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Intrinsic Value is all-important and is the only logical way to evaluate the relative attractiveness of investments and businesses.
Ladies and gentlemen, good day, and welcome to the Dilip Buildcon Limited Q2 FY '23 Results Conference Call hosted by Axis Capital Limited. [Operator Instructions] Please note that this conference is being recorded.
I now hand the conference over to Mr. Jiten Rushi from Axis Capital Limited. Thank you, and over to you, sir.
Thank you, Faizan. Good evening. On behalf of Axis Capital, I would like to welcome everyone for the Q2 FY '23 Earnings Conference Call of Dilip Buildcon. From the management, we have with us today Mr. Devendra Jain, Executive Director and CEO; Mr. Rohan Suryavanshi, Head Strategy and Planning; and Mr. Sanjay Kumar Bansal, CFO. We also have Investor Relations team of Accenture. We thank the management for giving us this opportunity. We shall begin the opening remarks from the management followed by Q&A session. I would like to now hand over the call to the management for opening remarks. Thank you, and over to you, sir.
Thank you, Jiten ji. Good evening, ladies and gentlemen. A very warm welcome to all of you for this quarter 2 FY '23 earnings call of Dilip Buildcon Limited. The earnings presentation was uploaded on the stock exchange. I hope all of you had a chance to have a quick glance at the same.
I'll take you through the key highlights for the quarter in the next 15, 20 minutes, post which we'll take Q&A.
Before I begin, our standard disclaimer. The presentation which we uploaded on the Stock Exchange today including the introduction in this call contains or may contain certain forward-looking statements concerning our business prospects and profitability which are subject to several risks and uncertainties and the actual results could differ materially from these and those forward-looking statements.
Moving on, during quarter 2 FY '23, while we continue to see a robust economic growth in India versus global peers, overall macro indicator for our sector have been subdued. Inflation increased marginally. We saw rise in price input prices, fuel costs has obviously increased due to Russia-Ukraine war and interest rates rose to 119 bps because of the government's [indiscernible] and inflation.
We saw RBI cut its GDP growth forecast by 20 bps for FY '23 to 7%. But despite all these headwinds, while -- we are still doing way better than our global peers. Along with that, government has managed strong [indiscernible]. And overall, both government and RBI can manage these uncertain times well. We also had good monsoons and are broadly seeing strong trends on the general consumption.
Daily average cost back volumes were up 58% year-on-year to about INR 25,500 crores in first half FY '23. This is important as it will help in fast monetization of road assets for road ministry. And it also helps the industry overall for commoditizing their own toll assets. NHAI has been able to monetize its road assets via InvIT. NHAI InvIT has raised a sum of INR 1,430 crores in October 22 for parts funding of its acquisition of 3 additional road projects stretching to 46 kilometers.
In November last year, NHAI has raised INR 8,000 crores. NHAI InvIT is also planning to raise funds through NCDs. So overall, faster monetization will help the sector from order awarding perspective.
We did see decline in steel aluminum prices on the highest that we have seen in the first quarter, but it's still elevated from what it used to be. Government has been supportive for our sector, and most contractors will see positive impact of reduction in input prices from second half of FY '23 from a margin perspective.
Now in terms of ordering, it has been a slow first half year of the year. Only 810 kilometers of projects have been awarded till date. Now owing to the weak first half, NHAI would have to accelerate the project awarding in the second half of FY '23 in order to meet its target overall 6,500 kilometers for the whole year.
And in terms of construction, NHAI is looking to construct 5,000 kilometers of project in FY '23 and have completed only 1,471 kilometers in the first half of FY '23, which is less than 30% of the full year target. So there's a lot long way for NHAI and building community to go.
Some recent company updates now. I'm happy to inform that we've completed a couple of projects. One is Chandikhole-Bhadrak, HAM project. And the second is Varanasi Dagampur EPC project this quarter. And both of them were completed within completion date. Obviously, these dates were increased because of EOT.
Now in the same quarter, we've also won projects. So taking through them, we won an EPC project worth INR 7,020 million for construction of Surat Metro Rail. We also won another EPC project was INR 14,000 million for construction of Gandhisagar-2 Multi-Village Water Supply Scheme. And we won another EPC project worth INR 7,235 million for construction of Ahmedabad Metro rail.
Beside this, I'm also very happy to report that DBL has achieved the financial project closure for DBL-Siarmal Coal Mine Private Limited for the historic project financial closure or and we've tied up on an amount of INR 2,000 crores plus. And the consortium is led by SBI along with Union Bank and PFC partner.
I'm very happy to also report that this is the largest line in private and in India in terms of the total output of about 50 million metric tons per year. We are expecting to break ground in December of this year and we are confident that we will start revenue from this time in the last quarter of the financial year.
Along with this, the second NGO that DBL has, which is Pachhwara, where we are already extracting coal, these 2 mines staying together from next year will be adding about INR 1,000 crores to our top line in terms of the mining revenues alone from these 2. So we're very, very happy to report that both these mines after a while have finally started and will be start doing coal production.
On that front, on the company totally, we'd like to say our revenue guidance for the year, we would like to maintain at about INR 10,000 crores that we said, we're very confident of doing that. And our EBITDA guidance that we have done in the past of about 12%, 13%. We are very confident that we will be able to get to those numbers as well.
Most importantly, our debt reduction, we feel from where we were in terms of our total debt as of the end of last financial year, we should reduce that from that level to about INR 400 crores, INR 500 crores. Now at the end of this quarter, we are already at same level as we were at the end of last financial year, so from here, we're expecting another nice reduction.
Overall, a lot of the problems that the company has faced in the last 2 years because of COVID and all, we are on our way to exit some of the projects that have got elongated the other one. And as the new order book keeps us in, we are expecting the performance that the company has done in the past to continue.
Now let me hand over to our CFO for the finalizing to comment on the financials. Thank you.
Thank you, Devendra ji. Good evening, everyone. I welcome all our partners to our quarterly call for quarter 2 FY '23. Let me present you the results for the quarter 2 FY '23.
The revenue increased by 5% in quarter 2 '23 and 14% in first half '23 on Y-o-Y basis. But this is mainly due to better execution of projects.
On EBITDA front, the EBITDA increased by 15% in Q2 FY '23. This is mainly due to decrease in fuel costs and fixed overheads.
The finance cost during this quarter decreased by 24% and 20% in first half 2023 on account of reduction in outstanding debentures, stand alone and lower utilization of working capital facilities and reduction in mobilization advances. DBL registered profit of INR 642 million in quarter 2 FY '23 vis a vis loss of INR 193 million in quarter 2 FY '22. This is on account of better EBITDA margin, lower finance costs and profit on account of divestment of 51% in 2 of our HAM projects 2Q.
On half yearly basis, DBL registered a profit of INR 840 million in first half '23, vis-a-vis profit of INR 77 million in first half 2022. This is on account of higher revenue, lower finance costs and profit on account of the divestment.
Now let me take you through some important items of the balance sheet. The inventory as on September 30, 2022, decreased by 1,014 million vis-a-vis 30th June 2022 and 641 million vis a vis March 31, 2022.
This data as on September 30 increased by INR 512 million vis-a-vis June 30, 2022, and INR 2,359 million on September 30, 2022. Let me tell you, this data which has increased by INR 2,359 million is recovered subsequently during October and November. There is improvement in working capital days, the working capital days stood at 79 days as of 30th September 2022 against 89 days as of March 31, 2020.
The net debt to equity ratio marginally decreased to 61 basis points against 63 basis points as on 31st March 2022.
Net cash generated from operating activities stood at INR 2,855 million during Q2 FY '23 versus 2,458 million during the first half FY '23.
Thank you once again. Now we can open the floor for the question and answer, but let me brief you another development, during the current quarter on divestment. We have basically completed the divestment of 3 HAM project entirely 100% 2Q. Out of the total team HAM assets which were to be transferred to Shrem InvIT, out of that 3 HAM assets we have transferred on percent equity during the current quarter.
Let me clarify it is post quarter 2 and 49% equity in 1 HAM project in this quarter. The balance 51% equity in one of these projects will be completed during November '22. Out of the total 3 projects, balance 6 project divestment will be completed by March 2023 as informed in past calls.
Thanks once again. Now we can open the call for the questions and answers.
[Operator Instructions] The first question is from the line of Shravan Shah from Dolat Capital.
And congratulations on slightly better numbers versus expectations. Sir, the first question is on the execution front. So in the first half, we have done close to INR 4,900-odd crores. And we are saying that INR 10,000 crores for this year. So two things I wanted to understand currently having a INR 26,300 crores-plus order book. So out of that, how much we have already received the appointed date and it is under execution as on today. And then why do we only see of INR 5,000 crores revenue in the second half? Don't we see slightly, even a higher number in the second half.
So, Shravan ji, to answer your first question out of INR 36,300 crores order book. You can expect what we have guided to you. So in this order book is around INR 4,500 crores orders included in this order book and you can get the details also from our team.
And out of this, so we have expected around INR 5,000 crores remain in the second half. So we have told about around INR 10,000 crores plus revenue in FY '23. So this is the reason out of INR 26,000 crores, INR 22,000 is right now is stable. So that is why we have given this kind of guidance, but we can achieve better than this. But right now, what we have, what you said, that is why we have given only 10,000 cores.
Okay. Secondly, on the margin front, so 12%, 13% we are saying. So in the first half, we already have done 9.6%. So to get the 12% for the full year, we need at least 14.4% in the second half. So is it doable? Or we can see even much number -- a much higher number to achieve that 13% for the full year?
So Shravan ji, 14% while -- by H2 2 only 14% because you are aware that now the bonus is actually is next to impossible, the kind of the time lines and that complex projects. And in the previous years, it use to under 1%, 2% bonus in the margin, that is why we have told that the margin will be around 12%. And for the remaining half, it will be 14%.
Okay. So that 14% plus in the second half is doable. We don't see even the older projects will have any kind of implications in the third and fourth quarter?
So Shravan ji, you will see our slides. So now the older projects are only 3 project remaining and that is also almost completed, 95% progress is already there. So we are soon expecting that completion COD for this project also. So now there is nothing -- all negates is already completed. That is why we have given this kind of guidance.
So Shravan ji, let me clarify here and I can answer your query, whether we will be achieving 12%. To achieve 12%, during second half EBITDA should be more than 12%, 13%, 14%. So we are confident to achieve the overall basis 12% EBITDA in FY '23. Does that clarify your query?
Yes, yes, yes. And the other is in terms of the inflow, so we -- this is INR 6,227 crore in terms of the excluding GST till now. So probably we are looking at INR 10,000 crores, INR 12,000 crores. So the guidance remains the same. Or any further idea how many bids we have submitted where results have yet to come and from if you can also specify in terms of the NHAI or any other sector, that would be helpful.
So Shravan ji, the guidance in terms of order book, whatever is given, we are confident. We have received INR 6,800 crores worth of projects during the first half. And the strike ratio of the company is around 11%, 12%. So we have ordered enough if we are getting the same strike rate, we will be basically achieving the guidance given in past calls about the order book which is INR 12,000 crores.
Okay. Any idea in terms of how many projects we would have bidded and still the results has not come?
Basically I said about the strike ratio. The strike ratio is around 12%. So if we are winning the project within that strike ratio, we will achieve the guidance given by us.
Okay. Okay. And other clarification in terms of the debt reduction, you said from here on in the second half, how much we can further reduce the debt, gross debt?
If you have heard Devendra ji in the first -- while explaining, he said around INR 400 crores to INR 500 crores debt reduction is planned during the second half of FY '23.
Okay. Okay. Okay. Got it. And the CapEx guidance will remain the same. So last time this one that we have done INR 29-odd crores and we were looking at INR 25 crores, INR 30 crores. So it will remain the same.
Yes, it will remain in the same range.
Anything on the guidance front for FY '24 you want to highlight for revenue margin inflow, CapEx or debt number, anything? Or is it still early to comment?
So basically, Shravan ji, we don't want to basically give any guidance on FY '24 now. In subsequent investor call, we will basically see if we can basically guide on that. FY '24 is still 6 months away.
Okay. Okay. And on working capital from here until March or even 6 months, we can see some further reduction that maybe the major reason in terms of the debt reduction that we are looking at.
You have seen the progress in first half, we have reduced 10 day from 89 days to 79 days. And we are continuously working on working capital front. And we cannot assure you, but yes, we are working on the reduction of working capital cycle. So yes, we are continually working.
Next question is from the line of Jiten Rushi from Axis Capital.
And sir, congratulations on the good set of numbers. Sir, my first question would be on the NHAI big pipeline. So what is the big pipeline we can foresee next 4 to 5 months? So by the end of the year, what kind of -- because you've seen a slowdown in the awarding activity but big pipeline NHAI is targeting 6,500 kilometers. So what kind of big pipeline you can see? Where are we going to participate in terms of number of positions in terms of value?
Basically, the EPC project, total projects -- so a total order pipeline is INR 80,000 crore in the road. And out of the INR 80,000 crores, 25% is the EPC and 25% is the year. I think -- and in the previous answer, I said the strike ratio is around 12%, so...
That got reduced a 25% EPC, and 75%, right?
Out of total INR 80,000 crores order book, the pipeline, 25-75 between.
Got it. And sir, on the competitive intensity can you throw some light on the competitive intensity numbers? Because we have been listening from others also that in the HAM, the intensity has come down. So are we facing any challenges? Or we see this intensity lower now?
Competitive intensity is different for different kinds of quarters. And EPC, while the competitive intensity has remained high and it is higher and lower cost of projects is INR 1,000 crores, INR 500 crores. So it is higher in there. But obviously, it has gotten alleviated since what it used to be from the early 2, 3 years ago.
In terms of HAM competitive intensity, with HAM competitive intensity has gone -- had increased when the government had reduced the criteria for bidding. But as of now, ever since the government tightened on those, the HAM competitive intensity come down.
So while we are seeing above 6,8 bidders on HAM, that is typically we have seen. But in between it, it has gone high. And now there is definitely some [indiscernible].
So then with this intensity coming down in HAM, can you expect to be at a better margin in these projects going forward?
We always bid with our certain margins in place. And so we are what's already is been consistent on that. Obviously, competitive intensity makes you take certain calls at certain times. But overall our process focus remains the same.
In terms of inflows for next half H2, so what is the breakup? Can you safely assume from roads and other segments like water and irrigation and metro or we are only looking for interest on roads in H2 now?
As a company, our policy is to keep diversified all the books. If you see where we were from 5 years ago where we were predominantly 80% to 90% roads, our road has come down to 35% of our order book. So even going forward, the ideology is same but we want to have this kind of order book mix where we have different, different sectors which are giving us revenue and our utilization of recruitment in different year even the requirement of equipment for each sector is extremely -- is very different. So depending on which projects are getting over for us, how do you want to deploy, so we will plan our bidding strategy for it.
I'm asking a very specific question, like if you are saying 80,000 pipeline is from road. So what is the pipeline from metros which you are targeting or from water and irrigation which you're targeting because that ways, we'll tie the number.
So we don't give out guidance in terms of those for because those are independent state projects that we have. And while we give out for the national ones, again, as strategy, we don't want to give out all the project and on all the states that we are looking at as a company in terms of -- so that's why we only give out the national government and we have never given for state wise because it opens up also our bidding strategy and our interest in certain states. So we don't give out that. But those are pretty -- many detail as well.
I was just asking a total number not like which state are bidding. Anyways, we'll take it offline, sir. And sir, on the last thing on the margin, as you said, we are -- we see margin improving. But now, as you said, 95% of the old order backlog, this has been executed only 5% left with some hiccups in Q2 -- Q3 initially. But in FY '24, can we safely assume a normal margin excluding bonus of above 15%? Just a broader view. I'm not -- I know you have talked about this in the opening remarks, but just a broad review.
Obviously, it is a little early to sort of jump to those margin questions right now. But obviously, as we know why the reasons of why the margins got contracted because of increase of -- yes, so the 3 items, the cost items for the company are manpower, dealers and machines.
Now manpower and machine when a 2-year project, get to 3 years’ time. So that's a 50% increase in manpower and machine. Similarly, there was a material cost increase about 150%. So all our costs had increased and because of which that could happen. Now historically speaking, DBL was known for completing project before its time, which held us save on all these cost.
Now as things normalize, we can expect a better margin profile going forward. Obviously, all these things are also a function of competition at any point in time, raw material. So while it's very early for me to give you a very -- kind of an idea on how the margin profile will look in FY '24 or how the total revenue we are targeting, but all we can say is we have a good robust order book, it's a very diversified order book. As times come closer, we'll definitely give you all those indications. As of now, yes, indication that we've given you for this year and the performance that is going until now. I think that we would like to look at [indiscernible] and getting to those milestones, when we get to that, we'll give you more.
The next question is from the line of Parikshit Kandpal from HDFC Securities.
Hi, Rohan and team for good performance during this quarter. So my first question is on -- I joined the call a little late, so what was the revenue guidance you've given for FY '23 and '24?
So, we only given for FY '23. We've gain about INR 10,000 crores plus, which was the guidance that we indicated to earlier as well. So we've continued that. And we said our EBITDA will be in the range of 12% to 13%. And along with that, we said that we are looking to reduce our debt from last year's level to about to INR 400 crores to INR 500 crores is our target what we're trying to do.
And second question is on the monetization. So the Shrem InvIT now you started transferring assets. Just wanted to know what can you do with the unit? Any plans for monetization of units or securitization of units? Because there is a big capital which is lying on the books and cash flows may come more in the deferred way with the current arrangement, so any plan of up fronting this cash flows and the use of that?
So from the divestment to Shrem, yes, we are receiving a good amount of units. But the Shrem is also giving more cash upfront and lesser units. But at the same time, we have basically the regulatory looking of 12 months, and we are working towards the divestment of the units we required. But we have done this deal with the view, we will hold on units as well. So it is for combination we will work on, wherever we need liquidity, we will transfer even monetization of the units as well but since there is 1 year regulated looking, till 1 year, we can't do anything.
So my last question is on the debt reduction target INR 400 crore to INR 500 crore crores, how much is the monetization proceeds you are factoring in for this debt reduction in this financial year?
So let me be very frank. What money -- the case is always principle. So whether it is coming from my internal approval or coming from the divestment proceed doesn't matter. The overall idea is basically we will be reducing the debt between INR 400 crores to INR 500 crores.
Okay. So let me put it in another way, how much is the monetization inflows you are expecting in this financial year, FY '23?
So case flow wise, we can safely say between INR 300 crore to INR 500 crore case will be receiving since second half from the monetization.
Okay, INR 300 crores to INR 500 crores you expect further to be received in the second half from the monetization, right? And this INR 200 crores has coming in this quarter, which you have received as cash, that is already coming in the second quarter?
In Q3, not Q2 because monetization is happen in this quarter.
Okay. So Q3 this is the factor in that INR 300 crores to INR 500 crores which you are expecting?
So I'm saying from now until 31st March, we will receive between INR 300 crores to INR 500 crores additional case from the divestment.
Excluding the INR 200 crores you have received in the third quarter, right?
Yes, we confirm.
The next question is from the line of Rohit Natarajan from Antique Stock Broking.
My first question is more with the Siarmal Coal Mines. If you could just explain us as in -- as you said there is a contracted annual capacity once it's operational, we will have [indiscernible] but then there is a contracted period in the first 5 years...
Your voice is slightly muffled.
Hi, can you hear me?
Not clear but if you want because we were not able to understand what you were saying.
Maybe I will come back in the queue.
The next question is from the line of Shravan Shah from Dolat Capital.
Sir, what is the DBL infra date, which was, I think, INR 700-odd crores, and we can -- INR 200 crores to INR 300 crores so as on September, what's the date at your DBL infra?
So the date as of 30th September '22 remained same, INR 702 crores. There's no change.
Okay. And we will be going for the extra INR 200 crores, INR 300 crores, which was the original plan?
It will depend upon whether we want to avail the facility or not. We have that confidence with our investors, basically. While it will all depend on how the company's cash flows and what our execution plans that we can look at, but that is open. we are -- in the short run, we will not add any charge on using that facility I don't think in this financial year, we are anticipating using any of it. But that continues to be there as a question for us.
Okay. And just a clarification, this 1-year lock-in for the units and we say, so that 1 year starts from when?
From the time when you get the units, that's the time when it starts. While we have a lock in on the sale, there is no limitation if in case you want to raise fund against the units, putting that as collateral given that there is a very strong cash flow that comes from the units every quarter. So we can evaluate all sorts of opportunities against the unit if at all we feel that we want to do some monetization.
So total on this 10 HAM, so out of this INR 2,349 odd crores, in terms of the cash, we will be getting INR 670-odd crores.
So originally, out of INR 2,349 crores, we were to receive INR 616 crores. But now Shrem has increased the cash portion. So that is why we have guided you and we will be receiving another INR 300 crores to INR 500 crores between now and 31st March. So yes, the cash concentration is higher than we indicated earlier and units will be lesser.
Okay. So at max the cash currently, but we can get this INR 674 crores -- INR 667 crore, so broadly INR 670-odd crores. So about INR 200 crores, we have received another INR 300 crores to INR 500 crores. So if we -- let's say, if we get the INR 500 crore, so broadly, the entire cash we will be getting by March '23.
Yes. You rightly said.
[Operator Instructions] The next question is from the line of Parikshit Kandpal from HDFC Securities.
Thanks for the follow-up, sir, is it further -- wanted clarity on now the INR 2,349 crores is how much amount? Is the amount same and if you can break it up into cash and units? Revise the cash in the right units.
So the INR 2,349 crores, so the cash fortune will be between, you can say, around INR 750 crores and balance will be units.
And sir, is there any revision in there because these transactions are still happening. So subject to conditions [indiscernible] is that because the interest rates have gone up, or is there any revision in the valuation from the INR 2,349 crores which you've agreed earlier?
There will be increase in valuation a bit. But on the fixed assets, as of now, we are working on the final valuation.
Okay. So this may go up, right? This INR 2,349 crores will go up, basically.
Not significantly, but yes, there will be increase in valuations.
But this INR 700 crores to INR 750 crores cash is as of now pack at the INR 2,349 crores of valuation, right?
Yes.
Okay. Any further cash that is approved will come by March '23.
Yes.
[Operator Instructions] The next question is from the line of Prem Khurana from Anand Rathi.
I just had one question. So given the fact our financial closure is place for Siarmal targeting between...
I'm sorry to interrupt you, please increase the volume of your device. Your audio is very low.
Is it better now?
Yes, sir.
So I was asking, I mean, since Siarmal is now financially closed and we are expecting it to start contributing a big way next year on some including Pachhwara also would be there to kind of contribute. So would you need to kind of incur any CapEx to commercialize Siarmal or guidance stays, I mean, the guidance which was given to us last quarter on CapEx side.
CapEx guidance that we've given for DBL remains the same. There is no change in that. Now coming to Siarmal, Siarmal the financial closure will be done, so the CapEx that will be incurred for Siarmal will be done in that project only, so it is very secretive, both projects -- so Siarmal project is a 25-year long project mining rights, the aim that we're doing. The equipment will be tacked to the project. And because there will be tacked there will be revenue year on year. We can see a very good cash flow from that, so from that sense which is why we were able to get input financial closure from our investors and that's a very good healthy project for us. So we are very confident with that. There is no CapEx required from mining project from DBL parent.
Sure. And also could you share the way you see ramp up, I'm -- as you may start low and then gradually will go up, right? And the mining that you would be able to kind of -- if you could share the next 5-year ramp-up plans.
I could not understand what you said.
So in terms of Siarmal revenue, obviously, I mean, you won't be able to have the peak revenue from the very first data, it will come gradually only. So you will start the number which would be lower, right, in terms of the mining that you would be able to take care of and then gradually you'll be able to mine more on a progressive basis. So if you could give us either in terms of let's say million tons or revenues, the ramp-up schedule for the next 5 years?
There is a schedule to it. So the total -- the final sort of competitive that we have to reach at the end of 5-years and 6-years is 1,500 metric tons total gap of -- starting from 5 million metric ton to the next 15 and 25 and 35, so that's how it grow. And I'm giving you broad stroke here. It's broadly this is how it will ramp up every year, and it will continue going from there. So even the investment in the project will go accordingly. So every year, as we keep ramping production capacity. That's how the investment will keep increasing.
And then in the start of fourth year we start building [ 4 HAM plan ] there. So that will also get build in the next 2 years -- some 4 to 6 years and that's under a large investment cum deal. So while project is totally financially close. The investment for this project will flow at a specific part and in the past we have explained that detail. So I'm sure you might be able to find the detailed explanation on one of our presentations from the past on our website, and in case if you're interested we're more than happy to explain to you quickly, me and my team will be more than happy to take it from offline.
Sure. Then I'll take it offline and all the very best for future.
The next question is from the line of Mohit Kumar from DAM Capital.
I joined the call late, so I may be repeating. But sir, how do you see the order inflow for H2? And how does the opportunity pipeline looking like? So seeing the H1 for NHAI, pretty lukewarm. Are you expecting some ramp-up from -- on the bidding side for NHAI?
So in the first half, we won about INR 6,800 crores of orders. We had guided for a total order inflow of about INR 12,000 crores for the full year. So which means we have about INR 5,000 crores, INR 6,000 crores of more projects to win. And for that, we see a very healthy pipeline for NHAI, which is about INR 80,000 crores of pipeline projects that the NHAI -- I'm going to be -- which has already been sorted that we see.
So the first half of NHAI buildings was weak as we've generally been the trend for the last few years. The second half is going to be nice. So we're confident amongst roads and other sectors that we're looking, we will be able to do minimum of what we've already said, we are targeting for and there is a chance of expectation that we might even exceed from what we targeting.
Are you looking only at HAM? Or are you also open to EPC? When you say INR 800 billion, this is primarily HAM?
INR 80,000 crores of projects to that is there. Out of this INR 80,000 crores, 25% is EPC, 75% is HAM projects. We are targeting all sorts of projects.
Okay. Anything on the water side, metro side, which you're -- if you can.
Yes, we already -- I mean, we're bidding them continuously and we already won and you see and look at our quarterly presentation. You'll see a list of all the ones that we've already won. And in the future we are looking at targeting as we keep winning, we'll keep updating the same.
Lastly, sir, can you please reconcile the unbilled revenue of mobilization advances at the end of September FY '22?
Please allow me to hand over to my colleague.
Around INR 1200 crores.
Unbilled revenue. Mobilization one sir?
Mobilization advance is INR 720 crores.
And one more question on my side, sir. You had the NHAI moved on this 20% requirement of equity on HAM? Or do you think it's still -- it will not happen in this fiscal year? For HAM project.
So NHAI is thinking about debt. So it is not serious whether they will go at 20% or it will remain the 60-40, too early to say because it is still -- they're are thinking about that.
But the awarding is not pending for this particular reason, am I right?
No, awarding is definitely on the 80-20.
Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to the management for closing comments.
Thank you very much, everyone, for being on the call. I hope all of you had a great Diwali and thank you for asking all your questions. In case we haven't been able to address someone's questions or is there a question someone want to ask, you know how to reach us. Please feel free to reach out to me or any of my team member. And we would be very happy to assist you. On behalf of everyone here at DBL, I thank all of you for attending and asking questions. And I look forward to seeing all of you at our next conference call. Thank you.
Thank you. Ladies and gentlemen, on behalf of Axis Capital Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.