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Ladies and gentlemen, good day, and welcome to J. Kumar Infraprojects Limited Q2 and H1 FY '23 Earnings Conference Call. [Operator Instructions] Please note that this conference is being recorded.
Before we begin, a brief disclaimer. The presentation which J. Kumar Infraprojects has uploaded on the stock exchange and their website, including the discussion during this call contains or may contain certain forward-looking statements concerning J. Kumar Infraprojects business prospects and profitability, which are subject to several risks and uncertainties and the actual results could materially differ from those in such forward-looking statements.
I now hand the conference over to Mr. Kamal Gupta, MD, J. Kumar Infraprojects Limited. Thank you, and over to you, sir.
Thank you, Sima. Good afternoon, everyone. On behalf of J. Kumar Infraprojects projects, I welcome everyone to the Q2 and H1 FY '23 Earnings Conference Call of the company.
Joining me on this is Madan Biyani, CFO, and our IR team. I hope everyone had an opportunity to look at our results. The presentation and press release have been uploaded on the stock exchanges and our company's website. We are excited to deliver another quarter of healthy performance with stable EBITDA margins and debt level.
We are witnessing strong execution momentum across all our projects and our focus to create value for all our stakeholders. We are witnessing pickup in new projects awarding. We have so far received projects to a tune of INR 1,688 crores in FY '23 and are confident of achieving our target order book of -- for this financial year.
Further, recently, the income tax department conducted search under Section 132 of income tax in the normal course of business. We have extended full cooperation and support in the search proceedings through the department under the law, including providing timely and complete information by the company. We are committed for working with the authorities to address any questions they might have and shall continue to provide any further details that might be required. Further, the management is of the view that this will not have any impact on the company's financial position.
Well, the company was awarded following orders: one switch tunnel project of Phase 1 from Don Bosco to New Malad from MCGM amounting to INR 510 crores, excluding GST in JV, where J. Kumar's share is INR 306 crores in Q2 of FY '23.
We have also been awarded a hospital project, Siddharth Municipal General Hospital at Goregaon West, amounting to INR 315 crores, excluding GST in Q3 of FY '23.
Coming to the performance highlights of Q2 FY '23. The revenue from operations for Q2 FY '23 grew by 31% to INR 1,113 crores as compared to INR 772 crores in Q2 FY '22. The operating margin for Q2 FY '23 has gone up by 32% to INR 146 crores as compared to INR 110 crores of the preceding year.
The EBITDA margin for Q2 stood at 14.4% as compared to 14.3% in Q2 FY '22. The PAT for Q2 has gone up by 64% to INR 68 crores as compared to INR 41 crores in the preceding year of Q2. The PAT margin for Q2 '23 stood at 6.7% as compared to 5.3% in Q2 of [indiscernible].
Now coming to the performance highlights for H1 FY '23. The revenue from operations for H1 FY '23 has gone up by 39% to INR 2,007 crores as compared to INR 1,447 in H1 of the preceding year. EBITDA for H1 '23 has gone up by 38% to INR 286 crores as compared to INR 207 crores in the preceding year. EBITDA margin for H1 '23 stood at 14.3%. The PAT for H1 '23 has gone up by 77% to INR 129 crores as compared to INR 73 crores in H1 of FY '22. And PAT margin for H1 '23 stood at 6.5% as compared to 5.1% of H1 of the preceding year '22.
The company continued its focus on working capital management and quality of order book. Our order book as on September 30, 2022, stood at INR 11,439 crores. The order book includes metro projects contributing around 55% while flyover, bridges, tunnels and road contribute to around [ 33%. ] We remain optimistic on India's growth amidst continuing global geopolitical uncertainty.
And before taking Q&A, I would like to reiterate the vision of the company. With strong financial and technical merits, we envisaged becoming a $1 billion revenue company by FY '27. Our endeavor is to reduce gross debt level in medium term. Objective is to continuously improve shareholders' return ratio, ROE and ROC by investing in people, technology and process.
Now we are open for Q&A.
[Operator Instructions] We take the first question from the line of Mr. Alok Deora from Motilal Oswal.
Congratulations on pretty decent numbers. Sir, I just wanted to understand that like we have -- we are among the few players who have done a consistent margin performance despite the sharp increase in the input cost. So what's the outlook on the margins now? So when the costs have come down now, will the margins remain in this 14% to 15% range? Just some color on that, sir.
Thank you, Alokji. Yes, of course, like we have been giving performance, consistent margins throughout the year. And this year also and going forward also, whatever our order book is there is we secured 14% to 15% of EBITDA margin. So like we are very confident to deliver the similar margins going forward.
Sure. So the..
And as you know, like because as you must be aware, like all of our price -- these contracts are covered with price escalation clause, so that any increase or decrease in the commodity prices does not impact on our margins.
Sure. And also, so the order book is pretty strong at around of INR 115 billion. So what is the order inflow target now for this financial year? I might have missed out that number if you had given in the opening remarks. So just if you could repeat that number.
So we have given a target guidance of around INR 4,000 crores to INR 5,000 crores of order inflow in this year. Out of this, till now, we have already secured around INR 1,600 to INR 1,700 crores of projects, INR 1,688 to be more precise. And we are confident by the year-end, we'll be able to meet this inflow target of INR 4,000 cores to INR 5,000 crores. We're keeping our order book of around INR 12,000 crore to INR 13,000 crores by the year end of March '23.
Sure. And any projects where we have already bid, where the bids are yet to be opened or any color on that?
Yes. So we already bided INR 6,000 crores of projects, which include NHI project of Kerela, which is a limited project of -- at Kochi. We also bidded for this C1 tender of high-speed recently, some days back. So we are waiting the results and there are some small projects also of INR 200 crores, 300 crores. So around INR 6,000 crores to INR 6,500 crores are already bidded.
Sure. Just last question. So sir, this -- you mentioned that the tax rate, and it was not -- it is not impacting the business operations. Any more color you can, so what is it related to and any future if any such implication could be there for that?
So Alokji, I think this is a routine course of business. And like the same question, I asked them, why have you come like -- so they told you guys are growing too fast. So like I think the companies which are growing, so this is a normal course of business, and they will -- I'm sure there will be no impact on companies growth, operations or financials on this year. So I don't think there are any issues on this.
We take the next question from the line of Mr. Dhananjay Kumar Mishra from Sunidhi Securities.
Sir, congrats on a strong set of numbers. Sir, our operating cash flow in first half is down when compared with the last year number. So did we face -- are we facing any working capital issue or payment issue due to change in government in Maharashtra and because 60%, 70% of our project is in Maharashtra. So how do you see this?
So I'll take this question, Dhananjay. Yes, there is a comparatively from H1 last year and H2, the operating cash flow -- the main reason for that is a certain increase in trade receivable balance sheet as on 30 September 2022. And we did an exercise like post collection. So a substantial amount in the range of around INR 250 crores or so has been already received in October month. So this is a particular nature in EPC industry and the construction industry, so....
So Mishraji, as like Mr. Madan has told you, we have already received INR 277 crores till last week of Q2 balance. So out of this, this is already around INR 300 crores are minus. So trade receivables -- but we don't have any stress on the cash flow because of this, I mean as [indiscernible], absolutely this is a temporary nature in the construction industry. So should -- no issue on this regard.
Okay. And with respect to our bid pipeline, when do you expect these to be awarded, I mean, INR 6,000 crore of bid pipeline you have, so?
Yes. So this should be like these results will be declared in a month or 2 like November end or December for what [ forward ] we have bidded. So the technical process is on. They should open the bids by November and/or December max.
Okay. So next 2, 3 months, we will have some results in terms of order inflow?
Yes, yes, absolutely. Because these are the projects that we already bidded, Mr. Dhananjay. We are also in process of bidding around INR 70,000 crores or INR 75,000 crores of projects in coming 5 months.
Sorry, 70?
We are also in the process of bidding additional projects by March end in all the sectors. We are looking to bid for around INR 70,000 crores of projects in coming 5, 6 months.
INR 70,000 crores, 7-0?
7-0.
We take the next question from the line of Mr. Mohit Kumar from DAM Capital.
Sir, one query on the working capital, if you can spend some time. If you can just help us with the loan to subcontractors and bill revenues, the mobilization advances in this -- at the end of H1?
Sorry, Mr. Mohit, can you come again with the question?
Sir, I'm looking for 3 numbers. One is unbilled revenues during the quarter by the end of September and mobilization advance, and third line item, which is loan to subcontractors, which is -- which was INR 25 crores at the end of FY '22?
Yes, Mr. Madan will answer this.
So the unbilled revenue, as we are speaking, we are at INR 548 crores as on 30th September 2022. And mobilization advance, we are at INR 541 crores. That's on 30 September 2022. And what is the third number you spoke about?
Loan to subcontractors?
Loans to subcontractors.
Loans to subcontractors?
Rate of advances you have given to subcontractor, yes. It's not [indiscernible]..
There's no substantial number on this.
But I can come back to you.
Understood. Understood, sir. it was INR 25 crores at the end of FY '22, it's not a big number. Sir, my second question is, of course, on the debt number you spoke about reducing the debt as we go forward. What is the number you're looking for at the end of FY '23? Can you just -- some trajectory, some commentary around that, yes?
Yes. So if you see, we have reduced our debt by INR 23 crores in this quarter. And going forward, we look to be within INR 500 crores by March end.
Okay. And we can expect this number will not grow as has increased our revenue or touch our target of $1 billion by FY '27. Is that a fair assumption?
Increased by?
No, no. I'm saying that as we grow our revenue, can you expect this number to be at a similar level or...
Yes, yes, similar numbers. Similar level, Mr. Mohit, absolutely similar level.
Lastly, on this bidding opportunity, [indiscernible] see a bid for INR 6,000 crores. But are there any other large tenders which are -- which you think will is opportunity available over next 18 to 24 -- next 12 months for us, large ticket tenders? Because that there's a lot of metro tenders over now. So that's the reason I'm asking, yes.
Correct, sir. As rightly told by -- there are a lot of opportunities coming. And as put before also, we are looking to bid for around INR 70,000 crores to INR 75,000 crores of projects in coming 6 to 9 months going forward. So of course, our focus areas, again, are metros like we look to be a lot of metro projects elevated and underground. Sewage, water and tunnel projects also are focus area, flyover, roads, building, hospitals. So these are the focus area we'll be bidding in the coming future. So as told by Maharashtra itself has announced around INR 4,00,000 crores of projects like in the coming 2 to 3 years.
So there are a lot of inflow all over the state in India. It's not only Maharashtra, of course, Maharashtra is our focus area since we start up here. So we'll try to tap a lot of work here itself, but we are also focusing on other states like Chennai Metro for NCR region, like a lot of projects are coming in medical as well as sewage, water flyover, bridges. Mumbai, like you are aware that a lot of metro lines are added, already the [indiscernible] is on, you must be reading the paper and a lot of tunnel projects are coming in Mumbai itself.
The GMA tunnel, what we'll be quoting like last time also we spoke about this very [indiscernible] There are some coastal road projects coming up, like Virar is under pipeline and this Virar to Alibagh Corridor, multimodal corridor is in progress, extension of MTHL to Chennai will be there. So a lot of projects in pipeline, Mr. Mohit. So there won't be dearth 3 of inflows, I hope for everybody. Yes, yes, and as you are well -- we have augmented ourselves like with a healthy balance sheet and announced activation capability, we are fully prepared to tap on this opportunity.
We'll take the next question from the line of Jiten Rushi from Axis Capital.
I want to understand on the tender pipeline. So there were like large tenders announced from the Mumbai municipal corporation for the road projects, these as like last ticket projects for the improvement on [ sanding of coal ]. So what is the status on these tenders because the tender is valued over INR 6,000 crores in total?
Yes, yes. So you are asking my view on bidding?
I mean it was, these projects were announced in August, almost like 2, 3 months. So whether the bidding has completed or are they still getting -- is it getting postponed? -- are we still participate?
Yes, bidding is not done there yet. And like we may or may not quote on that. So we are not sure whether we'll be quoting on that project.
Okay. Okay. And this is basically -- but any reason behind or is it just because it's an out-of-state project, that is why or how it is like?
No, no, it's not so like that project probably like in [indiscernible] city, there will be, let's say, a combination of number of roads like if it is INR 1,000 crores or INR 1,500 crores there will be more than 30, 40 roads in some of the packages, the small, small, small batches. So that's why we are in doubt to quote or not.
Okay, okay, okay. This being our strong hold Mumbai...
[indiscernible] been a continued stretch, it's much easier to control the project.
Okay. Got it. And sir, on the [indiscernible], the metro project. So can you just highlight the completion status like Mumbai Line 3? What is the pending Line 7 and other...
Absolutely, Mr. Jiten. So as you must be aware, we have already passed opening of Line 2 and 7 is already done in April, which is operational 2 and 7. And we further expect Line 2 and 7 to be fully operational by Jan '23, in another 2 months, 3 months, okay? So this is elevated metro. And coming to the underground metro Line 3, so it has there divided in 2 phases. The first phase is from [ ships ] to BKC, and 87% of this work is completed. Tunneling work is fully completed. Station works are undergoing. Electrification, track flowing work by respective contractors are going on simultaneously. And we believe MMRC should be looking to open this line by December '23, the first phase. And June '24 by the second phase, yes.
And sir, on the Dwarka Expressway, so we should be completing this March -- possibly by March?
Dwarka Expressway, as of now, [ 50% ] of the work is completed and work is going on in full swing. And we expect like part of the project to be open by around May '23. The package 2 will be done and like package 1 will be going on. We have got some additional work also in that. So the entire Dwarka Expressway will be completed by November '23.
And sir, on the pipeline, as you said, INR 70,000, INR 75,000 crores of pipeline, which you should be participating. So can you break down...
Jiten, you are not audible properly. Can you speak clearly?
Can you hear me now? You said that there is a pipeline of around INR 70,000, INR 75,000 crores of projects, which you are likely to participate in the coming months. So can you highlight, so what is from NATI road segment and on the metro break hour on the [ high road ] segment, can break it up into the size in terms of value?
I cannot give you this breakup in terms of department-wise, but I have told you like what are the big projects coming in pipeline -- yes. So if you want like I have to work out like which are -- which departments work, but the...
You can provide later, it would be really helpful. So I want to understand like what is the pipeline coming from the different segments that basically -- and sir, on the -- yes, sorry sir, so you're saying something.
Yes. Segment-wise, like we are planning to bid up around INR 25,000 crores of project, INR 22,000 crores to INR 25,000 crores in metro elevated on the ground. Sewage water, we are planning to bid for around INR 4,000 crores of projects. Flyover bridges will be around INR 40,000 crores of projects and building hospitals for around INR 3,000 crore to INR 4,000 crores of projects.
Okay, okay, okay. Sir, sewage projects, sir, I know we have done some projects in the past, but if you're talking about large size projects, so these projects, we are independently qualified or we shall be bidding in churn in such?
So we do at some places. And sometimes, we don't so we do more joint ventures. And like recently, we are back like [ one INR 500 crores project ] as you are aware, of the sewage tunnel, as I told you in my opening remarks. So that is in JV, where our share was like INR 306 crores. So where we don't qualify, we go for JV.
Sir, lastly on the CapEx. So what is the CapEx you have done in first half? And what is the additional CapEx you expected to do in FY '23 and '24, sir?
So we have done around INR 20 crores, INR 22 crores CapEx. And we expect to be around INR 90 crores to INR 100 crores of CapEx in the whole year. This is what guidance we have given -- CapEx, routine maintenance capacity.
And sir, next year any...
Of course, we have ordered 1 PBM. So that will come into this, like for our Delhi project, we ordered 1 PBM.
That would be INR 50 crores, INR 60 crores. This will be a major one, right?
Yes, yes, so that will be around INR 60 crores, you're right.
And sir, just last thing. Obviously, the business is doing good. And we had last night at your office, so you were discussing the future pipeline. So the road map seems to be clear. But sir, anything -- any changes from that road map we see in terms of deviation, in terms of revenue margin or any division in other segments? Any change in the thought process as of now?
So Jiten, like as I said this is a golden period for India infrastructure industry. So coming 7 to 10 years, there will be huge inflow. Of course, commodity prices can go up and down, but like you'll appreciate all of our contracts are covered with price escalation clause. So we don't see any risk in terms of this. The company is having in-house activation capability with a financially disciplined set up like other best opportunities for this company. So I don't see any risk going forward.
We take the next question from the line of Mr. Parvez Qazi from Edelweiss Securities.
Congrats for a good set of number. A couple of questions from my side. First I mean you mentioned the status of Line 2, 7 and 3. Would be great if you could also tell us about the status of work on the other metro projects that we are doing in Mumbai and in elsewhere?
Okay. So Line 2b started like around 18% to 20% work is completed in Line 2b. Line 6, which is from Andheri West to Powai is 64% completed. The Pune Metro, what we are doing, 80% of the work is completed in that. And like SCLR, what we are doing is around 75% what we completed in that section. And Line 9 also, the work is in full swing.
Okay. In terms of order intake, I mean, obviously, you said that we will look at maybe about INR 4,000 crores to INR 5,000 crores this year. I want to achieve, let's say, about INR 7,000-odd crores of revenues or $1 billion revenues over the next 3 to 5 years, we will probably need to have an order book which is almost double the size of what it is currently. So how -- I mean, which segments and which geographies will we target to achieve that kind of...
Yes. So it's not very difficult, Parvez, if you see. Like as we have already told, like, we want to be $1 billion revenue company by FY '27 with an order book of around INR 20,000 crores, okay? So right now, we have order book of around INR 11,500 crores. As I told you by year-end, we are looking for our INR 12,000 crores, INR 13,000 crores of order book as of 30 March. The segments, the state what we are already working are like NCR, New Delhi, UP, our work is getting completed. Maharashtra, of course, is 65% order book in revenue. And Gujarat, we are working in Ahmedabad and Surat. So these are the states right now we are working.
So we foresee a lot of projects inflowing these state itself but apart from these states, we're also ensuring, as I told you, we are looking for some work in South. We have already quoted for a project in Kochi of around INR 2,000 crores. We are already -- we are planning to bid for projects of Chennai Metro. So like state-wise also, we are expanding.
And like department-wise also, we are expanding. Like we have taken this work of around INR 1,200 crores from [indiscernible] recently of this tunnel from Vadodara to Mumbai. This Surat Metro was again a new clients. So we are venturing new states as well as new verticals as well as new clients. So we foresee like it's a very comfortable achievement like on $1 billion revenue company by '27. I don't see any issues in that, Parvez.
And just 2 more questions. One, what is the status -- when can we expect work to start on the CIDCO Coastal Road projects? And the second is the same thing for the IRCON project?
So for the IRCON project, work has already started, okay? We already mobilized there. The set up is already -- and we already started the excavation and all is already on. So we should get appointed date in coming weeks, probably, okay? So the work we have already started there. CIDCO Coastal project, the work off-site has already started of casting yard, development designs and investigation, that is on. But we are still awaiting for the permission for the forest department and [indiscernible] department, and we expect the permission in a month's time. So on side or in the river the work we started after December only, so by Jan it should start.
[Operator Instructions] We take the next question from the line of Panjul Agarwal from Green Portfolio.
I wanted to ask that how much of the current order book are we expecting to be executed in financial year '23 and '24?
Yes. So Panjul, as we have told you, we have given a guidance of INR 4,000 crores for FY '23 initially, but we have already achieved INR 2,000 crores in H1. So we expect like our order revenue to be in the range of around INR 4,000 crores to INR 4,200 crores by the end of FY '23. And we are looking for a 15% growth for FY '24. So if you see like INR 2,000 and around INR 6,000 -- INR 7,000 crores by -- in the coming 1.5 years will be executed from the....
Okay. Sir, can you give me a segment-wise average duration of the project like for metro, how much is the duration that we required to complete a metro project, similarly for flyover, civil and water projects?
So the decision period usually is around 3 years, Panjul, like some of the projects are like for 4.5, 5 years also, the bigger projects of underground metros. And some of the projects are like for 2, 2.5, 3 years. So we consider around 3, 3.5 years as an average [ completion ] period for the project.
Okay. Sir, and can you also give me an expected margins from individual segments?
So we don't quote any projects below 14% to 15% of EBITDA margin. And if you must have seen, we are able to maintain this before also. So all our projects right now, which are secured also are 14% to 15% of EBITDA margin. And going forward also, whatever we'll be bidding, we will be being similar 14% to 15% of EBITDA margin.
Okay. So there is no individual bifurcation like for metro if the margin is higher, for civil projects if the margin is lower. There's nothing like that. We maintain our average margin?
Yes, average margin. That's true.
We take the next question from the line of Parikshit Kandpal from HDFC Securities.
Congratulations on a good quarter, sir. My question is on the bid pipeline. So you said that INR 75,000 crores is bid pipeline. And you're looking to book INR 4,000 crores to INR 5,000 crores of orders in this financial year, so roughly another INR 2,500 crores to INR 3,000 crores of order, which translates to just about 4% to -- 4% of the overall bid win ratio.
So just failing to understand why we have -- the bid pipeline is so big, but we are guiding less in terms of order inflows?
So Parikshit, as you know we are a very conservative organization. We always believe in surpassing our guidance. So our actions should speak more than the words. So let's see what we can take, but we are bidding for this big pipeline, no doubt. And we expect the results to be much better. That's true.
And sir, especially in the MMR region, which is your core region, large part of order book resides in MMR. So how do you see the key projects, if you can highlight in the bid pipeline, some of the large projects which could come up for bidding between now and March of '23?
Now in March, like, of course, the GMLR Tunnel is in the final stage, which is costing around INR 3,500 plus crores. And -- so like this will be there, which will come up. And like there are some more projects, like there's a [ reverse Karanja ] Creek bridge of minus INR 1,000 crores. It will be like they are coming up with this Pune ring road, costing around INR 20,000 crores, INR 25,000 crores. There will be this -- there are some elevated flyover projects like extension of the Eastern Freeway from [indiscernible] to Thane.
There'll be this coastal road near [indiscernible] which should be around INR 1,200 crores. This INR 2,000 crores of this elevated project from [indiscernible] to Thane. In Thane, there are like 2, 3 elevated projects costing INR 1,100, INR 500 crores. So there is this Kalyan ring road is coming up which would be costing around INR 1,000 crores plus, 3 packages, 2 packages. The extension of MTHL, which will be around again, INR 1,500 crores in 2 packages from MTHL to Chennai and there are a lot of metro projects which are in DPR stage of MMR region. So that will come up.
Of course, it is also planning to have an extension of the metro. So that will come up. And one other project is like [indiscernible] to Thane tunnel project. So that is also the DPR stage is on. So this should come up in another 9 months, 12 months, everything what I'm speaking, Parikshit. So maybe something will come before March, something after March. So there are a lot, lot of projects. HSR projects are, of course, there -- we have bidded for 1 and another 2 packages are in pipeline elevated and underground. So we'll be quoting for that also. Chennai Metro will be putting that is coming up. The [indiscernible] projects are coming. So there are huge projects which are in pipeline. So something will come before March, something also March.
Because I mean, you do see a large part of the -- at least the Mumbai projects, infrastructure projects, and we have outlined so many projects coming up. So I mean, clearly, anything [indiscernible] on what I can make. So you may be guiding a little conservatively here. Sir in terms of overall borrowing costs, so where does the borrowing costs stand now after the hype. So -- also, if you can touch upon fund-based and nonfund-based limits what the currency into utilization.
So borrowing costs right now is around 9% to 10%, Parikshit. And you want to know what is fund-based limits and...
Yes, fund and nonfund based and utilization.
Okay, okay. So our sanction, which are like around INR 3,800 crores fund-based and nonfund-based both. Nonfund-based is around INR 3,200 crore, and that is fund-based. And utilization is around INR 2,800 crores out of INR 3,800 crores. Wherein nonfund-based is around INR 2,390 crores of this....
Total is INR 2,800 crores utilization.
Yes, yes.
Okay. But a change in the situation in March, do you think now some of the project infrastructure more of infra projects will come and it will be easier to work now or this will get [ cheaper ] or there is no change in the plan?
So of course, like there is a positive uptick because if the government is same in center and state, the approvals are much faster, whether it's finance approval or like other approvals of environment and all. So there will be -- the growth should be much faster, no doubt.
And just in the building segment, sir, who -- so how is the bid pipeline? Because you spoke about a lot of road projects and key infrastructure for this and flyover, so especially in the building segment, how do you see the pipeline or the order pipeline, you can just highlight some projects there on the bid pipeline there?
So if you know like we already backed a hospital project in Q3, and we have already completed like INR 800 crore project in Rajasthan, [ 2 billion ] projects in Lucknow. So we are already focusing on some projects. We have bidded for 1 project, but we could not get that like that was a Wadala INR 9,00,000 crores project. So of course, there are more projects in pipeline of whether it's medical college or [indiscernible] or administrative buildings, and hospitals. So we are looking forward to bid that also.
We take the next question from the line of Mr. Shravan Shah from Dolat Capital.
Congratulations on a good set of numbers. Most of the questions has been answered. Just a -- before asking the question, just a request. So whenever we announce the -- any project win or order win in the -- on the exchanges, please mention the -- without GST number also, if you want to add the with GST number, this is the value but at least without GST, if you can provide them, it would be great because last time in October, it took at least 5 to 6 hours to get that value. So that's the one request.
We appreciate it. Shravan, we'll do that.
Yes. Second, as I need the retention some money value because that is left.
Retention money, you mean receivable or what?
Yes, yes, receivable. So last June, we said INR 220-odd crores was the retention money.
It is INR 225 crores as of 30 September.
Okay. INR 225 crores. And the breakup of the cash in terms of the FDR and...
You want the break of what, FDR?
Cash, cash.
FDR, we are at INR 423 crores as of 30 September.
Okay, okay, okay. And sir, this INR 6,500 crore order that we have bidded, you said that the NHI Kerala project is around INR 2,000-odd crore and this bullet train tender, that would be how much?
This is like -- this project, what we are saying, it's like in a lump-sum project. We don't have exact figure, but this will be around INR 4,000 crores also.
Okay. So I'm just trying to get -- so this INR 6,500 crores projects that we have bidded, so only 2 project is part of that. So any other project?
There are some more. There are smaller projects like we have bidded for a depot project in Bangalore, so that is around 270 -- that is -- that project is there in plus 1 ROB at Sanpada. So all this put together is around INR 6,500 crores.
Okay. Okay. Okay. Got it. Sir, CapEx in the cash flow for the first half is already showing INR 90-odd crores, and we said that for the full year, we will be doing a INR 90 crores to INR 100-odd crores. So is that the advances that we have already paid, and that's why they're in the cash flow, it is there. So in the second half, we will not be having any cash outflow on the CapEx front?
No, no. So H1, the figure is not 90, my guess. H1 figure is what? INR 52 crores, H1 is INR 52 crores.
You need to take WIP also together, so that's changed, I think, WIP has already paid last time, capital WIP. So that is only INR 52 crores.
Yes. No, because in cash flow, it is showing INR 90.225 crores. So that's what I asked. No issues.
It is a payment. In cash flow, you always see the payment.
That's what I asked sir, that we would have made the advance payment for the CapEx, and that's why the outflow on the CapEx front in terms of the cash outflow in the second half will not be there because we have already done the INR 90 crore cash outflow, and we are guiding a INR 90 crores to INR 100 crore CapEx for the full year.
We'll have a check on that, Shravan, and we'll come back to you.
[Operator Instructions] We take the next question from the line of Mr. Vipul Shah from Sumangal Investments.
Congratulations on a good set of numbers. My question is what is the schedule of implementation of our order book of around INR 11,500 crores?
Yes, Mr. Vipul. So this, as I told you, INR 11,500 crores will be around 3 years.
Around 3 years? Okay. So it will be implemented equally or it will be -- implementation will be front-loaded? I mean...
No, this is not equally because the projects which are in full swing, the revenue will come much faster. And like projects which are just started or will be starting, the revenue will start slowly and go up. Thus, there will be some additional inflow of projects so that will add to the revenue.
Okay. And sir, you talked about building of INR 70,000 crores to INR 75,000 crores of projects. So means, does our balance sheet permit building such high value projects? So please share your thoughts.
Yes, yes, absolutely, Mr. Vipul, we can bid for INR 1 lakh plus crore projects also INR 2 lakhs. That's not a issue. So like it depends. They have 2 qualification criteria. So one is like technical and one is financial. So we fit in both the places, where the project size will be much bigger or the technical requirements will be different than what we have, we go for JV. So there's no stress in bidding. We have a very healthy balance sheet with strong credentials. So like we fully qualify for most of the projects.
Ladies and gentlemen, that was the last question for the day. I would now like to hand the conference over to the management for closing comments.
Well, I would like to thank once again to all of you for joining us on this call today. We hope we have been able to answer your queries. Please feel free to reach out to our CFO or IR team for any clarifications of [indiscernible]. Thank you all.
Thank you. On behalf of J. Kumar Infraprojects Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.