Aditya Birla Real Estate Ltd — Q4 FY26

Aditya Birla Real Estate Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=9y_Afv5AySs Published: 5 days ago

0:01 1 second Ladies and gentlemen, good day and welcome to Adita Birla Real Estate Q4 FI26 earnings conference call hosted by 0:09 9 seconds HDFC Securities. As a reminder, all participant lines will be in the listenonly mode and there will be an opportunity for you to ask questions 0:18 18 seconds after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star 10 on your 0:26 26 seconds Touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. J. 0:33 33 seconds Sha from HDFC Securities. Thank you and over to you Mr. Sha. 0:40 40 seconds Hi. Uh good morning everyone. On behalf of HDSC Securities, I would like to welcome you all to the 4Q6 and Folio 0:48 48 seconds FI26 earnings conference call for Aritabila Real Estate. Joining us today from the management are Mr. Ra D R D R D 0:56 56 seconds R D R D R D R D R D R D R D Ralmia MD Adita Bila Real Estate U Mr. Kit Jendran MD and CEO Bila Estates uh and Mr. Ku 1:06 1 minute, 6 seconds Sha CFO BA Estate. We will begin the call with opening remarks from the management following which we will open 1:13 1 minute, 13 seconds the floor for question and answers session. I would like you uh to hand over the call to the management for opening remarks. Thank you and over to you sir. 1:24 1 minute, 24 seconds Thank you Jeff. Uh I'm AR Almia. 1:29 1 minute, 29 seconds Good morning everyone and thank you for joining us for the our Q4 FI26 earnings call. 1:38 1 minute, 38 seconds India economy remained resilient in the quarter ended March 2026 Q4 FI26 1:46 1 minute, 46 seconds with FY26 GDP growth estimated at 7.6%. and FI27 projections of 6.9%. 1:56 1 minute, 56 seconds It reinforces its position among the fastest growing major economies globally supported by strong domestic demand, a 2:05 2 minutes, 5 seconds stable policy environment and continued investment activity despite of some global factors including geopolitical 2:13 2 minutes, 13 seconds tensions in West Asia and potential energy price pressures. Inflation has 2:21 2 minutes, 21 seconds remained under control at around 3.2 to 3.4% in early 2026 and projections of 4.6% for FY27. 2:32 2 minutes, 32 seconds The real estate sector continues to benefit from this largely supportive condition strengthening sector's long-term growth trajetory. 2:44 2 minutes, 44 seconds In terms of industry performance, the residential demand remained stable in Q4 FI26. 2:52 2 minutes, 52 seconds However, premium and luxury segments continue to outperform while affordable and mid income demand soften. Tier 2 3:01 3 minutes, 1 second city supply showed a moderate dip with a growth absorption for over the FI26. MMR 3:09 3 minutes, 9 seconds remained resilient with a mo modest growth in both absorption and supply over the years. Market dynamics in 3:17 3 minutes, 17 seconds Bangaluru remained strong and favorable as it witnessed growth in both absorption and supply while delivering a 3:25 3 minutes, 25 seconds healthy increase in price growth. Y NC witnessed decrease in supply Y but 3:34 3 minutes, 34 seconds growth in absorption coupled with increase in price growth. Pune has seen relatively sharpener moderation in 3:41 3 minutes, 41 seconds activity in terms of both supply and absorption. 3:45 3 minutes, 45 seconds Further pricing has shown a healthy growth across all the four regions. Y growth MMR 7.4% 3:53 3 minutes, 53 seconds Bangalore 13.9% NCR 8.5% and Pune 6%. Overall regional 4:01 4 minutes, 1 second trends continue to reflect premiumization and more selective buying behavior. 4:08 4 minutes, 8 seconds Industry player are responding [clears throat] to this to this evolving demand environment through calibrated 4:15 4 minutes, 15 seconds launches, disciplined pricing strategy and flexible payment plan to support absorption. On commercial front, the 4:25 4 minutes, 25 seconds market continues to witness a strong legion activity supported by GCC and demand for gradea assets resulting in 4:34 4 minutes, 34 seconds tightening vacancy level and a continued rental upcycle across key markets. 4:41 4 minutes, 41 seconds Overall, the Indian real sector is stable with increasing emphasis on execution, brand strengthen and product differentiation. 4:51 4 minutes, 51 seconds Now to our performance for the quarter, I'm pleased to share that we have delivered exceptional close to FI26. 5:02 5 minutes, 2 seconds Q4 FI26 had been one of our strongest quarters to date. We achieved pre-sales of rupees 5:10 5 minutes, 10 seconds 4,288 crores reflecting a robust 69% 5:16 5 minutes, 16 seconds Q2 increase. Collection for Q4 FI20 remained healthy at rupees 94 5:25 5 minutes, 25 seconds crores and we recorded area sales of 3 million square ft making an impressive 75% 5:33 5 minutes, 33 seconds Q growth. This moment was fueled by the outstanding response to all our to our new launches across regions. 5:43 5 minutes, 43 seconds Pila phase 2 in an NCR continued this strong trajectory with 97% of launch 5:51 5 minutes, 51 seconds inventory sold in the launch quarter itself contributing rups 1,600 cr in 5:58 5 minutes, 58 seconds mammat bilatera witness increasing demand delivering rupee 952 crores in 6:05 6 minutes, 5 seconds sales our Bangaluru launch bilataya phase 4 continued to build on the success of earlier phases 6:13 6 minutes, 13 seconds generating rupees 649 crores and in Pune Buna phase 2 added rupees 250 cr to the 6:21 6 minutes, 21 seconds quarter reinforcing our presence in Pune micro market for the full year FI26 we closed with 6:31 6 minutes, 31 seconds the free sales of rupees 8,136 crores collections of rups 3,341 6:37 6 minutes, 37 seconds crores and area sold to 5.5 million square ft reflect the depth, resilience 6:44 6 minutes, 44 seconds and stability of our grid. Our redevelopment front, we announce our maiden redevelopment project in K with a GDP potential of rupees 1,700 crores. 6:57 6 minutes, 57 seconds Discussions with several more societies are progressing well and we remain optimistic about concluding additional 7:05 7 minutes, 5 seconds partnerships in the months ahead. This segment will further contribute to our growth going forward. 7:14 7 minutes, 14 seconds Operationally, our construction progress remain firmly on track across project. 7:20 7 minutes, 20 seconds Safety and sustainability continue [clears throat] to be at the heart of our execution approach. Our rigorous safety practices were recognized by the 7:29 7 minutes, 29 seconds British safety council which conferred upon us the precious sword of honor along with a five golden star they take. 7:37 7 minutes, 37 seconds Our commitment to forging an inclusive [clears throat] diverse and equitable workplace is stronger than ever. We are 7:45 7 minutes, 45 seconds proud to share that bil state was recognized as one of the best organization for woman 2026 at the sixth 7:54 7 minutes, 54 seconds edition of ET now. Our ESG leadership was further acknowledged by British 8:00 8 minutes world which ranked ABR among India's top 60 most sustainable companies and number 8:07 8 minutes, 7 seconds two in the real estate and REIT category. 8:12 8 minutes, 12 seconds As we look ahead, our commitment remain unwavering. We continue to prioritize designs, excellence, customer 8:20 8 minutes, 20 seconds centricity, and the highest standards of safety and quality. We are building not just homes, but superior experience, 8:29 8 minutes, 29 seconds creating long-term sustainable value for our shareholders. Thank you. Thank you so much. 8:38 8 minutes, 38 seconds Thank you, sir. Uh sir, should we open the floor for the Q&A? Yes, please go ahead. 8:44 8 minutes, 44 seconds Thank you very much, sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask questions may please press star and one on their touchstone phone. 8:55 8 minutes, 55 seconds If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use only hands while asking a question. 9:05 9 minutes, 5 seconds Ladies and gentlemen, we will wait for a moment while the question queue assembles. 9:17 9 minutes, 17 seconds The first question is from the line of Karan Kana from Ambbit Capital. Please go ahead. 9:23 9 minutes, 23 seconds Yeah. Hi, good morning and thanks for the opport. 9:36 9 minutes, 36 seconds Mr. Karin the participant has left the queue. I'll request the participant to kindly rejoin the queue. 9:47 9 minutes, 47 seconds In the meanwhile, we'll take the next question. Uh, okay. Karan Kana is in the queue, sir. I'll just promote him. Thank you. Karan Kana, please proceed. 9:58 9 minutes, 58 seconds Yeah. Hi. Am I audible? Yes, you're audible now. 10:02 10 minutes, 2 seconds Yeah. Hi. Uh good morning and thanks for the opportunity. U just a couple of questions from my side. Firstly, Katy, sustaining sales seem quite healthy for 10:11 10 minutes, 11 seconds the fourth quarter almost at 20%. For the 7,300 crores of inventory that you have remaining, um what kind of 10:18 10 minutes, 18 seconds sustained sales do you foresee going into FI27? 10:29 10 minutes, 29 seconds Hi Karen are you can you hear me? Yes K we can hear you now. 10:33 10 minutes, 33 seconds Yeah. Yeah. So as a sustenance Yeah. So we had a very good traction in our Bangalore project which was largely 10:40 10 minutes, 40 seconds sustenanceled and also Nara otherwise the bulk of it was from you know u uh new launches. So we're not 10:49 10 minutes, 49 seconds given a clear guidance for the next year. All I want to tell you that I mean for the current year we have got about 10:57 10 minutes, 57 seconds 9,000 plus crores of new launches and 7,000 crores of sustenance sales coming up. But uh we are refraining from giving 11:04 11 minutes, 4 seconds any guidance because it's very difficult to uh actually predict what kind of sales we can um estimate. 11:12 11 minutes, 12 seconds So that's why I'm not giving any guidance. Yeah, that's fine. Just following up uh you know on the Mumbai market if you could 11:19 11 minutes, 19 seconds just talk a bit about the overall market given that you know you'd seen 1% growth in absorption and 2% growth in supply and yet uh your existing inventory in 11:28 11 minutes, 28 seconds Mumbai is at about 4,000 crores and the pipeline inventory for FI27 is also very much concentrated in Mumbai especially 11:35 11 minutes, 35 seconds so how are you looking at the luxury market in MMR overall and how do you plan to manage launch timelines to allow for ample uh response to the launches 11:44 11 minutes, 44 seconds and also on launch pipeline if you can talk a bit about at what stages of approval are all these projects currently at and I'm just trying to 11:52 11 minutes, 52 seconds understand the downside risk in terms of launch delays that one can build in these projects. 11:57 11 minutes, 57 seconds Yeah. So I think we have had a fairly good uh year last year uh with respect to Mumbai. Uh yes the launches came at a 12:05 12 minutes, 5 seconds very end of Q4. Uh Tane BLA tar did extremely well. We did about 9,960 12:12 12 minutes, 12 seconds crores or so of uh uh bookings in the the few days that was left for us in Q4 12:20 12 minutes, 20 seconds and the momentum continues. uh narl also with whatever leftover inventory was there I think they had a healthy you know strike rate of at least two to 12:28 12 minutes, 28 seconds three flats per month last year last year and with the new launch I think it will really pick up that's a different 12:36 12 minutes, 36 seconds product and we expect a very strong um response from the market already we have a you know reasonably uh strong queue uh 12:44 12 minutes, 44 seconds lined up for this project um uh and we have also signed a new project in uh 12:51 12 minutes, 51 seconds car which we are really working overtime to make it launch ready. I'm quite hopeful that we'll be able to make it and it's a very exciting market very 13:00 13 minutes strong demand um coming up with a unique product. So pretty excited about that. 13:06 13 minutes, 6 seconds Our launch in boyer also again it was a very far end but we did clock about 80 90 crores there. We expecting to sell it 13:13 13 minutes, 13 seconds out completely this year. Um so I think uh from the micro markets where we are in especially you know the tane navi 13:22 13 minutes, 22 seconds mumbai junction market with with especially with our brand and the niara which has been created very strongly and the new micro market in western suburbs. 13:33 13 minutes, 33 seconds We are pretty excited and I expect a very strong response um uh for us in this coming this year. As far as the 13:41 13 minutes, 41 seconds launch for Bir Nara Tower C is concerned, it's really touch and go. We are pursuing very hard to get the 13:49 13 minutes, 49 seconds approvals. It could be touch and go. We expecting first half of Hund. It's quite possible that by the time we take the 13:56 13 minutes, 56 seconds launch, it may spill over to Q3 also. So fingers crossed about that. Uh but overall I think we have you know enough 14:04 14 minutes, 4 seconds time for us to you know do very strong numbers in Bombay this year. 14:08 14 minutes, 8 seconds Sure. And just lastly on Bangalore given that this has been the strongest market for you and also the strongest response uh and yet you don't have any major 14:17 14 minutes, 17 seconds launches slated for FI27. So how should we think about the BD that you're targeting in this market going into FI27? 14:24 14 minutes, 24 seconds Yes. Yes. Good question. I think we have had a wonderful know response in all our five projects. We have handed over one and we are in the process of handing 14:31 14 minutes, 31 seconds over another one this year. So we'll be left with Thaya, Ojasui and Iara. Uh we 14:38 14 minutes, 38 seconds expecting very strong sustainance sales from both Taya and Hara. 14:43 14 minutes, 43 seconds Um and we are also very aggressively looking at BDS. Uh we have quite a good sort of you know medium-siz proposals 14:51 14 minutes, 51 seconds which are working very hard. Our largely our total focus this year will be concentrated on building our BD portfolio. Uh and we are quite optimistic about that. 15:01 15 minutes, 1 second Great. Thank you and all the best K. Thank you. 15:04 15 minutes, 4 seconds Thank you. Thank you sir. We'll take the next question from the line of J Sha from HDFC Securities. Please go ahead. 15:20 15 minutes, 20 seconds Mr. Sha, I've unmuted your line. Please proceed. 15:29 15 minutes, 29 seconds Right. Uh can you hear me now? Yes. Yeah. 15:33 15 minutes, 33 seconds Yes. Uh uh uh. Hi sir. So uh can you quantify the uh launch timing uh like in 15:40 15 minutes, 40 seconds terms of H1 and H2 FI27 which approvals remain key uh dependencies and uh also 15:49 15 minutes, 49 seconds uh like we are seeing that uh the like in Wii uh there is quite a good supply 15:57 15 minutes, 57 seconds now. So how are you uh like see uh like do you see any slowdown in luxury absorption or pricing uh resistance uh 16:06 16 minutes, 6 seconds given given the uh increase in south Mumbai uh supply like amongst the peers. 16:14 16 minutes, 14 seconds Okay. Um thank you J for your question. 16:17 16 minutes, 17 seconds So uh first uh in terms of timelines as I mentioned about cover BA naram I mean the brand has come very strongly uh in 16:27 16 minutes, 27 seconds that micro market and we are still commanding a good uh premium and uh demand and we expect cover to really 16:34 16 minutes, 34 seconds accelerate that demand considering the initial response that sort of you know we are building up uh of course we 16:42 16 minutes, 42 seconds haven't launched it but uh you know discussions with channel partners etc. 16:46 16 minutes, 46 seconds uh the only challenge is that we are working very hard to get the approval. 16:50 16 minutes, 50 seconds So it may be you know we may just get RA at the at the end of Q2 and we may launch it either in Q2 or maybe early Q3 16:57 16 minutes, 57 seconds [clears throat] but we want to make sure that we're completely ready uh in all terms when we launch it. So that is Q2/Q3A 17:06 17 minutes, 6 seconds new phase that will happen in Q3 which is the Kane second phase once we sort of exhaust our you know current phase 17:15 17 minutes, 15 seconds substantially. Then we have got a new project which science redevelopment project in car uh which we are working 17:22 17 minutes, 22 seconds over time to make it launch ready in this year itself. So definitely that will be Q4. 17:27 17 minutes, 27 seconds Then Burla Navia the last phase uh in uh our you know gospel extension location that we're planning it in about Q3. 17:37 17 minutes, 37 seconds Uh Bir Puna in uh Pune uh a new phase launch we're expecting that should be in 17:44 17 minutes, 44 seconds again Q3 and then BA Evam uh in Mangari it's in Q4 uh Pune again. So this is largely the timelines. 17:56 17 minutes, 56 seconds Okay. Okay. Thank you. And also uh one more question on BD. So like can you share the current active BD discussions 18:04 18 minutes, 4 seconds like uh by geography which is MMR, NCR, Bangalore and Pune and the preferred asset light versus outright acquisition. 18:16 18 minutes, 16 seconds Um yeah I mean I can't just share this with you in great details but I can generally uh give you the trend that 18:24 18 minutes, 24 seconds we're looking aggressively at NOA u sort of an outright gurav JDA Mumbai 18:31 18 minutes, 31 seconds uh JDA and outright both but lots on redevelopment at least four or five 18:36 18 minutes, 36 seconds projects uh Pune uh uh outright and 18:43 18 minutes, 43 seconds uh Bangalore JDA and outright Uh okay but can you like quantify like the amount of GDV 18:51 18 minutes, 51 seconds overall I could say roughly about yeah roughly about 60,000 crores of projects we are at this point of kind of pursuing 19:00 19 minutes uh we are trying our best to maximize what we can do okay and what would be the mix for MMR 19:08 19 minutes, 8 seconds uh in terms of uh like in the 60,000 MMR will be about 35 five. 19:18 19 minutes, 18 seconds Okay. Sure. And uh so and uh lastly on uh so just wanted to know like uh what 19:25 19 minutes, 25 seconds are we seeing in terms of target steady steady state operating cash flows conversion from pre-sales over the next couple of years. 19:35 19 minutes, 35 seconds Sorry, what are you exactly asking u in terms of your uh customer collections? Are we talking about that? 19:45 19 minutes, 45 seconds Correct. 19:48 19 minutes, 48 seconds Customer collections j we are largely most of it is linked to you know construction progress barring a 19:55 19 minutes, 55 seconds few of them but mostly uh we attempt to collect at least 65 to 70% by the time we finish the structure of the building. 20:04 20 minutes, 4 seconds So there was a little bit of flexibility here and there but largely that's how we're looking at. So far we have been doing very strong in uh collections. We 20:13 20 minutes, 13 seconds grew by more than 23% from last year's last last year's collection to last year. We are looking at a very healthy growth this year also from that number. 20:24 20 minutes, 24 seconds Okay. Okay. Thank you so much. Thank you J. Thank you. 20:30 20 minutes, 30 seconds The next question is from the line of Pritesh Sait from Access Capital. Please go ahead. Sure. 20:38 20 minutes, 38 seconds Uh yeah. Uh thanks for the opportunity. 20:40 20 minutes, 40 seconds Uh uh so just first one uh again to be very specific on Bangalore launches which current earlier asked for. Uh I 20:50 20 minutes, 50 seconds don't see last phase of Maya coming this year. Uh you know any specific reason why? because we don't have any too much 20:58 20 minutes, 58 seconds of inventory there almost 150 odd only so hi praesh yeah I think we are now 21:06 21 minutes, 6 seconds focusing on execution we have lot of you know sold uh inventory we are building it and I think we can get a healthy 21:13 21 minutes, 13 seconds margin I think we wait and you know really maximize in the last phase uh prices have really gone up there and every launch has been at a higher price 21:22 21 minutes, 22 seconds I think we really would like to now maximize um u the revenue from our final phase as you mentioned it's not much but 21:29 21 minutes, 29 seconds it's worth waiting for also this is a project which has taken about five six years I mean just because it has been at 21:36 21 minutes, 36 seconds 52 acre project so helps us to you know really plan the launch of the last one in a big way in terms of there are any 21:43 21 minutes, 43 seconds kind of price escal cost escalations or anything want to just keep that inventory as a you know um as a hedge uh 21:51 21 minutes, 51 seconds because there is enough of done enough thing enough of positive cash flow is So we're really focusing on now really maximizing on the last phase. So that's there's no hurry to launch that now. 22:02 22 minutes, 2 seconds Sure. Sure. Sure. Pretty clear. 22:05 22 minutes, 5 seconds Uh and in terms of you know let's say any business development we sign off 22:11 22 minutes, 11 seconds from here on uh right uh we saw you know car uh getting added to the FI27 launch 22:19 22 minutes, 19 seconds pipeline uh and and we signed that project just in March or April. uh so any of the potential business 22:26 22 minutes, 26 seconds development opportunities you think can be uh you know launched uh this year by Q3 Q4 or or for this year we are uh you 22:36 22 minutes, 36 seconds know this 10,000 cr uh roughly 10,000 cr kind of launch guidance should be uh the number to look at 22:47 22 minutes, 47 seconds I would really refrain from giving any you know uh I mean you uh any kind of guidance you know better than that how you know indiscriminate it is you know 22:55 22 minutes, 55 seconds whatever guidance you may give I'm only happy to say that you know we did give finally in the Q3 last year guidance that we'll exceed and we did manage to 23:04 23 minutes, 4 seconds exceed that we're pretty happy about it but it is like that also happened without the launch of Tawi 23:11 23 minutes, 11 seconds um we couldn't launch it so uh so any guidance that I give will be you know could be misplaced because of the very 23:19 23 minutes, 19 seconds sheer uncertainty of when these uh launches can take place largely dependent on the uh the the approvals uh 23:27 23 minutes, 27 seconds schedule approvals are largely based on two things one is the environmental and the NGT so those are pretty inet indeterminate things though we do our 23:35 23 minutes, 35 seconds best in estimating them so I don't really want to uh you know give any sort of clear estimates having said that our 23:43 23 minutes, 43 seconds whole attempt would be to you know launch as quickly as possible all our projects because that's where we try to you know put all our efforts in since we 23:52 23 minutes, 52 seconds pay full price for the land. Um I would love to be in a situation where I can grab a project which has all the 24:00 24 minutes approvals and launch it immediately but it's quite unlikely. It was very very difficult to get that sort of project and also to our standards. So that seems 24:08 24 minutes, 8 seconds a little too far-fetched but um I won't lose hope on that. 24:15 24 minutes, 15 seconds Sure sir. Got it. Um and just u Mr. I'm sorry to interrupt you sir. I would request you to kindly rejoin the queue 24:23 24 minutes, 23 seconds for follow-ups. There there are others who are waiting. Thank you so much. 24:27 24 minutes, 27 seconds Ladies and gentlemen, in order to ensure that the management will be able to address questions from all the participants in the conference, kindly 24:35 24 minutes, 35 seconds limit your questions to only two per participant. Should you have a follow-up question, please rejoin the team. We'll take the next question from the line of 24:43 24 minutes, 43 seconds Akshai Takur from Helios Capital. Please go ahead. 24:49 24 minutes, 49 seconds Hello. Hi sir. Uh thanks for the opportunity. Uh so my question is pertaining to your land in Telga and 24:57 24 minutes, 57 seconds Kalyan. So we have a huge uh chunk of land in Telga. Uh from what I I got a 25:04 25 minutes, 4 seconds sense uh from a previous meet that uh you plan to do a uh senior living project there and that area is so getting more projects in similar manner. 25:15 25 minutes, 15 seconds So can you give any guidance on the GDP potential or what is the plan in terms of numbers for Tala and for Kalyan as well? 25:25 25 minutes, 25 seconds Hi Ash. Um yeah so as regards these two parcels of land this belongs to our no historical land parcel that know the 25:33 25 minutes, 33 seconds century had the in its kitty. Um also we must remember that talle land is an 25:40 25 minutes, 40 seconds agricultural land. It needs to be converted etc. So it's in a very preliminary stage. is not part of the Pune development uh um scheme as of yet. 25:49 25 minutes, 49 seconds Uh so the entire process of conversion etc is uh expected. Uh it has not happened because the region has not come 25:57 25 minutes, 57 seconds still under PMRD etc. U so uh it's about 45 acres of land. So we have plans we 26:05 26 minutes, 5 seconds have aspirations for that but nothing is really clearly laid out as of now. Why [clears throat] we thought senior living is because of course the climate is 26:12 26 minutes, 12 seconds proximity to the Adita hospital and also the government is coming up with some friendly schemes for senior living even 26:19 26 minutes, 19 seconds if it is not you know converted zone. So we are exploring from those point of view but too early to give any kind of clear details and numbers on this. 26:29 26 minutes, 29 seconds Similarly in Kalyan we don't have as of now any land which is ready for development for the next few years. 26:36 26 minutes, 36 seconds whatever we had is all exhausted now. Um the the large plant through rayon and all is too far-fetched and it will take 26:44 26 minutes, 44 seconds lot of time because it's a fully production going on with more than 7,000 workers etc. So that's not in the offing 26:51 26 minutes, 51 seconds right now. Uh so that's the update on Talia and Kalya. 26:57 26 minutes, 57 seconds Thank you for that. Uh one more question on uh on Tani. uh you had previously guided that there would be some sort of 27:06 27 minutes, 6 seconds commercial projects also coming up. Uh could you share an update on that? M 27:14 27 minutes, 14 seconds uh yeah so we have this you know BLA tar which is land bought from Hindalo and we 27:22 27 minutes, 22 seconds have a 50% uh investment from IFC we launched a very successful residential first phase launch we also 27:31 27 minutes, 31 seconds have an aspiration to build a commercial portfolio there of about five lakhs uh so we are in the process of designing 27:37 27 minutes, 37 seconds that uh but it would be either fully leased out or maybe you know partly you know maybe one to we may look 27:46 27 minutes, 46 seconds at the strata sales uh for you know for faster cash flow and more demand and more uh frontal sales. So we are in the 27:55 27 minutes, 55 seconds process of finalizing that once we uh get a clear picture uh on that ourselves as a team then we'll be happy to 28:01 28 minutes, 1 second disclose that but definitely there are plans to create at least about 500 square ft of commercial inh. 28:10 28 minutes, 10 seconds Yes in in Vatar. Yeah. Okay. Okay. Thank you so much sir. Thank you. 28:17 28 minutes, 17 seconds Thank you. The next question is from the line of Vun Julasara from 361 Capital. Please go ahead. 28:25 28 minutes, 25 seconds Yeah. Hi sir. Uh sir first of all uh could you just update us on the cash from the ITC deal? When is it expected? 28:32 28 minutes, 32 seconds Uh and what is the current status on that? 28:36 28 minutes, 36 seconds Sure. The ITC transaction the discussions with ITC are progressing well. As you are aware we received a key regulatory approval which is the 28:44 28 minutes, 44 seconds competition commission of India. That application was made by ITC and government granted that approval. Now 28:52 28 minutes, 52 seconds certain state level approvals are pending and uh we expect to conclude the transaction in this quarter. Uh it's 29:00 29 minutes moving uh progressing well and our estimation and expectation is that it should get completed in this quarter. 29:08 29 minutes, 8 seconds Okay. And sir on the construction spent sir how is it looking like for the FI27 and uh and how much capeex do we plan to spend on the BDS uh this year sir? 29:20 29 minutes, 20 seconds So uh from aex point of view construction spent this year in 27 should be close to 1,000. 29:32 29 minutes, 32 seconds I'm sorry there's a there is a yeah yeah the construction spend this year pure construction spend would be 29:40 29 minutes, 40 seconds around 1,000 crores. As regards KEX for land acquisition, uh uh we have a very strong uh cash cash flow and cash 29:49 29 minutes, 49 seconds balance, our operating cash flow is positive. We have almost 1,000 crores of mutual fund balances uh at a console 29:58 29 minutes, 58 seconds level and we also have almost 1,300 crores of cash and rera balances. So from a capex point of view, we have 30:05 30 minutes, 5 seconds adequate uh cash to uh make acquisitions. Further we also have demonstrated uh partnerships uh with 30:14 30 minutes, 14 seconds leading global players. So in case of any large acquisition we have the ability to bring on partners as and when 30:21 30 minutes, 21 seconds required for making capex land acquisition. 30:26 30 minutes, 26 seconds So for the construction you mentioned 1,000 cr right cuz we done 31. 30:33 30 minutes, 33 seconds So see 31 includes uh you know all expenses. is the pure I'm I'm mentioning to you the pure construction spend 30:40 30 minutes, 40 seconds because the project development outflow which we've shown 3131 includes uh you know operations expenses that's around 30:48 30 minutes, 48 seconds uh 920 crores uh uh for the current year I stand corrected for the FI27 it should 30:55 30 minutes, 55 seconds be 1 1200 crores this also includes other items like you know approval costs uh design costs uh you know any uh you 31:03 31 minutes, 3 seconds know uh deposit paid for the deal which we announced recently. So it's a combination of all of that. So 3131 31:11 31 minutes, 11 seconds which is there in the cash flow that also includes a ind accounting adjustment whereby for revenue share. So 31:20 31 minutes, 20 seconds uh that note we have put in the uh cash flow. So in that sense last year we spent 924 crores on construction. This 31:28 31 minutes, 28 seconds year we should be spending 12 and odd crores for construction. 31:33 31 minutes, 33 seconds Okay. And sir on the BD front uh since this year we have not done uh any significant BD sir is it why like is it 31:40 31 minutes, 40 seconds uh the IRRa or the expectation that is not allowing us to approach the BD or is 31:46 31 minutes, 46 seconds it uh you know the land title or there is another some other issue which is being holding up. 31:54 31 minutes, 54 seconds Hi Vun. Um yeah no no no it's a combination the IRS of course we look for healthy IRS because you know this is a multi-year project uh you know multi- 32:03 32 minutes, 3 seconds situations come up you know cost escalations and all that so we provide for all of that you know business plans and you also look for a reasonable you 32:10 32 minutes, 10 seconds know strong hurdle rate in terms of IRS um for outright we look at at least 16% 32:17 32 minutes, 17 seconds and if it is a JD upwards of 18 19%. So uh but that's not really the the hurdle you know because there are enough and 32:26 32 minutes, 26 seconds more proposals coming the only thing is that you know due diligence is you're very particular about what kind of risk we take so some of them happen some of 32:34 32 minutes, 34 seconds them doesn't happen but I think it always pays to be careful and prudent because as I mentioned the business goes through cycles the business goes through 32:42 32 minutes, 42 seconds different envir economic cycles also and real estate sentiment cycles so we don't 32:49 32 minutes, 49 seconds want to be caught you know uh hanging in any part you know oh this week a risk we didn't consider and you know therefore 32:58 32 minutes, 58 seconds uh it may come and kind of you know bite us back and put us back by a few years it has happened it happens in real estate all the time we have to be 33:06 33 minutes, 6 seconds careful to the extent possible uh while doing um uh while doing BD but that's not the real case see what BD is not 33:15 33 minutes, 15 seconds something which we can keep on saying every quarter we can do so much because it's an exploratory thing with so many risks up there. It's as I mentioned if 33:24 33 minutes, 24 seconds the right you know combination of risk and return comes at any particular point it's possible that we may do multiple projects in a single quarter or we may 33:32 33 minutes, 32 seconds not do anything for a few quarters. So I think that we have also demonstrated that this happened in our in our in our 33:40 33 minutes, 40 seconds in the last two years for us. So we are pretty confident given our pipeline and the kind of projects we're pursuing that we are you know we'll be very soon 33:48 33 minutes, 48 seconds announcing of them. The timing we can't of course predict very accurately. It's all estimated but it's very probable 33:55 33 minutes, 55 seconds that now that you know we were swung from the other side of the pendulum suddenly we may announce quite a few deals together. So it's not lack of 34:03 34 minutes, 3 seconds resources you know or lack of taking uh you know uh calculated risk it is just the timing you know all of these things 34:12 34 minutes, 12 seconds should come together uh so we are not really worried about that okay so just last question 34:20 34 minutes, 20 seconds I'm sorry to interrupt you sir I would request you to kindly rejoin for followup thank you so much we'll take the next question from the line of Bipla 34:29 34 minutes, 29 seconds from MK Global please go ahead Uh good morning everyone. Uh sir morning 34:38 34 minutes, 38 seconds good morning sir I don't see uh I don't see you have explained I also don't see Aria or mura road. So Ara I think there 34:47 34 minutes, 47 seconds is one tower left and you have sold everything. Excellent responses and congratulations on that. So just wondering what happened to Ara and what is the status of Mata? 35:00 35 minutes Yeah. Um hi Vipl. So Ara I think you know of the uh all the towers seven 35:06 35 minutes, 6 seconds towers you've sold now six towers um with almost you know 100% uh you know uh 35:14 35 minutes, 14 seconds performance. uh I would really like to do something extraordinary on the last hour and I would like to wait and you know time it better you know in a much 35:22 35 minutes, 22 seconds more market because in that market and I've explained it to you in the past also there's absolutely no supply and this project has come out so well come 35:30 35 minutes, 30 seconds out designed well really do something extraordinary on this uh and I think you know we can improve our pricing uh you 35:37 35 minutes, 37 seconds know considerably from what we have done today because the very unique positioning uh that project has attained in that micro market uh on the back of 35:46 35 minutes, 46 seconds the Adita brand name. So I just want to kind of you know maximize the uh returns for that. 35:55 35 minutes, 55 seconds Mura road matura road as you mentioned in Delhi we have been struggling with uh 36:02 36 minutes, 2 seconds with the approval thing. I think now we have found a way we can you know we are making progress there in getting approvals. Um but I don't want to take a 36:11 36 minutes, 11 seconds chance and you know um u declare that will happen this year but I'm quite confident that will happen uh early next year. 36:22 36 minutes, 22 seconds Okay. And my second question is on your uh you know uh beginning of uh last year you gave some um guidance of doing 36:31 36 minutes, 31 seconds 15,000 cr of around that number in FI28 and uh so for that we need to have 36:38 36 minutes, 38 seconds enough uh um uh GDP in our portfolio. So do you think this I mean in uh I know 36:46 36 minutes, 46 seconds you will be doing a lot of business development this year. I'm really optimistic. Uh so do you stick to that 36:53 36 minutes, 53 seconds number and would you be able to uh do enough BD to reach that number? 37:00 37 minutes Um um Vip I think uh you know yeah the you're very absolutely you know correct in saying that it's not just doing BD 37:09 37 minutes, 9 seconds but also the timing of BD is very critical and in finding out which how much you know sales booking will be 37:16 37 minutes, 16 seconds done. looking at this uh kind of trajectory that you're having today um it quite possible that 15,000 instead of 37:23 37 minutes, 23 seconds FI28 may kind of slip over to FI 29 um there is a know definitive possibility of that though we'll be 37:31 37 minutes, 31 seconds trying our level best to you know do this but I think it's quite likely that it move up from 28 to 29 uh has you know 37:39 37 minutes, 39 seconds precisely for the reasons that you mentioned but our attempt will be to continuously stack up our VD uh pipeline and and to deliver on those. 37:50 37 minutes, 50 seconds Thank you sir. Thank you. All the best. Thank you. 37:55 37 minutes, 55 seconds The next question is from the line of Pitesh Set from Access Capital. Please go ahead. 38:05 38 minutes, 5 seconds Yeah. Two questions. 38:08 38 minutes, 8 seconds Yeah. Hi. Hi. Uh so a couple of follow-ups. First uh uh if you can highlight the status of the commercial 38:15 38 minutes, 15 seconds projects that we are planning in worldly century in phase 2 and redevelopment of century one. 38:24 38 minutes, 24 seconds So praesh our attempts are on to you know start these projects as quickly as possible. We are in the design uh stage you know planning the layout etc. you 38:32 38 minutes, 32 seconds know it has to uh integrate with the rest of the planning location. So uh we have already started doing that. uh we'll try our level best to actually 38:40 38 minutes, 40 seconds start the construction from this year onwards. 38:44 38 minutes, 44 seconds That's our attempt again. uh one uh sorry for both of them or just uh one one each 38:52 38 minutes, 52 seconds uh uh I would start with one of them at least whichever goes off the sync and we'll have to kind of plan our 38:59 38 minutes, 59 seconds investments and who our partner is etc whether you should take both of them together or we should plan one after the other how should we stagger it that is 39:08 39 minutes, 8 seconds still under consideration it also depends on how we get a you know partner uh for our projects but whether we get 39:16 39 minutes, 16 seconds partner or not, we'll definitely start the commence the construction this year. 39:21 39 minutes, 21 seconds Got it. And and second question on the cash flows. Uh so we club uh you know the land spends 39:28 39 minutes, 28 seconds uh construction overheads in one line called product project development cost. 39:34 39 minutes, 34 seconds Uh maybe kay if you can help me with the split of this 3,100 crores that we have spent on project development cost. How 39:42 39 minutes, 42 seconds much of it was for uh you know the land acquisition? Uh how much was for uh con 39:49 39 minutes, 49 seconds pure construction and uh how much for overheads that would be helpful. 39:56 39 minutes, 56 seconds [clears throat] 39:56 39 minutes, 56 seconds So uh maybe we can take that because there are a lot of items maybe we can take that offline. Okay. Okay. Okay. No worries. Thank you. 40:04 40 minutes, 4 seconds Yeah that's it from all the best. 40:06 40 minutes, 6 seconds Thank you sir. The next question is from the line of Fenel Brahmabat from Choice Institutional Equities. Please go ahead. 40:15 40 minutes, 15 seconds Hey uh good morning everyone. So I have some questions. 40:19 40 minutes, 19 seconds I'm sorry to interrupt you sir. Sir your voice is feeble. We can't hear you clear. Uh hello. Am I am I audible now? 40:26 40 minutes, 26 seconds So please your use your handset. 40:29 40 minutes, 29 seconds Yeah I'm using my only and increase the volume at your end. 40:35 40 minutes, 35 seconds Hello. Please first. Yes. 40:39 40 minutes, 39 seconds Yeah. So my good morning everyone. My first question is on this other expenditure which you have reported for 40:46 40 minutes, 46 seconds Q4 FI26 that is around 152 cr. So I just want to know what is the components of those other expenditure and this is like 40:54 40 minutes, 54 seconds oneoff or uh we can expect this uh in coming period. 41:00 41 minutes So we have a exceptional item uh in uh in Q Q4 and overall for the full 41:07 41 minutes, 7 seconds financial year. Uh so there is a share of loss which we have from the joint venture uh because the sales marketing 41:15 41 minutes, 15 seconds expenses etc not to be inventorized and the other exceptional item is due to the labor core and also uh you know a 41:23 41 minutes, 23 seconds provisioning we have made for one of the joint ventures in the textile business which we've had. So that is the exceptional item. So both combined put 41:32 41 minutes, 32 seconds together is around 30 39 39 crores 37 crores. 41:39 41 minutes, 39 seconds Okay. Okay. So uh Okay. And so out of this 152 cr you are saying 39 is the oneoff related to labor code and the other uh this paper and P business. 41:50 41 minutes, 50 seconds Okay. The amounts are they're in millions. 152. Okay. Okay. 41:57 41 minutes, 57 seconds Yes. and and uh yeah and also checking on this car development project. So have you signed DA for this project or it just under process? 42:07 42 minutes, 7 seconds Um no Mr. Brah we have signed the DA we have started a process of yeah we started a demolition process and all 42:15 42 minutes, 15 seconds that. Again the last question related to collections. So our collection dips in this quarter YQ. So uh any specific 42:24 42 minutes, 24 seconds reasons like because of uh de delay in construction or uh getting approvals or uh like we we haven't have any delivery 42:33 42 minutes, 33 seconds during this quarter. So can you can you highlight any specific reason behind this? 42:39 42 minutes, 39 seconds No. So our collections have been very strong for the financial year. Uh in fact we did almost uh 1,000 crores of collections in the Q4. Uh they are 42:49 42 minutes, 49 seconds slightly lower than last year because we had major launches in March. So our uh collections for the bookings which we 42:57 42 minutes, 57 seconds have announced in March would come in Q1 of the coming year and as you are aware we almost have a 97 98% collection 43:06 43 minutes, 6 seconds efficiency. So whatever bookings we have done those collections uh would come in the Q1 of this year and the April collections also have been very strong. 43:16 43 minutes, 16 seconds So to that extent that is the reason why there's a uh you know the way the collections pan out. 43:23 43 minutes, 23 seconds Okay. Got it. Thanks. Thank you. Thank you so much. 43:26 43 minutes, 26 seconds Thank you. The next question is from the line of Muri Krishnan from Sundaram Mutual Fund. Please go ahead. 43:34 43 minutes, 34 seconds Yeah. Thanks for taking question. Uh so just wanted to understand uh so you are uh indicating that uh we are holding few 43:43 43 minutes, 43 seconds towers u uh and uh and and other towers. 43:49 43 minutes, 49 seconds So uh but whenever we launch a project uh those are almost like getting sold out. So what is our strategy sales 43:57 43 minutes, 57 seconds strategy uh while you know uh for a particular for a large projects uh so 44:05 44 minutes, 5 seconds yeah and we are seeing that we are launching in phases also so just wanted to understand the sales strategy. Yeah, thanks. 44:13 44 minutes, 13 seconds So, uh, hi Muri Krishna. See the trail strategy of course you know is um, you 44:20 44 minutes, 20 seconds know, we try to launch a certain number of towers, apartments, units etc. depend 44:28 44 minutes, 28 seconds creating a market assessment um of that particular micro market. How much is the demand that can be absorbed? what kind of strong velocity can we command and 44:38 44 minutes, 38 seconds what kind of uh ticket sizes we can you know um deliver or we can launch in that market which will get absorbed. So if 44:45 44 minutes, 45 seconds you launch too much then you know and we're not selling then of course there will be a cash flow mismatch. So because construction has to be done even if you 44:52 44 minutes, 52 seconds sell one square foot. So we try to match to the extent the best of our um estimate how much demand is the market 45:00 45 minutes having and uh we should at least try to get about more than 50% of the product launched as sales. Uh also and we tried 45:08 45 minutes, 8 seconds to hedge the and manage the entire business plan cash flow by you know dividing the entire uh project into 45:14 45 minutes, 14 seconds reasonable uh sizes of phases. uh if it is a large enough project. If it's not a large enough project, uh then we may do it in single phase. 45:24 45 minutes, 24 seconds Uh also depending on the which micro market it is. Now our aim constantly in sales is to get as quickly uh cash positive or cash neutral as possible. 45:36 45 minutes, 36 seconds Once we have achieved that and we see that the project is now completely in cash positive area uh is you'll try to 45:42 45 minutes, 42 seconds maximize the uh margin the AITA margins but irr return on capital return on capital employed is the first goal so 45:52 45 minutes, 52 seconds till that extent we go after velocity and once we achieve that then we look at also no maximizing the margins but 45:59 45 minutes, 59 seconds that's largely which dictates our sales strategy understood Thanks. That was 46:08 46 minutes, 8 seconds Thank you. The next question is from the line of Chaitan Sharma from Systematic Shares and Stocks Limited. Please go ahead. 46:17 46 minutes, 17 seconds Uh am I audible? Yes, Jan. Yes, please. Yeah, thanks for the opportunity sir. And uh my question is in the land bank. 46:25 46 minutes, 25 seconds Okay. Uh what's the land bank we are having now and what's the expected GDV we can expect from that? 46:35 46 minutes, 35 seconds I think we have sort of you know delineated it in our presentation [clears throat] u the kind of you know 46:43 46 minutes, 43 seconds blank we have about 70 72,000 crores of GDV today of which about uh how much is launched about close to 30,000 46:52 46 minutes, 52 seconds I think it's all laid out in our presentation 31,000 we have launched the balance is our land bank and of this you 47:00 47 minutes know we have sold about 70 75% before we launched. Okay. 47:05 47 minutes, 5 seconds Uh but all the details are there in our you know uh presentation investor presentation. You should check on to uh slide number 19. 47:15 47 minutes, 15 seconds Okay sir. Thank you. That was from my Thank you. 47:20 47 minutes, 20 seconds The next question is from the line of Darika Kima from EV Financ. Please go ahead. 47:28 47 minutes, 28 seconds Uh hi. Thank you for the opportunity. I see that you have a BB pipe. 47:33 47 minutes, 33 seconds Ma'am, I'm sorry. I'm sorry to interrupt you. Your voice is muffled. Can you please use your handset? Yes. 47:51 47 minutes, 51 seconds Mhm. See can't hear you. Sorry. 47:59 47 minutes, 59 seconds Please proceed. 48:00 48 minutes Yes. So, uh I see that you have a BD potential BD pipeline of 60,000 crores. 48:06 48 minutes, 6 seconds Could you just uh throw some more light on this as to what part of this could get converted in this year? Um what 48:14 48 minutes, 14 seconds projects are we looking at some more details on this? 48:18 48 minutes, 18 seconds See um at this juncture this is confidential and not able to give more color on this. I wish that we can convert all of them. Uh you know that 48:27 48 minutes, 27 seconds will be our attempt but depending on how the due diligence progresses you know uh if the due diligence goes well then you 48:34 48 minutes, 34 seconds know perhaps we can grab all of that but quite likely that you know we may do about a percentage of it. Now how much 48:42 48 minutes, 42 seconds percentage I'm not in a position to um uh to disclose. 48:48 48 minutes, 48 seconds All right. Like no indicative number of what project out of this. You can't you really can't. Yeah. 48:55 48 minutes, 55 seconds Final predict. Yeah. Very difficult to predict. Yeah. 49:00 49 minutes All right. And also I had a question. We were almost like on the verge of closing 49:06 49 minutes, 6 seconds um a 10,000 cr worth of VD project. Any update on that? We don't seem to have converted that as we progressing. We are progressing. 49:14 49 minutes, 14 seconds We're progressing on that. We're progressing. That is a part of the 60,000 cr pipeline that we're talking about. 49:20 49 minutes, 20 seconds Yes, it is. Of course, it is. Of course, it is. Yeah. All right. All right. That's it for me. Thank you. Thank you. 49:28 49 minutes, 28 seconds Thank you. The next question is from the line of Dshit Dhi from Whit Stone Financial Advisor Private Limited. 49:35 49 minutes, 35 seconds Please go ahead. 49:37 49 minutes, 37 seconds Yeah. Uh thank you for the opportunity sir. Uh sir uh uh we've been invested in this company since last 3 four years and 49:45 49 minutes, 45 seconds uh the one big reason is that our vision of becoming you know top three or top five real estate player in the country 49:53 49 minutes, 53 seconds but when we see our business development pipeline. So all the projects that we launch we get a very good response. We 50:00 50 minutes have created a very good uh product. Our sales team is fine. We are getting good response. But when we see business 50:08 50 minutes, 8 seconds development pipeline and we see our competitors business development what they do uh do you still think we we can become a 50:17 50 minutes, 17 seconds number three or number five player in the country because our competitors are doing a BD of say 20,000 30,000 40,000 50:24 50 minutes, 24 seconds crores and we have done just 1600 cr last year so in in terms of you know the 50:31 50 minutes, 31 seconds the because until we do that our our sales pipeline will always remain lumpy. 50:39 50 minutes, 39 seconds Uh I think it's a very good question uh uh bigshit. Um one of the reasons uh I 50:47 50 minutes, 47 seconds would strongly attribute to the outstanding success we had in our uh sales and launches is because of the way 50:53 50 minutes, 53 seconds we choose our BD. uh if we had been casual about our BD selections then I don't think we could have got such no 51:00 51 minutes incredible success uh uh in our launches and the way we priced it the kind of margins they are commanding having said 51:08 51 minutes, 8 seconds that of course you know there's no question uh uh that know we have to improve our uh uh BD uh we have you know 51:16 51 minutes, 16 seconds we are working on it uh again as I mentioned in the past uh there not absolute possible to do BD 51:25 51 minutes, 25 seconds uh in a systematic quarterly basis depending on the risk and the and the kind of proposals we get the kind of 51:34 51 minutes, 34 seconds trigger of due diligence we conduct some of them fail some of them fall through some of them move ahead so as several 51:41 51 minutes, 41 seconds factors is to come together um so our attempt is there on that uh and I would really hesitate to compare ourselves 51:50 51 minutes, 50 seconds with anybody else each one has their own risk profiles approach approach, strategy, 51:56 51 minutes, 56 seconds uh geographic market, market segments, so many variables are there. We are in a very particular clear segmented markets, 52:04 52 minutes, 4 seconds very clear positioning, uh with very clear strategy. Uh and in that segment, we are very clear how we are doing our 52:12 52 minutes, 12 seconds BD and our approach is very clear and we'll go in that path not get distracted by what competition is doing. However, 52:20 52 minutes, 20 seconds be well aware that you know if there are any chinks in our armor, we would like to obviously, you know, buck up and not 52:27 52 minutes, 27 seconds be defensive about it. Um, and we are very also very sure that we would we 52:33 52 minutes, 33 seconds would like to be the among the top real estate companies in India. But not just by size but also by reputation. It has 52:41 52 minutes, 41 seconds to go both together. Reputation and size. Just by size is not something that we are going after. 52:51 52 minutes, 51 seconds I hope uh I've been able to explain myself a little bit shift. 52:55 52 minutes, 55 seconds Yeah, sure sir. Thank you. And uh just a couple of small questions. So how many units we would have sold totally in Niara 2? 53:04 53 minutes, 4 seconds Niara Tower B I think we sold about net about 119 out of 148. 53:11 53 minutes, 11 seconds Okay. And uh so regarding commercial projects are we uh you mentioned something about the worldly and any other commercial project? 53:19 53 minutes, 19 seconds We are we are looking outside also. We are looking outside of early also we are having a strategy to really do premium commercial spaces across regions. 53:29 53 minutes, 29 seconds Okay. Yeah that's it. Thank you. Thank you. Thank you. 53:35 53 minutes, 35 seconds The next question is from the line of Vanti from Unifi Capital IMA. Please go ahead. 53:43 53 minutes, 43 seconds Hello sir. Hi sir. Good morning and thank you for the opportunity. Uh I would just like to ask one question on 53:49 53 minutes, 49 seconds MMR that we have launched two projects here and uh as a percentage of booking as a percentage of GDV we can see that 53:58 53 minutes, 58 seconds we are less than 50% and in other regions that is NCR and Bangalore we have able to achieve greater than 95% of 54:04 54 minutes, 4 seconds the GDV. So are is there any specific reason for that like demand or supply or are the launches were the launches were 54:12 54 minutes, 12 seconds in the late you know late of March uh at the end of March and we can see in in Q1 54:20 54 minutes, 20 seconds so hi Van I think you have asked the question and answered it yourself precisely that because we just launched 54:27 54 minutes, 27 seconds the end of March I'm hoping that the whole this thing will skew this year this year I think because of the you know tower C launch 54:35 54 minutes, 35 seconds and also renewed focus on Sar and Pane and Biser Birmraha. I think we'll seeing 54:43 54 minutes, 43 seconds a very strong skew in uh favor of Mumbai region MMR region this year. 54:51 54 minutes, 51 seconds Okay sir. Got it. And uh and regarding the Pune market uh what's the situation that like there also I can see that it's around 35 40% of our GDP. 55:02 55 minutes, 2 seconds Yeah, Pune is a steady market. Uh, it has its limitations also and strengths also. I think it's a good market to be 55:10 55 minutes, 10 seconds there. There's steady demand. Not too much of a price rise but because the very nature of you know the commercial 55:16 55 minutes, 16 seconds and the demand in that market and of course from you know from Mumbai uh and 55:24 55 minutes, 24 seconds NRI demand etc. I think it's a very good strong market to be there. Um and you know we can't expect a a guram happening 55:33 55 minutes, 33 seconds there but I think steady strong velocity is what we expect there. 55:39 55 minutes, 39 seconds Okay. Got it. Thank you so much and all the best. 55:43 55 minutes, 43 seconds Thank you. The next question is from the line of Julasia from 361 Capital. Please go ahead. 55:52 55 minutes, 52 seconds Yeah. Thank you for the followup sir. Uh so I just wanted to know like this quarter we offered uh quite a few like payment plans. Uh so just wanted to know 56:00 56 minutes how much of the proportion like from 4,300 cr how much uh was through these payment plans and how much was uh construction link plan. 56:09 56 minutes, 9 seconds See largely almost bulk of our proposals are all uh on construction link plan and even if there is a payment link plan uh 56:18 56 minutes, 18 seconds largely we try to ensure that by the by the time we finish the structure of the building we try to get at least 60 65% 56:27 56 minutes, 27 seconds of the money. So just baring here and there depending on what that market trend is. Very strong trend depending on 56:35 56 minutes, 35 seconds what uh no the others are doing in that market and strong demand from uh you know the the the market forces there. uh 56:44 56 minutes, 44 seconds we may have to at some point of time given some sort of flexibility in payment but again with the overall arching um uh permay is a policy that we 56:53 56 minutes, 53 seconds would like to collect at least 65% by the time we finish the structure of the building. 57:01 57 minutes, 1 second So does this imply a bit of a slowdown in the velocity uh you know across the market or is it more to do with you know 57:09 57 minutes, 9 seconds competitors you know offering it and more to do with because if you look at our launches we did about nine launches 57:18 57 minutes, 18 seconds uh last year the bulk of them came in the last quarter because of you know um 57:25 57 minutes, 25 seconds um certain because of the approval process but you look at our response has been outstanding understanding we have done 97% 100% 57:34 57 minutes, 34 seconds of launch sales so I really can't blame that there is a slowdown not in any of our projects we have been exceptionally 57:41 57 minutes, 41 seconds well take it Bangalore sustenance take it buram launches take it pan any of these market you look at so I really 57:50 57 minutes, 50 seconds can't point a finger to any of our launches there has been a slowdown that is not yet reflected in any of our launches 57:58 57 minutes, 58 seconds yeah that's what we were thinking you know why this payment plans often when we were already clocking very high payment plans are 58:05 58 minutes, 5 seconds market forces and there has been this geopolitical development which happened in the last quarter people are not able 58:13 58 minutes, 13 seconds to really take money get money quickly into the market it was false you know all these things happened in the last 58:21 58 minutes, 21 seconds quarter um so that's one reason why people found it really you know uh difficult to they're desperate for 58:29 58 minutes, 29 seconds making bookings but the cash flow liquidity was a huge problem because the 58:36 58 minutes, 36 seconds uh the the developments in uh you know the war uh scenario in Middle East and all that so that 58:43 58 minutes, 43 seconds generally impacted so that's what we had to do some extensions uh in that market otherwise and all of them have come back 58:50 58 minutes, 50 seconds very strongly this quarter with their no payment plans so I yeah so there is this is largely because this recent developments. 59:02 59 minutes, 2 seconds Lastly, sir on the uh construction material are we seeing any issue in sourcing and how much cost escalation we 59:10 59 minutes, 10 seconds uh you know we factor in this like given that almost everything has gone up. 59:17 59 minutes, 17 seconds Yeah. So because of you know oil prices and you know disruption in supply chains there has been an impact on cost but 59:26 59 minutes, 26 seconds being a very prudent planners we have already taken it in our you know contingency measures etc. So as of now we don't see any of them but it's quite 59:35 59 minutes, 35 seconds likely that if these situations continue there could be an impact but we have been prudent enough to take you know 59:41 59 minutes, 41 seconds reasonable um uh contingencies and escalations in our business plans but if the current situation continues 59:50 59 minutes, 50 seconds or dtorious further then of course there will be an impact but a availability is not an issue right I mean it's not stopping 59:57 59 minutes, 57 seconds availability is not an issue but transportation it's a bit of delay has impacted slightly. 1:00:05 1 hour, 5 seconds Okay. Okay, sir. That's it from me. Thank you. Thank you. 1:00:09 1 hour, 9 seconds The next question is from the line of Sinclair from LCAR Securities. Please go ahead. Hello. 1:00:19 1 hour, 19 seconds Yes. Can you be a little louder please? Yeah. Yeah. Yeah. Can is this better? Yeah. Yeah. Yeah. Good. 1:00:25 1 hour, 25 seconds Yeah. I just wanted to know what is the potential for the senior living uh in for you all basically. 1:00:36 1 hour, 36 seconds Yeah, I think senior living by itself is a huge explosive market potential in India. Huge demand. Uh as we all know 1:00:44 1 hour, 44 seconds the the you know India the aspirational population is growing. They have become uh wealthy comparatively much more 1:00:52 1 hour, 52 seconds wealthier than what they were uh in the past decade. they can afford a lot of things. They're looking for good convenience and luxury and there's a lot 1:00:59 1 hour, 59 seconds of people in India who can afford it and and a huge part of it is you know people who are done well in life and you know many of them want independent living uh 1:01:07 1 hour, 1 minute, 7 seconds luxury living and a big part of it is in senior living and they all looking for the same amount of comforts which they can afford and they always also want to 1:01:16 1 hour, 1 minute, 16 seconds be independent. I think there's a massive market for it. uh we to find the the right uh sizing and you know 1:01:23 1 hour, 1 minute, 23 seconds location for that. We see a huge opportunity in exploiting that and we're looking very very aggressively in that market exploring. 1:01:32 1 hour, 1 minute, 32 seconds Okay. Got it. So any idea what would be the revenue potential? 1:01:37 1 hour, 1 minute, 37 seconds It's too early to predict at this point of time but I'm sure it'll be very healthy and very strong. Got it. Got it. Thank you. 1:01:45 1 hour, 1 minute, 45 seconds Thank you. The next question is from the line of Muri Krishnan from Sundaram Mutual Fund. Please go ahead. 1:02:00 1 hour, 2 minutes Mr. Muri Krishnan, I have unmuted your line. Please proceed, sir. Sir, the participant has left the queue. We will move on to the next question from the 1:02:09 1 hour, 2 minutes, 9 seconds line of Bipla from MK Global. Please go ahead. 1:02:13 1 hour, 2 minutes, 13 seconds Uh, thank you. Uh sir uh just uh two small clarification one is uh the commercial development world um what how 1:02:22 1 hour, 2 minutes, 22 seconds many towers and total area is 1 is it 1.3 million square ft and what would be the estimated cost for uh capex cost to be incurred for this project. 1:02:35 1 hour, 2 minutes, 35 seconds Yeah I mean I think we are looking at least about one single tower roughly about 1.3 million 1 to 1.3 million. 1:02:41 1 hour, 2 minutes, 41 seconds Yeah, we're in the process of designing that cost is too early at this point to estimate whipl. We'll have to come back to you on that depending on we we in the 1:02:50 1 hour, 2 minutes, 50 seconds process design and then we you know we do all the MEP and structures and all that. It's very early stages at this point of time 1:02:57 1 hour, 2 minutes, 57 seconds entire 1.3 uh at one uh uh uh yeah it's one tower that we are looking at it could it's in a range it 1:03:05 1 hour, 3 minutes, 5 seconds could be approximately about 1.3 it can you know vary a little bit here and there. Yeah. And uh second question is 1:03:12 1 hour, 3 minutes, 12 seconds on the uh you know uh your launch pipeline in terms of GDB. It appears broadly similar to what you had in FI 1:03:20 1 hour, 3 minutes, 20 seconds FI26 in terms of launches GDB and in FI27 pipeline also includes Niara where 1:03:28 1 hour, 3 minutes, 28 seconds the expected absorption may be relatively lower compared to say Aricataya or even Sarinia. So 1:03:35 1 hour, 3 minutes, 35 seconds considering these factors I'm assuming these factors are correct. Considering those factors, it appears challenging to 1:03:43 1 hour, 3 minutes, 43 seconds expect um I mean uh the pre in FI27 could be similar in the similar 8,000 1:03:51 1 hour, 3 minutes, 51 seconds core or maybe slightly lower than FI26 drivers. How do you see this uh uh assessment? 1:04:01 1 hour, 4 minutes, 1 second uh I don't want to comment uh on of that because as I said it's very difficult to give you know uh in other words you're 1:04:09 1 hour, 4 minutes, 9 seconds asking for you know uh uh guidance which I can't at this point of time give you 1:04:17 1 hour, 4 minutes, 17 seconds um I only know that we have so much of inventory here and we have to do the 1:04:24 1 hour, 4 minutes, 24 seconds best utilization of that okay thank you sir no worries thank 1:04:31 1 hour, 4 minutes, 31 seconds Ladies and gentlemen, we will take that as the last question for today. I would now hand the conference over to the management for closing comments. Thank you and over to you. 1:04:43 1 hour, 4 minutes, 43 seconds Thank you everyone for taking out time to attend today's call. We are very excited for the times to come and hope 1:04:52 1 hour, 4 minutes, 52 seconds to come to you with a lot of more lot of news in the next call. Thank you very much for an interest in our company. 1:05:00 1 hour, 5 minutes Thank you. See you soon. Thank you members of the management. 1:05:05 1 hour, 5 minutes, 5 seconds On behalf of HTSC Securities, that concludes this conference. We thank you for joining us and you may now disconnect your lines. Thank you.