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PSP Projects Ltd
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Ladies and gentlemen, good day, and welcome to the PSP Projects Limited Q1 FY '23 Results Conference Call hosted by Dolat Capital. [Operator Instructions]
I now hand the conference over to Mr. Shravan Shah, VP Research Analyst. Thank you and over to Mr. Shah.
Thank you, Seema. Good evening everyone. I would like to welcome you all for Q1 FY '23 Results Conference Call of PSP Projects Limited. We thank the management for giving us the opportunity to host the call.
From management, we have Mr. P.S. Patel, Chairman, Managing Director and CEO; along with Mrs. Hetal Patel, CFO of PSP Projects with us. Without wasting much time, I would now hand over the floor to management for their opening remarks, and then we can have a Q&A session. Over to you.
Thank you, Shravan. Good evening, everyone. Thank you for joining our earnings call. Please note that a copy of our disclosures is available on the Investors Section of our website as well as the Stock Exchanges. Please do note that anything said on this call, which reflects our outlook towards the future or which could be construed as a forward-looking statement must be reviewed in conjunction with the risk that the company is facing. With that, I would like to hand over the floor to our MD, Mr. Prahaladbhai Patel for his opening statement.
Thank you [indiscernible] Good evening, ladies and gentlemen a warm welcome to each one of you, and thank you for joining us on quarter 1 FY '23 earnings call. I trust everyone is doing well. I believe you have already got the chance to go through the investor's presentation uploaded on the stock exchange.
I will begin with the key highlights that we did during the quarter. PSP Projects [indiscernible] overall strong performance in [indiscernible] quarter. We have announced that PSP project have once again [indiscernible] ever order book till date of INR 4,613 crores in comparison to all previous first quarter the company [indiscernible] order inflow of INR 550 crore [indiscernible] as compared to INR 4.89 crores during Quarter 1 FY '22 with majority being private orders.
The major projects awarded during the quarter are: pile and raft foundation works for proposed tallest temple of the World; one of the first tallest residential tower of Ahmedabad; construction of institutional campus in Ahmedabad for a leading Mumbai based management institute. Yes, we [indiscernible] the company till date has already received an order inflow of clearly [indiscernible] crores each, 70% [indiscernible] the order inflow has been the base as compared to the past 5 years [indiscernible].
During the quarter, we completed 3 projects, which includes the largest retail mall of Gujarat. All the projects were completed in time. Total projects completed till date totals to 186 projects. As of June 30, 2022, government projects comprised 63% out of all the business verticals. As on the [indiscernible] ongoing projects of which 43% are based in Gujarat, 41% in UP, 16% in Maharashtra and 0.3% in Rajasthan.
[indiscernible] and country project constitute to about 83% and sale [indiscernible] constitute over 16%. EPC projects include planning, design, construction and post-construction activities [indiscernible] opened horizons of growth for [indiscernible] last few years. Mid pipeline going forward, we have mid-pipeline approximately INR 4,000 crores of which 41% is from rate and 51% is from state of Gujarat.
About [indiscernible] I think I should not focus too much on demands the project we've already completed in certainly most of the [indiscernible] has already been over to the owners, only some portion of the basement and the financing panel competent of accounts is going on. And then on EP projects, yes, this time we have faced a big problem in terms of labor because March '20 and March '21 was the biggest set of corona. And during that period, [indiscernible] labor in UP, Bihar, Bengal, and Orissa which [indiscernible] were able to manage energies.
So this time, the [indiscernible] has been the big peak there was the peak season. So we were having a very big problem in terms of rent laboring in May. And that's the reason that this quarter we do not deliver to an extent of 20%, 25% growth into the last quarter of FY '21. And then on sports complex [indiscernible] government project. The facility is being built [indiscernible] in India. The project has already begun and is going on in full force. Up and then beyond, we have 2 slow moving progress that is only in [indiscernible] together to 16% of sending other book. Rest of all projects are fully mobilized.
An update on [indiscernible] to summarize, we remain optimistic and positive for growth of infrastructure [indiscernible] effort to accelerate economic growth through higher [indiscernible] and rewarding incentives to domestic benefiting, we see private caters could also to India's growth story. The softening the commodity prices progressed well for infrastructure centric steel prices having declined by 20% from its high of March 2020. With this, I conclude my remarks, and now I would like to hand over the call to me, Mrs. Hetal Patel to present through the financials.
Thank you, sir. The financial performance during the quarter ended June 30, 2022, is as below quarter 1 FY '23 versus quarter 1 FY '22. Revenue from operations for the quarter is at INR 345 crores versus INR 317 crores, higher by 8.8% on Y-o-Y basis. EBITDA for quarter is at INR 47 crores versus INR 39 crores, higher by 19.6% on by Y-o-Y basis. EBITDA margin eased at 13.64% versus 12.42%. Net profit for the quarter is at INR 28.51 crores versus INR 25.11 crores, which is higher by 13.5% on Y-o-Y basis. That margin is at 8.13% versus 7.8%.
During the quarter, the revenue generated from all 8 UP projects put together was INR 34 crores during quarter 1 FY '23. Cumulative revenue till June 30, '22 is INR 182 crores. The revenue generated from Surat Diamond Bourse project was INR 53 crores during the quarter 1 FY '22. Cumulative revenue till June 30, 2022, is INR 1,856 crores. Total revenue from Pika facility was to be INR 14 crores during the quarter.
Increase in other income is mainly attributable to increase in interest on [indiscernible] from INR 2.54 crores in quarter 1 FY '22 to INR 3.17 crores, mainly due to increasing 6 megabits from INR 220 crores as on June 30, '21 to INR 317 crores as on June 30, 22. Increasing interest received on mobilization advance, which is received from contractors of UP projects from 3 lakhs in quarter 1 FY '22 to INR 1.35 crore in quarter 1 FY '23. Profit on sale of old plant and machinery, 46 lakhs, which was not there in quarter 1 FY '22 other income.
Employee expense has increased by 43.5% on Y-o-Y basis, which is mainly due to annual appraisals and increment during the April '22 and increasing managerial remuneration. There is no significant change in revenue for the year on consolidated basis. We'd like to mention few of the important balance sheet numbers as on June 30, 2022.
Long-term borrowing has increased from INR 34 crores to INR 50 crores as on June 30, '22. The increase is due to long-term loan of 20 CR availed from bank at 7% for sports complex instead of availing mobilization advance compliant at 10% input. There is no significant increase in working capital with a certain borrowing. On March 22, it was INR 66 crores and June '22, it is INR 67 crores. FY '21 was INR 68 crores. So it will remain between INR 60 crores to INR 75 crores, though we had total fund base facility of INR 140 crores.
Gross proof assets is INR 347 crores and net [indiscernible] INR 207 crores. An addition during the quarter is INR 3 crores. [indiscernible] customer that is unbilled revenue is INR 128 crores, which mainly comprises of Kashi and some other [indiscernible] due to customers' advanced billings that is INR 24 crores. Retention, noncurrent 79 retention current INR 37 crores. Long-term borrowing INR 50 crores. Short-term borrowing INR 67 crores, mobilization advance INR 140 crores.
Working capital days are as follows: better days are 70, creditor days are 54%. Inventory days are 19, total net working capital days are 35%. Out of total credit facility of INR 1,047 crores utilized unities INR 579 crores, of which INR 53 crores are fund-based utilization and with INR 526 crores [indiscernible] fund based utilization.
As on June 30, 22, the company has total fixed deposit of INR 317 crores, out of which 3 deposits of INR 140 crores, FD was INR 172 crores are underlying with the bank for credit facilities and as we have given to the client security deposit amount to INR 5 crores. Work on hand on June 30, '22 is INR 2,613 crores and [indiscernible] numbers are shown in uploaded presentation. That concludes the update on financials. And we are now open for the question and answer session. Thank you.
[Operator Instructions] We take the first question from the line of Mr. Sanjay from Envision Capital.
The government projects are contributing approximately 63% and this…
Your voice is very low.
Okay. And I try to improve, sir.
Thank you.
Projects. What is the time line of receiving the amount from the government projects? As you said that 63% of this order book is coming from government projects. So can you, some highlight anything on this?
What is it which timeline you're asking for?
Sir, the payment timeline, I mean, the amount which is received from government on these projects, has the order book is measured from government, right?
It is on monthly basis and monthly billing and usually by national [indiscernible], which is being paid.
Okay. It is on a monthly basis.
Yes.
Okay. And any major CapEx plan, I mean, are we looking forward for this FY '23?
[indiscernible] it depends on the project which we receive and once the projects are received then we [indiscernible] CapEx but [indiscernible] very easily when I always said by past accident, it changes between 2% to 4% of the sales that we always average CapEx which we're doing every year.
We take the next question from the line of Bharanidhar Vijayakumar from Spark Capital.
Yes. We were in the process of bidding for the [indiscernible] as part of the Central Vista. So what is the status of that bid, sir?
2 thing, which are the last project, which was announced was the [indiscernible] we do not participate. [indiscernible] any inquiries came up. [indiscernible] there is a very substantial value will [indiscernible].
Okay. How much is the potential upcoming bid from the Central Vista in your view?
I think the aftermath only one from the regimen [indiscernible] was about INR 1,200 crores. So preferably, if we consider the previous value of INR 20,000 crores [indiscernible] INR 6,500 crores. So I think [indiscernible].
Okay. And this will come, say, in the next 1 year?
It should because the government has already planned to continue [indiscernible] 2026. So it should come back at us of how is going up.
Okay. And there were also few other opportunities like sports complex in Ahmedabad residential projects in Mumbai, et cetera. So can you highlight the big pipeline more in granular detail where are these big pipeline projects that you see upcoming?
So there are few projects which we are targeting and which are very keen to bid in which we are all positive in the inversion to project side is [indiscernible]. Second one is municipal corporation building which is in degradation [indiscernible] the few projects from many. We are also working with them and we are expecting some average to consented also on [indiscernible] and the offered buildings also.
One more project of DLF residential, which we have just started thinking about bidding [indiscernible] so the potential for bidding is not a big problem as far as something is like for concern. It is only to the prices that we can [indiscernible] it is. So as we have already used to order book at an income plus the first quarter, I think we'll be growing into a bit slowly and safely. And we have sort of giving it on in this year 2023 inflow other than INR 3,200 crore, I think almost 10% we have [indiscernible] the better projects to come in Gujarat and better [indiscernible] Gujarat at the same time some [indiscernible] Delhi and Mumbai.
Okay. So you're telling the order inflow for the full year expected is about INR 2,200 crores is the revenue what you expect the minutes so that selling [indiscernible] Okay. Okay. And how is the competitive intensity for bidding in these projects?
See I think I always say when the 5G projects [indiscernible] competition even 3 or 5 lakhs [indiscernible] all know. And now when the projects are more than [indiscernible] remains. So I said when we as a company building for projects of [indiscernible] competition is a little bit less. And when we did some projects in government, beyond 500 crore against the competition is very niche even the last company.
Okay. And then how does your ability to pass on cost escalations in the overall order book of INR 4,600 crores of how much percentage would have full cost pass-through mechanism. I think as we are seeing at about 61% of order is from outside Gujarat [indiscernible] even at 15% project at Maharashtra. So it is a 45% project, which we are doing in UP. If the pass-through is not there. It's in a big size, all the projects are passed. Okay. Okay, sir. So that's it from my side, all the best yes.
We take the next question from the line of Mr. Ravi Naredi from Naredi Invest.
Thank you Prahaladbha, you are doing excellent well and been systemic. Sir, my point is, what about Maharashtra project those are standstill, do you get any revival soon, Bhiwandi and Pandharpur.
Pandharpur, we have not heard too much about them, but since the matter is in involved [indiscernible] hearing, but it is still in [indiscernible] June 17 till August. But yet [indiscernible] initiative to revive the project, but we will [indiscernible] difference in value that it got more than INR 1,000 crore. But we have seen positive, let us hope for some [indiscernible] Public Works Department is changing [indiscernible] the project should get little bit low to some extent.
Okay. That is a good thing. And what will be long-term margin trajectory in next 2 to 3 years, so you had given an investor presentation around 8% to 9% in last 5 years.
Yes. See again, the question which I have always asked and I mean I will try to maintain that should be between the range of 7% to 8%. And when it's comfortable EBITDA level, it should be between 11% to 13%, but depends on quarter-to-quarter and the type of projects which we have [indiscernible] project is going on in each quarter. So we'll sit tight and make sure that it remains in that range.
Okay. And what margin we get in the Precast?
Precast is again based on the same calculation as we see some -- more of the same [indiscernible] significant sites. So whatever gross profit which we can [indiscernible] depending on the type of the project and lead up the project. So that should remain in the same line [indiscernible] construction.
So margin will be around how much?
It should be 11% to 12% of EBITDA [indiscernible].
[Operator Instructions] We’ll take the next question from the line of Mr. Pankaj Singh from Trust Bank Securities Limited.
So my first question is that, sir, most of our projects are in Gujarat, and Uttar Pradesh and Maharashtra after -- so do we have any plans to cover other areas or other regions?
See, as I always say that our first target is always Gujarat and once we [indiscernible] state or other area. So as I said [indiscernible] given Gujarat [indiscernible] we should have done in UP and then [indiscernible] as we were comfortable in UP we have [indiscernible] of the UPs.
So it is not about going in any state. It is more about how much we are comfortable [indiscernible] projects we are [indiscernible] and what type of project it is, and what level of competition it is. So we would like to explain new states only when [indiscernible] competition in the type of project it is.
Okay, sir. Sir, the next question, sir, in the last on call that you mentioned about some government residential project in Delhi, which is worth INR 100 crores. Are we still bidding for it or we have got this order. So what's the status?
Government residential project of INR 100 crore in Delhi?
1,000…
That's not the objective of the project which we are seeing [indiscernible] that was in the last [indiscernible] quarter has gone, we'll [indiscernible] but I think we’ll be [indiscernible]. And then suddenly, which I’ve told about the government and private residential project [indiscernible], yes.
Okay. Sir. The order addition this quarter, and please provide the run rate for the few large projects in quarter 1, please.
Pardon me?
Order addition this quarter?
Order addition, we have already said that it is about INR 100 crores in [indiscernible] which I’ve already mentioned in my initial remarks about stock exchange [indiscernible] residential tower of Ahmedabad and then institutional campus of Ahmedabad [indiscernible].
And sir, next question is that can we expect that we will be debt-free in the next 1 to 2 years?
Maybe something which I can [indiscernible], but yes, possibly, we are not too much [indiscernible] that is something which I don't feel it’s too much as far as our balance sheet is concerned.
And sir, the last question is, sir, as we have seen the metal prices are also softened, cement prices are also softened. So do we have some sort of benefit of these kind of commodity prices downward or decline on the -- our operating costs?
See, if you know the benefit on the existing projects, we’ll simply [indiscernible]. So I think that this is the benefit blessing in disguise that some of the projects are on fixed prices, which we [indiscernible] March 2021. So that the benefit that we may go for [indiscernible] by the state price. Otherwise, we invested in new projects and we bid 31% [indiscernible], so that should not be [indiscernible].
[Operator Instructions] We'll take the next question from the line of Pawandeep Bhatia from Phoenix Capital.
You were talking to the last participant and you said, we aspire to maintain 10%, 11% margin. Is it for the Precast, right, you are telling?
Yes.
Precast structure?
Yes.
So our margin…
The question was asked specifically for precast [indiscernible] margin, it would be the same as what we expect in buildings construction. The Precast margin will be same whether the questions are [indiscernible].
Okay. So just to get it right, our margin in Precast that the CapEx that we've done recently is going to be in the range of 11% to 12%?
Yes.
And sir, one last question. You have -- earlier, you used to give a residential breakup in your presentation. And if I remember, it was around INR 500, INR 700 crores order book. What is the current breakup of residential and government, residential and private, I mean?
I think government is running the project, which is now on [indiscernible] private residential item, we don't have any budget as of now. But then we have [indiscernible].
It is still given we had a bifurcation of the government residential projects then private residential projects.
Can you go back to our presentation and confirm because I'm not share about the residential [indiscernible].
Okay, sir, I’ll cross-check. But sir, what is the guidance here because private residential sector, you -- a few quarters back, you said that you were positively looking into all these segments, and you were very positive on the real estate side.
I think there is some misunderstanding [indiscernible] the initial sector. I always look at the project [indiscernible]. And really, as far as developing business is concerned, we have too much [indiscernible] and we usually defer the projects for the company's credentials are good. So as we never expected so many [indiscernible] private, government or private residential. So only 3 or 4 [indiscernible] already given an order, which we’ve already declared, which is about INR 250 crores. And the private residential, which is [indiscernible] happen within 15 days.
And we have around INR 694 crores on our residential projects, private residential. It's on Page 17 of our presentation.
Yes, I understand now. Yes…
[indiscernible].
We take the next question from the line of [indiscernible] from HNI Finance Limited.
My first question is regarding your receivable days, like for the Q1FY23. [indiscernible] disturbance. And another question.
[indiscernible] it is not very clear. Your first question was [indiscernible].
First question is regarding your receivable days, like, for the receivable days [indiscernible] And the another question…
Sorry to interrupt.
Your voice is not very clear. Your first question that we have not hear. I believe.
Okay. Sorry, first question is regarding your receivable dates [indiscernible] to previous quarter and the second question is I believe that your needs and based on the completion of work queries, like I may be wrong with this question. Like, how your March accounting is always differ than your other quarters, like, always before aggressive revenue during the March quarter, but somehow your first quarter is generally low. So can you just give me light on this?
It is not based on accounting; quarterly accounting is little different. The thing is like the industry seasonal, which almost first quarter is good. If you look at the environmental seasonal effect…
Yes. As far as construction field is concerned, first quarter [indiscernible] in the month of April, May and June, where there is [indiscernible]. At the same time, in those periods, that we will have only [indiscernible], so the profit will be a little bit big. And before the second quarter, again, it's monsoon and those types of managerial [indiscernible] after the second quarter till the last quarter of the year [indiscernible]. So mostly the last quarter is better, but that is the first quarter of each year.
And one last question is regarding your project in the industrial sector. So whether you're exploring more on the industrial side or you're just -- as you mentioned that you are not as well as [indiscernible] on retail side or residential side, and you are just dealing with some prime clients like Adani or DLF.
So whether you are exploring any particular industry for the business purpose or you are continuing with your -- already with your client like Zydus or something else?
No. See, it is again about the opportunities. We work in corporate; we work with the hard developers [indiscernible] government side. So [indiscernible] more and more new building where we have done a project. And at the same time, we will have competition [indiscernible] payment facilities are available in the [indiscernible]. So we build by that only.
So it's not something like that we have [indiscernible] any of the flee. So anything related with the building, we work for all types of buildings, but we just need to check what the prices which we are getting and what the [indiscernible] competition it is.
[Operator Instructions] We’ll take the next question from the line of Aditya Mehta from GK Capital.
So sir, out of our total order book of INR 4600 crores, how much are we planning to execute in this financial year?
So we have given a projection of INR 2200 crores, which we are planning to continue this year…
So that will be approximate 25% growth over last year?
Yes.
So, but if you look at our Q1 quarter, the quarter-to-quarter growth is very low. So what might be the possible reason for that?
So this time there was a huge merit season between the label because last 2 years, March '20 and March '21, was the Corona period that we were not able to have any merits. So there was a huge season of merit. And in Gujarat, there was a big site of aggregate materials. So both the things have affected in our first quarter.
But in general, obviously, if you see quarter-to-quarter, every year in the first quarter, there are always much weaker than the previous quarter or the last quarter of Q2.
[Operator Instructions] We’ll take the next question from the line of Agam Shah from -- he is an individual investor.
Sir, a quick question on the order book, you said the pipeline for this year is what, INR 2200 crores, that much order will be in this year?
Yes.
How do we look at…
Minimum that is the percent which I keep it in my mind, and we can go beyond also, given on the opportunities you get [indiscernible] 9 months to go. So let us hope for the better [indiscernible].
Broadly INR 2,000 crores is what an incremental order you will be adding this year, is what I look at…
Yes. That's the minimum percent which I’m [indiscernible].
Okay. And any [indiscernible] whether you are L1 bidder or any [indiscernible] can be the highest for this year? Any color on that?
Presently, I cannot predict on that, but the L1 [indiscernible] L1 was the medical college and hospital for different sites. The tender has already been rejected and the government has already -- it should be new tender [indiscernible] second time also, the second time we couldn’t take that opportunity.
So the rest of the things are -- it's not easy to predict for the L1 today. But yes, there are some of the [indiscernible] at the range of INR 300 crores, which are almost [indiscernible], which we are expecting to close [indiscernible].
And on the Maharashtra project, the [indiscernible] project, so do we expect the work to get started in next quarter since the change in the government? How…
Probably, because it is not in this next quarter, at least, I should say, minimum by third quarter, something should be [indiscernible] to.
And we can expect the entire order to be executed now with the change in the government or still no clarity?
Probably. the work we did [indiscernible] the work will again be allotted towards [indiscernible]. And I think it will be much higher other than what we [indiscernible] so it will be a little bit higher value.
And if it all doesn't come through, any hit we’ll have to take or that has already been taken care of?
I think that has been already…
Already has been taken care of. Whatever expenses where there, we have already INR 3 lacs financial year.
[Operator Instructions] We’ll take the next question from the line of Mr. Shravan Shah from Dolat Capital.
Sir, just again, trying to understand on the revenue front, particularly. So as you've mentioned the INR 2,200 crores revenue that we are looking for FY '23. So in the next 9 months, we need to do a 30% growth. So we are confident that we can do with the existing order book?
Yes, of course, we can do without any [indiscernible]. The only reason was whether it was [indiscernible] explained that this absolutely because of the marriage season and it is related to types of aggregate [indiscernible] in Gujarat.
And then also, you mentioned the L-1 Gujarat [indiscernible] Medical College INR 659 crores, that got canceled and rebidded, but we did not got that project. Is that right?
Yes, you're right.
Okay. And in terms of the INR 4,000 crore bid pipeline that you mentioned, if you can give the value of the projects, a couple of projects out of that, then it would be helpful.
So as I told you [indiscernible] which we have rejected in Mumbai, it’s about INR 1,000 crore [indiscernible] Museum INR 100 crore…
I’m sorry, sir. If you can slow it, then it would be better.
[indiscernible] in Maharashtra, it is INR 1,000 crore.
Okay.
Then [indiscernible] INR 100 crore [indiscernible] about INR 200 crore…
INR 400 crore?
INR 200 crore.
Okay, INR 200, okay.
This [indiscernible] Gujarat is INR 100 crore.
And then DLF residential also INR 1,000 crores is part of the…
INR 1000 crore in Municipal -- Surat Municipal Corporation have [indiscernible] building, it is INR 1,000. So the major is German Jewelry INR 1,000 municipal [indiscernible] and DLF residential INR 1,000 crores.
[indiscernible] project are between INR 100 to 200 crores and [indiscernible] many project in Karnataka is [indiscernible].
Karnataka is INR 800 crore?
Yes. Indian [indiscernible] project.
Okay. And so most of these -- particularly this DLF One, which is a private console and the [indiscernible], seems like most of the government one. So in terms of the finalization, so where -- when can we see the final outcomes of -- and hope that we should be getting at least 1 or 2 larger projects, which is much needed.
I think about 300 or 400 [indiscernible] we’re expecting at the last stage. So probably that I expect we should complete by the end of August. And the [indiscernible] in the big states. So probably that can go in the month of September.
[Operator Instructions] We’ll take the next question from the line of Mr. Janam Shah from Equirus Securities.
[indiscernible] IIM Ahmedabad project. So what is the outstanding order book as of June? And when are you expecting to complete the said project?
You are talking about IIM Ahmedabad?
Yes.
IM Ahmedabad [indiscernible], which is in the new campus, which is almost completed and enable it, the work which we started by just before Diwali that was in the old campus that we will be expecting by the middle of March '23.
Okay. And sir, about the UP Medical projects, we have executed around INR 34 crores of worth during this particular quarter. Though overall revenue was subdued during this particular quarter across the projects. However, the time line for the projects was around 18 months or so. So how we are going ahead with that project in terms of the execution for [indiscernible].
These projects were given mostly at the time of Corona and in the Corona period [indiscernible] some of the projects were extend between 5 to 6 months. So most of the projects in the non-extended timeline is March 23 and some of the project [indiscernible] for medical hospital was [indiscernible] month of July '24.
Okay. So significant execution is expected post this monsoon season?
Yes.
[Operator Instructions] We’ll take the next question from the line of Uttam Srimal from Axis Securities Limited.
My question is to Hetal madam. And on interest cost has gone down this quarter. So this is a sustainable amount or it will increase going forward?
Sorry, I didn't get your question.
Interest costs have come down this quarter compared to last quarter, quarter for FY '22. So this is sustainable amount or it will increase going forward?
Yes, it will remain going forward because if you see compared to earlier quarter, the utilization of [indiscernible].
So sustainable run rate would be around INR 70, 75 crores [indiscernible].
Between of them, yes. It will be around 70 to -- INR 65 to INR 70 crores.
[Operator Instructions] Ladies and gentlemen, that was the last question for the day. I now hand the conference over to Mr. Shravan for closing comments. Thank you, and over to you, sir.
Thank you, sir, for giving us the opportunity to host the call. And thank you all the participants. Sir, do you have any closing comments?
Yes. Once again, thank you, everyone, for joining us and your continuous support and trust on us. We hope that we have been able to address most of the queries. In case of any further clarifications, you may reach to our Investor Relations Adviser, [indiscernible], and they will connect with you off-line.
Thank you, [indiscernible] our call. Thank you so much [indiscernible] each one of you.
Thank you, sir.
Thank you. On behalf of Dolat Capital, that concludes this conference call. Thank you for joining us and you may now disconnect your lines.