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G R Infraprojects Ltd
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Ladies and gentlemen, good day, and welcome to G R Infraprojects Limited Q4 and FY '24 Earnings Conference Call, hosted by HDFC Securities. [Operator Instructions] Please note that this conference is being recorded.
From the management team, we are pleased to have with us Mr. Ajendra Kumar Agarwal, Managing Director; and Mr. Anand Rathi, Group CFO.
I now hand the conference over to Mr. Parikshit from HDFC Securities. Thank you, and over to you, sir.
Steve, can you also speak about the disclaimers?
Okay, sir. Sir, actually, you can go with the disclaimer, if possible.
Okay. So this call may continue some forward-looking statements [indiscernible] risks associated with that.
So without any further delay, I would now like to hand over the call to Mr. Ajendra Kumar Agarwal, who's the Managing Director of the company, who will give you a brief overview about the industry trends and followed by detailed financial presentation by Mr. Anand Rathi, the Group CFO.
So over to you, Ajendra [indiscernible].
Thank you, Parikshitji. Good afternoon, ladies and gentlemen. I welcome you all to the fourth quarter earnings call of G R Infraprojects Limited for financial year '24. We are accompanied by Mr. Anand Rathi, the CFO of the company.
I will now take you through the key highlights of the quarter and recent developments in the infrastructure sector, followed by a question-and-answer session. On financial highlights of the company, during Q4 financial year '24, the company has recorded revenue from operation of INR 2,255 crores as against INR 1,995 crores during the same period of the previous financial year.
The EBITDA margin for the current quarter stood at 17.69% as against 14.53% during quarter ended March 31, 2023. During the quarter, company has transferred 7 operational HAM assets to Bharat Highways InvIT in exchange of units in the InvIT, which resulted into 43.56% stake in the InvIT. The result gain on the transaction has been shown as exceptional item in financial statements.
During the quarter, the company has received COD for 2 highway EPC projects. And subsequent to year-end, the company has received another pre-COD for a HAM project further. We have also received the COD for our [indiscernible] power transmission project in the month of April 2024, within scheduled time period, and we have bagged our second transmission project, which is adjoining to our existing project.
One of our HAM projects, Belagavi Bypass in the state of Karnataka, having EPC value worth INR 797 crores, has been terminated due to nonfulfillment of condition precedent by authority. Further, NHAI has not been able to provide requisite interest-free ROW for construction work in one of our HAM projects in the state of Punjab. And hence, we have communicated our intention to terminate the project. The response of authority is still awaited.
As on the date, the company had a decent mix of 28 BOT projects, of which 5 are operational, 14 under construction and 9 projects are awaiting appointed date.
Coming to the order book, as on 31st March '24, value of order book stood at INR 16,781 crores, out of which INR 9,735 crores are executable order book. Further to update, in the month of May 2024, the company has also emerged as the lowest bidder for the 2 EPC road projects in the state of Maharashtra worth INR 4,346 crore, to be awarded by Maharashtra State Road Development Cooperation. As on date, the company has submitted 12 highway and railway projects, which -- amounting INR 10,228 crores, which are expected to be opened soon.
Pleased to inform you that the GR Logistics Park Indore Private Limited is a subsidiary of the company and PSA Ameya, a subsidiary of PSA India have formalized an agreement to establish an inland container depot at the multimodal logistics park in Indore. PSA India, a leading company in cargo handling, would look after the operational and maintenance of ICD.
Now moving on the sector highlights. Elections are around the corner. And during election year, the rolled -- roll out of infrastructure projects is generally affected due to political consideration and administrative challenges, which was the case for last year. Election results will be out very soon. Regardless of election dynamics, the growth momentum to be continued for the next 2 to 3 years because of sound economic fundamentals and same has also been endorsed by the leading global rating agency. S&P will upgrade the country's rating [indiscernible].
The Ministry of Road Transport and Highway in India is planning to construct 50,000 kilometers of new access-controlled expressway by 2037. This expressway will enhance connectivity, improve transportation, efficiency and contribute to India's overall development. Government has done record high allocation of INR 11 trillion for infrastructure space during the current financial year.
This strategic move aims to sustain India's position as one of the world's fastest growing major economy and present abundant opportunity in the sector. We are also constantly working towards diversifying our portfolio, thus reducing vulnerability of functioning in any single market or sector, enhance long-term stability for the company.
Recently, we have entered into power transmission, hydro tunneling, multimodal logistic parks and ropeway projects. We continue to tap on different opportunities emanating from the aggressive infra growth plan of the government. The company is targeting order pipeline worth INR 2,50,000 crores in various sectors, like highway, road tunnels, metro, power and transmission, railways and ropeway, et cetera. We are sure to adding distance here to our order book in financial year '24-'25 to take the company back to double-digit growth in financial year '26.
That's all from my side today. Over to you, Anandji, for updated financial position of the company. Thank you.
Thank you, sir. Good afternoon, all. Let me take you through financial highlights of the company for the financial year ending 2024. So our stand-alone revenue from operations decreased by almost INR 359 crores, is a decrease of 4.4%, from INR 8,147 crores in fiscal 2023 to INR 7,788 crores in fiscal 2024. This decrease was primarily on account of delay in getting the appointed dates for various projects. Consequently, our consolidated revenue from operation has also decreased by INR 501 crores, from INR 9,481 crores to INR 8,980 crores in fiscal 2024.
Stand-alone EBITDA margin has decreased to 14.58% in the year ended March 2024 from 16.12% in the year ended March 2023. This decrease, again, is mainly due to degrowth in our revenue. EBITDA margin at group level also decreased to 23.63% in the fiscal 2024 from 26.93% in the year, fiscal, 2023.
During the quarter, company has transferred 7 operational HAM projects to Bharat Highways InvIT in exchange of the units in the InvIT. The resultant gain of INR 1,372 crores on this transaction has been shown as exceptional items in the financial statements.
Our debt at consol level has also reduced by INR 3,533 crores due to this transaction. Our PAT margin at stand-alone level after excluding net of tax exceptional gain of INR 1,372 crores, a decrease by 11.29% to INR 755 crores in the fiscal 2024 as compared to INR 851 crores in this fiscal 2023.
Similarly, our PAT margin at consol level has decreased by 27.69% to INR 1,052 crores in fiscal 2024 as compared to INR 1,454 crores in fiscal ended March 2023. Our standalone net worth is -- stood at INR 7,196 crores at the end of fiscal 2024, which was INR 5,215 crores at the end of fiscal 2023.
Net worth at consol level is INR 7,602 crores at the end of fiscal 2024. Our total stand-alone borrowings outstanding at the end of fiscal '24 is around INR 739 crores with a debt to equity of 0.10x. Total consolidated borrowing outstanding at the end of fiscal 2024 is INR 3,803 crores with debt to equity of 0.51x.
During the year, company has made addition to the fixed asset amount of INR [indiscernible] 108 crore. And at the end of financial year, the amount under this [indiscernible] head was INR 1,371 crores. Investment in our subsidiary companies in form of loans and equities, INR 1,669 crores at the end of fiscal 2024. Balance promoter contribution or equity contribution required to be made for our operational or yet to start HAM projects, this is INR 2,137 crores, of which we are expecting contribution of about INR 800 crores to INR 850 crores in the current financial year. Our working capital days at the end of fiscal -- at the current fiscal -- at the end of current fiscal is 112 days as compared to 104 days at the end of fiscal 2023, which is increased, again, primarily -- this increase is primarily on account of increase in STV debtors.
Trade receivable at the stand-alone basis are INR 1,723 crores at the end of fiscal '24, and trade receivable at the consolidated level are INR 308 crores at the end of fiscal 2024. Our unbilled revenue at stand-alone basis is around INR 763 crores at the end of current year as compared to INR 484 crores at the end of fiscal '23. And our unbilled revenue at the consolidated level is INR 149 crores at the end of fiscal '24 as compared to INR 134 crores at the end of fiscal '23. Our inventories are INR 768 crores at the end of fiscal '24 as compared to INR 884 crores at the end of fiscal 2023.
That's all. Essentially thanks to all the partners, stakeholders for their support to our company. I may request moderator to please open the floor for Q&A. Thank you.
[Operator Instructions] The first question is from the line of Shravan Shah from Dolat Capital.
Yes. Sir, HAM debtors on stand-alone is how much?
[indiscernible] INR 1,552 crores.
Okay. Okay. Sir, now 2 things, both on inflow and the execution going forward. So first just to get a clarity, how much value of order inflow excluding GST we have received in FY '24? And how much more are we looking to bag in FY '25? Given definitely the -- whatever we were initially thinking, INR 20,000-odd crores in FY '24, definitely not achieved, so how much we are looking actually in FY '25?
FY '25 [Foreign Language].
[Foreign Language] I wanted to understand [Foreign Language] EPC, excluding GST value [Foreign Language].
[Foreign Language].
Okay, [Foreign Language]. And sir, FY '24 [Foreign Language] order inflow, excluding GST, [indiscernible]?
INR 2,000 crores.
Only INR 2,000 crores.
INR 2,000 crores. [Foreign Language] I think could be INR 7,500-odd crores, correct me if I'm wrong. [Foreign Language] So broadly, total revenue [Foreign Language] FY '25 [Foreign Language].
[Foreign Language] We will be planning September, October onwards [Foreign Language]. So maybe balance 6 we are targeting in third quarter, October to December, right? [Foreign Language] if we are targeting [Foreign Language] 15% to 20% revenue we can target for the current year. And [Foreign Language] 10%, probably at max we can target in the current year.
Yes, sir. So total for FY '25 [Foreign Language] last time, I think we were looking at kind of a flattish kind of a growth for FY '25. And then [Foreign Language] considering now we are confident [Foreign Language].
[Foreign Language].
[Foreign Language].
[Foreign Language].
[Foreign Language].
[Foreign Language].
[Foreign Language].
13%, 13.5% [Foreign Language].
The next question is from the line of Nikhil Abhyankar from ICICI Securities.
So sir, I just wanted to understand what is the equity investment as on date in the operational assets.
Equity investment in operational assets?
Yes.
Okay. Let me figure it out. Just hold on. Yes. Operational asset -- so you are saying which are under construction [indiscernible], right?
Yes.
It's around INR 450 crores.
INR 450-odd crores. So are we planning to offload all these...
INR 450 crores or INR 500 crores, right? INR 500 crores or something.
INR 500 crores.
Okay. So are we looking to offload these projects to the InvIT in this year? Do we have any timelines? And also just a follow-up on that, the ballpark transaction that happened for the InvIT was somewhere around 1.9x of equity invested. So should we assume a similar number for the next tranche as well?
See, as on date, we are having 5 operational projects with us, right? In which, one is basically transmission project, which probably will be transferring basis because we have got one more transmission project, which is adjoining to that existing project. We will be clubbing these 2 projects, and then, we'll be transferring. So that is -- we don't believe that we'll be transferring during the current year. That is one aspect, right?
And then there are 2 more operational projects. One is state HAM project, which we have never intended to transfer to InvIT because it's a different dynamics, right? It's not NHAI project. And then one is BOT projects, BOT [indiscernible], right? And the construction period remains for that particular project around 4 years. So that is also out of question for transfer.
Now it is only 2 projects, which probably -- I mean, which is probably we can transfer, right? One project we can immediately transfer, that is Aligarh-Kanpur, maybe in another 1 or 2 months. We are just waiting for NOC of NHAI. And then there is recently -- there is a project recently we got the COD in the month of April, which probably can get transferred to InvIT in next April because it's -- 1 year of operation has to be completed, right, for any project to be transferred to InvIT.
So yes, in current year, we are expecting that Aligarh-Kanpur is our project which can be transferred to InvIT. And so for value is concerned, certainly, it would be 1.9, 2.5 or 1.5 because that's, I would say, where we will go for fair value and all that. And I think safely, we can assume that it should be more than 1.25 or 1.3. Right now, I can't comment on this, right, unless until -- I mean we have to -- we have set process of price [indiscernible] for those projects. So we have to go through that process.
The next question is from the line of Veenit Pasad from Investec.
I have a couple of questions. The first one being, sir, in the MSRDC project, if you look at the bidding details of all the packages. Number one, there are only a limited number of players who participated in those bids. So would it be fair to assume that competitive intensity was relatively lower and margins in these projects would be much better?
[Foreign Language].
Understood. Understood. And sir, if we analyze the bidding details, there are almost 40 packages which were awarded. Why did GR only bid for 7 out of those? Were there any restriction in terms of amount or number of packages you can bid?
[Foreign Language].
And, sir, can you please elaborate a bit more on which type of packages where we were not qualified for [indiscernible] there were the issues?
[Foreign Language].
[Foreign Language].
[Foreign Language].
Understood. Okay. And, sir, the last question is, sir, do we see any other state governments coming up with such large magnitude of expressway orders? Or this was only one-off wherein Maharashtra had come out with such -- so many number of packages and such large orders?
[Foreign Language].
So Government of India has also incentivized state basically. They have also expanded their budget allocation to the state who so is coming up with infrastructure development and all that. So [Foreign Language] year-on-year, they are increasing their allocations. So state [Foreign Language]. So we'll be focusing on other states as well.
Okay. And are there any other states that could come out with tenders or where such projects are in pipeline or such projects are under evaluations?
[Foreign Language].
The next question is from the line of Deepak Krishnan from Kotak Institutional Equities.
I just wanted to understand on the BOT pipeline [indiscernible] 24% of your orders will be BOT. Would you be bidding it on your own? Or are you looking to go ahead with any partner [indiscernible]?
So your voice was not properly audible. What I understood is that you are asking for is we can bid in JV -- will we be bidding in JV or something for which kind of projects...
Yes. Yes.
[Foreign Language] What for road projects or for...
Sir, can you hear me now?
You're talking project specific...
No. Yes, I'm talking about in general BOT road projects. Would you be bidding it on your own? Or would it be through a JV?
No. So, yes, BOT, we can bid on our own [Foreign Language]. So let's say, it will be -- if we are targeting -- probably if we find some JV, right, partner, probably we can go for a higher number in BOT. But, otherwise, also we can bid on our own. I mean, whatever number, which has been mentioned by our MD sir, that is almost INR 5,000 crores, can be bid by on our own. There is no need of JV.
And sir, with the InvIT structure coming through, are you looking at BOT asset monetization project as well?
BOT, right now, so far, we have not evaluated because of pure-play investment. And -- so right now, it is not in our mind.
And in terms of the order -- inflow guidance of INR 1,500 crores to INR 2,000 crores, what percentage would be non-road this year?
Non-road, we can say -- I mean, non-road, we include metro, right, tunnel, then power transmission. We are targeting at least INR 5,000 crores.
Sure. Any particular segment or any areas that you are specifically focusing on?
These all areas which I just recently mentioned...
Sure. Okay. Because it's roughly flat on a Y-o-Y basis, right? You could have won a similar sort of order number this year as well, right?
Sorry?
This year also you won a similar range, right, INR 5,000 crores. So on a year-on basis...
INR 5,000 crores was on road. Now you're talking about non-road, right?
Yes.
Yes. So last year, we won around INR 5,000 crores. [Foreign Language] it was for road only...
The next question is from the line of Jiten Rushi from Axis Capital.
Sir, from the current order backlog, what is the executable order book, sir?
INR 9700-something-odd crores.
Sorry, sir?
INR 9,700 crores -- INR 10,000 crores, of course.
And, sir, in the opening remarks, sir said that there is an outstanding bid pipeline of INR 10,228 crores of projects, right, sir?
No, no, no. So INR 10,228 crores is basically projects which we have bidded. I mean that is yet to open.
Yes, sorry, we didn't yet opened this. So what is the breakup between the segments?
70 -- 70-odd percent is road, and the balance is rail and metro.
Balance is rail and metro. Okay. And this will open in the next June end, probably?
Maybe another 1 month, yes.
Okay. And sir, in terms of the inflow mix, sir, we have given a guidance of INR 15,000 crores, INR 20,00 crores, so of which we are saying INR 5,000 non-road. So assuming if you said INR 10,000 cores to INR 15,000 crores of roads, so almost INR 5,000 -- almost 4,000-plus crores we have already resumed this year [indiscernible]. So another INR 6,000 crore to INR 10,000 crores of road projects we are targeting. So this will include a mix of 50% HAM and 25% EPC and balance BOT projects. Is my understanding correct, sir?
So, say, depending on actually so far -- so generally it is or ideally, I would say, combination, right? But let's say, if we are getting all the projects under EPC mode, then also we are okay. And so far, we are already having that L1 status for EPC of INR 4,500 crores, right? So let's say, balance of INR 10,000 crores we are getting under HAM mode, then also we are okay. At least INR 4,000 crores under BOT and INR 5,000 crores under HAM, then also we are okay. So it's not a big issue for us as of now.
Sir, any upcoming bid pipeline from NHAI because the peer side is also talking about NHAI targeting INR 1.5 trillion of awarding and [indiscernible] identified INR 1 billion pipeline. So any identified pipeline by us, which we are going to bid in NHAI [indiscernible]? Or any other [indiscernible] highways, which you can articulate and break it down into like BOT [indiscernible] or HAM, sir?
That number right now, we are not carrying in our hand. But yes, as on date, when we are saying that there are INR 2,50,000 crores of pipeline, we have already identified, right? So -- road is INR 1,50,000 crores or INR 1,60,000 crores, right? Out of that...
INR 1,60,000 crores.
Yes, INR 1,60,000 crores, right? And out of those INR 1,60,000 crores, how much is HAM? Right now, I'm not having that much figure with me, right? So -- yes.
Maximum is HAM.
And balance INR 90,000 crores would be what like...
Balance INR 90,000 crores will be tunnel, metro, right, then transmission, then ropeway, hydro, right? These all are...
Sir, just last question from my side. If at all balance is sort of within non-road, so what kind of margin do we get in the non-road side now? Because so far we have been doing road work and we have never been getting lot of -- good run rate in terms of margin. Now obviously, you're guiding 7.5% this year and probably [indiscernible] margin next year. But what will be the margin -- inherent margin in the non-road sector, which we keep in mind and bid for?
Non-road, maybe we are always targeting depending on competition, let's say in power and transmission, right? Because of competition, we can't have that kind of margin which we are always expecting in road, right? But as we are progressing, as we are developing our own strength in this particular sector, we will be increasing our margin with every project, right? So probably we can start with 10%, but maybe by the end of the execution of third project, we'll be earning 15% kind of margin, right? And which was -- which may not be the case for the first project, even if we have expected 10% kind of margin, but we'll not end up getting 10%.
So as we are moving along, right, as we are getting our capacity, then -- we are strengthening up our capacity or [indiscernible] extended skill about those sectors, probably we will be increasing our margin, but yes, depending on. So let's say, for hydro projects -- hydro tunneling projects, we are always expecting 10% -- 13% to 15% kind of margin. But they're also -- it's a new segment for us, right? Probably we may end up getting lesser than what we have anticipated. So we can end up, let's say, at 12% or 13% depending on how we are progressing on those sectors.
And sir, last question. On the last call, you were talking about the water and building segment where we were seeing [indiscernible] looking to bid a project in the water and buildings. But I think you have not mentioned anything on that part. So what is the progress in -- on that part, sir?
Building or water pipeline [Foreign Language].
[Operator Instructions] The next question is from the line of Vaibhav Shah from JM Financial Limited.
Sir, in the presentation, you have mentioned that, in the Slide 4, projects awaiting appointed date, there are only 7 HAMs. So I was confused so for how many HAMs the [indiscernible] is pending? In PPT, it is shown as 7 HAMs.
Okay. So there are total 9 projects where appointed dates are awaited, right? But then out of that 9, there are 7 HAMs, one is for ropeway and one is for multimodal logistics park.
Okay. So for 7 HAMs [indiscernible].
Yes.
Okay. And sir, secondly, in the opening remarks, sir mentioned that there is also one more HAM where the land is challenged, the ROW was challenged, so you are looking for termination. So which is that HAM?
This is the HAM of Punjab state, so Ludhiana-Rupnagar, and where we started construction almost 1.5 years back. Somehow we are not able to get that industry land over there, and we are not able to execute those projects. So we have actually communicated our intention to terminate to the authority because when there is no land there's no point. And the response from authority is awaited.
And so what was the value of the project? I think EPC value was closer to INR 800-odd crores. Out of that, how much we have executed?
INR 750 crores was the EPC value for that. And we have executed almost 15%, 17% or like this.
So now we don't have the land for the remainder 80% of the project?
Yes.
Okay. So roughly, it can impact the order book by closer to INR 600 crores, INR 650-odd crores if that termination goes on.
Yes, yes. If land is made available to us, then okay. But otherwise, INR 600 crores can also be...
Okay. And sir...
Sorry to interrupt. Mr. Vaibhav, Could you please fall back in the question queue for further questions.
Okay.
The next question is from the line of [ Prateek Bhandari ] from [ ART Venture ].
Yes. So I wanted to understand as to do we have any plans to reduce our current debt.
Our debt outstanding is around INR 718 crores as of March 2024 and which we believe is probably we are in very comfortable position. I don't think that we are having that much of debt. This much of debt is, I think...
Okay. And sir, what revenue growth guidance you have given for the next year?
For the current year you're talking about, right?
Yes, yes. I mean FY '25.
Yes. I say it's kind of flattish, reason being that we are not -- I mean, that whatever order -- executable order book, which we are having right now, and we are waiting for various appointed dates also. So we are targeting a flattish kind of revenue for the current year. We are not expecting any growth. Unless until we get some good EPC projects in the next 1 or 2 months, right, then probably we can have that growth of 5% to 10%. Otherwise, we expect to be flattish.
And margins?
Margin because we are not at -- it's not that because of we are not able to utilize our resources optimally. So we are expecting the same kind of margin, which we got it last year, almost 13% kind of.
The next question is from the line of [ Gaurika Nair ] from Avendus Spark.
If you could just give me your EBITDA margins and the PAT margins for FY '24?
Sorry, your voice. I mean you have to be a bit louder.
Can you give me your EBITDA margins and your PAT margins for FY '24?
You want an actual number or percentage?
Percentage.
Yes, yes. So percentage, my EBITDA margin for last year, I mentioned in my opening remarks as well, so it is 14.58%, 14.6%. Yes. And PAT margin is around -- it's a positive -- it's INR 755 crores, INR 760 crores. In terms of percentage, it is around -- so excluding that exceptional gain where -- because we have recorded some exceptional gains, right, so exceptional gain is around -- so PAT margin, 9.7%, excluding that exceptional gain.
The next question is from the line of Shravan Shah from Dolat Capital.
Sir, just to again get clarity, equity invested is INR 1,669 crores as on March and the balance requirement is INR 2,137 crores. And you said INR 800 crores, INR 850 crores to be invested in '25. So in '26, '27, how much to be invested?
So balance would be because depending on -- at what time we'll be getting appointed date for 9 projects, accordingly. My estimate is INR 800 crores to INR 850 crores or INR 900-odd crores would be invested in the current year. And the balance INR 700 crores or INR 800 crores, next year or -- balancing figure may be INR 500 crores in third year.
Okay. Okay. Got it. And then for the -- this year, FY '25, in terms of the CapEx, how much we are looking at?
See, our CapEx because -- that our building is under construction, so we are targeting around INR 200 crores to INR 250-odd crores for the current year, reason being INR 100 crores will be -- INR 150 crores, we will be putting in our office building.
Okay. Got it. Second, on the -- yes, so in working capital, particularly, so you mentioned that the current working capital, which has slightly increased the days? Will it come back to the normal level?
The major contributor in increase of my calendar -- working capital days is basically [indiscernible] debtors.
Yes. [indiscernible] debtors. Okay. Got it.
We have purposefully kept it at -- or otherwise, working capital is at least, I would say, for 35 or 45 days only if I normalize [indiscernible] debtors.
Got it. And the InvIT, whatever now -- how much dividend that we will be getting at the stand-alone level? And what would be the tax rate on the same?
See, dividend, we would be getting -- this is the declaration they declared last year -- yesterday only, right, INR 3 per unit. So we'll be getting INR 1,900-odd -- something-odd crores -- 19-odd crores of units we are holding, right? So we'll be getting around INR 60 crores of -- both including dividend and interest.
Okay. And will there be a lower tax rate?
So for interest, I think -- no, for both interest as well as dividend. There's no differential tax rate, yes. The same -- I mean taxable at the same rate unless until we decide to. I mean it has to be taken a call at Board-level, at management level. If we decide to passthrough that dividend to our investors, right, then there would not be any tax on dividend at least. But, this is something -- I mean, this call has to be taken at Board level or shareholders' level, right?
The next question is from the line of Navid Virani from Bastion Research.
Am I audible?
You're audible. But your voice is very low.
Is it better now?
Yes, sir. Go ahead.
I just had 1 question regarding the order inflow for FY '24. I'm sorry, I missed the number when you mentioned it. Can you please mention again, the order inflow for FY '24?
FY '24 order book was around...
Order inflow, sir.
Order inflow, you are talking?
Yes, sir.
It's INR 2,200-odd crore. Yes.
The next question is from the line of Vaibhav Shah from JM Financial Limited.
Sir, for the Ludhiana-Rupnagar project, you mentioned that 15% to 17% only execution has been done. So how did NHAI provide the appointed date 2 years back when only 15%, 20% land was available?
See, process of land acquisition is basically they are declaring 3D, right? And then this is declaration of -- this is the notification of 3D, the 3G award is declared. And then award, that amount is finalized, which is payable to the farmers. Now Land Acquisition Act says that once 3D is notified, then land is deemed to be acquired, right? But unless until those farmers, the owner of that land gets the payment of -- they get their compensation, right, they are not actually allowing any other person to enter into their land.
And the problem which we faced at that point of time is that though 3D was there, but the farmers were doing -- farmers were agitating for or they were struggling for -- they were fighting for higher compensation and -- which ultimately could not be materialized between those -- that particular dispute could not be materialized between NHAI and farmers. So they are not releasing their land. So on the basis of 3D, we assume that the land is there. But at the time of execution, we were not allowed to do construction work over there. That's the case.
Sir, when we got the [indiscernible], what was the percentage land that we assumed it is available?
It is more than 80%.
Okay. So we took the 80%, but then there was issue, the land was not ultimately...
That is how it is done in each and every project. It's nothing new in this particular project.
Okay. And sir, secondly, for the equity number you mentioned, INR 2,137 crores. Sir, it is for the entire portfolio, not only for HAM, right?
Yes, yes. It is for power transmission, ropeway, multimodal, all -- entire portfolio.
[Operator Instructions] The next question is from the line of Gaurika Nair from Avendus Spark.
Sorry, I think I missed your CapEx for FY '24. [indiscernible] repeat that for?
CapEx for FY '24 was around INR 108 crores.
The next question is from the line of Veenit Pasad from Investec.
Sir, just 1 -- need 1 clarification. The 2 ropeway projects which were canceled last year, have they come up for rebidding? What are NHAI's plan there -- government's plan, sir?
[Foreign Language].
So [Foreign Language] second time some other party was L1. And [Foreign Language] they are now asking for correction for this deficiency or rectification of those deficiencies or something like that. So most of the players are not participating because of this, right? We will make them attractive [Foreign Language].
The next question is from the line of Navid Virani from Bastion Research.
I just want to clarify my understanding regarding the transfer of the 7 HAM projects. [indiscernible] transfer going [indiscernible] there is no exchange of cash, which has taken place, right? Is that understanding correct?
Yes, yes, yes. Very much.
That was the last question from the participants. I would now like to hand the conference over to the management for closing comments.
So thank you. Thank you, all the investors. Thank you all the stakeholders for supporting us. And we are confident we'll be getting on -- again, back on the track for double-digit growth going forward because we believe that there is big opportunities available in the country in this sector where we are in.
So thank you very much for your continued support.
Thank you, Anandji, and thank you, Ajendraji for [indiscernible] call. We will close the day now. Thank you.
Thank you.
On behalf of HDFC Securities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.