Brigade Enterprises Limited — Q1 FY26

Brigade Enterprises Limited Q1 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=-NqYI10Zg3Y Published: 9 months ago

0:02 2 seconds Ladies and gentlemen, good day and welcome to the Brigade Enterprises Limited Q1 FI26 earnings conference 0:10 10 seconds call. As a reminder, all participant lines will be in the listenonly mode and there will be an opportunity for you to 0:18 18 seconds ask questions after the presentation concludes. Should you need assistance during this conference call, please 0:26 26 seconds signal an operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded. 0:36 36 seconds I now hand the conference over to Mr. 0:38 38 seconds Mr. J Shankar, executive chairman, Brigade Enterprises Limited. Thank you and over to you sir. 0:48 48 seconds Thank you. Good afternoon everyone and thank you for joining us for our Q1 FI26 earnings call. I have with me the 0:58 58 seconds management of uh Brigade Enterprises Limited, managing director Miss Pavitra Shanka, joint managing director, Miss Nirup Shankar, executive directors Mr. 1:08 1 minute, 8 seconds Roshan Matthew, Mr. Amar Msur, Mr. 1:11 1 minute, 11 seconds Praimna, our CFO, Mr. Jant Manmadkar and members of our 1:17 1 minute, 17 seconds senior management team including Mr. Om Prakash, Vinitwarma, 1:23 1 minute, 23 seconds Nanda Kumar, Vishop Prra, Mano Jagaral, Ryan and uh Ramcharan and Tara. 1:34 1 minute, 34 seconds We are happy to report that financial year has begun on a strong footing with all our four verticals delivering healthy performance. This momentum 1:43 1 minute, 43 seconds reflects the resilience of our business and the focused execution by our teams. 1:50 1 minute, 50 seconds Coming to real estate, our real estate portfolio achieved pre-sales of,118 1:55 1 minute, 55 seconds cr in Q1 FY26, a growth of 3% over Q1 FI25. 2:02 2 minutes, 2 seconds Pre-sales volume for Q1 FI26 stood at 0.95 million square ft. Average 2:09 2 minutes, 9 seconds realization stood at rupees 11,782 per square foot during Q1 FI26 an 2:16 2 minutes, 16 seconds increase of 24% or Q1 FI25 driven by sales of premium projects. 2:24 2 minutes, 24 seconds Important launches include phase one of Brigade Morgan Heights in Chennai. 2:29 2 minutes, 29 seconds Total collection stood at rupees,728 crores during Q1 FI26. 2:36 2 minutes, 36 seconds a growth of 8% over Q1 FI25. The portfolio saw zero residential debt across the group for the last two years owing to Robbo sales and collections. 2:48 2 minutes, 48 seconds With strong momentum and demand, we have a slew of upcoming projects planned, approximately 13 million square ft² in 2:55 2 minutes, 55 seconds the next four quarters. Our flagship property expo, Brigade Showcase, wrapped up successfully with its 18th edition 3:04 3 minutes, 4 seconds held over 3 days. The event featured over 15 brigade projects across Bangalore, Chennai and Hyderabad including five new project launches in 3:13 3 minutes, 13 seconds Bangaluru and Chennai. Later this month the brigade showcase will be in Chennai for the first time further strengthening 3:21 3 minutes, 21 seconds our presence and engagement in the region. 3:25 3 minutes, 25 seconds Coming to leasing, our portfolio witnessed stable performance occupying 92% for the portfolio of 9.38 million square ft in Q1 FI26. 3:37 3 minutes, 37 seconds Brigade Square in Shandrum achieved 100% pre-leasing. 3:42 3 minutes, 42 seconds Leasing revenue stood at rupees 300 crores during Q1 FI26, a growth of 15% over Q1 FI25. 3:54 3 minutes, 54 seconds Rental collections remained strong and consistent at 99%. 4:00 4 minutes Brigade Twin Towers has been witnessing good traction from sales perspective. 4:06 4 minutes, 6 seconds The retail SBU recorded a strong leazing traction across the portfolio with one lakh square SBA currently under fit out 4:15 4 minutes, 15 seconds across the mall including 82,000 square ft SBA at Orion Mall at Brigade Gateway 4:21 4 minutes, 21 seconds Rajagar alone. Our commercial assets are being managed in in-house in order to 4:29 4 minutes, 29 seconds deliver superior tenant and customer experiences. Brigade facility management vertical currently manages around 16 4:37 4 minutes, 37 seconds million square ft. As regards hospitality, Brigade Hotel Ventures completed its successful IPO. What began 4:46 4 minutes, 46 seconds as a division of Brigade Enterprises in 2006 evolved into a 100% subsidiary in 4:53 4 minutes, 53 seconds 2016 and has now come of age as a listed entity on both the NSE and BSE. We are 5:00 5 minutes proud to be the first real estate developer in India to successfully launch two IPOs. 5:07 5 minutes, 7 seconds With nine hotels built over 18 years, we are now confidently setting out our sites and doubling that to 18 hotels in 5:15 5 minutes, 15 seconds the next four to five years. A proud moment. It is indeed a proud moment for all of us. The hospitality SBU achieved 5:23 5 minutes, 23 seconds a revenue of rupees 141 crores in Q1 FI26, an increase of 19% for Q1 FI25. 5:32 5 minutes, 32 seconds Portfolio occupancies stood at 75% in Q1 FI26 and ARR stood at rupees 6761 during Q1 FI26. 5:45 5 minutes, 45 seconds Brigades hotels demonstrated steady growth compared to Q1 FI25 with improvements across key performance 5:53 5 minutes, 53 seconds indicators with EIA increasing by 24% for the portfolio and FNB increasing by 6:00 6 minutes 32% over the compared to the Q1 FI25 hotel growth is set to accelerate 6:06 6 minutes, 6 seconds through rest of FI26 fueled by events festival travel and longer leisure stays 6:15 6 minutes, 15 seconds So coming to the outlook with a robust pipeline of 16 million square ft of developments across residential and 6:23 6 minutes, 23 seconds commercial segments for the next four quarters and hospitality with,700 keys. 6:30 6 minutes, 30 seconds We remain confident of our ability to deliver sustainable growth and long-term value for our stakeholders. During the 6:38 6 minutes, 38 seconds past quarter, we added 10 million square ft to our land bank across markets with a potential gross development value of 6:46 6 minutes, 46 seconds rups 11,200 crores. We remain focused on tier one markets of South India for all 6:53 6 minutes, 53 seconds our domains of business. I will now hand over to our CFO Mr. Jant Manmadkar to 7:00 7 minutes present the detailed financials for the quarter. Over to Jant. 7:04 7 minutes, 4 seconds Thank you sir. Uh and good afternoon to all. Chairman has already shared operational highlights. Uh I will be sharing consolidated financial 7:13 7 minutes, 13 seconds highlights for the quarter. All our segments that is real estate, leasing and hospitality demonstrated a strong 7:20 7 minutes, 20 seconds revenue growth of 22%, 15% and 19% respectively in Q1 FI26 over Q1 FI25. 7:29 7 minutes, 29 seconds The consolidated revenue including other income for Q1 FI26 stood at rupees 1,333 7:36 7 minutes, 36 seconds crores a growth of 20% over Q1 FY25 consolidated AITA for quarter 1 FY26 7:44 7 minutes, 44 seconds stood at rupees 375 crores a growth of 14% over Q1 FY25 7:51 7 minutes, 51 seconds consolidated profit before tax for Q1 FY26 stood at rupees 194 cr a growth of 80% over Q1 FI25. 8:01 8 minutes, 1 second Consolidated PAT for Q1 FI26 stood at rupees 158 cr a growth of 95% over Q1 8:09 8 minutes, 9 seconds FI25 and consolidated PAT after minority interest for Q1 FI26 8:15 8 minutes, 15 seconds stood at rupees 150 cr a growth of 79% over Q1 FI25 we are happy to inform you that IKRA has 8:24 8 minutes, 24 seconds upgraded our credit rating to double A stable from double A minus stable 8:31 8 minutes, 31 seconds underscoring consistent performance, financial discipline and strong corporate governance, we continue to have adequate liquidity and undrawn 8:40 8 minutes, 40 seconds credit lines to support our growth plans. Our average cost of date it is consistently reducing and stood at 8.25% 8:50 8 minutes, 50 seconds a reduction of 42 basis points over Q4 FY25. 8:55 8 minutes, 55 seconds Gross date of the group stood at rups 4745 crores. The cash and cash equivalents 9:03 9 minutes, 3 seconds was at rupes 2476 crores as on 30th June 2025. Consequently, the company's net 9:11 9 minutes, 11 seconds debt outstanding is rups 2269 crores out of which Brigett's share is rups 1,528 9:20 9 minutes, 20 seconds cr. 81% of the debt pertains to the commercial portion which is backed by lease rental. Net net debt equity ratio 9:29 9 minutes, 29 seconds stood at 34 as of June 25. I will hand it back to the moderator for questions. 9:38 9 minutes, 38 seconds Thank you sir. 9:40 9 minutes, 40 seconds We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on 9:48 9 minutes, 48 seconds their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. 9:55 9 minutes, 55 seconds Participants are requested to use handsets while asking a question. 10:01 10 minutes, 1 second Ladies and gentlemen, we will wait for a moment while the question queue assembles. 10:11 10 minutes, 11 seconds The first question is from the line of Mr. Girish Chri from Aendes Park Institutional Equities. Please go ahead. 10:19 10 minutes, 19 seconds Yeah. Hi uh good afternoon. Uh firstly uh on this launch pipeline of uh 13 million square ft uh over the next four 10:28 10 minutes, 28 seconds quarters if you could highlight or uh the key projects and also how uh how to look at the pace pacing of these 10:35 10 minutes, 35 seconds projects. Is it backended or uh I mean should we expect anything meaningful launches in the next one to quarters? 10:45 10 minutes, 45 seconds Yeah hi good afternoon. Uh so yes uh in terms of our launch already in Q2 10:53 10 minutes, 53 seconds um we have visibility of multiple projects already where there is no dependency on rera the GDV of those 11:00 11 minutes projects is already around 4,600 crores so for some of those we'll be launching that in Q2 some of that is already 11:08 11 minutes, 8 seconds underway a couple of those while we don't require the RARA it is still part of our don't require in the sense we already have the RARA it is part of our 11:16 11 minutes, 16 seconds multi-phase approach. So for example both in Chennai Brigade Morgan Heights and uh the second tower of Brigade 11:23 11 minutes, 23 seconds Gateway Neopoulos we have the RAR it is part of our overall sales plan uh when we will launch that potentially in Q3. 11:31 11 minutes, 31 seconds Um in Bangalore we have already launched a plotted project Brigade Cherry Blossom in Malor we've already uh got the Rera 11:40 11 minutes, 40 seconds and started selling for Brigade Avalon which is a project in Whitefield and both these have good takeups. We have one more where we have the RAR in hand 11:48 11 minutes, 48 seconds and are currently uh doing a soft launch and uh with that I think there is very good visibility already for Q2 and Q3 11:57 11 minutes, 57 seconds and of course we're still working on the approvals for the rest of the launches that we are quite confident should be able to come and move forward. 12:06 12 minutes, 6 seconds Sure. Um secondly in terms of uh I mean this is more on the business development um in terms of entering into new cities 12:14 12 minutes, 14 seconds beyond South India. I mean uh where are we in terms of evaluation or what are we thinking uh and also from a overall real 12:22 12 minutes, 22 seconds estate cycle point of view are you comfortable entering into new cities currently or would you want to wait it out? 12:30 12 minutes, 30 seconds Yeah. So we've been communicating for a long time and we continue to go in that direction that we will focus on Bangalore, Chennai and Hyderabad. Uh we 12:39 12 minutes, 39 seconds have a really strong presence in ter in terms of business development for all three markets and there is also much more room to grow for our presence in 12:46 12 minutes, 46 seconds both Chennai and Hyderabad. The brand is really well valued and I think there is a lot of room for us to take more market share in both and also in Bangalore to 12:55 12 minutes, 55 seconds continue to uh maintain our leadership position and grow on that as well. So I think we're just focusing on that we'll be able to meet whatever growth 13:04 13 minutes, 4 seconds expectations we have and others have of the organization um before we start looking at other markets. Uh I'm not 13:11 13 minutes, 11 seconds sure if this is the right time to be looking uh aggressively at entering new markets. We're always studying them of course. 13:19 13 minutes, 19 seconds Got it. Got it. And lastly, if I see your cash flow, I mean in terms of outflow, uh we have seen uh a 13:27 13 minutes, 27 seconds significant increase in employee and admin um and also marketing expenses y uh and and uh we have just seen one 13:35 13 minutes, 35 seconds launch this quarter. So is this the new run rate or any one-offs to be considered for us? 13:45 13 minutes, 45 seconds Yeah. So uh as far as employee cost is concerned it is uh 13:51 13 minutes, 51 seconds it it is it is uh uh you know as usual the trend will continue and the launches 13:58 13 minutes, 58 seconds uh primarily uh it is it is for the expenses which are incurred in the marketing uh and sales of the project. 14:06 14 minutes, 6 seconds So so that is that is purely activity based costs. So that will always be linked uh in terms of the launches the 14:13 14 minutes, 13 seconds way they are going to come in uh subsequent quarters in Q2, Q3 and Q4. 14:19 14 minutes, 19 seconds Yeah. So so what I was trying to understand is that in terms of sales and marketing expenses this quarter was around 86 crores of cash outflow. Uh 14:29 14 minutes, 29 seconds last year it was 44 crores. So almost doubling right? I mean we have seen just one launch this quarter. So uh how to 14:37 14 minutes, 37 seconds read that and even employee and admin expenses right what was 100 crores last year is 186 crores. So even sequentially I'm seeing a significant jump. 14:47 14 minutes, 47 seconds So so the sales and marketing expenses will also reflect the launches that we have done over the last couple of 14:54 14 minutes, 54 seconds quarters. So as we're adding more to our sales pipeline we will also be spending more uh in order to do that sales. So 15:02 15 minutes, 2 seconds that is why you're seeing the larger uh amount compared to a YI uh because in the past year we have launched about 11 15:09 15 minutes, 9 seconds to 12 million square ft. So the sales and marketing expenses now in Q1 will be reflecting that. 15:19 15 minutes, 19 seconds Okay. Uh got it. Thank you and all the best. 15:24 15 minutes, 24 seconds Thank you participants. If you wish to ask a question, you may press star and one on your touchstone telephone. 15:34 15 minutes, 34 seconds The next question is from the line of Mr. Prates from Access Capital Limited. Please go ahead. 15:42 15 minutes, 42 seconds Uh yeah, uh thanks for the opportunity. 15:44 15 minutes, 44 seconds Uh so first on uh the city mix for this quarter uh you know how much was from 15:51 15 minutes, 51 seconds Bangalore and how much uh from Chennai and just for a followup I think u you know we started off with over 7500 15:59 15 minutes, 59 seconds crores of inventory uh you know in this quarter uh you know yet I think sustainance contribution was uh you know 16:08 16 minutes, 8 seconds not too too high it was pretty much in line with what we have been doing in past uh so any specific reason for that? 16:15 16 minutes, 15 seconds I'm sure I think Chennai the two projects u you know brigade icon and altius has lot of inventory which is 16:23 16 minutes, 23 seconds kind of slow moving so you know just if you can put some numbers on on that uh you know to help me understand the lower 16:30 16 minutes, 30 seconds uh sustain sales contribution for this quarter. Yes. 16:38 16 minutes, 38 seconds Yeah. So uh in terms of the sales last quarter uh if you look at it by revenue um it's revenue or areas anywhere 16:46 16 minutes, 46 seconds between 70 to 75% contribution from Bangalore and about 20 to 25% from Chennai. There's a little bit from 16:54 16 minutes, 54 seconds Hyderabad as well. Uh a few units from uh gateway that uh you know are coming through but pretty much that's the breakup of what we saw in Q1. 17:05 17 minutes, 5 seconds NI uh sales and inventory icon being the kind of high-end project it is we don't that is pretty much in a sustenance 17:14 17 minutes, 14 seconds mode. Uh we will not see large numbers coming at a launch or continuing in that way. So we that is an ongoing uh basis. 17:22 17 minutes, 22 seconds In terms of Altius, we're actually quite happy with the progress at at the way Altus is going on because the pricing is is pretty much top of market and much 17:30 17 minutes, 30 seconds higher than anyone else in that same competitive set. So um given that it is still in Chennai, uh we are seeing really good traction for that product 17:39 17 minutes, 39 seconds and we're quite happy with how the uptake has been even post the launch quarter of Q4. 17:45 17 minutes, 45 seconds Morgan Heights. Um we have we received the RARA. We have launched the project in May. Um it's sort of in a launch mode 17:54 17 minutes, 54 seconds because our marketing office is in the process of getting ready. Chennai as a market requires a marketing office to be in place to have a proper sales 18:02 18 minutes, 2 seconds experience etc. So once that comes on board in the beginning of uh September, we're expecting to see a lot more traction. This is quite different from 18:11 18 minutes, 11 seconds the behavior in uh Bangalore and Hyderabad where pretty much it's very launchdriven and the excitement of the 18:18 18 minutes, 18 seconds launch whether or not there is a um very you know a very specific sales sales experience that's a little different the 18:25 18 minutes, 25 seconds way uh Chennai works. So I think once that marketing office is there in place which is uh in the next few weeks we 18:32 18 minutes, 32 seconds should be able to see much stronger uh uptake on Brigade Morgan Heights. Um so overall I think uh yes Chennai 18:40 18 minutes, 40 seconds definitely does happen at a different pace but we're mindful of that. Uh our plans are also uh put in place keeping 18:47 18 minutes, 47 seconds that in mind. So we have a more accelerated sales cycle for Bangalore and Hyderabad launches compared to a Chennai. 18:56 18 minutes, 56 seconds Sure. Uh and how much is the inventory right now between Icon and Altius? And how much did ALTS specifically 19:04 19 minutes, 4 seconds contributed uh to this quarter's pre-sales? 19:10 19 minutes, 10 seconds Uh yeah, just I'll just come back to you with those numbers. 19:14 19 minutes, 14 seconds Sure, I'll take it from the offline as well. No problem. Yeah. Uh just second question on the launches. So I think we had a plan of launching 12.3 million 19:23 19 minutes, 23 seconds square ft uh for this year. We've launched a million square ft on the residential side. Um uh balance is 11.3. 19:31 19 minutes, 31 seconds Any changes in terms of the launch plan for the year? Uh any slipovers or any preponement of launches that you expect? 19:38 19 minutes, 38 seconds I think specifically uh the Hyderabad project that we just signed this quarter uh you know any chance of launching it this year or it could be next year. 19:49 19 minutes, 49 seconds Yeah. So the positive thing is the Hyderabbad that we announced we are working to get that into this uh this uh this financial 19:58 19 minutes, 58 seconds year. Um one thing was the brigade innovation gardens that we had were trying to get it into this financial 20:05 20 minutes, 5 seconds year could potentially slip into Q1. Uh but other than that everything else is per our plans. Uh in terms of Altius uh 20:14 20 minutes, 14 seconds we did uh 65 units of Altius last quarter and that was around 150 crores in revenue. 20:23 20 minutes, 23 seconds Got it. And innovation heights is innovation gardens is very project is it or good? 20:31 20 minutes, 31 seconds Uh no that's in brigade sorry that's in North Bangalore in a subm market called Harlord. 20:37 20 minutes, 37 seconds It's what we've been referring to as a KB parcel of 75 acres. Uh okay. 20:45 20 minutes, 45 seconds Sure. 20:47 20 minutes, 47 seconds So that's it from my side for now. I have a couple of questions but I'll join back the queue. Thank you. Thank you. 20:53 20 minutes, 53 seconds Thank you participants. If you wish to ask a question you may press star and one on your touchstone telephone. 21:03 21 minutes, 3 seconds The next question is from the line of Mr. Perves from Noama group. Please go ahead. 21:09 21 minutes, 9 seconds Uh hi uh good afternoon and thanks for picking my question. Uh so first a couple of questions for Pvitra. Uh I mean did I get it right when you say 21:18 21 minutes, 18 seconds that we have uh RA for projects with 4600 cr GDV already? 21:27 21 minutes, 27 seconds Yes that's right. So some of those we are you know have already launched in the course of Q2. For example, Brigade Cherry Blossom, Brigade Avalon, we've 21:36 21 minutes, 36 seconds already launched those. We have one more in uh Bangalore that where we have the RARA and we're in the soft launch phase. 21:42 21 minutes, 42 seconds We'll be doing an allocation event before the end of the quarter. Uh the rest of it comes from uh Hyderabad and 21:49 21 minutes, 49 seconds Chennai both in Brigade Gateway the second tower in Hyderabad and the phase two of Brigade Morgan Heights which we have launched uh the first phase this 21:58 21 minutes, 58 seconds this past quarter in Q1. It is a single rera but based on the amount of inventory and phasing uh basically we have the visibility already and it 22:07 22 minutes, 7 seconds should come in towards the latter half of the year. 22:12 22 minutes, 12 seconds Sure. Uh overall on the uh I mean demand side on the resi space I mean how do we see it 22:19 22 minutes, 19 seconds currently? Uh is it let's say same what it was an year back or are we seeing some moderation and also your views on the pricing going ahead. 22:31 22 minutes, 31 seconds Yeah. Um so in terms of the residential demand we are seeing that it is still pretty good. Uh I would say that the 22:39 22 minutes, 39 seconds pace at which uh people are making their decisions based on the ticket size that has changed. So um in terms of a year 22:46 22 minutes, 46 seconds ago it was the ticket sizes were lower people were found it much easier to make those kind of decisions. Now if I look 22:54 22 minutes, 54 seconds across my portfolio uh more than 80% of it is 1.5 crores plus uh so that that is 23:02 23 minutes, 2 seconds quite a big change. So therefore we are seeing people take a little more time to convert but the onground demand is still very good. For example Brigade Avalon 23:10 23 minutes, 10 seconds which we launched in Whitefield that's a 206 unit project and an average ticket size of four to five crores plus and that has really been well accepted. But 23:19 23 minutes, 19 seconds that said, that's one of those, you know, we're not going to sell out in the first quarter or second quarter for that matter either. So, we just have to time 23:27 23 minutes, 27 seconds um accordingly. Uh in projects where we have, uh, you know, more mid-segment inventory or ticket sizes coming below 23:34 23 minutes, 34 seconds one and a half or less than two, we're seeing a much faster uptake. So, I would just again reiterate what we've been saying that uh what the customer 23:43 23 minutes, 43 seconds behavior that we've seen happen over the last two to three years, that's really out of the ordinary. And I would say that uh things are still very healthy on 23:51 23 minutes, 51 seconds ground. We should just be wary of comparing to um the best case scenario which was there for the last couple of years. 24:00 24 minutes Sure. Uh and a couple of questions for Neuka. Uh first I mean in the presentation for Brigade Hospitality 24:09 24 minutes, 9 seconds Ventures I think we have outlined the plan for adding about 1,700 or keys over the next four to five years. So what 24:15 24 minutes, 15 seconds would be the uh rough cut apex outlay required for this? Uh and second uh your views on leasing in brigade twin tower. 24:24 24 minutes, 24 seconds Uh thank you. 24:26 24 minutes, 26 seconds Yeah, thanks for that. So with regards to the uh capex for the hospitality, we plan to we plan to do it next we plan to 24:35 24 minutes, 35 seconds do it next quarter. We will share those details with you. Just to let you know that anything in the five-star deluxe category on average the cost of 24:43 24 minutes, 43 seconds construction will be about 1.5 to 1.75 cruise a key. This just the cost of construction and some of the fair fields 24:51 24 minutes, 51 seconds that we've mentioned you know the fourstar category hotels on average the cost per key is around 65 lakhs. In terms of the capex outflow we plan to 25:00 25 minutes outline that uh by next quarter and uh you will have the details by next quarter. Regarding uh twin towers, what 25:08 25 minutes, 8 seconds we've understood is that uh we have one tower uh the first tower uh that we kept for sales because we found that um the 25:16 25 minutes, 16 seconds sales traction has been very healthy. So the first tower is about 550,000 square ft and we have already sold 50% of that 25:24 25 minutes, 24 seconds and this quarter also we should uh see another bump up. I think we've managed to do another 20% this quarter. So 25:31 25 minutes, 31 seconds almost 70% of the first quarter has uh first tower has been sold. With regards to the other tower, we have kept it 25:39 25 minutes, 39 seconds aside for leasing. But in case we find that uh the sales traction continues to be very high, then uh we will also add 25:47 25 minutes, 47 seconds that into the sale portfolio. But as of now, we are getting a healthy rate. Um you know, the sale price that we've been doing the last few transactions are at 25:56 25 minutes, 56 seconds are at at least 12,000 rupees a square foot plus all additional expenses. So it's been a fairly uh good market for end users and a saledriven market. So that's how we plan to go about it. 26:08 26 minutes, 8 seconds Sure. Thanks and all the best. Thank you. Thank you. 26:14 26 minutes, 14 seconds The next question is from the line of Mr. Bipl from Antique Stock Broking Limited. Please go ahead. 26:23 26 minutes, 23 seconds Uh good afternoon everyone and thank you for taking my question. So my question one question is in continuence to what 26:30 26 minutes, 30 seconds uh just service asked. So uh you know we have been hearing that uh due to job losses in the IT sector and uh in 26:39 26 minutes, 39 seconds general slowdown Bangaluru is experiencing uh slower real estate absorption uh and uh maybe heading toward a broader 26:48 26 minutes, 48 seconds slowdown. Uh uh so uh uh what you uh said is that current state of real 26:55 26 minutes, 55 seconds estate absorption is continues to be strong. That's very good. Um so uh the question is what is your outlook on 27:02 27 minutes, 2 seconds demand? I mean uh despite job losses and some slowdown in IT sector do you see 27:09 27 minutes, 9 seconds this kind of demand uh continuing over over the near and medium term? That is my first question. 27:18 27 minutes, 18 seconds Yeah. So I'll just uh narupi I'll just throw some color on it from office and then maybe Kavatra can add on the resi side of things. See for Bangalore if you 27:27 27 minutes, 27 seconds just look at the gross absorption that we saw um in Q1 of FI26 it absorbs almost 4.8 million square ft of office 27:34 27 minutes, 34 seconds space. Now uh you're I mean the dependency on IT and IT services has relatively come down. From an office 27:41 27 minutes, 41 seconds perspective I can tell you that IT services are contributing to only 40% of the overall gross absorption. The 27:50 27 minutes, 50 seconds balance is coming uh 36% from GCC's and the uh remaining 24% or so from uh BFSI 27:57 27 minutes, 57 seconds so financial services etc. Now Bangalore is still the most attractive location when it comes to setting up of GCC. So 28:05 28 minutes, 5 seconds from an office perspective I can say that yes there are lot of media uh written on this and perhaps you know AI 28:12 28 minutes, 12 seconds will come into the picture but nature of jobs required might change and uh maybe there'll be more focus on GCC's and R&D 28:20 28 minutes, 20 seconds facilities being set up here. Um additionally we're seeing a lot of financial services and pharma companies also being set up. So on ground we're 28:28 28 minutes, 28 seconds not seeing u the kind of slowdown that uh the media is talking about. We're still seeing pretty good traction on an office from an office demand perspective. 28:37 28 minutes, 37 seconds Yeah this I just wanted to echo that we're seeing uh that supported on the residential side as well uh because you 28:44 28 minutes, 44 seconds know while the IT sector has been seeing layoffs over the last few years that really has not impacted on the residential side. In fact, we've been 28:53 28 minutes, 53 seconds seeing more traction towards premium and and higherend sales, which means um it's the kind of talent that you see working 29:01 29 minutes, 1 second in GCC's or this embedded technology or digital jobs that that are happening in traditional businesses as well. So 29:08 29 minutes, 8 seconds that's where we feel that um you know despite all of the the the conversation that's going on, we we're not seeing 29:15 29 minutes, 15 seconds that on ground. Uh also I would say that um you know being a premium brand and and having inventory uh in great 29:22 29 minutes, 22 seconds locations and uh you know positioned the way we are we will still be that uh flight to quality in case of you know 29:30 29 minutes, 30 seconds someone has multiple choices they will come to a brigade for that. So that's where we're seeing things. So even if the market does consolidate a little bit 29:38 29 minutes, 38 seconds we we are still confident of our position. 29:42 29 minutes, 42 seconds That's a very good news and uh that's all from my side. Thank you and have a great weekend. 29:50 29 minutes, 50 seconds Thank you participants. If you wish to ask for questions, please press star and one on your touchstone telephone. 30:00 30 minutes The next question is from the line of Mr. Mitun from KA Advisors. Please go ahead. 30:07 30 minutes, 7 seconds Yeah. Hi. Um just wanted to understand in terms of FY26 this year launch pipeline is quite strong and last year I 30:14 30 minutes, 14 seconds think you did pre- sales of about 7 million square ft. So how you target do you have any target for FY26 in terms of 30:22 30 minutes, 22 seconds uh uh what kind of sales growth you're looking at? 30:28 30 minutes, 28 seconds So um um we we've always communicated that we like to target a growth of 15 to 20%. uh we'll be looking at that from a 30:38 30 minutes, 38 seconds value perspective. So uh last year we did around 7,800 crores in total sales. 30:43 30 minutes, 43 seconds We're hoping to get to about 15% uh increment on that. Uh we it it is of course dependent on approvals and 30:51 30 minutes, 51 seconds launches coming through at the right time frame. U this year as well as last year and a couple of years before that a lot of our numbers were dependent on 30:59 30 minutes, 59 seconds getting launches. In fact at least 50% of the sales is coming from new launches. So as long as that continues to happen uh and we are of course 31:08 31 minutes, 8 seconds working very hard on that approval front uh we are quite confident of this. I also mentioned earlier that uh uh we 31:15 31 minutes, 15 seconds launched Morgan Heights Q1 that was uh almost 1,000 crores GDV and we have visibility of another 4,600 crores. So 31:23 31 minutes, 23 seconds of the entire year's GDV that we have intended to launch we have almost 50% uh in hand as well. So I think we're quite confident of the year. 31:34 31 minutes, 34 seconds Right. And and also on the commercial development side, what what is the kind of target of uh launch of uh uh projects? 31:45 31 minutes, 45 seconds Yeah. So on the commercial side, we currently have half million square ft that is ongoing in terms of construction 31:52 31 minutes, 52 seconds and uh upcoming that we plan to launch is another 2.6 million square ft. So year on year we're looking to um launch 32:01 32 minutes, 1 second about 2 and a half 3 million square feet which is a um which is a number that we have in mind but ongoing we have another 2.5 as I mentioned and upcoming also 32:10 32 minutes, 10 seconds another 2.6 right thank you 32:18 32 minutes, 18 seconds thank you the next question is from the line of Mr. Ashi Sha from HDFC Mutual Fund. 32:27 32 minutes, 27 seconds Please go ahead. 32:29 32 minutes, 29 seconds Yeah, thanks. Thanks for the opportunity. Uh just uh maybe a couple of things. Uh would it be possible to uh 32:37 32 minutes, 37 seconds sort of give uh some estimate on on the uh launch values launch GDV uh for for the second, third and the fourth 32:45 32 minutes, 45 seconds quarter. I know I know things can slip here and there uh by a quarter but any uh any sense on how it can pan out? 32:57 32 minutes, 57 seconds Yeah. So on the in total we have about 15.5 or 16 million square ft total uh launch plan for the rolling four 33:05 33 minutes, 5 seconds quarters. Um at the beginning of the financial year we had communicated around 12 to 12 1.5 million square ft in 33:12 33 minutes, 12 seconds the residential launch pipeline for uh which I think we have a u similar number uh as of now for the rest of the 33:20 33 minutes, 20 seconds financial year. Uh we are approximating around 10,000 rupees per square foot on average. So basically you could assume 33:27 33 minutes, 27 seconds 12 a.5,000 crores uh GDV for the overall launch for FY26 of which I just now um 33:35 33 minutes, 35 seconds went through the calculation that we have visibility of crores already for which 1,000 was launched in the last 33:42 33 minutes, 42 seconds quarter. So for the rest of the financial year we're working on those approvals and uh hopefully we'll uh be able to get all of that within Q4 itself. 33:54 33 minutes, 54 seconds Understood. Uh uh the other thing is uh we've spent uh you know quite a significant amount on business development this quarter. If you can 34:02 34 minutes, 2 seconds throw some light on on where have we added these projects uh especially on the residential side and uh what kind of 34:10 34 minutes, 10 seconds projects are these are these uh very premium projects are these mid mid premium etc etc. Any any perspective on the color of the BD which has been done in the first quarter? 34:22 34 minutes, 22 seconds Yeah. Hi Ashish Pjuna here. So uh we've added about 60% of the of the projects 34:28 34 minutes, 28 seconds in Bangalore um and uh 20% each in Chennai and Hyderabad in Bangalore in residential it's um it 34:36 34 minutes, 36 seconds is not uh very premium in nature. These are uh the sweet spots that we've been targeting over the last many quarters of the projects that have been launched. So 34:44 34 minutes, 44 seconds these are similar in nature uh typically in the range of about 10,000 to 12,000 rupees a square foot. So that's where uh we would be launching these projects 34:52 34 minutes, 52 seconds when they do. uh as far as uh Hyderabad goes again uh it is a similar uh project about 13,000 rupees per square foot is 35:00 35 minutes the is the pricing that we are looking at uh and the strategy that we've communicated earlier and this is a great example of that is you know we've seen a 35:07 35 minutes, 7 seconds very successful uh uh project called brigade citadel in Hyderabad and therefore we've targeted uh properties in the same vicinity and right now the 35:17 35 minutes, 17 seconds ones that we've added uh the last quarter is also uh literally opposite uh uh to this location. So, our strategy 35:24 35 minutes, 24 seconds continues to be very very similar to what we've been communicating. 35:31 35 minutes, 31 seconds Okay. Uh and Chennai, uh Chennai would also be at what sort of a price point? 35:35 35 minutes, 35 seconds Is that again very or the lower price point? 35:39 35 minutes, 39 seconds No, no, it it won't be a premium. Again, it's uh uh up market but not premium in nature. It is uh it is a it'll be a follow on to our brigade alts project. 35:48 35 minutes, 48 seconds That's the uh that's the view that we have taken and uh we are acquiring that property. 35:54 35 minutes, 54 seconds Okay. Lastly, if you uh for the uh business development done so far in the first quarter or year to date, what 36:01 36 minutes, 1 second would be the uh land uh cost to the GDV ratio approximately? two yeah so we have 36:08 36 minutes, 8 seconds about uh 11,000 crores of uh GDB that uh uh that we have acquired in Q1 and the 36:17 36 minutes, 17 seconds typical you know about uh one about 20 to 22% is the is the range okay 36:25 36 minutes, 25 seconds understood thank you thank you very much thank you the next question is from the line of 36:33 36 minutes, 33 seconds Mr. Girish Chri from Aventes Park Institutional Equities please go ahead. 36:40 36 minutes, 40 seconds Yeah. Uh thanks for the followup again on the land cost you have a balance which needs to be paid which is around,380 crores. Uh so by when can we 36:49 36 minutes, 49 seconds expect uh this to be paid? Uh and uh also in terms of business what's the pipeline looking like uh for the rest of the year? 37:00 37 minutes Yeah. So out of the,380 crores about 470 crores has already been paid in in uh in 37:07 37 minutes, 7 seconds Q2. Uh another and the rest of it is spread across various projects. Uh most of which will uh uh you know it's a 37:15 37 minutes, 15 seconds combination of uh you know joint development uh and outright purchases. 37:20 37 minutes, 20 seconds So uh these will get paid out in the course of the next year year and a half or so. 37:26 37 minutes, 26 seconds So about uh about the balance is about 880 crores and that will get done in the course of the next uh say 18 months or so. 37:35 37 minutes, 35 seconds Okay. And in terms of the business development pipeline for the rest of the year. 37:41 37 minutes, 41 seconds So so that's uh ongoing as usual uh we've been uh you know typically we get about 200 to 250 proposals every month. 37:50 37 minutes, 50 seconds uh you know that filter continues to uh uh to take place uh you know we will keep adding um I don't think you will 37:58 37 minutes, 58 seconds see a slowdown in terms of uh uh acquiring uh uh new properties whether it's by way of JD or otherwise 38:07 38 minutes, 7 seconds got it uh my next question is on on buzzworks what I've seen recently is that you you 38:14 38 minutes, 14 seconds have uh leased up uh in a center outside of your um your own portfolio 50,000 quite a feed at the mine space. So just 38:21 38 minutes, 21 seconds wanted to understand how are you thinking about this uh business of yours u and then uh what's the current 38:28 38 minutes, 28 seconds capacity and uh the growth plans here and in general um in this space how are you seeing the competition pricing uh and and margin trends playing out? 38:42 38 minutes, 42 seconds Yeah, thanks for the question. So, uh, Buzzworks for us is currently a small, uh, smaller portion of our business, but we believe it's a high growth business. 38:51 38 minutes, 51 seconds Um, currently, of course, we have about, uh, 5,000 seats, but we're looking to double that up by FY26. So, we believe 38:58 38 minutes, 58 seconds that this is a vertical that, uh, can grow very fast. Um obviously when you look at the overall uh absorption of 39:06 39 minutes, 6 seconds commercial office space the co-working or the flexible office brands take up at least 18 to 20%. In some markets it 39:14 39 minutes, 14 seconds could be more like 25% but say on average for the country it could be about 20% of the overall inventory. So we think that uh we know that this this 39:22 39 minutes, 22 seconds trend is uh here to stay. So because we have it inhouse thus far it was more of a value added service to our existing clients when they wanted flexible space. 39:31 39 minutes, 31 seconds But I think going forward uh we are open to taking space from uh other builders as well especially in markets where we 39:38 39 minutes, 38 seconds currently don't have uh office space ourselves but uh we believe that this is a high growth business and uh the ideas 39:45 39 minutes, 45 seconds to scale this up um uh in a big way in the coming years. 39:50 39 minutes, 50 seconds In terms of competitive landscape currently how are you rating this market? 39:57 39 minutes, 57 seconds Um see there are uh there are multiple players. It's barrier to entry is relatively less. It's not it doesn't require the kind of capital investment 40:05 40 minutes, 5 seconds that uh creating an entire commercial building requires. So barrier to entry is lower. I would say we are in the mid 40:12 40 minutes, 12 seconds to premium. So there the average uh uh seat cost you know on the premium end could be 20 to 25,000 and you get 40:20 40 minutes, 20 seconds players in the 4,000 to 6,000 rupees as well. On average, uh, our positioning is around 13 to 15,000. Of course, like I 40:28 40 minutes, 28 seconds said, that's an average. There are some centers that do 18,000. There are some centers that do 10 and a half,000. So, on average, we are around uh I would say 40:37 40 minutes, 37 seconds 14,000 or so. So, we are not on the high higher highest end. Um, and I would say 40:44 40 minutes, 44 seconds we are more on the premium uh premium end I would say. All thank you. 40:52 40 minutes, 52 seconds Thanks. Thank you. 40:55 40 minutes, 55 seconds The next question is from the line of Mr. Prates from Access Capital Limited. Please go ahead. 41:02 41 minutes, 2 seconds Yeah, a couple of questions. So on uh BD, uh what would be the estimated spend for this year now with a very strong start in Q1? 41:18 41 minutes, 18 seconds So uh so that depends on the kind of opportunities that we uh get Pratish um uh while we focus on uh on on certain 41:26 41 minutes, 26 seconds lands uh both joint development in nature as well as outright purchases I think uh you know uh I can't tell you a 41:34 41 minutes, 34 seconds number in terms of uh what we will be spend but the approach will be of what I mentioned earlier also which is about 20 41:42 41 minutes, 42 seconds to 25% of the cost to GDP. That would be the approach. 41:49 41 minutes, 49 seconds Got sir. Okay. Uh and uh in terms of this 2.6 million square ft of upcoming commercial launches uh which are the key 41:57 41 minutes, 57 seconds projects I mean u will we start constructing brigade gateway retail office uh uh this year itself. U so some 42:07 42 minutes, 7 seconds insights on this 2.6 million square ft which are all these projects. 42:12 42 minutes, 12 seconds Yeah. So uh what we have put in what we have as part of the 2.6 million square ft is brigade pardan tech valley tower A 42:20 42 minutes, 20 seconds which is in Whitefield and Bangalore that's about 345,000 square ft. Then we have Brigade Panorama Chambers which is 42:28 42 minutes, 28 seconds in South Bangalore. Uh we also have Brigade Caviri which is uh CBD property in Bangalore about 190,000 square ft. uh 42:38 42 minutes, 38 seconds we have the Kochi info park tower 3 which is another 150,000 odd square feet and then uh we have more value added uh 42:46 42 minutes, 46 seconds office and retail in our mixed use township brigade Valencia so we have some office of 140,000 ft² uh retail of 42:53 42 minutes, 53 seconds 80,000 uh square ft and uh the biggest project is again in Bangalore which is the brigade HRC which is right next to 43:01 43 minutes, 1 second the airport toll of about 1.4 million square ft so out of the 2.6 6 million square ft BL share our share is about 1.76 million. 43:13 43 minutes, 13 seconds Sure. Sure. So basically your gateway would start construction next year only. I mean not this year. 43:20 43 minutes, 20 seconds Next quarter maybe in the next uh quarter we can have that update. Okay. Okay. Okay. Fair enough. Thanks. 43:27 43 minutes, 27 seconds And just last uh if you can provide the breakup of collections across our different segments for this quarter. 43:36 43 minutes, 36 seconds Yeah, just a second. Yeah. 43:42 43 minutes, 42 seconds So, real estate collection is about 1,248 cr. Commercial leasing is about 311 cr and hospitality is about 168 cr. 43:52 43 minutes, 52 seconds Total 172 cr. 43:56 43 minutes, 56 seconds Got it. Okay. Thank you. That's it from my side. All the best. Thank you. Thank you. 44:02 44 minutes, 2 seconds The next question is from the line of Mr. Prolin from Edelway Public Alternatives. Please go ahead. 44:11 44 minutes, 11 seconds Yeah. Hi team. Um just wanted to understand uh you know to the previous participants uh question you uh answered 44:18 44 minutes, 18 seconds that you don't want to enter into any new cities right uh there is enough and more to be done in some of the uh Chennai Chennai and Hyderabad. uh so uh 44:27 44 minutes, 27 seconds I wanted an internal assessment of how has been our foray uh into these cities right and uh where I'm coming from is 44:35 44 minutes, 35 seconds that uh you know you talked about this project uh called Morganites right where you launched in May but the sales office is still going to come up in few weeks 44:43 44 minutes, 43 seconds time so are these some uh you know location specific nuances which we are still you know uh grappling with uh or 44:50 44 minutes, 50 seconds uh you know is it uh how should one think about you know our uh you know uh u our uh entry into these two cities 44:58 44 minutes, 58 seconds specifically. If you spend a few minutes on both the cities, that would be very helpful. Thank you. 45:03 45 minutes, 3 seconds Yeah. Yeah. Sure. So I'd like to say that the and the uh upcoming projects that we have in Chennai is a reflection 45:11 45 minutes, 11 seconds of a lot of time and hard work to get these lands um into uh the pipeline and 45:18 45 minutes, 18 seconds also a reflection of what Chennai market feels about brigade especially after the completion of our brigade world of our 45:26 45 minutes, 26 seconds world trade center project on OMR. Um so when we when we conceptualize and deliver mixed-use projects I think that 45:34 45 minutes, 34 seconds really is a gamecher for us in terms of establishing establishing ourselves in the market and then seeing rapid growth from then on. So a lot of our business 45:43 45 minutes, 43 seconds development success the project launches that are happening now have has really sort of taken off after uh seeing uh 45:50 45 minutes, 50 seconds brigade um sorry world trade center uh in Chennai. We're also experiencing the same in Hyderabad. So after announcing 45:58 45 minutes, 58 seconds the brigade gateway in Neopolis, having seen what the plans are like, having seen the launch of the first tower which was an unprecedented success, it is the 46:06 46 minutes, 6 seconds most premium project in that subm market and I would say the entire market has noticed and also recognized that we're building a very premium mixeduse 46:14 46 minutes, 14 seconds development which is which has the top uh brands like World Trade Center, Hyderabad, the Intercontinental Hotel and our own flagship brand uh Orion for 46:23 46 minutes, 23 seconds retail uh along with 600 premium residents. businesses. So when the market sees that uh sort of um certainty 46:31 46 minutes, 31 seconds in these projects coming up, we are also seeing a lot of increase in the business development proposals that we're receiving in Hyderabad. So what I would 46:39 46 minutes, 39 seconds say is like our approach in each market is to establish ourselves uh not just in terms of our BD connections but also 46:46 46 minutes, 46 seconds delivering and then building on that. Uh specifically in terms of Morgan Heights um uh we don't think there is uh any 46:53 46 minutes, 53 seconds sort of specific issue. It is just that in Chennai um the market is such that they like to have a sales experience on 47:00 47 minutes ground and also in Chennai there you can't really construct a marketing office prior to receiving certain approvals in hand. So we do have a setup 47:09 47 minutes, 9 seconds at the site it's in a soft launch stage but we expect to see a lot more traction once the sales office is open and I think that's normal and natural. That's 47:17 47 minutes, 17 seconds what we've experienced in both ICON and all gifts as well. So um you know apart from that there isn't anything specific about Morgan height. 47:27 47 minutes, 27 seconds Got it. Thanks a lot. That's it from my side. Thank you. 47:34 47 minutes, 34 seconds The next question is from the line of Monarch AI if please go ahead. 47:42 47 minutes, 42 seconds Okay. Hi thank you for the opportunity. 47:44 47 minutes, 44 seconds I just had two questions. I wanted to understand how would the average realization uh shape up for the year of FI26? 47:53 47 minutes, 53 seconds Do we expect it to remain flat? Are we or are we expecting any, you know, significant corrections? 48:01 48 minutes, 1 second Yeah. So, uh I think the numbers that you're seeing today are a reflection of um the inventory that is getting sold each quarter which is also dependent on 48:10 48 minutes, 10 seconds what is getting launched. So going forward uh we have a mix of projects of uh you know super luxury uh as well as 48:18 48 minutes, 18 seconds premium and mid-segment. We also have plotted. So you know it's it is a mix of what gets uh transacted every quarter. 48:26 48 minutes, 26 seconds So I would say it'll still average out you know in the coming few quarters we'll be launching at rates of 15,000 16,000 for some projects and then 48:34 48 minutes, 34 seconds plotted maybe at 5,000. So what gets sold every quarter? So on average I would say it'll it'll be around the same 48:42 48 minutes, 42 seconds maybe slowly sort of uh move up move up slightly. 48:48 48 minutes, 48 seconds Okay. And and what would be the embedded emitter margin of these new project launches in you know upcoming in FY26. 48:58 48 minutes, 58 seconds So it would be upwards of 30% for the new project launches. Okay. 49:06 49 minutes, 6 seconds Okay. All right. That's it for myself. Thank you. Thank you. 49:14 49 minutes, 14 seconds Participants. If you wish to ask a question, you may press star and one on your touchstone telephone. We will wait 49:22 49 minutes, 22 seconds for a moment while the question Q assembles. 49:39 49 minutes, 39 seconds As there are no further questions from the participants, I would now like to hand the conference over to Miss Pavitra Shankar, managing director for closing comments. 49:53 49 minutes, 53 seconds Uh before we wrap up, we'd like to share a few key highlights beyond our financial performance this quarter. The Brigade Foundation, our not for-profit 50:00 50 minutes trust, continues to champion meaningful social impact through initiatives that blend education and community development. The Wenapa Art Gallery has 50:09 50 minutes, 9 seconds reopened its doors to the public. Be beautifully restored through a collaborative effort between the Brigade Foundation and the Department of 50:17 50 minutes, 17 seconds Archaeology, Museums and Heritage Government of Karnataka. 50:22 50 minutes, 22 seconds Key enhancements include structural repairs, upgraded lighting, improved accessibility, modern display areas and we've also rejuvenated the landscaping. 50:32 50 minutes, 32 seconds We also constructed an auditorium for the Karnataka public school in Vishwanaspura, North Bangalore. Um this is an initiative that is in line with 50:40 50 minutes, 40 seconds our overall mission of empowering underprivileged children with better spaces for learning. The brigade schools uh were named best CBSC schools in 50:49 50 minutes, 49 seconds Bengaluru 2025 by Indian prneur magazine. A testament to our commitment to quality education. 50:56 50 minutes, 56 seconds As part of our L &D programs to support diversity, inclusivity and opportunities, two of our women employees have successfully graduated 51:03 51 minutes, 3 seconds with an MTech from IIT Madras. This was Brigade's higher education initiative, a reflection of our belief in nurturing 51:10 51 minutes, 10 seconds talent and investing in long-term growth from within. 51:15 51 minutes, 15 seconds A few noteworthy accolades and recognitions. Brigade Enterprises Limited was honored as a great midsize birthplace for the 15th year in a row, 51:23 51 minutes, 23 seconds ranking 75th. Meanwhile, Brigade Hospitality Services Limited soared to eighth place, a recognition that our people first culture continues to shine. 51:33 51 minutes, 33 seconds Both these awards were by the great place to work institute. 51:38 51 minutes, 38 seconds Additionally, the tractor realy brand uh tractor realy brandex report 2425 recognized brigade as a national brand 51:47 51 minutes, 47 seconds leader of Indian real estate a title earned through consistent excellence and trust. Brigade twin tars was named iconic property of the year commercial at the global real estate brand award. 51:58 51 minutes, 58 seconds With that we thank you sorry we we conclude our earnings call for Q1 FY25 and thank you for joining us. 52:06 52 minutes, 6 seconds Thank you ma'am. On behalf of Brigade Enterprises Limited, that concludes this conference. Thank you for joining us. 52:14 52 minutes, 14 seconds And you may now disconnect your lines.