Good evening, everyone. Welcome you all to this Analyst Presentation of Q1 FY 2025. I am Rahul Shukla, Vice President, Finance, and joining from HCC side are our Vice Chairman, Mr. Arjun Dhawan, our CFO, Mr. Girish Gangal, and other members of the team. I will just share this presentation. Is the screen visible, Sandeep?
Yeah, it is visible. Please go ahead.
Just a quick reminder, HCC, with 100 years of legacy, being present in highway sector with completion of 4,000 km of lane kilometers of highways, almost 400 km of tunneling, 60% of India's nuclear power capacity, and 26% of installed hydro power capacity of India has been contributed by HCC. National wide footprint, as you can see, we are present all across various geographies, and current project portfolio of 30 projects is also spread across various states, including outside India, which is Bhutan. Our current order backlog is INR 9,534 crores, and again, well-diversified across various sectors and geographies. On sectors, transport, as usual, is the leading. On Q1 FY 2025 performance, our standalone E&C turnover for Q1 has been INR 1,265 crores versus INR 1,230 crores in Q1 FY 2024. Standalone net profit for the quarter is INR 22.7 crore versus INR 19 crore last year.
EBITDA margin stands at 12.6%, which is same as last year. Consolidated revenue is INR 1,016 crore versus INR 1,926 crores. Consolidated net loss is INR 2.5 crore versus a profit of INR 43.6 crore last year. We have received completion certificate for Numaligarh-Jorhat Road project and NH34 Package 3 project. We have also received substantial completion certificate for a project in Bhutan, which is Punatsangchhu-I Hydroelectric Project . And we have received part completion certificate for a Tunnel T-49A, which is in Jammu and Kashmir. Phase II of Mumbai Coastal Road Project has been completed. Basically, the connector to Bandra-Worli Sea Link, one side of it is completed and inaugurated by Chief Minister of Maharashtra , and the work on the other side of the connector is in progress. We are lowest bidder in project worth INR 4,633 crores, and work is well underway for future bid pipeline of INR 40,000.
In sum and substance, we have been moving quite well in terms of project execution. Our bid pipeline is strong, which will cater to our growth moving forward. Key performance highlights from finance side are basically that we plan to raise INR 600 crores through QIP to fund our accelerated growth. Now that we are targeting accelerated order booking, obviously, we need to have a reasonable amount of working capital, plus cushion for any future contingencies. That will be done through QIP and strategic focus on high growth and accelerated debt repayment and deleveraging. This is the next target that management has locked. As you can see, we have been consistently performing quarter-on-quarter basis in terms of revenue, EBITDA, profit, as well as EBITDA margin, which is being maintained.
On a consolidated basis also, our performance has been quite consistent if we look at quarter-on-quarter numbers. Some of the project updates. Coastal Road Project, as I just mentioned, that project has moved quite well. We have completed one of the connectors to Bandra-Worli Sea Link, and the second one is in progress. This is Delhi Metro. Here also, the work is almost completed. Trial run for the train has also been completed. We will very soon be coming out of this site. In fact, most of the demobilization has also happened. Mumbai Metro, this project also, most of the work is happening at a very fast pace, and we will see that first CST station is almost at the finishing level. Other station also, MEP work is going on. So the project is well on track.
Tehri Pumped Storage Scheme, this is a 4 x 250 MW, total 1,000 MW project, and two units of 250 MW have been installed and the spinning of the same is expected very soon. We are, in fact, expecting that Prime Minister will be inaugurating this project, these two units, once they are connected to the grid. So we have done quite well here and hoping to keep the project on track. Financial performance, as I briefly mentioned key numbers in the previous slides also. You can just take a look. Maybe one point to note here is that our finance cost has gone down in comparison to last year, which obviously- outcome of our repayments that we have made in the previous years. Consolidated financials. Steiner, with a portfolio of almost CHF 4.37 billion.
This R&D project development has given us a revenue of CHF 60.3 million in Q1, which is equivalent to INR 546 crores. PBT stands at CHF -1.9 million, which is equivalent to a loss of INR 17.5 crores. Now, since the company has transformed into real estate development, naturally, there will be slightly different number that the investors are used to seeing historically. We have sold our construction business, so now this is the new normal that we will be existing going forward. Thank you. Now we are open for question and answer.
Please raise your hands, those who are asking questions, so I can take it up. Shyam Garg , can please unmute and start.
Thank you for the opportunity, sir. My first question is with respect to the order book. Can we conclude that in Q1 we did not have any order inflows as such? What is the expectation regarding the next three quarters?
With regard to Q1 order booking, as I mentioned, we are L1 in INR 4,600 crores worth of orders. However, we are not converted into awards. Awards or LOAs are yet to be issued, so we do not consider them in our order booking. Whatever INR 9,000 odd crores of order booking you are seeing is exclusive of that. Once they get converted, that will get added to this. With regard to future, we generally do not like to give forward-looking statements, but obviously company is certainly planning to accelerate our order booking. We will keep on updating. As I mentioned, we are working on more than INR 40,000 crores worth of strong project pipeline. Certainly, we can see much better conversion of our bids that we are making, because we are quite selective in terms of projects that we plan to bid.
When we decide to bid, we would like to convert them.
What is the conversion ratio of Q1?
Historically, our conversion ratio had been 15% to 20%, but in Q1 it had been quite good. In terms of amount of bids submitted and conversion, it would be comfortably above 30% of conversion rate.
In terms of number of projects, sir?
Number of projects, that we will have to check how many number of projects have been submitted, but obviously it is much higher than historical conversion rate that we have achieved.
Okay. We have not won any specific project which has a very large amount.
We have-
Different number of projects.
Yeah. There are three projects that we have won. I think a couple of them are highway projects, one of them is hydro projects. All of them are more than INR 1,000 crore. One of them is INR 2,600 crore.
Okay, sir. Sir, any update regarding the spin-off of our one of subsidiaries, Steiner AG?
Yeah. Last time we had given quite detailed briefing to analysts, investors in the last meeting. I think maybe you can refer to that as well. The company is moving ahead with its plan of finding investor. As I mentioned in the last presentation, the R&D portfolio is being separated from the parent company. That process is going on, and investor finding is also going on in parallel.
Okay. Sir, any revenue guidance and margin guidance for the current year?
We generally avoid giving forward-looking statements, so you will have to have a little patience over here. Only thing we can say is that we will try to maintain consistency. I have shown you last four quarter numbers, and we would like to improve them, certainly.
Okay. Thank you so much, sir.
Prachi Pisal , you may start, please. Unmute and start.
Hello, am I audible?
Yes. Go ahead.
Yeah. Hello, sir. I was just wondering, the EBITDA margins and overall income margins, in comparison with the last quarter, they have declined. Is it seasonal? How would you justify it?
If you compare it from last quarter, it is seasonal. A fair comparison would be to compare it with the Q1 of last year. There you would see that margins are more or less the same.
Sure. Okay, thanks.
Viraj Mahadevia, you may please start.
Yeah. Hi, sir. You mentioned in the opening remarks that you are going to be focused on growth and more aggressive de-leveraging. Can you give us a sense of how you plan to achieve this more aggressive de-leveraging apart from the QIP, and how much of the proceeds of the QIP are planned for debt paydown?
Okay. Let me address this question, Rahul Shukla.
Yeah.
I think I would also basically probably add to some of the comments or the question that came before this. In the past, we have talked about having equity, when we have actually had a higher visibility on growth. We have decided to, at this point in time, the visibility we have on our order backlog and what we consider to be a fairly aggressive build in our order backlog. This is something that we believe from a timing perspective, given the opportunities we see and the conversion that we expect, can be supported by this extra liquidity on our balance sheet. What we, at this point in time, will not probably provide you is the details of what percentage of the proceeds will be used where.
What I can say is the majority of the proceeds or the bulk of the proceeds will be used for the growth of our business and not for deleveraging. Today-
Okay
We actually have a substantial liquidity on our balance sheet, in any case, that addresses upcoming debt repayments. We are very comfortable today from a liquidity standpoint. The purpose of this QIP is to actually grow our order backlog quite aggressively. I think if you can work backwards from the previous question that was already asked, which was about what our guidance is going to be, that is something we do not do. If you look at how we need to actually, in the next few years, literally double our turnover. We need to be able to generate, you can work backwards into what kind of order backlog that we need to actually get, to really catch up on the growth that we have not been able to do in the last basically couple of years. I hope that gives you a little bit of color.
Obviously, I would like to avoid giving you specific details, but it gives you a sense as to what the strategic direction of the company is. As far as the comment on deleveraging, strategically as a company, I think that the goal is to deleverage HCC completely. How quickly we are able to do that is a function of how strong our order backlog growth is in the next 18 to 24 months. That in turn will generate a substantial amount of free cash flow that will help accelerate the deleveraging. At this point in time, we have a fair amount of interest with regard to equity investment in the company.
If we ever come back to equity investors with a proposal, it will certainly not be dilutive, but it will be an event that goes alongside a strong, basically, growth in the company's top line, bottom line, as well as basically an event that could accelerate the deleveraging of the business.
Understood. Fairly clear over the medium term. Second question was, the finance costs have come down in this quarter versus March 2024 and June 2023 last year. Is this because of the rescheduling of the interest payments and the debt, or is it actually because of absolute debt reduction?
It is because of debt reduction.
Okay.
We have been making payments to lenders in last two years, so it is an outcome of that.
Understood. Okay. All the best. Thank you.
Thank you.
Sanjeev Damani , you may please start. Sanjeev, please.
Yes. [Non-English content]. Am I audible, sir?
Yes, yes. Go ahead.
Thank you very much. Sir, actually, I would just relate it to the last quarter limiting, where it was mentioned that INR 12,000 crores worth of executable orders are pending from our side. I am seeing a turnover of approximately some INR 1,800 crores or something like that, if I am not wrong. Is there any difficulty in executing certain orders? Can I know, sir?
There is no difficulty in executing order. This whatever order book we are showing, like last quarter, it was almost INR 10,500 crores, now it is INR 9,500 crores, is distributed among certain number of projects, and there certain amount of work front is available for execution. Depending upon those engineering technical aspect, we execute whatever is possible. This is a good run rate that we are able to achieve from those projects. If you see that we have HCC, in fact in last two years has been doing its highest ever turnover. Which itself indicates that there is no challenge in terms of execution. But obviously, when we book more orders, we have more number of projects and more number of sites are available for execution. The run rate will further pick up and the revenue generation will increase then.
Sir, can I know, the next quarter is almost a rainy season, this current quarter which is going on. I think the work would be even less than last quarter, sir. Or it is likely to be maintained around those figures.
Seasonal factors certainly play in, and it's a known fact that monsoon seasons are generally less efficient for construction industry. That is also reflected in every company's, including ours, historical performance. You can look at those numbers, how seasonally we have been performing, how Q1 and Q2 execution differences are there. That will be there.
Okay, sir. Thank you very much and all the best, sir.
Thank you so much.
Saurabh Agrawal, you may please start.
Am I audible?
Yes. Go ahead.
Okay. I have two questions. One, what led to loss on a consolidated basis? Second, there has been a lot of media articles about the nuclear plants being set up or being planned by government. So how are we as a company placed and positioning to leverage this opportunity?
I will take your second question first. With regard to nuclear plant, as I mentioned in the initial slide itself, and as you may be aware, that we have been pioneer in executing nuclear projects. We have contributed to 65% of India's installed capacity. So we are one of the best companies to execute nuclear projects. Now, government's plan are quite big and in the fleet mode itself, government is going to award, I think, some 12 projects. One of them has, in fact, recently been awarded. In addition to those large projects, government is also coming with smaller projects. That's the plan, that almost 250 MW to 300 MW kind of nuclear projects they want to install, because they want to manufacture in India, and they also want to support our long-term plan of generating nuclear power through thorium fuel. Because thorium is widely available in India.
This helps us become self-sustainable in terms of nuclear power. As we all know that nuclear power is one of the most well-established and sustainable kind of green power, so to say. This plan is there. Now, how they will frame up policies, how they will bring into this thing, because there are talks about doing in PPP mode. Obviously this clarity has to come, but obviously HCC is well-placed to do whatever comes, and we are very optimistically looking at this sector and looking to benefit from this.
Saurabh Agrawal, any more questions? You are unmute.
Yeah. So my other question was about loss on consolidated basis.
Yeah, sorry.
What led to it?
Yeah. So loss on consolidated basis, as you know, we have got two subsidiaries, Steiner and HCC Infrastructure. So this loss has come from Steiner's result. As you know, I have shown you that Steiner has made a loss of some INR 17 crores. That has affected this result.
Okay. Thank you.
Dhananjay Mishra , you may please start.
Am I audible?
Yes. Go ahead.
Just wanted to know this INR 40,000 crore pipeline we are talking about. Can we expect some tendering process to start in terms of bid submission out of these pipeline? How many of them you are expecting tendering process and awarding to happen in this financial year?
It is already on, Dhananjay. As I mentioned that the work is well underway for these INR 40,000 crore bids. It means the team is already working on this.
Okay.
Some of the tenders are there, some of the tenders are being planned. Obviously we will have to rely on government timeline and the process for that.
Rahul, it would be fair to say that a material portion of this pipeline is something that we would be bidding for over the course of this fiscal year.
Yeah. Right.
Okay. No, it is not about our chances of getting order. I am just asking whether government will be awarding these orders in this financial year or it will still award next financial also.
I think that is, again, it is just going to depend client to client, project to project, and in which quarter we actually end up securing an L1 position, assuming that in some cases you could actually have a conversion of L1 within a few months. In some cases, it might take a little longer if it is a strategically important project. In the past, we have actually had a little bit of delay with regard to the conversion of L1 into LOA because we have had our general elections, so that has also caused a little bit of a break. You have the Maharashtra elections coming up as well. So to some extent, there has been a little delay there. I have just noticed that Santosh Rai has joined us. He heads the business development-
Yeah
function.
I am here.
There was a question on the nuclear opportunity as well. I will give my quick perspective. These are a little lumpy. As and when they come, they will come with a fury which we will take advantage of. But at this point in time, I think Santosh Rai will give you a sense as to what the visibility looks like. I would just end by making one general comment on order backlog in HCC, because we are working off a very low base. I am expecting a substantial growth over our current revenue base and substantial buildup of our order backlog. Because HCC has very strategically and consciously decided that we will not be bidding by and large for projects below INR 1,000 crore.
The sweet spot, let us say, being INR 1,500 to INR 2,000 crore in size, you will effectively, because of the focus we have on the kind of projects we want to basically get, and we are not going to compromise on margins, we are not going to compromise on cash flow. You will hopefully, and this is what we need to deliver as far as you are concerned, a fill-up and a substantial fill-up of our order backlog in a fairly rapid succession. But in some cases it might be lumpy because we are looking at a few projects of a large size.
Okay.
Yeah. Dhananjay Mishra .
Yeah. Just next question. In subsidiary business, because now we are working as a developer, so in this quarter, whatever revenue and numbers we have shown, that is we are showing as a developer. So what is this order book position? Because, I mean, entire this effort under potential revenue you have given.
That's a little confusing the way it's been represented, so I'll let Rahul basically just explain that. Yes, all the works that we are now going to be executing are effectively of a nature of development. Rahul, do you want to just quickly explain that? Next time in the future, thank you for that comment. We will basically clarify that so that doesn't imply that these are construction jobs.
Yeah.
Right.
Sorry, Rahul, before you interrupt, as a result of it being a developer business, we might now see the profitability and style of being a little more lumpy. Because development businesses tend to generate fees and revenues on the completions and on substantial milestones, as opposed to basically a construction business, which is sort of a daily day in, out turnover, et cetera. To some extent, when we look at the profitability and the turnover of the business now as a real estate entity, I think you would need to basically look at it on a slightly longer tenure than a three-month tenure. Rahul, over to you.
Yeah. With regard to order book, when we have portfolio of almost CHF 4.37 billion, the project pipeline projects are at various stages. Now, once a project reaches to the level of launch, there are customers who buy this. Even in India, that happens. Suppose we buy some property and the property is still under construction. That property comes into our order book. From portfolio, it shifts to order book. When the project is executed, the revenues are booked. Order book is a subset of our portfolio for which the sales have already happened.
Okay, understood. One last I can chip in. In INR 40,000 crore pipeline, have we considered nuclear project as well in this?
Santosh, would you like to
No, there is no nuclear project in this. These are largely projects in transportation and hydropower sector. You had also asked timing. I think we are looking at that. We will be submitting the bids almost like, we can say INR 6,000 to INR 7,000 crore every month. Some months it will be much more. So this bid pipeline is already something on which we are working on. The dates are known to us. Of course, as Mr. Dhawan said, some one a month here, and it can be always there. But these are all work in progress, and we expect to submit these bids over a period of next four to five months.
Okay. Thank you. All the best.
Yeah.
Darshan Jhaveri, you may please start.
Hello. Good evening, sir. Thank you so much for taking my question. Sir, a lot of my questions have already been answered. Just wanted to understand our current order book of INR 9,000 crore. What is the average, maybe executive period for this order book?
If you simply look at our run rate, next two years, we should be able to complete these order books. However, depending on the stage, like at the end, generally execution of the project slows down. We can say between two to two and a half, three years, we should be able to execute the existing books.
Oh, okay. Fair enough, sir. The orders that we have won, L1 currently in, what would be the rough timeline? I know it is a government thing, so you might not be able to give an exact timeline, but on an average, what would be the time that we get the order awarded and what is their executable timeline?
Santosh Rai, would you like to take it?
Yeah. Out of this total order of around INR 45,100 where we are L1, we are expecting at least significant part, I will say around 70% of that, to be converted in next 45 days to 60 days. In fact, much can happen in this quarter itself. Our expectation is that it is in the final stage of decision-making now. One of the orders is in the state of Jammu and Kashmir. So there also, we are expecting that all to get converted in next, again, same 45 to 60 days at the max. Unless elections are announced there and that delays the process. That is where we are. In terms of duration, these are like average duration is 36 months of these contracts.
Oh, okay. Fair enough, sir. Just wanted to ask, in terms of our exposure to maybe orders from Maharashtra State Government due to the upcoming election, will there be any impact on order flows coming from there? Is there slowness in issuing tenders or what kind of picture visibility can we get from that, sir?
So, see, it is a general practice that whenever elections are announced in any state, the tendering process is slowed down because of the government regulations. Depending upon who is forming the government, there can also be a time lag by which the decisions are made for the new projects announcement. So I will say that when elections are there, we will expect a kind of break in the new order announcements or even the new order awards for three to four months.
Oh, okay. Just one last question from my end. I know we do not give forward-looking guidance, but based on just a rough calculation of a current order book and order win, because with that, maybe we will not be able to double our revenue query in the near future, right? So what kind of maybe this year our execution will slow down more and FY 2026 it will pick up? Could you just maybe just give us some color on that, because currently it would look like it, that we would not be able to do as much as of what we did in FY 2024. Is that a fair assumption?
Darshan, look, I think your assessment is relatively into position, but we are equally conscious of the point what you said that we have to have an order intake which allows us to grow our revenue and we are exactly working in that direction, is what I can tell you. Our order intakes might be a surprising number at the end of the year itself.
Oh.
For the kind of bid pipeline we have identified and the number of bids we are working on, it could be a good surprise also.
Yeah, fair enough. That is what I was asking. Maybe FY 2025 would be our transitioning year and FY 2026 we would be back with a bang.
Yes.
Is what I am.
Yes, very much.
Yeah, okay, fair enough. Yeah, that's it from my side. All the best.
I wanted to just add, I think one of the things that is going to be the responsibility of the management team at HCC is to make up for the fact that FY 2025 earnings are not going to perhaps be as strong. We need to actually show that make up year is made up in spades, so to speak, in the next fiscal year.
Oh, fair enough, sir. Yeah, thank you so much.
Kenil Mehta, you may please start. Kenil?
Just wanted a gist view on what are the opportunities in hydropower projects and hydro pump storage hydropower projects and what is the reason for sudden burst in order tendering for PSP projects across the nation. Last week Gujarat Government had announced 10 GW. Maharashtra Government is announcing and many of the private players are also participating. What is the sudden burst in PSP projects compared to other renewable power projects?
Kenil, PSPs relatively take shorter construction period compared to a greenfield hydropower plant. So that's one of the USPs of PSP. Number one thing. PSPs are usually being built around an existing reservoir or existing plant. So that's the benefit what one takes to arrive at that. Second thing, you will also see there is a lot of push for green power. For example, green hydrogen needs a green power. So many of these companies which are going into that space are also looking to generate power through green sources. And hence you can see not only government, there is a mixed bag, in fact. A lot of private sector participation is also there, and the government sector participation is equally there. So that's the key reason why these PSPs are suddenly being done, number one.
Number two, essentially if you look at the CEA plan, the amount of hydropower addition which India needs to do by 2030 is in north of 20,000 MW. So a lot of action has to happen now if we want to achieve that target, and that's why you are seeing that a lot of hydropower plants are being announced and those construction will be soon taken up.
The timeline for constructing a PSP will be three to four years?
Yes, relatively, yes. Around four years-
And-
Compared to hydropower plant which can take six years, eight years depending upon, sometimes 10 years depending on the complexity and place where it is.
Majority of the project will be having environmental clearance or it will be fresh lot. You bid and then the environmental clearance happens also.
No. We normally bid at a stage when all such clearances have been taken by the developer.
Okay.
Be it government or be it private.
Okay. Will the promoter participate?
Rahul can answer this question.
QIP, institutions will participate. We are looking for mutual fund and large family houses to basically participate and increase their stake.
Understood. Sir, would like to know what is in Steiner AG, we had appointed an investment banker. Where have we reached now? Are we going to sell the remaining business or are we going to continue with developing the projects?
The process of investor finding is going on as we mentioned, and the update is that they are well in advanced stage of sending the information document and all that and receiving some feedbacks. Depending on what kind of interest and what kind of value we get for the business, the decision will be taken at that point in time. If we get very good value, we can consider even exit. If investor wants us to continue because we have the knowhow, we have the expertise, we can continue also. We are open to the schemes being proposed by the potential investors.
Understood. Thanks a lot.
Kunal. Kunal Tokas, you may please start. Kunal, if you can unmute and start. Yeah, please.
Am I audible?
Yes.
My question relates to Note 7 of the consolidated accounts, which states that Steiner AG has provided guarantee for legacy construction projects together with a syndicate bank facility. I just wanted to understand more about this aspect and how much exposure does Steiner AG have to its legacy projects now, and is the parent company, HCC, liable for any of the guarantee? Thank you.
Let me address that. Girish, you can jump in. First of all, in any construction business, you give bonds, and in this particular construction of real estate in Switzerland, you give warranty bonds. These are basically very long-term warranty bonds, even after the completion of the project. It is kind of like a DLP, but they tend to be provided on a much longer term basis. They are extremely low risk, and the chances of encashment there are very low. As far as HCC has not basically guaranteed any of these. These are basically bonds that are provided for that particular business. I presume that that answers the question. Am I leaving anything else out? Just one more important point. The construction business is over. We are not going to be taking on any other further construction projects.
These are just simply bonds or warranty bonds that are in place for completed projects. Completed projects that will basically remain through what is considered to be a defect liability period.
If I may ask, for the completed projects, the note also states that you have received some indemnification demands-
Correct
In this quarter. Do you have any estimate of how much you might be exposed to? How much more-
This is effectively as a process of the moratorium process, right? So there is effectively a technical cross default that then basically requires for you to provide indemnification in terms of a security. None of that is actually, from a cash flow perspective, actually relevant right now because we are in this moratorium period. So once we complete the final reorganization, we will then basically have all the covenants standardized, and you will not basically continue to have this note basically continue.
Are you saying that after the reorganization, you will not have any more?
Correct. This is like a covenant that is basically in breach, which will actually then be rectified once effectively the full reorganization plan is complete.
Okay. Understood. If you could give some figures, like from a cash flow perspective, how much you had to pay in the last year, maybe, for these demands?
From HCC? Zero.
From Steiner.
We don't share that kind of detail, in terms of specific significant payouts.
It's basically-
How much has actually been paid out is actually probably, I would say, been immaterial. I can probably go out and make that statement, though I think what the team can do is it can actually come back to you personally and confirm that. If I made an inaccurate statement, they can actually probably correct that. But the point is that all of this will be normalized once we actually complete our plan.
Understood. Thank you very much.
R. Sangoi, you may please start.
Yeah. Am I audible?
Yes, go ahead please.
Yeah. Hi. Thanks for the opportunity. Today in one of the disclosures, there is a sale of Western Securities for an amount of INR 11 crores to a related party. Can you just brief what was sitting in this company?
We had one flat sitting in this company. So we have got it valued and sold that from our balance sheet.
Only one flat, right?
At market value. Yeah. Fair value.
Okay. My second question is whether at any point of time there was an option in the parent or any of its subsidiaries wherein substantial TDR rights could have been activated pending some payments. Those TDR rights were substantial, around 40 lakh sq ft or something.
No. Nothing like that. We don't really have any TDR.
Actually, there was some payments pending wherein the TDR rights could have been released. Around INR 50 odd crores payments were pending. That's I think some years back. That is in one of the notes. I just wanted to clarify whether there was any such thing or not.
No. Which note you are referring to? Because we have not available any TDR.
In my personal notes, there were some details about some TDRs which could have been encashed, pending some payments.
No. Nothing like that has happened.
This was something related to the Powai re-development or something. Is that so?
No, there is nothing of that sort. Just to reconfirm, as far as Powai, what you mentioned, we had only a land right. There is no TDR or something what you are referring to. There is nothing of that sort to our knowledge.
What is there in Powai? Can I just-
There is nothing in Powai. As I said, we had a land parcel, which we have sold long back. That is all. There is no question of any TDR right or whatever coming from that basis. Okay.
Thank you.
Saurabh Agrawal, you may have some more questions.
Yeah. This INR 4,000 crore where you are L1 bidder, that is, I believe, the HCC share, not the total value of the joint venture partner. Is that correct?
No, it is HCC share.
Okay. Thank you.
Kenil, you have any more questions?
Sir, would like to know any further development on the land bank, 35 acres, which we have in Powai, Panvel, and Vikhroli. And any other not disposable asset we have pending to get clear in coming months or quarters.
No further development in terms of disposition of land. We have already disclosed one land sale, which was there. Yes, there are quite a few land bank, but nothing much to comment on. No further development.
Okay. Understood. I would like to know any award we got for the arbitration. Award money we have got for the arbitration, which is ongoing for our past cases.
Yeah. We keep on getting some money here and there wherever matter gets settled. I don't think we can give all those numbers here. These are multiple small or big monies which keep on coming.
Understood.
Yeah. They are all part of our financials.
Understood. Thank you.
That is all. Rahul Shukla, y ou may conclude now.
Okay. Thank you so much everyone for joining this meeting and asking questions. Look forward to meeting you all in the next quarter.
Thank you very much. Bye.
Thank you.
Good luck. Thank you.
Thank you.