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Ashoka Buildcon Ltd
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Ladies and gentlemen, good day, and welcome to the Ashoka Buildcon Limited 2Q FY '22 (sic) [ FY '23 ] Results Conference Call hosted by Nirmal Bang Equities Private Limited. [Operator Instructions] Please note that this conference is being recorded.
I now hand the conference over to Mr. Mangesh Bhadang from Nirmal Bang Equities. Thank you, and over to you, sir.
Good afternoon, everyone. On behalf of Nirmal Bang Institutional Equity, we welcome everyone to the second quarter FY '23 results conference call of Ashoka Buildcon Limited. From the management, we have with us today Mr. Satish Parakh, Managing Director; and Mr. Paresh Mehta, Chief Financial Officer of the company. We also have [ Shivesh Taman ] from Stellar Investor Relations team on the call with us today.
Without further ado, I now hand over the conference to Mr. Satish Parakh for his opening remarks on the results, and in which we will follow it up with the question-and-answer session. Over to you, Mr. Parakh. Thank you.
Yes. Thank you, Mangesh. Good afternoon, everyone. I'd like to extend my warm welcome to everyone on this earnings call for second quarter and half year ended September 30, 2022. Along with me, I have Mr. Paresh Mehta, our CFO, on the call.
Let me now give an update on the equity sale of ACL projects. As mentioned earlier, we have successfully signed up for the asset sale transaction of Ashoka Concessions Limited of 5 SPVs by entering into a share subscription and share purchase agreement with Galaxy Investments II Private Limited, an affiliated entity of KKR. The deal is to be completed soon after receiving required approvals from lenders and [indiscernible] and other 11 stakeholders and completion of certain conditions precedent.
We have received approvals from a few lenders and other stakeholders. We are in process of completing the balanced CPs. Meanwhile, we have received an extension of the period for fulfillment of CPs from an investor. The deal transfers the entire share capital of these 5 BOT SPVs, including repayment of shareholders' loan, for an aggregate consideration of INR 1,337 crores. The total proceeds received will be utilized to facilitate the exit of SBI Macquarie from Ashoka Concessions Limited, allowing SBI Macquarie to exit the company fully.
Moreover, transfer of these 5 SPVs will reduce the consolidated project debt of ABL by INR 2,930 crores. Also, we have executed a share purchase agreement with National Investment and Infrastructure Fund for sale of 100% equity of Chennai overall project for an aggregate financial consideration of INR 686 crores. Out of INR 686 crores, ABL is expected to receive INR 450 crores, INR 250 crores towards loan repayment and around INR 200 crores towards its 50% equity stake in SPV. Post this transaction, the company will remain with the following major projects in highway portfolio: 74% equity in 1 toll project, which is Jaora-Nayagaon; 3 fully owned annuity projects, which is Hungund-Talikot, Bagewadi-Saundatti and KSHIP; and the fully owned portfolio of 11 HAM projects. As mentioned earlier, we are in discussion of equity sell of Jaora-Nayagaon BOT toll project.
And into HAM projects. We have executed a concession agreement with NHAI worth INR 1,079 crores for the development of 6-lane access controlled greenfield highway project from kilometer 162.5 to 203.1, Baswantpur to Singnodi section of NH 150 C on hybrid annuity mode under the Bharatmala Pariyojana. The construction period is 912 days, and the operation period is 15 years and also achieve financial closure for the same. We are expecting appointed date very soon.
We also received pre-COD for our TS 1, which is Mallasandra-Karadi of NH-206. The total equity requirement of all 11 HAM projects is about INR 1,096 crores, of which we have already invested INR 848 crores as of September 2022.
Coming to our order book. As mentioned, we have achieved a robust order book, order inflow. Some of the key and large orders received from 1st August are as follows. So we receive the LOA for East Central Railway, INR 208.89 crores project for provision of Train Collision Avoidant System to be completed in 24 months.
LOI for a project for Department of IT & Communication, Government of Rajasthan of INR 600 crores. It is a joint venture with Cube Construction Engineering Limited for construction and maintenance of Rajiv Gandhi Fintech Digital Institute at Jodhphur.
LOI for Provident Housing Limited of INR 254.5 crores for a project of civil and structural for residential project at Kalyan. The construction is 42 months from the commencement date.
We have received an LOA from South Western Railway for INR 258.12 crores for the construction of new BG line between chainage 192 to 171, including electrical and telecommunication works between Tolahunse and Bharmasagar stations on EPC mode. The completion period is 24 months from the date of appointed date.
The breakup of INR 14,901 crores order book as of September 30, 2022 is the Roads and Railways project comprise around INR 9,760 crores, which is 65% of the total order book. Among the road projects, all the HAM projects are worth INR 2,689 crores, and EPC road projects are worth INR 5,573 crores. And Railways is around INR 1,498 crores.
Power T&D and others account for around INR 2,233 crores, which is approximately 15% of the total order book. The EPC building segment contributes to INR 2,867 crores, which is 19% of the total order book. And EPC work of CGD business compromises -- comprising of balance of INR 41 crores.
Let me reiterate that our focus is invest to build strong EPC business in the segments of highway, railways for the Indian buildings. The current order book of INR 14,900 crores provide us with good visibility of increasing business growth.
On assets portfolio, we have already built 11 HAM projects portfolio. In terms of new project bidding, our priority will remain on HAM projects and strengthen the HAM project portfolio. That is all from my side.
I will now request Mr. Paresh Mehta to present the financial performance of H1 and Q2 FY '23. Thank you.
Thank you, sir. Good afternoon, everyone. The result presentation and press release for the quarter have been uploaded on the stock exchanges and the company's website. I believe you all may have gone through the same. Now I would present the financial results for the quarter, first quarter -- second quarter ended September 30, 2022.
Starting with the consolidated results. The total income for Q2 FY '23 grew by 41% year-on-year to INR 1,845 crores as compared to INR 1,305 crores in Q2 FY '22. EBITDA stood at INR 467 crores in Q2 FY '23, with a margin of 25%. Profit after tax is at INR 65.7 crores in Q2 FY '23.
In H1 FY '23, total revenue was INR 3,761 crores, up by 44% year-on-year. The EBITDA stood at INR 988 crores, with a margin of 26.3%. Profit after tax stood at INR 200 crores.
Coming to the standalone numbers, the total income for Q2 FY '23 stands at INR 1,310 crores as compared to INR 976 crores in corresponding quarter last fiscal, registering a growth of 34%. EBITDA for the quarter was at INR 142 crores, with an EBITDA margin of 10.8%. The company reported a net profit after tax of INR 65.5 crores in Q2 FY '23.
In H1 FY '23, total revenue was INR 2,820.2 crores, up by 39% year-on-year. The EBITDA stood for -- at INR 317 crores, with a margin of 11.3%. Profit after tax stood at INR 169.8 crores.
As you are all aware, due to equity sales transitions, we have -- we are not recognizing interest income from SPV in our books, and it has reduced EBITDA. And also, EBITDA margins have gone down, impacted mainly due to inflation in the environment and higher competitive bidding in some of the projects.
During Q2 FY '23, BOT division recorded a toll collection of INR 275 crores as against INR 243 crores in Q2 FY '22 and INR 287 Q1 FY '23.
Total consolidated debt as on September 30, 2022, was at INR 7,079.7 crores, of which project debt is INR 5,961 crores, of which INR 2,930 crores stand for project debt of 5 BOT projects. NCD stood at INR 250 crores at ACL level. The stand-alone debt is at INR 869 crores, which comprises of INR 167 crores of equipment loans and INR 702 crores of total capital loans. The stand-alone debt has increased because of delays in collection in certain road projects, which will be collected in the coming 2 quarters.
Out of the total consolidated debt of INR 7,079.7 crores, INR 2,930 crores will be transferred along with 5 SPVs of BOT projects. Post the sale transition, the effective consolidated debt would be around INR 4,149 crores.
With this, we open the floor for question and answer. Thank you.
[Operator Instructions] First question is from the line of Mohit Kumar from DAM Capital.
Good afternoon, sir. My first question is on this EBITDA margin. So margins have been tracking much lower than our historical margins. Can I expect the margins to go back to north 10.5% -- more than 10.5% in FY '23? Or do you think there is a downside risk to that? And is it -- in the quarter, is it that we have excluded the NTPC solar order, that's the reason the margin is slightly lower? Is that a fair assumption?
See, EBITDA margins are typically lower because certain projects which have been bid competitively are getting into execution in this phase. In the previous years, previous quarters, there were 1, 2 projects which are at EBITDA margins were being executed. Now those projects have come to an end, and cost [ overheads ] have had an impact on the overall margins. We believe that this level of margins will continue for a couple of more quarters, but after which, we will get back to our normal.
So your guidance for short-term to medium-term [ miles ], let's say, in FY '24, '25, are we looking at this kind of number? Or you think that you go back to 12% kind of number which you were doing earlier?
So for '24, we would be in the range of -- we would try to maintain a range of 9% to 10% of EBITDA margins.
Okay. Understood, sir. Understood. Secondly, sir, on the monetization, [indiscernible] to happen in this quarter? Secondly, on the -- is there any plan to monetize the [ HAMs ], at which you already have, I think, 4 or 5 are operating, right?
Yes. On the monetization, as already explained by our managing director, 5 of the BOT projects are already in the process. CPs are almost getting over. And we should expect within 1 to 2 months for transition to get a closure. On the Chennai ORR also, we -- the CPs, like most of the lenders, have already given permission, and we are just waiting for one banker and the authorities' permission to give the clearance. So that should get done in next 2 months' time.
On the Jaora-Nayagaon project, we are on the last stages of finishing the documentation with the potential investors, and we should get that done anytime. We're waiting for that. As far as HAM project is concerned, we are definitely looking out for potential buyers for the whole portfolio of 11 projects, and we expect -- and we definitely see a lot of interest by many strategic as well as the financial investors for the same.
Next question is from the line of A Shah from Elara Capital.
So can you just give the revenue breakup for this quarter as well as Q2 FY '22 segment-wise?
So revenue breakup for Q2 FY '22...
In '23 and '22, both.
Both, you would like, right?
Yes.
For EPC road, we were INR 665 crores last quarter -- I mean the previous year, which is INR 820 crores this quarter. In the power sector, we were INR 52 crores last year. We are now INR 140 crores. On the railway, we were INR 142 crores in last year, quarter 2. Now we are INR 184 crores. On miscellaneous projects, we were approximately INR 30 crores in the last Q2 FY '22, which is now approximately INR 80 crores in Q2 FY '23.
Okay. Also one more thing. So on the EBITDA margin front, you said that a lot of competitive projects have been -- are under execution. So could you just give us a rough idea that how much portion of the order book is fixed price right now? And how much portion has passed through contracts?
Typically, those are the road projects are in the range of 8% to 9%. The international projects are at a higher margin, but they are -- as we get into an execution after Q4, so where huge execution come in. They have just started off kick-off. It takes some time for them to [ progress ]. And on the power and other sectors, they are in the range of 8% to 9%. So -- and certain projects which are getting over there, we are seeing impact of escalation on handing over. So that impact is coming in this quarter. Some projects are getting overnight costs. [indiscernible] project [ quarter ] over, we'll get a couple of projects [indiscernible] in these 2 quarters also -- coming 2 quarters.
[Operator Instructions] The next question is from the line of Ashish Shah from Centrum Broking.
Sir, on the working capital side, so we have seen the increase in the level of debtors as well as the unbilled and other current assets, et cetera. So is it possible for us to break down what is the amount of debtors, let's say, from highways and non-highways, and also on the unbilled side? So just to get a sense where this increase is happening majorly from.
So on the working capital side, if you see 31st March, it has increased, but in 30th June, we've almost maintained that. And as far as the breakup of debtors is concerned, so as -- the major change in the debt is in the road sector. It was the incremental approximately INR 300 crores or so. HAM and EPC contracts total debtor plus unpaid revenue is approximately INR 1,300 crores, which is up by around INR 300 crores. For [indiscernible] network, which is up by INR 300 crores. Other sectors like power, approximately exposure is INR 330 crores. Railway is around INR 300 crores. And usually, [ our ] projects are around INR 300 crores. Overall, debtors and unbilled revenue is around INR 2,400 crores.
Sir, this plus INR 300 crores is on a year-on-year basis or sequential, in the HAM and NPC, sir?
Compared to March. So probably vis-à-vis March.
Vis-à-vis March. All right. And the power and railways, sir, corresponding numbers that you have handy?
In power, I just said, we are INR 330 crores, is the previous of INR 341 crores, March '22 numbers. And in the railway, we at INR 308 crores against a number of around INR 195 crores.
Right. So sir, in the HAM and EPC side, typically, I mean, the counterparty tends to be NHAI. We usually don't see a working capital build up there. So why would this increase would have happened, sir, on the road side?
So we are probably shifting towards milestone billing also. So that is also one of the reasons some biddings are done on milestone because projects are coming to an end. So we have Karadi, [indiscernible], Mallasandra and Karadi Banwara. These are all milestone bills. So the billing will get over in the other projects like [indiscernible] that we get over in a couple of months' time total price. By December, we should get most of these receivables cleared up. And for the EPC contracts with the [indiscernible] project. And it's typically just taken also their payment teams a big delay. If we get to that full contract, but initial investment is there on mobilization and execution.
Okay. Sir, sorry to just continue on this point, but I mean it's been in the HAM side. The payments have been on milestone actually for quite some time, and even EPC has been milestone-based only I'm just trying to understand what seems to have sort of changed over the last 6 months for this to go so much higher?
So if you see the last 4, 5 months, we have had almost 4 to 5 projects under this COD. They have achieved this COD. So at the last stage, this final billing -- milestone billing takes time for us to get cleared.
Okay. Sure. So you expect -- sorry. Sorry, go ahead.
And also, let me be clear, on an operational basis we see the turnover has increased vis-à-vis last year. So that has a corresponding impact on the -- [ offsetting ] also.
Right. Okay. So by the end of the year, would you expect the overall working capital and debt situation to normalize? Or do you think it should broadly remain in the vicinity of INR 800 crores, INR 900 crores of debt?
It will broadly remain almost in the same range, marginally improved but generally remains in the same because certain contracts are also back-ended contracts with the other sectors. So overall, working capital will remain the very same for the 2 quarters.
Right. And sir, on the solar NTPC project, if you can just update on where are we currently in the process of execution or any discussion with the clients, it would be helpful.
Yes. In solar, it is absolutely status quo as far as panel are concerned. Other works are getting completed, and they have been paying regularly.
Right. But sir, my point in that if the project keeps getting delayed, then obviously, our economics keep getting inferior in the project. So I mean what is the end result of this? I mean would they agree to -- for an increase in the quoted cost of the project? Or I mean where do you see -- I mean on what lines are we discussing with them?
See, we have been discussing to descope this panel part of it, which most of the players in the industry are either delaying it or trying to delay this because the prices have really gone haywire. So this government is considering as a policy what they can really help the industry. In that time, they are also not insisting and we are proceeding with all the balance works.
Right. And sir, does this project have any guarantees, et cetera, from our side? I mean have you given any BGs from the construction point of view?
We have performance BGs [indiscernible]. That's for the every project.
Would that be around like 5%?
Yes. 5%.
The next question is from the line of Riya Mehta from Aequitas.
My first question will be in respect of ordering activity by NHAI. So almost in the first half, we've seen a 60% decline within this last year. So how is the ordering happening? And what kind of pipeline do we see for road projects for the H2? That would be my first question.
Yes. So yes, H1 has been slow, as you said. But H2, we are seeing a good pipeline, and the target -- basically, NHAI target of 8,700 against 6,300 last year. It is likely to be achieved in H2, yes.
And then our market share from there will be -- or like what kind of order inflows for Ashoka?
See, we are now building for around INR 55,000 crores of orders, which we have selected for bidding. Out of INR 75,000 crores which are in pipeline, 55 is what we are going to attempt. And there are bids we have already built for around INR 10,000 crores, which are still unopened. The 65,000 is what is our visibility [indiscernible].
Okay. Also there -- recently, there was some article which said that NHAI is looking for reducing 20% of the upfront payment they're paying to the concessionaires. So are we seeing any such kind of newer inputs put in our contracts?
Riya, I didn't exactly follow your question.
So NHAI has been reducing the upfront payment by 20%, and they would rather give it on a milestone basis. So are we seeing any such kind of impact, and hence, our working capital is bloated for the future orders?
This will actually come from January. And then they are paying monthly here.
Okay. So from January, we would see more bloating in the working capital. Is my understanding right?
No. If they do not continue the benefit given, then definitely, the payment cycles do get difficult.
Okay. And in terms of margins for the future orders, which we are bidding, the INR 55,000 crores worth of pipeline which you have built, what kind of margins are they coming at? What are we bidding at?
What?
What kind of margins are we bidding at for the future also?
Yes, these are a little aggressive than what we used to do earlier. Because the aggressive in the industry still remains. The qualification norm is same, and there are many players in the system. So our focus is though our margins may go a little bit down, but if our order book is good, we still -- on a gross basis, we'll be able to make up our EBITDA and profits.
Okay. So we are on track for the order book level of INR 15,000 crores -- INR 15,000 crores to INR 16,000 crores for FY '23?
Yes, INR 15,000 crores is our current balance order book approximately. And definitely going ahead, we look at another INR 5,000 crores.
Okay. So almost INR 20,000 crores is what we look for order book for the year.
[ 3,000, 3,500 ] was executed also in H2. So we will -- we should be opening the year with around 17,000, 18,000 of balance order.
Okay. Okay. So these, sir, would be almost -- margin levels will be similar to 9% to 10%?
Our target is to be in the range between 9% to 11%.
Okay. And for the asset sale, how many -- like in terms of quantitative terms, how many lenders are still pending for approval for ACL?
Sure. So in ACL, we have 5 projects. So at 3 projects, we have received NOCs -- or the final NOCs are ready, and we should receive any time. For one of the projects is -- typically, there are 6 lenders, only 1 as -- the bill lender has just released the NOC, so our balance will fall in line. There are 6 -- or 5 more lenders there. So they'll take their due course to release their NOCs in, say, 3 to 4 weeks' time. NHAI already is in the process of processing those NOCs, and they are just waiting for the final NOC from the lender.
Okay. So almost in 1 month, we should see completion of -- so I think by December year-end, we target just to [indiscernible]?
We should be able to get the NOCs from both NHAI as well as lenders in 45 to 60 days.
Okay. So this would happen in Q4 FY '23?
Yes. I mean transitions get over, and cash value will move from there in the month of January, February.
Okay. Okay. So maybe in Q4, our debt levels, we would see INR 3,000 crores reduction in our debt level and just pursuing downwards?
Right. That's all that could change.
Currently, what is the cost of worry?
Cost of worry is in the -- for the BOT projects are in the range of 8%, 8.5%. And in the HAM projects in the range of 7 to 8.5.
Next question is from the line of Rohit from Antique.
So my question has more to do with your margin spot. Currently, as I see, we have INR 15,000 crores of order backlog, and out of that 55% is occupied by roads, and the remaining 45% is roughly, say, Power T&D, Railways and EPC buildings. If you could give us some color on what the current order backlogs' margin profile would be segregated into. Like how much is Roads making? And how much is this non-Roads making?
So the current portfolio growth project should be at a profit margin within the range of 8% to 9%, 9.5%. That would be the range based on today's cost calculation and other variables. On the Railways, also, it would be almost similar. On the other -- basically, under the international projects of Roads, it would be better. It would be more than 12% to 13%. And on the other sectors, like [ reflected ], the rate would be approximately in the range of 8% to 10%.
Okay. Sir, when you talk about the new projects that you have identified for your order inflow part, you also talked about some competitive intensity and other such things. But how do you see that incremental numbers to be translating? Like will it be north of 12% kind of EBITDA margin? Can you work around that?
Pardon, can you repeat?
The competitive intensity in your future order inflows that you see. How much can it translate into margins? Will we be back to that 11%, 12% plus kind of number anytime soon?
It will remain at the same levels, which are there today.
Okay. Sir, finally, on the fund-based limits and nonfund-based limits, if you could give us some color on it, how much is it utilized? And how much is it currently right now?
So we are -- on the nonfund-based, we are almost 75% utilized out of INR 5,000 crores of limit. And on the fund-based, we are approximately, 70%, 85% -- 80%, 85% utilized along with our short-term borrowings inclusive, yes.
How much is that limit, sir, and amount?
Around 800, right? We have said around INR 800 crores in total [indiscernible].
Next question is from the line of Nikhil Abhyankar from DAM Capital.
So I'm not sure if you answered this question earlier, but you have grown at around 35% of the revenue in the H1, and you had earlier given a guidance of 15% to 20%. So would we like to revise our guidance for the remainder of the year?
Things on our H1 [indiscernible] obviously exhibited on H2, we should be in the range of 25% to 30%.
25% to 30%, but the margin guidance of 10%?
EBITDA around 9%, 9.5%.
9%, 9.5%. Okay. Sir, any targets on order inflow?
Around INR 500 crores, of which around 70% to 80% would be in the Roads, and [ everything, the rest ] balance [indiscernible].
Understood. And sir, my second question is regarding Shivamogga-Tumkur package 2 and 3, Banur-Kharar and Kwaram Taro. These projects are relatively moving slow. So any specific reason for that?
So Tumkur-Shovamogga package 1, as I said, we have got [indiscernible], TS 1. And Tumkur-Shovamogga 2 also we will be getting in Q3.
In Q3.
Q3, we'll get -- yes, package 2 also will get the PCOD. Q4, we should target our package 3. Yes, so 2 we are getting in Q3. Q4 will get 3. And 4, we got to [ make sure ] this will go to next year.
Understood, sir. And the total interest cost has gone up around 40%, 50% Y-o-Y. So what -- can you just give a comparison as to cost of borrowing for this quarter and the last quarter, like September '22 as to September '21?
Yes. So definite interest scenario has changed in this quarter 2 of last year to quarter 2 of this year. We've seen almost 50%, 55% jump in our short-term borrowing. For [indiscernible] and [indiscernible] are up by [ at most ] 35% and 40% interest rate. And borrowings also compared to [indiscernible] more than what is on there. And there was certain mobilization advance. It is very mobilized [indiscernible], which was taken for the projects, which has contributed to the increase in the interest cost.
Okay. Understood. And just bookkeeping question. Can you just give us the numbers for retention money, mobilization advance and...
So mobilization advance is typically or approximately INR 590 crores.
Mobilization advance is INR 590 crores.
Yes.
Retention money?
Retention money on the -- all sectors included is approximately -- this one, about INR 185 crores.
INR 185 crores. And sir, unbilled revenue?
Unbilled revenue INR 1,152 crores.
The next question is from the line of Subrata Sarkar from Mount Intra Finance.
Yes. No, sir, partly my question has been answered. Like my question is, again, on the KKR deal, like, when we can -- like once -- when the deal will actually get over and we will be able to reflect it in our financials, start reflecting in our financials, so is it from Q4 of this year? Or what is this like [indiscernible]?
Yes, as I explained, CPs will get over in this Q3 definitely. And Q4, we should get the cash on the transfer of shares and cash in by -- in Q4 first part. So March '23 numbers would typically reflect the deal.
Okay, sir. So like March '24, will reflect ex of the deal, basically. The numbers will get reflected there.
Also [indiscernible].
The next question is from the line of Vasudev from Nuvama.
Most of my questions are answered. Just a few data-related questions. So if you can help me with what is the CapEx that we gave in Q2? And how much are we planning for H2 now?
So CapEx for H2 was approximately INR 24 crores, INR 25 crores. And going forward, we would typically end up with [indiscernible] INR 20 crores, INR 25 crores.
Okay. Next thing, the equity that we infused in Q2 and for the balance equity infusion, if you can give the breakup in H2 FY '23, FY '24 and FY '25.
So Q2 on the HAM project was INR 32 crores invested in Q2. And for the balance, 2023 half year, equity to be invested in HAM is INR 136 crores; for 2024, INR 84 crores; and 2025, INR 30 crores. So all put in, equity to be invested as of date is INR 251 crores in the HAM projects.
Okay. And lastly, sir, out of the order book currently that we have, how much is under execution? And how much of that part is a fixed price contract?
See, all the international projects are on fixed price. Then our [indiscernible] is on fixed price. Our NTPC is [ on dollars ], so on fixed price.
Sorry, sir. [indiscernible], or which one you say?
NTPC.
NTPC. Okay. And out of the current order book, how much is under execution?
Almost -- if you see, well, except in Buildings segment, in Roads segment, almost everything is under execution now because appointed date of Punjab and [indiscernible] is also from the appointed date of [indiscernible] also. So this INR 1,000 crores, which have start up, these are [ calculated ] and have already come in July and October. So as far as building all these, still, we are hoping to start by Q4, which is INR 1,000 crores. And the rest are already in progress.
Next question is from the line of A Shah from Elara Capital.
So could you just give us the breakup of the Buildings segment order book? I mean the Maldives project, the hospital at Navi Mumbai, then the sewage treatment plant. So if you could just give the detailed order book breakup.
The Maldives is INR 1,000 crores. INR 600 crores is around [indiscernible] hospital. INR 600 crores is the Buildings project for fintech in [ new ] city at Rajiv Gandhi. So the [indiscernible] projects for [indiscernible]. And for [indiscernible], there is INR 250 crores and INR 100 crores.
Okay. And also one more thing, the Banur-Kharar project, have you -- I mean have we received the appointed date for that project because it's almost 2 years since we have mentioned this project?
Yes, we have received the [ expected ] on Banur-Kharar, [indiscernible].
The next question is from the line of Riya Mehta from Aequitas.
This is a follow-up question. So basically, I wanted to know is what kind of [ interest ] the cash [indiscernible] that happened in Q4. What kind of interest cost do we see for the full year?
So on the short term, definitely, interest cost, we believe another 50 to -- 50 bps would be increased. Otherwise, we believe that other costs will remain same results.
Okay. And in terms of international side, what kind of over demand scenario are we seeing there?
What kind of?
Demand. And what kind of pipeline orders are we seeing?
Internationally, presently, we are working in [indiscernible] and Maldives, and [ Benin ] is one power distribution project, which we have picked up. We are -- and one in Bangladesh. So this is all we are focusing on international, maybe a few orders that we may see in Africa, 1 year.
Sir, are we seeing any major orders like the one in Maldives?
Nothing major immediately in pipeline.
Okay. And what kind of margin will the Maldives sort of have?
So looking at -- to the dollar rate, we are still hopeful of making 11%, 12% margin.
[Operator Instructions] We have the next question from the line of Mangesh Bhadang from Nirmal Bang.
Sir, a couple of questions from my side. One is on the industry. So I just wanted to understand how you -- what could be the reason for this slowdown in order, not awarding activities in the NHAI. What -- according to you, what is the reason. That is the first. You mentioned that second half you expect it to improve, but at least for the time being, we have seen some slowdown. And in the past also, we have seen NHAI probably not meeting targets that have been given in there earlier. So do we expect this year to turn out to be the same again? That's the first question.
And sir, second question is on the HAM portfolio that we have. Now that we have seen more than 6 newly achieved, when -- what -- how do we look to monetize the sale? Is there any time line that you have internally given here? That's it.
See, industry-wise H1, we have seen slowdown only because NHAI has already awarded a good number of projects, and for further projects, the land acquisition, particularly for NHAI, was becoming more and more challenging. And they are disciplined in giving appointed date only after 80% of physical position is achieved. So there, we saw a lot of challenges, and therefore, there was -- building activity was slowed down. Not too [ much ] has been done on most of the projects. So H2, we feel, should be -- we should see that NHAI meeting target or nearing the target. That was the main reason according to us.
About HAM projects, you said, definitely, we have 11 HAM projects, out of which we have achieved pre-CoD of 6 projects. In balance, as I explained, Q3, one will happen. Q4, one will happen. And then balance in next year as [ Q2 ], we are sure we will be completing next year. And the other 2 will be starting. So this is all on HAM project. HAM project also, we are looking at -- we are in the process of looking at divesting HAM projects also.
Any time line on it, sir? And there are no -- it has to be on a piece [indiscernible].
It would be another 2 quarters.
[Operator Instructions] Ladies and gentlemen, as there are no further questions from the participants, I would now like to hand the conference over to the management for their closing remarks. Thank you, and over to you.
Yes. Thank you, and [ also to our team ]. Thank you, Mangesh. Thank you all the participants. If any other queries are remaining, then definitely, most welcome after, and investor advisers are also available, and our [indiscernible] operation with us is always available to clarify any queries. Thank you, everyone.
Thank you very much. Ladies and gentlemen, on behalf of Nirmal Bang Institutional Equities, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines. Thank you.