NJCC in 2011-02-07T01 36 45 Earning

Company Name: Nagarjuna Construction Market Cap: 25,902.
13 Bloomberg Estimates - EPS

Company Ticker: NJCC IN Current PX: 100.95 Current Quarter: N.A.
Date: 2011-02-04 YTD Change($): -39.75 Current Year: 10.708
Event Description: Q3 2011 Earnings Call YTD Change(%): -28.252 Bloomberg Estimates - Sales
Current Quarter: N.A.
Current Year: 67568.750
Q3 2011 Earnings Call

Company Participants
• Dhirendra Tiwari, Motilal Oswal Securities
• Y. D. Murthy, Executive Vice President, Finance
• R. S. Raju, Senior Vice President, Finance and Accounts
Other Participants
• Hardik Shah
• Sunil Kumar
• Analyst
• Pramod Amte
• Madan Gopal
• Sachin Relekar
• Vikas Verma
• Kalpesh Gothi
• Abhinav Bhandari
• Teena Virmani
• Ashish Shah
• Pankaj Chopra
• Sumeet Agrawal
• Vibhor Singhal
• Shailesh Kanani
• Atul Rastogi
Presentation
Operator
Ladies and gentlemen good day, and welcome to the Q3 FY11 Results Conference Call of Nagarjuna Construction
hosted by Motilal Oswal Securities Limited. As a reminder for the duration of this conference, all participants' lines
will be in the listen-only mode. And there will be an opportunity for you to ask questions at the end of today's
presentation. [Operator Instructions]. Please note that this conference is being recorded.
At this time, I would like the conference over to Mr. Dhirendra Tiwari from Motilal Oswal. Thank you and over to you,
sir.
Dhirendra Tiwari, Motilal Oswal Securities

Thank you. Good afternoon ladies and gentlemen. Welcome to 3Q FY11 conference call of Nagarjuna Construction
Company. We are glad to have with us today Mr. Y. D. Murthy, Executive Vice President, Finance; and Mr. R. S.
Raju, Senior Vice President, Finance and Accounts to discuss the results.
Now I hand over the floor to Mr. Murthy. Over to you, sir.
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Company Name: Nagarjuna Construction Market Cap: 25,902.13 Bloomberg Estimates - EPS
Y. D. Murthy, Executive Vice President, Finance

Thank you, Dhirendra. Good evening ladies and gentlemen.
First I will take you through the Q3 performance of the company and after that we can have a question-and-answer
session. And I request to read not more than 25 questions can be taken because of positive time.
As far as the third quarter is concerned the company has achieved a turnover of 1,338 crores as against 1,187 crores, in
the third quarter of the previous year, they were resulting the growth of about 13%.
The EBITDA in the third quarter is 127.6 crores as against 118 in the previous year, and the PAT is 40.43 crores as
against 47.86 crores in the previous year. And the PAT margin is 3.0%, the EBITDA margin is 9.5% for the quarter.
As far as the nine months period is concerned on a standalone basis, the company has reported a turnover of 3,623
crores, as against 3,255 in the nine months of previous year. EBITDA for 356.71 crores, as against 330 crores of
EBITDA in the previous year, and the PAT of 127.79 crores as against 129.99 crores in the previous year.
The PAT margin for the nine months period is 3.52%, the EBITDA margin for the nine months period is 9.8%. On a
consolidated basis the company has reported a top-line of 1,599 crores, that is almost 1,600 crores as against 1,465
crores in the third quarter of the previous year.
The EBITDA margin for the third quarter is 10.9% current year, as compared to 10.5% in the third quarter of the
previous year. The PAT margin is 3.25 for the current quarter and 3.80 for the third quarter of last year.
Nine month period, the turnover booked the 4,516 crores as against 4,097 crores in the nine months of last year. The
EBITDA is 517 crores and the PAT is 171.82 crores. The EBITDA margin is 11.46, the PAT margin is 3.80.
As far as order book is concerned, in the third quarter we have bagged order for 2,741 crores. And in the nine month of
the current year, we bagged order for 6,236 crores, whereby the order book at the end of the third quarter is 17,269
crores.
I will give you the breakup for the order book across various segments. Buildings division has an order book of 6,032
crores, that is 35%; the transportation division has an order book of 897 crores, that is 5%; water and environment
2,228 crores, that is 13%; electrical division 4.7 crores, that is 3%; irrigation 1,792 crores, that is 10%; metal 564
crores, that is 3%; power 1,678 crores, that is 10%; international 2,559, that is 15%. The total order book is 17,268
crores.
Other divisions, in these other divisions comprising of oil and gas, mining and railways 1,071 crores that is 6%, which
is the order book of the company as of the end of the third quarter. As far as a turnovers are concerned, we had a
combined turnover 4,338 crores, including the international subsidiaries. And out of these buildings have contributed
1,211 crores, that is 28%; transportation has contributed 297 crores, that is 7%; water and environment 879 crores, that
is 20%; electrical 380 crores, that is 9%; irrigation 188 crores, that is 4%; metals 250 crores, that is 6%; power 1.64
crores, 3%; international 866 crores, that is 20%.
And the other divisions comprising of oil and gas, mining and railways put together 143 crores, that is 3%. The total
orders executed that is the construction contracts executed in the quarter is 4,338 crores. Our for the first nine months
of the year, it's 4,338 crores.
Based on the performance of the company, we all know in the first nine months of the current financial year, and
looking to guidance that we have given at the beginning of the year, that is about 7,300 crores of top-line on a
consolidated basis and 5,750 crores of our top-line on a standalone basis, we are of the opinion that the targeted
turnovers may not be achieved. There should be a slippage of turnover up to the extent of about 9 to 10% in the top-line
for the current year as a whole.
The reasons for the slippage I shall give you, adverse weather conditions in the third quarter have affected the turnover
of the company substantially. We had extended monsoon, second quarter monsoon was also quite severe. And this has
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impacted the expected turnover by about 70 crores in the third quarter and 173 crores for the first nine months of the
current year.
Delay in release of payments. This has impacted by the clients. This has impacted the third quarter revenues by about
85 crores and with the nine month revenues by about 327 crores. Delay in clearance of works on the land acquisition by
the clients, in the third quarter it has impacted the turnover by about 40 crores and for the nine months it has impacted
turnover by about 150 crores.
So the shortfall in turnover as far as the third quarter is concerned is about 195 crores on account of this three reasons,
and for the nine month period it is as much as 650 crores. This is more or less explains why there is going to be a
shortfall in the turnover of the company for the year as a whole.
As far as the low profit margins are concerned the interest outgoing have increased substantially on account of two
factors; one is the quantum of debt, that is appearing in the books of the company has gone up. We have got the debt of
about 2,319 crores at the end of the third quarter, that means the debt has gone up by 850 crores during the last nine
months.
And also the interest rates, which were around 78% in the first quarter of the current financial year have shot up beyond
10% in the third quarter, that's why the interest outgoing is also substantially gone up. And coupled with the low profits
are on account of losses in the road projects and also delay in payments by clients, which have impacted the cash
receipt of the company. And all-in-all about 22 crores of profits have been impacted in the third quarter.
As far as international subsidiaries are concerned, Nagarjuna Construction Company LLC has done a turnover of 43
crores in the third quarter that is the Dubai subsidiary, and also NCC International that is Muscat subsidiary 170.56
crores, and the NCC Urban Infrastructure that is our real estate subsidiary, about 31.8 crores of turnover and a net profit
of 0.8 crores.
The international subsidiaries are on course as far as the turnovers are concerned, they are likely to achieve the
budgeted turnover for the year as a whole, but the shortfall is coming primarily from the domestic business.
The debt position of the company has gone up to 2,319 crores, as compared to 1,532 crores at the beginning of the year.
And added to this the interest burden, the interest rates at which we are able to procure the data also has gone up
substantially during last nine months. And because of that the interest burden has gone up and that has impacted the net
profit margins. We have reported a net profit margin of only 3.02%, as compared to the 4.03% in the third quarter of
the previous year.
That is as far as the company's performance and our presentation is concerned. Now I request the participants to ask
your questions.
Questions And Answers

Operator
Thank you very much, sir. We will now begin the question-and-answer session. [Operator Instructions]. The first
question is from Hardik Shah from Religare. Please go ahead.
Hardik Shah
Yeah, good evening, sir.

Good evening.
Page 3 of 41
Hardik Shah
We have acquired 55% stake in Nelcast. So, what sort of compensation we have paid for? Second question is during
this quarter, our average tax rate, I mean which is roughly at 41%. So, I presume that we have made a excess provision
due to owning to this IT rate. So, what quantum of liability which you are accessing at this moment.

Yeah. As far as the Nelcast is concerned. It is acquired jointly by NCC and Gayatri Projects, our share being 55%.
Hardik Shah
Right.

The balance 24% was owned by Gayatri Projects.
Hardik Shah
Right.

So we have created a consideration of about 270 crores for the company fully. Out of that our share of commitment is
about 150 crores.
Hardik Shah
Okay.
R. S. Raju, Senior Vice President, Finance and Accounts

About the tax provision, in this quarter we have made an additional provision of 4 crores towards this tax liability.
Hardik Shah
Okay. Sir, what could be our.. I mean how much we are assessing as our total liability due to this IT raid, I mean any
update on that front?

The proceedings still are going on verification, but we are expecting about around 15 crores of the liability on account
of that tax verification.
Page 4 of 41
Hardik Shah
Okay, okay. And sir one more question. What composition of our order book on which we have already started
executions. So I mean out of our roughly 17,000 crores odd of order book, what component of order book which we
have already commenced work on that?

See normally what happens is once an order is given, it takes us two to three months to start the work on the project,
mobilization, manpower, machinery and all that. We are resuming to nearly one month delay whatever orders we
received in the month of December, they will be launched in the month of February, that's how it is.
Hardik Shah
Right, and sir I mean any, I mean what component of orders, which are running delay? Which are running I mean
facing significant delays due to maybe whatever reason, I mean financial closure, delay in financial closure or maybe
lifting of MoEF, I mean environmental clearance?

Road projects are delayed, so primarily because of land acquisition delays. Not only on a cash contract basis, the
construction contracts that we are still executing in the road sector, but also our BOT projects where our subsidiaries
have given the EPC Contract to the parent company, there also impacted mainly because there was delay in acquiring
land by National Highway Authority of India Limited.
Hardik Shah
Okay sir. Now what is the status, I mean how much --

That I will explain.
Hardik Shah
Thank you.

Now... yeah out of 17,000 crores odd order now we have, no order is pending for want of major clearances like your
MoEF clearances or financial closure. Those orders are not there. So what are orders now we have, they have the
clearances except the order what we received in the December or orders are in the committing stage. The orders what
we received in December, as we said they will commence in February or March.
Hardik Shah
Page 5 of 41
Okay. And sir, as far I mean newspaper articles regarding to that road project which we are, we are L1 as of now that
1,500 odd crores of project, we are hearing that Madhucon Projects has filed litigation against this bidding process or I
mean is there any I mean sort of, which we are hearing right now, so I mean any color on that front?

Yeah. See what has happened is the Madhucon bid was not accepted by NHAI on technical grounds?
Hardik Shah
Right.

So, there was some deficiency in the some power of attorney submitted by them.
Hardik Shah
Right.

Whatever is the reason, their bid was not opening... the price bid was not opened. And without their bid being opened
we have become L1 and they are invited as a group to take the project actually. We have declared that we are the
successful builders though the letter of intent is yet to be given to us.
In the meantime as you rightly said Madhucon has gone to High Court and they made a representation that their bid
was lower than our bid and that bid should be opened and the project should be given to Madhucon because they have
quoted lesser than our quote.
Hardik Shah
Yeah.

So we are now the High Court... see NIT institution they have got certain principals based on procedures. If anybody is
disqualified on technical grounds they do not open the price bid of that particular bidder.
Hardik Shah
Right.
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So that is the stand we are taking. Now the matter has gone to Supreme Court, ultimately whatever the Judicial
Authorities have decide based on that they give a direction to NHAI, and based on that they will be finalizing the
matter.
In our opinion this will be going to go for rebidding. Actually the legal position is if their bid is opened they will get the
project. If their bid is not opened we will get the project. But we understand that most probably it may go for rebidding
that is a low ground situation.
Hardik Shah
No sir, that is there. Just two more questions. Sir, given the fact that what we have done in nine months, how do you
end the order inflow that has been there, how do you see FY12 revenue growth planning out, and in terms of margins
do you see any pressure from current levels?

You see the FY12, we normally as I work out it inaugurate business plan that process has started. We submit to the
Board before 31 March, 2011 and get the Board approval and with this plan approved, we give the guidance for the
next financial year to the stock exchanges.
So, I cannot comment how much of the turnover will be done in this FY12. But based on the order book that we have
got and also looking to the various opportunities that are available for the front-line companies like us, we are confident
that top-line growth of 22 to 25% is definitely possible in the next financial year also.
Hardik Shah
Sir on power project, the financial closure and EPC project awards, I mean when do you see those things happening?

Yeah. We already moved with the lenders that we literally consorting for the funding the power project is hardly see
that is Rural Electrification Corporation, they have already sanctioned their share of the debt and the PFC also have
sanctioned. Together RBC and BSE put together 3,200 crores of debt is already sanctioned and the sanctioned at
provinces.
We declared total debt of 5,285 cores, which means there is a gap of about 2,000 crores. Further we have approached to
the State Bank of India and they already gave us inter-ritual sanction and it is going to be converted in to a regular
sanction by the end of this month. And the balance 1,000 cores we are talking to ICICI Bank and they also promised to
give us a sanction by end of February. So, we are targeting financial closures for this project by March 2011.
Hardik Shah
One last question from my side. One is on the road project. Is that included in the order inflows of 2,700 crores?

Absolutely not. See the road project cannot be included in the order book mainly because in order to form an STV
which will become the owner of the project. It was finally consist an agreement with NHAI, it will go for financial
closure. At that time they will file in the EPC. And when the EPC is awarded to the parent company that will find a
Page 7 of 41
reflection in the road to deliver the parent company. So, that order does not include in our order book at all.
Hardik Shah
And sir, power projects what kind of order inflow can you expect... can we expect in the next few months.

Power project order is likely to be finalized in the next two months and most probably EPC will be done by the NCC,
with the power division of NCC. The order price will be about 4,000 to 4,500 crores.
Hardik Shah
Okay, sir. Sir, thanks a lot for taking questions. Thanks.
Operator
Thank you. [Operator Instructions]. The next question is from Sunil Kumar from Birla Sunlife Insurance. Please go
ahead.
Sunil Kumar
Yeah, hi. Sir, wanted to understand the composition of Rs. 2,700 crore of orders which you received in this quarter?

Most of them are building projects and also we bagged irrigation project were bagged and some water related projects
were received.

Electrical also.

Electrical, some projects we have received.
Sunil Kumar
Okay. So like you clarified in the previous question that wood order is not included. So similarly power project order
will also be finalized after the financial closure only?

Yeah, yeah. And EPC is awarded to NCC, that will come into the order book of NCC.
Page 8 of 41
Sunil Kumar
Okay. And it's 2,700 crores of orders, in all the orders you have the financial closure and --

That is incorrect. So, from the power division that is power entrepreneurs, we got another two orders aggregating to
3,000 crores, for which financial closure it will not happen, but they awarded the works to us and notice period also
given to us. But we are waiting for the financial closure. In those two orders, we have not including the order book
position. Once their financial closure is happen, then they will reflect in the order book.
Sunil Kumar
Sorry sir, Rs. 3,000 crore, two orders from this power division?

No. No from power division, outsiders.

From IPP, Independent Power Projects outside of the company.
Sunil Kumar
Okay.

Orders have been received, but they are not included in the order book of the company as of now, mainly because those
particular project companies are yet to achieve financial closure.
Sunil Kumar
Okay, okay.

So what we are trying to say is, we are very carefully observing the position of the orders and only when the orders are
executable, we take it into the order book.
Sunil Kumar
Okay, sure. And when do you expect those orders will finalize?
Page 9 of 41

This quarter, in fourth quarter, we expect to finalize and then it will come into the order book by March and we are
expecting this.
Sunil Kumar
So, you are saying that in this particular financial year, let's say quarter four, from only power division you are
expecting Rs. 4,500 crore of your own power order plus Rs. 3,000 crore this independent --

Yeah, yeah, absolutely. Yeah, yeah.
Sunil Kumar
Okay. And that will obviously mean that your order inflow will be much above some around Rs. 13,000 crore?

Yes, yes.
Sunil Kumar
Okay. And sir these orders which you've received in the quarter, what kind of margins you are expecting I mean the
recent orders like building, irrigation, water which you mentioned?

These will be margin at the division level like building to our EBITDA margin of 10 to 12%, irrigation we have about
10 to 11% and electrical projects we have about 12%, like that the way the margins are available in all these orders.
Sunil Kumar
Sure, sure. So, you are likely to maintain your 10% kind of margins in this financial year as well as next financial year?

Yeah. There was a slippage in the third quarter as I told you EBITDA has come down at the end of nine months it is
9.8%.
Sunil Kumar
Right.
Page 10 of 41

But we are confident we will maintain 10% for the year as a whole, as far as this year is concerned.
Sunil Kumar
Okay, okay. Yeah, understandably in the quarter three because of revenue slippage your EBITDA must be down right
now. And on the tax front the Rs. 15 crore liability you will be providing over what period of time?

By April to by March 2011 we will provide.
Sunil Kumar
Okay, so 4 crore --

Already second and third quarter we have provided and now in the fourth quarter also we will provide.
Sunil Kumar
Sir second quarter how much you had provided additional?

4 crores.
Sunil Kumar
Okay. So four plus four, 8 crore you have already provided.

Yeah.
Sunil Kumar
Okay. Right, sir. Thank you. Thank you so much.
Operator
Thank you. The next question is from Rishi Iyer from Citigroup. Please go ahead.
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Analyst
Hello, sir. This is Deepal here.

Yeah.
Analyst
Sir this order inflow coming from the earlier question, sir I am a little surprised because none of these orders seem to be
having announced on the stock exchange which is usually the case with Nagarjuna. And when we met in January you
said that your order in flow was 3,800 crores till date, so where has this additional 2,000 crores order come from sir?

We actually bagged some orders in the fourth week of December which was not included in the order book at that point
in time. Actually, once we reconciled with our actual exhibition and actual order intake. But I agree with you, you are
right we were not disclosed it to the in press release alone has not been giving at that point in time.
Analyst
But sir now your guidance of order inflow for the full year is now 13,000 crores.

We are not giving any guidance. We are simply saying what is likely to be possible. See, in the beginning we thought
about 15,000 crores including a power order of 5,000 crores. There was a question mark about the power order. Now
that may come by 31st March, then it may come sometimes in April-May that we do not know. So our target is to
achieve 10,000 crores, out of which 6,200 we already achieved. And two more orders are in pipeline which is likely to
come. For the 10,000 crores the target order, excluding the power... our in-house power order, we are going to achieve.
Analyst
Sir, in the Nelcast prospect, once the FC is done, how much equity investments we need to put over the next two years?

Our share of equity for the entire four years will be about 950 crores.
Analyst
And sir, how are we planning to fund it?
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See our first aim is to see that we achieve financial closure. At the HU financial closure we require about 35% of equity
to be brought into the table, which means our share of equity requirement for the financial closure at the FPV level will
be about 250 to 300 crores. Out of which, 150 crores we already invested. So the balance 100 crore we invest from our
internal sources in the next two to three months in HU financial closure. And later on over a period of three years, three
to 3.5 years the balance equity has to come into the project.
That we are having some long-term plans like equity dilution at our holding company that is NCC Infra level and
various other plans are there. And based on that we will be providing the equity as and when required. And you also to
keep in mind that NCC is getting the EPC Contract of the order of about 4,500 crores or so which means nearly 450
crores of profit is also going to be earned by us. Now on the EPC Contract. So whatever profit we generate on the EPC,
we are planning to invest in the equity.
Analyst
Okay. And sir the last question is more on the balance sheet side you mentioned your debt number sir, could we have
your working capital details sir please as of today? The debtors inventory, creditors numbers and stuff like that?

Yeah, it will be. The debt collection period is about 117 days. It has gone a little worst than what it was at the end of
second quarter. We are tightly stressed to improve the debt collection period. The working capital cycle also is getting
to distorted. As far as the inventory is concerned, you are asking about the inventory?
Analyst
Working capital.

Working capital, okay.

I will tell you the details of the... do you want the details of the current assets and current liabilities, or only the working
capital?
Analyst
No sir the whole, all the details sir. Debtors, inventory.

Okay inventory is 895 crores.
Analyst
Okay.
Page 13 of 41

Then sundry debtors 1,529 cores.
Analyst
1,529 cores, okay.

Cash and bank balance 100 crores. Net loans and advances, 2,553 crores.
Analyst
2,553 cores, okay.

It includes loans that is given to the subsidiary companies.

And it also includes the retention money.

Those 521 crores we have given to the group company.
Analyst
Okay.

Then current liabilities, liabilities on closures together 2,068 crores.
Analyst
2,068 crores.

The net current asset are 3,012 crores.
Page 14 of 41
Analyst
So sir, when we say that we will put in another additional 150 crores by March end from our internal sources.

Yes.
Analyst
And you have cash of only 100 crores as of now, any plans of how we are going to do that?

See when we have done nine months of our turnover we booked profit of 127 crores plus the depreciation of yearly
50-60 crores. So, internal generation is taking place. So those funds will be invested in the equity of the power project.
Analyst
But sir, that number would have reflected in your cash balance?

Yeah.
Analyst
So that's what I am saying, if you have generated about 100 crores till date and you need 150 crores by the year-end,
right, additional 150 crores to be invested, then where will the money come from?

No, in internally as of this date to we have put into the various division this working capital to gear up their progresses
and some of the clients with huge amounts were held up and we expect some collections in the fourth quarter. So, there
were the collections without collections and also the working capital loan sanction with bank or without any difficulty,
that another 150 crores is manageable.
Analyst
Okay.
Operator
Excuse me. I am sorry to interrupt. Ma'am, please come back.
Page 15 of 41
Analyst
I'll come back. Yeah, thank you so much.
Operator
Thank you. The next question is from Sujit Jain from Asian Market Securities. Please go ahead.
Analyst
Sir regarding this Nelcast project, are we also looking at Chinese players to supply BTG components?

Yes.
Analyst
One here is that in this current budget maybe that import duties will be imposed on capital goods. In that case, we
would probably miss the opportunity since our financial closure will be over only by March?

The EPC contract we are finalizing in this month itself. As on date, there is no import duty on Chinese equipment. That
is a stand we are also taking, but we will review the situation. If there is any import duties reported in the financial
build-up up for 2011, we will examine that.
Analyst
And, sir the coal linkage, have we taken approval from the ministry and as well as MoEF?

Yeah, yeah. Ministry has already submitted and the letter has gone to Coal India for supplying coal at our new location
at Krishnapatnam, so that is not a problem at all.
MoEF, actually the earlier we have given the clearance with 100% imported coals, now we have more on application
for modifying the MoEF clearance with 70% domestic coal, that is also expected by the time we declare financial
closure.
Analyst
Okay. And the other question is on Dubai project. We said that by December, we will completing six stories. So what is
the development there?
Page 16 of 41
Our work is going on. We are deliberately doing it as a slow manner because it doesn't make any sense to speed up the
process. So now, we are targeting by March to April 2011, the six floors of tower one will be completed.
Analyst
What are the funding details for that project sir so far?

We originally invested about 60 crores, then recently we pumped about 50 crores for that project. So, our exposure is
about 110 crores. We have taken a loan of about 90 crores from ICICI Bank quarterly, and we have brought customer
advances of maybe 180 crores.
Analyst
Okay. And sir, could you give me consolidated debt levels?

One second, we'll give.

Consolidate debt as of 31 December 2010, we had about 4,350 crores.
Analyst
Okay. And apart from Vrindavan and Bangalore project, any other project in road duties have started?

We are expecting COD, that is National Highway Authority of India for OB Infra anytime now and also for Western
UP by March 2011. So by March 2011, these two projects will definitely start generating revenues.
Analyst
Okay. And what kind of connections we've reached in Bangalore elevated project?

We are getting around 17.5 lakhs now. We started with 14 lakhs in April 2010, so there is opportunity as far as the
collections are concerned.
Analyst
Page 17 of 41
Okay. And how much of equity or loan advances so far we have invested in all our elected projects.

Approximately around 700 crores has been invested. It's over to equity and the loans of all other invested projects,
including NCC Urban.
Analyst
How much of that is equity and how much of that is in terms of loans and advances, roughly?

Around 50% will be by way of equity and the balance is by --
Analyst
And how much would you've invested in road projects so far?

Road projects will yield 370 crores heavily invested.
Analyst
Okay sir. That's it from my side. Thanks.

Okay.
Operator
Thank you. Ladies and gentlemen, participants are requested to limit their questions to two per participant. The next
question is from Pramod Amte from RBS. Please go ahead.
Pramod Amte
Sir, this is with regard to your past power project, where you had a trouble. Since you have gone with a Nelcast, do you
have to take that effect in your balance sheet?

No. See what has happened in Sompeta, we have acquired the land, we are ready to launch the projects and
unfortunately the environment clearance was suspended.
Page 18 of 41
Now, we have taken as the matter afresh with the Ministry of Environment and Forest and we are holding on to the
land, that land will not go anywhere. So, we'll not take any hit on the books of the company. And with the approval of
the lender, some of the project related expenditures that we have incurred for the Sompeta Power Project, we are now
transferring it to Nelcast Power Project. So, we are not taking any hit as far as the Sompeta project is concerned.
Pramod Amte
Okay. And sir coming back to this quarter, if I look at on your top-line, you have increased hardly by around 130
crores, whereas your employee costs have gone up by almost around 30 crores, the labor cost.

The third quarter you are talking?
Pramod Amte
Yeah, third quarter versus the second quarter. Your top-line has gone up only by around --

1,300 crores.
Pramod Amte
Yeah.

Top-line increases by 1,300 crores in standalone.
Pramod Amte
Right, right. So, there is nothing significant change in the employee cost?

Yes, yes, yes, yes.
Pramod Amte
Sir, is there a significant charge anything in the labor cost or it's normal looking?

Labor cost was routine. There is no any abnormal things happened in this quarter.
Page 19 of 41
Pramod Amte
Okay.

Labor cost quarter-on-quarter going in the similar level, but only compared to the previous year, there is slight increase
of 1 to 1.5% in the labor cost.
Pramod Amte
Okay. Sure sir. Thanks.
Operator
Thank you. The next question is from Madan Gopal from Sundaram Mutual Fund. Please go ahead.
Madan Gopal
Good evening, sir.

Good evening.
Madan Gopal
Sir, what is the cost of this project Nelcast project now estimated?

Yeah. As I was mentioning earlier, we paid about 270 crores of acquiring the project in full, but they will be under
Gayatri Projects put together, our share being 55%. So, our share of about investment for this project is about 150
crores as of now.
Madan Gopal
Total project cost estimated.

7,000 crores.
Madan Gopal
Page 20 of 41
7,000 crores.

Yeah, yeah.
Madan Gopal
Sir, if 7,000 crores. Okay. When is comes to the EPC side, which are the areas that we can do ourselves internally?

See, one is the balance of the plant. But in this case, we are taking up the BTG also and we are planning to have tripod
agreement with the suppliers of BTG and the project company and EPC contractor, which means the BTG Technology
will also be reflected in our books.
Madan Gopal
In BOP, except for civil construction of the building, main building.

Yeah.
Madan Gopal
I mean power house buildings, can we do any other stuff like can we do anything related to cash handling or something
like that?

Yeah, YAH, absolutely. We have got our full credit power... nearly the 150 people are working there. So, both
capabilities to execute to all BOP works for power projects comprising of semi, mechanical and electrical work.
Madan Gopal
So only, you will get the equipment from the equipment suppliers and you will do the civil work yourself?

Yeah. Erection of equipment will also be our scope, but the performance or the guarantees for the equipment will be
given by the suppliers.
Madan Gopal
Page 21 of 41
Are you talking about any of the BOP companies in this regard due to supply equipments?
Madan Gopal
Yeah, yeah, we are talking to Chinese companies. In fact, we have almost finalized it for our Sompeta power project
the equipment supplier. The same supplier will now supply to Nelcast.
Madan Gopal
So, the BOP equipment also Chinese are much competitive compared to the Indians.

Yeah.
Madan Gopal
Okay, okay. Thank you, sir. Thanks for taking my questions.
Operator
Thank you. The next question is form Sachin Relekar from Tata Mutual Fund. Please go ahead.
Sachin Relekar
Sir, you said you paid 270 crore for Nelcast, like how much premium you paid to the Nelcast Energy there?

In approximately 50%.
Sachin Relekar
Okay. And secondly sir you mentioned that now the most of the orders are not pending for any of the clearances, I
mean there are factors which impacted your revenue basically for nine months. Are there still some pending issues like
do you see now execution going forward will be much smoother as compared to what expect for the regulatory issues
which is not in anybody's control there?

In fact, the fourth quarter it should be good. We have targeting the top-line for nearly 2,000 crores. Many of the issues
are behind us, and definitely the weather issue is not a problem now.
Sachin Relekar
Page 22 of 41
Okay. And sir you mentioned that ITC orders, two orders which you have not declared so far and the financial closure
is pending, I just want to clarify like the financial closure is pending on the client side or you are not closed those?

In the client side.
Sachin Relekar
So, client financial closure is still to be done.

Yeah, yeah, yeah.
Sachin Relekar
Okay, okay. That's all from my side, thank you.
Operator
Thank you. The next question is from Vikas Verma from B&K Securities. Please go ahead.
Vikas Verma
Thanks. My almost all the questions have been answered.

Okay. Thank you.
Operator
Thank you. The next question is from Kalpesh Gothi from Wallfort Financial Services Limited. Please go ahead.
Kalpesh Gothi
Good morning sir. Sir, international fund, what's your revenue target for the FY11 and FY12?

FY11 international companies both together are expected to view a top-line of about 1,200 crores. And out of which,
really 860 crores we achieved in the first nine months. There on target to achieve wage rate number.
As far as 2012 is concerned, we are yet to finalize the business plan. Only after that we will be able to tell about the
turnover expected from the international company.
Page 23 of 41
Kalpesh Gothi
Okay. And what is your order inflow for the division nine month for the international side?

International, there is only about 133 crores of the small orders we got, so for during the last nine months.
Kalpesh Gothi
Okay sir. So, we are going to the international side?

Yeah, yeah. We are actually looking at consolidation and we are actually planing to complete the projects. And in fact,
I am very glad to say that one villa project Abu Dhabi and one waterline or pipeline project in Dubai and one road
project in Muscat have already been completed. We are planing to complete one more road project in Muscat in the
next three to four months.
Kalpesh Gothi
Okay. And sir, we have talked about the tax liability for the IT rate close to 15 crore and we have already booked 8
crore. So, in fourth quarter, we likely to book 7 crore?

Yes, yes.
Kalpesh Gothi
Okay, okay. Thank you, sir.
Operator
Thank you. The next question is from Abhinav Bhandari from Elara Capital. Please go ahead.
Abhinav Bhandari
Hi, sir. Good evening. Could you just give the nine months performance of Dubai, Oman and NCC Urban?

Yeah, surely.
Page 24 of 41

Now Oman company, in the first nine months reported a turnover of 398 crores, an EBITDA of 10.2% and profit after
tax 1.5%. The Dubai company reported a turnover of 388 crores, EBIT of 8.6% and the PAT of 6.7%.

NCC Urban.

And NCC Urban you want?
Abhinav Bhandari
Yeah.

113 crores it has reported; an EBIT of 36%, PAT of 1.6%.
Abhinav Bhandari
Sir, any update on our Pondicherry project, road project?

Yeah. It is going as per schedule, but we were planning that it will be completed by March 2011. There could be
overrun of just by one month, maybe by April we'll complete.
Abhinav Bhandari
And Himachal Sorang how is the progress, how much of equity have gone in?

You see, we declared financial closure during 2007, the project is on execution. Work is going on as per schedule and
we are likely to declare a commercial operation by December 2011. And the debt is being drawn as per the requirement
of the projects and likewise matching the equity is also going into the project.
Abhinav Bhandari
How much project would have been completed now, percentage?
Page 25 of 41
See total cost is 600 to 700 crores now, out of which, I think 450 to 475 crores has been completed.
Abhinav Bhandari
And could you just give the investment figures from the balance sheet?

Investment in --

100 crores, roughly 100 crore so far we have invested as a equity.
Abhinav Bhandari
Pardon, can you come back with this?

Over 100 crores has been invested.
Abhinav Bhandari
Since March '10 you are saying?

No, till date.

Till date.
Abhinav Bhandari
There is only 100 crores in our balance sheet, is it standalone?

Yeah, that is our share of equity in the project.
Abhinav Bhandari
Yeah, so this...
Page 26 of 41

The tax figure I will tell you, but roughly I told you.
Abhinav Bhandari
No, no. I am saying NCC standalone business, the balance sheet investment figure what it would be like?

Okay. One second. It is 1,051 crores at the end of third quarter.
Abhinav Bhandari
Out of it, I believe 370 is in gross.

Yeah.
Abhinav Bhandari
Power would be how much sir?

Power, the major investment is done into Himachal Sorang, which is approximately 100 crores, then the Nelcast
payment, really 100 crores is there up to December. The balance 50 crores has gone after from that December, and
there are still investment in our real estate projects.
Abhinav Bhandari
Which would be how much roughly?

That's roughly about 700 crores.
Abhinav Bhandari
That's it from side sir. Thanks.
Page 27 of 41
Yeah. Welcome.
Operator
Thank you. The next question is from Anshul Chavan from Graffle. Please go ahead.
Analyst
Good evening, sir.

Good evening.
Analyst
Just wanted to ask, can you throw some light on why being the slow pace of construction, that is implementation of
NHDP projects in general, not only of your company but in general, what's the scenario?

What projects the MABP?
Analyst
NHDP.

What is that stand?
Analyst
National Highway Development Program.

NHDP. See actually there were some slowdown as far as NHAI is concerned in the award of contracts in the last six to
seven months because of their internal problem. And the NHDP in general suffered mainly because of delays in land
acquisition. We also suffered and the other developers are also suffering. So, that is the only reason I can tell you.
Analyst
Okay. And sir in terms of awarding, I suppose that till Jan, we have already awarded some 4,500 kilometers. By the end
of '10-'11, how much do you expect would be awarded in this program?
Page 28 of 41

There, I think nearly 2,000 kilometers we are expecting in the next two to three months, that is what we understand.
The award of contract has picked up now and it is likely to go ahead for at least another three, four months.
Analyst
Okay. Sir, how many of your old projects are in RFP and RFQ?

We are pre-qualified for about 20 packages as of now. One package we were almost to the L1, but we had this legal
issue and all that. But we are confident going forward we will win at least one or two projects totaling in 4,500 to 5,000
crores.
Analyst
Okay. Thank you so much.

Thank you
Operator
Thank you. The next question is from Teena Virmani from Kotak Securities. Please go ahead.
Teena Virmani
My question has been answered, sir. Thanks a lot.

Thank you
Operator
Thank you. The next question is from Ashish Shah from IDFC Securities. Please go ahead.
Ashish Shah
Yeah. Good afternoon, sir.
Page 29 of 41
Good afternoon.
Ashish Shah
Sir, I just wanted to dwell a little bit more on the receivables that we are saying that we get daily, you are seeing some
delay. So, who would be these clients if you would like to say and in how much time do you expect to receive the
money?

Over the negation projects in NPA, there has been delay in payment of our bills beyond the six months. Its in our own
trade month, that's all.
Ashish Shah
And how much of that be sir in contract?

Pardon?
Ashish Shah
If you could quantify the same sir?

Nearly about 130 crores.
Ashish Shah
Okay.

And also some projects in our water environment division during the year some payment delay were there. Our
electrical projects, some delays further in U.P. and elsewhere. Altogether, the debt collection period has gone up to the
nearly 117 days. Our aim is to see that we bring it down to below 100 days.
Ashish Shah
Sir, what the visibility on these receivables coming down in the near future? I mean do you expect that some concrete
developments have taken place, because of which in the next one month or so, these receivables could come down or
this could drag on for long time?
Page 30 of 41

You see, our clients are mostly government agencies. So, much depends on their ability to bring the money to the table
and pay me with contractors. And we will carefully examine the situation that about the client and the ability to pay our
bills, then only to we'll take up the projects. Definitely some clients were not able to bring the funds to the table, more
of the alternative than to stop the work or go slow down as far as that particular project is concerned, and that is what is
happening.
Ashish Shah
And sir, in case of your own road projects, you are saying that some receivables are slow to come by even in gross
projects. So, what is the reason really, because --

Road project, we have not said the receivables. What we've said is our delay in land acquisition by NHAI, and because
of that the PEs will suffer, that is the clients have suffered. And on account of that, the EPC contractors also have
suffered.
Ashish Shah
Okay. But there is no issue of delayed receivables from...

No, delayed receivables is not there.
Ashish Shah
It's only delayed execution?

Yeah, yeah. See most of your projects, we declared financial closure, which means the funds are available on cap. As
soon as we complete a quarter, we can submit a running bill. They take care of the payment, but drawing the required
debts from the institution. So, there are not much delays as far as payment is concerned.
Ashish Shah
Right. Okay sir. Thank you.
Operator
Thank you. The next question is from Pankaj Chopra from Shanti AMC. Please go ahead.
Page 31 of 41
Pankaj Chopra
Yeah. Thank you for taking my question. Sir, my question is more relating to the environment. Can you tell me... can
you tell us how is the situation changing in various states in terms of being more favorable for your execution in
various segments and various states? And what is the cause... it will be in the... I can follow with my second question
after this.

No. The macro environment looks quite good as far as our sector is concerned. There is a recognition not only by
Central Government, but also the State Government to see that the economic progress is sustained. The biggest
bottleneck is physical infrastructure, and so they are taking a lot of measures to see that physical infrastructure is
brought up to international standards. So, that is the one biggest positive as far our business is concerned.
Now, the number of states are taking initiatives. Again it varies from some state-to-state and sector-to-sector. I may not
be able to tell all those things in this conference call. But, for example, AP we believe that it has reached the level of
saturation as far as the irrigation projects are concerned. Now we are concentrating on neighboring states like Madhya
Pradesh, Orissa and also Bihar, Gujarat and Maharashtra where were we actually are bad from irrigation projects.
Likewise, we look for opportunities wherever they are available, be it in irrigation, be in and whatever the environment,
be it in electrical projects, we are ready to go. We are an all India company and we are taking projects on all India
basis.
Pankaj Chopra
Sir, I appreciate your answer and maybe this answer would have been same may be a year ago, because the long-term
story, what everyone talks about in this sense. My question was more specific about the recent timeframe. I believe and
this is the understanding we get by reading, talking to other people in the same business that there has been log jam of
decision taking in the bureaucracy on various segments and sectors. This was now for various reasons of corruption et
cetera, have you foreseen that and is that... do you think its becoming a hindrance in for your execution?

The issues like corruption and all I will not like speak in this forum.
Pankaj Chopra
No sir and it's not worth. It's delaying decision-making at the bureaucratic level.

Some delays are there, and you should know how to manage the situation and target wise and project wise and credit
wise. That kind of capabilities you should be able to generate into the organization, then only you can progress as a
construction company.
Pankaj Chopra
Page 32 of 41
So, let me put in another way, sir. So you said that, there was loss of revenue, because you were not able to complete or
there were certain issues because of which there was revenue loss, which is not really your fault.

Yeah, absolutely.
Pankaj Chopra
Yes. Now, so shall we say that the company was not able manage the situation not in the monsoon, monsoon is not
dependent but the other issues like clearances.

It is beyond our control.
Pankaj Chopra
Yes.

Like the land acquisition has delayed by two years is one project.
Pankaj Chopra
Correct.

We don't want to name the project. As a contractor, I am helpless spectator.
Pankaj Chopra
Right.

See land acquisition is state subject. Central government, the district administration, they are involved in acquiring the
land.
Pankaj Chopra
Right.
Page 33 of 41

Earnings of land acquisition will be provided by National Highway Authority of India. If there is a disconnect between
NSA on one side and the state government on the other side, the land acquisition process in that particular state gets
delayed. But in the process the contractors have been suffering or the developer is suffering, that is a point I make.
Pankaj Chopra
Yeah. I agree with you, sir. So and my understanding is that, that position is worsening for many contractors and you
don't seem to be giving us the same opinion.

Let us not go into debate on all these issues, let us concentrate on the performance of the company.
Pankaj Chopra
Yes.

I suggest that we move onto the next question.
Pankaj Chopra
Okay. Alright. Thank you very much. I don't have any others.
Operator
Thank you. The next question is from Sumeet Agrawal from MetLife. Please go ahead.
Sumeet Agrawal
Sir, I am done with my question. Thanks a lot sir.

Thank you.
Operator
Thank you. The next question is from Vibhor Singhal from Alchemy Shares. Please go ahead.
Vibhor Singhal
Page 34 of 41
Good evening, sir. Just a quick question. In the wake of the increase in raw material prices, I mean are we seeing a cost
or basically a drop in our margins or is it something we see pressure on our margins?

Actually the drop in margins in the third quarter have been because the non-achievement of the client turnover.
Vibhor Singhal
Correct sir. But going forward, are we... these are margin pressures or maybe there was also some news that there was
some shortage of labor also in AP?

As far as the order book is concerned so far whatever we have, we are not forcing any heavy pressure on the margins.
But what nowadays we understand from the tender provision is there is a competition in the tender bidding level.
Vibhor Singhal
Okay.

So when competition is there is there, naturally 1 or 2, 3% the normally they Are going to try to reduce while quoting
the tenders.
Vibhor Singhal
Okay. Fair enough. Sir, the... just the last thing, in the order book, I mean how much of the share of the contracts would
be fixed price contract if we have any at all?

Yes. Nearly 80% of the contracts are this escalation norms.
Vibhor Singhal
Escalation norms. Okay.

And 20% we all designed here.
Vibhor Singhal
Page 35 of 41
Sorry sir. I didn't get that.

Yeah.
Vibhor Singhal
So, the 80% is probably the price one the price of escalation loss.

Yes, yes.
Vibhor Singhal
Okay. Fine. Thanks a lot sir. Thank you so much.

Thank you.
Operator
Thank you. The next question is from Shailesh Kanani from Angel Broking. Please go ahead.
Shailesh Kanani
Thanks for taking my question, sir. I have couple of questions, one on the revenue front. Can you give me the breakup
of the third quarter revenue segment wise?

Third quarter revenues?
Shailesh Kanani
Yeah.

Yeah.
Shailesh Kanani
Page 36 of 41
On a standalone basis.

No, right now we don't have. We've got only nine months breakup.
Shailesh Kanani
Okay. Sir, the reason I am asking this question is I believe second quarter dues from AP government very marginal,
like 25-30 crores and this quarter has gone to 320 crores. And the contribution from the irrigation segment to the 2Q
revenues were also marginal. So, have the book been started at AP aggressively on the irrigation front? Can you throw
some light on that?

Where from the figure, but 320 crores.

Not 320, that is... the over dues in AP irrigation projects around 131 crores at the end of third quarter. See, it's the
dynamic figure. It keeps changing from quarter-to-quarter. We cannot draw any conclusions.
In fact, we have created most of our bills up to July 2010 and that's why there was a slippage in outstanding bills to be
paid at the end of the second quarter, whereas now third quarter it has mounted again.
Shailesh Kanani
So, it's 320 crores, right?

No, no, 130 crores.
Shailesh Kanani
130 crores?

Yeah, yeah.
Shailesh Kanani
Okay, okay. So nearly 100 crores which I was wondering. Okay, sir. Sir, one more question on the order book front.
Sir, have you seen any order cancellations in this quarter?
Page 37 of 41

No, there are --
Shailesh Kanani
Because if I do simple maths, there will be difference around 250 crores in the order inflow and considering the order
book what we had in last quarter. There are no cancellations as such, right?

No, that we cannot draw. You see, what happens is some small orders we keep receiving, but we are not giving press
release. So, you will not be able to conclude conclusively what is the actual position of order book based on the press
release given by us from time-to-time.
Shailesh Kanani
Okay. So, there no cancellation as such?

There are no cancellations.
Shailesh Kanani
Thanks a lot, sir. That's all I have.
Operator
Thank you. Ladies and gentlemen, we will take one last question from Atul Rastogi from Daiwa Capital. Please go
ahead.
Atul Rastogi
Yeah. Good evening, sir. Thanks for taking my question. One was on your revenue, you said revenue forecast for next
year, considering that your order book now is almost 40, 38% buildings, do you think the pace of execution should
significantly pick up and you could actually beat your focus, especially if you get some of the power points and above?

Absolutely. Building segment is our backbone and it is contributing more than 35% of the order book and more than
48% of the turnover at the end of nine months, and this trend is likely to continue. It is one of our oldest divisions and
luckily because of the general growth in the economy, there is a tremendous demand for quality builders in the building
segment and we are able to capture good business with better margins. So, that is likely to continue for sometime.
Page 38 of 41
Atul Rastogi
But has your I mean average time for the order book, has it come down, average execution cycle because it has moved,
the order book has moved towards buildings, I think?

No. In buildings also, we have the execution schedule, 15 months to maximum 24 months.
Atul Rastogi
Okay.

So, these whatever orders which I could report in the normal turnover and there won't be any reduction in reporting the
revenues because of they are having more orders from the building segment.
In fact, now we are in the safe zone. Earlier, we have more road projects and there so many high intensives and so
many non-accruals from the government, thereby we couldn't issued as planned. But in case of billing projects and we
are not anticipating any such type of finances, therefore whatever normal they have planned, they are now able to
achieve in the quarter wise or year wise.

You see the book-to-bill ratio remains more or less the same, but we are planning these power orders in the fourth
quarter and once they come, the book-to-ratio will change substantially because those orders will be for a longer period,
36 months, 39 months like that, that picture will emerge only in April 2011.
Atul Rastogi
Okay. Sir, just one last questions on the power project. Sir, total project costs 7, 000 crores and EPC is around
4000-4,500.

Yeah.
Atul Rastogi
So, the difference is entirely IDC and --

No, some amount is...
Page 39 of 41

Land cost.

Land cost is there and some items may not be in our scope as EPC and that's why the EPC is looking a little less.
Legally, EPC should be around 5,000 crores. Those figures will... correct numbers we will be able to give maybe by the
end of this month.
Atul Rastogi
Okay. But land has been totally acquired, I thought.

Yeah, land is acquired.
Atul Rastogi
So, that is already in the 250 cores that you've paid?

Yes.
Atul Rastogi
Okay. Okay. That's all from my side.
Operator
Thank you. Ladies and gentlemen, that was the last question. I would now like to hand over the conference back to Mr.
Dhiren Tiwari for closing comments.
Dhirendra Tiwari, Motilal Oswal Securities

Thank you ladies and gentlemen for attending this call. I would like to thanks Mr. Murthy and Mr. Raju for taking out
time to attend and discuss the result with us. Thank you, sir and have a very great evening.

Thank you. All the best.
Page 40 of 41
Thank you. Thank you very much.
Operator
Thank you. On behalf of Motilal Oswal Securities Limited, that concludes this conference call. Thank you for joining
us and you may now disconnect your lines. Thank you.
This transcript may not be 100 percent accurate and may contain misspellings and other inaccuracies. This transcript
is provided "as is", without express or implied warranties of any kind. Bloomberg retains all rights to this transcript
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Page 41 of 41

NJCC in 2011-02-07T01 36 45 Earning

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Company Name: Nagarjuna Construction Market Cap: 25,902.

13 Bloomberg Estimates - EPS

Q3 2011 Earnings Call

Dhirendra Tiwari, Motilal Oswal Securities

Y. D. Murthy, Executive Vice President, Finance

Questions And Answers

Y. D. Murthy, Executive Vice President, Finance

Y. D. Murthy, Executive Vice President, Finance

Y. D. Murthy, Executive Vice President, Finance

Y. D. Murthy, Executive Vice President, Finance

R. S. Raju, Senior Vice President, Finance and Accounts

R. S. Raju, Senior Vice President, Finance and Accounts

Y. D. Murthy, Executive Vice President, Finance

Y. D. Murthy, Executive Vice President, Finance

R. S. Raju, Senior Vice President, Finance and Accounts

R. S. Raju, Senior Vice President, Finance and Accounts

Y. D. Murthy, Executive Vice President, Finance

Y. D. Murthy, Executive Vice President, Finance

Y. D. Murthy, Executive Vice President, Finance

Y. D. Murthy, Executive Vice President, Finance

Y. D. Murthy, Executive Vice President, Finance

Y. D. Murthy, Executive Vice President, Finance

Y. D. Murthy, Executive Vice President, Finance

Y. D. Murthy, Executive Vice President, Finance

Y. D. Murthy, Executive Vice President, Finance

Y. D. Murthy, Executive Vice President, Finance

R. S. Raju, Senior Vice President, Finance and Accounts

Y. D. Murthy, Executive Vice President, Finance

Y. D. Murthy, Executive Vice President, Finance

R. S. Raju, Senior Vice President, Finance and Accounts

R. S. Raju, Senior Vice President, Finance and Accounts

Y. D. Murthy, Executive Vice President, Finance

Y. D. Murthy, Executive Vice President, Finance

Y. D. Murthy, Executive Vice President, Finance

R. S. Raju, Senior Vice President, Finance and Accounts

Y. D. Murthy, Executive Vice President, Finance

Y. D. Murthy, Executive Vice President, Finance

Y. D. Murthy, Executive Vice President, Finance

Y. D. Murthy, Executive Vice President, Finance

Y. D. Murthy, Executive Vice President, Finance

Y. D. Murthy, Executive Vice President, Finance

Y. D. Murthy, Executive Vice President, Finance

R. S. Raju, Senior Vice President, Finance and Accounts

R. S. Raju, Senior Vice President, Finance and Accounts

Y. D. Murthy, Executive Vice President, Finance

Y. D. Murthy, Executive Vice President, Finance

Y. D. Murthy, Executive Vice President, Finance

Y. D. Murthy, Executive Vice President, Finance

Y. D. Murthy, Executive Vice President, Finance

Y. D. Murthy, Executive Vice President, Finance

Y. D. Murthy, Executive Vice President, Finance

R. S. Raju, Senior Vice President, Finance and Accounts

R. S. Raju, Senior Vice President, Finance and Accounts

R. S. Raju, Senior Vice President, Finance and Accounts

R. S. Raju, Senior Vice President, Finance and Accounts

R. S. Raju, Senior Vice President, Finance and Accounts

Y. D. Murthy, Executive Vice President, Finance

R. S. Raju, Senior Vice President, Finance and Accounts

R. S. Raju, Senior Vice President, Finance and Accounts

R. S. Raju, Senior Vice President, Finance and Accounts

R. S. Raju, Senior Vice President, Finance and Accounts

Y. D. Murthy, Executive Vice President, Finance