Thank you, Showik. I'll take you through the presentation.

Santosh Rai here. Right.

Just a minute, please. Right.

Highlights of the quarter: standalone turnover of at ₹982 crore and ₹37 crore of net profit for Q1 FY2027. Consol PAT improved marginally to ₹51 crore on revenue of ₹993 crores.

EBITDA margin for Q1 FY2027 is at 10.7% versus 14.9% in Q1 FY2026. A prepayment of ₹100 crores of debt planned in August 2026 with substantial payments to follow.

We have secured one order in Bhutan for ₹127 crores and we are lowest bidder on bids worth 16,17-- ₹1,671 crores. We have also submitted bids around ₹10,000 crore in which HCC's share is nearly ₹7,000 ₹750 crores, and we are actively working on the bid pipeline for north of ₹86,000 crores.

This is the order backlog position as of ending quarter FY2027. You can see the order backlog is spread widely into transport sector, followed by water, hydro, water and nuclear and buildings, and again geographically spread over different parts of the country.

Some of the project updates, what you're seeing on the screen is Indore Metro, where the TVM deployment is in a very advanced stages. We are also in advanced stages of the ring preparation for the tunnels.

Out of all these stations, the excavation works and other ground protection works are in full swing at this job site. Patna Metro, the job site is progressing well in terms of mobilization.

Client has provided us the requisite work spaces very recently, and we are working on traffic diversion, other schemes. In the meanwhile, segment casting facilities and other infrastructure is being put into place for both the packages of PC-05 and PC-06.

Ankadanda Project, lot of foundation works in marine conditions and as well as on land are in full swing. We are also producing the segments for the bridge erection.

Statutory clearance for the jobs are expected to be available by November 2026. There are some forest clearances still awaited on key portions of the project, and we expect them to be coming soon.

What you see here is Bhupuri. In Bhupuri, the left picture is about the powerhouse excavation where the works are going on in full swing, and so are the works going on at the upper intake.

Soon, we'll be also starting the HRT and surge shaft works at the upper intake area. What you see on the screen is Vishnugad Pipalkoti where Machine Hall Unit number 2 and 3 are in advanced stages of construction.

Is the surge shaft. Dam is nearly 85% complete.

TRT is also in advanced stages now. Overall project has reached almost 85% here.

This is the breakthrough of Phase 2 and Phase 3 at Tapovan Vishnugad project of NTPC. Here also works are going on all the fronts.

This is the picture of the job which we're doing for Aditya Aluminium, and we are making here pot shells and pot superstructure for an aluminium smelting process. The bulk fabrication of these process units have already started.

Coming to financials, the numbers are here on the screen, and we can discuss them once we go forward. I hope all of you have been able to go through them.

These are the consol numbers for Q1 FY2027. Thank you, and now we will take questions.

Hello?

Yes, Siddharth. Siddhant, sorry.

Just wanted to understand the reason behind decline in EBITDA margin. Lower revenue we understand because of order completion stages, but what was the reason behind the costs running up significantly?

Siddhant, we have got many projects which are at various stages of mobilization. Almost ₹8,000 crore in our order book are projects which we have acquired during last 15 months period.

While they are being mobilized, we are making expenses. However, their contribution in our EBITDA is yet to come, which will be realized in subsequent quarters.

When that comes, our EBITDA will subsequently improve, and we will continue to strive for maintaining our EBITDA to the level of 13-14% what we have been doing in the past.

Understood. Thank you.

That's my question.

Yeah. My question is regarding that our current order book is approximately ₹13,000 crore.

Can you please share the average remaining execution period of this and expected EBITDA on this order book?

As I mentioned, significant portion of this order book is something that we have recently acquired within last 15 months. On an average, we can say that next 3-3.5 years is a timeline that we look forward to complete this entire order book.

However, with our pipeline, we will continue to acquire new orders, and that's how continuity will be maintained in terms of pipeline and order execution.

What kind of EBITDA on these new projects we are expecting?

Same 13-14%.

Okay. We have given target of around ₹15,000 crore of new orders in this financial year.

In this quarter, it seems like our order intake seems slight low. How are we confident to achieve this target, or any revision in that?

No, Kapil. I think we are confident of achieving this target.

As you might have noticed, there is already almost bids worth ₹10,000 crores which are under evaluation, and there is substantial pipeline which is under submission. Some of this has got delayed, but we believe that, they will be seeing the day light of the day in in coming quarters.

Therefore, we want to maintain our guidance, what we have set.

Actually, the company has proved itself to execute highly complex infrastructure projects. In this segment, we compete with industry leaders like L&T successfully, which we have seen.

Our turnover in comparison to industry leader is just 2% right now. What is our plan to we can say fill this gap?

I am not saying that we will achieve that target in near term or so. What kind of hurdle we are facing to grow fast?

Earlier, we understand that financial issue was there. Now I think that financial issue is past.

I think now company is technically and financially, in both terms, capable to execute these kind of projects and to compete with industry leader. What is our thought on that?

Kapil, there is no hurdle to that. It's a function of order intake.

As I mentioned, ₹8,000 crores orders have been acquired recently, and there is a strong pipeline. As this order build-up continues, that will start translating into turnover also.

Turnover is not a worry. Order intake is something that we need to focus on as of now.

Okay. In comparison to industry, in order intake, for our these big competitors, I think our order intake is slightly, we can say, less.

Any particular hurdle or something we are facing in that front? What can be the reason for this lower order intakes and all that?

Yeah. Kapil, look, I think this is a bit historical, as you have seen.

Some of this is legacy. You can definitely see that from the bid pipeline that we are targeting and the number of bids which are already under evaluation at this stage in this financial year, I believe gives you an indication that what is that we are looking at.

If we see it from that perspective, I believe let's keep past aside, but there will be substantial numbers before us to be seen.

Okay. Yeah.

Sure, sure. Thank you.

Saurabh, are you able to hear me? He's on mute.

Yes, yes, yes, yes, yes. My question is to Rahul.

When can we expect this order which are under the L1, which you have shown in the presentation?

We can expect somewhere by end of Q2 to get it converted. That's what we are targeting.

These are for the L1 positions. Correct.

For the L1 positions. Of course, new orders conversion, we will see more of them towards the end of Q3 and Q4.

Okay. I think so approximately roughly about I think so ₹10,000 crore order is under the L1, if I'm correct.

No, that is under evaluation. Our L1 position is for 2,241 in which our share is 1,672 crores.

Okay. Second question is in this, what's the hurdle going on?

Why we are securing the order less?

Saurabh, your voice is not clear. Can you please repeat?

I am saying you that what is the hurdle going on, why we are securing the less order?

I think we answered the same question, Saurabh, sorry. I think this is a very repeat question.

The previous analyst asked the same question. Look, I think there is no hurdle as such as we explained.

There is no hurdles. We are in a stage where some of the bids have got rescheduled, but we are very confident the pipeline which we are working upon will lead us to the target what we have set for ourselves.

Okay. What we are targeting for the FY26 and '27?

If you can share--

I think in the last quarter, we gave a guidance of nearly around ₹15,000 crores is what we are looking.

15,000 crore. Okay.

Understood. What is the update on the nuclear power, which the government has announced?

You mean to say the bids?

Yes, on the nuclear power side.

Nuclear power, there is lot of action happening. Already the joint venture of NTPC and NPCIL has brought out their first tender.

That is there. We are also seeing a lot of traction in the private sector space.

Of course, most of this will move once the rules to the SHANTI Act are published, which we believe may happen either at the end of this session of the Parliament or the winter session. We are definitely seeing a lot of traction there.

Okay. Okay.

Okay.

Thank you.

Hi, sir. Couple of questions from my side.

Basically starting with some clarifications. We have won an order in April basically from CIDCO worth ₹1,100 crores.

That project is basically has been considered under order book or still it is under the L1 position?

Under order book. It is under order book.

It is under order book.

The L1 position you have mentioned, this is a new project, correct?

Yes, yes. That is excluding that.

Right. Secondly, sir, can you just give some highlight on which segment the pipeline is basically skewed into?

I believe you have ₹85,000-86,000 crores of project and around ₹10,000 crores of under evaluation. Where are the tractions you are seeing more currently, and what is the competitive intensity on those projects?

We are largely seeing this traction for the, I can say, hydropower space, which definitely the government is prioritizing. That is one space.

Underground metro and other urban transit systems continue to be the second space where there is a good traction. Other than that, there are also orders in the industrial and metals sectors where again we are seeing some action.

Then of course, nuclear is there. For nuclear, as I said, it will move once the rules are published.

Though there are going to be some government orders on the PHWR program, but private inquiries will also start flowing in maybe after 6 to 8 months or so.

Do you think that this ₹85,000-86,000 crores of under pipeline will be bidded during this year, or it will drag?

I think this will get bidded this year. Because some of the delays what we're anticipating on some large bids to happen early, they are seem to be delayed by almost two 2 months, I will say.

We hope that they will get realized. The bids will get submitted in next 2 to 3 months max.

Sure, sure. Sir, as CFO sir has basically mentioned that around ₹8,000-8,500 ₹5,000 crores of projects are basically under mobilization stage.

Is my understanding is correct that around ₹4,000 to ₹5,000 crores worth of projects are only contributing to the revenue currently?

Largely correct. These projects have also contributed to some extent.

However, margins will come subsequently because initial stages they are less margin, subsequently when turnover picks up, margins improve.

Sure, sure. That's it from my side.

Hello, am I audible, sir?

Thanks for the opportunity. Sir, as you said, there are some ₹8,000 worth of projects which got mobilized now.

What could be the conversion in this fiscal year from these orders, that's one. Subsequently, we did around close to ₹4,000 crore of consol revenue last year.

Whatever execution we do this year, what could be the annual growth in revenue basis that? That is my first question.

Rusmik, I think quarterly we give update on these aspects, and we have already mentioned that investors need to be patient for one more year with us while we are building our order book. Certainly we are seeing the same kind of turnover as we have done in the last year.

However, there could be some positive surprise of 15-20%, say ₹400-500 crore on the positive side, that will depend on how certain aspects of a few projects mobilize. We will not like to put exact number here.

We are working on positively surprising you all. For the timing, you can say that we will remain at the level we have been in the last year.

Okay. My second question, sir, though as you said the margins will improve, but last year we had almost operating margin of 16%.

Any exit run rate or probably what could be the full-year EBITDA margin or the operating profit margin for this year?

This question we answered earlier. We will, by end of the year, we will maintain this run rate of 13-14% EBITDA that we do.

Current reduction in EBITDA is just a function of various stages of the project that we are in. Yes, okay.

At the same time, we are also working on deleveraging of the company, which at the bottom-line level will give us improvements.

I just want to add, this is Arjun Dhawan. I certainly believe that we could have done better on the order booking by now, right?

Let's be very clear about this. That said, I'm expecting that to exponentially pick up.

I think that we basically surprise you all on the upside certainly by the time we get to the end of this fiscal year. The impact obviously as far as our top line and bottom line are concerned, the order booking and the revenues and cash flows that basically come as a result of that, but more importantly, the deleveraging that we will continue to focus on in getting HCC to be nearly debt-free as early as possible, is going to have a substantial basically impact on our bottom line, our credit ratings, our growth prospects as well, right?

I think the effort that we're making is twofold. I think that what we perhaps have not achieved as fast on the top line, very frankly this year, is something that we will certainly make up for in spades with regard to the bottom line.

We intend to keep our EBITDA and PAT margins well intact, and the growth you'll see from that bottom line, I think will hopefully make up for some of the shortfall that we've seen on the top line. That said, I think some of the mix of projects that we're looking at and the sense of success that we believe that we will achieve on the evaluation of bids that are yet to be opened, as well as what we have planned for the next couple of quarters, we remain quite confident.

Sir, subsequent question was, even though we might end up with a flat revenue, but a lot of these projects once they gain traction, what kind of top-line growth we can expect next year in FY2028, sir?

Look, we've tended not to give this guidance. I know that from an analyst community perspective, that's an important number that you need to model in.

We have to make up for lost time, right? I think that these questions have been asked before.

We certainly need to execute to our potential. We're still such a small percentage of the market share in our industry relative to our pedigree.

I think that that's the only good thing, is that there's a much, much larger addressable market for us to chase. That said, we're going to be very selective as far as risk management is concerned, the pricing of our projects, and the quality of our clients.

I think that it would be fair to say that we would be in that sort of 20 to 25% range. Anywhere between 15 to 25 depending on which basically period you're talking about, but certainly 20+ percent is certainly what we'd be targeting given the low base that we're functioning.

Thanks. My last question was regarding the deleveraging you said.

In Q1, the interest cost was around ₹87 crore. Any color or any guidance how this number can pan out in the coming quarters?

Next few days we are prepaying ₹100 crore to another lenders. That again will help.

We are working on large deleveraging. Like last year, we reduced our debt by almost ₹1,500 crores payment was made to lenders.

This year also, I'm not giving a number, but we are working on a considerable prepayment. It will not be fair on me to give you a number unless we are at final stage of closing that.

Maybe by next quarter, we should be able to give you precise answer to your question.

Thanks, sir. I'll come in the queue again.

Thank you so much.

Yes, sir. Am I audible?

Sir, my question was that the results which are here in this quarter are mixed. However, we have certainly a good order book, and as per your clarification, everything is supposed to go all right.

The only thing which is concerning me as an investor at this point is that promoters reducing their stake, and high pledges. I'm a bit concerned about it.

Could you please brief me further?

Antariksh, Antariksh, promoters have been maintaining their stake by infusing money whenever there is rights issue, couple of rights issue we did, they did subscribe, in fact oversubscribed. That whenever there is an opportunity, they will keep on trying to do that.

However, sorry, what was your first question?

Sir, regarding the promoter stake only, as it has been reducing in the last two--

No, your next other question was with regard to pledge.

Yeah. Yes, sir.

The pledge is essentially to HCC lenders. However, since we are now prepaying their debt, hopefully in very short period of time when we achieve our deleveraging, those pledges will also be removed.

That's what our target is.

On your question on the promoter stake, I think that as a family, we remain entirely committed to the success of this company. This is now a 100-year-old basically business within the family.

As far as the stake is concerned, I think it comes down to us not only fulfilling our obligations with regard to whatever growth capital this company needs, but at the right time, we will take basically and evaluate all the options for increasing our stake as well.

I totally understand, sir, and I wish you good luck. Yes, and it's a great company with a long way ahead.

Thank you so much.

Hi, sir. Good evening and thank you for the opportunity.

My question is regarding the nuclear segment. In this quarter presentation, there is so very little disclosure on the nuclear side.

Can you elaborate something on that?

Shashikant, look, as I said earlier also, nuclear sector is being played into two parts. There are projects which are being promoted by government-owned entities, and at the same time, there has been a considerable interest in the private sector entities who are examining lot of new investment opportunities using existing as well as some new technologies.

What I can definitely tell you, we are engaged with all these entities in discussing how HCC can render its services to these developers once the rules and everything is clear. A lot of action is going on, and we as a company are actively working with our potential clients.

At the same time, we are completing some of our own internal formations which allows us to take on larger role into this space. You will hear them as we go ahead, because many of these matters are under development at this stage.

For sure, a lot of activities are going on.

Sir, what is the reasonable expectation that that you sense from having your ear on the ground that the rules comes from the government that will enable us for enable us to engage better?

The industry is hopeful, maybe by end of this Parliament session or the winter session. That's what the expectation is.

Okay. Should we expect a significant order in FY2028?

Yeah. I think yes.

Certainly. Certainly.

Something yes, to answer your question. Yes, yes, yes.

I'll also add certain thing. Please keep this in mind that when HCC is saying nuclear, for us this is basically nuclear and industrial sector.

We are making a lot of inroads even in the industrial sector wherein we are talking about some process units, process plants, and we are trying to take the capabilities what HCC has with the existing plus some additional capabilities. We are addressing that sector too, which allows us to be into space like aluminium, steel, and other businesses.

Sir. Okay.

Thanks a lot. Thank you.

Hello, am I audible?

Sir, a couple of questions. One is in regard to the arbitration.

I think we have a sizeable amount of receivables outstanding. Can you just provide the expected timelines for monetizing these claims and with respect to the conversion into cash, how much we anticipate over the next 2 to 3 years?

Arbitration, while arbitration tribunal has given this money decree in our favor, naturally clients have challenged it in court. Now different different arbitrations are at different level of court.

We have been realizing some monies on and off, and we'll continue to do that. However, out of almost ₹1,700 crores of arbitration awards which are there currently in our favor, if I have to put a timeline by when all of this will get realized, I'll say almost 3 to 4 years is something we should be able to realize all of this ₹1,700 crores.

I want to add one more thing. I think that what we are seeing is a lot of positivity within the government and our clients to also settle matters.

Now that does involve, in some cases, a haircut. You've all observed the Vivad se Vishwas circulars that have come from the Government of India, which have a settlements anywhere between 65 to 85% of the arbitral award amounts.

Now for us, we have to be very thoughtful about when we avail of these opportunities because they can imply leaving considerable capital on the table, and we have to consider the cash flow, P&L, etc., security, and the strength of our matter and how far and how mature it is in court. These are opportunities along the way that we would consider from time to time depending on the opportunities before us from a growth perspective, the value of sort of our equity, and so on and so forth.

The entire point of actually having approached shareholders in the way we have in this last basically year and a half, is that we reward shareholders at the end with some result. Now ideally speaking, most of these awards and claims should have been realized, and that capital should have been used for our growth.

If it's going to be the reverse, then we want to be able to reward our shareholders and the company with the benefit of actually being this patient. We are, depending on the vintage of the matter, fairly in advanced stages in some, in some cases we're in early stages.

As Rahul said, broadly speaking, 3 to 4 years is a fairly reasonable expectation. I think this is as much information as you can appreciate that we can give you.

Yes, it is a material asset on our books, and it will basically certainly, within some reasonable period of time, be monetized.

Sure, really helpful. My second question pertains to with respect to the rail corridors, high-speed rail corridors which the government is planning to come up.

How does HCC position itself to participate across these opportunities? Given out your expertise with respect to tunneling, bridges, do you think high-speed rail corridor can become a meaningful contributor to the order inflows in the next 3 to 5 years?

In next 3 to 5 years, yes. I can tell you we do have the relevant credentials of elevated metro and other things which are necessary for such projects.

Naturally, it will also depend upon the project sizing, the nature of the project. We definitely see that if we are saying at 3 to 5 years horizon, this will form a material opportunity pipeline.

Sure. That's it from my side, sir.

Thank you so much.

Thank you, Bharat. Thank you.

Hello everyone, can you hear me?

Oh, all right. Thank you for this opportunity.

I'm actually trying to understand the nuclear opportunity for HCC much better, both in terms of our TAM and the scope, the revenue that we can generate from there, the kind of margins that we can have, and also the working capital position, and what is the kind of investment that will go into this business in total, and how much have we done till now? I'm sorry if you may have answered a part of this question a little before this.

No, no. Darshika, let's take it at a very broad level.

Nuclear power plants, by nature, will cost you somewhere between ₹18 to ₹22 crores per megawatt of what is built, okay? It can in some case can go even more depending on the type of technology which is being used for it.

The type of technology available definitely are PHWR, LWR, VVER, EPR, AP1000. All these technologies are available, and it is going to be on to the developers what they choose as a right fit for them, okay?

Let's take it like this. The existing capacity is 9 GW, which is planned to be taken to 100 GW by 2047, right?

Right. For the sake of calculation purpose, you can apply your factors that out of this what can happen, and that can throw different scenarios.

If we take this number, this alone multiplied by the per megawatt cost can give you what is the TAM available. Perfect.

Right. Right?

Of this TAM, if you ask me, then we have been largely a predominant player into construction of the main plant building and the ancillary plant buildings on the civil side, and some structure and fabrication works. We are teaming up with right kind of entities that we can take little larger scopes also.

Scopes which allows us to be in a better position to deal with private developers when they are looking at one-stop solution. Of course, there are a lot of inclusions and exclusions into that.

Some may make some free supplies, some may not make some free supplies. That's how Margin part, I'll not like to comment right now because these projects are, as I said, heavily regulated, and we need to understand what kind of scenarios are before us.

They are labor-intensive jobs, and we definitely intend to make margins in the similar line what we intend to make margins on our routine business, right? That would be our expectation from this.

The value chain, as you said, we are right now on the civil side, but we definitely see good enough room for us to expand on the adjacencies, or maybe little more also by teaming up with right people. That's what the plan for us is.

Got it. Any investment that we have already done for this business, and if you could help us quantify that?

You'll appreciate HCC has built almost 50-60% of the existing power plants. We do have considerable in-house knowledge how to deal with that.

Capability. We will expand on the need-based.

Got it. Okay.

All right, thank you so much.

Thank you.

Hello?

Am I audible?

Good evening, thanks for the opportunity. My first question is in response to your reasoning for the downfall in the margin that is surely because of the ₹8,000 crores of order under mobilization where the revenue and the cost has not matching, that's why the EBITDA is down.

My question is in two parts: what is the amount quantifiable that, or is there any accounting treatment available by which we can keep this money into the inventory till the proper revenue is booked from that project?

These specific accounting-related things we can discuss separately, Harish. I think this is not a forum for this.

We can take your idea separately. Yes, first part you have mentioned correctly.

Look, I think the point is that we continue to maintain the fundamental guidance that our margins on average across the year will continue to be sort of in the mid-teens. You will see in some cases, depending on the mix, the kind of projects we're executing, EPC versus item rate, milestones have been met or not, in certain cases, in degrees of mobilization or not, you will see in some quarters you will see a below-average margin.

In most quarters in the past, for example, you've noticed 15 to 18%. Now when we've achieved an 18% margin in the past, we've not certainly told you that that is something that is on average what we're going to do.

Just the corollary to that, there will be certain quarters where you will basically see something below average. I think that's the simpler explanation we can give at this point.

Very, very happy to basically hear whatever suggestions you have to the finance team as well.

Okay. My second question is, in the last conference call, we talked about the fund mobilization to the extent of ₹600 crores by way of rights or any other means of that thing.

Any update on that?

We have taken approval from board for that. However, we have not yet decided about doing that, and we'll come back at the right time depending on our growth capital requirement and new order intake.

We will take a call accordingly.

There is no further question. My suggestion why I asked my first question is because the market react very negatively to the down in the EBITDA margin.

Some way of some explanation or note to the account would have helped the larger investor rather than only people who are joining the call. Thank you.

Thank you and all the best.

Thank you for the opportunity. Yes, the order book has not been to the extent that we expected, and that is one part.

One other part is, I keep writing to investor relations, though it's not connected with the quarterly call, but I hardly get any revert whatsoever.

Okay. We will look into it.

He's mentioning that he writes to investor relations, but he has not got response.

Oh, okay.

We'll look into it, Abhishek.

Thank you. That we did the order run rate and order booking, this has to be anything on Middle East, probably you were expecting some order flow from there, or expanding to that area because L&T is getting a lot of orders there.

What's your take on that?

Abhishek, we are, I can say, very selectively focused on some regions, but our 90% focus is on India. We don't have any current pipeline in that region.

No issues. In India also specifically, we would like the HCC has such a long legacy, and such a brand, such a history.

Now financials have been repaired completely, almost done now. We would like more of the consistency to return in terms of order booking and some which gives more confidence into the sales revenue, booking, something of that.

Absolutely. Appreciated and I think that's what we are working on.

Please. Thank you so much and please do take the suggestion of my reverts to start coming in.

All right. Thank you so much.

Thank you.

I had a query that is HCC interested in working with wind turbines in the future, like wind energy?

Antariksh, that's very interesting question, but I will say on land, no. In marine, we will have to examine that.

All right. Fine.

Thank you.

Showik, I think it is inadvertently his hand is raised there. That's not been put down.

Hello? Hello?

Can you hear me, sir? You just mentioned that by 2047, we will be having about 10,000 1,000 GW of nuclear power.

Rajesh ji, no. The Government of India's plan is to take the nuclear power to 100 GW.

Right now, it is 9. Right now, it is 9 GW.

Okay. 100 GW.

Right now, it is 9.

Ji. Right now, it is 9 GW.

So 100 GW means it will be in 20 years if we take, it is going to be about ₹1 lakh crore per year on an average. As you mentioned that this is ₹20 to ₹22 crore per megawatt.

Absolutely, it's a big business.

That's what. Because and for HCC, it is going to be a very big business if we see it from that longer point of view.

Bilkul. Bilkul.

Achha, sir, doosra, this railway is planning that from ports to the terminal, there will be hyperloops. That is, they need not go through that material to the railway siding and all that.

There will be hyperloops with very high speed of the transportation system, and it will be all done through tunneling.

Rajesh ji, I think, to be honest, that's something in a very, very concept stage and we can't comment about it on this stage. We really don't Yeah, yeah, yeah.

Haan, achha, achha. Ji, ji.

Aur sir, yeh jo aapne bataya hai ki jaise apna ₹1,700 crore ka debt hai jo arbitration mein hai aur jo apne ko milne ka chance hai.

Haan ji, awards hain.

That total amount once we get, maybe next 2 to 3 years, toh apna jo debt hai, uske andar mein saara clear ho sakta hai, sir?

Of course ho sakta hai. Uske bina hi hum kar denge.

That's what the plan is. We don't have to just hinge our hopes on that.

Yes, when it comes, that will--

In fact, it is more likely. I think the conservative answer to give is that while these assets can completely basically match in those liabilities, the timing of those asset realizations, like we've said in the previous answer, could be 3 to 4 years.

Before that, in any case, we will be looking to prepay the debt. I certainly expect, one way or the other, within this timeline for HCC to be largely debt-free.

Oh, achha. Apna kitna debt hai, sir, abhi total?

₹2,000 crores.

₹2,000 CR, okay. Theek hai, sir.

Mera itna hi question tha.

Thank you, Rajesh ji. Thank you.

Thank you, sir. Thank you very much.

Thanks.

There is one question if I may ask.

Yeah. We have transferred some awards to our one subsidiary, that is HCC Contact Solution, of around ₹2,000 crore.

Is there any, we can say, planning to reduce stake and reduce bank guarantee in this entity as we've done in Prolific?

Yes, please.

See, transfer, that's a wholly owned subsidiary, right? Whatever award is being transferred, those continue to be our award.

There is no debt in that entity, there is as such no liability in that entity. Only reason for transferring those award is there to have clear focus with regard to realizing and settling those award, rather than those awards continuing to be there in HCC books and your received balance sheet numbers looking much bigger.

Other than that, there is no reason for that. Not really to be given too much of importance there.

Okay. Thank you, that's it.

Thank you, everyone. Thank you.