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IRB Infrastructure Developers Ltd
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Good morning, everyone. I would like to welcome all the investors and analysts on this conference call. Wish you all a very happy Dhanteras. Based on the inputs received earlier, seeking time to analyze the results before the call, we decided to keep the same on next day of results declaration. Hope this schedule is conducive to all of you, and you have been able to go through the detailed numbers as well as the presentation release. Call it a V-shaped or a sharp nice push, strong recovery unfolded in Q2 of FY '21 as unlocking was affected in phases country wide, and it is here to stay. We have witnessed strongest quarter-on-quarter growth of over 40% across our 20 toll assets in the group and a 36% quarter-on-quarter growth for the 4 assets housed in IRB parent company. Though it was on a low base of Q1 FY '21, but it was most pleasing to note the collections reaching, and in certain cases, even breaching the pre-COVID level per day collection towards September end and in subsequent weeks. I would like to draw your attention to the initial slides of our presentation, where we have provided project wise details of the recovery trend witnessed. Every crossover of blue line over the red is reflective of the intrinsic strength and deep value that these assets carry. The surge in economic activities seen across all facets and sectors, especially the continuing momentum during the festive season is very encouraging and has further led to some of the projects clocking highest [ TIL ] date collections. Our flagship project, Mumbai-Pune 2 has displayed a sharp recovery. Intercity project movement between Mumbai and Pune got a green signal only towards August end and pick up in the collection since has been unparalleled. We are currently at a daily run rate of INR 3.4 crores, up from INR 90 lakhs per day in April and INR 2.4 crores per day in August. The trend is characteristic of the resilience this project has and reflect the robust potential that lies ahead. Notably, despite transferring 9 assets to private InvIT, toll numbers for IRB parent co. are just 10%, 12% lower year-on-year from INR 443 crores, down to INR 391 crores, due to the strong support from Mumbai-Pune project. The cash profits of BOT segment has, in fact, improved from INR 60 crores to INR 86 crores year-on-year for the quarter, driven by change in project mix. I would like to take a moment here to touch upon the percentage of cashless transactions being handled across all projects in IRB Group. With increasing government push on RFID implementation, the average has increased to over 66% for us, including some of the projects crossing 80% mark as well. As the fast track has become mandatory from 1st January 2021, this percentage is expected to grow significantly further. So net-net, there will be no human intervention in collecting, handling, moving to and depositing cash in banks. The whole process will be automated and run on systems, providing steady, reliable, transparent and cost-effective processes. As a company, today, all our operations run on SAP with every penny being reflected and accounted for in the system automatically. Higher cashless collections would complete the loop and make all our processes automated. Construction phase 2 has bounced back to 80%, 90% of pre-COVID levels. New project bidding was deferred and so was its execution, given the constrained labor and material availability on account of COVID situation. Resultantly, although the Q-on-Q construction revenue has remained stable, we do see a dip in the construction revenue from INR 1.358 crores to INR 777 crores on a year-on-year basis. This explains the marked drop in profits year-on-year. Balanced order book stands at INR 12,100 crores, of which INR 5,100 crore is construction order book, providing good visibility for the next 4, 5 quarters. We expect construction revenue to pick up in third and fourth quarter with monsoons behind us. We completed Yedeshi Aurangabad BOT and achieved full COD for the project, resulting in a 15.5% increase in tariff towards end of the quarter. With construction completion and smoothing of bottleneck along the stretch, we are seeing strong growth momentum for both Solapur-Yedeshi and Yedeshi Aurangabad project. Further, we expect to achieve completion for the Agra-Etawah project soon, which will see a tariff revision of almost 65% to 70% for the project. We would like to be -- we would likely be able to complete at least 2 Rajasthan projects for this fiscal, if not all 3. All these developments, coupled with continued growth in traffic, are expected to result in a strong second half and considering current momentum, we expect to return to profit by end of the year. We have also started the process of next round of fundraise in our private InvIT and have filed a letter of offer with SEBI for rights issue amounting to INR 510 crores in the 51:49 ratio for IRB and GIC affiliates. As per the guidelines for the same and time lines mentioned in the document, we will be closing the same within a week. So overall with operations getting back to normalcy and further liquidity enhance through the rights issue, we are well poised to tap growth opportunities available in the market. We are aiming to back 4 to 6 projects in the bid lined up by NHI for the second half of FY '21. The new guidelines issued by NHI for HAM MCA are encouraging and bring down the commercial loopholes for developers. We look forward also to the 3,000 kilometers BOT bid scheduled NHI has been highlighting. With this, I would request Anil to take you through the financial analysis before we open the question-and-answer session. Over to you, Anil.
Thank you, sir. I will present the financial analysis of Q2 of FY '21 versus Q1 of FY '21. Before, the corresponding quarter is not comparable. We -- because the Q2 of this current financial year was also having some impact of the COVID. We are comparing the Q2 FY '21, Q1 of FY '21. Total consolidated income for Q2 of FY '21 has increased to INR 1,169 crores from INR 1,073 crores and registering growth of 9%. Total consolidated toll revenue has increased INR [ 364 ] crores from INR 262 crores in Q1 of FY '21, registering growth of 39%. The consolidated construction revenue for Q2 of FY '21 has remained at INR 759 crores from INR 760 crores in Q1 FY '21. EBITDA for Q2 of FY '20 1 increased to INR 601 crores from INR 529 crores in Q1 of FY '21, registering growth of 14%. The strong and bounce back in operation has resulted increased -- 14% increase in EBITDA on Q-on-Q or quarter-on-quarter. However, same has not reflected in cash profit increase due to 2 months moratorium was available and [ part ] the equipment of moratorium [ aware ] in the Q1 of FY '21. The interest was -- has also increased from INR 366 crores to INR 435 crores. And depreciation has -- in line of the revenue, the depreciation has also increased from INR 84 crores to INR 129 crores. And PBT has decreased to INR 37 crores from INR 79 crores. After the share of loss from JV, loss is INR 20 crores as against a loss of INR 30 crores. In terms of other income breakup, we had other income of INR 18 crores in current quarter in the construction segment and INR 27 crores in the BOT segment. In terms of debt profiling, we have net debt of INR 12,700 crores, cash of roughly INR 2,160 crores, and net debt-to-equity is 2.3. Now I will request moderator to open the session for question and answer. Thank you.
Ladies and gentlemen, we will now begin with a question-and-answer session. [Operator Instructions] The first question is from the line of Vibhor Singhal from PhillipCapital.
So first...
Sorry, to interrupt you. Sorry, your audio is not clear. Can you move the handset more while speaking?
Is it better now?
A little better.
Yes. Sorry for that. So my question was -- first question was on the toll collection numbers. As we assuming second quarter, we've almost come at par with the [ car ] toll collection in most of our projects. What would be the current status right now, given that we are already 2 weeks into the month of November? So are we already past the toll collection that we were doing on a daily basis for almost 2 weeks last year? And how do you see it picking up in the remaining part of this quarter and Q4 as well?
Good morning, Vibhor. I think you are right. The strong collections have continued even in this quarter. And even as we speak, ESB, in most cases, barring the under construction project in rest of the projects, we have either touched the pre-COVID levels or in some cases, we are even cross that number. That is right understood.
And we expect the growth to continue in Q4 as well?
Yes. I think given the present momentum, we expect to actually have a year-on-year growth in the fourth quarter. In fact, we are within one of the strongest growth presently. And if this continues, I think, Q4 for sure, we will be able to actually give a year-on-year growth rather than -- not only the quarter-on-quarter, but year-on-year growth as well.
Right. And sir, for most of these BOT projects, the provisions that the government had made that because of the lockdowns, the toll -- the concession figure of these projects will be extended by minimum 3 months and maximum 6 months. So are those conclusions still going on? Or have those been finalized for the project?
No. I think the minimum 3 months is a given because that is as far the Finance Ministry's announcement, whether it's InvIT, which was how much more than 3 months, it will be a part of the calculation. We have already submitted our claims basis that, and we have to keep updating them. So I think by early November, we have, in most cases, we have reached the 90% number. So we have submitted our claims. And once we have a final say from NHI, we will keep all of you informed. But one can surely pencil in a minimum 3 months.
Right. Also, sir, on the new HAM guidelines, which have recently come from NHI. I think those -- many of those are actually quite important as BS developers have been asking that from NHI. So it's good to see that. But all of these are only from the only prospective projects, right, sir? There is no retrospective implementation of changes in the concession agreement that is being either contemplated or being asked by us as developers lobby also from the government?
I believe you are referring to the HAM projects, where interest rate linkage basically is being changed. So yes, the language that I could read through only suggest for the prospective projects. But the demand from the industry was for retrospective implementation of the same. Now whether that happens or not, the jury is still out.
Right. Right. Sure, sir. Another just a few bookkeeping questions. In the order book that we have given, we haven't taken the latest per project, but [indiscernible] project in our order book, right, sir?
We have taken VM 7 in our order book.
So the order book includes the 2 HAM projects, sir?
Yes. One is under construction, other is under award phase. So we have taken these 2 projects.
Because we have signed the [indiscernible].
Right. So sir, but if I look at the order book, let's say, just the EPC order book. Last quarter, it was around INR 5,700 crores and this quarter, it is around the INR 5,100 crores.
Basically, last quarter itself was the project was awarded and we have also [indiscernible].
Right, of course, right. So we can put it in the last quarter. So sorry for that. [indiscernible] Sir, lastly, if you could give CBD gross debt number at the consol as well as the standalone level.
Yes. So basically, the project that -- consol is in the INR [ 15,000 ] crores, and net debt as earlier readjusted INR 12,700 crores. And the data at parent and MRM put together, excluding OD, will be roughly INR 3,200 crores as well.
INR 3,200 crores?
Yes.
And sir, do we expect this standalone date to increase or maybe remains at the same level by the end of this year, even though requirement for the equity in the half will be more?
I think we will try to keep good cash on hand rather than reusing it. And once the situation normalizes, we can always pare it down. But for now, we don't have cash to pare it down immediately. Sure.
The next question is from the line of Mohit Kumar from DAM Capital.
Yes. Congratulations on good set of toll numbers. My first question is on the -- this new HAM project, which you have won on Vadodara-Mumbai Expressway. When do you take the [ pointed ] date to be given? And what is the status of land -- land status?
So for this project, the concession agreement, as we mentioned, has already been signed. The financial closure is to be achieved in 4 months' time. We are at an advanced stage to achieve the same. Simultaneously, on ground work has also picked up in terms of taking over the site. And I think before we achieve the financial closure, NHI should be in a position to hand over the land as well. That's our initial understanding.
Okay. So they expect it by Q4, somewhere around Q4.
Some turnover from this order, we can surely expect in Q4 of this year.
Sir, our run rate for the EPC has declined for the Q2 Y-o-Y, Q1 was weak. Q2 was -- Q2 and Q1 is flat. How should we see it going forward for H2? And given that we don't have a pipeline of projects at this point of time, how do you see FY '22 going?
Yes, it's a good question. I would like to answer this a little bit more elaborately. As an asset owner, the focus always remains on bagging assets, which can give deep value and generate significant cash flow over the life of expensation. Consequently, as a part of the business model, the execution being done departmentally, the construction turnover also comes along with the win of a BOT project. Now what we have been doing very selectively is we have -- we did bid on 2 HAM projects. But our focus is very clear that unless there is a good margin possible, we don't want to just go and bid projects for the sake of order book. It has to make sense to the balance sheet of the company. It has to generate good cash for the company, only then are we going to run after projects. Today, we have accumulated an asset size of over INR 50,000 crores across the 3 verticals that IRB operates, that is the parent company and the 2 trusts. So we want these assets to sweat, generate significant amount of cash. And consequent whatever construction turnover we are able to get, we will do that, but we are not going to unnecessarily go and try to win projects by compromising the margin or get into a turnover game. We are not going to do that. So our approach is going to be very, very selective and prudent.
Okay. Understood. And on this BOT, of course, we don't see any pipeline as of now, or the -- of course, the NHI has also -- has had issued BOT device, BOT concession agreement. But we don't see anything on pipeline. Have you heard anything, your expectation for H2? Or you thinking FY '22, only the bids for BOT is likely to happen?
So we look at it in this way, that today, the INR 5,100 crores of construction order book gives us the visibility of, say, another 1 year, 1.5 years. In this 1 year, 1.5 years period, we have to ensure that we win sufficient orders for the construction vertical to keep getting turnover, and they keep earning for themselves. So on the BOT side, yes, the government has announced 3,000 kilometers of projects. The same are yet to be seen in terms of awards. But as I said, we have already have Mumbai-Pune project that has come in. And with the increased revenues, even on a BOT portfolio as a standalone business segment, we should start making significant profits from -- for FY '22 onwards. So construction vertical plugging revenues are picking up the mantle for generating profit is increasingly going to go down going forward as the portfolio stabilizes and starts generating significant cash. So it is not that much of a worry to us. We will look at new opportunities only if it makes sense as a business.
Sir, lastly, on the equity requirement. I believe our equity requirement will be completely met after raising for the InvIT? And secondly, on the Vadodara key, in this new HAM project, how much is the equity requirement?
New equity requirement will be almost INR 200 crores, but that will be required over the next 2 years. And as far as the existing pipeline of BOT projects is concerned, another INR 600-odd crores of equity requirement remains to be met, which has to be met jointly. So not much of equity requirement remaining to be funded. And we are adequately -- we have adequate cash flow to make the same at this point in time.
The next question is from the line of Teena Virmani from Kotak Securities.
My -- I have 2 questions. My first question is regarding the funding from GIC. Like as per the initial transaction, INR 44 billion was the amount which is supposed to be received from GIC. So you've already received INR 37.5 billion. So out of the remaining INR 6.5 billion, this rights issue would be part of this INR 6.5 billion? Or it's a separate transaction?
No. It is a part of the same transaction. So as you rightly calculated, INR 37.5 billion has already come in, another INR 2.5 billion will come in now. And as the progress of the project progresses, the remaining also will come.
So remaining around INR 4 billion, INR 4.5 billion, that would come through in next 1, 1.5 years as and when project get completed?
Yes.
Okay. And regarding the consolidation of now Mumbai-Pune is now fully part of the financials. We don't see a significant increase in the depreciation charges for this quarter despite Mumbai-Pune recovering sharply in terms of revenue collections. So is it going to increase further? Or is it going to be the run rate going forward? Because I believe the current quarter does not capture in fully the amount of depreciation, which ideally should have come through Mumbai-Pune. Am I right in my understanding for that?
Yes. The depreciation has increased by 50%. And on Mumbai-Pune, because of the earlier past issue in Maharashtra, the full place, I think, has started, I think, from 8th of September. And next quarter, there will be, as the revenue will be higher, definitely, there will be increase in the amortization and efficiency.
Okay. Okay. And lastly, sir, on the borrowing -- sorry, the last quarter, also, you mentioned that there was an increase in the borrowing, firstly, on account of Mumbai-Pune; and secondly, also on account of some increased debt at MRM level also, and that should go down during the year. So far, it seems to be on a rising trend. So when do we see it going down? Or is there any specific target in mind that by end of FY '21, we will have a gross debt number of so and so. What is your guidance on the project number for the consolidated basis?
So rather than giving you a number, I would say that we are, as a conservative strategy, we would like to keep cash on hand for now rather than paring down that debt. And by end of FY '22, we will look at a long-term strategy how to pare it down. But till then, related levels of debt and related levels of cash in hand, both will continue given the uncertainties.
Okay. So it would be in the range of just INR 14,000 crores to INR 15,000 crores because now, Mumbai-Pune debt will be fully there in these numbers?
Yes.
So no further increases there?
No. There are 2 tranches of Mumbai-Pune, which are still to be paid to MSRDC. As you know, we have already paid INR 6,500, another INR 850 crores in March 2021 and INR 850 crores in '22 is still to be paid. Some component of debt drawdown will happen at that time also at the SPV level. So as I said, after 1 year or so, the debt level will stabilize from where the journey downwards will start.
Okay. Okay. So we'll start seeing it going down from FY '22 onwards?
Yes.
And lastly, sir, you've also given the gross net number for MRM and the parent, which is around INR 3,200. Can I have the net debt number also?
So net debt, roughly INR 2,000 crores of cash available over there. So net debt will be INR 1,000-odd crores.
The next question is from the line of Prem Khurana from Anand Rathi.
Congratulations on a good recovery in toll connection. Sir, I think in your opening remarks, you said that you're looking to add 4 to 6 more projects. Would you be able to quantify in terms of value that you're looking to add? And when you say 4 to 6, these would be -- we're talking about hybrid annuities only because, I mean, at least at this point in time, I mean, we don't have much in terms of BOT. So when you say 4 to 6, these would be hybrids or expect some of these BOT to come through during the year, and you'll be able to have some of these come to you?
So yes, you are understanding is right. We expect 4 to 6 projects when we say a substantive amount of those will be hybrid annuity, and maybe 1 or 2 BOTs if they get announced and bid out before end of this financial year. So primarily hybrid annuity projects is what we are talking about. And in terms of amount, anywhere between INR 5,000 crores to INR 7,000 crores of additional orders is what we will look for to win in near future.
Okay. So it's fair to understand that, I mean, after this new concession agreement that you have a high parameter level of some positives vertical has gone up substantially because of the way the changes have been incorporated, right?
I couldn't get your [indiscernible].
No. So I'm saying, I mean, the concession agreement that you [indiscernible] in day for yesterday from government authorities or NHI towards the HAM projects. I mean, they have linked now the return to file your bank rate -- instead of bank rate or MCLR. Would it make you go a little aggressive on the hybrid annuity side? Or is the -- are the -- have an expectation in terms of returns don't change on this which is where you would still perform BOT to a lower hybrid?
I think the adjustment announced by NHI is more to think with the way the bank rates have moved. And the disparity that had arisen as a result of that, yet it's more of a course correction. I don't see the returns in HAM project going up as a result of corrections done by NHI. It will at best, go back to what it was originally. So HAM projects typically have low IRRs, and they are more of a deferred EPC project. So they will continue to be the same, and they are not going to generate significant amount of value as a company. So that value creation can only happen from the BOT side. But also at the same time, to keep your construction being busy, you do need hybrid annuity projects. And that's what we intend to do, and that's what we said when we said INR 5,000 crores to INR 7,000 crores of projects.
Sure. And one more, if I may, [ Peter ], on the strategy side. I mean internally, have you given a thought to kind of look at some other segment figures we have always been kind of single focused company roads and NHI -- I mean, has been trying to kind of scale up, but then we've seen shocks. I mean we saw then go to INR 7,000-odd crores [indiscernible] in between down substantially and this year, again, they're only targeting INR 4,500, which is still way below the peak that we have seen. So the growth has been a challenge in for some or the other reason. I mean have you -- given this, I mean, have you given it a thought to kind of look at some other segments like, let's say, like some airports? I mean we -- given the fact that we already have some [ more work ]?
Our diversification at this stage is not immediately on cars. We keep looking at opportunities. But at the moment, we will still wait out and see what the NHI has to really offer as regards the 3,000 kilometer BOT pipeline they have been talking about for a long time. And in the meantime, we will keep ourselves busy with 2 HAM projects. And once we have a long-term visibility from them, then we can restrategize as to what is needed to be done. But till then, we're focused on the road sector alone.
Sure. And then, sir, 2 bookkeeping questions, please. One was essentially, how much is the pending equity requirement for our first hybrid annuity now? Or is it already done?
I think, of course, first hybrid annuity, it will be approximately INR 50 crores to INR 75 crores only.
INR 50 crores to INR 75 crores. And how about the deferred change that we are supposed to receive from the private investor the money, which is INR 3,100-odd crores, which was there at INR 3,100-odd crores in March '20. I think a part of it was supposed to come through this year. Any clarity on how much could be the amount this year and how much we're speaking about next year?
I think probably because of the COVID this year, by FY '21, we may not receive any amount on that. And probably the -- most of the -- part of the amount will come in FY '21 only. Anyway, only INR 700 crores was shown as a receivable within a year.
The next question is from the line of Parikshit Kandpal from HBSC Securities.
Sir, my question with regards to a news item which has comments on the stand duty paid on Mumbai-Pune Expressway of 0.2%. So if you can just clarify what is the issue here?
Sure. I think it is a nonissue to my mind because, as you all are aware, stand duty is not something which an individual decides. When you get into an agreement, you have to find the document with the registrar and they adjudicate the document and instruct the party how much stand duty is to be paid. So a similar stand was taken in case of Mumbai-Pune also. And we have filed the document with the registrar. They had adjudicated the agreements and then directed the necessary stand duty to be paid. That amount was then weighted by the lawyers and bankers of MSRDC, namely [ Mastrangelo ] and SBI Capital Market. And after the due diligence was completed, the stand duty was paid and agreement were executed. So somebody is trying to rake up an issue out of a non issue, and we are not going to get into that at all.
Okay. Okay. My second question was on the pledging of the InvIT share. So any view there?
Pardon?
The pledging of the listed InvIT shares by IRV.
Yes.
So any view there to why was it done? And...
No. It was done to raise cash at the company level.
[indiscernible]
As a security, it was given as a security.
Okay. There's no recourse, I mean, these shares cannot come in market, right?
I don't think so.
The next question is from the line of Rohit Natarajan from Antique.
Sir, you talked about that in your strategy ahead, the focus will be more on BOT and HAM projects. But what about the TOT? Earlier, we had some inclination towards TOT projects. In fact, even NHI TOT packages you have bidded for. And even in the current NHI, there is a fifth round of TOT package being rolled out. What is your interest over there? I mean, do you see that as an attractive opportunity?
Yes. You are very correct. I think our stated policy remains BOT, TOT and HAM, in the sequence that I mentioned. And in fact, I will be proud to say that the largest TOT in time value concept is now with IRB. So we are certainly not going to shy away from TOT. And in fact, the reduction in size by NHI on the TOT projects is a welcome idea. And we are evaluating those projects as well.
So the fixed count they have invited for where the -- I think the last bid submission, technical bids, they called for [ 11 20 ] -- by December, they're asking for the bid submission. So are you part of that particular kickdown of TOT?
Yes, we are.
Okay. Sir, my second question is more to do with the rights issue that you're talking about on private end. But can you just elaborate more on what exactly that number would look like there exactly [indiscernible]?
Yes. It's very straightforward. We have signed an agreement with GIC where they were to infuse total INR 4,400 crores as their part of equity in the private InvIT that we have found, INR 3,753 crores had come in as of March. And this is the next tranche as a part of the same transaction. So IRB will be putting INR 260 crores and GIC affiliates are likely to put in INR 250 crores as a part of the rights issue, which should close in the coming year.
Okay. And lastly, a bookkeeping question. If I could get the breakup of this year -- this quarter's consolidated interest cost of how much will be the interest attributable to this Mumbai-Pune package?
Mumbai-Pune, I think the outstanding debt on Mumbai-Pune is INR 5,564 crores, which we can calculate at 8.4%.
The next question is from the line of Vibhor Singhal from PhillipCapital.
Sir, just a little clarification. Sir, the INR 4,400 crores that was supposed to be invested was to be invested by BIC. So why are we participating at that INR 250 crores into that amount as well?
Well, it's a 51%, 49% combination. So a private InvIT where IRB continues to hold 51% units and 49% goes to GIC. So naturally, every time they bring in money, we will put in money to retain our 51% share.
So basically, just to sum it up, our share was at INR 4,600, and theirs was INR 4,400. They are bringing their share, we are bringing our share.
Right. So sir, if I remember correctly, initially, they had said that, okay, INR 3,000 crores will be kind of a buy and then INR 1,400 crores equity, both of us are going to put it. So their share was INR 3,000 crores, plus INR 1,400 crores, that's INR 4,400 crores. And because we had already put in around INR 3,200 crores, that plus INR 1,400 crores was taking our share to INR 4,600 crores?
Yes.
Am I right about that INR 4,600?
Yes.
So what I'm trying to say is that INR 4,400 crores was supposed to the total contribution from GIC alone. Our own contribution was supposed to come, of course, along with that. So there is no change in that, right? BIC will contribute INR 4,400 crores to this [ InvIT ]. We can, of course, commensurate the equity contribution in the 51-49 ratio?
Yes, absolutely no change.
Right. So the INR 4,400 crores is coming over the period of whatever the investment is required?
Basically, as earlier explained, Vibhor, INR 37.5 billion was came in, in first half. INR 2.5 billion is coming now -- so we will reset to INR 40 billion. And INR 4 billion will come in over the period of 9 to 12 months as the transaction will cover it.
Fair enough. Fair enough, sir. And sir, [ Vencor ] mentioned that the total equity requirement for existing projects is around INR 600 crores. Does that include the INR 250 crores that we are putting in this private InvIT? Or that was for non InvIT projects?
See basically, if I can just explain you how much equity left out. Roughly private trust equity left out is INR 450 crore. And the -- both InvIT put together will be roughly INR 200 crores, INR 225 crores equity is left out. Both put together translates to roughly INR 600 crores, INR 650 crores of equity balance.
So the total portfolio we see at across all the InvIT end of our own portfolio, right, sir?
Yes.
Fair enough, sir. So just last question on the EPC side. We did around INR 700 crores of revenue this quarter. Given that the second half project will probably have some contribution in Q4 only, do we expect some meaningful pickup in the ETC revenues in Q3 and Q4 because of maybe not -- monsoon not being there in this quarter? Or do you believe it would probably be in the same date and it's only next year that we can pick up -- see some pick up in the revenues?
So my sense is that the Q3 and Q4 construction turnover should be much better than the first 2 quarters. And I think, as I said, the balanced construction order book provides us visibility for next 4 to 5 quarters.
The next question is from the line of Ashish Shah from Centrum Broking.
So just wanted to know what is the revised timeline for completion of the Rajasthan projects and the Hapur Moradabad project? And if possible, the outstanding EPC values of these projects, sir?
So Ashish, I think 2 of the 3 Rajasthan projects should get completed before March. Agra is our project likely to get completed this [ March ] itself. Hapur likely to get completed by September next year. And the third Rajasthan project before monsoon next year.
Okay. And the outstanding EPC values, if possible, for these projects?
Do you have it ready?
We will share you a bit directly.
Ladies and gentlemen, here the time constrained, that was our last question. I now hand the conference over to Mr. Virendra Mhaiskar for his closing comments.
Thank you, everyone, for taking time out and joining us on this conference call. We would like to once again wish you all a very happy Diwali, prosperous New Year and good health and stay safe. Thank you so much for being with us.
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