Ladies and gentlemen, good day and welcome to the Ahluwalia Contracts Q1 FY23 earnings conference call hosted by Dolat Capital. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing 70 on your headphone telephone. Please note that this conference is being recorded.
This conference call contains 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 do not guarantee future performance and involve risk and uncertainties that are difficult to predict. With this, I now hand the conference over to Mr. Shravan Shah, Vice President of Research and Analyst at Dolat Capital. Thank you, and over to you, sir.
Thank you. Good afternoon, everyone. I would like to welcome you all for Q1 FY23 results conference call of Ahluwalia Contracts (India) Limited. We thank the management for giving us the opportunity to host the call. From management, we have Mr. Shobhit Uppal, Deputy Managing Director, along with Mr. Vikas Ahluwalia, Executive Director, and Mr. Satbir Singh, Chief Financial Officer, with us. Without wasting much time, I would now hand over the floor to Shobhit, sir, for opening remarks, and then we can have a Q&A sessio n. Over to you, sir.
Thanks, Shravan. Ahluwalia Contracts (India) Limited is a company, which has announced its financial results for Q1 FY23. During this quarter, the company has achieved a turnover of INR 609.24 crores and a PAT of INR 37.78 crores in comparison to a turnover of INR 580.09 crores and a PAT of INR 34.79 crores in Q1 FY22. The company has registered a year-on-year growth of 5% in revenue and 8.59% in PAT over the corresponding quarter of the previous year.
EPS of the company for Q1 FY23 is ₹5.64 as compared to ₹5.19 in Q1 FY22. During Q1 FY23, the company's return margin is 11.13% as compared to 11.42%, and the PAT margin of 6.2% as compared to 6.00% in the corresponding period of the last financial year. Net order book of the company is ₹8203.91 crores to be executed in the next 24-30 months.
Total order inflow during the current year stands at INR 2,864.13 crores. In addition to this, we are L1 in projects amounting to INR 792.88 crores. So we are ready for questions now.
Sir, this should be open to all for questions?
Yes.
Sure. Thank you very much, sir. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. There is a specific question to be answered while asking a question. Ladies and gentlemen, please wait for a moment while the question queue is handled. Thank you. The first question is from the line of Mohit Kumar from DAM Capital. Please go ahead.
Hi. Welcome, sir, and welcome. This is on the very strong numbers, especially on the order inflow and order book side. So my first question is that, of course, the order book is very sizable. The first quarter revenue growth was slightly tapered. So we are still maintaining a 15% growth and 12% EBITDA margin for the entire year. Is that correct, sir?
Yes, we are.
Given that we have already a sizable order book, do we expect it's still too big for the projects, or do you think we can take a pause for a couple of quarters or let's do this entire year?
We are picking conservatively, and we are picking and choosing our projects on which to pick for.
Sir, can you please let us know this L1 order of INR 792 crores? The nature of this order?
There are two projects. One is the Tata Cancer Hospital project in Mumbai, which we've been L1 for some time. Because that project is slightly over budget, that is pending approval. We are expecting it in this quarter. The second one is at the depot, the Mandale Depot for MMRDA, which we are already doing. These are some additional PD works of approximately INR 6,970 crores, which we have just become L1 four days ago. That we expect to be awarded.
So the major part is this cancer research center for Tata Memorial. This should be around INR 720 crores. Is that?
Yes. You're right, sir.
Thank you and all the best. Thank you.
Thank you.
Reminder to all the participants to ask a question. You may please press star and one on your touchtone telephone. The next question is from the line of Vibhor Singhal from PhillipCapital. Please go ahead.
Hello.
Hi. Good morning.
Yeah. Yeah. Thanks for taking my question. And congrats on very good order inflow to be included in the first quarter of this year. So my question was on this quarter. So I think we've noted almost a 5% kind of growth on a year-on-year basis. Given that the first quarter last year was severely impacted by the beginning of COVID, the underlying number seems to be a bit soft. So any specific and also generally, we are looking at almost INR 600 crores of revenue in this quarter. Last quarter, we were at INR 730 crores, and that was the strongest one.
But any specific reason that the execution of this quarter was a bit tepid in terms of maybe some projects maybe not doing big enough significantly? What are some of the external reasons that you might want to highlight?
So, a couple of reasons. One, a lot of EPC projects which we have lagged on them. The initial phase of the life cycle of the project is lagging. It's something which goes on, so the execution then picks up in the second phase or the second stage of the life cycle of the project. That is happening on some of our projects. A couple of our projects though, they were initially slow-moving, but they've started, like the veterinary university in Bihar and a couple of hospital projects.
While they are now, they've now started full-fledged, but a couple of state governments continue to grapple with the issues, so therein, two or three of our projects have slowed down. Thirdly, the first quarter, as you've seen historically, is the least in terms of productivity.
So I see no reason if I was to plot our growth quarter on quarter over the past few years. We are confident that we will meet our projections of 15%-20% growth, top-line growth this year also. More so now when the order inflow last time around when we talked, Aap Sabh Ka concerned new order inflow. That has been addressed. The order inflow, as you yourself said, has been. We've almost met our targets the entire year. So now the execution, the focus is going to be on execution in the next three quarters. As I said, we will achieve our target of 15%-20% growth, top-line growth.
Good, good, sir. And similarly, on the margin front, the commodity prices remain at quite a relatively high level. So how do you see that playing out? I mean, they have pulled off in the last one month or so. So do we expect that maybe next quarter, margins might simply at a similar consistent wave in Q3 onwards, we will be able to report margins are not too weaker by the margin? So just wanted to look at the trajectory that we are expecting for the margins for the remainder of the year. And any other concerns in terms of commodity prices or other things that you might want us to be aware of?
I think that I see the commodity prices stabilizing, sorry, over the last seven to eight months of this financial year, and that is why we had given a projection of 12% as far as the data is concerned, and we are going to get there. I don't see any major challenges there. From now till end of March, the only challenge that I see, the only couple of challenges that I see, one is in October, there is now an annual break that happens in projects in NCR on account of pollution. That is a challenge which now we tend to put into our planning.
The other is we are kind of keeping our fingers crossed that there is a stability going forward as far as Bihar is concerned.
With the ministry expansion today, there seems to be a continuity in the portfolios or in the ministries for which we are working. So hopefully, that should not be too much of a concern, but we are keeping our fingers crossed there. As far as Bengal is concerned, the government projects, two of the government projects that we were doing there, one, the Milan Mela is already handed over. A final deal is happening there. The auditorium is also slated for inauguration in October. So we don't see a lot of risk there too. So these are the challenges that I can foresee. Otherwise, I think we are in line to meet our guidance targets.
Great to hear that. Some do or not, the CPWD is coming? How would you say the state of the order book in terms of all of our usual, the residential and institutional line, the EPC? Yeah, sir. Again, we have a question.
Order book. This is commercial, which is 8.69%. Hospitals, 8.66%. And infrastructure, 7.77%. Execution, 35.51%. Residential, 13.84%. That is sector-wide. Government, 81.36%. Private, 18.64%. Region-wise, East, 36.88%. North, 34.51%. West is 18.72%. South, 4.51%. Overseas, 5.38%. So what do you mean 5.38? I misheard in the hospital payment. How much is that?
33%.
33%. Got
it. Great, sir. Thank you so much for taking my questions and with your orders.
Thank you.
Thank you. Reminder to all the participants to ask a question. You may please press star and one. The next question is from the line of Prem Khurana from Anand Rathi. Please go ahead.
Yes. Thank you for taking my questions, sir. And congratulations on a solid set of numbers this quarter. Strong order completion. Sir, to begin with, I just want to get your sense on the political situation that we have in Bihar and given the fact that Bihar makes up a fairly large part of our order book, including the veterinary university we have.
Do you see any risk to any of these projects in terms of payment? Or would you believe that in the situation where you are going to go a little slow on some of these orders, but you would like to kind of keep a check on the things that you kind of invest into these projects in your own pocket in terms of the business?
Frankly speaking, I'm a whole lot more comfortable today than what I was maybe a month and a half ago because there was palpable tension between the allies a month ago. But now, I think the present dispensation is expected to last till the next round of general elections, right? And my personal feeling is that the government is much more stable now. And going forward, I think the fund flow would also be better.
Sure. Any of these particular acquisitions that might be supported by the central government? I mean, governments have given statements and funding from central government. Any projects which are part of the construction nature?
So the central government funding for, say, Chapra and the Nalanda Hospital that we are doing is already being completed. Now it's the state funds which need to be pumped in. So all the projects that we are doing, or the major projects that we are doing now, are sort of marquee and visible projects for the government of Bihar. We feel that they will pull out all stops to make sure that before the next round of elections, these buildings are completed, like the veterinary hospital and university, which is about INR 890 crore. That is the CM state project. Nalanda Hospital is in its constituency.
Chapra, another large hospital, which is about 50% done. So we feel that the present government will be focusing on completing these projects in the next couple of years. So I think that augurs well.
Sure. And on the order completion that was done during the year of CDC, they're making it completely private domestically. And we've seen the order as well. I think at some point in time, we were not comfortable with private, especially on residential real estate side. And we have a couple of residential real estate projects in this quarter. So any change in thought process? I mean, why hope for this international order? Why private sector?
I mean, private sector makes up almost 30% of the total domestic orders that we've had during the year. So any change in the thought process? Can we start taking some private orders now, or we would still be very, very selective?
So I have been mentioning to you guys over the last two calls that we've had that in the long term, we would like to maintain a healthy mix. And we would continue to slowly build up our private sector portfolio while maintaining a proper due diligence on the clients that we engage with. If you see the order inflow from the private sector side, these are all marquee clients, blue-chip clients. We won a data center from Adani. Just to mention as an aside, data center is an area of focus for us. We already executed one. This is the second one that we picked up.
We picked up a large order from Bharti. Bharti is real estate. The Bharti developer's order that we've got. This is a large commercial development in the AeroCity. So Bharti's pedigree is well known.
Amity, they continue to be one of our top private clients. They started the university in Bangalore. They're doing that. So these and such other large stable private sector clients is what we continue to look at. Residential is still not a large focus for us. However, we picked up a small order from Suraksha in Mumbai, in Vasai. We tested the waters as far as this current client is concerned, and these are two orders aggregating about INR 140 crores. As far as the international order is concerned, this is in Nepal, and this is totally funded by the government of India.
Hence, we ventured into this. It's a prestigious building. It's the Police Academy, which is coming up there, and it's designed by CPWD, as I said, by the government of India.
This, again, was a project where there was mainly competition because only an Indian leader bagged the job.
Sure. And two more comparison points. One was, how much is the debt and cash balance on Ahluwalia Contracts (India) as of June?
Yes, please. Huh?
Debt and cash balance.
Debt and cash equivalents.
11.91 crore. And cash equivalent is INR 154 crore. And bank balances say INR 194 crores.
Sure. Just one last thing. I mean, I think in one of the earlier participants, you alluded to some issues in the capex with Bihar. You seem to find some time in a couple of years you need to be able to now. So what is the situation with these? Where are you still seeing some issues in terms of collections or dues?
So as I explained, Bihar and Bengal. And Bengal, the different projects that we have, one is completed. The second should be completed in the next couple of months. Bihar, last month and a half, there was, because of obvious reasons, the payment cycles were stretched. Now, with the present new government in place, we are hopeful that things will improve. Keeping in mind the next round of elections a couple of years from now.
Sure. And just a small clarification. So these kind of orders, there is a bank committee who gave us in terms of.
Your voice is not clear. Can you speak up, please?
Yeah. Is it clear now?
Yes, it is.
Yeah, yeah. So the question from the other side, I think the order backlog, you gave us either in terms of business or geographies or kind of public and private mix, which is for water and order backlog, or the current INR 200 crores for order backlog?
That's the total order backlog.
484 crores. Sure. Thank you.
Thank you.
You're very welcome. Thank you, sir.
Thank you. The next question is from Ashish Shah from Centrum Broking. Please go ahead.
Yeah, good afternoon, sir. Sir, two questions. One on the margin. You did say that you're looking at 12% for the year. But if you can just walk us through how you expect the quarters to pan out because the commodity cost inflation now fully taken care in terms of our price escalations gives you the confidence, or the revenue mix and the order mix is likely to be better which will take us to 12% because Q1 we were at 10%. I just want to know how we get to the rate of 12% from the current 10%.
As I said, Ashish, the quarters, especially the next two, that the productivity will improve substantially, right? And the commodity prices have also more or less stabilized now. Plus, the initial investment, a lot of EPC projects which we've done in this quarter will begin to yield results over the next three quarters or two and a half quarters. So that, we feel, will drive up the margin.
Okay. Sure. The second is on the inflow. So obviously, I mean, the year-to-date inflows have been good. Yet when I look at our, let's say, the expected turnover for 2023, we might end up at somewhere between 3,100-3,200 crores based on the guidance. So do you think we'll need to actually go to an inflow of even more than 3,500 or 4,000 crores this year? Because otherwise, then next year's growth again becomes questioned based on the expected turnover for this year.
I think I'm not worried on that now because that should happen organically. We are just into the fifth month of the year or the sixth month of the year. And we are already, if you take into account L1 projects also, we've already touched about 3,600. And this does not include the increase in orders, the small increase in orders with our existing clients. It keeps on happening. For instance, Bennett Coleman, for whom we are doing the university in Noida, they've already extended our order 10 days ago by another 60 crores. So I don't foresee crossing 4,000 crores an issue. I think it should go beyond that.
Sure. So actually, sir, what I wanted to go from.
It will not be a constraint in growth even next year.
Okay. Yeah. Thank you.
Thank you.
Thank you. The next question is from the line of Paresh Karia from YES Securities. Please go ahead.
Hi. Good afternoon, and thanks for taking my question, and congrats for very strong order intake, so my first question is on the order intake. I mean, you alluded to it. Through L1, we have done almost INR 460 crores of orders, so how was the competitive intensity for all these orders? Was it better than what we feel last year, or was it broadly the same?
It was broadly the same.
Okay, and we would expect to make our 12% kind of margins on all these orders that we have done as well.
Yes.
The second question that I have is it would be great if you could give us, I mean, you obviously alluded to some of the projects in Bihar and Bengal, but it would be great to know the status of some of the other major projects that we have, like let's say maybe AIIMS Jammu, Sion Hospital, the Chamba project, the Police Academy project, and so on.
Chamba and Hamirpur, the two hospital projects are moving fine. This is for the government of Himachal Pradesh. In Chamba, there is a slight issue. The total order is about 290 crores, out of which a small part yet not cleared. There are trees there. This is for about 40 crores. So we are told that that should happen in the next one month or so. So we are looking to complete that project in the next one year. So within that period, this area should get cleared, and we should complete that also alongside the completion of the other portion of the job.
As far as Hamirpur is concerned, we are looking to complete it in May of 2023. So that's moving on track. We have recently won for the government of Himachal.
Actually, it's for the central government, Education Ministry, a central university in Dharamshala, which is funded by the center again, but it is in Himachal. As far as the Bihar market is concerned, would you ask you want to take them through the Bihar market and the Sion Hospital project?
Yeah, yeah. Sure. So the poultry market project is now back on track. It had slowed down for some time because there were certain decisions pending with respect to design and some decisions from the government. But now all is clear now, and we've completed a lot of work. And although the project is delayed, then it should be back on track. That is the thing. And then Sion, the first part of the project is over, which was we were to make a transit building for about 50,000-60,000 sq. ft. of space that we've already handed over to the Sion Hospital management.
And the other portion in that now, there is an environmental clearance being awaited because we have to remove some X number of trees, a lot of trees. That permission is due to come any time.
And apart from that, the other side, all the work is still going on. There is a nursing building also, which is the work is going on at full swing. So Sion is on track.
Great. Great. And lastly, a bookkeeping question for Shobhit, sir. Sir, what would be your average cost of this currently, and what was the CapEx that you incurred in Q1?
This is the average cost of 37.5 per year. Did I get the correct question?
Yes, it's INR 12.2 crores.
I'm sorry, I didn't get it.
It's INR 12.2 crores in Q1.
Sure. Thanks. That's it from my side and all the best.
Thank you.
The next question is from the line of Parikshit Kandpal, from HDFC Securities. Please go ahead.
Hi, sir. Congratulations on record inflows. So my first question is on inflows. So if I include Bharti when ordered, which is something that's a procedural issue, it might get awarded soon. So we already have 3,536 crores in the kitty. We have almost six and a half months left for the year. Almost seven months, six and a half months left for the year. So sorry, seven and a half months left for the year.
So what's the outlook on order inflows typically when we see the second half to be loaded on inflows? So do you think this number crossing 7,000-8,000 crores for this year?
No, no, I don't see it crossing that number. As I said, as I answered the first question, we're going to be conservative. But yeah, sir, it should be anywhere between 4,000-5,000. That's my guidance.
So, conservative guidance right now because I think, start of the year, you were at 2,500. We've already done 2,500.
Yeah. It is conservative. Yes.
Okay. The second question on your segment, so commercial, hospitals, and transmission. So just to understand the commercial piece where we are seeing a major activity on the private CapEx side, it's been doing well and is expected to pick up significantly, and it remains only about 8.5% of our total order book. So how do you see and which part of this market is south or south? So how do we see both the segment as well as the geography, which is the south, which is about 5% of the order book, ramping up over the next one or two years for us?
So yeah, it's a good question. I think at some stage, I'd mentioned that we would start looking at the southern market once we had stabilized in the other geographies. So we have now, if you go through our order book, you see that we have recommenced operations in Bangalore. The Amity University, as I mentioned earlier, this is in Bangalore, in Devanahalli. Plus, we have also got an LOI for a medical college and hospital. It's a very prestigious work for Indian Institute of Science in Bangalore. So going forward, we feel that at least one more project in this financial year, we will add to our portfolio in Bangalore.
And then maybe next year, we would then move to Hyderabad. That's as far as our strategy and planning in working in the southern part of the country is concerned.
We don't see ourselves working in Tamil Nadu or Kerala as of now. We would look to stabilize in Bangalore and Hyderabad, and then take a call in other regions of the southern part country. So as far as the east goes, we are now even in Orissa, the one project that we are doing, that seems to be picking up speed now. So we may look at other commercial or private developments there. As I mentioned in the answer to the earlier question, we've picked up a large commercial project from Bharti Realty. We have so we are looking at increasing our private sector portfolio now in many steps.
Okay. So these are the government sector orders that you highlighted. So what's your thoughts on the private sector where typically the contract?
What I highlighted in response to your question were all private sector orders.
Sir, I was more talking about office space, Grade A spaces. These are like, I know these are medical college and university, Amity University, but I was more interested in the office space where there are great developers.
The office order at the AeroCity is 2.4 million sq ft.
South? I'm talking about South.
South market.
South? I'm talking about South market.
So as I said, we will now start reestablishing our connections with some of the stable developers that we've worked with in the past. And that is an area that we're looking at to grow again.
Okay. Because we need to also counterbalance some of our east and north, which is a sizable portion of the order book. So I think south is the very apt market, which is very healthy, and most of the projects are financially closed, and there are L1 developers operating out from there. So it's a great counterbalance to have for the next couple of years.
We're looking at that, but you know us. We'll always be conservative. We will not just pick up to beef up our portfolio. We are not going to throw caution to the wind.
Okay. Just on the last question around competitive intensity, sir, so now we have seen very heavy inflows financially to date. So do you think still, I mean, earlier you used to look at these orders where up to a certain size is sufficient. So now how do you see the competitive intensity in this segment? We have very heavy inflows. And typically, our conservative nature, we don't get aggressively. So do you see the competitive intensity reducing even for the rest of the year if we can just give your views on the competitive landscape in the building segment?
I don't think overall, if you were to take an overview, I don't think the intensity is going to reduce. What we are also seeing is that phenomena of the infra players entering or trying to enter into the building industry is that has reared its head again. You see the Ashoka Buildcon or the KEC or the L&Ts of this world wanting to enter into the building industry, so the competitive intensity for the rest of the year, I think, will remain the same.
We will just have to be careful in how we do our due diligence and which clients we pick and how we are able to zero in on projects or geographical areas where we feel that we will have an edge and can command a higher price.
We have, say, for instance, we have now, as a part of our organic growth, we've now forayed, since we've already had a strong presence in east, we have now taken a significant step towards the northeast. We have picked up a project in Assam, a large hospital project, because we see a lot of funding from the center happening there. So there, the competitive intensity was less, and I think it will continue to be less because it's not an easy area for, say, a company from the west, western part of the country, or the northern part of the country to go there.
So you need to have experience having worked for a substantial scale of projects in the eastern part of the country. So we are kind of leveraging that and moving forward.
But within your segment, sir, so how is the segmental bid pipeline looking now, sir? Because you had good orders. So how is it now? How does the segmental bid pipeline look now within the various segments that last week can identify?
So as you yourself said, we see a significant increase in the private sector order pipeline, especially from large established players, consolidation which has happened there across the country as far as private developers are concerned. And we're looking at a lot of our old clients reaching out to us again, even for residential projects, for which we are doing our due diligence and seeing who to engage with. On the public sector side, yeah, the healthcare area, which continues to be a focus for the central as well as state government. And there seems to be continual spending on the education side also.
This is what I had mentioned in our last interaction. Education and healthcare seem to be still focus areas for the government.
So we see this bid pipeline. If you can quantify what is the bid pipeline, so traditionally, which has been there for us, and now we are also looking to expand in South and looking to add more sets when we said maybe in Hyderabad and maybe in private office sites. So do you think organically our overall historical bid pipeline may multiply because of these two? Addressable opportunity will increase significantly for us over the next two years?
It is increasing. One area which I failed to mention earlier is there is this redevelopment of railway stations. Now 12 or 13 bigger cities have come out, but we have stayed away in the first round because of our experience with the Charbagh Railway Station of the chief elect. That was a stillborn project, so we are still waiting to see whether there is adequate funding by the central government for all these railway station redevelopment projects, so there are such areas, even in building construction, infrastructure building, that we see the government is taking steps to increase the CapEx,
so I think the order pipeline will continue to increase over the next couple of years, and maybe a year, year and a half from now, the competitive intensity would also start coming down because we are already seeing signs of stress in some medium-sized companies, smaller companies.
What I'm hearing is that redevelopment projects may come on under the HAM model where you may require equity investment. So will you still go with that model or will you stay away from any equity-intensive model?
We will not. At the moment, no.
Okay. Great. Thank you for asking my question and answered.
Thank you. The next question is from the line of Amit Parekh from Anand Rathi. Please go ahead.
Yeah. Thank you for the opportunity, sir. So we have given the status of this Adani project to the Jammu AIIMS project. What is the status on that project?
The Jammu AIIMS project, we have executed about value-wise 500-odd crores. At the moment, the targeted completion is in September next year, September, October next year.
Okay. Then, on the Taloja Housing stuff, how is it going that year?
That's picked up now. We are logging a billing of about seven to eight crores a month there now. That's mostly after the initial pickups.
On the Mandale Depot, you had mentioned there was an issue in the market. It's an additional order something. So on the Mandale Depot, this means that it's reflected. So how is the execution at that?
Sir, you want to answer that?
Mandale Depot, what is your specific question or is this a general thing you ask?
Yeah, it's a general thing regarding the execution, how it's going.
Execution is going fine. I mean, it's all right. There's nothing wrong.
Concord?
Yes, Concord.
Lastly, sir, on the Gardanibagh project, so what is the status on that project?
Yeah. It's a 510-year-old project. We have done a billing of about INR 110 crores there. The project is now moving on that.
Thank you so much for that.
Excuse me, this is the operator, Mr. Parekh. We're able to hear you clearly.
I'm done. I'm done.
Thank you. The next question is from the line of Jiten Rushi from Axis Capital. Please go ahead.
Yeah. Just a few questions from my side. Just one thing on the last project you said, there was a project which was in L1, I-36 stores. So what has the award? Because as of now, sir?
Yeah, that project has been awarded. At the moment, it's an EPC project. Planning is happening. We should be breaking ground on the project in the coming month, in September.
Okay. So from September, we can see the execution, right?
Yes.
So it is part of the order backlog, right? If I may ask you?
Yes, it is. It is.
A few details are required on the closing order backlog of projects, so I will be just giving the project-wise to the closing order backlog as well, so first is the animal science Bihar project. What is the order backlog, sir?
Can you specify again?
Possible. Yeah. So, Bihar animal is the initial project element. Where can we put the billing?
This is Bihar is 253 crores?
It was INR 820 crore, right, sir, at the last question?
Right. So just the execution has just started. And.
It's completed.
Yeah. It has just started, and we have barely executed about 5% of the project.
Okay. Sir, this is the Kolkata New Town project. What is the order backlog?
Sorry? Kolkata New Town?
New Town project. And order backlog?
New Town project, the order backlog is about 90%.
90% of the order. So 10% you executed. What I understand from the AIIMS, you said planning for the execution. So right now, the order backlog would be what? Around?
750 crores.
750 crores. Okay. Sir, on the old project of Chapra and the Nalanda project, what is the status now, sir?
So as far as Chapra?
Closing books.
We are looking to complete these projects by middle of next calendar year, and the value left in both these jobs is to the tune of about INR 150 crores each.
So basically, we are not seeing this movement in Nalanda from the P&L to 156. Now there's 150.
Yes.
Right.
As I said, the past couple of months, one and a half months.
I understand. Yeah, sir, yes. Sorry, I'll be continuing as well. But asking on the Sion, what is the closing order book, sir? Sion Hospital?
Sion, as far as the Sion Hospital is concerned, the remaining work is about INR 495 crores.
This Mandale project, after the so I think the closing order book, if you can help me, then I will add the L1 portion as you said in the opening remarks. What is the closing order book?
324 crores. When you say closing, you're talking about the remaining order, right?
The remaining order, excluding the L1 portion.
324.
Sir, this is Bhubaneswar Z Estates?
Bhubaneswar Z Estate, 289.
Sir, the Gardanibagh, as you said, is taking up. What is the closing order book as of June now?
As far as Gardanibagh is concerned, INR 350 crores.
There is this Mira Bhayandar project. So this last couple of years back. So any progress on this project or is it closed as of now?
This project is moving fine. We are logging a billing of INR 7 crore-INR 8 crore every month there.
So what will be the closing order book as in June, sir?
Crores.
Sorry, sir?
140 crores.
140 crores. And sir, this NCR, commercial development for NCR Ecospace, is there any movement or any order book there, sir?
That project, as far as our scope of work is concerned, it's over now. Yeah.
Okay. That's 200. Okay. We had seen INR 200 crore. Sir, this Chamba project, what will be the NBCC Chamba project order book?
As far as Cha mba is concerned, order book is INR 150 crores.
Crores. And sir, CPWD INR 250 crores hospital work in Hamirpur, what is the status now?
170.
170 crores.
So these jobs that I said will be completed by May or June next year.
Okay. So this Chamba and this hospital may or may not be next year. Okay. Okay. Great. And just one last thing I would like to ask you, sir. You said you can speak obviously to the people in the industry that is available. Any specific time in terms of value which you would like to highlight, which you think is worth putting and what is the value and what can be the outcome? When can we expect the bid outcome probably next to 60 months in terms of value and size in the name?
So as I said, hospitals continues to be a focus area, both for the central and the state government as well as us. So we are looking. We are bidding for a few hospitals in Haryana. So what we have seen where the governments are the same, that is, at the center and in the state, we are seeing substantial funding happening. Assam, we picked up a hospital. There are a few other institutional projects which are coming there. We have seen some redevelopment projects. So CPWD happening in Delhi, like Srinivaspuri, we picked for a job. It was about INR 800 crore that was canceled.
It's come up again. Then there are projects like Thal Sena Bhawan for the MES. Again, a large project for the military, INR 800 crore. So that we are bidding. I mentioned that we are bidding for DLF.
We are bidding for a client like Krisumi, which is an Indo-Japanese collaboration. So our pipeline is to the tune of about INR 5,000 crores as in planned.
Are they still intent on building the hospital next?
Yeah.
Sir, this AIIMS Bangalore project, what is the closing order book? Or it has not started yet?
No, it's not AIIMS.
Not AIIMS. Sorry. Primary sorry.
It is a university. It just started. We have not even broken ground. Mobilization is happening. So we expect to break ground in the month of September.
Okay.
We are looking to complete about 7 lakh sq ft in the next one year. Because they aim to start the university next year.
Okay, so this is a possible project.
Yes.
So, one year, you should be able to complete the project by next one, one and a half years.
Yes.
So what's the value if you can?
As it happens, the Amity, they build. At the moment, the awarded value is INR 150 crores. But for the time that they awarded, as you know, they are existing clients of ours. We do most of their developments across the country. So when they had awarded it to us, they already scaled up in the last one month.
Value.
Yeah. So I think our total value here, by the time we finish the total development, should be INR 150 crores-INR 400 crores.
So, 350? Sorry, 350-400.
Some of the same happened when we did the project in Kolkata. We started off with a INR 100 crore order and it actually, I think, finished close to INR 400 crores. Then the total FSI was.
So you want to say 450 can go up to 400? Let's say jump from the beginning. Okay. Perfect, sir. Sir, just last question from my side. What is the fixed price and variable price percentage in the order backlog?
15% is fixed price.
But Nepal project is including variable portion or it's fixed price contract?
Nepal will have to get with you on that since it's a project which has been.
Variable.
Planned by CPWD, I think it has a variable price contract. There is a 10CC clause there.
That's it from my side. Thank you. All the best, sir.
Thank you.
Thank you. The next question is from the line of Shravan Shah from Dolat Capital. Please go ahead.
Yeah. So most of the things we have already discussed. Sir, a couple of developments on the financing front. So inventories as of June, trade receivable and trade payable value?
This is trade receivable 419 crores, including current and non-current, and retention is 177 crores.
Sorry. Inventory is 177? Is inventory?
177 retention.
171 is retention. Okay.
157 for mobilization advance?
157.
167 crores.
167. Okay.
Unbilled revenue is INR 324 crores.
Okay.
Besides that, inventory INR 250 crores.
250 crores, and trade payable?
Including real estate inventory, INR 380 million.
Sorry, sir. I didn't get it.
This is inventory INR 250 crores. On top of it, real estate inventory INR 38 crores.
Okay.
WIP INR 334 crores.
334. And trade payable is?
Trade payable is INR 594 crores.
594 crores. Okay. Okay. And so, sir, you mentioned that our overall bid pipeline right now is INR 5,000-odd crores. So in that, private share would be how much roughly?
Private share would be about 30%.
30%. Okay, and in terms of the raise, mostly would be the central government, or it would be 80% would be central government.
Yes.
Okay. So thank you for giving us the opportunity to host the call. Thank you all the participants for participating. So do you have any closing comments?
No. I think if there are any other questions that the participants have, they can reach out to our IRs, and we will revert back to them individually. Thank you so much, and looking forward to seeing you after when we announce the results of the next quarter. Thank you so much. Bye.
Thank you. Thank you. Thank you for your participation, management. Ladies and gentlemen, this is to conclude today's conference call. Thank you for joining us. Anyone else is connected?