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Earnings Call Analysis
Q1-2025 Analysis
PNC Infratech Ltd
In the first quarter of FY 2025, PNC Infratech experienced a slowdown due to various factors such as the general elections, early monsoon onset, and delays in project initiation. The total highway construction achieved was 1,934 kilometers, a notable decrease compared to 2,250 kilometers in the same period last year. This reduction underscores a challenging operating environment that would likely weigh on both short-term revenues and profitability.
Management indicated that the ongoing monsoon would continue to adversely impact construction activities in the near term, with expectations set for a resurgence of construction efforts in the third quarter of FY 2025. This cautious optimism hinges on improved weather conditions and the government's commitment to infrastructure projects, suggesting a potential recovery as conditions stabilize.
The current Union Budget reflects the government's strong focus on infrastructure development, with significant allocations such as INR 2.78 lakh crore dedicated to the highway sector. This commitment bodes well for companies like PNC Infratech, which stands to benefit from increased project tenders and execution opportunities in the coming years.
PNC Infratech is projecting a revenue turnover of between INR 200 crore and INR 400 crore from two new greenfield projects in FY 2025. While these projects may yield higher revenues than initially anticipated, the company expects to scale execution to about 40% to 50% in FY 2026. This guidance marks a positive shift, aligning the company with broader infrastructure growth prospects.
In terms of future growth, PNC has submitted bids for 18 projects valued at approximately INR 17,700 crore, comprising 50% from Hybrid Annuity Model (HAM) projects and 50% from traditional projects. With expectations of more than 100 new NHAI-tendered projects worth over INR 123 lakh crore approaching bid invitations, PNC is strategically positioned to capture market share as it evaluates these opportunities over the next six to eight months.
Despite the robust pipeline, the company acknowledges potential risks associated with project realization, particularly regarding working capital due to increased debtor days, which have risen from 221 days. Effective management of debtor collections will be crucial for maintaining liquidity in the face of ongoing project delays. Additionally, any arbitration claims are not expected to yield returns in the upcoming quarters, suggesting that PNC will need to rely on its operational projects for cash flow.
PNC Infratech is ramping up capital expenditures, projecting an increase from INR 40 crore in FY 2024 to potentially INR 100 crore in FY 2025. This rise in CapEx is attributed to major project awards, such as the INR 5,000 crore NPR Maharashtra road development. This investment in infrastructure is essential for supporting future growth and operational efficiency.
Overall, while the first quarter posed several hurdles for PNC Infratech, the company remains optimistic about future growth driven by government spending and its substantial order book. However, it will be vital for management to navigate current challenges, particularly around working capital and project execution timelines. Investors should watch for developments in execution progress in the upcoming quarters, as well as the company's ability to maintain its revenue guidance amidst external pressures.
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Ladies and gentlemen, good day, and welcome to the PNC Infratech Q1 FY '25 Earnings Conference Call hosted by Antique Stock Broking. [Operator Instructions]
Please note, this conference may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company, as on the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. [Operator Instructions] Please note that this conference is being recorded.
I now hand the conference over to Mr. Vishal Periwal from Antique Stock Broking. Thank you, and over to you, sir.
Yes. Thanks, Davin. Good afternoon, everyone. I'm pleased to welcome you all for the PNC Infratech First Quarter FY '25 Earnings Call. We have with us today our management, Managing Director of PNC, Mr. Yogesh Kumar Jain, along with the senior management team. And I also would like to thank [indiscernible], for giving us this opportunity to host their call.
As usual, we'll have brief remarks from the management on the gone by quarter, and then we'll open the line for Q&A. Yes. Thank you, and over to you, sir.
Good afternoon, everyone. On behalf of PNC Infratech Limited, I extend a warm welcome to everyone for joining us today on this call. I have with me, Mr. T.R. Rao, Director Infra; Mr. D. K. Agarwal, CFO; Mr. D. K. Maheshwari, Senior Vice President Funds; and Strategic Growth Advisers, our Investor Relations advisor. We have uploaded the financial status, results and investor presentation on the stock exchange and company's website for your reference.
Initially, I would like to mention key updates of the industry, followed by operational development of the company and highlights of our financial performance during the first quarter of financial year 2025, post which we will be happy to answer your questions.
In the first quarter of current financial year, roads and highway sector witnessed muted progress due to several factors, including the general elections, early onset of monsoon at certain geographies and delay in declaration of appointed dates, due to delay in acquisition and position of back-end plan and for construction of already awarded projects. Reflecting the above subdued situation, only 1,934 kilometer aggregate length of highways constructed during the first quarter of current financial year, compared to 2,250 kilometer constitute during the corresponding period of last financial year.
The construction progress during the second quarter of current financial year is also getting affected significantly, due to a very active monsoon and continuous rains across the country. Given the condition, construction activities are expected to pick up only during the third quarter of current financial year. The recent union budget for financial year '25 demonstrates that the government is focused on India's infrastructure development across core sections, including highways, railways and airports by making substantial budgetary allocation for transportation sector as a whole.
The Finance Ministry maintained the allocation for NHAI at INR 1.68 lakh crore, while retaining the highway sector's overall outlay at INR 2.78 lakh crores for financial year 2025. Recently, the Union cabinet has approved the [indiscernible] speed road corridors, aggregating length of 936 kilometers with total estimated cost of over INR 50,000 crores. These road corridors will improve connectivity and logistic efficiency. Out of the total cost, INR 30,000 crores worth of projects are expected to be awarded on BOT, old model and remaining on hand and EPC modes.
To improve road users' convenience and provide a barrier-free travel experience on national highways, MoRTH and NHAI jointly, through IHMCL commenced the implementation of global navigation satellite system, build electronic toll collection, which will enhance tolling efficiency to the global standard.
During the first quarter, following subsidies of the company are in receipt of total INR 515 crores from NHAI [indiscernible] second scheme. INR 117 crores towards arbitration award by PNC Raebareli Highway Private Limited, INR 398 crores towards arbitration award by PNC Kanpur Highways Limited. On 28 [indiscernible] 2024, companies receive an early completion bonus of INR 56 crores for an EPC [indiscernible] in Maharashtra. Both are accounted for in the quarter 1 of financial year '25 financials.
During the first quarter, the company's subsidiary, MP Highways Private Limited, received 2.8 years extension of construction period for Gwalior Bhind toll project, on account of shortfall in actual traffic, [ by changing ] target traffic. On the project development side, the company's subsidiary Meerut Haridwar Highways Private Limited achieved provisional completion certificate for Meerut-Nazibabad HAM project on 4 May 2024. Out of the company's 28 fund-based projects, 3 are BOT toll projects, 2 are BOT annuity projects and 23 are HAM projects. Aggregate build project cost of 23 projects is over INR 30,000 crores, which is one of the largest highway HAM project portfolio in the country. Out of the total 23 HAM projects, company achieved PCOD and COD for 10 projects, 9 projects are under construction, 3 projects achieved financial closure and appointed date, yet to be declared. For 1 project, financial document for a term loan INR 677 crores executed and submitted to the authority, where we bought the stipulated due date of 4 August '24.
Total equity investment requirement for 23 HAM project is INR 3,092 crores. As of June '24, company already invested INR 2,079 crores and remaining equity of INR 1,013 crores is to be invested over the next 2 to 3 years. The internal accruals that would be generated over the next 2 to 3 years should be adequate to meet the above equity investment requirement.
Now, we will move on to our order book. As of 30th June '24, the company unattributed order book stands at INR 14,100 crores...
[Technical Difficulty]
Ladies and gentlemen, the management line seems to have disconnected. Please stay with us while we reconnect with the management.
Ladies and gentlemen, we thank you for your patience. We have now reconnected with the management. Over to you, sir.
Now moving on to our order book. As of 30 June '24, company's unexecuted order book stands at INR 14,100 crores, which does not include the contract value of 2 EPC contracts, recently secured for an aggregate value of INR 4,924 crores. Upon inclusion of these 2 EPC projects, our unexecuted order book would be INR 19,000, which is 2.5x over financial year '24 revenue. Out the unexecuted order book of over INR 19,000 crores, highway and expressway contract contributed around 82%, while water project contribute around 18%. During the first quarter of financial year '25, the company had booked a total revenue of INR 289 crores in the drinking water segment.
Now I will present the results for the quarter ended June 30, 2024. Revenue for the first quarter of financial year '25 stays INR 1,744 crores. EBITDA for first quarter is INR 593 crores, which is higher by 142% as compared to INR 245 crores in the first quarter of financial year '24. The EBITDA margin for the first quarter of financial year '25 is 34%. Profit after tax for the first quarter of financial year '25 is INR 421 crores as compared to INR 157 crores in the first quarter of financial year '24, with a growth of 169% on a year-to-year basis. PAT margin for the first quarter of financial year '24 is 24.1%.
Consolidated revenue for the first quarter of financial year '25 is INR 2,168 crores as compared to INR 2,092 crores in first quarter of financial year '24, with a growth of 4%. Consolidated EBITDA for the first quarter of financial year '25 is INR 969 crores as compared to INR 426 crores in the first quarter of financial year '24. With a growth of 122%, the EBITDA margin for the first quarter of financial year '25 is 44.7%. Consolidated PAT for first quarter of financial year 2025 is INR 575 crores as compared to INR 181 crores in first quarter of financial year '24, with a growth of 218%. The PAT margin for the first quarter of financial year '25 is 26.5%.
On the stand-alone balance sheet side, as on 30th June '24, our net working capital cycle is 121 days. Our net worth on a stand-alone basis is INR 5,203 crores as on 30 June '24. Whereas, total stand-alone debt is INR 389 crores. The total cash and bank balance as on 30 June '24 is INR 486 crores. We have a net surplus of INR 97 crores. This translates to net debt to equity of 0.07x. On consolidated basis, our net worth is INR 5,761 crores, whereas total debt is INR 8,228 crores as on 30 June '24. The total cash and bank balance, including current investment is INR 1,500 and INR 1 crore. This translates to net debt to equity of 1.43x.
With this, we now open the floor for question-and-answer. Thank you.
[Operator Instructions] The first question is from the line of Shravan Shah from Dolat Capital.
Sir, just a clarification on this entire arbitration and the bonus, the entire amount directly goes to the EBITDA. There is no expense related to that before EBITDA.
Yes, there is no expense on this arbitration and bonuses.
Okay. . Now sir, given that, if I remove this in terms of the core revenue, which is kind of on the low 29% kind of particular, 30%. And we are looking at 10% growth on this revenue in FY '25, so the ask rate is significantly higher. So how do we now see the revenue and also the EBITDA margin have been [indiscernible] the same 12%, 12.5% for FY '25.
Yes. This first quarter growth has been affected due to some unprecedented activities, unprecedented conditions. Some of them are expected like the elections. But like the summer has been very severe, and extreme heat also affected our progress and the early onset of monsoon. And more importantly, the projects which we secured during FY '23 March could not be commenced due to delayed declaration of appointed date, on account of delay in land acquisition. So this is a multiplicity of factors, general elections, early onset of monsoon and the excessive heat during the summer, then the delay in declaration of appointed dates. And also particularly in case of the water sector, that has been delaying the release of payments due to lack of budgetary allocations during the period of [indiscernible] on account of budget [indiscernible]. So there's all these [ headache ] -- complex and complexity. So it's reduced our first quarter revenue. So still, we will be trying to expedite it. But the second quarter also because now, again, the act -- when monsoon has been very active and widespread. So we expect a similar kind of situation during the second quarter also. The situation is challenging. Given the conditions and some of them are expected things, so the guidance for the FY '25 would not be what we expected earlier. We would be flat or maybe around minus 10% on down basis.
Sorry, sir, you said flat to minus 10%, you are saying?
Minus 10%.
Minus 10%?
Yes. That in for FY '25. .
Okay. Got it. And other margins remains the same by 12.5%.
Yes. Yes. EBITDA margin would be around 12.5%.
Okay. And now it's given [indiscernible] we are all we were looking at order inflow of...
Your line is not very clear.
Is it better now?
Not really, sir.
Are you able to hear me?
Yes, much better, sir.
This is -- we'll tell you. We already secured INR 5,000 crores worth of new orders during the current financial year. And we expect to secure another 8,000 to 10,000. So will be around between 13,000 to 15,000 new orders during the FY '25.
Okay. Got it. So now let's say, this year, we have picked up minus 10% on the [indiscernible] '26. How do we look at FY '26?
FY '26 guidance would be around 15%. So we expect 15% because the projects which -- we are -- we are expecting quite a few projects appointed date during the current financial year even during the second quarter. So the progress will be [indiscernible]. Low-growth effect will have around 15% less during the FY '26.
Got it. And sir, now on [indiscernible] and the appointed dates for all the [indiscernible] would be profiled by [indiscernible] status and the project-wise order book and the balance sheet numbers, if you can say?
See, first is the appointed date, we'll share with you, Western Bhopal Bypass of MSRDC project, which is a HAM project and Varanasi-Kolkata package, there is also HAM project, and there is one bridge project in Gwalior, which is [indiscernible] project. So appointed dates for out these three projects we expect in the first week of October, as land is expected to be processed before end of September, the reclaimed land more than 80%. So these three projects, we expect appointed dates in the first week of October. And the revenue, maybe initial revenues would be booked during the Q3 of the current financial year.
Okay. And package 2and 3, Varanasi around Kolkata?
Package 2 and 3, there are challenges in land acquisition and position. So that may take some more time. So we'll update, we've managed our meeting and interaction. So as of now, the land acquisition has been slow. So I'm not able to tell now, what will be the appointed date for these two categories.
Okay. Now the balancing numbers are inventory, trade payable and then the [indiscernible] basis, also in terms of the breakup of debtors, HAM [indiscernible]. HAM, [ debtors ] and EPC debtors.
Trade payable is INR 700 crores.
INR 700 crores inventory?
Inventory? INR 750 crores.
And total debtors is?
Total debtors is INR 2,212 crores.
INR 2,212 crores. Out of that, how much is HAM debtors and [indiscernible].
EPC contract around INR 1,394 crores, EPCs. And HAM debtors is, INR 818 crores.
INR 818 crores. What [indiscernible]
Sorry to interrupt, but your line is not very clear. Your audio is not coming through clearly, sir. May I request you to please establish a better connection and rejoin the queue, sir.
I can hear clearly. Sir, if you can hear me, what's the water debtors and mobilization and [indiscernible]...
Water debtors is INR 1,040 crores.
INR 1,040 crores. And mobilization and retention money?
Mobilization is INR 385 crores, and retention is INR 143 crores.
143. What did any possible project-wise order book, if you can share. [indiscernible], how much?
We request to please rejoin the queue for these follow-up questions. We request you all to please reestablish a better connection. The next question is from the line of Jainam Jain from ICICI Securities. [Operator Instructions]
Congrats on a great result. So I have a couple of questions. Firstly, starting with the EBITDA margin. So we have seen an amazing spike in the EBITDA margins to 34% in the standalone financial segment. So I would like to understand like what was the specific reason for such increase in EBITDA margins? And what's the expected? And is this an increase of EBITDA margin expected to continue for the entire FY '25?
It would 34% inclusive of INR 435 crores, amount received on account of arbitration bonus in this quarter. Otherwise, the EBITDA margin will be maintained around 12.5%.
Okay, sir. And sir, what is to be the pipeline which is the company is expected in this FY '25?
The pipeline, as I mentioned, so we expect another 8,000 to 10,000 new orders during the FY '25. Already, we secured around INR 5,000 crores new orders. So total cumulative be around 13,000 crores to 15,000 new orders.
Sorry, I didn't got the amount. It's...
INR 8,000 crores to INR 10,000 crores.
Okay, okay. And sir, I wanted to have an update on the asset monetization and divestment plan which the company has been planning.
With regard to monetization, after execution of purchase agreement, there was a condition precedent, mainly NOC from change in ownership from lenders and NHAI. The annuity from the majority of the lenders, the first tranche of assets have already been received and others are expected by end of second quarter, as regard the NOP from lender. And as regards the NOC from NHAI, the financial consultants of NHAI reviewed the NOP application, and observation made by them have already been clarified and compiled. With PVINRO and [indiscernible] of 7 projects out of 10, and tends to [indiscernible] for approvals. We are expecting that in 1 or 2 months, it should be processed in head office.
Okay. So all the asset monetization and divestment plan will be completed in coming 1 to 2 months. Is that correct? Is that understanding correct?
It should be -- [indiscernible] in case we receive the NOC from NHAI.
The next question is from the line of Parikshit Kandpal from HDFC Securities.
Sir, can you hear me?
Yes.
Sir, my first question is on -- so the issue which we faced recently in June. So what is the status now on the bidding -- so are we allowed to bid now? Is there any punitive action taken in terms of restricting us or bidding for some time or demurring us for some time. Any update on that issue?
So no, this -- no punitive action has been taken by NHAI. We don't foresee anything in the near future. So we are able to bid, and we are hopeful that we'll continue to able to bid projects.
Okay. So -- but has any of our bids been opened until now? Have you submitted any bids, are those bids being opened? Or so any update if you can give us?
Yes, it are being opened. And also 3 of our bids got opened. And also some of the bids we submitted, around 18 bids are there, that will be open.
Okay. So my second question is on -- I think you mentioned -- earlier you highlighted that 7 out of 7 projects have been, I think, adviced for NOC by NHAI consultants. So does it, in any way, impact our Jhansi projects where this issue has happened? So do you think those projects may right now, be on hold in terms of monetization? Or do you think that it can still get NOC and projects will proceed normally towards the execution of monetization?
No, we don't expect anything in the issue. And also see, the other [indiscernible] also want to share, the matter being subsidies, we don't want to share further details in the matter. But whatever the update status see there in the matter, we already intimated to the exchanges. Our intimation dated 9th of August, 19th of August -- 9th of June, 19th of June and the 9th of August. These intimations are available in the public domain. So don't want to share further details on the matter, as of now.
Okay. And just the last question is around the diversification. I mean, we are facing growth challenges, because of last year has not been a good year for ordering for a sector as a whole, and also for the company. So this year, we have a big order intake guidance of 13,000, 14,000, and we also achieved something. So first, whether on a [indiscernible] project, any update you have heard, because there are a median use of these -- the Pune or are being reevaluated for award. So any update, I mean, when do you expect the appointed date to come in? And also on diversification, if you can help understand beyond what -- and what are we not seeing in orders coming in? So how do you think that this pipeline will grow from non-road segments? So which segments you're looking to diversify?
First thing is get the MSRDC projects, that we recently secured. We expect the letter of award will be issued, before end of this month. And the second thing with regard to diversification, so another sector, what -- sector we are focusing upon is the railways. Because again, just a few days before, Union Cabinet has approved INR 25,000 crores of new railway projects. So already, we are there. We are working on one railway projects project, HORC, Haryana Orbital Rail Corporation's project in Gurgaon. So we are looking at that is one of the sectors where we'll be focusing upon as [indiscernible] two areas.
[Operator Instructions] The next question comes from the line of Vaibhav Shah from JM Financial.
Sir, what kind of revenue are we targeting from the JJM projects for FY '25, given the weaker execution in first quarter?
See, as I mentioned, there's the progress were not substantially affected during the Q1, and that trend would continue to be doing Q2 also, because many of our scheme locations are inundated due to heavy rainfall. So nevertheless, we are expecting around INR 1,500 crores during the FY '25 with revenue for the water sector.
And payments have improved in the second quarter for the water segment?
Yes. See, now the full year budget is approved. So the comps we export the funds coming from the government of India, 50% of the project cost. And the remaining 50% [indiscernible] also is expected timely from the state government. So we expect that whatever our outstanding payments are there, it would be cleared for the end of the second quarter. And thereafter, the accounts flow and the payments would be normal.
Okay. And sir, remainder would be done in FY '26, would be completed water?
Yes. FY '26, complete water the segment -- projects [indiscernible].
Okay. And sir, as you mentioned that the execution should be weak in the second quarter as well. So that is the case for the entire portfolio or only for water? So the revenue would be somewhere around INR 130 crores only on a quarter basis?
See, water segment when compared to highway, water -- in case of monsoon continues to be active on West front. The water gets more affected, water projects. Because these projects are in isolated locations spread and also then pipelining and other things gets affected when compared to highways, et cetera. So water will be more affected. But highway also, the asset would be certain affect would be there on the highway sector also, in terms of progress.
But do we expect a quarter-on-quarter increase in terms of revenue, for second quarter, overall revenue?
Yes, yes.
And sir, lastly, what was the CapEx in the first quarter? And for the year, what are you guiding?
CapEx last year was INR 46 crores. But this year, we are expecting around INR 80 crores to INR 100 crores.
And what was done in first quarter?
Only INR 3 crores.
We have the next question from the line of Anupam Gupta from IIFL Securities.
So you said 15% group in FY '26, after a 10% decline in FY '25, although you have a reasonably large order book at this point of time, and you're expecting another INR 13,000 crores, another INR 8,000 crores of order inflows in this year. So ideally, FY '26 should be higher unless there is something -- some slowdown which you're expecting. So any clarity on that?
See, this 15% what we said is the minimum because -- the project got we start during the FY '25, initial stages will be low value, what will be there. So it will be ramping up, during the FY '25. But hopefully, it's a minimum number of what we are expecting, but it could go up to 20% upside within FY '25 to FY '26.
And can you just give a breakup of the equity investment, which is balanced for FY '25, '26, '27?
Actually, out of the INR 3,092 crores equity required for 23 projects, we have already infused INR 2,079 crores until June. And remaining INR 1,013 crore is acquired in FY '25, around INR 500 crores -- INR 587, FY '26 INR 290 crores and FY '27 INR 140 crores.
The next question is from the line of Parvez Qazi from Nuvama Group.
So first would be great, if you could give us the toll collection number for the various projects.
Toll collection, NPI West INR 6.5 crores. Kanpur Highways INR 24.8 crores, [indiscernible] INR 26.6 crore; Bareilly Almora INR 16.5 crore; and Raebareli INR 32.16 crore.
Sure. The second question is, I mean, you expected that we expect the NOC from NHAI and lender [indiscernible] in the next 1, 2 months. So by when do we expect the entire asset monetization process to get completed and to receive these funds from the buyer?
So there are two phases in this entire transaction. We are expecting first phase will be completed by December and by end of the financial year '25. Funds should come, of first tranche.
Okay. And for the second tranche?
And after around, say, September '25.
Okay. Fund should come by September '25.
Of second tranche.
Last question. What is the status of the Andra Canal project? I'm assuming currently it is monsoon, so maybe work would have been stopped. But for the year as a whole, what is the kind of execution that we expect there, especially after the change in the government?
See canal project, as you said, now work stopped because the water is flowing in the, both main canal as well as branch canal. So as we've seen in the witness last 2 to 3 years, so what could be coming either in the month of December. So the current financial year be able to move around INR 60 crores to INR 75 crores worth, if we start the month of December.
And also, the -- since particularly, this cross be very vital for the Rajasthan [indiscernible] release, we don't expect that the new government will have a different stance. So we continue with the project. So we're able to execute further. Here, we want to share whatever amount is outstanding from the -- towards the work done, so we received INR 60 crores lastly. So we expect to receive further funds from the new government. So -- and then as we receive the funds, then we'll continue with the work.
[Operator Instructions] The next question is from the line of Shravan Shah from Dolat Capital.
Sir, I hope my voice is clear now.
Yes. Very much clear.
So the outstanding order book of this irrigation project remains the same, INR 932 crores?
Yes.
Okay. And what is the outstanding order book of Hardoi and Gaju Village?
Hardoi is INR 137 crores.
Gaju Village-Devinagar package 1C?
1C is INR 100 crores.
INR 100 crores. And Haryana Orbital Rail?
INR 720 crores, 7-2-0.
Okay. And does [indiscernible], has it completed or still some order book there?
[indiscernible] hardly INR 20 crores remaining. [indiscernible] INR 28 crores.
Okay. And Challakere-Hariyur?
INR 90 crores.
Sorry, INR 90 crores?
9-0, yes.
Okay. Got it. And sir, in terms of the working capital, obviously, primarily debtors, which has increased. So we see, by end of this year, in terms of the working capital days.
Working capital days should be around 100 days. Because at this time, it has increased from 221 because of the increase in the debtors. It should be subsequently realized, irrespective of water or HAM projects.
Okay. Got it. And is there anything further in terms of arbitration claim or ones that are likely to be there in the remaining 3 quarters?
We don't expect any arbitration -- realization of any arbitration award during the next 3 -- in the 3 quarters. Bonus, we completed AKP filing now [indiscernible] a few months end of the [indiscernible]. So we've been receiving bonus during the current financial year. We still have progress. Since [indiscernible] bonus is not as large as the EPC projects will be minimal. As of now, readily, we don't have figures. But it will be minimal be receiving from [indiscernible].
Okay. And sir, till now, how many value of projects that we have bidded and where bid has not yet opened?
We have builded 18 projects for a total value of estimated value of INR 17,700 crores, financial price mix of which are to be opened.
And this largely will be in the road and HAM?
Yes. You can say, 50% HAM and 50% [indiscernible].
Okay. And for BOT toll, are we looking to bid any of the BOT toll projects?
See, we are evaluating the opportunities BOT toll projects. We will take a call and even [indiscernible] will take a call. And accordingly, we see whether we are [indiscernible] or not.
[Operator Instructions] The next question is from the line of Vishal Periwal from Antique Stock Broking.
Yes, One is on our revenue guidance that we have changed. So this is primarily coming from roads or from the water side?
The revenue guidance is really a combined thing. Whatever revenue would be coming from both the things. And the majority from the highway. As we said, the order book, if you see the order book, more than 80% is from highway and less than 20% from the water sector. So the revenue also in the same [indiscernible].
Okay, okay. Sir, I know actually, the quarter 1 was showing a little bit of weakness in water, but that is expected to pick up, and then that's what basically you're saying.
Yes, that's expected to pick up, during the second half of the current financial year and the ratio will be maintained.
Okay. Got it. And then second, just the increase in the CapEx vis-a-vis FY '24 of INR 40 crores to INR 80 crores to INR 100 crores this year. So any particular line item, where exactly we are seeing this opportunity or the CapEx is getting infused? Any broad number that you would like to share?
Actually, after this award of the NPR Maharashtra road development, the projects are of INR 5,000 crores. So there, we require some CapEx. And additionally, Varanasi-Kolkata, that project we required some new CapEx. So that is why we have completed around INR 80 crores, INR 100 crores, maybe lower than this.
Okay, okay. Got it. And then I think I missed on that MSRDC project that you mentioned. So, when is the outcome expected on this? I think you did mention mission. I just missed, if you could just clarify.
The letters of award are expected before end of this current month.
We are expecting turnover in third quarter.
From top [indiscernible].
Okay. And maybe one last thing from my side, and then I'll come back in the queue. For this asset monetization, I think just correct me, I mean, earlier we were expecting everything to get concluded by '25, FY '25. Anything that you'd like to share for the slight delay that we are seeing, or this is a procedural thing that we are seeing for this asset monetization for us, the conclusion of it.
Let me only process the situation, NOC from NHAI and NOC from lender. These are condition [indiscernible].
Next question is from the line of Vaibhav Shah from JM Financial.
Sir, we indicated that the Phase 1 should be completed by December and money should come by March. So the Phase 1 earlier, we had mentioned that it includes 6 HAM and 1 BOT. And the valuation for that is around INR 70 crores, INR 80 crores. So that remains the same. The mix of Phase I assets?
Yes, yes.
Okay. Okay And sir, what kind of -- so you mentioned that we'll be starting the execution for MSRDC projects in third quarter. But what kind of revenue can be factored for FY '25 from the two packages?
See, these two projects are being a greenfield project. Initially, the items in more the [indiscernible]. So there won't be any high value that should be executed in initial fund, this one. so we expect a minimum of around INR 200 crores to INR 400 crores kind of turnover revenue from these two projects in the current financial year. It could be more also, depending upon the situation.
But in FY '26, roughly 45% to 50% you would be executing, right?
Yes. May have be 50%, but we'll be around 40%.
[Operator Instructions] As there are no further questions, I would now like to hand the conference over to Mr. Yogesh Jain from PNC Infratech for closing comments. Over to you, sir.
Thank you. Thank you, everyone, for your participation in our Earnings Call. In case of further queries, you may get in touch with the Strategic Growth Advisers, our Investor Relations advisers, or feel free to get in touch with us.
Sir, sorry, to interrupt, but we do have one last minute entry into the question queue. Would you like to take that, sir?
Yes.
We have the question from the line of Jiten Rushi from Axis Capital.
Sir, my question would be on upcoming bid pipeline. So obviously, you have about 18 projects, which you are bidded for. What kind of bid pipeline you see in railways and highways, which you look to participate in the next 6 to 8 months?
The NHAI approved tenders for more than 100 projects. Around 30 projects on EPC and more than 70 projects from a HAM. The total value of these projects will be more than 120 lakh crores -- INR 123 lakh crores. So we expect that we are evaluating all the opportunities. So between these projects next maybe, say, 5 to 8 months.
Sir, including the BOT toll launch.
BOT toll, this is excluding BOT toll. There are some around process are there. They're also evaluating the validity and other aspects. So there will be judicially taking it all so to [indiscernible] these days.
And railways, sir, any thoughts on railways also?
Railways also we are looking. Clearly, we are looking at the sector. Because recently, as I mentioned, INR 25,000 crores was announced by the cabinet.
Yes. We are bidding.
Now we are bidding the project. One bid is already duly submitted, a bid season evaluation and the price will act to be open.
And sir, on the water segment, obviously, we were supposed to participate in other states, which you were talking in the last quarter. So this quarter, I think we are not speaking on the water segment. So this would -- is it safe to understand that we will not be taking any more water projects going forward?
No, no. Certainly, we'll be bidding water projects. As of now, new water projects supported by any of the states now. I think now the everybody is waiting for the budgetary allocations and other things. So now since general elections are over, so we expect new projects will come up in other states. And certainly, we look forward to bid for these projects, if they find a [indiscernible].
So in the mix of next inflow of what you said, INR 8,000 crores to INR 10,000 crores, what kind of increase you're expecting in terms of non-roads? Or it will be purely roads?
We see that this [indiscernible] whatever it will be a hypothetical kind of a thing. So we'll see going forward what kind of opportunities are coming in the other sectors other than roads. Then that will be [indiscernible].
The last question on the Q2 number. As you said the revenue would still remain subdued or it could decline year-on-year in Q2 also, because of early monsoon. Is my understanding correct?
Yes, the revenue would be subdued -- continue to be subdued in Q2 also, because of the intense monsoon.
Thank you. Sir, there are no further questions at this time.
Okay. Thank you.
Thank you very much.
Thank you. On behalf of Antique Stock Broking, that concludes this conference. Thank you all for joining us. You may now disconnect your lines.