Ladies and gentlemen, good day and welcome to Ashoka Buildcon Limited Q4 FY 2026 earnings conference call hosted by Anand Rathi Share and Stock Brokers. 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 star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Bhavin Modi from Anand Rathi Share and Stock Brokers. Thank you. Over to you, sir.
Hello, everyone. On behalf of Anand Rathi Institutional Equities, I extend a warm welcome to the Ashoka Buildcon Limited Q4 FY 2026 earnings conference call. We are pleased to have with us today Mr. Satish Parakh, MD, and Mr. Paresh Mehta, CFO. Without further delay, I invite Mr. Satish, sir, to share his opening remarks, following which we'll open the floor for Q&A session. Over to you, sir.
Thank you, Bhavin. Good afternoon, everyone, a very warm welcome to all of you joining us for Ashoka Buildcon Limited's earnings conference call for the quarter and financial year ended 31st March 2026. I appreciate your continued time, interest, and engagement.
Sorry, sir. Your voice is breaking, sir.
My voice is breaking? Okay.
Yes, sir.
I appreciate your continued time, interest, and engagement with the company. Joining me on today's call is our Paresh Mehta, CFO, along with our investor relations advisor from SGA. FY 2026 has been a transition year for infrastructure sector. Over the past few years, the industry witnessed aggressive expansion, record awarding activity, and rapid order book growth. FY 2026 marked a shift in focus towards execution quality, financial discipline, monetization, and sustainable growth. Awarding activity was slower than anticipated. Several projects had delays in clearances and land availability, and execution momentum across the industry was impacted. Q4 2026 was characterized by challenging global macroeconomic environment, including geopolitical tensions, inflationary pressures, supply chain uncertainties, and elevated input cost. Rising prices of key materials such as cement, bitumen, steel, fuel, along with labor shortages in certain regions, further impacted the execution pace across the projects.
The Indian railways and infrastructure sector continues to undergo a structural transition with an increasing focus on quality-led, capital-efficient and corridor-based development, rather than volume-led expansion. The Ministry of Road Transport and Highways and NHAI are steadily aligning the project pipeline towards expressway, access control corridors, and logistic efficiency movements, rather than kilometer-based awarding. The sector is broadly targeting 11,000 km of highways by FY 2027 and 15,000 km by FY 2032. Looking ahead at FY 2027, the outlook for the highway sector remains constructive despite some moderation in physical execution pace. Road construction is expected to be in the range of 9,000 km-9,500 km during the year. The government is also targeting approximately INR 75,000 crores of projects under the BOT toll model in FY 2027, reflecting a renewed push towards private capital participation in road infrastructure.
In railways, the government has outlined a long-term capital expenditure plan nearly INR 12 lakh crore-INR 13 lakh crore by 2030. Focused on dedicated freight corridor electrification, safety system station modernization, and high-speed rail projects. In power transmission segment, significant investment towards renewable energy integration and green energy corridors are expected to create a large long-duration EPC opportunity pipeline. Overall capital expenditure in road sector is budgeted at approximately INR 2.93 trillion for FY 2027, representing an increase of 8% year-on-year. Let me now highlight some key business developments during the quarter. During Q4, we secured several important project wins across geographies and sectors, which continue to reinforce our execution capability and client confidence in Ashoka Buildcon. One of the most significant development was the receipt of Letter of Award in Kingdom of Saudi Arabia through our wholly-owned subsidiary in a joint venture.
The project pertains to construction works for Diriyah One Hotel Package, with a total value of INR 1,800 crores, in which our share of the project is INR 900 crores. This marks an important milestone in strengthening our international EPC footprint, particularly in the Middle East. We also received a contract acceptance from the Ministry of Energy and Water, Angola for rehabilitation of distribution networks valued at $72 million, which is approximately INR 680 crores, further expanding our international T&D portfolio. Additionally, we secured a road rehabilitation project in Liberia valued at around INR 430 crores, which is $45 million, continuing our growing presence in international road infrastructure, particularly across African markets. In India, we received a Letter of Award from Bihar Rajya Pul Nirman Nigam for construction of a major bridge across river Gandak on EPC basis.
The total project value approximately is INR 474 crores, with Ashoka's share as INR 242 crores.
In our Tumkur-Shivamogga HAM portfolio in Karnataka, where provisional CODs were achieved across multiple stages, improving annuity visibility and strengthen medium-term cash flows. Another notable development was the reaffirmation of our credit ratings from Acuite Ratings. The company's long-term rating is reaffirmed at AA stable, while short-term rating were reaffirmed at A1+. On the asset monetization front, we continued progress on the sale of remaining six HAM SPVs. The expected completion timeline has now been extended to June 2026, subject to fulfillment of condition precedent. Coming to order book status. The company has received four new projects, orders, and LOA as discussed above. Diriyah Company, Kingdom of Saudi Arabia, Bihar Rajya Pul Nirman, Public Works Department, Liberia, Ministry of Energy and Water, Republic of Angola, and LOA from IGR, Pune. As on March 31st, 2026, our balance order book stands at INR 15,312 crores.
This is excluding orders received post 31st March of INR 681 crores of Angola. The breakup of order book is roads and railway projects comprise around INR 10,123 crores, which is 66% of the total order book. Among the road project order book, HAM projects are to the tune of INR 1,619 crores and EPC road projects are INR 7,084 crores, and railway is around INR 1,420 crores. Power T&D accounts for around INR 4,627 crores, which is approximately 30% of the total order book. The total building segment order book is INR 562 crores, which is 3.7% of the entire order book. The order book continues to remain diversified across key segments including roads, highways, railways, power transmission, distribution, and other infrastructure projects, domestic and globally. I would now request Paresh Mehta, CFO, to present the financial performance. Thank you.
Thank you very much. Good afternoon, everyone. Starting off with the standalone numbers for Q4 FY 2026. Total income stood at INR 1,819 crores as compared to INR 2,012 crores in Q4 FY 2025, a degrowth of 10%. EBITDA for the quarter stood at INR 168 crores, down by 7% YoY, with EBITDA margins of 9.2% and improvement by 20 basis points year-on-year. Profit before tax before exceptional items stood at INR 35 crores. PAT stood at INR 49 crores against INR 60 crores for Q4 FY 2025. Our revenue contribution for each segment of Q4 FY 2026 is as follows.
Road EPC contributed to 50%, road HAM contributed to 10%, power T&D contributed 18%, railway stood at 8%, and other segments like building EPC and other contributed to 13%. For the whole year FY 2026, total income for the year stood at INR 5,952 crores as compared to INR 7,188 crores for FY 2025, a degrowth of 17%.
EBITDA for FY2026 stood at INR 636 crores, down by 6% year-over-year, with EBITDA margins of INR 10.7 crores, an improvement of 1.3% year-over-year. Profit before tax before exceptional items stood at INR 226 crores, and PAT stood at INR 320 crores. Coming to the consolidated figures. Total income for Q4 FY2026 stood at INR 1,992 crores as compared to INR 2,755 crores in Q4 FY2025. EBITDA for the quarter stood at INR 302 crores with EBITDA margins of 15.1%. Profit before tax before exceptional items stood at INR 172 crores, and PAT stood at INR 147 crores during Q4 FY2026. For FY2026 has been a year of transition, execution focus, and strategic consolidation. Revenues were impacted by project mix, monetization activities, and completion of certain projects. However, we strengthened our balance sheet, diversified order inflows, and expanded our presence across domestic and international markets.
During FY 2026, the company successfully monetized 10 HAM and BOT projects, generating value and improving capital efficiency. Total consolidated debt as on 31st March 2026 stood at INR 2,778 crores, and the standalone debt is at INR 1,127 crores, which comprises of INR 70 crores of equipment loan, INR 300 crores of NCDs, and INR 757 crores of working capital. In Q4 FY 2026, in our BOT division, the company recorded a gross toll collection of INR 76.9 crores from Jaora-Nayagaon Road Company, as against INR 66.4 crores in Q4 FY 2025, recording a growth of 16% YoY. With this, we now open the floor for question answers. Thank you.
Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. Participants, to ask a question, you may press star and one. First question is from the line of Vaibhav Shah from JM Financial Institutional Securities . Please go ahead.
Firstly, one clarification, this One Hotel order of Saudi and the Mumbai Intelligent Traffic Management System order, where have we recorded that in the order book slide that you have provided? The breakup one, slide 18.
Hello. This being executed in the SPVs, so they're not direct ABL order. This will be over and above the INR 15,312 crores.
Both the orders?
Both the orders, yeah. They will be executed at SPV level. At the console, they will be captured, but at standalone ABL level, they are not direct orders executed by ABL directly.
We won't be doing the EPC work, so it won't be in the standalone books?
No. EPC will be done by our subsidiary.
Okay. it won't reflect in the.
Standalone.
Okay. Both that Mumbai order as well and the Saudi hotel order as well, both won't be there in the standalone books.
Exactly. In the console, it will be added.
Secondly, we have seen quite weak execution in FY 2026. How do you see execution and margins in FY 2027, and in 4Q, what was the reason for such weak margin at EBITDA level?
Execution-wise, next year, we should improve by 20%. Order book-wise also, we expect to get around 8%-7% this year. There has been pressure on margin due to prolongation in works, and overall different order turnover has also affected due to fixed cost.
There is some disturbance in the sound. If I got it correctly, revenue guiding for 20% growth in next year and order inflows of INR 8,000 crore-INR 10,000 crore.
Correct.
Okay. Sir, secondly, on the margin side, what are you guiding for FY 2027?
For FY 2027, I'll be in Mumbai.
Sorry to interrupt, sir. There is static sound coming from your line, sir.
Sorry, can you hear me now? Hello?
Yes, sir.
Can you hear me? For FY 2027.
Sir, it is not clear. There is some static noise started from your line, sir.
No, I don't think there is static noise. Can you hear me now?
Just give me a moment, sir. I'll just reconnect you. Give me a moment. Ladies and gentlemen, please stay connected while we reconnect to the management. Thank you. Ladies and gentlemen, thank you for patiently holding. We have the line for the management reconnected. Over to you, sir.
Hello, can you hear me?
Yes sir, now it is fine. Please go ahead.
For FY 2026, our EBITDA margins for the whole year stood at around 8.5%+ . Our estimation for FY 2027, based on the order book which we have, we will be in the range of 9.5%-10.5% for next year. We will definitely reach a two-digit figure for next year.
Okay, sir. What was the reason for miss in 4Q at 6.9%?
Largely, as we have indicated in our opening remarks also, the geopolitical situation has brought some pressure on the price escalation. We have considered in our balanced budget increase of around 0.5%-1% of price escalations. Certain ECL provisions done at the year-end are contributors to a lower percentage. Otherwise, we continue to maintain 8.5%-9% EBITDA margin for FY 2026. That's the take.
What was the ECL provision in 4Q?
INR 28 crores.
Okay. Sir, lastly, on the working capital side, we have seen quite a bit of stretch in the year-end. How do you see it going ahead? Last year, we were around 110 days on. This year it has increased to almost double. How do you see it going forward?
Because these are milestone-based projects and a couple of projects where we are awaiting appointed date and RoW clearances, we believe that we should go back to the old norms of 110-120 days. This is more of a transitory as in the last call also, we had said there was some buildup of receivables in our power division, which probably by end of June and September quarter, most of things would get cleared. We believe that we should go back to normalcy by post-September.
Okay. Thank you. Those are my questions.
Thank you. Before we move to the next question, a reminder to the participants to ask a question, you may press star and one. Next question is from the line of Bhavin Modi from Anand Rathi Share and Stock Brokers Limited . Please go ahead.
Yeah. Hi, sir. Sir, can you provide us the guidance with respect to what is the targeted order inflow, revenue growth, margins, and what is our base pipeline looking like? How much amount we have placed the bids, and what are the segments that we are looking for?
Order book guidance, as I said, it is INR 8,000 crore - INR 10,000 crore, and this will be across the sectors, roads, railways, power, T&D, mainly. This is domestic as well as international. In domestic, we are working for NHAI, MoRTH, NHIDCL, and various states. Today now the company is working in almost segments like railways, water, buildings. We are very much hopeful of targeting INR 8,000 crore - INR 10,000 crore.
Okay. Sir, what about the revenue growth and EBITDA margins?
As we have said, we are targeting 20% of revenue growth we are looking at.
Okay. Sir, where do you see this revenue growth coming from? If I remove the one dam project where the appointed date is still pending, we just have only 500 crore of backlog, right? There are only EPCs, I think, or T&D, right? From where we expect the growth to be coming in?
Entire balanced order book of INR 15,300 crore, out of that, whatever portion is targeted for this year, plus whatever new orders we get, this all will contribute to our good revenue growth.
Okay. Sir, if I see the order backlog, right? Only from the two or three orders, all the order backlog are less than INR 1,000 crore. Can we see, because all the places, the mobilization must have been done? Do you see there's some amount of diseconomies of scale as the order backlog starts sinking?
Of course. Why order book backlog should start sinking?
No.
I understand your question. Please come back. Yeah. If you can elaborate, it will be better. Yeah.
My only point is, sir, now the backlog, right? All the individual order backlog, most of them.
Individual orders, individual projects. Yeah.
Yeah, individual projects. They are less than INR 1,000 crore now, most of the orders.
Yes.
Can that have any impact on the margins?
No, it doesn't have any impact on the margin because margins are completely distributed throughout the project.
Got it. Sir, can you give us the timelines with respect to the 6 HAM assets? What are the timelines and what are the expected consideration?
June is what we are targeting. Out of six, at least four assets we will monetize by June end, and we receive fourth or fifth (uncertain) is December.
To continue on that, out of the six projects, four we are definitely targeting by June end, which will typically bring in cash of around INR 750+ crores. The balance we expect by December, which should bring in another INR 400 crores.
Got it, sir. Thanks. That is from my side.
Thank you. Next question is from the line of Aditya Sahu from HDFC Securities. Please go ahead.
Hi, sir. Thanks a lot for the opportunity. In terms of the order inflow guidance you have provided, INR 8,000-INR 10,000 crores of order inflow in FY 2027. If you could help me with what would be our bid pipeline as of today?
If you look at National Highway projects bid pipeline, we have around INR 40,000 crores identified projects to be bid.
Okay.
In addition to this, there are new projects which will be announced in next quarters.
Understood.
Yeah.
Understood, sir.
There are states also throwing up lot of opportunities like UPMRC.
Right. As and when they come for bidding, that would eventually be added to our bid pipeline. Understood, sir. On the five assets each that we have monetized, what sort of inflows have we had on the books, in terms of the cash inflows for the HAM and BOT assets combined, if you can help me with that number.
In the HAM projects, we had a inflow of around INR 1,150 crores, and on the BOT assets, we had an inflow of around INR 1,800 crores.
INR 1,800 crores. Okay, these are the combined inflows that we have for the 5 HAM and 5 BOT-
Five for five projects, yeah.
All right. I had missed out on the four assets that you had mentioned, four assets to be monetized by June and two by December. If you could repeat the number, the inflow that we're expecting on the four assets and the two in December, and the balance of the three in December.
The four assets, we expect around INR 750+ crores.
INR 750. Okay.
On the two assets, which will happen by December, around INR 400 crores.
Okay. Understood, sir. Just one thing, because I think last time we were sort of planning to get the assets monetized. Our initial plan was four assets by March 2026 and two assets by June 2026, which has sort of postponed. What is the holdup over here? If you could help me with that.
This is largely dependent on the PCODs being received by us from NHAI. Based on the PCOD, we are targeted when it will be handed over to the buyer.
Understood, sir. The HAM investment, I think we have invested about INR 6 billion, roughly, in the HAM. What would be the balance amount that we are planning to invest in HAM assets? The timeline, if you can help me with, on a yearly basis, if that should be helpful.
On the equity side, the balance investment to be made in the HAM projects is around INR 325 crores.
INR 325 crores.
Of which the last HAM project, (uncetain), which is yet to receive a start date, appointed date. There is an expenditure of INR 225 crores, which will happen in 2026-2027, INR 75 crores, and 2027-2028, 2028-2029, INR 73 crores, INR 73 crores. Overall, INR 75 crores for three years, starting 2026-2027. Balance approximately INR 100 crores is for the last two assets of HAM, where certain investment is still pending of around INR 95 crores.
Okay, sir.
For 2026-2027, total investment would be around INR 175 crores, and for 2027-2028, INR 75 crores, 2028-2029, INR 75 crores.
Okay. INR 175 crores in 2027 and 2028, INR 75 crores.
Yeah.
Understood, sir.
2026-2027, INR 175 crore.
Okay.
2027-2028, INR 75 crore.
Okay.
2028-2029, INR 75crore.
INR 75 crore. INR 175 crore, INR 75 crore.
Right.
Understood, sir. I think, just one last question over here. In terms of, because I know the working capital has sort of seen that increase over here, what sort of receivable days are we seeing in the sectors that we are operating? For example, if you could, in the power T&D, roughly the days that you're seeing, or in the road EPC business, that should be helpful.
As I said, we are bidding around INR 40,000 crores in road EPC for central level. Another INR 40,000 crores for the various states. Other various sectors will be combined together, will be INR 30,000-INR 40,000 crores. More than INR 1 lakh crores of bidding is going to happen, out of which mix we are expecting is INR 8,000-INR 10,000 crores.
Understood. I was actually referring to the debtor days, because the working capital has sort of increased over here.
Okay.
Any favor on that? What are we seeing on Power T&D? What are we seeing on Road EPC?
Yeah. As we've said, all these payments are milestone-based.
Right.
General experience on the power sector is that billing cycle is almost five to seven months by the time which we get all money, almost. Out of part money of 30%-40% received in advance, but balance is received after five to seven months. This is the power where we have an order book of around INR 4,600 crores. On the road sector, largely dependent on milestone based on completion of various stages, but there is monthly billing at state level. The cycle is around three and a half months.
Understood, sir. Understood. That is all. I do not have any more questions. Thanks a lot.
Thank you. Next question is from the line of Parth Thakkar from JM Financial Institutional Securities Limited . Please go ahead.
Thank you for the opportunity. My first question is, what would be our target debt levels by the end of the financial year?
By the end of financial year, today, as of March 2026, our working capital debt is INR 1,126 less cash of INR 150 crores. Approximately INR 600 crores. We believe that the debt level will be in the range of INR 500 crores-INR 600 crores by March 2027 also, keeping almost similar kind of turnover with a 20% jump. It should not be a problem of maintaining a INR 600 crore debt. Of course, we'll have additional cash inflows of the monetization, which may impact the working capital cycle and reduce it further. On the debt side, we have around INR 2,778 of total consolidated debt, of which almost INR 1,300 crores would not be there as of March 2027, because we would have sold those HAM assets. The project loans would be in the range of, as of time, around INR 500 crores-INR 600 crores.
My second question is, what would be the tax on the gain from asset sales?
The rate of it would capitalize to 12.5%. Effective tax, which we have paid at ACL level, which has monetized, is almost nil. At ABL level, approximately INR 20 crores, INR 25 crores. INR 22 crores, rather.
The last question, sir. Of the completed deals of 5 HAM and 5 BOT assets, when will we get the remainder of the cash?
There are holdbacks which we expect to receive between June and July. Total amounts.
What would be the total amount, around?
Approximately INR 130 crores.
Okay. Thank you, sir. Those were my questions.
There are certain deferred consideration, which is based on toll extension, which is approximately INR 550 crores, which will come in the next one or two years' time. This is dependent on NHAI's decisions on extension of toll for couple of our BOT projects.
That would come in the next 24 months.
Yes. We expect by 24 months-36 months it should happen. Once NHAI gives a decision, then the buyer will pay us the amount for the extended period.
Okay. Thank you, sir. Those were my questions.
Thank you. Next question is from the line of Vasudev Ganatra from Nuvama Wealth Management Ltd. Please go ahead.
Thank you for the opportunity. Sir, for the balance six HAM assets, can you give me what is the equity that we've invested in these HAM assets?
Probably, we'll take it offline.
Okay. Sure, sir. Do we have any plans on Chennai or Jaora-Nayagaon sales?
We do pursue the sale of these two assets in the coming 12- 18 months. Both assets are good assets to be sold and good interest is there from buyers. We have launched a small process of monetization. As soon as we come to certain stages, we'll keep everybody informed.
Okay. Sure, sir. Lastly, sir, what is the CapEx that we did in Q4 and our target for next year?
Q4, total CapEx for the year was INR 67 crores. Of which Q4 was INR 16 crores.
Okay. for FY 2027, how much CapEx are we planning?
We're planning approximately around INR 100 crores of CapEx, which includes certain CapEx on the international projects also.
Sure, sir. That's it from me, sir. Thank you.
Thank you. Next question is from the line of Vishal Periwal from Prabhudas Lilladher. Please go ahead.
Yes, sir. Thanks for the opportunity. Sir, on this ECL provision that we have created, it is particularly coming from the delay in payment from which segment for us?
It's a mix of ECL on inventory as well as debtors. For project like (uncertain), where we started certain mobilization and other expenses, so we are waiting for the appointed debt. Other projects where payments are delayed, and we are in discussion with NHAI and other parties for finalization. It's a mix of inventory and debtors.
Okay, sure. Yeah. That's all from my side. Thank you.
Thank you. Participants, to join the question queue, you may press star and one. Next question is from the line of Vaibhav Shah from JM Financial Institutional Securities . Please go ahead.
Thank you. To follow up. Sir, what would be our order inflow number for FY 2026, ex of the two projects which you are not taking in the standalone books?
INR 6,600 crore.
This is the EPC value ex of GST?
Yeah. This is ex of GST.
Okay. Sir, secondly, when you guide for a double-digit kind of margin for FY 2027, there could be ECL provisions or you have factored in some provisions and then you're guiding for 10% margins. This year also we were looking for a good margin, but there were sizable ECL provisions during the year.
It's an estimated amount. ECL is included in this for the working of this 10%.
Okay.
There would be stages in, as payments do come, there would be reversals of ECL also over a period of time. It's a mix of provisions as well as reversals.
Okay. Sir, lastly, for the six remaining HAM assets, you mentioned that the amount is roughly INR 1,150 crores. If I understand correctly, the investment was roughly around INR 540 crores in those six assets. Gain comes around INR 600 crores. What could be the tax on that at the ABL level standalone?
These would typically be in the range of 12.5% capital gains tax, because there's no set off here. We can consider it 12.5%. In ACL there are three assets where probably we'll have carry forward losses. Effective tax on all put together would be in the range of 6%-7%.
Okay. Got it. Okay. Thank you, sir.
Thank you. Next follow-up question is from the line of Bhavin Modi from Anand Rathi Share and Stock Brokers Limited . Please go ahead.
Sir, one second for the confirmation. Sir, which are the order book which is considered in the SPV. The traffic management, IGR Stamps, Saudi Arabia and Mithi River. These four are considered in the SPV level, right?
No, Mithi River is not considered outside. It is part of our order book because AB will execute it directly, though the order has been received by the SPV, but it is a back-to-back contract. In the Saudi Arabia project and the IGR, the SPV itself will execute the work. That is out. Saudi Arabia-
Traffic.
INR 900 crores and IGR INR 1,100 crores are both outside the books of ABL for consolidation. It will be part of consolidation.
The traffic management and the Mithi River, right? It's in the order book, right? Sir, where it is actually clubbed. Is it clubbed in the power T&D in others?
Others.
Others.
Mithi River?
No, ITMS.
ITMS is part.
Okay, sir. Second, sir, with respect to Bangladesh order, the order book stands at INR 370 crore or INR 374 crore, which was same as the last year. There is no progress there happening, right?
Work is on, though it has a slow pace. Work is on, and we expect to complete the whole order book in the course of time.
Got it. Understood. Sir, last question, there is one circular from NHAI where they have mentioned that the companies, now bidders, they are now to disclose if there is any casualty in any of their project in the last two years, and they become disqualified. Do we have to really rate this provision as strictly or there is some submission going from the Road Federation companies with respect to this provision?
Yeah. International Road Federation is discussing with them. They are coming out with a guideline how they will define the causes for debarment and all.
Okay. Got it. Yeah. Thank you.
Unless it's a catastrophic kind of failure, the failure is due to structural defect, then only they will take such harsh situations.
They have not clearly defined, right? What is catastrophic or something.
That is what is being getting discussed with authorities, with NHAI and NHBF authorities. Yeah.
Understood. Understood, sir. Yeah. That's it from my side, sir. Thanks.
Thank you. Participants, to ask a question, you may press star and one. Ladies and gentlemen, anyone who wishes to join the question queue, you may press star and one on your touchtone telephone. As there are no further questions from the participants, I now hand the conference over to the management for the closing comments.
Thank you everyone for joining this call. Good update as we had been updating on regular basis. Thank you very much.
Thank you, sir. On behalf of Anand Rathi Shares and Stock Brokers, that concludes this conference. Thank you all for joining us. You may now disconnect your lines.