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NCC Ltd
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Ladies and gentlemen, good day, and welcome to the Q1 FY '23 Earnings Call of NCC Limited hosted by DAM Capital Advisors. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Mohit Kumar from DAM Capital Advisors Limited. Thank you, and over to you, sir.
Thank you, Aman. On behalf of DAM Capital, we welcome you to the NCC Q1 FY '23 Earnings Call. From management today, we have with us Sri Krishna Rao, Executive Vice President, Finance and Accounts; Sri P.V. Vijay Kumar, Vice President, Finance; Shri Neerad Sharma, Head of Strategy and Investor Relations; and Sri K Durga Prasad, General Manager, Finance.
Without much delay, I'll hand over the call to the management for their opening remarks, which will be followed by Q&A session. Over to you, sir.
Good afternoon, everyone. Welcome to NCC Quarter 1 FY '23 Earnings Investor call. I thank each one of you for taking time to attend this. I hope I'm audible properly.
Before we start, I will just set out a small disclaimer clause, and then we shall go into the subject. The statements made here or in the presentations uploaded by the company are, to our best of knowledge, are true, and any forward-looking statements are subject to certain factors beyond control of the company officials and management. And hence, audience are advised to use their discretion in their own analysis accordingly.
Now we shall go into taking the performance of the company for this Q1 into account. I will briefly start with the opening remarks followed by Q&A. I have my colleagues CEO, [indiscernible] Krishna Rager, GM [indiscernible]; and Neerad, Head Strategy and Investor Relations, presenting the call, who may take your questions eventually. Considering the time limitation, we request the audience to limit to 1 or 2 questions per person.
We'll comment to the main subject now. Our economy has shown its [indiscernible] passing through tough challenges in the last 2 years. You're all aware of that. As you may recall, NCC after posting a degrowth of 13% in FY '21, it has recently raised back in FY '22, posting 37% growth. In many sectors, we've seen near pre-COVID level of activity. However, while the pandemic is still around, geopolitical tensions are affecting the ambience of our economy.
The strong growth momentum pushed the real GDP in Q3 of '21, '22 to 1.6% of prepandemic Q3 output of 2019/'20. Also, GST collections during the April 2022 stood at 1.67 lakh crores, registering a double-digit growth of 20% compared to corresponding period last year and 46.7% higher than the corresponding prepandemic level. India's economy grew 7.48% in FY '22 and is expected to grow 7% to 7.5% in FY '23.
Future going forward, it seems government is rightly supporting the infrastructure segment, construction segment as well. In the recent budget, you can see the government giving a lot of trust fund in infrastructure spending and we see it as a good option to drive consumption and growth in the economy. The economic survey also observed that last week's capital formation exceeded prepandemic level on the back of ramped up public expenditure on infrastructure. The government has also emphasized an expanding road network and more emphasis on giving a boost to [indiscernible] plan and [indiscernible] as well.
You will note that NCC's order book comparison of 57% from Buildings division, 18% from water and internal [indiscernible] and the rest in roads, mines and et cetera. So we are well-placed to encash these opportunities. Notwithstanding all these good news, the economy is facing still challenges in terms of high inflation, falling rupees, supply chain disruption, pressure on commodity prices, et cetera.
However, I mentioned that NCC is well-placed in terms of its contract execution, and we have adequate protection in terms of the contract provisions. Considering all this, NCC is well-placed in terms of order book at a level of INR 40,616 crores.
We have started this quarter by buying 4,456 crores of contract in this quarter. The main orders during the quarter back is wastewater treatment plant at Malad, Mumbai, which has 3,833 crores of EPC companies. Of course, it has an O&M component for 1,854 crores as well.
I'll touch upon briefly the financials for the Q1 FY '23 now. We have achieved a top line of INR 2,992 crores with an EBITDA of INR 281 crores. And PAT of 120 crores. This means we have recorded a growth rate of 56% in top line and 132% in bottom line. EBITDA levels remained at 9.51% compared to 10.5% in the previous year. Slight dip in our EBITDA margin is on account of increased material costs. However, compared to previous quarter, the EBITDA margins improved by 100 bps mainly on account of mill or down increase in material costs in the first quarter.
[ Though ] the world financing costs increased from INR 1.3 crores in corresponding quarter last year to INR 1.8 crores during the Q1 FY '23. The revenue has increased by 56%, again, the effect below EBITDA is positive. And hence, you can see the PAT margins are also increasing. Our overall debt remained at INR 1,077 crores as against 1,936 crores at the end of FY '22. I may indicate here that 3.63% of revenue demand as a financing cost.
So if I can share you -- share with you the breakup of financing cost, LC charges stood around INR 7.05 crores, and BG commission stood around INR 23.11 crores. Interest on [ NCC WCDL ] stood at INR 30.82 crores. Interest on terms of INR 4.14 crores, interest on mobilization advance stood at INR 27.1 crores and balance others.
I may also share that [indiscernible] have brought in [ INR 1.6 crores ] towards subscription of warrants issued to them. This indicates the conviction of promoters in the business. With the proposed subscription, the promoters holding will stand at 21.11% of total holdings.
As at the end of the quarter, receivables stood at INR 2,395 crores compared to INR 2,492 crores in the previous quarter. The reduction is mainly on account of improved collection of receivables. The receivables period has come down from 125 days same quarter previous year to 94 days of the quarter ended FY '21, FY '23. This resulted in efficient turnover of working capital cycle.
We have drawn 1,487 crores of CCW CDL limits from banks. Compared to previous quarter, this is higher by INR 522 crores. As you are aware, [ RB ] has increased the repo rates during the quarter 3 times. We are ready to see an immediate increase in the interest rate so far as much of the loan portion is in WCDL form. Interest coverage ratio for the quarter stands at 2.88x, while it was 2.05x same quarter, previous year.
As you are aware, the last quarter, we have successfully completed divestment of NCC Visag Urban, which was about [ 98% ] Visag. The cash flow out of divestment are expected to accrue this year. About INR 150 crores during the year and loan repayment of INR 318 crores in the next 2 years' time. If I may touch upon briefly the consolidated financials also, we have registered INR 3,351 crores of revenue on PAT of INR 150 crores, which is 61% and 160% higher compared to the same quarter, previous year.
At a consolidated level, basic EPS stands at INR 2.13 as again is INR 0.82 in the corresponding quarter previous year.
Coming to the last part of my briefing. We remain bullish on our economy considering infrastructure spend-driven growth. However, this is challenged by geopolitical tensions, global financial market conditions, international commodity market dynamics, et cetera, which will drive the trajectory of the economy. Still, we have a breadth of the pandemic around looking to the health emergency declared by U.S. and lockdown implemented by China.
Our goal has [indiscernible] the outlook and has felt it is prudent to watch and wait before we crystallize on the guidance part. Though the immediate guidance is not available at the end of this quarter, maybe I personally feel EBITDA levels more or less should continue. And PAT is likely to be at the improved level as this quarter. And of course, top line, possibly, it may hover around 15% to 20% range of growth. However, we still have had to crystalize the numbers at the Board level and then we have to connect these numbers to you guys.
With this brief, now I hand over to my colleagues, and we are open to questions now. We'll take questions. [Operator Instructions]. We are here for next 45 minutes here. Now I'll open the forum now to open the questions.
[Operator Instructions] We have the first question from the line of Shravan Shah from Dolat Capital.
First of all, congratulations on a great set of numbers. Sir, my first question, as you mentioned that still, we haven't crystallized in terms of the guidance but still just trying to understand 15% to 20% revenue growth that do we see that is on a much lower side? And then likely, we can surpass that number. And on the EBITDA margin front, on the full year basis, can we see a 10% number, at least?
See the exact guidance is not provided by the Board yet. But however, looking to the trend, 15%, 20% is a safe figure to assume in the top line. The EBITDA stood at 9.5% this quarter. And as you have rightly assumed possibly in [indiscernible] a basis, we may continue at the same level to 10% or something like that. And with the improved turnover, the PAT margins also are likely to improve. We are at now 5.28% -- sorry, 4.01%. This may also hover around 4.5%.
And other question is in terms of the order inflow. So including the recent one, the July 1, so around I think, INR 6,100 crores order is already there. So for the full year, last time, we have said that around INR 1,000 crores, INR 5,000 crores kind of inflow are we looking at. So what's the update on that? And I need a couple of data points particularly on the balance sheet side. So what's the stand-alone gross date and unbilled revenue and subsidiary order book in the consol order book number that we have given.
Okay. So as far as the order book is concerned, now it is a net figure, what we have given to you 4,000-odd crores. And of course, I have explained it briefly in my initial introduction. There is a winded component of -- there is a [ majority ] component, INR 1,854 crores. And this trend is likely to continue. We are -- compared to last year, it was much higher than the order book position. What we have -- orders what we have had in the last year. Now coming to your other questions, your [indiscernible] position, right?
Yes, so gross debt, unbilled revenue and subsidiary order book, so that was around INR 3,058 crores as on March. So what's the number as of June?
Yes, with regard to the orders of the subsidiary companies, we have executed during the quarter, INR 265 crores turnover. And now at the end of the quarter, it stands at INR 2,778 crores. There may be a possibility of INR 1,000 or so to get order to this by end of the financial year.
Unbilled revenue. We have around INR 3,000 crores -- INR 2,800 crores unbilled revenue. And unbilled revenue is the more we execute the number of projects, the unbilled revenue is going to increase further. And more particularly, this is 2 reasons. One is that with regard to the UP projects, where the billing pattern has been changed up. For every village ground franchise, we need to submit a [indiscernible] bill. That is why it is going to go up, number one. With regard to the other projects, cities and stage ways billing, thereby, we need to wait for the completion of the stages and [indiscernible].
These are all that with regard to the unbilled revenue. And coming to see debt moment, debt stands at the beginning of the financial year is INR 1,184 crores. And we have taken because of 56% or more in revenue growth, we have drawn around INR 547 crores working capital. And we do have a [indiscernible] visionary and other loans to the tune of INR 24 crores. So net debt stands at end of the quarter is INR 1,077 crores. That is with regard to the stand-alone.
And the consolidated level, there is a reduction in Urban to the tune of INR 33 crores. So with regard to the consolidated debt, at the end of the quarter stands at INR 1,753 crores. So the reduction in the quarter by INR 450 crores.
Next question is from the line of Vibhor Singhal from Phillip Capital.
Yes, sir, just viewing on the date part. So now that we have reached a bit of around 1,700 crores level, more than 500 crores from the last quarter ending of 1,200 crores approximately, how do you see this debt proceed through the year? What are you looking at to -- as a year ending debt figure for us?
You see if you have observed during this quarter and last quarter also, the debt has substantially come down. That is mainly an account of the faster efficient turnover of the working capital cycle, we are less dependent on the debt. Going forward, the same trend will continue. We are at this level, we'll continue to have the same level. However, we are optimistic that there can be a slight reduction also.
So you're expecting that could be at 1,700 crores level at the end of the year. But maybe there is some reduction?
See there could be a reduction because we are not providing you the exact guidance in terms of revenues and profitability. I'll not be able to exactly comment upon what would be the debt level, too. So going by the general expectation of 15%, 20% growth in the operations and reduced operating cycle, there could be possibly a reduction.
And sir, from the buyback line, how much cash have we received there now? And how much cash are we expecting in this year?
Yes. This is -- as of 31st of March 2022, we have received 47.5 crores. And as for the shareholders' agreement, the second stance is due in September '22. That is 52.25%. And December, the same amount, third stance and the last and fourth stance is by March '23. 152.5 crore is expected to realize in this financial year.
So the announcement that we had made at the last time of the land deal, those milestones remain the same. September, December and March, each of the 3 dates, we should receive around 50 crores in this year.
Correct. And with regard to that, that is with regard to the equity, and there is a loan component to the tune of -- as of March is 311 crores. As per the agreement, we are expected to get realization in 2 years. That is on or before March 2024 with 10% monthly compound interest.
So in 2 years, that did that will be repaid.
Yes.
Also, sir, if I could be just the order book breakup, if possible, in terms of different segments?
Yes, you wish to have a dividend range?
Yes, a dividend range, a breakup of the 47 crores that we have.
Yes, yes, yes. Building division, 25,392 crores, stands at 62%; roads, 918 crores; water railways, 6,555 crores at 16%; electrical 2,641 crores to 7%; and irrigation 1,070, 3%; mining 3,888 crores, 10%. All other put together, 250 crores at 1%. This totaling to 240,616 crores at the end of [indiscernible].
Got it, got it. Sure, sir, just 1 last question from my side. Sir, we were very optimistic about the bullet train project between Mumbai and Ahmedabad earlier. But we all -- almost all the packages with Gujarat were, of course, taken up by one of the larger companies. Now that the land acquisition process has started in the state of Maharashtra, are we looking to bid for those projects? And are we hopeful of getting any contract on that project?
See, this is Neerad Sharma. You have rightly summed up the development of the past. But going forward, we are quite hopeful. But our considered view on this subject is it will take a lot of time for the project to come up for bidding. But as and when the project comes up for bidding, we would be very much interested to put our bid on the table.
So there is 1 bid for the underground station at VKC. Are we looking to bid for that?
No, that one and maybe the C3 package, the package that is going to come up in the state of Maharashtra, there is a big, big [ deal ]. And we will also consider that [ canal ] part, this road, this track needs to be go underground from the Mumbai. So we will definitely look at that project, too. And as and when this comes for bidding and we'll see. So there are a couple of packages. It's still -- that is expected to come up for bidding in about, let us say, about 6 to 12 months time.
Our next question is from the line of Nikhil Abhyankar from DAM Capital.
Congrats on the very good set of numbers. I just wanted to know are group exposure for this company to the tune of around 13 billion, so how do you see this number by the end of the fiscal? And is there any reductions for the [indiscernible] ?
Yes. The total exposure to the group stands at 1,302 crores, end of March 2022, which has substantially come down from -- sorry, I'm sorry. One second, just hold on. You're talking about exposure to the group company, right?
Yes.
Okay. Exposure to the group companies as at the end of June 30, 2022, is 947 crores. We are confident that we will be able to maybe get another 100 crores reduction during FY '22, '23.
Sir, also you mentioned earlier that you were not given a [indiscernible]...
Mr. Nikhil, there's some background disturbance on your background and we...
It's not clear. Please, there is a...
Can you hear me now?
Could you please repeat your question. We can't hear you.
Yes, sir. I just wanted to ask earlier you have already said that you are not giving any revenue guidance as of now. But I wanted to know quarter-on-quarter, our margins have improved by 100 basis points and I think commodity prices have also come down. So do you see any substantial increase in the margin going forward?
Yes, this is a very likelihood scenario. That's what I just briefed in the introduction. Because the commodity prices are [indiscernible] down and subject to notwithstanding all these global factors. Possibly, we may see an increase, other 50 bps or something like that. We are ready to get a complete concrete guidance on both.
When can we expect that, sir? Next quarter?
Let us see. Our goal is seriously looking at various options on how to give you the right guidance, which is very realistic to all the investors. So we hope so.
Okay. And just one last question, sir. We have seen some very positive news coming from the recent news from [indiscernible] government in the last 2 quarters. So what is the recovery in this quarter? And where do you see in this fiscal?
This quarter, from Andhra Pradesh, we have received 117 crores. And in July alone, we have also received [ 144 ] crores. With regard to the [indiscernible] we are continuing and we are getting realized not only the outstanding unbilled revenues also.
And what can be the total on this one? What can we...
It will [indiscernible] the balance was to be completed, we can -- in this financial year, we may expect around 300 crores out of the world projects.
300 crores on the world projects?
Yes.
However, we are at the moment -- happens in AP government. So it depends on that.
Our next question is from the line of Ashish Shah from Centrum Broking.
Sir, just coming back to the AP exposure. If you can just leave us with a number that is outstanding exposure as of June '22.
Yes, as of end of the June, we have the net receivables, 496 crores. And returns in money, 238 crores.
Right. Is there any other component or these 2 are the only outstanding components?
Only these 2. Nothing else.
All right. Right, right. Also in terms of our outlook for inflows, what is the kind of number that we might target this year? And especially, where are you seeing the opportunities? Are you seeing more in the water side or we can expect something more on the building side? So we can just directionally guide us from where should we expect the inflow for this year?
Yes, you are aware about the water projects just given mission. We are seeing a lot of bidding activity in this sector, as well as there are a lot of opportunities in buildings, as well as roads. There are projects that is coming up for bidding in distribution sector as well. So we are, of course, not to forget about the metro sector. So we are targeting opportunities in these 5, 6 sectors in a very, very planned manner.
And as and when the projects come off for bidding, we definitely do a proper evaluation of the project. We try to look at the client. We try to look at the funding pattern. We try to look at the location. We try to look at the competition. Then accordingly, we decide whether to bid or not.
Right. Sir, sorry to push you on this, but is there any number you have in mind for the inflow for the financial year?
My colleague has already answered this question in great detail earlier. We do not have a guidance as we speak. So as and when they will have a number, we will definitely share that with you. But as we speak, we do not have a number to talk about at this moment.
Our next question is from the line of Deepak Poddar from Sapphire Capital.
Sir, I just wanted to understand more on the revenue front. Now FY '22 itself was a low base because of the first quarter rate, the second wave. So that's the reason we grew about 55%, 56% this quarter. Now ideally, you have 15%, 20% kind of a revenue growth. Looks conservative given I mean, even if we kind of do not grow in the remaining 9 months on a Y-o-Y basis, we will still be able to achieve 20% growth, right? So just wanted to understand, do you think that's a little conservative, the numbers that we are talking about?
Your instinct could be right. You see the run rate -- quarterly run rate, if you see, we are there at around 3,000 this quarter. And the possible generally going by the trend the last 2 quarters, you will see much higher activity in the construction, which is a general to any company in the construction sector. So I'm just giving you a hint like this is the same run rate continues, the 15%, 20% is a quite achievable number. Of course, as I said, we'll share with you in case when we have exact number on this.
Our next question is from the line of Rohit from Antique.
Sir I just missed out on the order backlog from water segment, what exactly is the outstanding order backlog looking like?
What outstanding order? [ 6,565 ] crores at the end of the quarter.
And if I recollect it correctly, this was like 8,000 crores in the last quarter beginning, which means roughly 2,000 crores is the execution.
No, no, 7,192 crores was at the beginning of the quarter. And 660 crores was an integration.
Sir, if I understand it correctly, this has to be executed in a very short span of time, right? So this means this number should largely be exhausted by the end of the year. Is that a fair assumption?
Not necessarily. You see [indiscernible] gets focused on the last mile connectivity to the households. Now for each of the location, the survey needs to be done, the approvals need to be obtained. So this is a -- feasibility is also supposed to be worked out. So there are various number of parcels of [indiscernible] and all that. So that way, it is not as expected. The pace say cannot be as expected, but how -- this is how it goes.
But is there any closure date that you have on this point? I mean, what exactly the -- is product probably still lower the next year? Is that what you're trying to say?
You see the exact completion date as I said, these are the factors, which will determine the completion date. So possibly, you may look at in the next span off like it may spill over like next 2 to 3 years or something like that.
2 to 3 years, you mean to say?
Possibly, but that is subject to each [indiscernible], how it is happening. The kind of progress it is the state government is showing so subject to that. Otherwise, ideally, we can talk about that.
And then the building and housing segment execution, there was no slow moving on or something that -- which spends more than 2 years of existing cycle, right?
No, these varies now each charter, they have that for the contract agreement, 2 years to 5 years. It varies. Depends upon and as per the contract agreements and the availability of the clearance from the client. It continues, and we are executing as per the contract agreements.
Sir, coming back to this water project, you highlighted that there are [ drop ] opportunities. Can you quantify any number, addressable opportunity that you have in mind?
See, yes, at this stage, it is quite complex to answer that. We are working in detail with the Board approval, we should be able to share with you in due course. But however, that's right now not on the table.
Our next question is from the line of Meet Parikh from Anand Rathi.
Yes, so I just wanted to ask what is the cash position at the end of the quarter? Sorry?
Just a moment.
One moment.
552 crores. Cash and bank balance is INR 552 crores.
Sir, you mentioned that the related party transaction has come down from 1,300 crores to around 900 crores. So can you give a breakup on how this has come down around 400 crores?
We have been mentioning that we were able to disinvest NCC Vizag Urban where there is an equity of 50 crores and debt to the tune of 300 crores. So that is about 350. This is a reduction.
And sir lastly, on the press release, which you have put out with the results, it says around INR 4,000 crore-worth of orders have been announced during the quarter. But according to the announcement on the BFC, the orders have been quite high. They have been around to the tune of INR 6,000 crores. So any mismatch on the order inflow?
I will answer that question. The reason is you are also taking into account the orders, which are announced last month, that is in July. So if you discount that, we are talking only about the first quarter, right, from April to June then that number matches. We have announced few orders and I have indicated to you in my initial briefing. The major component is 1,850 crores to 1,854 crores [indiscernible] component. So that is not concerned because that needs to be implemented over a period of like 15 years or something like that. So that not factored in when we talk about the order book position.
Our next question is from the line of Saket Kapoor from Kapoor & Company.
Firstly, commendable job done by the team for a very, very improved set of numbers. Firstly, I would like to understand some more color on the numbers, whether the factors, which enabled you to set up improved margins. Are these sustainable number, sir? If you just show some more on the continuity of these numbers, sir? Continuity of the numbers.
Your question is not clear. Can you please repeat it, please?
Yes, sir. I was looking at the sustainability of these margins, sir. This quarter, I think we have posted one of the best PBT numbers on a consol level. So are these numbers sustainable going forward? Have you put the ship in order that these numbers, can we look forward the margins which we have posted for this quarter?
See, one critical factor that would determine the margin would be the commodity prices. But however, if you see in the recent trend, there is a mellowing down in the overall commodity prices. So hopefully, I think looking to the macroeconomic conditions like downward trends in the China and U.S. economy. I think this should continue. So based on that, we are optimistic that the EBITDA margins would continue, or possibly there is a kind of improvement, too.
So when we look at these 2 line items. Firstly, the subcontract was built and the finance cost, these are the percentage of sales. How do these 2 line items should shape up? Firstly, the subcontractor were built. So when we look at your March numbers, we posted a turnover of 34 78 crore, and the subcontractor was built were at to the tune of 1,448 crores, whereas on a top line of 3,321, we have a subcontractor reduction of 200 when the top line has gone down by 150. So would like to understand how this line item of subcontractor work bill pay on the turnover prices.
So the subcontracting varies project to project #1, division to division. And again, from the stage to stage. So absolutely, it is not practicable and possible to compare with the turnover and the subcontract expense of 1 quarter and 1 division, which is that of the next quarter. So it varies.
If you have a percentage, what should we look at?
If I may add some color to the answers given by my colleague. It depends on the project mix in this particular quarter. There are things that we prefer to subcontract, let us say that we are planning to start a project. So before we start the project, this land development, I'm just giving you an example for the bond revolve. So we prefer to subcontract. So when we are talking about a quarter number, this depends on the what project mix we are really looking at, the project at what stage of the execution. Then accordingly, these numbers change.
Right, sir. So as a percentage, what should we look at the subcontracted, this segment, as a percent of top line?
It would not be possible to give a number, but I can share my experience with you. Maybe you can look at the last 3 years number and take a weighted average. So that will give you some numbers to work out your PBT kind of calculation. One request here, one request here. We are about to close this -- we will really appreciate.
Can I put forward just 2 small points? And then can you close that? Only 2 points, firstly on the finance cost part, sir. What have been our blended cost of funds and what percentage of sales would we look at the finance cost line item?
Yes, yes, the average financing cost, I mean, average rate, if you talk about, it is 8.67%. And as a percentage of revenue, it is 3.63%.
We will move to the next question from the line of Nikhil Kanodia from HDFC.
Please do not repeat the question, and please confine that. We are going to conclude now.
Sir, I just wanted an update, what is the update on the arbitration on the [ sand ] Corporation in [ Taka ], India?
About the 10 court part funds, the counter arguments are expected to start on 15th of this month. And we are hopeful that by end of this financial year, we will have some clarity. On the Taka part, Taka part as well, there are 2, 3 parts of the litigation. And all of them are at different stages.
It will take a while to get some clarity. Incidentally, we got the award in our favor about 9 crores from this Madras High Court recently. But we believe that, that has been subsequently challenged. So it will take a while. It is very difficult to talk about a time line. You know how this whole judicial process works, it will take a while.
Sir, in case of AP, you have mentioned about the revenues that you would have booked in Q1. As on the -- at the end of the quarter, what is the outstanding order backlog, sir?
From AP?
Yes, yes, from AP.
He's asking AP. Is it the overall backlog, or is it particular to any AP?
Sir, particular for AP.
AP world and new altogether is 3,279 crores, orders at the end of the quarter.
Okay, sir. Understood. And sir, in case of the big project, so what -- is there any impact of the change in the government? In case of sewerage project in mind?
Let me answer that question. As for the evidence available on the table, we have no reason to believe that there is going to be any change whatsoever in the project. We are deeply engaged with the client as we are aware that a project of this magnitude and this complexity takes a lot of time to get finalized. So we are deeply engaged with the client. We are in the process of signing the contract.
Okay, okay. So have you [indiscernible]...
We'll move to our next question from Parvez Qazi from Edelweiss.
So just 2 questions from my side. Was there any revenue contribution from your international projects this quarter?
Only INR 3 crores. This is a project that is at a closer stage.
Okay. And secondly, what was the CapEx that we have done this quarter?
INR 57 crores.
Thank you. Ladies and gentlemen...
So thank you so much. We will conclude the call now. Thanks to each one of you for participating in the call. And we are available for any of your queries. You can send us a mail, you have our contacts and all that.
So I once again thank each one of you for taking time and participating in this call. So we'll see you next. Thank you so much.
Thank you very much.
Thank you. Thank you.
Thanks.
Ladies and gentlemen, on behalf of DAM Capital Advisors Limited, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines.
Thank you, Mohit.
Thank you very much.