Ashiana Housing Limited — Q3 FY26

Ashiana Housing Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=YndCZHeBKyI Published: 3 months ago

0:01 1 second Ladies and gentlemen, good day and welcome to Ashana Housing Limited Q3 FY26 earnings call. As a reminder, all participants lines will be in the 0:09 9 seconds listenon mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an 0:18 18 seconds operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Kohana. 0:27 27 seconds Thank you and over to you. 0:30 30 seconds Thanks and welcome everyone for joining Q3 FI26 earnings call of Ashana Housing Limited. The results and the investor 0:38 38 seconds presentation has been mailed to you and is also available on the stock exchanges. In case you have not received them, kindly write to us. We'll be happy 0:45 45 seconds to send it over. Now to take us through the results of the quarter and 9 months gold past and answer to all your 0:52 52 seconds queries. We have with us the management of Ashana Housing Limited, Mr. Gorang Gupta, full-time director and Mr. Vicas 0:59 59 seconds Zubar, CFO. We will start the call with a brief overview of the company's performance for the quarter and 9 months ended 31st December 2025 and then follow it up with question and answer. 1:12 1 minute, 12 seconds I would like to remind you that everything said on this call that reflects an outlook for the future or which has any forward-looking statements 1:19 1 minute, 19 seconds must be reviewed in conjunction with the uncertainties and risks that we face or might face. These uncertainties and 1:27 1 minute, 27 seconds risks are included but not limit to what we have mentioned in the prospectus filed with the SB and subsequent annual 1:34 1 minute, 34 seconds reports which you'll find on our website. Now with that being said, I would like to hand over the call to the management. Over to you, sir. 1:44 1 minute, 44 seconds Good afternoon everyone. I hope you and your loved ones are keeping well. I welcome you all to our Q3 FI26 earnings 1:52 1 minute, 52 seconds call and thank you for taking the time out to join us today. 1:57 1 minute, 57 seconds We have surpassed our FI26 pre-sales target of rupees 2,000 crores driven by strong booking conversions in Ashan 2:04 2 minutes, 4 seconds Auhham project in Gurugram which contributed around 767 crores in sales on launch. 2:13 2 minutes, 13 seconds We achieved a sale value of area booked of 397.03 crores for the current quarter visav 2:20 2 minutes, 20 seconds 303.43 43 crores in Q2 FI26 primarily driven by new launches Ashana Amaya in Jamshapur and Ashana 2:29 2 minutes, 29 seconds phase 2 in Chennai equivalent area constructed for Q3 FI2 26 stood at 6.14 lakh square foot visav 7.25 25 lakh square ft² in Q2 FI26. 2:42 2 minutes, 42 seconds Q3 got impacted by graph related restrictions in Delhi NCR. 2:47 2 minutes, 47 seconds Total revenue for Q3 FI26 at 373.35 crores versus 176.18 crores in Q2 FI26 2:56 2 minutes, 56 seconds driven by high deliveries profit after tax at 56.65 crores versus 27.54 crores in Q2 FI26. 3:07 3 minutes, 7 seconds The company posted pre-tax operating cash flow at 179.05 crores during the quarter. 3:14 3 minutes, 14 seconds Cash flow continues to be healthy driven by better sales and collections for the 9 months ended December 25. 3:21 3 minutes, 21 seconds Total pre-sales at 1131.44 crores. Equivalent area constructed aggregated 219.54 lakh square foot. 3:30 3 minutes, 30 seconds Total revenue for 9 months at 852.25 25 crores while pack at 96.91 crores. 3:38 3 minutes, 38 seconds Pre-tax operating cash flow for the 9month period was at 499.77 crores supported by steady sales momentum and strong collections. 3:50 3 minutes, 50 seconds During the third quarter we initiated handovers for Ashana phase one in Jaipur Ashana Malahar phase one in Pune and Ashana Dara phase 5 in Japur. 3:59 3 minutes, 59 seconds Additionally, handovers have already been initiated and completed. Asha Armul phase 2 in Gurugra, Asha Shuam 4B in 4:05 4 minutes, 5 seconds Chennai, Ashan Aid phase 1 and Asha Taran 4B in Dubai. 4:14 4 minutes, 14 seconds Thank you. Thank you very much. 4:24 4 minutes, 24 seconds We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish 4:32 4 minutes, 32 seconds to remove yourself from the question queue, you may press star and two. 4:36 4 minutes, 36 seconds Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question Q assembles. 4:49 4 minutes, 49 seconds A reminder to all the participants that you may press star and one to ask a question. 4:56 4 minutes, 56 seconds The first question is from the line of Ankita from White Equity Investment Advisor. Please go ahead. 5:03 5 minutes, 3 seconds Thank you for taking my question. Uh my first question is on uh the recent Ryard Kalapur land parcel acquisition of 8.83 5:12 5 minutes, 12 seconds acres. Uh so the question is uh this is a small land parcel in a small town. So 5:19 5 minutes, 19 seconds I mean is it worth investing management bandwidth in this uh project? uh wouldn't be a painful exercise and how does this fit into our overall strategy? 5:32 5 minutes, 32 seconds So uh hi mayor so this is near Kajak this parcel we intend to do a senior 5:38 5 minutes, 38 seconds living development here uh although 8.83 acres is generally not small for us 8.83 5:45 5 minutes, 45 seconds 83 is uh quite a common parcel size for us though 4 and a half lakh square foot 5:51 5 minutes, 51 seconds typically is small. Um we intend to do uh uh our strategy overall right now is 5:59 5 minutes, 59 seconds to have a portfolio of uh senior living projects in any micro market we are in. 6:06 6 minutes, 6 seconds So we are considering Mumbai Pune to be one micro market where we want to have multiple ticket sizes. Uh so this will be in the middle end of that portfolio. 6:16 6 minutes, 16 seconds We want to build as earlier we had also disclosed another transaction that we have done uh in Panil which will be at 6:23 6 minutes, 23 seconds the top end of the portfolio. Uh the current Ashana Amod will be at the lower end of that portfolio and this will be in the middle end of the portfolio. And 6:31 6 minutes, 31 seconds uh similarly you know even in Chennai we have done a transaction. So we're trying to get a portfolio going. Would I have like preferred a bigger project in that 6:40 6 minutes, 40 seconds neighborhood? Yes. uh but we were not getting uh a suitable transaction. So but it met the minimum threshold from a 6:48 6 minutes, 48 seconds management bandwidth perspective uh and therefore uh we went ahead and did that uh acquisition. 6:58 6 minutes, 58 seconds Got it. Got it. Uh next question is uh on the future projects. So uh future projects plus land u totaled about 10 7:07 7 minutes, 7 seconds million square ft about 2 years back and that has dropped to now around 7 million square ft. Um so the launch pipeline 7:16 7 minutes, 16 seconds could start drying up over next few quarters uh if we are not able to uh make a land partial acquisition and in this context you can also share on the 7:25 7 minutes, 25 seconds Bangalore panel and Jaipur acquisitions that were in work. 7:31 7 minutes, 31 seconds Uh so yes uh so uh you're correct uh we will have uh the launch pipeline can slow down if acquisitions are not 7:40 7 minutes, 40 seconds completed. So there are those three acquisitions of Bangalore uh Pune and in Jaipur which have been 7:48 7 minutes, 48 seconds announced which have not closed because of CPS. So those are large uh projects as well. I'm hoping that CPS on that 7:56 7 minutes, 56 seconds will close and they will get uh ready for launch. We are also in active discussions for uh uh more projects uh 8:06 8 minutes, 6 seconds two three more projects and we are hoping to execute a few more uh lands and and get that going. I think uh 8:13 8 minutes, 13 seconds that's uh critical though that said for the next year I think we are fine. Uh we have enough phase launches uh that are 8:21 8 minutes, 21 seconds coming up that will keep the momentum going uh for the next 12 15 months right now. 8:28 8 minutes, 28 seconds Right. Uh sir if you can throw some light on the updates on these three land passes on Bangalore, Punville, Japur. Uh 8:36 8 minutes, 36 seconds you know if there is a progress of so there is there has been progress both on Pune and Bangalore unfortunately on 8:45 8 minutes, 45 seconds Jaipur we haven't been able to make progress. I'm hoping that Bangalore and Pal should conclude in the 8:54 8 minutes, 54 seconds next uh 3 to 6 months uh and and and move forward on that regard. 9:01 9 minutes, 1 second That's helpful sir. Uh my next question is on the Arohham uh project that we launched. Uh so we understand uh the 9:10 9 minutes, 10 seconds Can I one second can I request this to be the last question whichever you ask and then you can join back the queue. I have a few in the line after this as 9:18 9 minutes, 18 seconds well. So thank you. So please go ahead and ask this one on AR. Yeah, sure. Thank you. Uh so realizations are 9:26 9 minutes, 26 seconds coming to around 15,000 plus. Uh they seem to be in line with the Amara phase 5 realizations. Um so if AR is a premium 9:36 9 minutes, 36 seconds project the realization should be higher or can you explain this a little bit? 9:41 9 minutes, 41 seconds Uh two things. one ticket sizes in our home are little bit higher because the unit sizes are bigger. Uh and second is 9:49 9 minutes, 49 seconds that uh we also wanted to get a certain pipeline at launch in a early phase of a 9:58 9 minutes, 58 seconds project as compared to phase five of Amara where we are okay with a little slower pace of sales because the uh the 10:05 10 minutes, 5 seconds Amara project has gotten more than financial closure in terms of construction. So uh in our home as well 10:12 10 minutes, 12 seconds we would expect to now increase prices and hopefully phase three will be launched at a higher price than phase one and two uh when we launch phase 10:21 10 minutes, 21 seconds three and basically now we have enough uh sell enough sold units to get financial closure. So launch launch of a 10:29 10 minutes, 29 seconds project crisis we try to keep a little bit more interesting uh than we would in a later phase. That's got it. That's I'll join back with you. 10:38 10 minutes, 38 seconds Thank you. All right. Thank you ma'am. 10:41 10 minutes, 41 seconds Thank you. The next question comes from the line of Mihir Desai from Desai Investment. Please go ahead. Thank you for the opportunity. 10:50 10 minutes, 50 seconds So my first question would be around uh if you can let us know the sales trend 10:56 10 minutes, 56 seconds in RM phase 5 and also I wanted to uh know the traction you know in the new 11:02 11 minutes, 2 seconds projects like Ashana Amaya and Vatsalia phase 2. 11:09 11 minutes, 9 seconds Uh so in Ashana Amara sales were a little slow because we had also diverted our sales team in the same 11:18 11 minutes, 18 seconds micro market effectively to Ashana Aro and all marketing activities and sales teams 11:25 11 minutes, 25 seconds were concentrated towards there. Uh we would expect Arohan to be quicker than overall Amara in the shorter term uh 11:34 11 minutes, 34 seconds largely because we intend to sell Aro more because we have a lot more inventory there to sell as compared to 11:41 11 minutes, 41 seconds Amara at this moment of time and uh to Amaya. Amaya sales momentum uh is was good in the month of January. 11:54 11 minutes, 54 seconds uh hopefully it will continue to be good for the quarter. Uh it does well and Vatelia phase 2 also has been doing decently well. So we are happy with uh 12:03 12 minutes, 3 seconds overall I would say when I speak about vats I think the big thing that is happening in the company is the sales momentum of our senior living projects 12:12 12 minutes, 12 seconds uh quarter on quarter month on month remain good and I think that's very critical to for the business to achieve 12:20 12 minutes, 20 seconds a differentiated uh and a differentiated scale as well where we see the future to be in senior 12:27 12 minutes, 27 seconds living and in that phase 2 continues to do Okay. So my next question would be uh on 12:37 12 minutes, 37 seconds the forthcoming projects. So if I see uh the pipeline now the transition I can see more square feet or equal square in 12:46 12 minutes, 46 seconds premium and uh old living. So uh how uh how do you see this uh like will this uh 12:53 12 minutes, 53 seconds improve our realizations uh going ahead say uh we are at a sub level of say 7,200 kind of a realization now 13:03 13 minutes, 3 seconds so uh I just wanted to know on the outlook like the new projects which are coming so will that be more of a premium 13:10 13 minutes, 10 seconds strategy and how the impact on the realizations will be there I think right now our BD zone is more 13:18 13 minutes, 18 seconds towards senior living. Uh so if you see the last two projects that we have signed up in the company has been in 13:26 13 minutes, 26 seconds Chennai and in Kajat both uh for uh senior living and the pivot will be become towards senior living and senior 13:35 13 minutes, 35 seconds living uh will improve realizations on average for us I think uh because I think uh in general I think the floor 13:42 13 minutes, 42 seconds price in senior living now is getting closer to 7,000 rupees a square foot for us and the higher and going 10,000 and 13:51 13 minutes, 51 seconds plus as well we're looking at uh higher range. So I think overall realization in senior living will go up and that will 13:58 13 minutes, 58 seconds also pull the realization in the company up. Q4 uh will be very heavy on average 14:06 14 minutes, 6 seconds realization due to Aro's disproportionate uh contribution that is already been reported. Aro is at 15,200. 14:15 14 minutes, 15 seconds So I would I would not consider Q4 to be a trend but in general I I would say realization should be going well uh particularly in senior living. 14:25 14 minutes, 25 seconds Got it. So lastly uh I just wanted to ask that I am a little new for the senior citizen uh senior living uh uh 14:34 14 minutes, 34 seconds this segment. So how it is different uh and you know what are the current trends uh on a ground level which you are 14:42 14 minutes, 42 seconds seeing if you can throw some light we'll get an idea of how the outlook is sir. 14:46 14 minutes, 46 seconds Okay so two things senior living is differentiated because it's designed 14:53 14 minutes, 53 seconds developed and maintained for seniors. So there is a lot of design intervention both inside the flat outside the flat 15:02 15 minutes, 2 seconds and a lot of community building. Uh we for example we run a dining hall uh uh outside the flat so people don't have to 15:11 15 minutes, 11 seconds cook. Our uh we have an activity manager at site who organizes close to 300 different kinds of activities in a month 15:18 15 minutes, 18 seconds at a site uh which could be very simply to playing board games uh to doing music and dance together and to housing and 15:27 15 minutes, 27 seconds tambola and different kinds of activities and uh sports activities and physical activities. Second, they are 15:36 15 minutes, 36 seconds able to uh target since it's differentiated, they are targeting a different consumer base as compared to a 15:43 15 minutes, 43 seconds regular housing project in the same sort of location. Uh so our Talle project for example targets consumers from Bombay 15:52 15 minutes, 52 seconds and not just from Talgo. So it has a different audience it can reach out to and um uh therefore it becomes a lot more differentiated. 16:03 16 minutes, 3 seconds it takes a lot more expertise. So we have also had a 20 year learning curve in designing, maintaining and delivering uh senior living uh uh uh projects. 16:15 16 minutes, 15 seconds So that's the thing what we are seeing now I would say over the last five six years I think more than 25% kagger in senior living. 16:27 16 minutes, 27 seconds We were earlier struggling to get volumes to get pricing and that has started changing for the company over 16:34 16 minutes, 34 seconds the last five six years and that has given us confidence to move more and more towards it. Uh because we think 16:42 16 minutes, 42 seconds this business is less cyclical. The regular housing business has both up and down cycles. So uh and we are trying to 16:51 16 minutes, 51 seconds make our business a little bit uh cycle resistant. uh and in that regard we want to move our business more towards CLMA. 16:59 16 minutes, 59 seconds I think that's what it is. I would highly encourage people to understand it to actually go visit a project of ours. 17:05 17 minutes, 5 seconds Uh we have one in Talle as as close to Bombay one if you'd like to visit I would encourage to come to see Chennai 17:12 17 minutes, 12 seconds and Bardi as well. You'll get a better picture of how differentiated it is and what's the proposition that's on offer. 17:20 17 minutes, 20 seconds Sure. Thank you for taking my question sir and all the best. Thank you. Thank you. 17:26 17 minutes, 26 seconds Thank you. The next question comes from the line of Nikil Opadia from SIMPL. Please go ahead. 17:33 17 minutes, 33 seconds Hello. Uh yeah, good evening and congrats on good set of numbers. Uh I have three questions. One is uh uh I hope I'm audible. 17:44 17 minutes, 44 seconds Yes, Nikl. Thank you. Uh please go ahead. So first was see what was the strategic rational behind partnering 17:51 17 minutes, 51 seconds with epoch elder care for Ashana Care Homes Biad. So uh because we've been in this side of the business. So is it like 18:00 18 minutes more medicalized and clinical assisted living which we are trying to provide or if you can just help us understand the 18:07 18 minutes, 7 seconds rational and will it follow across other projects as well? 18:12 18 minutes, 12 seconds Uh so to Nikl first you correct it is it is an attempt to provide a little bit 18:19 18 minutes, 19 seconds more uh medicalized uh higher grade of assisted care uh which 18:27 18 minutes, 27 seconds we do not provide. Uh second for us the assisted living business is been a sort of a value added service to our core 18:35 18 minutes, 35 seconds customers who are buying active senior living units. We see our main business being the active senior living communities where uh our reason for 18:44 18 minutes, 44 seconds people to buy is not really care. Reason for people to buy is the independent active community life that they live uh 18:53 18 minutes, 53 seconds with us and the kind of environment we create. So the assisted living business was sort of a non-core activity for us 19:01 19 minutes, 1 second and we were doing it as a value added service to our customers. Um and we were actually been trying to outsource this 19:08 19 minutes, 8 seconds for a while. Um and then Epoch has come along. This is a core business for them. 19:15 19 minutes, 15 seconds Uh so we've given it to them. This is first one is a pilot. U if it goes well uh we'll probably end up giving more of 19:22 19 minutes, 22 seconds these uh uh facilities uh to epoch to manage and the financial matrix would be like 19:31 19 minutes, 31 seconds from the maintenance which we charge to the uh like the financial matrix is they are not maintenance but the actual service fees. 19:39 19 minutes, 39 seconds So they are taking the P&L risk uh on the kome's business really west with us. 19:45 19 minutes, 45 seconds uh they have a management fee model like you would give a hotel uh on a management uh model they have a management fee model and for the rent of 19:53 19 minutes, 53 seconds the unit and the services that would provide uh that P&L will come to us but itself the P&L is very small right in 20:01 20 minutes, 1 second our scheme of things it's more uh whether they can provide the quality of service we would like them to provide 20:08 20 minutes, 8 seconds uh that they can go ahead and do and while keep making sure the P&L maintains uh a minimum threshold standard as well. 20:16 20 minutes, 16 seconds Okay. Second question is if I look at uh I'm looking at this project sales trend sliding slide. 20:26 20 minutes, 26 seconds I'm not able to understand you anymore. Can you repeat? 20:30 20 minutes, 30 seconds Yeah. So I'm looking at this project sales trend slide and if I look at Japur in all the three 20:38 20 minutes, 38 seconds projects what we see is that there is a fall in a realization whether it is Akans Nitara or 144. So is it specific 20:47 20 minutes, 47 seconds to this geography you see a decline in volumes not in realization? 20:54 20 minutes, 54 seconds So if I divided the uh the value divided by the per square ft uh the realizations 21:03 21 minutes, 3 seconds I see a drop of some like 300 to 700 kind of uh probably there is something off in my 21:11 21 minutes, 11 seconds understanding realizations have gone up but generally across the board in Jaipur we have actually up prices there is a 21:18 21 minutes, 18 seconds volume decrease in u in Jaipur because we have very less little stock to sell. Okay. 21:25 21 minutes, 25 seconds Okay. And in some of these projects, you know, we might have the least preferred units left to sell. So maybe if you're 21:33 21 minutes, 33 seconds comparing it to previous quarters, realization might be falling off because the more expensive units have sold and the lower expensive lower units are 21:41 21 minutes, 41 seconds left. Actually, realizations in Japur have gone up. We have upped prices over the last 6 months on whatever units we have. And we'll continue to up prices. 21:52 21 minutes, 52 seconds we have very little inventory there to sell. So we are okay with sales volume being low you know in improved margins on whatever stock we have left there. 22:02 22 minutes, 2 seconds Okay. And last question uh this is on this project wise delivery slide. Uh I just wanted to understand this slide a 22:10 22 minutes, 10 seconds little better. Now when we say anmole shubam and tang we've handed over but we still report them. So is it like 22:19 22 minutes, 19 seconds a part of it is booked in revenue uh in the P&L or is it completely booked in the P&L and why do we show it if we it's handed over? 22:29 22 minutes, 29 seconds Okay, so two things uh one the P&L where it says handed over I believe it has been recognized in revenue completely 22:38 22 minutes, 38 seconds where handover was started as written partially recognized in revenue partially is yet to be recognized in revenue. Go ahead and please go ahead. 22:47 22 minutes, 47 seconds And the only reason that in case of Anmul to Shubam and Taran we mention handed over because for completeness sake they belong to the current year. So 22:56 22 minutes, 56 seconds we will give the information that they have been completely handed over and the projects which are being shown as handover started. Uh there the 23:03 23 minutes, 3 seconds deliveries would be uh there will be spilling over from one quarter to the other quarter. Okay fine. I'll come back in the queue. 23:11 23 minutes, 11 seconds I have few questions more. Okay. Thank you. Thank you. 23:16 23 minutes, 16 seconds Thank you. The next question comes from the line of Nachikit Khali from Juggernaut Ventures. Please go ahead. 23:25 23 minutes, 25 seconds Yeah, I thank you for the opportunity. 23:27 23 minutes, 27 seconds Congratulations on a great result and uh it seems you are very efficiently expanding your wings across the country. 23:35 23 minutes, 35 seconds Since we've been expanding our geographical presence uh in a very phased and strategic 23:42 23 minutes, 42 seconds manner, I wanted to understand what exactly is the strategy when it comes to this for you to deciding the city which 23:52 23 minutes, 52 seconds you're going to enter because as of course we become multi- city developer now. So how much uh do we subcontract 24:01 24 minutes, 1 second how much do we take care like end to end ourselves? 24:07 24 minutes, 7 seconds Uh so for now we take everything end to end ourselves. Uh we are not subcontracting anything in terms of construction. Okay. 24:15 24 minutes, 15 seconds Go ahead. 24:16 24 minutes, 16 seconds Except maybe the certain parts like uh podium or Yeah. So we have start what we have started doing is we have started 24:23 24 minutes, 23 seconds subcontracting in new cities uh part of the developments. So like in Dika we we 24:30 24 minutes, 30 seconds subcontracted out the uh clubhouse building. uh so we have somewhere we have subcontracted out basements so we 24:38 24 minutes, 38 seconds have started doing subcontracting works on a part basis to gain some uh bandwidth and momentum in uh in in 24:45 24 minutes, 45 seconds construction that's been one uh second I think for uh location strategy uh was decided basically we 24:54 24 minutes, 54 seconds were think from doing a senior living perspective so outside of NCR and Jaipur our view is that we will take only 25:02 25 minutes, 2 seconds senior living to newer locations and the simple reason to go to any city now has been to go after demographics. So we're 25:10 25 minutes, 10 seconds looking for people senior folks uh wherever the population senior population is higher uh we went there first. 25:19 25 minutes, 19 seconds So our research said first go to Chennai then go to uh the Bombay Puna region. So we went there. The third third location 25:27 25 minutes, 27 seconds is Bangalore. So we going to go there basically basically demographics. 25:33 25 minutes, 33 seconds True. Got it. But like how do we balance the location like narrow down the location 25:42 25 minutes, 42 seconds regarding like visav you cannot be very far from the city and you cannot be in the city also. So that 25:50 25 minutes, 50 seconds of course you've got that balancing act very well so far. But uh will that be a strategy going ahead or we may you know 25:58 25 minutes, 58 seconds have some projects uh within the like main city because I'm sure the seniors would not like to have a hustle bustle 26:05 26 minutes, 5 seconds around uh so uh so uh we uh intend to do uh a 26:15 26 minutes, 15 seconds portfolio of uh projects. right now. So for example, we are exploring Gorga for senior living within the city as well 26:23 26 minutes, 23 seconds which is which is a little bit hustle bustle. I think the strategy around senior living has evolved to having a 26:30 26 minutes, 30 seconds portfolio of uh projects at variety of price points and if that says that we 26:38 26 minutes, 38 seconds should go to the city to do more luxury development, we'll go to the city as well. The idea is to get a variety. 26:44 26 minutes, 44 seconds That's it. And and hit multiple uh income brackets and affordabilities within the senior living community. 26:51 26 minutes, 51 seconds Okay. Understood. And uh we made recently made a foray in Punville and uh have some uh land acquisition done in 27:00 27 minutes Kjat as well. So is there a like how do we envisage our MMR expansion over the next uh over the medium-term? 27:10 27 minutes, 10 seconds So this is the first uh intent on the MMR expansion. Uh right now we'll get 27:16 27 minutes, 16 seconds these going as I said earlier. So Talle, Karjat and Panel, we are looking to 27:23 27 minutes, 23 seconds price it in three sort of different ticket sizes uh and target different 27:29 27 minutes, 29 seconds customers from uh MMR to come uh to these three projects at different price points. 27:36 27 minutes, 36 seconds So okay, that's the basic strategy for now. 27:39 27 minutes, 39 seconds Got it. Thank you so much. Uh congratulations on the execution and we look forward to the same continuing ahead. Thank you so much. 27:47 27 minutes, 47 seconds Thank you Nik. 27:50 27 minutes, 50 seconds Thank you. The next question comes from the line of Rohit from I thought PMS. Please go ahead. 27:58 27 minutes, 58 seconds Yeah. Hi, good good afternoon. Uh sorry I was uh I dropped off earlier so I don't know if this question was asked 28:05 28 minutes, 5 seconds but uh I just wanted to know uh what progress uh uh in terms of the new 28:12 28 minutes, 12 seconds acquisition in uh Bangalore and uh Bombay and uh Japur. 28:21 28 minutes, 21 seconds uh I mean uh as we know I mean the land uh incremental land that we have sort of 28:28 28 minutes, 28 seconds is uh is coming to end I mean not end but yeah I mean it's whiddling so just 28:36 28 minutes, 36 seconds uh wanted to get your sense on that because you said that by the the last call you said that we'll have some updates in this uh if you're moving 28:44 28 minutes, 44 seconds ahead yeah yeah so ro I did give an update on this so there has been positive movement in 28:51 28 minutes, 51 seconds uh CP resolutions in both in Punveuel and Bangalore. I'm hoping that we will have some good news over the next three 28:58 28 minutes, 58 seconds to six months. They're moving positively and we are excited about uh uh both those projects going through. Uh unfortunately, there has been very little movement in the front of Jaipur. 29:09 29 minutes, 9 seconds uh we are in touch uh with the sellers there to see what what we can do to make some progress uh going forward on 29:18 29 minutes, 18 seconds resolving uh the conditions precinence to the transaction but that remains slow and at the same time we are actively 29:26 29 minutes, 26 seconds engaged in uh uh two three more uh uh land acquisitions uh where very serious 29:33 29 minutes, 33 seconds conversations are on very serious stage of uh discussions are on so I'm hoping over the next 3 to 6 months uh a few 29:41 29 minutes, 41 seconds things will uh you know fall in and and connect like one Kat did happen uh 29:48 29 minutes, 48 seconds recently that was also in talks for a while and similarly we have a few more going on and we should do something hopefully 29:55 29 minutes, 55 seconds what locations are these if you can share uh we are in conversations in 30:02 30 minutes, 2 seconds uh in Jaipur we are in conversation in Praadi we are in conversations in Jamshedur Uh so there are a few uh going on there 30:12 30 minutes, 12 seconds is one conversations uh outside of Pune on again the Bombay Punea access. So those those conversations 30:21 30 minutes, 21 seconds these are all for more senior living or more uh uh they they are they are a mix uh they 30:27 30 minutes, 27 seconds are a mix uh but uh there is senior living within as well. 30:36 30 minutes, 36 seconds Okay. Got it. and uh from a uh so also congratulations on crossing 2,000 crores 30:42 30 minutes, 42 seconds which you had uh in terms of pre-sales which you had uh which you had said so any thoughts on next year in terms of 30:51 30 minutes, 51 seconds pre-sales uh because I think from a launch point of view I think it's pretty much now uh do we have any major 30:59 30 minutes, 59 seconds launches in Q4 uh we have phase launches in Q4 I think we have three four phase launches is we 31:07 31 minutes, 7 seconds should do in Q4 particularly in senior living. Uh and next year the main launch will be Ashana Omar in Jaipur as a 31:14 31 minutes, 14 seconds project that we'll be doing. Next year's pre-sales numbers have not been uh calibrated fully yet. We tend to get it 31:22 31 minutes, 22 seconds uh locked in in March uh generally when we do our planning but I I don't think it will be very much 31:31 31 minutes, 31 seconds anything really higher from this financial year. we'll be in the similar ballpark in terms of pre-sales. Uh as I 31:38 31 minutes, 38 seconds said earlier also I think uh the focus of the company is to less is to also get more stability to the business and make 31:48 31 minutes, 48 seconds it less prone to cycles and we shifting our thought process towards senior living and margins uh particularly. So 31:57 31 minutes, 57 seconds that's so from that perspective taking on from 32:03 32 minutes, 3 seconds there. So we had this uh uh target or a goal to get to a roe of uh closer to 32:11 32 minutes, 11 seconds 20%. Uh or 20% or more uh you thinking 15%. But uh I mean so next year on a 32:20 32 minutes, 20 seconds reported basis also I think we should be very much towards that number. Is that a fair understanding? And we should sort 32:27 32 minutes, 27 seconds of continue to go up from there at least for the next two three years. Is that a fair understanding? 32:33 32 minutes, 33 seconds Yes, I think that's a fair understanding. I think this year we are now close to 15%. Uh the way I look at 32:40 32 minutes, 40 seconds it, if we get to our Q4 goals, we should be in that uh and next year should 32:46 32 minutes, 46 seconds improve and we'll continue to improve uh uh and get closer to 20 and hopefully cross that threshold also in in a year uh in one of the next 3 four years. 32:58 32 minutes, 58 seconds Hopefully that will as well happen. 33:00 33 minutes Right now things are good on that trajectory. 33:04 33 minutes, 4 seconds Right. And uh so the other question uh was on this point of you said that we as 33:12 33 minutes, 12 seconds you said we are sort of going to be around this uh pre-sales number of 2,000 odd crores plus minus here and there. Uh 33:21 33 minutes, 21 seconds so so is there more that we can do within the uh within the spaces that we want to be 33:29 33 minutes, 29 seconds in within the cities or within the uh uh categories that we want to be in uh 33:36 33 minutes, 36 seconds despite uh not getting uh impacted by the cycles as such. So can we do let's say more on the senior living uh because 33:45 33 minutes, 45 seconds if uh like one is of course not get overindexing on the cycle which I completely understand but uh but growth 33:55 33 minutes, 55 seconds is also extremely important right otherwise how will we sort of get to I think if we are going to be the stable then 34:02 34 minutes, 2 seconds that's uh I mean why should we be there uh when we can when we are offering value and there is a white space also 34:11 34 minutes, 11 seconds And we are not constrained by balance sheet as such. So why not double down and try and grow not aggressively but uh 34:20 34 minutes, 20 seconds grow and increase the scale from where we are right now. 34:25 34 minutes, 25 seconds So the idea is to increase scale uh and I would say we are focusing on growing the senior living pipe uh significantly. 34:36 34 minutes, 36 seconds uh our senior living revenue piece as I would say would have grown probably five to 6x over the last six odd years in 34:45 34 minutes, 45 seconds terms of annual revenues of senior living that we have done and we want to continue this uh pace and clip in senior living and make it really really large. 34:54 34 minutes, 54 seconds I think uh that is I think about of 25% kind of a kagger that we have gotten in senior living uh between 25 and 30% and 35:03 35 minutes, 3 seconds I think we want to continue that because we think that's a wide space when you spoke about wide space I think that's the real real white space available to 35:11 35 minutes, 11 seconds us with uh differentiation more stability less cyclical high margin 35:19 35 minutes, 19 seconds profile uh very strong brand resonance uh um and you know a different kind of 35:26 35 minutes, 26 seconds expertise and a motive that's the word I would like to use compared to the other part of the business which is more cyclical so 35:35 35 minutes, 35 seconds there is there is growth I think uh what we are looking for is if you maintain a 35:42 35 minutes, 42 seconds 15% plus roe through a long period of tenure and you're not really distributing a large amount of capital 35:49 35 minutes, 49 seconds back the only way to do that is to grow uh you cannot not have earnings growth uh and maintain uh that margin profile. 35:59 35 minutes, 59 seconds I think so we might have couple of dips here or there but if we are able to maintain that threshold our book value 36:07 36 minutes, 7 seconds our net worth will continue to expand and become big and compound. I think that's the intent. Uh I think I also 36:15 36 minutes, 15 seconds recognize that some of the growth that has come in recently is cyclical. uh it's not that everything every growth 36:24 36 minutes, 24 seconds that has happened for the last four years for real estate companies in large is structural uh and uh so if we what 36:31 36 minutes, 31 seconds the intent of the management here is to improve the structural growth that we have so our highs in the next cycle is 36:40 36 minutes, 40 seconds higher and our lows in the next cycle is is also higher than than it would be and we have a move up our minimum uh 36:49 36 minutes, 49 seconds threshold shows and and that and then that is happening to me and therefore geographical mix increasing deeper in 36:58 36 minutes, 58 seconds multiple markets senior living bringing civility uh to that and having that going on and I think that is if I look 37:06 37 minutes, 6 seconds at the company today as compared to 5 years ago not only the cyclical growth has happened I think we've become far 37:14 37 minutes, 14 seconds more stable as an organization we are not dependent on one uh location too heavy heavily we seeing growth in depth 37:22 37 minutes, 22 seconds in multiple cities. We've been able to create scale in Chennai in Gorga. We are on route to create scale. We've also actually created scale in Pune already 37:30 37 minutes, 30 seconds which was not there 5 years ago. And I think that is that has been very very important and critical as we go forward. 37:37 37 minutes, 37 seconds Uh we don't have a two year threeear view. I think we as a management team have a 10 15 year view and that is going well. 37:47 37 minutes, 47 seconds Sure. No, I think I I completely understand and appreciate your view and I think uh it's not as understood uh by 37:56 37 minutes, 56 seconds people. So I think that was very well explained. 37:59 37 minutes, 59 seconds Uh just sort of uh one last question and then I'll move back. Yeah. uh is is is this uh I mean I think you had mentioned 38:06 38 minutes, 6 seconds about this uh like cumulative sales uh or cumulative deliveries uh uh that will 38:13 38 minutes, 13 seconds happen between FI25 to 30 would be close to 11,000 crores. 38:18 38 minutes, 18 seconds So, uh, are we on track? Because I think in the last call or the call before that, there was this view that we'll 38:25 38 minutes, 25 seconds have to get a few launches to be able to start, uh, the construction and start delivering the ones in 28 or 29 uh, uh, 38:34 38 minutes, 34 seconds sorry 29 and 30. So, just wanted to get your sense on this. 38:38 38 minutes, 38 seconds Mr. Rohit, Mr. Rohit, sorry to interrupt. There are participants waiting. You can join back the queue for finish this question. So can just la 38:46 38 minutes, 46 seconds this last question and then we'll get to the next one. Please go ahead. It's Ro. Go ahead please. 38:51 38 minutes, 51 seconds Yeah. So just wanted an update from you that on the line of sight of that 11,000 crores cumulative. Of course I think 38:59 38 minutes, 59 seconds will be a big big year for that uh in terms of getting a so just wanted because we had to get a few launches uh 39:08 39 minutes, 8 seconds also in line through to get to that number. Yeah. So yeah. Yes. Okay. I'll just take this up and we can move to the 39:15 39 minutes, 15 seconds next question after this. So if I look at what if you look at the total sale value of the projects under development 39:23 39 minutes, 23 seconds and which has been delivered between FI25 and 26 it's close to about 7200 crores already 6 6,840 for the ones 39:32 39 minutes, 32 seconds getting delivered between FI 26 and 29 mentioned on slide 16 and 17 of the deck and we had over 400 crores of deliveries 39:42 39 minutes, 42 seconds uh last year. So about 70 to 50 kind of uh uh there we have to launch we have phases to launch and we have projects to 39:50 39 minutes, 50 seconds launch. So Arohome was a key launch to do I think our home phase one and two together should have a sale value over 39:57 39 minutes, 57 seconds 1100 crores. So that will take us to about 8,300 crores uh there. And then uh we have Ashana Omar slotted for launch 40:06 40 minutes, 6 seconds uh next year and we have a lot of phases to launch in our senior living projects 40:13 40 minutes, 13 seconds in particularly Vatalia Adik uh Amod 40:19 40 minutes, 19 seconds and Swaram. I think the sale value of these phases should be close to about 2,000 odd 40:27 40 minutes, 27 seconds crores as well. So when you total all of this, this is where roughly that 11,000 cr number came from. Um phase AON phase 3 is also a possibility. 40:39 40 minutes, 39 seconds I don't know if we'll get it in FI30 or it will go to FI31. U those are things again will depend when we when we launch 40:47 40 minutes, 47 seconds phase three of our home exactly next year. So that those discussions are also on but that's the rough break up of uh of the thoughts there if that makes sense. Thank you. 40:58 40 minutes, 58 seconds Thank you. Thank you so much. 40:58 40 minutes, 58 seconds Thank you. Can we move on to the next uh in line please? 41:03 41 minutes, 3 seconds Thank you. The next question comes from the line of Wun Bank from Bundan Life Insurance. Please go ahead. 41:13 41 minutes, 13 seconds Yeah. Yeah. I'm audible. Yes, you are. 41:20 41 minutes, 20 seconds Thanks for the opportunity and congrats also to set up. Um but more from brand perspective uh how would you describe 41:27 41 minutes, 27 seconds where Ashiano stands today across its key market uh in which of the markets are basically able to command premium 41:35 41 minutes, 35 seconds driving and how would you assess our marketing agent today across key markets? 41:41 41 minutes, 41 seconds Oh so we command premium pricing across Januuri and Jamsharpur. 41:47 41 minutes, 47 seconds uh we command premium pricing in senior living in uh Pune and Chennai as well. 41:53 41 minutes, 53 seconds We are the leading developers in senior living in those markets and in Gorgao uh we are in the mid level of price points. 42:03 42 minutes, 3 seconds So we do not command market leader pricing. So in all these markets we command market leader pricing uh in in 42:10 42 minutes, 10 seconds what we do. We are top tier in the micro markets. We operate in in those in those locations. In Gorga, we are not in the 42:18 42 minutes, 18 seconds market leader uh pricing. We are far off that. But we are also not in the commoditized pricing and generic pricing 42:27 42 minutes, 27 seconds of every developer. We have started commanding uh premium in Gorga as compared to generic developers. But uh 42:35 42 minutes, 35 seconds we have not gotten to a place where we would ideally like to be. Ideally I think we should be at a 10 to 15% premium to where we are at today in terms of establishing a grant. 42:46 42 minutes, 46 seconds Okay. Okay. And we and and in Pune and sorry and in Pune and premium housing we are far from 42:53 42 minutes, 53 seconds right now getting premium pricing. Uh but uh we have again brided the gap. We are no more at a discount to the market. 43:01 43 minutes, 1 second Uh we are at market and moving towards getting premium pricing is is one point. 43:07 43 minutes, 7 seconds Got it. Got it. And do you track uh I think I mean brand recall or let's say uh brand equity metrics uh and let's say 43:17 43 minutes, 17 seconds would you say our dependence on CPAs in uh some of the markets that you mentioned would have come down over years. Is that a right uh metric to 43:24 43 minutes, 24 seconds track purely from uh the brand equity metric perspective? 43:31 43 minutes, 31 seconds uh so in some markets where we have TPS like Gorga in Pune I think the market structure is CP dependent even the most 43:40 43 minutes, 40 seconds market leaders like even DF which is the top tier developer in Gurao in terms of price positioning they also go through 43:47 43 minutes, 47 seconds CPS I I don't necessarily see in those markets independence from CPS uh is 43:55 43 minutes, 55 seconds necessarily a way to track price premium uh and brand premiums though in other markets where we don't operate through 44:02 44 minutes, 2 seconds CPS references is a key source of uh uh uh brand premium and at the end of the day real pricing that you're getting viz 44:11 44 minutes, 11 seconds with v other developers in your competition gives you a sense of whether your brand premium is there or not but we do track reference sales we do track 44:20 44 minutes, 20 seconds uh net promoter scores of our customers at handover uh post delivery and customer satisfaction in general uh 44:29 44 minutes, 29 seconds got it And last one in terms of let's say uh areas or capabilities that you think we need to work on as we build on 44:36 44 minutes, 36 seconds what we are doing right now in terms of senior living as we expand into your cities. What are the capabilities and areas we need to work on? 44:46 44 minutes, 46 seconds Uh I think I keep saying this. I think the long-term piece is building our people front deeper and deeper. As we get to more cities and more projects, 44:55 44 minutes, 55 seconds we'll need more leadership both in uh at the project level, at the construction level, at the sales level. I think uh 45:03 45 minutes, 3 seconds developing our management capabilities in terms of our people would be the most important piece for us to do and even 45:11 45 minutes, 11 seconds business development capabilities as we do more and more geographies. Uh I think building that out will be important when we do senior living. 45:20 45 minutes, 20 seconds Understood. Okay. Thank you. 45:25 45 minutes, 25 seconds Thank you. The next question comes from the line of Ankur Jane from Priya's Capital. Please go ahead. 45:32 45 minutes, 32 seconds Hi, good evening. Nice talking to you after a long time. Hi Ankur, nice talking to you as well. Yeah, I have two questions you know. 45:41 45 minutes, 41 seconds First question is on the Bangalore market since we are trying to get in with the first project in Bangalore. So what is the kind of margins we can 45:50 45 minutes, 50 seconds expect there? I mean and uh there are two parts to it. One is the you know the pricing. So like this is the first this is the first project in a new geography. 46:00 46 minutes Will we have to price it lower or has the brand traveled from Chennai to 46:08 46 minutes, 8 seconds Bangalore in the senior living community so that you know the pricing that we can get in the Bangalore project will be decent. And second is on the learning 46:15 46 minutes, 15 seconds cost like in Chennai the first project that we did Ashana Shubam there were cost overruns and some learning costs 46:23 46 minutes, 23 seconds delays and all that the companies had to encounter. So so have they already been baked in and uh you know what are the 46:30 46 minutes, 30 seconds kind of modules we can expect in Bangalore. 46:34 46 minutes, 34 seconds So uh an uh I don't know how much of the learning cost has been baked in because I don't know what the actual would be like. uh 46:42 46 minutes, 42 seconds we have baked in some learning costs into it. So we have been uh conservative on our cost structures. I we hope to 46:52 46 minutes, 52 seconds meet a minimum threshold margin. Uh we will get to know that only once we really launch and when once we go 46:59 46 minutes, 59 seconds through our approval processes detailed estimation of costs when we get closer to it a little bit of uh better sense 47:06 47 minutes, 6 seconds will come. uh then I would like to say some of the learnings that we've had in Gorga, Pune and Chennai in our first 47:14 47 minutes, 14 seconds projects will be incorporated. That said, experience tell me tells me the first project's margins are always much lower than the second projects in any 47:23 47 minutes, 23 seconds market we've been in. Uh and I don't know why Bangalore will be any different from that. Uh that said, we would like to position ourselves as a premium 47:31 47 minutes, 31 seconds developer. So pricing will be good and we expect brands to travel from Chennai to Bangalore. Our initial dipstick says 47:40 47 minutes, 40 seconds that there is enough u uh cross between consumers uh in both those 47:48 47 minutes, 48 seconds cities and uh there would be enough conversations and enough relationships and connections between some of our consumers that brand should uh transfer. 47:57 47 minutes, 57 seconds And we have also gotten larger as a senior living brand today and compared to when we entered Chennai. So I think both those things should help. 48:06 48 minutes, 6 seconds Right. Right. Yeah. I mean I appreciate that. It's a very candid uh observation. 48:11 48 minutes, 11 seconds So just on the underwriting uh you know on the Bangalore piece so or Bangalore or any other new project that you are going to do. So is it right to assume 48:20 48 minutes, 20 seconds that your underwriting is on 30% gross profit margins that you had mentioned in the previous calls? 48:28 48 minutes, 28 seconds Yes, all the underwriting that we do is on 30% profit margins. But in all first 48:36 48 minutes, 36 seconds projects in every location, there have been some negative surprises that were not captured into the huh except for in 48:43 48 minutes, 43 seconds except for in Amos in Pune uh where where we had positive surprises actually in terms of the pricing we got. Uh so 48:52 48 minutes, 52 seconds there is one thing that has happened in senior living. I would I would like to add we have been able to understand to 49:00 49 minutes position our brand and ask for better prices uh earlier on. So I do expect some cost of 49:09 49 minutes, 9 seconds prices to come in into Bangalore. But that said I also expect us to be able to price well and command a good price and 49:16 49 minutes, 16 seconds margin there. uh therefore that given given our experience in Ashana Amod uh that we've gone through where we where 49:25 49 minutes, 25 seconds we where we learned how to position ourselves better if that's how to put it. 49:29 49 minutes, 29 seconds Right. Right. And and the second question is on uh you know land project or land parcel in Noa or greater Nida. 49:37 49 minutes, 37 seconds So sometime back you mentioned that the company has submitted a bid I think for a land person which was which was to be 49:45 49 minutes, 45 seconds auctioned by the authorities. So what's the update on that? And secondly, is is are you also looking for some land 49:52 49 minutes, 52 seconds parcels in that area from private land owners? That's it. 49:57 49 minutes, 57 seconds Uh so are we looking there? Yes. Are we looking there very actively? No. Uh so 50:04 50 minutes, 4 seconds we do get some conversations being in the city here. So we do engage time to time in Noa and Greater Noa, but we are not very active in that uh location. 50:14 50 minutes, 14 seconds some of the regulatory risks therefore there worry us. So um and second uh on 50:21 50 minutes, 21 seconds the bid front which would have been absolutely clear we our maximum price that we were willing to pay was far 50:30 50 minutes, 30 seconds lower than the maximum price that others were willing to pay. So we lost those bits in that uh 50:37 50 minutes, 37 seconds Right. Right. Okay. Uh thanks for answering my questions. Thank you. 50:42 50 minutes, 42 seconds Thank you. Thank you. The next question comes from the line of Rahul Jane, an individual investor. Please go ahead. 50:50 50 minutes, 50 seconds Yeah. Hi. Uh uh it's very heartening to see the uh cash flow that we have been reporting translate to reported numbers 50:59 50 minutes, 59 seconds now. So my question is basically uh uh so uh to one previous participant you 51:08 51 minutes, 8 seconds mentioned that we'll be hitting about 20% RO in the coming next 3 to four years uh but if I look at right uh next year's 51:18 51 minutes, 18 seconds reported revenue would be around 1,700 even if I take and I take a P margin of 12%. 51:27 51 minutes, 27 seconds then that translates to around 200 crores of PET. So is that like 12% pet margin on the 51:36 51 minutes, 36 seconds higher side or are there more lower margin projects remaining? Uh no I think you your your number I was 51:45 51 minutes, 45 seconds being conservative and when telling when we'll hit 20% ROIs we expect to hit 20% roses next year itself. Uh uh Rahul you 51:55 51 minutes, 55 seconds have done your math correctly. There are there lower margin projects there yet? 51:58 51 minutes, 58 seconds Yes there is like Malhar phase two would to be a lower margin project. Even Amul phase three would be a lower margin project which is coming in the next 52:07 52 minutes, 7 seconds financial year. uh but that said with that kind of a revenue base I think overall margins should be good and uh 52:15 52 minutes, 15 seconds and I don't see a challenge uh in getting close to 20% roe or crossing the 20% rois in the next financial year itself. 52:24 52 minutes, 24 seconds Okay. Uh so uh next is basically uh even if we like want to hit the 2,000 52:31 52 minutes, 31 seconds crores of uh pre-sales that we are uh we have been almost doing for the past 3 years we need uh uh like once the gura 52:41 52 minutes, 41 seconds kind of inventory dwindles down the high realization inventory will come down we need to sell more uh 52:49 52 minutes, 49 seconds area to get those pieces numbers. So what is the strategy? Are we planning to scale more or like increase the 52:56 52 minutes, 56 seconds realizations or just wanted to understand the strategy? I couldn't exactly get your question. Did you get the question? 53:04 53 minutes, 4 seconds I think he's asking that we have been in the vicinity of 2,000 crores last year, this year and next year also we are contemplating that we'll be somewhere around the vicinity of 2,000 crores. 53:14 53 minutes, 14 seconds Yeah. 53:14 53 minutes, 14 seconds So do we intend to increase the value through premiumization and highization? 53:20 53 minutes, 20 seconds Is that something that you asked if I heard you correctly? Yes. Yes. So like once the Gura inventory goes down, our 53:28 53 minutes, 28 seconds realizations will come down. That is my assumption. So we need to tell more uh units to hit those 2,000 crores of pieces. Right. 53:37 53 minutes, 37 seconds Okay. Uh uh so Rahul I would say that our senior living pipe and share will 53:44 53 minutes, 44 seconds increase and we are as I said senior living is getting more and more premiumized for us as we go along and I 53:52 53 minutes, 52 seconds hope uh that should cover so a combination of both volume and value there uh should hopefully cover that uh 53:59 53 minutes, 59 seconds revenue threshold and keep us around that 2,000 cr for a bit. 54:05 54 minutes, 5 seconds Okay, good. Yeah, last question was uh on the uh so last year also we saw this 54:11 54 minutes, 11 seconds slip from uh Q4 one of the projects got slipped to next year. This year also unmold is getting uh slipped to next uh 54:20 54 minutes, 20 seconds year. So uh my question was like are we considering the grab rules that uh uh that this like stoppage of construction 54:29 54 minutes, 29 seconds comes in between uh in the in the projection sense that you give 54:35 54 minutes, 35 seconds uh we do consider it uh uh we do consider it Rahul that said this year 54:42 54 minutes, 42 seconds the slippages have been much lower than last year uh only one project has slipped over uh which is on mold phase 54:49 54 minutes, 49 seconds three as rest everything is on track uh to one quarter and I'm hoping in the next year nothing will really slip over 54:57 54 minutes, 57 seconds from that year to the next. I think uh our overall discipline and strength there is improving and our view is that 55:05 55 minutes, 5 seconds we have to figure out a way despite grap uh grap has become part of reality for us uh and it cannot be an excuse anymore 55:13 55 minutes, 13 seconds for us to uh delay our deliveries. That said, finding a way around it does remain a difficult and upper task and 55:21 55 minutes, 21 seconds we'll see what we can do to find that something. 55:25 55 minutes, 25 seconds Okay, not yeah thank you and all the best. Thank you Rahul. 55:31 55 minutes, 31 seconds Thank you. The next question comes from the line of Ankit Sha from White Equity Investment Advisor. Please go ahead. 55:39 55 minutes, 39 seconds Uh thanks for taking the followup. uh just bringing uh uh a little help on the uh uh Ashana town project complaint uh you know that the customers have filed. 55:51 55 minutes, 51 seconds So uh if you can share you know what was the consension of the customers and uh what is the status of that? 55:59 55 minutes, 59 seconds Can you say that again please? Uh the ashana town litigation which has been the ashana town litigation that is going on. 56:08 56 minutes, 8 seconds Uh what is it? of the litigation. The contention of the litigation is uh 56:16 56 minutes, 16 seconds there are a lot of contentions of a few litigants. There are concerns around uh some regulatory approvals that we should 56:25 56 minutes, 25 seconds have gotten according to them. They haven't bought in according to what we've bought. There are some concerns around our maintenance services 56:34 56 minutes, 34 seconds and and the quality of it and the charges we charge for it. They believe that we charge extra we actually make a loss. So we think we charge too little. 56:43 56 minutes, 43 seconds Uh so those kind of contentions are there. Uh and we are actually surprised by the 56:51 56 minutes, 51 seconds litigation because our dipstick on overall uh uh consumer side says that things people are overall happy. Um but 57:00 57 minutes that said that's that those a few contentions of the litigations that that came and we continue to fight that out. 57:08 57 minutes, 8 seconds Uh I think uh uh we believe we have a very strong case and but it is what it is in terms of there is litigation going unfortunately. 57:19 57 minutes, 19 seconds Got it. That's it. Thank you so much. Thank you. 57:25 57 minutes, 25 seconds Thank you ladies and gentlemen. That was the last question for today. I would now like to hand the conference over to management for closing remarks. 57:35 57 minutes, 35 seconds We are encouraged by the strength of our sales momentum launch pipeline and operational cash flow in Q3 FI26. 57:42 57 minutes, 42 seconds We remain committed to timely handovers in FI26 and to building long-term value through disciplined execution and customer centric development. If there 57:50 57 minutes, 50 seconds are any questions we were unable to address today, please feel free to reach out to us directly. The investor presentation and related materials are 57:59 57 minutes, 59 seconds available on our website and we will be happy to provide any further clarifications. 58:04 58 minutes, 4 seconds Wish you all good health and a productive year ahead. Thank you. 58:08 58 minutes, 8 seconds On behalf of Ashana Housing Limited, we conclude this conference. Thank you for joining us and you may now disconnect your lines.