Ladies and g`entlemen, good day and welcome to Power Mech Projects Limited's conference call hosted by Nirmal Bang Equities Private Limited. As a reminder, all participants' 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 touchscreen phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Natasha Jain from Nirmal Bang Equities. Thank you, and over to you, ma'am.
Thank you, and good afternoon to all participants. Nirmal Bang Institutional Equities welcomes all of you to the First Quarter FY25 Earnings Conference Call for Power Mech Projects Limited. From the management today, we have Mr. S. K. Ramayya, Director, Business Development, Mr. Rohit Sajja, President, Business Development and Operations, and Mr. N. Aravind, Chief Financial Officer. I now hand over the call to the management for their opening remarks, post which we shall open the floor for Q&A. Thank you, and over to you, sir.
Thank you, Natasha Jain. This is N. Aravind, CFO of Power Mech Projects Limited. I have with me Mr. S. K. Ramayya, Director, Business Development, and Mr. Rohit, President, BD and Operations. I welcome you all to the earnings call quarter one FY25. The reported total income for quarter one financial year FY25 is INR 1,017 crore, against INR 871 crore in Q1 FY24, an increase of 16% year-on-year. EBITDA is around INR 123 crore, against INR 105 crore, a growth of 17%, and PAT is INR 60 crore, which has grown by 18% compared to INR 51 crore in Q1 FY24. So, improvement is as seen in the overall margin profile. EBITDA margin has gone up from 12% in Q1 FY24 to 12.1% in Q1 FY25.
Revenue mix for the quarter one FY25 is as follows: Mechanical business has contributed INR 102 crore, against INR 139 crore in Q1 FY24, showing a decline of 36% year-on-year. Civil business, including railway, mining, water distribution, contributed INR 557 crore, against INR 490 crore in Q1 FY24, an increase of 13% year-on-year. Windmill revenue of INR 341 crore, against INR 224 crore in corresponding period last year. Registered growth of 52%. And electrical business, INR 8 crore, against INR 9 crore during last previous period. Other income, INR 9 crore, against INR 6 crore in Q4 of FY23. During the quarter one of FY25, the distribution between domestic business and international business is 94% and 6% respectively. Contributions from power sector remained at 54%. Non-power contributed 46%.
Net current days, excluding cash and cash equivalents, have increased from 112 days in FY24 to 142 days in Q1 FY25, mainly due to elections, and there were delays in realization of receivables, and also delays in certification of the works resulted in increasing the current assets of the company. The debt levels are in control. As of 30 June 2024, the gross debt is around INR 581 crore, and the net debt is INR 40 crore. The debt-equity ratio, as of 30 June 2024, is 0.31 times. Order book status, so far in this financial year, the company has secured orders worth of INR 1,746 crore. The order backlog as of 12 August 2024 is around INR 57,793 crore. If we exclude the two MDOs, the non-MDO order book stands at INR 18,115 crore.
Expectations for this current year FY25, the overall business environment seems to have improved post-elections, and the execution cycle is picking up. Despite a little slow year at Q1, we are confident of achieving revenue growth in the range of 25%-30% for FY25. Margins are expected to remain stable, and further improvement is expected as MDO business ramps up. Once the MDO revenue peaked during FY26 and FY27, the margin profile will see a marked increase. On the order book side, we have set a target of INR 11,000 crore for the financial year 2024-2025. Our focus will continue to be on the industrial plant operation and maintenance, railways, and water. Going forward, windmill and MDO business will provide stability in revenues as well as margins in a significant way. Now, I request Mr. Ramayya to update on the developments.
Yeah. Thank you, Aravind. Thank you, Rohit. And good afternoon to everybody. Aravind has given the basic numbers and also the improvements in the margins and all. As for the business outlook is concerned, yeah, first quarter we had an order booking of INR 1,014 crore, and looking into the elections that happened and all, there were some of the tenders which got postponed and all. And now it is taking traction. And the basic backlog of the orders at the end of the last quarter was INR 1,732 crore, with an ordinal improvement to INR 1,408 crore overall. And with the mechanical backlog of orders going up by 2.1% from INR 6,422 crores to INR 6,558 crores, civil order backlog has gone up by 2.3% from INR 7,814 crores to INR 7,995 crores. Windmill, there is a dip of 12% from INR 2,197 crores to INR 1,933 crores.
And the electrical is more or less stable at the same thing. But the positive thing is that the overall order booking is improving. Quarterly, windmill is taking a lot of traction. And in the second quarter, we were able to increase the overall order booking to, say, up to INR 550 crores. With a lot of new projects coming on windmill in the international market, domestic market, and also the new projects which are getting commissioned, and some of the contracts also getting extended. Now, if you look at the overall outlook of the company's business outlook for the year, what Aravind had given a number of INR 11,000 crores with the present order booking of INR 1,746 crores, we should be still trying on traction to achieve these goals because the opportunity size has gone up substantially.
On various opportunities in the power sector, non-power sector, and the windmill, railways, road construction, and then industrial projects, etc., there is a continuous tracking of many of the opportunities. We are tracking about INR 75,000 crores of opportunities, and there are hardcore opportunities of nearly INR 20,000 to INR 25,000 crores, and the lead is taken by the power sector, windmill, and all.
And as we know, BHEL has been provided with a lot of orders, and with the INR 88,000 crores of order booking in the last more than a year, we are having a substantial order booking. And what is important is that in the power sector, there are three developments which I would like to update. One is the order booking which BHEL has taken out INR 88,000 crores for about 13,840 megawatts. That is going to play a significant role in our order booking in the current and next year.
The second aspect is that Adani is developing three major projects, Raigarh, Raipur, and UP also, apart from Mahan. Therefore, about 4,000 megawatts they are developing themselves, of course, with the supply orders placed on BHEL, and some of the orders we are going to take on that. The third development is that, as you know, the present installed capacity of coal-based power is 218 gigawatts. The government is determined to ramp it up to 300 gigawatts by the end of this decade. That is mainly to see the grid stability, which I think we have explained many times earlier. Now they are determined to see that the backlog in the order booking is tackled fast, not only with many of the ongoing development projects, but also some of the pithead stations also they are planning it.
Now, in that direction, NTPC is planning to add about 26,000 megawatts new. In that, about 5,000 megawatts, they are already implementing it. Balance about 17,000 megawatts they have to place the order in the two stages. For stage one, they have already taken up the work, about 8,600 megawatts. Another 8,600 megawatts tenders have to be upgraded and all, and they have to issue the tenders and all. And for NTPC, BHEL, Adani, this is what we expect in the power sector to play a role in the coming year. And the total opportunity size can be anywhere between INR 20,000-25,000 crore, looking into the various aspects of the civil, structural, mechanical, ETC business and all. And whatever ones are getting commissioned, we have seen the flow of the orders in the windmill segment also.
That is going to happen, for example, what has happened in UP for the NLC project, and then there are other projects also which have come. And recently, Nizam Energy has given one more order for the another plant, INR 210 crores. And in fact, so far, we have on the windmill side, about INR 550 crores of orders have been arranged at the current date. And there is an opportunity of INR 1,500 to INR 2,000 crores, which has been tracking hardcore opportunities also. Now, apart from that, the non-core segment is a big business. In particular, railways, we are having INR 2,500 crores of jobs executing in about 15, 14 jobs, including a major job in Bangalore BMRCL, that is railway infrastructure jobs. And there are many further railway jobs which are going pretty well.
And then Adani jobs are also going on, and some traction is taking place on the FGD jobs also now, Udupi and then in Gondia also. That should be some additional revenue for the current year. Now, coming back to the other opportunities out there, for example, there is going to be huge investments in the steel sector, non-power sector, minerals and metals, NMDC. NMDC is planning INR 60,000 crores of investment, and many of the projects, they should call the tenders shortly. And then Steel Authority of India is planning an expansion in the East Coast Burnpur plant for INR 4.5 million tons with an investment of INR 30,000 crores. And then in M.N. Dastur & Co is a consultant, and many packages should come. We have to look for the partners there.
And then JSPL is coming with a plant of five million tons in Angul with an investment of INR 27,500 crores. And we are having ongoing relationships and doing some of their jobs in JSPL Angul also. Recently, we have taken a job of INR 160 crores there. And looking at all these things, and apart from the railways, road projects, as we said, these opportunities should mature enough.
And now, after the election season, there will be more push for the expediting the orders by the main players, the developers like NTPC, and then railways. And then Adani, they have to also expedite the jobs because they have got a plan to develop their stock base from 15,500 megawatts to 31,000 megawatts in the next seven, eight years. The first phase they are already taken up. Second phase also they will take up. And one more development can be there.
The organization is taking some initiative, and then organization strength has been strengthened in terms of BOP packaging, and at present, we are tracking about INR 4,000 megawatts of opportunities. Our teams are discussing with the many players and all because there is an urgency from the developers and owners also to see how to package it better in such a way that more players come into the play for the balance of plant packages, apart from the main plant, so BHEL is a sole player in the main plant and that they will continue to get the orders, but there is an extension going on in NTPC and many of the private developers also to see that how the packaging can be done. That is where we are looking at the opportunities. That opportunity size can be more than INR 15,000-20,000 crores.
So looking at all these things, perhaps the flow of orders would improve in the second and third quarter. And one more development is the optical fiber cable, which is a part of the BharatNet connectivity to every village with an investment of INR 3.65 crores. That is taking full shape. And then our business development group, Mr. Rohit, is taking a lot of initiative on that. And then there are we have made up some time with the parties and looking at some of the important opportunities in Madhya Pradesh, Maharashtra, and other places. And then that should take some shape. That will be a substantially big opportunity. And as the development takes place, we will keep you informed on that. Therefore, that is where the thing and the international operations.
One of the key developments has been that Nigeria, the two-year windmill job has been further extended for another two years. That is an important add-on to the windmill activity and our work. And this will continue. Our initiative on windmill will continue. The ETC business will continue with more order backlog for BHEL. And the expected NTPC order flow, which should be expedited, as I told you, about 17,000 megawatts. And then the ongoing jobs of Adani. And then railway jobs. And then, of course, infrastructure jobs are also. We are tracking many of these projects. In that way, we are still very optimistic on targets for this year. Thank you. Then our Rohit, our president of BD, will give an update on other developments also, including the MDO and all.
Thank you, Ramayya sir. Good evening, everyone. So I'll conclude with a few highlights of Q1 of 2025 before leaving the floor for question and answer. And also, I would like to touch upon both MDO projects, which I'm closely monitoring, and a few updates on the business development perspective and overseas business as well. So we have some good updates in terms of the MDO. We have gotten clearance from Jharkhand government to take possession of 585 hectares of forest land. There was a delay of a month, but we were able to get it before the state elections could be announced sometime in the months of November or December, which is a good update. So I think we expect to break ground earlier. We anticipated to break ground in July, first two weeks of July, but now it's getting pushed by two months.
By end of September, beginning of October is when we expect to break ground, start the overburden activity. That's about the first mine, KBP. Tasra is the TMPL, and the SAIL mine is going a little slower than expected because of SAIL's washery tie-up, and their washery capacity being completely utilized. In Q2 of this year, there's going to be, again, a significant increase in quantity that they're going to ask from us. We have anyway the mining activity going on, but we could only give a small amount to SAIL in Q1, through which we were only able to book around INR 14 crores of revenue. In Q2, we expect to do good numbers. We already started dispatching close to 1,000 metric tons per day.
And this is expected to ramp up to 4,000-5,000 metric tons per day. So this is on the MDO front. And business development, as Ramayya sir has said, I would just like to add a few points with regards to the BharatNet mid-mile connectivity project that we have recently quoted for in a consortium with a reputed optical fiber cable laying company in the country. And we have participated across all the packages successfully, all the 16 packages that any company could bid for. So the results are expected to be out anywhere before the middle of next month. So that's one development. And we have some overseas O&M has increased last from compared to last year Q1 to this year's Q1, overseas O&M has increased by close to 27%. Revenue and this trend is expected to continue for the next four to five years.
We are seeing a good traction. This year, we are also exploring new territories. Like we have bid for a couple of projects in Jordan. We have added new clients in Qatar and in Saudi Arabia as well. And we see this trend to continue. A lot of overseas O&M business is going to come up in the next two to three years. So that's the update from my side. We can go ahead with the Q&A.
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles.
Hello.
The first question is from Ketan Jain from Avendus Spark. Please go ahead.
Yeah, good afternoon, sir. Is it possible to give a color on the EBITDA margin segment-wise in civil works in the power segment, in the mining segment separately, railway segment separately? Is it possible to give a color of where the EBITDA margins you see is relatively higher, lower?
Yes, sir. Sir, if you take the business erection businesses concerned, we are getting EBITDA of around 6%. In industrial construction, erection businesses concerned, the volume of turnover is very low. So we are getting at approximately around 1% of the EBITDA. And in civil power is concerned, we are getting around 12% average EBITDA margin. And the infrastructure side that includes your sand mining and water division altogether, around 17% margin we are getting. In transmission and distribution, we are getting around 0.5% EBITDA.
In international operations, because Q1, around 20% of the margins we are getting. And in water division, we are generating around 19%. Weighted average of all two years, around roughly 10% to 11% we are getting in the infrastructure businesses concerned. And mining, as of now, only Tasra is operating. So 13% we earned EBITDA margin during Q1, sir. So weighted average around 12.2% EBITDA we get.
That is helpful. So if I look at these numbers, relatively your water division and your civil in the power is on the higher side, while erection, industrial construction is on the lower side. And even power T&D is on the lower side. Am I right?
Yes, yes. Because some of the projects, O&M domestic and overseas, water, civil, both power and non-power, these are on the higher side. And as you rightly said, the other businesses, the industrial construction and non-power construction is a little on the lower side.
Understood. Coming to the second question, which is the opportunity in the power side. So you mentioned about 17 gigawatts by NTPC and a lot of projects by Adani also. So what NTPC is telling is they have a total construction cost of around INR 10 crore per megawatt. So within that INR 10 crore, what proportion would be civil opportunity?
Of course, NTPC price is INR 10 crore with IDC. Maybe we have to take about INR 2 crore or INR 1.5 crore of that. That will not be part of an opportunity. That will be interest during construction. Therefore, INR 8-8.5 crore we can take as the base price with whatever is the current price. Therefore, normally with full material content and engineering and supply, and then the structural portion and the material content, the civil and structural portion will be around 20%. We can say roughly around INR 2 crores we can take.
Okay. 20% of INR 8 crores. Okay.
Yeah, 20-25% we can take. Because, of course, when they contract it to BHEL, BHEL, we have to see the scope clearly, with material or without material. Those things will come separately.
Okay. Since you mentioned BHEL, my final question is, we are hearing that right now in this thermal side, the vendor is only limited to BHEL. So do you think all this 17 GW by NTPC plus another 10 to 15 by Adani Power, all these capacities will have timely delivery of equipment by only one vendor? What is your opinion there? Is the government doing anything to expand the vendor base?
Yeah, that is a very important question. We have to ask ourselves also on this. See, BHEL, I'm an ex-BHEL man. BHEL have got a basic shop capacity of 15,000 megawatts. That is for sure. And if you look at the present balance of the order booking, they are adding to be done 80,000 megawatts in the next seven, eight years. That is, on paper, it is doable. But BHEL has got other things, whatever is their working capital, so many issues, and they can be there because their margins have come down a little bit. Or a little bit means there are other issues with BHEL. But anyway, they are delivering. But what I can say is that the government is also encouraging. For example, we have received some inquiries from Thermax also recently for the DVC Raghunathpur, two into 650 MW.
Of course, they are into the boiler package. Actually, DVC has called a tender for the boiler. That is, they have boiler and turbine island. That means it covers the entire plant. Therefore, these ideas can come up also for NTPC also. They may change the strategy. In fact, NTPC has been discussing with players like us also, another BoP player, how can we get into the BoP business also. But as I said, it is doable for BHEL if they can line up their financing and other issues a little bit better. Otherwise, they have got the shop capacity that I can tell you. And if L&T also had established capacity, and they were doing pretty well, and ongoing jobs are going on in Buxar and other places. But what has happened is that the new CEO, Subrahmanyan, has come up.
He has taken a lead and a little bit of BoP, whatever is there. But now government will definitely push for them. Ministry of Power will be pushing for them, like what they have done for Thermax also. Perhaps L&T will also come online. And GE is another option, but GE has got a turbine island, which is GE and boiler also they are having. But that is a different thing. I don't want to comment on it much at this stage because they have got an EDF takeover of the GE turbine portion. And that, if they come into play, then they can also play a role in it, one aspect of the power plant.
Understood, sir. So from what I can hear is that on paper, BHEL has the capacity, but they have to sort out some execution challenges and financial challenges. While government will definitely have to push other players like GE, L&T, and all to make sure that the timely deliveries happen to achieve this target. Otherwise, there will be delays definitely.
Yeah, yeah. Thermax can play a role because I can tell you honestly, they had invested substantially in their plant in Pune, and we were also discussing with them earlier a couple of years back. But of course, when the slowdown happened, they also didn't take the call. But now they have, perhaps, this all following has come from the Ministry of Power. I think the same thing they will be doing with L&T also. They will bring these new players. Thermax can deliver also. We have done some work with Thermax also. They have got the capacity to do that.
Sir, thank you so much. I'll join back in the queue.
Yeah.
Thank you. A reminder to all the participants, you may press star and one to ask a question. The next question is from the line of Riya Mehta from Aequitas Investment Consultancy. Please go ahead.
Thank you so much for the opportunity. My question is more in terms of macro outlook. So recently, there was a Supreme Court judgment which said that states can levy mine tax retrospectively from 2005. So will this lead to any impact for our MDO existing business or future business?
Riya, can you repeat your question?
Sure. So recently, there was a Supreme Court judgment which just said that the states' government had the power to levy tax for the miners retrospectively from 2005. So will this lead to any change in existing commitments for both the MDO projects?
Ma'am, MDO, we have had the ownership of the MDO. We are only the mining excavators. So any of GST taxes are applicable on my revenue. So we have had the ownership of MDO.
Yeah, yeah. So that I understand. But will they reduce the offtake because their payment cycle or they have to pay for almost last 17 years? So have you seen any?
This is not going to impact the offtake at all. If it's going to impact the offtake, there are clauses that protect the offtake, perhaps in the contract rule here. Yeah. So it's not going to impact the offtake.
Okay. That's good to hear. Also, on the side of you were talking that for Adani Mundra project for FGD will be starting. So could you highlight more details on that?
Yeah, I think trend review is in process. We are working on that, and perhaps it will be finalized within two months, and we are quite optimistic on that.
Also, if that comes across for this year, we would have incremental INR 100-150 crores?
Yeah, we have to see that. See, that is also possibilities there. But as of today, we are budgeting about because offering is going on a business for the UDP project and also in the other two into 650 MW in Mundra also, about INR 600 crores of offers in the supply chain side is being tied up. Therefore, we are confident about INR 300-INR 350 crores revenue should be possible in this year. Works have already started in UDP.
So INR 300 crore-INR 350 crore for entire Adani projects, right?
Yeah, yeah, yeah. At this stage.
Got it. Got it. I think, thank you for the questions and the answers.
Thank you.
Thank you. Ladies and gentlemen, you may press star and one to ask a question. The next question is from the line of Sanjaya Satapathy from Ampersand Capital. Please go ahead.
Yeah. Thanks a lot for the opportunity, and I just wanted to confirm a couple of things. We have noticed that your sales growth has finally started getting a little better with some 16% kind of growth this year, and your guidance is almost like 30% growth for the rest of the year, which looks pretty high compared to what has been happening in the same period, so can you just tell us what could be the factors that will drive this kind of better growth?
Yeah. Okay. On the power sector, the opportunity side, I told you INR 15,000-20,000 crores will happen in the next two years. Whatever the ordering has to be done by BHEL for the supply chain, that they have to complete it. Adani have to complete their this one. Now, NTPC, as I told you, 17,000 megawatts. They have to expect the ordering this year. And something can come on that. Therefore, on the power sector, on the O&M side, as I told you, almost INR 600 crores have been booked. And there are many opportunities. We are working with any new players also. GMDC, INR 240 crores, it is also expected. Then there is another order from with Vedanta Group, we are discussing for 91 megawatts. And then Panki, 1 into 650 megawatt O&M order we are discussing.
And then another 250 MW , the lignite boiler with the GMDC, that also we are discussing it. So we are quite bullish on the O&M side in the current year also in this range in the power sector. And some of the non-power side also it is possible. Therefore, on the railways is another sector, about 5,000 crores of opportunities we are tracking it. And as you know, we are doing 12 to 14 jobs, including the metros and then railway doubling, traction doubling, all those things. And now we are well versed with the system and the payment mechanism is good. And our execution system also is fully established with our organization and all. Therefore, we can be more aggressive on the railway jobs also. Then now, of course, the new opportunities will come up in the industrial side and the steel plant side mining.
And then mine side facilities, for example, Coal India is planning INR 62,000 crores of investment for the mechanization of the mine side. All those things will also come up. Therefore, the overall opportunity what we are tracking as I said, INR 75,000 crores, that is being continuously followed. And the good thing can be the second quarter end and third quarter end and fourth quarter end should many of these things should happen the way we have planned.
Thank you a lot for the detail. I just, what I'm trying to say is that you already had big back order book for last several quarters. But still, the execution pace was kind of moderating. But now you are sounding a lot more confident. Is there anything that has changed? Because we're talking about execution right now rather than order inflow.
I think the execution phase, if you see, INR 3,600-4,200 crores and now INR 5,200 crores. That is doable. I think the first quarter, whatever is the revenue of nearly INR 1,000 crores, whatever has been achieved, and look at the second quarter, and the second quarter we can take because of the monsoon and other aspects, but third and fourth quarter, typically the growth quarters are long.
Therefore, that should be still achievable, and then the orders which are falling in the first quarter, first two quarters, whatever those 17,000 to 1,746 crores are there, that will come for some conversion, and then the Adani with the INR 300 crores also will come for conversion, and then any orders which comes in the third quarter also, some more possibility of conversion is there. But as far as the capability of the organization's strength and the various other inputs required and all, we are already having those inputs in place in terms of manpower, resources, construction equipment, and then the people are there in that aspect. That is not a challenge.
Understood. Sir, if I can just ask that, I mean, will your tax rate come down to 25%-26% this year?
Yeah. This year it will come down, sir. Because last year, due to income tax, additional income offered to income tax due to sales channel, so the additional cost incurred. So now this year will come to a normal maybe around 26%-27% will be the target this year. Yeah.
Okay, and so this contribution of MDO, which you were saying that will accelerate, but you were saying that the benefit of that in terms of margin expansion, it is not likely this year. It is likely from next year onwards. Is that correct?
Yeah. This is the development phase. So initial ramp-up production has to happen. It may take another two years minimum to get the ramp-up. And then our washery will also start to add into this revenue, washery revenue. So then at that point of time, you'll get the marginal improvement. Marginal improvement will be there in the next two years later. 2026, 2027 year onwards, we may expect margin improvement in MDO. Until that time, we will be around 15%-16%.
Got it. Got it. Thank you, sir.
Thank you. Thank you.
Thank you. The next question is from Anupam Gupta from IIFL Securities Limited. Please go ahead.
Yeah. Afternoon, sir. So first question is on the MDO. So you said the CCL project is seeing two months of delay. So apart from this possession of land, are there any other clearances which are left now to start the project in end September, or that is now realistically certain?
Good afternoon, Anupam. This was the last step for us to start the mining activity. We just have to perhaps file an online application now, which we are doing either tomorrow or the day after tomorrow. Once we get a clearance from it, it's going to take around a week. After which, we can officially start the pre-filling activity. Pre-filling is done before we start removing overburden.
Okay. So one should expect third quarter to have certain revenues from the CCL project, right? Or that is the right assumption?
Yeah. End of third quarter, beginning of fourth quarter, because we first have to touch 45-50 meters of strike where the seam strikes. Until that point, we have to keep doing overburden excavation. Felling of trees is going to take two months. And after two months, it's all OB until 45-50 meters. And after overburden is when we'll touch the seam.
And secondly, on the SAIL project, so the washery issue was there in the fourth quarter also. And I think first quarter, it actually wasn't in terms of revenue delivery which you had. So what is the status on the washery tie-up at this point of time? And is it being done in a way that till your washery comes in, the volumes remain guaranteed at least once it starts?
Look, Q4 of 2024 was okay. They were able to take a decent capacity from us, but Q1 of 2025 has worsened. It's primarily because of SAIL's washery capacity being full. One of the lines is not working, and the other line is full, and as and when they need, so we had a discussion with them, and we signed minutes of meeting, and starting first August onwards, we have started to take 1,000 metric tons per day. They've already touched 1,500 for this week.
This week, we already are starting to give 2,000 metric tons per day, so this is again, the ramp-up is going to happen slowly. We are in discussion with SAIL, so they are going to right now, this is what it's looking like. They'll start to take 80,000 to 1,000,000 per month in a slowly upward fashion from 60,000 to 1,000,000. After 1,000,000, again, we are in discussions with them to increase it to 1,500,000 and 2,000,000 per month.
Okay. Understood. So when you said 25%-30% growth for this year, that included how much of mining revenues for this year?
In fact, we collected INR 250 crores from Tasra and INR 50 crores from KBP. So maybe 250 tax maybe around 100, 150, 100 crores maybe tax. Because the offtake is not there. So apart from that, we are as per our guidelines able to achieve.
So we expect we projected around INR 300 crore, Anupam, from both the mines together, 250 and 50. And we expect to do somewhere because KBP, even if we target Q4, we can achieve that INR 35-INR 40 crore once we have production starting from end of Q3 and beginning of Q4 onwards. And KTMPL, depending on this ramp-up, because our washery, by the way, I just wanted to tell you that we have started construction of our washery.
Soil testing is going on. So I think it is only a temporary, a momentary issue right now. But I think SAIL has given us a word that they are going to clear up some washing capacity for us. But because of predominantly Q1, we could not do anything. We could only do INR 14 crore. We expect there to be a dip in revenue in Tasra, the SAIL mine, to the extent of INR 100 crore, so projected INR 250 crore, we'll do around INR 150-170 crore based on this ramp-up schedule that we are talking with SAIL.
Understood. Okay. And one last question on your order inflows. So the overall picture obviously is pretty clear. But let's say BHEL, when do you see the tendering actually starting and you being able to book some orders from BHEL, given that they already have such a large order book?
You see, they have started the tendering for Lara in Gadarwara. And then Talcher, they already taken some jobs there. And then they have to take up the work on because all these things are practically 42-month schedule. They have to finish this ordering within the first year. Only up to 5-15 months. Then Yamunanagar also has to come up.
And then this Kodarma has come up only recently. That will take another five to six months. Therefore, now is the time for BHEL to expedite the order booking also because maybe what happens in these mechanical orders, first they have to focus on the civil engineering. And they may be working on the engineering aspects. When the engineering is finalized, then the civil will come up, and then the mechanical will come up. That is how the sequence is there. But we expect in second, third, and fourth quarter, things should move pretty faster. And of course, most of this order booking, they have to complete in the next 12-15 months.
Okay. Understood. Just one last question coming back to mining ahead. So let's say this year, obviously, there is a mess because of SAIL not taking the offtake. But does it impact next year's run rate which you can deliver or what they can take?
No, no, Anupam. I don't foresee any impact of this next year. No, there's not going to be a lot of cascading effect because we are going to keep pushing them to take more capacity, at least the contracted capacity, until we reach the PRC, peak rated capacity. So I don't foresee any cascading issues of this to next year.
Sure. Okay. And just one last request. The order book which you disclose in your presentation, it would help if you do it at the end of quarter and middle of the quarter because then it becomes very difficult to compare. So let's give a number which is end of June, end of September, end of December rather than giving a 12th August number because it doesn't help comparing at all.
Yeah. We are giving break-up of both the versions, so including anyway, we'll follow the same.
I think Q1, Q2, Q3, that will be there. June already additionally are given 12th August date.
Okay. Fine. Thank you.
Thank you.
Thank you. The next question is from the line of Ketan Jain from Avendus Spark. Please go ahead.
Thank you. Hi sir, I'm sorry if the question is repetitive. So what is the order inflow you're guiding for FY25, like in terms of rupees crores?
It's INR 11,000 crores we are projecting.
So if I can get any segment-wise in this number, sir?
Yeah. Segment-wise, perhaps the substantial orders will come as in the oil and gas we'll run today another INR 1,500 crores of opportunities around the Panki. Then the ETC business and the fuel business, that will be the next lineup for this one, and of course, the other bigger orders should be expected based on how the things happen as Rohit has explained on the power plant activity because there is a lot of opportunity there, and the availability of so many territories and areas which can be being tendered in such a way that we should be able to get something there. That's something reasonably we should make it, and then the usual non-power sector and whatever we are putting at the mining side, mineral side, and then how the water system projects also should be.
Understood, sir. So also you had mentioned the bidding pipeline is of around INR 75,000 crores, which is mainly in power sector and O&M. So if you could break down the bidding pipeline in power sector, O&M, and mining, what is the exact pipeline?
I think those numbers are there. I think substantially about INR 40,000-45,000 crores in the infrastructure and railways. And then the other segments will come on the ETC business about INR 12,000-15,000 crores. And then the non-power sector and the O&M side and w ater is there. And then water also is there.
So in power, sir, in power, how much?
Power, the opportunities have been INR 12-15,000 crores.
This includes O&M as well, right?
Power ONM. Right. O&M is separate. I'm asking about the civil and ETC business.
Yes, sir. Understood. What is the O&M, sir, for power?
Pardon?
Opportunity.
Opportunity in power O&M, sir?
O&M around INR 1,500 crores. INR 1,500 crores domestic and including overseas, it will be around INR 2,000 crores, sir. INR 2,000-2,200 crores.
Understood. Thank you, sir. That's it.
Thank you.
Thank you. A reminder to all the participants, you may press star and one to ask a question. Ladies and gentlemen, you may press star and one to ask a question. As there are no further questions, I would now like to hand the conference over to Ms. Natasha Jain from Nirmal Bang Equities for closing comments.
Thank you. I would request the management to give any closing comments if they have.
Yeah. One development perhaps we have to update. I think we have explained all the background and all. Only the green hydrogen initiative, we are also taking interest. There's a national green hydrogen policy of five million tons by the end of this decade. It calls for an investment of nearly INR eight lakh crores, both on the hardware side and then on the development side of these projects and all.
Already a lot of tenders are coming in terms of green hydrogen capacity enhancement of each plant capacity of 10,000 tons per annum to, say, I think, 40,000-50,000 tons. In this regard, Rohit and myself, we had made a visit to Portugal and Spain to see the technology available in Europe. We are in discussion with some of the technology players, and we have seen some working plans also.
And that is one of the areas perhaps the organization will also focus in the future. And yeah, this will also align with our mechanical construction business and associated civil works also because the contract structure and working is similar as far as the execution is concerned. Of course, the other aspect is to work on the development projects and wherever commonly applicable, for example, this one, urban transport and rural transport where we can power up the buses and all of the road transport corporations.
And then cement plants, there can be scope for injecting the green hydrogen. Of course, these are all the things we are examining it. It's an early stage. But the plants which are coming on the investment basis and all for the petrochemicals, fertilizers, a lot of plants are coming up. And then we are working on that. And this is more on the other developments, what we explained on the power, non-power, and then MDO, etc.
Thank you. On behalf of Nirmal Bang Equities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.
Thank you.