Aditya Birla Real Estate Limited — Q2 FY26

Aditya Birla Real Estate Ltd Q2 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=suwIGw0R2BY Published: 6 months ago

0:01 1 second Ladies and gentlemen, good day and welcome to Adita Burla Real Estate Q2 FY26 results conference call hosted by 0:10 10 seconds Ambit Capital Private Limited. As a reminder, all participant clients will be in the listenon mode and there will 0:18 18 seconds be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please 0:26 26 seconds signal an operator by pressing star 10 on your touchstone phone. Please note that this conference is being recorded. 0:35 35 seconds I now hand the conference over to Mr. 0:37 37 seconds Karan Kana from Ambbit Capital. Thank you and over to you sir. 0:42 42 seconds Thank you moderator. Uh and good morning everyone and on behalf of Ambit Capital 0:48 48 seconds I welcome you all to the Q2 and H1 FI26 earnings call of Aditya Bila Real 0:55 55 seconds Estate. In today's call we have with us the management of the company represented by Mr. RK Dharma managing director Adita Berla Real Estate Mr. 1:07 1 minute, 7 seconds Katy Jatendran managing director and CEO Berla Estates Mr. Mr. Nihel Sha CFO 1:15 1 minute, 15 seconds Arita Bila Real Estate and Mr. Ko Sha CFO Bila Estates. Without further ado, let me hand over the call to Mr. 1:25 1 minute, 25 seconds Dharmmia post which we can set the floor open for Q&A. Thank you and over to you sir. Thank you Karan. 1:33 1 minute, 33 seconds Good morning everyone and welcome to the earnings conference call for the second quarter and half year of the finance year 2026. 1:45 1 minute, 45 seconds As many of you know at Adida real estate we are in a strategic transformation shaping the company into one of the 1:53 1 minute, 53 seconds India's most focused and future ready real estate platforms. 1:59 1 minute, 59 seconds The broader macroeconomic environment in India has remained supportive during the quarter under review. India GDP grew by 2:09 2 minutes, 9 seconds 7.8% in the second quarter of calendar year 2025 exceeding expectations 2:17 2 minutes, 17 seconds prompting the Reserve Bank of India to revise its fullear growth outlook upward upward from 6.5 to 6.8%. 2:27 2 minutes, 27 seconds Inflation eased to 7.2.07 in August 2025 supported by lower commodity prices and monetary easing. 2:38 2 minutes, 38 seconds The stability of Indian economy underpinned by resilient domestic consumption and continued public capital 2:46 2 minutes, 46 seconds expenditure has reinforced positive sentiments across both the residential and commercial real estate segments. 2:55 2 minutes, 55 seconds Under this backdrop, the Indian real estate market continue to demonstrate genius and steady growth with sales 3:04 3 minutes, 4 seconds outpacing launches in Q2 and for the first half of the this financial year. 3:10 3 minutes, 10 seconds The luxury and premium housing categories continue to outperform with sales in unit priced above rupees 10 3:18 3 minutes, 18 seconds million growing by 13% year on year and now constituting over half of all transaction 3:26 3 minutes, 26 seconds price appreciation has been particularly strong in NCR and Bangaluru with recordage increase increases of 19% and 3:35 3 minutes, 35 seconds 15% project with right product right ation and trusted brand brand name are continuing to witness healthy transaction. 3:46 3 minutes, 46 seconds There is a growing emphasis on sustainability and innovation. Green building practices, energy efficient design and 3:55 3 minutes, 55 seconds smart infrastructures are increasingly influenced both buyers preferences and regulatory frameworks. It is important 4:03 4 minutes, 3 seconds to note this is the an area where bida state excels during the second quarter of financial year 2026. 4:14 4 minutes, 14 seconds Our primary efforts were directed toward driving sales momentum in existing portfolio ensuring strong construction 4:23 4 minutes, 23 seconds execution across all sides and preparing for a robust launch pipeline in the quarters 4:30 4 minutes, 30 seconds ahead. Consequently, our performance reflect the sustained interest in our projects and underlying strength of the Bila state drive. 4:41 4 minutes, 41 seconds I am happy to report that we had a very strong bookings for the quarter of rupees 890 crores up by 111% 4:51 4 minutes, 51 seconds against the previous quarter. Despite the absence of launches, operational traction remained healthy in our 4:58 4 minutes, 58 seconds flagship projects. Bila Na in Mumbai and Bilaara in Bangaluru record a robot sale 5:04 5 minutes, 4 seconds of rupees 320 crores and 326 crores respectively reflecting continued customer difference of our brand and 5:13 5 minutes, 13 seconds product quality as on 30th September 2025 80% of our lost area across India 5:21 5 minutes, 21 seconds has been sold underscoring the depth of demand across our portfolio we have strengthened our launch pipeline 5:30 5 minutes, 30 seconds with RA approval received for our two projects in Pune. Bilm at Manger and 5:36 5 minutes, 36 seconds Bila Puna at Wels Road. Our launcher pipeline for the remainder remainder 5:43 5 minutes, 43 seconds finance year 26 remain robust with an estimate gross development value GDV of 5:51 5 minutes, 51 seconds rupees 13,900 crores. We continue to remain confident of achieving this launch pipeline as guided for the year. 6:00 6 minutes This also includes the next phase of a market bilara in Mumbley. The new phase of bila nav and burugram and fresh 6:09 6 minutes, 9 seconds development in tane and bchar. Overall our total GDB stands rupees 70,000 crores providing multi-air growth visibility. 6:19 6 minutes, 19 seconds On the sustainability front, I'm delighted to share that Bila Nar and Bila Tishia have won the prestigious 6:26 6 minutes, 26 seconds award of honor from British safety council demonstrating excellence in the management of health and safety risk at 6:34 6 minutes, 34 seconds work. It is important to note these are the only real estate projects across India to receive this prestigious honor. 6:43 6 minutes, 43 seconds Additionally, real estate has been recognized as a global and regional sector leader in 20 in the 2025 GREB 6:53 6 minutes, 53 seconds real estate assessment including number one ranking in Asia under residential category. These recognitions underscore 7:01 7 minutes, 1 second our unwavering commitment to responsible sustainable development and industryleading ESC. Overall, our 7:10 7 minutes, 10 seconds performance is due to reflect resilience amid consolidation and a strong fundamental supporting our long-term 7:17 7 minutes, 17 seconds growth. With a healthy balancing, a strong brand equity and exciting launch pipe, we remain well positioned to 7:25 7 minutes, 25 seconds deliver our strategic priority in the coming quarter. With that, we can now open the floor for the question and answer session. Thank you. 7:38 7 minutes, 38 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press 7:46 7 minutes, 46 seconds star and one on the touchstone telephone. If you wish to remove yourself from the question queue, you 7:52 7 minutes, 52 seconds may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will 8:01 8 minutes, 1 second wait for a moment while the question key assembles. 8:13 8 minutes, 13 seconds The first question is from the line of Akash Gupta from Namura. Please go ahead. Hi. Am I honorable? 8:21 8 minutes, 21 seconds Yes. Yes Akash you are. 8:23 8 minutes, 23 seconds Hi sir. Uh congratulations on good performance in the second quarter. Sir my first question is with respect to your project and planning. Uh I think uh 8:32 8 minutes, 32 seconds we have been waiting for approvals for this project for quite some time. Uh my question is that what is the current 8:40 8 minutes, 40 seconds status of approvals for your project in Paneer and how confident are we that we will be able to launch it in the second half? That's my first question. 8:49 8 minutes, 49 seconds Yeah. So that the we all know Akash the NGT ruling which prevented state authorities from issuing the 8:56 8 minutes, 56 seconds environmental clearances. uh but that is gone now and we have already uh had our hearing at the uh committee. We're 9:05 9 minutes, 5 seconds expecting the minutes of meeting any day uh and we are expecting the RIA to be uh achieved this quarter itself. 9:14 9 minutes, 14 seconds So we are all set for the launch in Q4. 9:20 9 minutes, 20 seconds Got it. And so my second question is with respect to your operating cash flow. Uh in the first half our operating 9:27 9 minutes, 27 seconds cash flow was negative minus4 billion and uh our collections our project development cost was 10 billion while collections was 9 billion. So my 9:36 9 minutes, 36 seconds question is how are we looking at the collection trajectory and operating cash flow trajectory in the second half. 9:44 9 minutes, 44 seconds So our cash flows are very very healthy. 9:46 9 minutes, 46 seconds I can assure you that there has been a minor shift in our billing. Uh we had a billing uh uh schedule after reaching 9:55 9 minutes, 55 seconds Niara tower a 65th floor for 10%. So that got shifted to October but we did 10:02 10 minutes, 2 seconds the billing on 5th of October. It's a billing of about 265 crores. That money is already started coming in. Similarly, 10:08 10 minutes, 8 seconds there was another billing for tower B uh based on reaching P podium 5 about 10:15 10 minutes, 15 seconds roughly 350 crores. So that billing will happen in November and with that all that funding gaps about 600 crores of healthy cash flows are coming in and we 10:24 10 minutes, 24 seconds expect a solid cash flow collection about 2,000 crores in this quarter. Uh so that should uh not this quarter up to 10:31 10 minutes, 31 seconds uh December cumulative. So that should set us right for you know all our cash flow problems and Akash just to add further the amount 10:39 10 minutes, 39 seconds of collection shown in the cash flow excludes the collection which is done in the joint venture with Mitsubishi so 10:46 10 minutes, 46 seconds that's almost 150 crores which is uh not because that does not get consolidated that's number one and number two the project development cost which is shown 10:55 10 minutes, 55 seconds in the cash flow also includes the land purchase prices paid got it got it sir 11:03 11 minutes, 3 seconds And so uh my final question is with respect to Niara uh uh two questions. 11:09 11 minutes, 9 seconds One is uh how are we looking at the competitive intensity view and number two if you can give us some visibility on what kind of uh format are we 11:18 11 minutes, 18 seconds bringing here and are we confident of getting this done in post itself considering the competence. 11:24 11 minutes, 24 seconds Yeah, I can only tell you uh Akash that we had an exceptional uh sales performance in tower B in the last 11:31 11 minutes, 31 seconds quarter adding up till yesterday. We have sold almost now 113 units out of 148 units and in tower 11:40 11 minutes, 40 seconds A 400 out of 43 which been very strong and the demand continues to be strong. 11:46 11 minutes, 46 seconds So that's the least of our worries. We are all set to launch the tower C as quickly as possible. So there has been a 11:53 11 minutes, 53 seconds minor delay because of um uh that issues uh with that u you know we losing uh 12:00 12 minutes that land to u BMC. So we had to extricate that out of our uh you know integrated development scheme. But that 12:09 12 minutes, 9 seconds has happened now it is it we have already got that approval. We are going after the environment clearance and 12:15 12 minutes, 15 seconds others and um uh the fire NOC etc. So it's just a part of the process. So 12:22 12 minutes, 22 seconds hopefully in March we should be able to launch this project tower C. So the 12:29 12 minutes, 29 seconds little too early for us to disclose the the the layouts but we are well in tune with the market. 12:37 12 minutes, 37 seconds Okay. So is there any risk of getting it posted uh next year because March is like it's like a touch and go right. 12:45 12 minutes, 45 seconds Yeah. So I mean we are trying our level best and as of now we are confident that we handling it in Q4. uh unless 12:52 12 minutes, 52 seconds something really happens then it may get pushed to April but I'm hoping that that shouldn't happen. 12:58 12 minutes, 58 seconds Perfect sir. I'll join back in the queue. Thank you so much sir. 13:05 13 minutes, 5 seconds Thank you. The next question is from the line of diploma from antique stock broken. Please go ahead. 13:13 13 minutes, 13 seconds Uh uh good morning everyone. Uh so I have three questions. First is on the net debt. We saw I think quarter and 13:22 13 minutes, 22 seconds quarter minus increase in uh net debt by 2.8 billion. Um and there has been no 13:29 13 minutes, 29 seconds new land deals and even if you uh even if the P funds has been classified as 13:37 13 minutes, 37 seconds they should uh they should be offset against corresponding P cash flow. So I'm just wondering 13:43 13 minutes, 43 seconds what led to this uh increase in uh net debt by 2.8 billion. 13:51 13 minutes, 51 seconds So uh Bitlab uh as Katie mentioned uh we've got some of our collections which were uh done on October. We further have 14:01 14 minutes, 1 second another branch of collections coming up uh in November for Niara Tower. almost 500 crores of cash flow would be uh 14:09 14 minutes, 9 seconds coming in in October and uh you know November. So that's uh one aspect otherwise from uh the overall debt perspective we are very comfortable we 14:17 14 minutes, 17 seconds had to incur payments for uh FSI premiums and all of that. So it's it's part of the ordinary cost and because 14:24 14 minutes, 24 seconds the payment milestones are linked to the uh you know uh the pay the collections are linked to payment milestones there 14:31 14 minutes, 31 seconds can be a small mismatch. If you see uh from a H1 perspective there's a very minor increase in the uh you know cash 14:40 14 minutes, 40 seconds flow minor decrease but that's going to be covered up by the buildings which we have already done. 14:46 14 minutes, 46 seconds Okay. See that's fair enough. So, yeah, it so happens we are in that kind of a position where we are we have got RA for 14:54 14 minutes, 54 seconds some of the project some of the projects the RAAS are just on the annual h so all the spending for approvals and land 15:01 15 minutes, 1 second costs has been done but the launch has not happened so it is that juncture juncture we are as soon as the launch 15:08 15 minutes, 8 seconds happens all these you know collections will come and the debt will be covered all of this so we happen to be somehow in that position where we have two eras 15:16 15 minutes, 16 seconds other eras are expected So and we are in the midst of that particular point. So if you look at this after maybe 3 months or so the situation will be entirely different. 15:26 15 minutes, 26 seconds Okay that's that's that's great. Uh sir second question is are you offering any any relaxed payment terms in any of the 15:35 15 minutes, 35 seconds projects especially in Niara or in um Gurugram uh uh to uh you know uh 15:44 15 minutes, 44 seconds expedite or to to improve our sales. I'm just uh any which projects currently have relaxed payment plans? 15:52 15 minutes, 52 seconds Yeah. So uh see we continue with our you know payment plan. We keep adjusting the NPVs for the payment plan. If there are and there's no change in our prices we 16:01 16 minutes, 1 second have uniform pricing for everybody. But if there are some kind of situations where somebody has some issues where he wants to do some adjustments in payment 16:09 16 minutes, 9 seconds plan we are open to that. We are happy to do that but not very drastic and with no change in the NPV. 16:16 16 minutes, 16 seconds No, but are we doing it sir in some of these projects? 16:21 16 minutes, 21 seconds I mean case to case basis we may have done it or maybe doing it. Okay. 16:26 16 minutes, 26 seconds Most of the sales which has happened is on normal payment plans. 16:30 16 minutes, 30 seconds Okay. Okay. Okay. And uh the third question is sir uh how many projects in business development are currently in 16:37 16 minutes, 37 seconds the due diligence stage and what would be the the GDB of those projects only due diligence page. 16:46 16 minutes, 46 seconds So uh so we have about 30 30,000 crores of projects uh which are in the you know advanced status of GTV uh some of them 16:54 16 minutes, 54 seconds are in noa some of them are in Guram and some of them in Mumbai and a couple of them in Bangalore and and Pune. Now we are hoping that some of these will get 17:02 17 minutes, 2 seconds rectified very soon. Uh so Raf is the range of 30,000 crores. 17:10 17 minutes, 10 seconds Okay. Okay. And final question is on the pane projects. Have you paid all the uh land related payment around 600 cr if I'm not mistaken? 17:21 17 minutes, 21 seconds No, we haven't. It's a milestone payment. So we haven't paid that. And also we have How much we have paid? So till date? 17:28 17 minutes, 28 seconds So we have paid 450 crores. uh till date and uh and now the IFC funding has come. 17:35 17 minutes, 35 seconds So now there is no further out outflow from our side that the SPV will pay. 17:39 17 minutes, 39 seconds So uh our uh in fact we got uh uh cash out after the IFC funding because we had 17:46 17 minutes, 46 seconds already funded and we took out 44% of our share which IFC is contributed as its economic interest you know in the 17:54 17 minutes, 54 seconds project. So now there is no further payment which we have to make as digital estate. the SP will make the payment. 18:02 18 minutes, 2 seconds Okay. Okay. Thank you. Thank you and all the best for the second round. Thank you. 18:10 18 minutes, 10 seconds Thank you. A reminder to all the participants. You may press star and one to ask a question. 18:17 18 minutes, 17 seconds The next question comes from the line of Pepe Sheet from Access Capital. Please go ahead. 18:24 18 minutes, 24 seconds Uh yeah, thanks for the opportunity and season greetings to everyone. Uh first question is on on launches uh you know 18:32 18 minutes, 32 seconds 14,000 cr worth of launches planned for second half uh I can see in few of the projects uh we are probably not 18:40 18 minutes, 40 seconds launching the full potential of that project especially you know the 71 Gau 18:47 18 minutes, 47 seconds uh Muri in uh uh Mand project in Pune uh just wanted to know uh you know it's 18:55 18 minutes, 55 seconds just some strategic decision of launching it in phases to have a better price appreciation in the second phase 19:03 19 minutes, 3 seconds or or are we okay if we see a better demand uh we are okay to open up uh little more inventory then we are 19:12 19 minutes, 12 seconds planning to launch uh actually in these cases yeah so that's my first question yeah yeah Praesh uh uh thanks for that 19:20 19 minutes, 20 seconds question uh so uh so sector 71 uh we are we may I Depending on the you know the 19:28 19 minutes, 28 seconds EOIs we get we may perhaps think of launching the entire phase I mean entire project because not very large about 1400 crores stop line. So depending on 19:37 19 minutes, 37 seconds situation so we have the given a muted guidance I think we may current situation looks like we may go after the full phase I mean the full project at 19:46 19 minutes, 46 seconds one go uh biram at mangi that's a pretty large uh you 19:53 19 minutes, 53 seconds know project about u 2 million how much is that 2 million 2 million right so yeah so that essentially we'll have to do it in 20:01 20 minutes, 1 second phases and that will also we ask for a uh a price increase phase wise. So I think that we will go as per uh the 20:09 20 minutes, 9 seconds phases only and our current phase uh itself is quite a big one. We are looking at about 7 uh 65 crores of 20:19 20 minutes, 19 seconds launch and the food market I think that's a sizable one. So I think we'll go with that phase launch 20:26 20 minutes, 26 seconds and thoughts on and plotted development in in the same context. Plotted also we are launching like half of it. Yeah, 20:34 20 minutes, 34 seconds plotted again know based on the demand at that point of time how it is we can take a call whether want to finish off the whole thing or not. Yeah, it's quite 20:42 20 minutes, 42 seconds probable that we make you know actually think of launching the whole thing in essentially that of course you have we 20:49 20 minutes, 49 seconds have to launch in phases a very large project. Yes. So that will essentially come in phases. 20:57 20 minutes, 57 seconds Got it. That's helpful. And on the cash flow you know for the project development cost we club uh land and 21:04 21 minutes, 4 seconds approval as well as construction uh cost in if you can you know break up the first half number that we have spent on 21:12 21 minutes, 12 seconds project development that's roughly 1,000 odd crores how would that split between land and approvals and pure pure construction cost. 21:20 21 minutes, 20 seconds So so broadly the construction cost is 350 crores. Uh then we also have expenses on design leison and brokerage 21:30 21 minutes, 30 seconds uh that comes to almost 150 another 200 crores that uh land purchase is around 21:38 21 minutes, 38 seconds 150 crores and there are other operational costs of around 130 crores. 21:42 21 minutes, 42 seconds So that's how broadly 1030 is broken up and also interest cost because interest which is capitalized to the relevant 21:50 21 minutes, 50 seconds inventoriized to the various uh you know projects. So that's how the breakup comes. 21:55 21 minutes, 55 seconds Sir and that that interest will be part of the other operational cost is it? 22:00 22 minutes No, other operational cost is around 130 and interest is around 140 crores. 22:07 22 minutes, 7 seconds Okay. Got it. Got it. Uh fair enough. That's it from my side. Uh all the best. Thank you. Thank you. 22:17 22 minutes, 17 seconds Thank you. The next question comes from the line of Amit Shravasa from BNK securities. Please go ahead. 22:26 22 minutes, 26 seconds Yeah. So, thank you very much for the opportunity and congratulations sir on impressive performance on sustained 22:33 22 minutes, 33 seconds sales. Uh my first question is regarding the Pune project itself. uh in which you have already given some clarification 22:42 22 minutes, 42 seconds but basically this project we got the radar approval in June July yet it has been not launched so far typically we launch within a month of approval so is 22:50 22 minutes, 50 seconds there any specific reason for the project getting pushed and secondh how we are positioning the pricing versus 22:57 22 minutes, 57 seconds networking projects and if any indicative ticket size for the projects if it will be 23:05 23 minutes, 5 seconds so um you know there was the the came that came in the name of the previous owner. So there was some uh challenges 23:13 23 minutes, 13 seconds there. Now we got that rectified. The EOI collection is in full uh you know going on the channel partner meet 23:20 23 minutes, 20 seconds happen. It's been very successful. The the UI buildup is happening very strongly and aggressively and very soon 23:28 23 minutes, 28 seconds we will be start booking the u uh the the bookings will be done. Uh so I mean 23:36 23 minutes, 36 seconds very clearly this quarter itself. So uh yeah so we are pretty confident of 23:43 23 minutes, 43 seconds having very strong bookings here. Uh the uh what is our launch district launch is 23:51 23 minutes, 51 seconds 7 700 700 crores. Yeah around 700 crores. How many units is that? 24:06 24 minutes, 6 seconds Yeah. So 700 crores and lastly ranging from about uh 24:12 24 minutes, 12 seconds u about 50 lakhs to 1 and a2 crores um and roughly about 7,000 24:21 24 minutes, 21 seconds rupees per square foot would be the 7,7,500 that's the range you're looking at. 24:29 24 minutes, 29 seconds Sure. And sir in terms of the uh builder phase three uh if you look at on a GDV 24:36 24 minutes, 36 seconds value based on that uh the average square feet it is coming around 63,000 uh for the phase two we have a 57,000 24:43 24 minutes, 43 seconds rupees average realization uh so basically 10% premium is based on the current uh prices we have factored the 24:51 24 minutes, 51 seconds BDB uh or we have considered the premium and additionally have we taken any price during the quarter since Mhm. 25:02 25 minutes, 2 seconds The price tag now for tower B and T of course we haven't decided that we'll decide it closer to the launch. 25:11 25 minutes, 11 seconds Uh in in uh in our this thing we will be I think it'll be roughly about uh 4,500 cr. 25:20 25 minutes, 20 seconds Yes. So this is the based on the current prices which we are selling right 4,500 cr with GDP which we have calculated. 25:37 25 minutes, 37 seconds Ladies and gentlemen, the line for the management has been disconnected. Please stay connected while we connect them. 25:50 25 minutes, 50 seconds Wonder. [music] 25:54 25 minutes, 54 seconds [music] 26:02 26 minutes, 2 seconds [music] 26:08 26 minutes, 8 seconds [music] 26:13 26 minutes, 13 seconds [music] 26:21 26 minutes, 21 seconds [music] 26:30 26 minutes, 30 seconds [music] 26:34 26 minutes, 34 seconds Ladies and gentlemen, the line for the management has been connected. Over to you, sir. Yeah. So, Amit, are you there? 26:43 26 minutes, 43 seconds Yes, sir. Yes, sir. Yeah. 26:46 26 minutes, 46 seconds So have I answered your question or any part balance? Uh no. So I was asking sir that 4,500 GB 26:53 26 minutes, 53 seconds you have calculated based on the current preing price of virly 27:01 27 minutes, 1 second said now that finetuning of the pricing spray will do it closer to the launch depending on the demand supply and the buildup. 27:10 27 minutes, 10 seconds Sure. Yeah. 27:12 27 minutes, 12 seconds Thank you. Yeah. Next is in terms of the other than Pune project two projects which is expected to launch any other project possible to launch in a Q3. 27:23 27 minutes, 23 seconds Q3 Q3 uh we are looking at uh U 27:30 27 minutes, 30 seconds Puna which is at Pune then of course MRI IAM which is again this quarter and also we're looking at Guram sector 71. 27:40 27 minutes, 40 seconds Okay. these three launches we are hoping to clearly uh do that. We're also expecting the RAA for the Tane project this quarter. 27:50 27 minutes, 50 seconds Okay. Yeah. 27:53 27 minutes, 53 seconds And uh one last question in terms of the fourth half we have already shared the construction cost. Uh any ballpark figure for the second half construction plan? 28:04 28 minutes, 4 seconds It would be on similar tracks. Uh it it will be around 750 odd crores pure construction cost. Okay. Okay. Sure. 28:13 28 minutes, 13 seconds Yeah. Thank you very much sir. Thank you. 28:19 28 minutes, 19 seconds Thank you. The next question comes from the line of Hash Paruk from NK Global. Please go ahead. 28:27 28 minutes, 27 seconds Yeah. Hi, thanks for the opportunity. So first of all it's good to see the sales momentum back at Wii. Uh so my question is have we started running some interest 28:36 28 minutes, 36 seconds check for the third tower uh I mean and I know you have commented that you know it's early to talk about the project configuration but any broad range of the 28:45 28 minutes, 45 seconds ticket size that we are thinking for this particular phase uh too early to comment hush 28:55 28 minutes, 55 seconds we'll just close it close sure yeah okay okay and uh sir in terms of realization for most of the projects we 29:03 29 minutes, 3 seconds have seen realizations are up on a sequential basis. So and particularly for the worthy project now I mean have 29:10 29 minutes, 10 seconds we taken some particular price increase or it's just a function of you know higher floor sales something like that 29:17 29 minutes, 17 seconds we have taken a price increase now from now on we taken a price increase it will be more like an average about 1 lakh 10,000 29:27 29 minutes, 27 seconds uh sure and s lastly in terms of the ITC deal uh is it on track and uh by when do we expect that to conclude? Yeah, 29:36 29 minutes, 36 seconds ITC deal is on track. ITC have applied already to CCI meetings are going on and 29:43 29 minutes, 43 seconds hopefully it is on track and we will be able to close by in this financial year. 29:49 29 minutes, 49 seconds Sure. So the cash flows for the same will be received this year or uh shall we incorporate uh in FY27? 29:56 29 minutes, 56 seconds Uh we hopefully this year in this financial year. Okay sir. Okay. Uh this is from my side. 30:04 30 minutes, 4 seconds Thanks a lot. 30:09 30 minutes, 9 seconds Thank you. The next question comes from the line of Dshid Doshi from Whiteststone Financial Advis Private Limited. Please go ahead. 30:18 30 minutes, 18 seconds Yeah, thanks for the opportunity. Uh so firstly uh you did mention that uh you know near tower fee we are planning 30:26 30 minutes, 26 seconds around March and u tan in Q4 and sector 71 and Pune projects in Q3. uh regarding 30:33 30 minutes, 33 seconds the other projects do uh they are also on track for Q4 or is there a possibility of some of them going into Q1 next year? 30:44 30 minutes, 44 seconds So in addition to whatever I mentioned uh uh DSI we are going to launcher plotted in Q4. 30:52 30 minutes, 52 seconds Uh we're going to launch BA in Gura phase 2 in Q4. 30:58 30 minutes, 58 seconds They're also planning to launch uh a new faces of uh Vir Puna in Q4 31:06 31 minutes, 6 seconds and in addition to that we're also launching uh PMaya in Bangalore phase 4 31:14 31 minutes, 14 seconds in again in Q4. So all of these launches are planned. 31:18 31 minutes, 18 seconds Okay. Okay. Okay. And uh one more question is uh in the page number 17 we 31:25 31 minutes, 25 seconds have given the full uh pipeline. So there let's say uh just uh let's say tane project the GDB for FY26 is 1,630 31:35 31 minutes, 35 seconds K. So this is the entire GDB right and not the 56%. 31:41 31 minutes, 41 seconds This is the entire GDB. Yes you're right. 31:43 31 minutes, 43 seconds Okay. For all the projects where our share is uh lesser uh it's the entire GDV we are mentioning. Correct. 31:50 31 minutes, 50 seconds Thank you. And uh one more question is regarding uh the commercial project. So are we thinking anything in the near 31:58 31 minutes, 58 seconds term in Wii for a commercial uh building? Uh also asking this question because uh next to us the Mitsubishci is 32:06 32 minutes, 6 seconds also plan going to come only with the commercial projects. So uh are we thinking that we should be ahead of them or how you are thinking? 32:16 32 minutes, 16 seconds I think it's a high time that we start the commercial office space of roughly about a million square feet. We are in the process of designing and planning for that. 32:27 32 minutes, 27 seconds Okay. Okay. And just last question on the Nihara uh tower C. So I think we are still having a tower 1 and two inventory 32:36 32 minutes, 36 seconds of almost 1,800 cr. So do you see any impact on tower C because of this uh inventory? 32:44 32 minutes, 44 seconds Absolutely none. We have we have know done very well in tower uh one and two and now I think it's very important for 32:52 32 minutes, 52 seconds us to bring fresh inventory into the market. The market is craving for it. Uh they're all waiting for it as all of us 33:00 33 minutes are and we are just working towards launching it. There's a huge demand built up for tower C and uh the market 33:08 33 minutes, 8 seconds is just waiting for it. I think uh we have done more than you know uh what we are far beyond our expectations in tower 33:15 33 minutes, 15 seconds A and B uh you know tower B as you know it's 95% sold tower B is also about 75% 33:22 33 minutes, 22 seconds sold so I think uh we really need to now launch tower C okay and just last question on the tower 33:30 33 minutes, 30 seconds C so uh you know uh our all the almost all the inventory is above 30 CR plus 33:38 33 minutes, 38 seconds and a lot of competition in that price point in that locality also. So are we thinking of tower C uh with let's say 33:47 33 minutes, 47 seconds 1520 CR inventory as well uh or uh it will be more similar to what we are doing currently. 33:55 33 minutes, 55 seconds Our experience uh considering the location, the size, the amenities, the brand, the way we are progressing on 34:02 34 minutes, 2 seconds construction, the the the uniqueness of our layout etc. 34:07 34 minutes, 7 seconds uh has definitely the price positioned us in a very unique way in that whole market. Um and the proof of the pudding 34:15 34 minutes, 15 seconds is how we have performed in the last quarter. So so we are not really worried about who the competition and how much the competition is and of course the 34:24 34 minutes, 24 seconds competition which is coming up today is also five to six years beyond delivery. So I we are not really worried about it. 34:30 34 minutes, 30 seconds So we will independently decide what kind of you know uh layout we want to do and what size of the uh ticket size we 34:38 34 minutes, 38 seconds will plan and depending on our current demand for BLAN there is a big queue for BA Nara's new project. So with the with 34:46 34 minutes, 46 seconds that keeping that in our background in our mind we will we are in the process of designing the ticket size for tower C 34:55 34 minutes, 55 seconds but a little too premature for us to disclose now. Okay, that's it from my side. Thank you. Thank you. 35:05 35 minutes, 5 seconds Thank you. The next question comes from the line of heart Jen from Whit Stone PMS. Please go ahead. 35:13 35 minutes, 13 seconds Yeah, thank you for the opportunity. All my questions are answered. Thank you. 35:21 35 minutes, 21 seconds Thank you. The next question comes from the line of Hitendra Pradhan from Maximal Capital. Please go ahead. 35:32 35 minutes, 32 seconds Yeah. Hi sir, I'm hope I'm audible. 35:34 35 minutes, 34 seconds Thanks for the opportunity. Uh so my question Hello sir. Uh yeah it's regarding the 35:41 35 minutes, 41 seconds clarification you made uh on the collections like uh you know there was there some kind of sleepover happened during this quarter. So what was that amount was that 500 CR or 900 CR? 35:52 35 minutes, 52 seconds So as you mentioned 260 plus 3 250 3 about 600 CR 600 odd CR. 36:01 36 minutes, 1 second Yeah. And sir please second question is uh related to slide number 27 where you had uh you have articulated uh the 36:11 36 minutes, 11 seconds Castro potential. So if I understand it correctly then um it is split into like 36:18 36 minutes, 18 seconds your uh FI26 kind of you know already launched projects and you know to be launched in the pipeline projects right 36:25 36 minutes, 25 seconds like the GDB and you know what is the we have only considered the projects which we've launched so far the projects 36:32 36 minutes, 32 seconds which are not yet launched like for example Tana is not included in Puna which we have started the market warming 36:40 36 minutes, 40 seconds that is not included there are projects which has launched till last year. No new launch has happened so far. So it's all till last year's whatever has 36:48 36 minutes, 48 seconds launched but has been already launched on launch position. 46,000 basically is like your 13,000 that that you're going 36:56 36 minutes, 56 seconds to launch this year and 33,000 that your plan from um yeah you can give on the 37:04 37 minutes, 4 seconds you know the cost and the timeline uh on the on launch position you know what is your internal kind of you know estimates 37:12 37 minutes, 12 seconds or any kind of ballpark figures and this so we've already given you the we've already mentioned the launch pipeline which is around the 37:20 37 minutes, 20 seconds on launch 900 100 crores and uh broadly KT also mentioned earlier what's going to happen in Q3 and what's going to 37:29 37 minutes, 29 seconds happen in Q4. So that's broadly uh what we have here. 37:34 37 minutes, 34 seconds I was asking regarding the launched like the 46,000 that you have mentioned here any kind of you know internal I know 37:41 37 minutes, 41 seconds that you know this in future and roughly we roughly we consider about 20 25 to 30% a bit so you can make your 37:51 37 minutes, 51 seconds calculation according got it that's helpful thank you 37:59 37 minutes, 59 seconds thank you ladies and gentlemen in order to ensure that the management will be able to address questions from ask all the participants in the conference call. 38:09 38 minutes, 9 seconds We request you to kindly limit your questions to two poll participant. 38:13 38 minutes, 13 seconds Should you have a follow-up question, kindly rejoin the queue. 38:18 38 minutes, 18 seconds The next question comes from the line of Ronard from ICA securities. Please go ahead. 38:26 38 minutes, 26 seconds Yeah, thank you sir for the opportunity and congratulations on good sales. 38:32 38 minutes, 32 seconds On the collections front as we mentioned that 2,000 colors will be accumulated till December. So from Q4 onwards should 38:40 38 minutes, 40 seconds we see the collection run in a quarterly run rate in about 700 to,000 or you know 38:47 38 minutes, 47 seconds it would still revert back to around 500 or quarterly run. 38:52 38 minutes, 52 seconds No we would be having a strong cash flow because see there's a two aspects to the collections. One is the launches where 39:00 39 minutes there is a chunky collection which comes in when we launch a project and second is the milestone based collection which will uh you know be coming in. So we 39:08 39 minutes, 8 seconds expect to grow as compared to the collections which we did last year. 39:15 39 minutes, 15 seconds Okay. And second on this 30,000 cr BD which you are eyeing. So can you shed some light you know uh what share would 39:24 39 minutes, 24 seconds be the old projects or you know are we looking purely on JV so in terms of you know capital 39:31 39 minutes, 31 seconds allocation uh going ahead so are we eyeing for you know more old projects or how what kind of spirit is there in this 39:39 39 minutes, 39 seconds 30,000 PD so what I mentioned is that this is a sort of no current pipeline that we are 39:47 39 minutes, 47 seconds having with you know term sheet signed in advanced stages of negotiations as that give present the path we're pretty confident that and we look forward to 39:55 39 minutes, 55 seconds doing about 10 to 15,000 crores of you know GDV uh finalizing before the end of this financial year uh and I said it 40:03 40 minutes, 3 seconds would be a judicious mix of u joint ventures and outrights um in in all 40:10 40 minutes, 10 seconds parts of the country u land is only covering own land is uh so yeah so among the new 40:19 40 minutes, 19 seconds projects coming uh these are all uh uh going to be uh you know acquired uh none of these is going to be our own lands 40:26 40 minutes, 26 seconds that is only whatever we had in worldly and uh that's it nothing more than that uh yeah does that answer your question 40:35 40 minutes, 35 seconds Ronald yes yes sir and just one last question so uh on the launches front uh whatever 40:43 40 minutes, 43 seconds you are launching so would you go you know to send more than 80 90% or you hold back 40:50 40 minutes, 50 seconds So we won't hold back. Whatever we launch, we'll go after it. There's no question of holding back. Uh and also 40:57 40 minutes, 57 seconds wanted to uh let you know that you know depending on how we positioned as our sales for the current quarter for the 41:06 41 minutes, 6 seconds first half we have now, you know, pretty confident that we will exceed what we sold what bookings we did last year. 41:14 41 minutes, 14 seconds We'll be exceeding that target. 41:18 41 minutes, 18 seconds Great sir, great. Thank you very much and best of luck. Thank you. 41:26 41 minutes, 26 seconds Thank you. The next question comes from the line of Himmanu Javiri, an individual investor. Please go ahead. 41:34 41 minutes, 34 seconds Yeah. Hi Katy. Hi Himmanu. 41:38 41 minutes, 38 seconds Yeah Katy, I just wanted a broad uh uh vision for our company in the next 3 to 5 years. Where do you uh see yourself 41:47 41 minutes, 47 seconds going in terms of the sales you know in the next 3 to 5 years? Can we foresee 41:54 41 minutes, 54 seconds that we can be like 20,000 cr topline company in the next 3 to 5 years? 42:01 42 minutes, 1 second Of course, no doubt about it. But we will be among the you know the one of the largest real estate companies in the five years to come. uh but not only just 42:10 42 minutes, 10 seconds size. Size is one very critical aspect but also in terms of reputation and customer centricity. We want to be the most reputed and the most 42:18 42 minutes, 18 seconds customercentric company with deep focus on uh on design customercentric design. 42:25 42 minutes, 25 seconds So that's the vision we are having uh uh as a company in 5 years time. should be you know in the forefront of 42:32 42 minutes, 32 seconds sustainability in the forefront of operational excellence no delays in um execution timely delays best in quality. 42:41 42 minutes, 41 seconds So those goes hand inhand with growth. 42:44 42 minutes, 44 seconds Our total focus is on uh the operational excellence that we you know believe totally in while uh growing in size it has to grow hand in hand. 42:55 42 minutes, 55 seconds Okay that's great. And uh one more thing KT so if you see in Mumbai there's a lot of redevelopment going on you know every 43:03 43 minutes, 3 seconds second third building is getting new so I wanted your uh thing in terms of the you know what is your uh thinking that 43:12 43 minutes, 12 seconds is the supply going to be very very large in the next 3 to 5 years so is it going to affect the prices your views 43:19 43 minutes, 19 seconds appreciation yeah so I think redevelopment uh is a very encouraged thing how the the the Next phase of Mumbai growth will be 43:28 43 minutes, 28 seconds redevelopment. But I think it will comes in fits and starts and in and and packages. It will not come all at the same time. There are lots of challenges 43:36 43 minutes, 36 seconds in redevelopment because these are sizes are small. They're in such locations uh where you know you need to have proper 43:42 43 minutes, 42 seconds accesses, titles, disputes between society members, the boundary disputes. 43:48 43 minutes, 48 seconds So many challenges are there. So to get it all together it takes time, patience, uh innovative ideas etc. government 43:55 43 minutes, 55 seconds support all of that. We are also pretty excited because the brand plays a very strong uh equity here. So and and we are 44:03 44 minutes, 3 seconds in advanced talks with several projects uh redevelopment opportunities in South Mumbai, Bandra, Juu, KH and we're quite 44:11 44 minutes, 11 seconds excited about it because gives us a very good platform to express ourselves and do you know great uh um job in giving 44:19 44 minutes, 19 seconds some fantastic uh you know um um you know products. So uh and we are working towards it. It takes time and patience. 44:28 44 minutes, 28 seconds Uh and we are there to solve all issues of the current uh members. Um so I think uh it will not flood the market and say 44:37 44 minutes, 37 seconds you know there's a huge uh deluge of supply. It will come in u phases and in and in and in spurts. So I don't think 44:45 44 minutes, 45 seconds that's going to really have a big impact on the pricing. I really don't think so. 44:52 44 minutes, 52 seconds Okay. going forward KP do you see like around a 20,000 cr GDV uh steady over 44:59 44 minutes, 59 seconds the next 3 to 5 years every year so if you want as a company to grow I you're talking terms of booking 45:07 45 minutes, 7 seconds sales I'm talking about the BD deal sorry BD of course of course yeah with lot of you know funds coming in and 45:15 45 minutes, 15 seconds all that you know strategic partnerships and you know the paper sale happening I think they'll be going very very aggressive in all our chosen markets 45:24 45 minutes, 24 seconds because this year has been little quiet you know that's why I was just asking yeah I agree with that uh because it's 45:31 45 minutes, 31 seconds uh it sometimes takes time to find the right projects but we have a very healthy pipeline and we are confident that you know we will be doing at least 45:38 45 minutes, 38 seconds 10 to 15,000 crores of BD before the end of this year okay that's great thank you thank you 45:46 45 minutes, 46 seconds thank you thank Thank you. The next question comes from the line of Akash Gupta from Nomra. 45:56 45 minutes, 56 seconds Please go ahead. 45:58 45 minutes, 58 seconds Hi sir. Uh thank you for the opportunity to take a followup question. My question is uh regarding the 10 billion uh debt 46:05 46 minutes, 5 seconds that we raising. Is it mostly for BD or is it related to this cash flow mat for business development? 46:15 46 minutes, 15 seconds Okay. Okay. And my second question is um about our execution capability. Now we are launching like four projects 46:23 46 minutes, 23 seconds simultaneously in three to four cities like could you give us some understanding like how are we building 46:29 46 minutes, 29 seconds our executions and uh in these four cities. 46:36 46 minutes, 36 seconds So Akash we did about million square ft of construction last year we build building 11 million this year 35 million 46:44 46 minutes, 44 seconds next year and then getting up to 50 million. So the idea is of course we have of course u you know expanded our 46:52 46 minutes, 52 seconds team uh uh we were about 300 400 people now we're almost 700 plus and we keep expanding we keep looking for the best 47:00 47 minutes of talent within our company and especially for the operations uh you know team apart from that we also 47:07 47 minutes, 7 seconds embarked on a very you knowious operation excellence program with BCG uh to how to deliver high quality products at scale. 47:18 47 minutes, 18 seconds So the global uh BCG team is working with us uh with global standards and practices how to really you know 47:25 47 minutes, 25 seconds optimize cost and standardize designs um you know um uh digitize bringing 47:34 47 minutes, 34 seconds technology strategic partnerships all of that together and combining very special and unique way of derilla way of 47:42 47 minutes, 42 seconds execution. So we are uh well into that program. It's doing very well. It's already yielding great results and I 47:49 47 minutes, 49 seconds think that's the way moving from um you know hardcore labor oriented programs to technology oriented programs. 47:57 47 minutes, 57 seconds Um so that's how we are trying to transition into this high scale delivery. 48:04 48 minutes, 4 seconds Got it sir. Uh that's also my side. Thank you. Thank you Akash. 48:11 48 minutes, 11 seconds Thank you. A reminder to all the participants, you may press star and one to ask question. 48:18 48 minutes, 18 seconds The next question comes from the line of diploma from antique stock broken. Please go ahead. 48:26 48 minutes, 26 seconds Also uh my first question is on you know uh some of this uh developers are 48:33 48 minutes, 33 seconds delivering fairly large projects within 3 to four years. uh uh and uh if I check our var delivery dates for some of our 48:42 48 minutes, 42 seconds ongoing projects notice uh you know the delivery timeline is so stressed like five years 6 years uh so just wondering 48:52 48 minutes, 52 seconds why this significant difference or is it the normal because uh it's not that we 48:59 48 minutes, 59 seconds are seeing any challenges in sales we are selling very fast and uh selling 49:05 49 minutes, 5 seconds well So why taking so much time to deliver a project which is barely sold out? 49:14 49 minutes, 14 seconds So I'll be very excited and you know eager and listening to understand who are these people are delivering 3 to four years. Uh my data you know says 49:24 49 minutes, 24 seconds very different u the kind of you know delivery that we are doing we would like to believe we are the fastest and among the best in the industry. look at 49:32 49 minutes, 32 seconds worldly you know the time taken for all the deliveries which has happened of various projects and I mean look at ours so I see a very different picture be 49:41 49 minutes, 41 seconds ahead of most of the others you know competition here but I'll be very keen to understand and also learn from the people who are delivering in three to 49:48 49 minutes, 48 seconds four years large projects uh because I'm sure there will be something great to learn from it all eager as of now I 49:55 49 minutes, 55 seconds don't have any such data so we'll sit with you and you know understand how this are doing and we'll be very keen to learn that I learned that you know the ways of doing that. 50:06 50 minutes, 6 seconds Second question is on the slide 17 sir. 50:09 50 minutes, 9 seconds Uh just a clarification uh the estimated surface cash potential uh you have shown 50:15 50 minutes, 15 seconds around 74 billion. Uh is it builder share or this includes the partner share? 50:22 50 minutes, 22 seconds No we have excluded the partnership. This is this is only builder share. You're referring to slide 27 right? 50:31 50 minutes, 31 seconds No, I am referring to slide uh 17 sir up make you give a one table which uh yeah 50:41 50 minutes, 41 seconds yeah yeah the estimated surplus estimated cash flow yeah slide 27 yeah you're right does it 50:50 50 minutes, 50 seconds after excluding the payout to the partners the land owners uh partners etc no this this but this includes your fee 50:59 50 minutes, 59 seconds partner shares that those projects we've uh uh already launched or not yet launched. Thaila and 51:06 51 minutes, 6 seconds Puna we have not yet launched. Uh but for the uh Bangalore one yes it includes that 51:14 51 minutes, 14 seconds we will clarify that I'll clarify that separately. Uh uh no I so you have a PE investors in respective of these projects. So I'm 51:23 51 minutes, 23 seconds just uh wanting to know this cash flow includes the PE partners cash flow also as well. No. So just to clarify, this 51:31 51 minutes, 31 seconds does not include the PE partners uh cash flow. Uh and the unlaunched projects where we have PE investors are not 51:39 51 minutes, 39 seconds included in the 23,000 launched uh portfolio. That's what I'd like to clarify. 51:44 51 minutes, 44 seconds Yes. Yes. Thank you. Thank you. Thank you. And finally, what would be the ticket size of project? 51:51 51 minutes, 51 seconds So yeah, so it should be anywhere between 75 lakhs to 2 crores. 51:59 51 minutes, 59 seconds Okay. Okay. Thank you sir and all the best. 52:01 52 minutes, 1 second Just one more clarification. I just like to clarify. We have made payments of 385 crores for Tana till date. So I correct 52:09 52 minutes, 9 seconds my Okay sir. Okay. Thank you. 52:18 52 minutes, 18 seconds Thank you. The next question comes from the line of Ronaldi from ICA Securities. Please go ahead. 52:26 52 minutes, 26 seconds Yeah. Thank you for the followup, sir. 52:28 52 minutes, 28 seconds uh just one uh query regarding the new worldly land part of 2.6 million square foot. So are we you know for FI25 to 52:38 52 minutes, 38 seconds achieve precious growth ratio you know this project to be launched would be very much important. So will this 52:45 52 minutes, 45 seconds project be launched in 27 and if yes then you know will it be in phase of the entire project just a view on that? 52:56 52 minutes, 56 seconds Yeah good question. uh Ronald so yeah so after the launch of Tav C we already in the planning for that phase so we will 53:03 53 minutes, 3 seconds then work on that and hopefully maybe that year or the year after that we'll launch that so we are now focusing on 53:12 53 minutes, 12 seconds focusing on tower depending on how yeah we would rather do it next year 53:21 53 minutes, 21 seconds itself uh but we will take that call once we see the performance of 53:28 53 minutes, 28 seconds Okay. Okay. Thank you very Thank you ladies and gentlemen. That was 53:38 53 minutes, 38 seconds the last question for today. I now hand the conference over back to the management for closing comments. 53:49 53 minutes, 49 seconds Thank you all for the participating in this army's phone call. If you have any further questions or would like to know 53:57 53 minutes, 57 seconds more about the company, please reach out to our IR manager atam advisor. Thank you so much and good day. 54:08 54 minutes, 8 seconds On behalf of Adity Ba Real Estate, that concludes this conference. Thank you for joining us today and you may now disconnect your lines.