were very well aware that the commodity prices were at elevated level in the third quarter call. So why is it like again getting extended by 2 more months? So are we not getting our escalation, which is there? Or -- so what are the reasons why we are still lagging on getting back to the normalized margin if we have only 15% of legacy order book on a fixed price basis?
Parikshit, the situation is there for all to see. Nobody expected that the supply chain will continue to be so badly affected. Nobody expected that the war, which is one of the key reasons for the pricing level continuing to go up, nobody expected it to go for so long, go on for so long. So -- but having said that, keeping the inflationary trend, I think the EBITDA margin is in line with what I had projected. When you say it's negative -- I'm sorry, could you clarify that?
No, sir, I'm saying we were looking for -- 1 second. Sorry, sir. Sorry for that. So I was saying that we are -- I mean, we are moving towards more quarterly kind of a normalized number of 12% to 13%. So I was referring to that.
If I take you back to my last call, I had said that in the second half of this financial year, the numbers will improve substantially. And if you were to see, if you were to compare in spite of the inflationary pressures, our EBITDA margin is up by nearly 0.6%, 0.7% in this quarter.
But we expect that second half FY '23, it will be more like coming back sharply up. And for the full year, 12% to 13% is still maintained that we'll be able to deliver on a better margin.
Yes.
Second question is on, sir, again, which I keep asking every time on the call that on the private real estate, so the sector seems to be doing well. So any change in thought there in terms of income back there. So if you can just touch upon that?
Residential still does not excite us. But commercial of the order pipeline that I mentioned, INR 7,000 crores, INR 8,000 crores, there is -- out of this, about 20% is private commercial real estate exposure.
Okay. And what about the southern market? I mean where are you looking at? Because that's the big market for the commercial private commercial real estate on the office side. So any thoughts in terms of...
Yes. Sometime during this year, latter part of this year. we are looking to extend our footprint there.
Our next question is from the line of Ashish Shah from Centrum Broking.
Sir, just wanted to check if there any slow-moving orders in the order book?
No. As I mentioned earlier, most of the project, now, all the projects are moving fine.
Okay. And secondly, on the cost escalations, so are we, let's say, based on the indices which exists today, are we getting a fair amount of pass-through of the increased cost? Or you think the indices are lagging significantly at this point of time?
The indices are lagging at this point in time. Yes. So what we are making is about 60% of the actual cost, which is incurred, broadly speaking.
Sir, when we guide for a 12% to 13% kind of margin, do we assume that the indices will catch up and, hence, we'll be able to maintain that sort of margin or we are building that on as things stand to it.
The delta will reduce. That's how we are -- the delta in terms of the gap of 40%, this will reduce.
Our next question is from the line of Jiten Rushi from Axis Capital.
Sir, I would like to know about the order backlog position for selected projects. So can you give us the detail of the change in the hospital project? What is the current offsetting order backlog?
In the AIIMS Jammu, the backlog is about INR 750 crores as on date. The net -- yes, unexecuted value is about INR 750 crores.
So what was this on March?
It was INR 877 crores.
Sir, is it possible to give us the top 5 or top 10 our backlog project-wise because we have been missing this data for quite some time now. So is it possible to give us now just quickly if it is possible?
So yes, I told you about this thing, Jammu, then -- yes. So you note down, then SION Hospital, this is as of March, right? SION Hospital is INR 506 crores. The medical college in Chapra in Bihar is INR 201 crores. Bihar Animal Science University, INR 890 crores.
Okay. Or just at INR 890 crores, so we're not [indiscernible] anything.
Yes, that's just -- as I mentioned earlier in my call, we have just broken ground there and Mandale Depot Mumbai, INR 385 crores. And Gardanibagh Officers Enclave in Patna, INR 384 crores. Is that okay? I think...
And we had received some affordable housing project in Kolkata, INR 229 crores. So have we broken ground there?
Yes, we have broken ground. That project is well underway. In fact, that was one of the slow moving projects because they had not got the AAI clearance, which has now come. And it is underway now. [indiscernible]
What is the outstanding -- as of March, it was the same, INR 229 crores?
Just second, please. Yes, INR 244 crores.
So the price has gone up, okay.
The awarded amount was INR 249 crores. And as on 31st March, a billing of INR 5 crores have been done there.
Okay. And sir, on the -- coming back to your Kolkata auditorium project, as you said, it will end in September. And obviously, our Milan Mela, we were about to end in April. So are we done with Milan Mela or that's just still offering?
Yes. As you would have seen in the news, Milan Mela was inaugurated by the Honorable Chief Minister in April. And now the final billing and we are in the process of handing it over. Yes.
So payments are not an issue. Payments are streamline?
Yes. Yes. In that project, payments were not an issue.
Sir, any payment issues from any of the state governments you're facing as of now, say in Bihar or some other projects or everything is smooth?
Bihar, the payment cycle is slightly prolonged. But the payments are coming in. Other states, Himachal and Haryana and the other states, Delhi, they are okay. Maharashtra, they are okay.
And sir, any NBCC project we are targeting this year?
So NBCC, as I mentioned last time, we started rebidding. And we are doing the [ Chamba ] Hospital project is with NBCC only, where nearly 50% of the project is still left to be done. So yes, we are looking to bid now that the escalation clause and the arbitration clause is there in the tender. So we are looking to bid further.
Sir, just one question. This Nalanda project, what is the outstanding order backlog and this [indiscernible]
Nalanda, INR 156 crores.
And [indiscernible] considering high-risk multistorey complex in Bhubaneswar?
Bhubaneswar, the balance is INR 294 crores.
INR 209 crores?
INR 294 crore.
So this is also moving pretty slow. So any reason why?
No. It is stalled in between due to statutory approvals. It has now started. All approvals are in place now.
Sir, your -- you give a guidance of 12% to 13%, and you said 15% of which is a slow moving. So this slow-moving projects, are we expected to complete in first half or we can see us still lower in H2.
I didn't say 15% projects are slow moving. I said 15% are...
Sorry, sorry, fixed price, sorry.
Fixed price contract. Yes. So we are looking to complete, as I said, one of the major ones is the auditorium project, which we are looking to complete in September. Yes. And the other ones by the end of this financial year.
We will take our next question from the line of Parvez Akhtar Qazi from Edelweiss Securities.
So first question is about the competitive intensity. Now you mentioned that it has been high over the last year, and which is why we have been conservative in terms of bidding and you expect it will probably improve by the second half of this year. So is this the reduction in competitive intensity largely a function of the fact that people have had that back due to commodity price volatility? Or is it also because the bid pipeline, et cetera, might be increasing? Or do you expect more orders coming in [indiscernible] and which is why you think the bidding will be more lesser?
So they are intertwined, these 2, reasons that you said Parvez, a, a lot of companies, I don't want to name them, but I can -- there are at least 6 to 8 companies who are actually floundering because they picked up orders at very, very competitive pricing and the commodity prices hit them that the commodity prices compounded their problems. So going forward, a few of these companies may not survive. A few of these companies will -- the other ones will be forced to bid in a more disciplined fashion. What we are also seeing with the larger players, they are not bidding indiscriminately. So that is why going forward, I'm hopeful that H2 of this financial year, the bids will be more disciplined. And yes, the pipeline is steadily increasing, so especially in the segments that we are present in.
So we are hoping that the orders which will come in now will be with decent margins. And the commodity prices also seem to be on a downward trend.
Sure. And a bookkeeping question for Satbeer-ji. What is the total gross debt? And what is the cost of debt currently?
As of 31st March, it is INR 5 lakhs only. And cost of debt is approximately 7%.
Sorry, I missed the number, 7%?
[ 7.25% ].
[Operator Instructions] Our next question is from the line of Rajat Setiya from ithought Portfolio Management.
Sir, one small question, I think I missed it. What was the order inflows during FY '22?
INR 1,267 crores.
We'll take a next question from the line of Jairam Shah from Equirus Securities.
Congratulation on a good set of numbers. I just wanted on clarification about the margin guidance. So sir, is it inclusive of the other income?
At the moment, no, this is not inclusive of the other income.
Okay. So sir, basically, if we see the -- this 12%, 13% is excluding other income that you are saying, the guidance of the EBITDA margins?
So Satbeer would like to clarify.
The percentage of margin has been declared, that includes other income and the profit -- but not a second of the turnover as a percentage.
Okay. Okay. So Sir, if we see the other income during this particular fourth quarter, then it has almost doubled from our original INR 5 crores to INR 6 crores. So any kind of written back or something during this quarter?
This is during this quarter, basically total other income include, this is written back and also some basically liability written back. And also some amounts has been received from the already we have written off a bad debt also. And there is INR 11 crores to INR 12 crores has been received [indiscernible]
Okay. Okay. So sir, if we do the math of the core EBITDA margin for this particular fourth quarter, then it is largely into the 8.7%, 8.8%. If you skew the other income from the EBITDA level and as compared to earlier 10% Y-o-Y, Q-o-Q basis, so any specific reason to that?
I'm saying that this is basically just margin percentage of EBITDA, that has been -- includes what the other income is there and but taken as a percentage of turnover only.
Okay. Sir, but if we exclude the other income from the EBITDA, which is like return back on noncash item thing, so then the margin will be coming to the 8.5% to 9% of lines?
That is basically part of the...
That is one way of looking at it. Now part of this other income is also used against the construction done earlier. That is, in the long run, that will continue to happen.
Because earlier than whatever [indiscernible] we do not get it also considered for the calculation of EBITDA at the time also.
But anyway, that's what you're saying. Yes, that is right. But what I'm trying to say is that year-on-year, that will continue to happen.
Mr. Shah, does that answer your question? Yes, it looks like Mr. Shah is no longer in the queue. [Operator Instructions]
We'll take the next question from the line of Ashish Shah from Centrum Broking.
So just one thing. When I look at our bank balances, which is basically the deposits of the bank, those have doubled from last year, the INR 90-odd crores has become INR 187 crores. So is all of this margin money or these are some of the regular deposits as well?
No, that is -- also free deposit also included in that bank balances.
Okay. Okay. So if you can -- do you have the details, sir, how much of this could be free deposit?
Out of this margin money around would be around INR 95 crores. And the rest of the...
Got it. So margin money doesn't seem to then have increased much. What you see, the number is basically on account of increase in the regular deposits?
No, because basically outlining of the [indiscernible] at similar level. So that's why margin is [indiscernible]
You're right. you're right. Margin money is...
Next question is from the line of Mohit Kumar from DAM Capital.
So to the bidding pipeline of INR 70 billion or INR 7,000 crores. How much is this date -- actually, I've understood how the ordering pipeline from the states you're looking at this point of time? And are we looking to add something on the state side or is primarily for the center?
So one is seeing the pipeline as far as the states are concerned increasing. So it would be out of the total INR 7 million this thing, as I said, 20% will be from the private sector. And from the balance, it would be 70-30. 70% center, 30% stake.
Understood, sir. My second question is what is our long-term aspiration in the sense, let's say, FY '25, what kind of top line you are looking to achieve?
Look, these are not times to think so far ahead.
Some broad guidance, sir.
So I have given a guidance of a growth of 15% to 20% over the next 2 years, and then let's see.
Okay. Understood, sir. Lastly, on the, sir, margin. As the prices correct now, in the sense. So does it improve our EBITDA margin in near term? Or do you think this 8%, 7%, which you achieved in Q4 is likely to continue for Q1 and Q1 FY '23 and Q2 FY '23 and will improve subsequently once the top line starts growing at a higher rate?
--
Yes, second half of this financial year, it will improve substantially. It will continue to be felt, at least in the first quarter.
So what is the lag which you generally is there you see in the indices?
So as I mentioned, it's about 30% to 40% as -- but this will reduce as we go forward. So in the second half of this year, the lag should be down to about 20%.
And some lag will remain, some lag will remain because though the pricing of cement and steel, there are separate indices for cement and steel. But the rest of the pricing of other construction materials are actually the escalation is based on the wholesale price index. So that does not totally or escalate.
Our next question is from the line of Meet Parikh from Anand Rathi Shares and Stock Brokers.
On the mobilization advance, how much of it is interest-bearing?
This is INR 203 crores. And out of this 30% is interest fee.
Interest, 30%?
About INR 60 crores is interest-free, rest is -- about INR 140 crores is interest bearing.
Okay. Sir, on the pledge, now with almost 0 debt we have, what is the reason for the pledge we have -- and by -- when do you expect to reduce it further? -- reduce it down?
That just you will it within this quarter that we have already squared up the limits with the Punjab & Sind Bank. That is a major holding -- pledging with this bank. This is around INR 50 lakhs, that would be released this quarter. And there would after be INR 47.95 lakhs share. And we are planning to get collateral free within this year.
Okay. Okay. And lastly, sir, on the -- if you can list some projects for which you will be -- at the end of bidding pipeline? Some of the major big ticket projects.
So we are bidding -- without naming the client, we are bidding for a slew of data centers because that seems to be an upcoming field. We are bidding for a couple of hospitals in Bihar. We are bidding for a data center for Punjab National Bank also. We are bidding for a central university project in Himachal. We are also bidding for a fintech institute for the government of Rajasthan. And we are bidding for 3 hospitals in -- for the government of Assam. And on the private sector side, we are bidding for DLF as well as Bharti Realty.
Do we have anyone else in the line?
No, sir, there are no further questions.
So you can hand it over to the management for closing comments.
I would now like over the call to the management for closing comments.
So thank you, everybody, for patiently listening to us. And if there are any other questions, you can reach out to Satbeer directly or Sudhansu from our IR team, and we will reply as soon as possible and hope to talk to you again at the end of the next quarter. Thank you. Bye.
Thank you. On behalf of Anand Rathi Shares and Stock Brokers, that concludes this conference. Thank you for joining us. You may now disconnect your lines.