ashoka buildcon y 2013 earnings call 14 may’13 call/207778_20130514.pdf · conference to mr....

Ashoka Buildcon Y 2013 Earnings Call 14 May’13

Operator Ladies and gentlemen, good day and welcome to Ashoka Buildcon Limited's Q4 and FY13 Earnings Conference Call hosted by Angel Broking Limited. As a reminder, all participants' lines will be in a listen‐only mode and there will be an opportunity for you to ask questions at the end of today's presentation. Please note that this conference is being recorded. I would now like to hand over the conference to Mr. Viral Shah from Angel Broking Limited. Thank you and over to you sir.

Viral Shah, Analyst Thank you. Good evening, everyone. I welcome all the participants for the 2Q FY13 result conference call of Ashoka Buildcon Limited. We have with us Mr. Satish Parakh, Managing Director of the company and Mr. Paresh Mehta, CFO of the company. We would commence the call with the opening remarks from Mr. Satish Parakh to give an overview of the company's performance. And I would like ‐‐ I would now request Mr. Satish Parakh to give the opening remarks. Over to you sir.

Satish Parakh, Managing Director Yeah. Thank you, Viral. Good afternoon friends. I welcome you all for the discussion on the audited financial results of FY13. Along with me I have Mr. Paresh Mehta, our CFO and SGA and our Investor Relations Advisor. I would like to take you through some of the key developments of the company in FY13. Let me begin by giving an update on the recent corporate actions. I'm very happy to share that Board has recommended bonus and stock split.

The objective of this corporate action is mainly to reward the existing shareholders and also to improve liquidity in the stock. The bonus shares will be issued in the ratio of 1:2. For every two equity shares held by the shareholders, one bonus equity share will be issued. In stock split, each equity share with face value of INR10 will be split into two equity shares with a face value of INR5 each. Board has also recommended final dividend of INR2 per share. That is 20% of the face value. With this the total dividend for the financial year would be INR4 per share. That is 40% of the face value.

Let me take you through major developments in last few months. In our largest Dhankuni‐Kharagpur project, which is largest for the company, we have completed two vital bridges on River Roopnarayan, NH‐6 near Calcutta. This has created new landmark in infrastructure development in India. These two parallel bridges, 1.1 kilometers each, have been completed 18 months earlier than scheduled completion date. Completion of these bridges resulted in increase of existing toll rates with effect from 1st April 2013 along with yearly toll rate revenue.

With this early completion project SPV will have additional toll collection of over INR80 crores during the construction period than its estimated toll collection. We have completed 30% of the EPC work for the total project as on March 31st 2013.

In our PNG project, that is Pimpalgaon‐Nashik‐Gonde, we have commenced partial toll collection on 2nd October 2012. The project has achieved approximately 94% completion. The toll rate would be revised upwards post the completion of pending EPC work. As you are aware that during the last financial year private equity firm SBI SBI Macquarie has agreed to invest 800 crores in Ashoka Concessions Limited, a subsidiary of Ashoka Buildcon Limited.

The first tranche of 240 crores have been received in the last quarter, which is being utilized by equity investment into various projects under construction. As you are aware, Cuttack‐Angul project was awarded to us in November 2011 and we have signed the construction agreement in March 2012. We have tied up INR801 crores of debt for the project. However, we are yet to receive an appointed date for the project. It has been more than a year since then and we are not able to make any progress due to certain pending clearances. Recently, we have sent notice to terminate this project to NHAI and are currently in discussion with them for future course of action.

On our EPC order book, our current order book position stands at 3,568 crores. 93% of the total order book is road projects and remaining 7% is power T&D. Ashoka Buildcon now is qualified for a single project approved 3,182 crores.

With this I would request now Paresh Mehta to present the results for Q4 FY13.

Paresh Mehta, Chief Financial Officer Thank you, sir. Good afternoon friends. I believe you must have had an opportunity to look at the analyst presentation that has already been circulated and uploaded on our website.

I would now present the results of the quarter and year ended March 31st 2013. Our consolidated total income for the year has grown by 23% to 1,874 crores from 1,526 crores in the last year. Out of the total consolidated revenue, construction revenue for the year is INR1,585 crores compared to INR1,265 crores in FY12.

In Q4, we have achieved construction revenue of INR585 crores highest ever in the history of the company. Toll revenues for the year are 289 crores compared to INR261 crores in FY12. Our EBITDA, excluding exceptional items for the year, is INR404 crores compared to 351 crores in FY12, growth of around 15% year‐on‐year.

Interest cost for the year was INR139 crores with average cost of debt at 12% ‐‐ 12 to 12.5%. The depreciation and amortization for the year was 152 [ph] crores. Profit after tax post minority interest and share of associates' profits is An update to our Nagar Karmala project, the company has challenged the order of the PWD for terminating the project earlier and the matter is under arbitration. We are confident that the arbitration order will be in the favor of the company. However, on a prudent practice basis, the company has impaired 50% of the written down value of INR31.4 crores as an exceptional item in quarter four P&L accounts.

On the balance sheet front, as of March 31st 2013, the gross debt at standalone basis is INR273 crores, which comprises of INR49 crores of equipment loans, INR198 crores of working capital loans and INR26 crores of project loans. The consolidated gross debt is INR2,451 crores and net worth is IRN1,036.

With this, we now open the floor for the question and answers. Yes, Viral, you can carry on.

Questions And Answers

Operator Thank you very much, sir. Participants we will now begin with the question and answer session. (Operator Instructions) We have the first question from the line of Sundar Subramanian from Almondz Global. Please go ahead.

Sundar Subramanian, Analyst Good evening, sir. Thanks for the opportunity. What was the order intake during Q4?

Satish Parakh, Managing Director There is no view of order intake in Q4.

Sundar Subramanian, Analyst Okay. Sir, assuming that Cuttack‐Angul project is cancelled, then what will be your guidance for construction business revenue for current year?

Paresh Mehta, Chief Financial Officer Yeah. See, we are L1 into the project, that is Chennai ORR and one project of KSHIP in Karnataka.

Sundar Subramanian, Analyst Okay. What's the value of these two projects?

Paresh Mehta, Chief Financial Officer

These two projects would add ‐‐ this is a joint venture with other partner. This ‐‐ our share would add to around 800 to 850 crores. Okay. By when we will start execution on these two projects?

Paresh Mehta, Chief Financial Officer We are expecting L1 for Chennai ORR very soon. And Karnataka will take, of course, this government has to come in place and then it may take little time for the Karnataka order which is a small order.

Sundar Subramanian, Analyst Okay. Sir, so what could be our guidance for the full year construction revenue?

Paresh Mehta, Chief Financial Officer Construction, definitely we'll keep growing as we had been growing every year, last ‐‐ almost three years, after listing you have seen we have grown by more than 25% every year.

Sundar Subramanian, Analyst Because on the current order book without Cuttack‐Angul visibility is less and even on these two projects you said it will take time before they translate into revenue book.

Paresh Mehta, Chief Financial Officer There are other 22 projects where RFQ has been done, we are qualified. Qualification also gone up by ‐‐ 3,182 is what a company can bid standalone. So we expect some action in the next six months.

Sundar Subramanian, Analyst Okay. So there won't be a big de‐growth in the construction?

Satish Parakh, Managing Director I don't think, because the country needs a lot of infrastructure whether it is on BOT or LUT [ph] or EPC, something has to come up. I think lot of null period we have seen, now we should ‐‐ we expect a lot of orders to come in from states like Tamil Nadu, Karnataka, Andhra Pradesh, Rajasthan and also from NHAI.

Sundar Subramanian, Analyst Yeah. And, sir, this tax of 10.8 crores, this full 10.84 crores comes as tax in Q4?

Satish Parakh, Managing Director No. 7 crores was accounted for in Mar ‐‐ December quarter. Okay.

Satish Parakh, Managing Director And 3.8 crores was accounted in January. So the final settlement of application was made in January.

Sundar Subramanian, Analyst Okay, okay.

Satish Parakh, Managing Director That is when the final amount was paid.

Sundar Subramanian, Analyst Okay. So this quarter, means the no ‐‐

Satish Parakh, Managing Director There would be 3.8 crores.

Sundar Subramanian, Analyst 3.8 crores. Okay, sir. Thanks so much, sir. That's it from my side.

Operator Thank you. We have the next question from the line of Ajit Motwani from Emkay Global. Please go ahead.

Ajit Motwani, Analyst Yeah. Good evening, sir.

Satish Parakh, Managing Director Good evening.

Paresh Mehta, Chief Financial Officer Hello. Hello. Sir, my query is on the revenues for Dhankuni. This year it's about 155 odd crores. So you're saying without the traffic growth this number should be about 235 crores next year?

Paresh Mehta, Chief Financial Officer We can safely presume around 60 lakhs, 61 to 62 lakhs per day collection. So accordingly it will stack up.

Ajit Motwani, Analyst So you're saying after the toll hike, current revenues are about 61 lakhs?

Paresh Mehta, Chief Financial Officer 62 to 63 lakhs. Today we are having a running rate of around 61 lakhs per day. And after seeing the traffic growth, there would be some traffic growth which would result in (inaudible).

Ajit Motwani, Analyst Okay. So out of that 155, how much was our EBITDA for the Dhankuni project for the year that has gone by?


EBITDA in this project would be almost to the tune of 85%, 85% to 87%.

Ajit Motwani, Analyst Okay. And the royalty that you are paying, that project won't have any issue, that is not, let's say, submitted to NHAI for reconsiderations?

Paresh Mehta, Chief Financial Officer No, we haven't submitted that.

Ajit Motwani, Analyst Okay. How much is the money that you have invested in Angul‐Cuttack till date?

Satish Parakh, Managing Director Angul‐Cuttack is almost hardly one odd crores, 1.25 crores.

Ajit Motwani, Analyst Paresh Mehta, Chief Financial Officer No. Since the project didn't have any environment clearance, no forest clearance, we haven't invested anything in the project.

Ajit Motwani, Analyst So in the event that NHAI did accept your application for termination of project, so the write‐off would be about a crore, is that so?

Satish Parakh, Managing Director Yes.

Paresh Mehta, Chief Financial Officer It should not be a write‐off. Of course, we can always claim from NHAI.

Ajit Motwani, Analyst In a sense you can always claim back but ‐‐

Paresh Mehta, Chief Financial Officer All right. Provision should be made, right.

Ajit Motwani, Analyst Right. So one crore would ‐‐.

Paresh Mehta, Chief Financial Officer See, we are around 1 to 1.25 crores.

Ajit Motwani, Analyst And the resubmission to NHAI is on account of ‐‐ you're saying delayed environmental clearances.

Satish Parakh, Managing Director Because these are all conditions precedent in the construction agreement signed with NHAI where before appointed date NHAI is supposed to give us within 180 days environment clearance, forest clearance and 80% of the land. Okay.

Satish Parakh, Managing Director So none of the conditions have been fulfilled by NHAI even after more than laps of 400 days.

Ajit Motwani, Analyst Okay. But there is that 90 days cooling period that NHAI typically ask for. So when ‐‐.

Satish Parakh, Managing Director NHAI cooling period starts only after appointed date is given.

Ajit Motwani, Analyst So appointed date also has ‐‐.

Satish Parakh, Managing Director No appointed date, because no CPs [ph] were cleared.

Ajit Motwani, Analyst So what would be the course of action which is, let's say, different from the projects which GMR and GVK and others are asking for? In this project you should not even ‐‐.

Satish Parakh, Managing Director In their case appointed date was already there in place.

Ajit Motwani, Analyst Okay.

Satish Parakh, Managing Director And in our case, appointed date is not in place.

Ajit Motwani, Analyst Okay. That is the only difference. So we are asking termination under a different clause, 24.2.

Ajit Motwani, Analyst Okay. So have you received any communication from NHAI? What is their stance or something?

Satish Parakh, Managing Director We have received communication from them and we have given our final reply as the termination. Earlier we gave intention to terminate, but recently we have given them our final verdict of willingness to terminate. Post‐termination we are willing to discuss any negotiations which NHAI would like to do.

Ajit Motwani, Analyst So post‐termination you will ‐‐ if they do want to listen ‐‐.

Satish Parakh, Managing Director If they give us proposals like GMR, GVK and if they are suitable for the company, then we can definitely reconsider the whole issue. But as of now, contractually we were bound to issue this termination notice.

Ajit Motwani, Analyst Got it. For two of your projects, Durg and Bhandara, I think the yearly losses are now close to about what, 100 odd crores, right?

Paresh Mehta, Chief Financial Officer Around 75 crores, 70 to 75 crores.

Ajit Motwani, Analyst Okay. Because the minority interest, I think, negative minority interest, for the year is about 45 odd crores or something.

Satish Parakh, Managing Director Correct.

Ajit Motwani, Analyst Okay. So your 75 crores, out of which you are saying ‐‐ in a sense 90 crore would have been the total losses, 75 out of which are related to the two projects. Right.

Ajit Motwani, Analyst And the balance is?

Satish Parakh, Managing Director See, basically it not 75, it is like ‐‐ in Bhandara and Durg 49% is of minority and in 51% of Ashoka Buildcon, 34% is minority of Macquarie.

Ajit Motwani, Analyst Got it.

Satish Parakh, Managing Director So all put together, the amount stacks up to around 48 crores of minority interest.

Ajit Motwani, Analyst Got it. So in a sense 75 crore of loss. How much of it is cash loss?

Paresh Mehta, Chief Financial Officer Cash loss, see, typically ‐‐ just hold on, I'll just tell you. I'll get back to you on this number in this call.

Ajit Motwani, Analyst Essentially what I wanted to know is that the cash loss actually will be 40, 50 crore on this, right?

Paresh Mehta, Chief Financial Officer No, not that much. No. Both the projects are taking care of their interest costs, it's only to the tune of depreciation the loss is there. There is no cash loss. Cash loss will be in tune of, I'll tell you, on an approximate of around 10 crores per project. In Bhandara 10 crores; in Durg approximately 3 odd crores.

Ajit Motwani, Analyst Cash loss is only 10 odd crores.

Paresh Mehta, Chief Financial Officer Ajit Motwani, Analyst Got it.

Paresh Mehta, Chief Financial Officer It's a provisioning.

Ajit Motwani, Analyst Okay. So in a sense funding these losses should not be a big issue going forward, is that ‐‐?

Paresh Mehta, Chief Financial Officer No, no. And in fact, we both, Macquarie as well as ABL, are committed to fund this cash loss.

Ajit Motwani, Analyst Okay. Because in which case the depreciation number is far too higher for these projects?

Satish Parakh, Managing Director Yeah. See what happens is also because we have a depreciation of almost 17 crores in Durg and a slightly higher amount in Bhandara which typically is also a result of amortization of the depreciation which has been higher in this quarter. Going ahead, this will be equalized over the next year. It will not be as ‐‐ it will not be (inaudible) to what is there in this quarter.

Ajit Motwani, Analyst Okay. Got it. And one last question is on the interest thing. Sir, most of our projects are still bringing 12, 12.5% of interest which has been sort of there over last six to nine months?

Satish Parakh, Managing Director Right.

Ajit Motwani, Analyst Okay. So is there ‐‐ what is the opportunity that is in front of, let's say, low hanging fruits for you in terms of capitalizing any opportunity of lowering the interest cost, because some of your peers have seen (inaudible) application to IFCI [ph] or something, which has lowered their interest further. Typically, projects like Bhandara and all do the first quantify and if at all what are the quantum? Yeah, we are looking out for the various projects, like Bhandara. We are looking out for overall rebounding of the interest ‐‐ the loans. We are at Jaora Nayagaon for bigger finance in IFCI.


Paresh Mehta, Chief Financial Officer And IFCL opportunities also, we look at in Durg. These opportunities are there in the pipeline, we should expect something to happen in two or three months time where it could go down by almost a part of it ‐‐ around 35% of the loan could go down by almost 1.5% interest.

Ajit Motwani, Analyst No. So in total, let's put it, you said whatever is your developer loan, how much of that, let's say, would qualify for IFCI loans?

Paresh Mehta, Chief Financial Officer Approximately 300 crores.

Ajit Motwani, Analyst That's it?

Paresh Mehta, Chief Financial Officer Yes.


Paresh Mehta, Chief Financial Officer We get project ‐‐ project completed. Bhandara Durg and Jaora Nayagaon.

Ajit Motwani, Analyst Got it. Got it, sir. Thanks. Thanks a lot. That's it from my side.

Operator Madan Gopal, Analyst Good evening, sir.

Paresh Mehta, Chief Financial Officer Good evening.

Madan Gopal, Analyst Sir, in Dhankuni‐Kharagpur you said the toll collection per day is 61 lakhs. So is there any other structure to be completed where one more jump can happen in this or this is the ‐‐ so this should ‐‐ we should take as the base ‐‐ or ‐‐?

Paresh Mehta, Chief Financial Officer This is the final run rate.

Ajit Motwani, Analyst So from here we should assume normal growth rates?

Satish Parakh, Managing Director Yeah, right, sir. Normal toll rate and growth rate. Toll rate rise is there, as far as yearly it is concerned. Yearly toll rate rise linked to WPI.

Madan Gopal, Analyst And, sir, any other project where any structure to be completed and a sudden spurt in toll revision might happen?

Satish Parakh, Managing Director No, not in these set of projects.

Paresh Mehta, Chief Financial Officer P&G is the only one.

Madan Gopal, Analyst So P&G, how is it? When is the spike happening? By June end we should be able to achieve COD on P&G.

Madan Gopal, Analyst So that will be what kind of toll collection for COD expectation?


Approximately 35 odd lakhs per day at today's run rate. If it improves, we're just looking after that.

Madan Gopal, Analyst That's what today's run rate. So post the June completion?

Paresh Mehta, Chief Financial Officer You should look at something like to 35 to 38 lakhs per day.

Madan Gopal, Analyst Okay. This has been revised down because last time when I met you gave me some number equal to 200 crores?

Satish Parakh, Managing Director See, what has happened is this ‐‐ we are expecting ‐‐ it is based on last year's revenue we have won. So there were leakages in the few months where local traffic was not paying, which is now paid, since the last one or two months, two, three months. So we'll have to actually see what actually happened due to toll rate events [ph].

Madan Gopal, Analyst Okay. So we will go ‐‐ we will be looking at around 1200 to ‐‐ 120 crore to 130 crore kind of ‐‐

Satish Parakh, Managing Director 130. More than 130.

Madan Gopal, Analyst Okay, okay. Sir, in the two projects, the Bandra and Durg which you were talking about to the other person, what is the kind of EBITDA margin would be there. Because you added in toll revenue collection of around 60 crore in this project in this year in Durg and what is the EBITDA you had?

Paresh Mehta, Chief Financial Officer Madan Gopal, Analyst Okay.

Paresh Mehta, Chief Financial Officer Because we had major maintenance here and other costs are slightly ahead and this will keep on, as time goes by, their EBITDA margin keeps on rising.

Madan Gopal, Analyst So this year you will have only 65% of EBITDA margin in this?

Paresh Mehta, Chief Financial Officer 65 to 70%. Yeah, that's true.

Madan Gopal, Analyst

So very high OpEx is there in these projects?

Paresh Mehta, Chief Financial Officer Not high OpEx. As I said, this is ‐‐ this also includes provision for major maintenance of almost ‐‐.

Madan Gopal, Analyst Okay, it's a provision (inaudible) instead of providing on particular you're providing provision here on ‐‐.

Paresh Mehta, Chief Financial Officer Right, right.

Madan Gopal, Analyst Okay, sir. Thank you. Thanks.

Paresh Mehta, Chief Financial Officer Okay.

Operator Amit Sinha, Analyst Hi, sir.

Satish Parakh, Managing Director Hello.

Amit Sinha, Analyst Yeah, sir. I just wanted to get some of the traffic growth number of some of your operational projects as in the Naigaon project, I mean what is the traffic growth there in this particular quarter Y‐on‐Y?

Satish Parakh, Managing Director You would like ‐‐ generally I would like ‐‐ project‐wise?

Amit Sinha, Analyst Yeah, sir. I mean, that will be very helpful.

Satish Parakh, Managing Director Actually we ‐‐ my presentation already has the toll collections, how they've grown.

Amit Sinha, Analyst No, no. Not the toll collection, sir. I just wanted the volume traffic growth?

Satish Parakh, Managing Director Volume traffic growth, yeah, yeah. I will just ‐‐ yeah, yeah, if you see at Belgaum‐Dharwad, we have Q‐on‐Q of almost 2% negative.

Amit Sinha, Analyst And Y‐on‐Y?

Satish Parakh, Managing Director And Y‐on‐Y, it is 4.4% positive. Okay.

Satish Parakh, Managing Director So this is the number actually including toll rate rise.

Amit Sinha, Analyst It's on ‐‐ okay, sir. I understood. I mean, Y‐on‐Y basically the overall toll collection I understood, it's there in the presentation. I just wanted the volume growth number if you have or I can take it from you later on offline.

Satish Parakh, Managing Director I think ‐‐ I will give it you offline.

Amit Sinha, Analyst All right, sir. My second question is on the equity requirements for the next two years?

Satish Parakh, Managing Director So based on the current set of projects we have an equity deployment of approximately 500 crore ‐‐ 550 crores of which most of it

will come from Macquarie , 150 will come from our side and 450 will come from Macquarie side.

Amit Sinha, Analyst Okay. All right, sir. And these will be the major projects which will be consuming the equity, will be?

Satish Parakh, Managing Director Yeah, these three projects, majorly these three projects.

Amit Sinha, Analyst Yeah, the three projects. Okay, okay.

Satish Parakh, Managing Director Sambalpur, Belgaum and etcetera [ph]. Okay. All right. Okay. That's it from my side. Thanks.

Operator Thank you. The next question is from the line of Devang Modi from Equirus Securities. Please go ahead.

Devang Modi, Analyst Yes. Hello, sir. Just ‐‐ firstly wanted clarity on how much is the exit PCUs that are there at Dhankuni‐Kharagpur currently?

Satish Parakh, Managing Director I don't have the data just now, maybe we can share it.

Devang Modi, Analyst So, then ‐‐ sir, in terms of ‐‐ you've mentioned that the states are also coming out with lot of bids, so what is the ‐‐ I mean, even NHAI, there is a work plan which is there for FY14 but there is not much action which is evident. So what kind of road projects should we expect in the coming three to four months? And I mean would we be bidding aggressively to sort of ‐‐ would we be looking to bid and get a new project (inaudible) now that we are sort of ‐‐ we also find to Cuttack‐Angul back, so what is our outlook on new project wins per se from NHAI as well as ‐‐?

Satish Parakh, Managing Director See, there are around 22 projects in pipeline where qualifications have been done. We expect bidding for these projects. And as far as Cuttack‐Angul is concerned there is a 400 days delay since the LOI was issued. So there is a cost escalation which has gone up. Unless NHAI really agrees to pay this cost escalation, there is no point for any company to go ahead and take all the risk of escalation in the market.

So bidding for new project is a different strategy and strategy for projects which are delayed beyond the limit by NHAI is a different ball game altogether. So nothing to do with the new business.

Devang Modi, Analyst On 22 projects in pipeline, I mean, if you could just give some color on which particular sets these are, which one, I mean, would you be looking very eagerly as part of bidding?

Satish Parakh, Managing Director See, Ashoka has been in business since '96 and our strategy has been to select projects by studying them at least for two, three years. So there are certain identified projects by the company and we definitely would be bidding for those projects. Okay. Thanks a lot.

Operator Thank you. The next question is from the line of Ashish Shah from IDFC Securities. Please go ahead.

Ashish Shah, Analyst Yeah. Good evening, sir.

Satish Parakh, Managing Director Good evening. Good evening.

Ashish Shah, Analyst Sir, first question is in Cuttack‐Angul, what is the bank guarantee that would be outstanding and whether that is ‐‐ there is any risk of that bank guarantee being encashed by NHAI?

Satish Parakh, Managing Director See, there is a performance guarantee submitted to the NHAI of 56 crores. This performance guarantee is encashable only after appointed date. So as per concession agreement, there is absolutely no risk of this, but the company has taken ample precaution by taking stay from the Court, High Court, Delhi. So we have a stay in our favor.

Ashish Shah, Analyst Okay. So we already have a stay, so there is no risk of ‐‐

Satish Parakh, Managing Director Absolutely no risk.

Ashish Shah, Analyst Right. Sir, secondly, in respect to the EPC business now, now that we will be probably knocking off 1,000 crores from Cuttack‐Angul, so we'll have an order book of close to 2,500 crores.

Satish Parakh, Managing Director Right.

Ashish Shah, Analyst Satish Parakh, Managing Director I think we have two orders where we are L1 so we're expecting a LY Chennai ORR may be very ‐‐ within 15 days or 20 days' time.

Ashish Shah, Analyst Okay.

Satish Parakh, Managing Director And another order of Karnataka may take around two months. So that would pile up around 800 to 850 crores of our EPC order book and definitely we'll be bidding for new projects.

Ashish Shah, Analyst Okay. Fair, sir. To begin with, Paresh sir said that there is an item of 14.3 crores which is kind of an extra or non‐recurring item. So I missed, on what was on that account? What was on ‐‐ what account was that?

Paresh Mehta, Chief Financial Officer 14.3 is on account of depreciation, additional depreciation to the toll growth ‐‐ revision of the amortization due to toll estimates.

Ashish Shah, Analyst This is on consolidated basis?

Paresh Mehta, Chief Financial Officer Yeah.

Ashish Shah, Analyst All put together?

Paresh Mehta, Chief Financial Officer Right. Right.

Ashish Shah, Analyst Right, sir. (inaudible)

Ashish Shah, Analyst Okay. Thank you, sir.

Operator Thank you. The next question is from the line of Vinay Rohit from ICICI Prudential. Please go ahead.

Vinay Rohit, Analyst Sir, could you just give me the standalone debt number?

Paresh Mehta, Chief Financial Officer Standalone debt number, as I've already said, it is approximately 275 crores, of which 198 is working capital and balance are equipment and project loan, project loan of 26 crores.

Vinay Rohit, Analyst Okay, okay. Sir, just wanted to know which are the projects there we had toll hike in this quarter?

Satish Parakh, Managing Director In this quarter, we didn't have a ‐‐ like between 1st January and 31st March, there were no toll rate hike.

Vinay Rohit, Analyst Okay, okay. And just wanted to check NHAI also coming up with EPC projects and so are we bidding for them?

Satish Parakh, Managing Director Yes, definitely we'll be participating in EPC projects.

Vinay Rohit, Analyst

And, sir, last question. When do we expect to finish Belgaum‐Dharwad project?

Satish Parakh, Managing Director We are very much in timelines. We should be able to finish by COD date of November. November, okay. Thank you. That's all.

Operator Thank you. (Operator Instructions) We have the next question from the line of Anchit Bhagat from Ambit Capital. Please go ahead.

Anchit Bhagat, Analyst Good evening sir. Sir, I have a question on your depreciation. I understand that you say that there has been revision in the accounting practices, but still, sir, you said that you devised the traffic growth assumption which is why the depreciation is a little bit on the higher side, right?

Satish Parakh, Managing Director Okay.

Anchit Bhagat, Analyst So, you have ‐‐ so the traffic growth assumption, that the traffic could have actually been a little lower in this year than envisaged earlier, so actually your depreciation should have been lower, right, because the numerator is reduced.

Satish Parakh, Managing Director Yeah, yeah, I'll just clarify it. See, we have not changed any depreciation policy. Our depreciation policy continues to remain as per Schedule XIV to the Companies Act. But only thing ‐‐ see, what happens is the depreciation is a function of future toll revenues with this revenues earned in this year. So if I have an ex‐revenue for this year, then I would put a growth rate and a toll rate rise rate.

Anchit Bhagat, Analyst Right.

Satish Parakh, Managing Director And I'll come to the total toll to be earned over the period of next 15 years.


Satish Parakh, Managing Director Anchit Bhagat, Analyst Yeah.

Satish Parakh, Managing Director So in fact, is to absorb the future drop in revenues which we absorbed in this year's ‐‐based on this year's toll collection.

Anchit Bhagat, Analyst Right. So very well understood sir. So, sir, basically now this will be the normalized rate of depreciation going ahead because now you would have already revised your estimated downwards.

Satish Parakh, Managing Director Yeah, we have revised. Now, there are two things which could happen. If there is a good growth rate, what will happen in the future, our revenues will increase, ‐‐ toll ‐ the amortization may slightly go down.


Satish Parakh, Managing Director So it is all the function of current toll collected vis‐a‐vis future. If the run rate is better in this year, then the future revenues will be better. If the run rate is poor, then the future revenues will be poor. So it will either be lower or upper based on the current rate of toll collection.

Anchit Bhagat, Analyst Understood, sir. Understood. Another question was, on the tax expense in this quarter, even if I adjust the 3.8 crores that you would have ‐‐ that you have paid to the settlement commission under appeal, your tax rate still appears to be a little higher at somewhere around 23 crores given your PBT. So any light on that?

Paresh Mehta, Chief Financial Officer See, we had a better revenue in this quarter, right?

Anchit Bhagat, Analyst Yeah, but if you see it as a percentage of PBT, that comes to ‐‐ so I mean, even if I adjust your PBT for all the exceptional items, my number comes to somewhere around 33 crores. And on that, a tax of 23 crores in this quarter

Paresh Mehta, Chief Financial Officer No. The tax provision is based on revenues. 23 crores does not ‐‐ even if you adjust the 3 crore, mainly it's on account of tax that is on EPC turnover. So in the last quarter, EPC turnover is more, the comparative tax rates on EPC are more. And secondly, tax adjustments are to be added in totality with each company's tax effect.

Anchit Bhagat, Analyst Okay, okay. Yeah.

Paresh Mehta, Chief Financial Officer Then you don't get a set up in consolidation. So this tax line item, if we compare on PBT, would not give a clear picture. We have to see individually all companies.

Anchit Bhagat, Analyst Okay. Okay, sir. Understood. So that's pretty much it from my side. I'll get back in the queue for further questions.

Paresh Mehta, Chief Financial Officer Okay.

Operator Thank you. We have the next follow‐up question from the line of Ajit Motwani from Emkay Global. Please go ahead.

Ajit Motwani, Analyst Sir, I had two queries. The Durg and Bhandara project, what are the debts on the books?

Paresh Mehta, Chief Financial Officer On the Durg project, it's approximately 350 ‐‐ on the Bhandara project, almost 350 crores, and on the Durg project, it's almost 370 crores.

Ajit Motwani, Analyst 370, you are saying as of 31st March?

Paresh Mehta, Chief Financial Officer Ajit Motwani, Analyst Was it about 528 last year?

Paresh Mehta, Chief Financial Officer No, no, no.

Ajit Motwani, Analyst Secured loans, yeah.

Paresh Mehta, Chief Financial Officer The total debt sanctioned is 410 crores.


Paresh Mehta, Chief Financial Officer So it's not 500.

Ajit Motwani, Analyst So you are saying 380 on Durg and about 350 ‐‐

Paresh Mehta, Chief Financial Officer Yeah. 350.

Ajit Motwani, Analyst 350 on Bhandara.

Paresh Mehta, Chief Financial Officer Right.

Ajit Motwani, Analyst Okay. Also to get back to that standalone revenue number, looking at the balance work that you have on most of these projects that are under construction, okay, so if I look at the 400 odd crores worth of contribution of Dhankuni project, so even if you get about 750 from there, 350 from Sambalpur, 1,100 and all the work that you have, balance work on Belgaum‐Dharwad, you (inaudible) about 1,300 odd crore revenues.

Paresh Mehta, Chief Financial Officer Correct. Correct. Correct.

Ajit Motwani, Analyst And your share of the two new NDT [ph] project is only about 650 crores on which the LOIs to be sealed, the financial closure is to done.

Paresh Mehta, Chief Financial Officer Correct.

Satish Parakh, Managing Director 850 around.

Ajit Motwani, Analyst Yeah. 650. So even if you ‐‐

Satish Parakh, Managing Director 850. 600 would be Chennai order.

Ajit Motwani, Analyst Your share you are saying?

Satish Parakh, Managing Director Yeah, our share would be 600 and ‐‐

Ajit Motwani, Analyst Your share in construction would be higher there?

Satish Parakh, Managing Director No, it will be 50‐50. But Chennai ORR is 990 crore project, right?

Satish Parakh, Managing Director That is ‐‐ our project cost is around 1,200 crores.

Ajit Motwani, Analyst Got it. Okay. So 850, let's say 850, (inaudible) about 150 crore from there. So you will still be lower than this year's number and any project which is sort of win now, till you get the LOI and financial closure, nothing meaningful can come. So the guidance of a 25% growth on standalone revenues doesn't stack up.

Paresh Mehta, Chief Financial Officer See, new projects is one thing and on the Dhankuni, you said 750, I think it will be higher. It will not be 750 because we have a balance work to be done of 1,500 crores on Dhankuni. So it would not be 50%. It would be higher.

Ajit Motwani, Analyst When is the COD of the project?

Paresh Mehta, Chief Financial Officer COD of the project is, see, it would be mostly ‐‐ yeah, September 14.

Satish Parakh, Managing Director September 14.

Ajit Motwani, Analyst Okay. So it entirely now, you are saying 800 crores is ‐‐

Paresh Mehta, Chief Financial Officer I think as you ‐‐ at least 900 crores is Dhankuni.


Paresh Mehta, Chief Financial Officer Ajit Motwani, Analyst Okay.

Satish Parakh, Managing Director Sambalpur's ‐‐ we have to ‐‐ we do almost 450 crores. There will be some small portion left out in the next quarter, the last quarter.


Satish Parakh, Managing Director The closure of PNG would be there.


Paresh Mehta, Chief Financial Officer So 900 and 1,300, 1,400, 1,500. Almost 50‐50 will stack up from these three projects itself, three ‐‐ four projects.

Ajit Motwani, Analyst Got it.

Paresh Mehta, Chief Financial Officer And around 200 to 250 from new projects.

Ajit Motwani, Analyst Got it, sir.

Paresh Mehta, Chief Financial Officer And a bit from T&D also. I mean, T&D would contribute approximately not less than 200 crores.

Satish Parakh, Managing Director Ajit Motwani, Analyst Okay. Got it, sir. Thanks. Thanks for this, sir.

Operator Thank you. The next question is from the line of Sourabh Arya from Bajaj Allianz. Please go ahead.

Sourabh Arya, Analyst Yes. Good evening, sir.

Paresh Mehta, Chief Financial Officer Good evening.

Satish Parakh, Managing Director Yeah. Good evening.

Sourabh Arya, Analyst Sir, just couple of bookkeeping questions. One is what is the total debt of ABL owned projects at the end of FY13?

Paresh Mehta, Chief Financial Officer ABL projects is only 26 crores.

Sourabh Arya, Analyst Only 26 crores?

Paresh Mehta, Chief Financial Officer You are talking of ABL to the projects or debt taken by ABL?

Sourabh Arya, Analyst I'm talking of projects which are owned by ABL completely and some of them come on standalone, some of them console, right?

Satish Parakh, Managing Director Sourabh Arya, Analyst But what about some which are coming on the console? So combining all that?

Satish Parakh, Managing Director It would be around 2,100 crores total.

Sourabh Arya, Analyst Sir on things, like for example, I'm talking of projects where we are the main shareholder, like we have around 100% stake.

Satish Parakh, Managing Director Correct. 100% ‐‐ because the way we are consolidating.

Sourabh Arya, Analyst Right. Those '11‐'12 projects I'm talking of. So combined there, what is debt number?

Satish Parakh, Managing Director (inaudible)

Sourabh Arya, Analyst The given toll collection is nearly 200 crore, right?

Satish Parakh, Managing Director Yeah.

Sourabh Arya, Analyst So what is the number there?

Satish Parakh, Managing Director 2,100. Toll collection would be higher, sir. Toll collection is almost 600 crores because ‐‐.

Sourabh Arya, Analyst Satish Parakh, Managing Director Yeah, only ABL projects.

Sourabh Arya, Analyst I'm talking about only ABL projects.

Satish Parakh, Managing Director ABL has got a total debt of 26 crores of one project. Then there is projects under ACL. And, of course, you are talking also of the other 100% where ‐‐ which are not part of ACL.

Sourabh Arya, Analyst Right.

Satish Parakh, Managing Director Okay, okay. So that would be approximately 110 crores.

Sourabh Arya, Analyst Okay. Bid around 50, 60 crores here, right?

Satish Parakh, Managing Director Yeah. Right, right.

Sourabh Arya, Analyst One (inaudible) second now we have included NPV of two of the projects in console book, right?

Satish Parakh, Managing Director NPV.

Sourabh Arya, Analyst NPV of premium payable to NHAI.

Satish Parakh, Managing Director Sourabh Arya, Analyst That is a gross amount?

Satish Parakh, Managing Director Correct. Gross amount payable to NHAI over the period of concession.

Sourabh Arya, Analyst So it's just addition of all the sums, there is no discounted method used there?

Satish Parakh, Managing Director Our accounting standards do not allow for discounting of cash flows which are payable in future but which are certain. It only says you have to account for, you cannot do an NPV. So ‐‐ like what ‐‐ your point is right, it could be an NPV number which would be more reasonable. But ‐‐.

Sourabh Arya, Analyst Okay. So that means it seems an inserted number. Okay. Right, right. Thank you sir. That's it. All the best. Thank you.

Satish Parakh, Managing Director Thank you.

Operator Thank you. The next question is from the line of K C Suri from Span Capital. Please go ahead.

Kesvinder Singh Suri, Analyst Yeah, thank you for this. What is the toll collection per day right now?

Satish Parakh, Managing Director For?

Kesvinder Singh Suri, Analyst I mean, across all active projects right now for us? Approximately 1.7 crores ‐‐ 1.9 crores. Sorry, 1.9 crores.

Kesvinder Singh Suri, Analyst 1.9 crores. So this is including the ABL and ACL projects, right?

Satish Parakh, Managing Director ABL and ACL projects.

Kesvinder Singh Suri, Analyst And once all the under construction projects also come on line, what would be your toll collection on a daily basis?

Satish Parakh, Managing Director

See, we have only one project to ‐‐ rather one project to come online that is our Sambalpur project.

Kesvinder Singh Suri, Analyst Okay.

Satish Parakh, Managing Director Which could be to the tune of around 15 ‐‐ 17 lakhs per day as of today.

Kesvinder Singh Suri, Analyst And P&G project where the toll is yet to ramp up due to construction of structures. So it should go ‐‐ this should typically go by around 35 lakhs per day. So it could be around 2.25 lakhs ‐‐ 2.25 crores per day, all projects put together.

Kesvinder Singh Suri, Analyst Okay, sir. 2.25 crore. And now just for my understanding, how would this be split in the terms of ABL and ACL? I mean, how does accounting happen in your books?

Satish Parakh, Managing Director See, on ‐‐ in ACL, when we do a consolidation, all the numbers are stacked together.

Kesvinder Singh Suri, Analyst Satish Parakh, Managing Director So ACL for 2014 would have a toll collection of almost 544 crores. Overall, total toll collection of 924 crores in FY14.

Kesvinder Singh Suri, Analyst Okay.

Satish Parakh, Managing Director That could be the number which you would compare against 925 crores of total gross collection for all the (inaudible) projects, 544 will be the ACL toll collection.

Kesvinder Singh Suri, Analyst Okay. And the remainder about nearly 400 would yours, ABL's?

Satish Parakh, Managing Director Right. Right.

Kesvinder Singh Suri, Analyst Okay. And you said, equity yet to be funded, now for all this is about 550 crores of which 450 will come from SBI Macquarie and 150 from your ‐‐.


Correct. Correct.

Kesvinder Singh Suri, Analyst Okay. That's it. And what is the kind of ROE you look at ‐‐ the internal benchmark for an ROE in terms ‐‐ when you look at financing project?

Satish Parakh, Managing Director See, on a project basis, on a standalone project basis, we look at an ROE of, return on equity of around 17% to 18%. This does not anyway account for the EPC margins if we had (inaudible) EPC announced, it will be on a standalone project 17 to 18% of (inaudible).

Kesvinder Singh Suri, Analyst Satish Parakh, Managing Director The EPC margins are another ‐‐ is another margin over and above the 17, 18% benchmark out of it.

Kesvinder Singh Suri, Analyst Okay, okay. And you're right now, I mean ‐‐ fine ‐‐ I got that. Thanks so much.


Operator Thank you. Your next question is from the line of Divyata Dalal from East India Securities. Please go ahead.

Divyata Dalal, Analyst Good evening, sir. Thanks for taking my questions. Sir, in the press release that is mentioned ‐‐ you have mentioned that there is a profit on sale of investment of around 142 million which is transferred to ACL.

Satish Parakh, Managing Director Correct

Divyata Dalal, Analyst So where is this accounted for in our financial results?

Satish Parakh, Managing Director This will come in the standalone but will not come in the consolidated numbers.

Divyata Dalal, Analyst Okay.


So in the standalone, in other incomes, you'll have this number.

Divyata Dalal, Analyst Satish Parakh, Managing Director But will be knocked off in the consolidated. It will appear in the consolidated.

Divyata Dalal, Analyst Okay. Fine. And secondly coming to our quarterly consolidated numbers, the EBITDA for BOT segment is down considerably as compared to last year from 66% to around 64%. So I understand that this might be contributed by the Durg project. But in addition to that are we seeing any kind of slowdown in our existing ABL projects?

Satish Parakh, Managing Director No. On the BOT segment, the major impact is due to creation of major maintenance reserve of almost 12 crores and higher depreciation due to revision of toll or revision of traffic numbers of almost 14 crores. So these two are the other effects over and above Durg, which has pulled the quarter numbers for this March quarter lower.

Divyata Dalal, Analyst Okay. Sir, in terms of depreciation, so we can assume a similar kind of run rate going forward?

Satish Parakh, Managing Director No, what we'll have to typically do is, you can take the yearly number and use it as a run rate, not the quarterly numbers.

Divyata Dalal, Analyst Okay.

Satish Parakh, Managing Director Because the quarterly ‐‐ because the effect of the traffic revision ‐‐ depreciation due to traffic revision is accounted only in the quarter four.

Divyata Dalal, Analyst Right.

Satish Parakh, Managing Director So what you could do is add up all the quarters and then divide by four or you could take the annual depreciation for the run rate. Run rate. Okay. And coming to our projects in ABL, for example, projects in Indore Edlabad, we've seen that year‐on‐year growth in revenue is like, last year it was around 12% but this year it is just set around 5.4%. So any particular reason for that or like are we seeing any delay in terms of traffic growth here?

Satish Parakh, Managing Director No. We attribute it only to economic slowdown, there is no other reason. And last year, typically the traffic have almost descended.

Divyata Dalal, Analyst

So, what is the outlook for the current year ‐‐?

Satish Parakh, Managing Director Having seen the stagnant growth in the last year, we believe this year based on last year's numbers should be slightly healthier, 5 to 6% but we'll keep our fingers crossed because economics, we don't have any control.

Divyata Dalal, Analyst Right. Right. So any projects where we are seeing an uptick in traffic growth like in Q4 or it's just the slowdown is continuing or any signs of uptick anywhere?

Satish Parakh, Managing Director We have seen slowdown, no doubt. But we have couple of projects like Dhankuni, we have seen the traffic almost as per our expectation. So I believe the growth is there. We'll have to ‐‐ because you don't have a comparative number for the previous year, we'll have to see in this quarter how the numbers pan out.

Divyata Dalal, Analyst Right, right, right. Okay, okay. And sir my last question is on the inventory on a consolidated basis, we've seen the inventory amount double up from 277 crores to around 540 crores in March?

Satish Parakh, Managing Director Majorly because all these three projects are run under full swing, so definitely work is happening and inventory will happen ‐‐ and the billing will happen in the next quarter.

Divyata Dalal, Analyst Okay, okay. Thanks. All right. Thanks a lot sir, for taking my question, sir. Thank you.

Operator Thank you. We have the next follow‐up question from the line of Vinay Rohit from ICICI Prudential. Please go ahead.

Vinay Rohit, Analyst Sir, just wanted to know what is the interest, average interest rate we are paying on our debt?

Satish Parakh, Managing Director Hello. I can't ‐‐ couldn't not hear you.

Vinay Rohit, Analyst Yeah, just wanted to know what is the average rate of interest we are paying on our debt?

Satish Parakh, Managing Director See, it would be in the range of 12 to 12.5%.

Vinay Rohit, Analyst 12 to 12.5%, sir. And sir, what is the debt on ACL balance sheet and what is it could likely to end up at the end of FY14?

Satish Parakh, Managing Director See, the debt on ACL balance sheet would be to the tune of almost 2,000 crores.

Vinay Rohit, Analyst Okay.

Satish Parakh, Managing Director And balance approximately 150 crores ‐‐ 110 crores on ABL.

Vinay Rohit, Analyst Okay. All (inaudible).

Vinay Rohit, Analyst But this ‐‐ what is the number, is expected to be in FY14 end?

Satish Parakh, Managing Director FY14 end this number would go up by almost ‐‐ ACL debt would go up by almost 1,200 crores.

Vinay Rohit, Analyst 1,200 crore.

Satish Parakh, Managing Director That's right.

Vinay Rohit, Analyst Okay. Okay. And sir we have seen traffic declining and the growth not being assured of, is there any detail you would like to share in terms of where are the buckets you see more decline or you see some kind of traffic in your ‐‐ when you're being stable and let's say commercial being more, designing more and passenger being stable. Is this kind of trend you see in your traffic data of all the projects?

Satish Parakh, Managing Director As far as most of our projects are concerned they are not really passenger‐oriented traffic. So again they are morely ‐majorly commercial‐oriented and they are typically in sync with the economic activity of the country. So there is no specific bucket or any reason for the traffic to invariably move different other than any economic activity, maybe local maybe national level.

Vinay Rohit, Analyst Okay, okay. Thank you. That's all.


Operator Thank you. The next question is from the line of Rohit Nagraj from Centrum Broking. Please go ahead. Yeah. Sir, can I get the equity infusion in three of our project, that is Belgaum, Dankuni and Sambalpur respectively. What have been done till date and what is the equity infusion by us in the next one, one and half years till the projects are completed?

Satish Parakh, Managing Director We can take it up separate, because I can give you the number one second.

Rohit Nagraj, Analyst Okay. Fair enough. Equities ‐‐

Satish Parakh, Managing Director (inaudible)

Rohit Nagraj, Analyst And if you can just give me consolidated, how much would be ‐‐ a separate project wise data if you can give me later?

Satish Parakh, Managing Director For the three projects it's around 500 we have infused till date.

Rohit Nagraj, Analyst Okay. And incrementally about 120 we will be including.

Kesvinder Singh Suri, Analyst (inaudible)

Paresh Mehta, Chief Financial Officer See, 400 will come from ‐‐

Kesvinder Singh Suri, Analyst Macquarie.

Paresh Mehta, Chief Financial Officer Macquarie. Right. Okay. Fair enough, sir.

Operator

Thank you. We have the next question from the line of Rahul Metkar from Marwadi Shares and Finance Limited. Please go ahead.

Rahul Metkar, Analyst Thank you for taking my question sir. Sir, with respect to the profitability of the BOT, you just mentioned that there is some major maintenance reserve that has been created of provisioning of 12 crores. Sir, in which project is this created?

Paresh Mehta, Chief Financial Officer It is on Bhandara, Durg, our Amar Nagar Karnal ‐‐ Nagar Karnal ‐‐ Nagar Aurangabad, Nashirabad ‐‐ all these projects they're in the ABL and in ACL which are operational where COT has been clipped, there the provisioning is there.

Rahul Metkar, Analyst Okay. So even if you adjust for this and the incremental depreciation due to revision in the toll expectation, the profitability on a Q‐on‐Q basis is also lower. So ‐‐ and you also mentioned that there is some profitability issues at Durg, so if you could elaborate on this?

Paresh Mehta, Chief Financial Officer Durg, there was no revenue ‐‐ there was for this quarter, we had three months operation in this quarter vis‐a‐vis FY12 there was ‐‐ it was only, see one month and 15 days approximately. So accordingly the loss, because there is a loss in ‐because there is an initial loss in this project, there is a higher contribution of loss by Durg.

Rahul Metkar, Analyst Okay. This loss is at the EBITDA level?

Paresh Mehta, Chief Financial Officer No, no. This is at the P&L level. So that is depreciation and interest level.

Rahul Metkar, Analyst At the EBIT level. But on a Q‐o‐Q basis also there is quite a bit of differential even if you adjust for this 12 crores and 14 crores of the depreciation? Maybe, you can look at that later on.

Rahul Metkar, Analyst Okay. Sir, and what is the revision in the toll expectation that you have done as in ‐‐ with respect to the depreciation amount that you've provided for in this quarter?

Paresh Mehta, Chief Financial Officer See, basically what we've done is only we have changed the current year revenue vis‐a‐vis what we've presumed at the start of the year ‐‐ on 1st April 2012, whatever we have assumed for this year's toll collection. That is adjusted for actual. Balance ‐‐

Rahul Metkar, Analyst Hello?

Paresh Mehta, Chief Financial Officer ‐‐ financial model.

Rahul Metkar, Analyst Sir, I was not able to hear you, I'm sorry for that, but if you could repeat.

Paresh Mehta, Chief Financial Officer Sir, the only adjustment which has been made is only revision of the toll collected for '12‐'13 vis‐a‐vis toll assumed for '12‐'13. Post that, the toll rate rise and the traffic rate rise post 1st April 2013 has been considered ‐‐ the rates have been considered exact the same, only they have been applied to the actual toll collected in '12‐'13 vis‐a‐vis toll to be ‐estimated toll collected in '12‐'13, that's the reason there is a higher charge.

Rahul Metkar, Analyst Okay. So is there any toll rate revision that has happened in this quarter? I mean, the FY14 Q1 in any of ‐‐.

Satish Parakh, Managing Director FY14 Q1 yes. That is Dhankuni project, the Belgaum project and ‐‐.

Rahul Metkar, Analyst And if you could quantify the amount as well, sir? In the Dhankuni project it is approximately 8%. In the Belgaum project it is 8%. And this is toll rate rise due to yearly rate rise.

Rahul Metkar, Analyst Right sir.

Satish Parakh, Managing Director In the Dhankuni we also had a rate rise due to structures. So the overall impact is approximately 30%.

Rahul Metkar, Analyst 30%.

Paresh Mehta, Chief Financial Officer We'll have a rate rise for Indore ‐Edalabad also.

Satish Parakh, Managing Director And we have a rate rise for Indore ‐Edalabad.

Rahul Metkar, Analyst In Q1?

Satish Parakh, Managing Director In Q1 FY14.

Rahul Metkar, Analyst And that would be?

Paresh Mehta, Chief Financial Officer 7%.

Rahul Metkar, Analyst Okay, sir. That's from ‐(inaudible) which is also in Jaora.

Rahul Metkar, Analyst Okay, okay. Thank you, sir.

Operator Thank you. The next question is from the line of Nitin [ph] Arora from Emkay Global. Please go ahead.

Unidentified Participant No. My questions have been answered. Thank you so much.

Operator Thank you, sir. That was the last question from the participants. I would now like to hand the floor back to Mr. Viral Shah for closing comments. Over to you sir.

Viral Shah, Analyst Hello. Thank you everyone for participating in the call. I especially thank the management of Ashoka Buildcon, Mr. Satish Parakh, and Mr. Paresh Mehta for giving us the opportunity to host the call. Thank you. Thank you everyone.

Paresh Mehta, Chief Financial Officer Thank you everyone else.

Satish Parakh, Managing Director Thank you.

Operator Thank you. Ladies and gentlemen, on behalf of Angel Broking Limited, that concludes this conference call. Thank you for joining us. You may now disconnect your lines. Thank you.

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