Ahluwalia Contracts (India) Ltd
NSE:AHLUCONT
Earnings Call Analysis
Q3-2024 Analysis
Ahluwalia Contracts (India) Ltd
Ahluwalia Contracts (India) Limited, a construction EPC company, has reported a remarkable Q3 FY '24 with a 38.11% increase in turnover and a 57.02% surge in PAT compared to Q3 FY '23. Investors would be pleased to find EPS for Q3 FY '24 has climbed to INR 10.55 from the previous year's INR 6.72, encapsulating a robust growth narrative.
With improving EBITDA and PAT margins now at 10.90% and 6.88% respectively, the company demonstrates its ability to maintain profitability while scaling operations. They're ambitiously targeting approximately INR 1,100 crores in revenue for Q4, consolidating a year of strong fiscal performance.
The net order book is healthy at INR 11,246.83 crores, with the company positioned as L1 in projects worth INR 3,229.87 crores. This forward-looking book suggests a pipeline brimming with potential, including awaited projects like a stadium and sports complex in Guwahati, Assam, expected to be awarded within a month.
Executive insights suggest a cautious approach in anticipation of a potential post-election economic slowdown, with an estimated order inflow target of around INR 5,000 crores and projected revenue growth of 20% for FY '25, indicating strategic conservatism in face of the uncertain political climate.
The company's balance sheet displays financial robustness with a cash balance of INR 236 crores plus INR 350 crores in bank balances, manageable trade payable of INR 746 crores, and a gross debt of approximately INR 42 crores, portraying a liquidity stance that can support ongoing and new projects.
Capital expenditure for the quarter stands at INR 31 crores. Current projects are progressing well, with speeds picking up, such as the Bihar Animal Husbandry project, now at full thrust with 70% of the area handed over. These developments lay the groundwork for continuous growth in the future.
There's a strategic move to increase the private sector's share in their portfolio, up to 30% currently, from 19% at the beginning of Q1 '23. As the private sector sees rising CapEx, the company balances its project mix, adapting to the competitive dynamics and seeking to leverage upcoming opportunities.
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Ladies and gentlemen, good day, and welcome to Ahluwalia Contracts (India) Limited Q3 FY '24 Earnings Conference Call hosted by AMBIT Capital Private Limited. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Viraj Sanghvi from AMBIT Capital. Thank you, and over to you, sir.
Thank you. Good afternoon, everyone. Welcome to the Q3 FY '24 Earnings Conference Call of Ahluwalia Contracts (India) Limited. From the management today, we have with us Mr. Shobhit Uppal, Deputy Managing Director; Mr. Vikas Ahluwalia, Whole-Time Director, Mr. Satbeer Singh, CFO. I will now hand over the conference to Mr. Shobhit Uppal for their opening remarks, after which, we shall open the floor for Q&A.
Thank you, and over to you, sir.
Thanks. Good afternoon, everybody. The Ahluwalia Contracts (India) Limited construction EPC company have announced our financial results for Q3 FY '24. During Q3 FY '24, the company has achieved a turnover of INR 1,026.47 crores and a PAT of INR 70.66 crores in comparison to a turnover of INR 743.25 crores and a PAT of INR 45 crores during Q3 FY '23. The company has registered growth of 38.11% and 57.02% in turnover and PAT, respectively, during Q3 FY '24, as compared to Q3 FY '23. EPS of the company for Q3 FY '24 is INR 10.55 as compared to INR 6.72 in Q3 FY '23. During Q3 FY '24, the company's EBITDA margin is 10.90% as compared to 9.61% and the PAT margin 6.88% as compared to 6.05% in the corresponding period. During the 9 months of FY '24, the company has achieved a turnover of INR 2,691.64 crores and a PAT of INR 175.69 crores in comparison to a turnover of INR 1,975.35 crores and a PAT of INR 121.95 crores during 9 months of FY '23. EPS of the company for 9 months FY '24 is INR 26.33 as compared to INR 18.20 during the 9 months of FY '23. During 9 months FY '24, the company's EBITDA margin is 10.56% as compared to 9.82% and the PAT margin is 6.53% as compared to 6.17% in the corresponding period.
Net order book of the company is INR 11,246.83 crores to be executed in the next 2 to 2.5 years. Total order inflow during FY '24 until date stands at INR 5,833.86 crores. At present, we are L1 in 2 projects aggregating to INR 3,229.87 crores.
We are ready to take your questions now.
[Operator Instructions] The first question is from the line of Shravan Shah from Dolat Capital.
First of all, congratulations on another [ diverse ] quarter, sir.
Thank you, Shravan. Thank you.
Yes. So sir, just rechecking definitely in terms of the guidance, so in 9 months, definitely, we have done a superb 36% revenue growth, and we were looking at -- last time you guided 20% plus. So now for the fourth quarter, how one can look at? Is it fair to assume that we should at least -- able to grow at least 8% to 10% on Q? So that means closer to INR 1,100 crores kind of a revenue in the fourth quarter?
Yes. We are targeting that. We should achieve about INR 1,100 crores in the fourth quarter.
That's great. And then considering -- also just a clarification, this L1 of INR 3,229, sir, one is the Gems and Jewellery of INR 2,840-odd crores. And what was the other?
The other is the sports complex in Assam. It's a stadium and a sports complex in Assam, Guwahati.
Okay. And so for Gems and Jewellery, we were expecting LOA by this January, February. So when we are likely to get the LOA?
We should -- we are hopeful of getting it within the next -- in this financial year, within a month.
Okay. Okay. So then considering this, our order book is -- order influence, INR 9,063-odd crores. So how much more are we looking to still expect to get in this year? And how one can think of for the next year in terms of the order inflow?
As far as this year is concerned, we should get -- in addition to the L1, we should get at least INR 200 crores to INR 300 crores more. This is by virtue of extension of certain existing contracts with existing clients. And maybe one other project in which we are negotiating with a private client.
And then as far as next year...
As far the next financial year is concerned, this year has been good. Going forward, we are actually -- there's going to be a bit of a slowdown as elections are around the corner. So maybe going forward, in the coming years, the order inflow may not be as much. And we are also not aggressive. We are also awaiting what will happen post-election in terms of effect on prices and other things. So maybe the order inflow, our target is around INR 5,000 crores.
Okay. So are they similar in terms of the 25% plus kind of execution or the revenue growth one can now expect at least for FY '25, '26 months -- couple of years back? That should be the -- given the kind of inflow that we have already received in the order book?
I would say more likely 20% because as I said, we are -- a couple of months are bound to be affected by elections.
Okay. And then in terms of the margin, will it now -- we are looking at 2 to -- 11.5% to 12% in FY '25. So can we start seeing that 11% plus from the fourth quarter onwards?
Yes, yes. So we are already seeing that, Shravan. It's improved significantly,, almost a percentage point. And for the 9 months, we've come to about 10.56%. This will further go up in the fourth quarter. So yes, in the next financial year, we will definitely be above 11%.
Okay, okay. And just a couple of balancing data points, sir. So inventory, trade receivable, trade payable, mobilization advance, retention money and unbilled revenue.
Yes. Retention money, INR 291 crores; mobilization at INR 414 crores; unbilled revenue, INR 450 crores; inventory, INR 342 crores; debtors, INR 650 crores; and trade payable is INR 746 crores.
INR 746 crores. And our cash balance is how much, sir?
Cash balance, cash is INR 236 crores and bank INR 350 crores.
INR 350 crores. And the gross rate, INR 32 crores, which was there in September, so that's the same number [indiscernible]?
That's the mobilization advance?
No. Gross debt.
Okay. It's around INR 42 crores.
INR 42 crores, okay. Okay, okay. And then in terms of the CapEx, how much we have done and how one can look at in the fourth quarter and FY '25?
This quarter, we have incurred around INR 31 crores. And total 9 months is INR 86 crores, and we are expecting INR 120 crores at [indiscernible]?
And for next year, also similar numbers? Or will it increase?
No, it won't increase.
Next question is from the line of Mohit Kumar from ICICI Securities.
So my first question is that of just on the clarification on the current order book, what is the current order book? And are there any slow-moving orders in this current order book? Or there is a delay in getting the appointed debt? And what is the status of the Mumbai CST project?
So most of the projects are now well underway. There are -- I don't think there are any slow-moving orders. As regards to CSTL, now we have clearances on certain portions of the design of some buildings. And we will be seeing -- while we have broken ground, but excavation or billing will start in right earnest from next financial year.
Okay. So are you booking any revenue from CST project right now? Or is it most likely in FY '25?
In this particular quarter or in the month of March, we will book a billing of about INR 50 crores.
Okay. Understood. And what is your current order book?
The net order book is about INR 11,246 crores, net order book. [ Loss ] is INR 18,647.
And plus you are L1 in INR 3,200-odd crores. Is that a right understanding?
Yes.
And sir, can you please [indiscernible] the order inflow for 9 months? I know that the order inflow is [ fabulous ] for this fiscal. Last fiscal also great, yes.
No. The order inflow until date is INR 5,500 crores.
INR 5,800 crores.
INR 5,800 crores.
Understood, sir. My last -- yes. Understood, sir. My last question is, sir, given the fact that, of course, the next 9 to 12 months, the [ incumbent ] sector orders will be slightly -- they will just like a slowdown in terms of finalization of tenders. But how do you think about the private sector. We haven't seen any private sector order materially in the last 9 to 12 months. Are you seeing -- do you expect this distribution to increase in terms of order inflow, especially in 9 -- especially in the next fiscal?
Yes. As I mentioned in my last call, during the last investor call, we are slowly raising up our exposure to the private sector because as all of you are aware, in the private sector, CapEx is increasing and a lot of blue chip clients who we consider as safe bets are also coming up with large projects. And they are looking at -- on the short term, we are seeing competitive intensity lesser in the private sector and more in the public sector. That is why you have seen that our private sector share of the total pie has also increased. For the long term, we would like to maintain an equitable mix between the 2.
What is the share right now, private sector in the current order book?
It's about 30%. If we see how it has moved up in the last 1 year, in Q1 '23, it was 19%. And today, it stands at 30%.
That's a good number.
We aim to make it 50-50.
Next question is from the line of Vaibhav Shah from JM Financial.
[indiscernible] or Gems and Jewellery, sir, project, there will be some lower -- the value would be a bit lower than [ 2,840 ].
Yes, it will be. As we had mentioned during our last call, as regards as an answer to a specific question which you guys had raised that the budget -- our bid was more than their budget. So that's why this has got delayed because they've been looking how to prune down the cost by reducing certain areas. So yes, that is what the exercise is happening, but it will be lesser, yes.
It would be maybe 10%, 20% lesser, ballpark?
It's still being worked out. That's why I tell you take another month or so for the letter to come in. It totally depends on the client, but yes, it will be substantially lesser.
So it will come to us only, that is for sure.
Yes, yes. Everything is almost finalized.
Okay. And sir, secondly, how would you see the execution to pick up in the CST project in FY '25 and '26?
Yes. As I said, we will take off, in real earnest, in the next financial year. And so yes, it will take about 2 years for us to complete it. So yes, '25, '26 is right.
So we would be complete -- so around 40% execution within building code CST within '25?
Yes.
Okay. Sir, lastly, what is the status for the Bihar Animal Husbandry [ unit ]? So over there, how do you see the inclusion being ramped up in Q4 and next year?
So the total value of the order is INR 890 crores. We have bidded about INR 140 crores. And now the major reason for lesser billing was that a lot of area was not handed over to us because existing old building, functional buildings were there. Now 70% of the area has been handed over to us. And again, the project is moving at full speed. We are looking to complete it by the end of this year.
In FY '25 you will complete the Bihar visit?
Yes.
[Operator Instructions] Next question is from the line of Amit Khetan from Laburnum Capital Advisors.
So I had a couple of slightly longer-term questions. So if we compare ourselves to some of our larger peers like, CLNT and Shapoorji, where are the organizationally in terms of, say, systems, processes, management bandwidth and the kind of people we hire? What are the gaps that you have closed, say, over the last 5 years? What are the gaps that exist today? And how are you planning to close those gaps. Also in this context, it will be very helpful if you can highlight how involved is the promoter family in managing various aspects of the business today versus what it was, say, 5 years ago?
I didn't catch your name, sorry?
Amit.
Amit, first of all, I would like to sort of take an objection to the first part of your question. It sounded as if we are in some ways inferior to our larger peers.
I didn't mean that...
We are smaller -- no let me complete. We are smaller, but in no way inferior. In fact, that is why we have our own homegrown systems. We have our own homegrown talent. That is why in spite of being so much smaller in size to them, we continue to punch above our weight and we continue to compete with them on some of the largest projects in the country. That's first part.
Second part, as regards to the management benefit. I mentioned we have homegrown talent. We continue to groom youngsters. We have a succession plan in place for every critical post. That is why today, we are working in 17 states and have become a pan-India company in spite of doing just buildings and factories. Secondly, to answer your question, what was the second or third part of your question? Could you repeat that?
Promoter involvement. Yes, there are 3 promoters who are fully involved and hands-on. One is our Founder and Chairman and Managing Director, Mr. Vikramjit Ahluwalia. One is his son, Mr. Vikas Ahluwalia. Third is me, Shobhit Uppal, as promoters. We continue to be totally hands-on and involved in the day-to-day functioning of the company. Anything I missed out?
No, no. My second question would be, you talked about a bit of a slowdown around the elections, but if you were to take a slightly longer-term view, what are the risks and challenges you see both for yourself and for the sector in terms of both winning new orders as well as executing them and how are we addressing those challenges?
So Amit, while, yes, the infrastructure industry is booming, and it is expected to continue to boom because in all probability, there is going to be continuity in the government post the general elections. There will be a bit of a slowdown as a part of the election process and how it impacts orders, but we are insulated because we've had a very robust order inflow as far as this financial year is concerned. So we are insulated from that risk. And as I mentioned earlier in response to one of the questions, most of our projects are now well underway. There is no slow-moving portion of the order book. So I think the only sort of hitch that I see is that at the time of the election just a month prior and month after when the new government is to take shape or take over, there would be a bit of a slowdown in terms of payments. But we would hope to counter that through internal accruals and our internal funding.
[Operator Instructions] The next question is from the line of [indiscernible], an individual investor.
My questions have already been answered with the previous participants, but I would like to congratulate you on a great set of numbers. Thank you.
Thank you. Thank you so much. It's much appreciated.
The next question is from the line of Vishal Periwal from IDBI Capital.
Congratulations on a great set of results. Yes. Sir, on the standalone and consol, so there is 1 line item which only defers at the loss from associates. So can you give some clarity? Though it's a small number, but what exactly this line item about?
It's working on [indiscernible]?
Standalone and associates. There is an item which is loss making.
This is basically quota. Only segment loss over the [indiscernible]. This is basically more far project. Hello?
Yes, sir. Yes, sir.
Hello? Yes. I said, are you audible? Are we audible?
Yes, sir, you're audible.
Okay. Yes. This is Nepal project. That's, I'd say, the [indiscernible]...
Sir, Sorry, you're sounding a little distant actually.
Are you hearing me?
Yes, yes, yes.
Definitely Nepal could get -- that's a disclosure of loss of INR 40 lakhs during this quarter.
Okay. And this is what EPC work, I mean...
It's an EPC work where we have a joint venture with a local player and this project is in initial stages.
Sure, sir. Sure. And then I think you did mention on the CST project. So just correct me if I'm wrong. So next year, we're targeting a monthly run rate of billing in the range of like INR 100, INR 150 and the...
Yes. It is about INR 100-plus crores every month.
Okay. Okay. And when do you see this project get concluded, I mean, in terms of the timeline, which is there in the contract?
About 2.5 years.
Okay. Okay. Sure. And maybe 1 industry-specific question. So -- and generally, retention money, which gets blocked with a client. So is there any concept of interest that we get on them or it...
No, there is no interest on the retention money.
The next question is from the line of Mohit Kumar from ICICI Securities.
So my question is on the pipeline of visitation, pre-development projects. Are we looking to bid for the new project? And are we -- I understand there was a [indiscernible]. That's the question, sir.
At the moment, we are not focused on further station redevelopment projects.
But is it fair to say that there will be also a smaller project, which are available where we can...
There are a number of projects, which have been coming out and will come out to bidding. But at the moment, we are not -- that is not a focus area for us.
Understood, sir. My second question is, sir, of course, you spoke about the election and the delay in tender finalization. But sir, from the state government side, I think there should be enough activity, right, with enough state government tenders.
Look, whatever we may say, this is the general election, where the state machinery also gets involved. And there are a number of other permutations and combinations which come into play. So effect is there everywhere.
The next question is from the line of Rashmi [indiscernible] from Tuna Investments.
[ Second ] question. So if you look at cumulatively the last 5 years projects you have actually executed, how many projects where there was a delay in execution? Just to get a sense of proportion in terms of how many targets delayed in -- which was in your control? And how much was the delays because it wasn't -- it's some [indiscernible]?
I think if you were to strictly go by the timelines which are there in the tender, almost all projects, there is a spillover as far as timelines are concerned, if I was to be truthful, right? But what has happened is that once this EPC regime or EPC mode of tendering has come into play, the delays, which earlier on used to be mostly on account of, say, drawings and details not being provided in time, those delays have been mitigated to some extent, not all, because there are other factors also, like you -- say, for instance, if you look at NCR project, you would have the NGT ban coming into play, which with every progressive year, the impact is only increasing, right? Then there could be other political factors which come into play. There could be factors relating to funding. Say, for instance, in some states, I'd not like to name them, projects get delayed because the state is facing a cash crunch. So there are a number of factors. Having said that, in all the projects that we've executed in the history of this company, the timeline, whatever extensions there have been, they've been granted to us by the client. Thereby certifying that there have been no delays from our side. But yes, project time overruns are there in almost all the projects.
Perfect. Because the reason I'm asking this question is that I was just going through the pre-req qualification for one of the main projects, which has already been awarded. And one of the pre-req that -- they actually said that the client -- the person to whom we are contracting it should have -- should be [ past ] positive for the last 3 years, should not have had any delays, et cetera. So when -- what [indiscernible] for me is almost every contractor will have these delays. So then how do you even get qualified for these things? Is it like a go, no-go something...
No, no, no. It's not that. When they say that there should not have any delay what do they mean? It's actually specified delay, which is attributable to the contractor. That's what I mentioned in my answer to your earlier question, is that the time overruns are there, strictly speaking. But in every contract, there is an extension of time which is granted and the delay is apportioned. If there is no delay to the contractor, the contractor is not penalized. You get my point? There is no liquidated damage, which is put on the contractor. That's what I mentioned as far as we are concerned, it's never been put on us. And generally, when these -- the qualification comes out, they check it for the last 5 to 7 years. That's what the clause says. So whosever has been awarded, say, we would have been awarded this contract that you are talking about, we could have been awarded because we've not had any penalty.
So it's not subjective. It is very clear that there is a process where the delay is attributed not to the contractor [ TNB ]?
Yes, yes. There is a CPWD template which is used to submit. The contractor tells the client periodically that these are the delays which have occurred in the contract, which is not attributable to us, right? And then the client, depending on their -- depending on which client it is, either periodically, they grant extension of time or they keep the record and they grant it -- they keep granting provisional extension. And before closure of the contract, they grant a full-fledged extension.
And if I look at AIIMS alone, there are a lot of AIIMS that are actually either constructed or have to be constructed. But if you look at it, I see that only 1 we have actually won. And recently, L&T has actually won the Rewari one. I just want to understand, did we -- why didn't we bid or did we bid and we lost? Like just want to understand why we got only 1 AIIMS among the several AIIMS that got bid out?
No, no, no. So let me first give you more accurate information. We have completed -- in the last 2 years, we have completed 2 AIIMS projects. One is in Kalyani, one is AIIMS Nagpur. The third AIIMS, which is in Jammu, which probably you're referring to as the one which we won, which is one of the largest AIIMS or the largest AIIMS that is nearing completion. The Prime Minister is slated to inaugurate it by the end of this -- in the third week of this month, February. So that's the third AIIMS that we'll be completing in a period of 2 years. Prior to 2 years, we've done 2 large blocks for Delhi AIIMS, the Mother and Child block and the OPD block. Those are also aggregated, about INR 600 crores.
Prior to that, say 6 years ago, we did an emergency block for about -- I think it was about INR 400 crores for the Safdarjung hospital in Delhi. So there are a slew of AIIMS projects that we've done. As far as Rewari is concerned and one more Madurai, we were prequalified -- we were qualified for both these jobs. But as a part of our due diligence, we were not very comfortable with certain parameters in the contract. That's why we decided not to bid.
Okay. Okay. It's something which you did not -- okay, okay. So I have one more question.
Yes. In fact, for the Madurai project, that -- in that one project, they followed the PQ, prequalification route, where 3 contractors were only qualified. One was us, one was Larsen & Toubro and one was [indiscernible].
Got it. Got it. One last question may I squeeze in?
Yes, please.
So if you just look at last 5 years, what has been our write-offs or penalty, which you have actually paid cumulatively and there have been...
No penalties. Ahluwalia has not incurred any penalty.
Okay. All the retainership money we get -- I mean we have not lost any?
No. Nothing. The retention, just for your information, if you don't already know, is that the general condition is that retention -- half of the retention generally, retention is 5%. Half of which is released to us on completion. And rest is released to us after the completion of the defect liability period, which generally is 12 months post-completion of the project.
Next question is from the line of [ Priyesh Babariya ] from Max Life Insurance.
Congratulations for the good set of numbers. Sir, so first question is that I just wanted to understand in terms of ordering environment, especially from a private sector's -- from a long-term perspective, which all sectors are actually contributing in the same, which gives us that kind of confidence that our private share will go up from 30% to 50% as such.
We're seeing -- obviously, the main driver in the private sector is the residential market. We look at DLF launched, I think, 4 months ago, 5 months ago, they launched Arbour wherein they collected INR 9,000 crores in 3 days. Subsequent to that, I think about a month, 1.5 months ago, they've launched another project, which they're calling the Mini Camellias where they have again garnered about INR 7,000 crores sales in about 3 months -- 3 days, sorry. So you see this activity down south also. You see it in Mumbai also.
So private residential sector growth is there for all to see. We are also seeing that now after COVID, after the prolonged period now, the commercial office space is also seeing a bit of an upswing. One is seeing a major investment in hospitals. We have won 3 projects from [ MAX ], 2 or 1 in the last quarter, 1 in this quarter, we have won. So hospitals or health care is also seeing investment, increased investment. Retail is seeing increased investment. We are also seeing pockets of investment in hotels, 4- and 5-star hotels. Does that answer your question?
Yes, sir.
And also, one other sector, education, that continues to sort of grow. We have started a couple of new campuses for our existing clients. Amity benefits our clients. So they continue to grow their university in Greater Noida. So on the education side, also, we see investment happening.
Sure. Sir, are you thinking you have to foray into -- other than buildings or on -- especially in non-government side and what new verticals are we looking to diversify into this case?
So at the moment, we would continue to focus on sectors around our core competence of buildings and factories. But we have the bid in this quarter or in the last 1.5 months, we bid for 3 airport projects, right? So that could be counted as urban infra or -- but it's focused around the buildings only. We are bidding for some metro projects. We have picked up a project, which is an STP, the civil works for an STP, which we are doing to [indiscernible] which is for [ Dharavi ]. So these are the areas where we would look at some organic growth around our competence, core competence.
Okay. Okay. Sir, third question is that -- so the tender pipeline as of now since on the last call, you had mentioned that our tender pipeline was around [ INR 2,500 crores ]. As of now, how is tender pipeline looking like, sir?
It's robust and, I think, continue to flow in. In the last financial year, we had bid for tenders around, if you're going to look at an aggregate, around INR 26,000 crores. So the order win has been in excess of about [ 20% ]. So this year, it may be -- the number may be, as I said, slightly lower than this on account of election this being an election year. But the order pipeline is healthy. We are being conservative in terms of bidding now, at least for the next 3 to 4 months.
Next question is from am Uttam Srimal from Axis Securities.
Good afternoon, and thanks for the opportunity and congratulation on very good set of numbers. Sir, my question pertains to this fixed cash contract. So what is the value of fixed cash contract our current order book?
Has to be 23%. Okay.
Okay. Now you said that we will be building more for private contracts and private contracts have also increased to 30% and you want to go to about 50%. So these private contracts are giving more EBITDA and margins than government contracts? Or how we should look at it?
The competitive intensity in the government projects has increased. So in the short term, at least, or over the next year, 1.5 years, we feel that the margins on the private side will be better.
[Operator Instructions] Next question is from Shravan Shah from Dolat Capital.
Sir, just a clarification in terms of the -- so currently, is there any value of projects that we have bidded and bid is yet to open?
Yes. We have bid for Varanasi Airport. We have bid for Darbhanga Airport. We have -- off the top of my head, and we have bid for a project in Assam, so PWD Assam. It's related to...
Okay. But broader, then, in terms of the Varanasi Airport, Darbhanga Airport, the value would be about -- how much, sir, INR 300 crores, INR 500 crores?
[Foreign Language]
Okay. And Assam, when it's all done, this will about INR 300 crores or INR 500 crores?
Yes.
Okay. Okay. Got it. And then this Mumbai [indiscernible], when we say -- looking at this, obviously, still the client has to work out finally in terms of the reduction. But broadly, is it fair to say -- so if I just do a 30% math, so it comes later than at; INR 2,000 crores. So will it even a, much lower kind of a 40%, 50% kind of a lower that the client is looking?
No, no. No.
So The range could be -- 20%, 30% reduction could be the next possible?
[Foreign Language] I have indicated earlier what it would be, around what it would be, right?
We move on to the question. Next question is from is from the line of [indiscernible] from JM Financial.
Sir, are we taking any payment issues in any state?
Yes. We have been facing issues. I mentioned in my last call, 2 states, Bengal and Bihar. Bengal, we have almost concluded our government assignments, only 1 project, which also is the CM's focus project. So there, we are not facing any problems. Bihar, yes. So Bihar medical projects we continue to face problems. But hopefully, now with the new government in place, we are -- the signals that we are getting is at post the general election, there should be some alleviation in cash flow issues.
Okay. Sir, secondly, the revenue for Nepal project continues standalone or it comes only in control?
Repeat that question, please?
From Nepal projects since it's a JV, [indiscernible] book there?
Revenue is around basically INR 30 crores per month.
Which had consolidated for...
Definitely consolidated.
Consolidated.
Okay. And sir, lastly, welcome to the share of residential private in the overall order book?
This is [ my position ] 11.80%; commercial, 7.62%; [indiscernible], 24.69%. I think your question was residential private.
Got it. So [indiscernible] based on private part.
Absolutely. Total is about, 12%, out of which 12% would be -- what is the value of 12%. So total value is -- no, INR 1,327 crores out of which the government -- there are 2 government projects. One is Gardanibagh and one is [indiscernible]. I think the value remaining here is about INR 200 crores. So 12,000. You're saying 13 -- 1,327. Yes, about INR 1,100 crores is the private sector residential.
Okay. Sir, for FY '25, we guided for INR 5,000 crores of inflows. Do you expect a majority of that coming in the second half next year?
Yes.
Thank you very much. Ladies and gentlemen, as there are no further questions. On behalf of AMBIT Capital Private Limited, we conclude this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.
Thank you. Thank you so much.
Thank you.
Thank you. Thank you.