Brigade Enterprises Limited — Q3 FY26

Brigade Enterprises Limited Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=u9hhmLygEwE Published: 3 months ago

0:01 1 second Ladies and gentlemen, good day and welcome to the Brigade Enterprise Limited Q3 FY26 financial results conference call. 0:09 9 seconds As a reminder, all participant lines will be in the listenonly mode and there will be an opportunity for you to ask questions after the presentation 0:16 16 seconds concludes. Should you need assistance during the conference call, please signal an operator by pressing start then zero on your touchstone phone. I 0:25 25 seconds now hand the conference over to Miss Pavitra Shankar, managing director of Brigade Enterprises Limited. Thank you and over to you ma'am. 0:34 34 seconds Thank you. Good afternoon everyone and thank you for joining us at our Q3 FY26 earnings call. I am joined by the 0:42 42 seconds management of Brigade Group. Our chairman Mr. Emr J Shanka, joint managing director Miss Narup Shanka, 0:49 49 seconds executive directors Mr. Roshan Matthew, Mr. Amar Msore and Mr. Praumna Krishna Kumar along with members of our senior 0:57 57 seconds management team. We welcome Mr. Yogesh Patel who joined Brigade Enterprises today as CFO. 1:04 1 minute, 4 seconds This has been a steady and well-rounded quarter for Brigade with each of our business segments contributing to overall growth. Our focus remains on 1:12 1 minute, 12 seconds deepening our presence in key micro markets by selecting land parcels that offer strong-term development potential. 1:20 1 minute, 20 seconds In the last 9 months, we have incurred about 2,100 crores towards our land bank with a developable area of 14 million 1:29 1 minute, 29 seconds square ft and GDV of 16,000 crores with 44 sorry with 54% in Bangalore and 30% 1:37 1 minute, 37 seconds in Hyderabad. These projects should enter our launch pipeline over the next four to six quarters. 1:44 1 minute, 44 seconds On the front, we delivered consistent performance achieving pre-sales of,750 crores and a pre-sales volume of 1.33 million square ft in Q3 FY26. 1:57 1 minute, 57 seconds Average realization stood at rupees 13,142 per square foot, reflecting a 16% growth over Q3 FY25. 2:07 2 minutes, 7 seconds Looking ahead, we have a strong pipeline with approximately 12 million square feet of launches planned over the next four quarters. 2:15 2 minutes, 15 seconds While the residential sector seeing stabilization in terms of volume growth, prices continue to rise across major metros due to tight supply and the 2:24 2 minutes, 24 seconds strong performance of higher value segments. Luxury and premium housing now account for over a quarter of national supply as devel as developers increasingly shift focus upward. 2:36 2 minutes, 36 seconds Within our own portfolio, about 85% of our pre-sales is above the 1 cricket 2:43 2 minutes, 43 seconds side, which underscores our positioning as a premium highquality developer. Our current inventory also reflects the same 2:51 2 minutes, 51 seconds distribution. While price increases are still being absorbed and the demand is strong, customers are more cognizant of overall ticket sizes and we are 3:00 3 minutes reflecting these inputs in our projects under design. 3:05 3 minutes, 5 seconds Brigade's commercial office portfolio delivered a stable performance in Q3 FY26 with cumulative leasing of 66 million square feet as of the quarter. 3:15 3 minutes, 15 seconds Portfolio occupancy remained healthy at around 93% supported by steady demand from healthcare and education sector 3:22 3 minutes, 22 seconds occupiers. We're actively working towards increasing our commercial office portfolio. We already launched 1.2 3:29 3 minutes, 29 seconds million square ft in FY26 and plan to launch another 4.2 million square ft in the next four quarters. 3:37 3 minutes, 37 seconds India's office market continues to exhibit structural momentum led by the rapid expansion of global capability centers which now account for close to 40% of total office leasing. 3:49 3 minutes, 49 seconds On the retail front, as of Q3 FY26, the three Orion malls collectively churned about one lakh square ft of leasable 3:56 3 minutes, 56 seconds area up and added new tenants, boosting footfall and rental income while strengthening the overall brand and 4:03 4 minutes, 3 seconds tenants mix. Footfalls across our malls grew 5% and sales grew at 16% for FY26, 4:11 4 minutes, 11 seconds aided by strong performances in cinema, end of season sales and the festive period. 4:17 4 minutes, 17 seconds Brigade Hotels delivered steady growth compared to Q3 FY25 with improvements across key performance metrics. Revenue 4:24 4 minutes, 24 seconds on DEFPAR increased by 14 and 17% respectively driven by a 17% rise in 4:31 4 minutes, 31 seconds ADR. Abita also grew by 17% for the quarter. 4:37 4 minutes, 37 seconds The Indian hospitality sector continues to see demand outpacing supply with about one lakh new rooms expected to be 4:44 4 minutes, 44 seconds added over the next 5 years. Against this backdrop, Brigade Hotel Ventures Limited is building out 1,700 keys 4:52 4 minutes, 52 seconds across nine hotels in our markets of focus. I now hand it over to our executive director, Mr. Prayumna to 5:00 5 minutes present the detailed financials for the quarter. 5:03 5 minutes, 3 seconds Thank you Pavitra. Good afternoon and a warm welcome again. Pavitra has already shared the operational highlights. I will be sharing the key financial 5:11 5 minutes, 11 seconds highlights. We achieved pre-sales of rups 1,750 crores for Q3 FI26 with a pre-sales volume of 1.33 million square 5:19 5 minutes, 19 seconds ft. While quarterly sales did not increase significantly, it was primarily due to approval related delays for launching new projects. Now with better 5:28 5 minutes, 28 seconds certaintity on the approvals front, we are confident that upcoming launches will significantly strengthen our sales trajectory in the coming quarters. The 5:35 5 minutes, 35 seconds underlying demand remains strong and we are well positioned to capitalize on the momentum with the new project launches and new land acquisitions in Bangalore, 5:43 5 minutes, 43 seconds Hyderabad and Chennai. The ongoing projects and the new projects that will launch soon are all well located within micro markets that have strong demand 5:50 5 minutes, 50 seconds with excellent connectivity and access to very good social infrastructure and public transportation. This is the case with all our projects in Bangalore, 5:58 5 minutes, 58 seconds Hyderabad and Chennai. Overall collections for the quarter have remained at level similar to Q3 FI25 at rupees 1,760 crores due to fewer 6:07 6 minutes, 7 seconds launches. Cash flows from operating activities have moderated due to higher construction spends. Our cash flow collections will continue to be robust 6:15 6 minutes, 15 seconds in the coming quarters and will be further supported by the new project launches. Collections from the real estate segment stood at rupes 1,258 6:24 6 minutes, 24 seconds crores. Leasing segment stood at rupes 325 crores and hospitality stood at rupees 177 crores. 6:32 6 minutes, 32 seconds Net cash flow from operating activities stood at rupes 278 crores. 6:37 6 minutes, 37 seconds To start with the group's revenue update for Q3 FI26. The consolidated revenue for the quarter stood at rupes 1,623 6:46 6 minutes, 46 seconds crores an increase of 6% over Q3 FI25 with an AITA of rupes 459 crores. AITA margin stood at 28%. 6:55 6 minutes, 55 seconds The real estate segment clocked a turnover of rupes 1,133 crores with an AITA of 1 of Rs 170 crores. The leasing 7:03 7 minutes, 3 seconds segment clocked a turnover of rupes 325 crores, an increase of 16% over Q3 FI25 with an EITA of rupees 231 crores. 7:13 7 minutes, 13 seconds The hospitality segment clocked a donor of rupes 165 crores an increase of 12% over Q3 FI25 with an EITA of rupes 58 7:21 7 minutes, 21 seconds crores. Consolidated PAT stood at rupees 206 crores and PAT after minority interest is rupes 187 crores. Coming to 7:31 7 minutes, 31 seconds the group's performance for 9 months FI26. 7:34 7 minutes, 34 seconds The consolidated revenue for the period stood at rupes 4,386 crores an increase of 16% over 9 months fi25 with an eida 7:43 7 minutes, 43 seconds of rs 1,29 crores thea margin stood at 28%. 7:49 7 minutes, 49 seconds Real estate segment clocked a turnover of rups 2976 crores an increase of 16% over 9 months F525 with an IITA of rupes 7:57 7 minutes, 57 seconds 384 crores. The leasing segment clocked a turnover of rupes 966 crores, an increase of 16% again over 9 months FI25 8:05 8 minutes, 5 seconds with an AITA of rupes 678 crores. The hospitality segment clocked a turnover of rupes 444 crores, an increase of 16% 8:13 8 minutes, 13 seconds over 9 months FI25 with an AIA of rupes 147 crores. Consolated PAT stood at rupes 534 crores. An increase of 24% 8:22 8 minutes, 22 seconds over 9 months FI25. Pat after minority interest for the same period is rupees 499 crores an increase of 14% over 9 months FI25. 8:33 8 minutes, 33 seconds Now on debt and liquidity we continue to have adequate liquidity and undrawn credit lines from banks and financial institutions to support our growth 8:41 8 minutes, 41 seconds plans. Our average cost of debt has reduced significantly by 115 bills to 8:47 8 minutes, 47 seconds 7.61% 61% as of December 25 from two from 8.76% as of December 24. Gross debt of the group stood at rupes 454 crores. 8:59 8 minutes, 59 seconds Cash and cash equivalent was rupes 2617 crores as of 31st December 25. 9:05 9 minutes, 5 seconds Consequently, the company's net debt outstanding as of 31st December 25 was rupes 1,887 crores out of which D share 9:15 9 minutes, 15 seconds of the same is rupes 1,273 crores. About 92% of the debt pertains to the commercial segment which is backed by 9:24 9 minutes, 24 seconds rental income. The debt equity ratio stood at 23. I will now hand it back for questions. 9:34 9 minutes, 34 seconds Thank you very much ladies and gentlemen. We will now begin the question and answer session. Anyone who wishes to ask a question may press star 9:42 9 minutes, 42 seconds and one on the touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use 9:51 9 minutes, 51 seconds handsets while asking a question. 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 Karan Karna from Ambit Capital. Please go ahead. 10:16 10 minutes, 16 seconds Yeah. Hi team, thank you for the opportunity. Um just a couple of questions from my end. Firstly, Pavitra, there have been talks of excess 10:25 10 minutes, 25 seconds unaffordability in Bangalore market uh which are limiting future price hikes. 10:29 10 minutes, 29 seconds uh could you share some thoughts on the pricing environment and uh on the kind of like to like price increase uh you expect from both Bangalore and Chennai 10:37 10 minutes, 37 seconds and as a followup what kind of like to like price hikes were taken across the already launched projects during the quarter. 10:46 10 minutes, 46 seconds Hi good afternoon. Uh so in general the the market is still pretty healthy and demand is good. Um while the price rise 10:55 10 minutes, 55 seconds in Bangalore over the last if you look the last 2 3 years has been really substantial uh all of our projects that are being 11:02 11 minutes, 2 seconds launched today I think are uh being launched with the expectation that we can still take price hikes of 5 to 7% 11:11 11 minutes, 11 seconds year-over-year that is how we underwrite and that's how we launch but that also means when we launch it's a fairly full price and we are not expecting to see 11:19 11 minutes, 19 seconds rapid price increase at the time of launch that said As I and as I mentioned in the opening remarks as well, this has led to a lot of the ticket sizes being 11:28 11 minutes, 28 seconds you know two to two and a half crores 3 crores and so on is not as fast as it used to be in say 11:36 11 minutes, 36 seconds the 1 and a half to 2 and a half cricket ticket size. So this is where we're seeing the stabilization in the market. 11:41 11 minutes, 41 seconds In our own portfolio uh about 5 to 7% is what we would like to take year-over-year and what we've been doing 11:48 11 minutes, 48 seconds in the past. While we may not do it on a quarterly basis, we do it along with inventory movement and we're able to achieve this. This holds good for both Bangalore and Chennai. 12:00 12 minutes Sure. Uh this is helpful. Uh secondly, if you look at slide nine of your four FI25 presentation. Uh you were fairly 12:07 12 minutes, 7 seconds confident of launching 16 residential projects totaling 12 million square ft over the next four quarters. Uh but if I look at slide 28 of your current 12:16 12 minutes, 16 seconds investor presentation u you have just launched less than 4 and a.5 million square ft of residential projects in 9 months FI2. So can you help us reconcile 12:26 12 minutes, 26 seconds these numbers and why launches this year have been skewed more towards 4Q versus a previous years where they were largely 12:32 12 minutes, 32 seconds spread out across quarters. Say in FI25 you had two two and a half million square ft worth of launches every quarter. 12:41 12 minutes, 41 seconds uh yeah so uh I would say the launches were actually more towards H2 uh in this 12:48 12 minutes, 48 seconds so Q3 and Q4 and that's what we had seen in the last few uh years also uh so far 12:54 12 minutes, 54 seconds in the year to date 4.3 million square ft in the residential uh sector in the number that you're mentioning we had 13:03 13 minutes, 3 seconds actually that 16 million was actually including commercial as well um so year to date we have launched 13:10 13 minutes, 10 seconds 3 million square ft in residential with a GDB of 4,800 crores. In Q4, actually our plan is to launch the same amount, 13:18 13 minutes, 18 seconds 4.3 million square ft with a higher GD of around 5,400 crores. Uh unfortunately, yes, we have seen the 13:26 13 minutes, 26 seconds delay in approvals which has caused many of these projects to slip into um Q4. Uh and we are hoping that they will come 13:34 13 minutes, 34 seconds in. We're working uh hard to ensure. But overall uh the 12.45 45 number that we mentioned. Um it looks like we will not 13:42 13 minutes, 42 seconds meet that for the calendar year sorry for the fiscal year for residential. 13:48 13 minutes, 48 seconds So just to continue just to continue um it's it's only it's not like the projects are not coming there is 13:56 13 minutes, 56 seconds approval delay. So if it moves into Q I mean it it will move into Q1 or Q2 in in that sense but uh there is no real risk of the project taking off. 14:05 14 minutes, 5 seconds Sure. And then lastly on business development uh can you help us understand the new BDS uh during last quarter lastly largely in Hyderabad uh 14:14 14 minutes, 14 seconds what kind of IRS were you uh looking at when you signed these new BDS and how are these IRS versus what they were let's say 9 12 months back. 14:24 14 minutes, 24 seconds So you know the IRS that we look at are around 18%. uh I would love to say they're going to keep increasing but as customers are willing to pay more or as 14:33 14 minutes, 33 seconds end customer pricing increases land rates increase as well. So that is why we look at an overall 18% IRRa uh in general. 14:43 14 minutes, 43 seconds Sure. This is helpful but I'll come back in the Q. Thank you and all the best. 14:48 14 minutes, 48 seconds Thank you. The next question is from the line of Adidel Chhatabad from ICA securities. Please go ahead. 14:56 14 minutes, 56 seconds Yeah, good afternoon everyone. Thank you for the opportunity. Uh so I'll just take a followup uh on uh the previous question on the 5400 crores of launches 15:04 15 minutes, 4 seconds you mentioned for Q4. Could you just help us understand how this will be split geographically and which will be the key projects you're planning to launch in the current quarter? 15:15 15 minutes, 15 seconds Yeah, in Q4 uh it is predominantly we have um about 8 lakh square ft in 15:23 15 minutes, 23 seconds Chennai. um that would around 1,600 crores uh and uh uh 2.3 million square 15:32 15 minutes, 32 seconds ft or 2500 crores in GDV from Bangalore and about a little under a million square ft from Hyderabad. So that is how 15:40 15 minutes, 40 seconds it's going to uh hopefully pan out. I think we have good visibility on the Hyderabad launches and uh couple of the Bangalore launches as well. 15:50 15 minutes, 50 seconds Okay. Okay. Fine. Fine. Uh the second question is on your uh rental capex right. Uh so considering the aggressive 15:58 15 minutes, 58 seconds plans we have right to expand our rental portfolio. So 9 months uh including the hotels business right we have done certain amount of capex right but could 16:06 16 minutes, 6 seconds you give us help us understand for the full year in 26 and for 27 any overall budgeted capex number you'd like to share which we can expect? 16:21 16 minutes, 21 seconds Yeah, I think uh for the commercial we we have said that uh the estimated cost for the um for the year is about 16,700 16:30 16 minutes, 30 seconds or so for the projects that we've launched which have been listed on page 14 of the presentation. We've already incurred the 661 crores and we have a 16:38 16 minutes, 38 seconds balance of,000 crores. Uh for hospitality we that's uh separate. We have said that we budget crows uh capex for the coming fiscal. 16:50 16 minutes, 50 seconds Yeah. So just wanted to tie up means for this now for 26 right the full year number and 27 right the overall capex we'll be doing as a company and a 16:58 16 minutes, 58 seconds consolidated entity in terms of the cash requirement that is what we're trying to just understand. 17:07 17 minutes, 7 seconds So uh um prajuna here. So in FI26 for the uh for the commercial uh division 17:17 17 minutes, 17 seconds about 600 crores is what we expect to spend and the year after in FI27 about 800 crores. 17:24 17 minutes, 24 seconds Okay. And this would include the Hyderabad project also, right? I assume the office and mall would be a large portion of that as Yes, it will include. Yes. 17:35 17 minutes, 35 seconds Okay. That didn't include that. Okay. Okay. Okay. Fine. Fine. Okay. That's it. 17:38 17 minutes, 38 seconds Thank you. I'll come back in the five more questions. 17:43 17 minutes, 43 seconds Thank you. The next question is from the line of Pra from Access Capital. Please go ahead. 17:50 17 minutes, 50 seconds Yeah. Good afternoon. Thanks for the opportunity. Uh just uh first on the uh contribution from Brigade Gateway uh in 17:59 17 minutes, 59 seconds this quarter uh that we had launched uh you know how much should be that number. 18:03 18 minutes, 3 seconds Uh and second question is uh in terms of launches that we have highlighted for Q4 uh at at what stages 18:12 18 minutes, 12 seconds uh they are uh you know how much how many we have applied for RA how many are still under plan approvals if you can give us those details that would be helpful. Yeah. 18:23 18 minutes, 23 seconds Yeah. First on uh brigade uh gateway this is tower 2 that we launched in uh Q3 about 550 crores of uh GDV or 18:33 18 minutes, 33 seconds pre-sales value is what we have sold in terms of the approval I'll ask to just speak on that. 18:40 18 minutes, 40 seconds Yeah. So uh out of the about 4 and a.5 million square ft uh that we plan to launch in this quarter uh one/ird of it 18:47 18 minutes, 47 seconds is already almost at the end of receiving the REA approval and uh much of the balance is at the very final leg 18:54 18 minutes, 54 seconds of the plan sanction. So we are uh therefore hopeful that we are able to uh launch all this in this quarter itself. 19:06 19 minutes, 6 seconds Sure. Got it. and and in in terms of gateway uh you know total GDV of launch would be somewhere around 16700 crores 19:15 19 minutes, 15 seconds out of that we have done 550 uh slightly uh slower response than the first phase obviously you know uh timing 19:24 19 minutes, 24 seconds were different but uh how how you read into this response uh anything from our side we could have done to have a better 19:32 19 minutes, 32 seconds uh response in terms of timing of launch or or or in terms of ticket size and how you with this launch how you read the overall Hyderabad Hyderabad market right now. 19:42 19 minutes, 42 seconds So actually I'll say we are quite happy with the response to the launch. Uh when we launched the first tower which was a 19:50 19 minutes, 50 seconds year ago uh we were quite surprised with the way in which the project got absorbed and we were able to pretty much do a complete sellout within that month. 19:58 19 minutes, 58 seconds uh that's not something we were trying to emulate in in Q3 sorry in the past quarter one because this is a mixeduse 20:06 20 minutes, 6 seconds development and there is an incredible amount of value that is being created so the increase in pricing just has been uh 20:14 20 minutes, 14 seconds about 15% or more on a likelike basis and u you despite that we've been able to do these kind of numbers so I think 20:22 20 minutes, 22 seconds there is a lot of confidence in the project and a lot of confidence in the uh vision that we have for the overall all mixed use. So we're quite happy with 20:30 20 minutes, 30 seconds it. Our plan here was not to try and water itself. Uh this is a project where it's important for us to also maint 20:39 20 minutes, 39 seconds um as uh you know the we are starting off with the residential but then uh going to be investing into the capex for the office and uh hotel tower as well. 20:47 20 minutes, 47 seconds So we're quite happy with the with the uh progress so far and we don't intend to sell it off ASAP. We want to be taking some price increases over the year as well. 20:59 20 minutes, 59 seconds Got it. Any and I understand this launch happened towards the end of December uh you know few weeks before the end. Uh 21:07 21 minutes, 7 seconds any spillover of sales which happened or whatever we had done has been booked for the current quarter. 21:15 21 minutes, 15 seconds Whatever we had done for the quarter has been booked. So about 100 units is what we had uh done in Q3. The sales are continuing in Q4. 21:24 21 minutes, 24 seconds Okay. Got it. Fair enough. And any update on uh Brigade Morgan Heights you want to provide? Uh because uh there was 21:31 21 minutes, 31 seconds a uh regulatory hurdle which came in. Uh uh when are when will we be able to restart the sales in that project? 21:42 21 minutes, 42 seconds Yeah. So uh we are expecting uh the hearing to happen uh in a couple of weeks uh with uh in a couple of weeks time. So we are uh quite hopeful that uh 21:51 21 minutes, 51 seconds it should be uh done by uh by this month itself and we should be able to restart by the end of the month. 21:58 21 minutes, 58 seconds Yeah. Uh I think the important thing to note is you know we are not the only one affected by this. Um a minimum of uh 22:05 22 minutes, 5 seconds over a lack properties are affected by this. Uh and now there are a lot of protests that are taking place in in 22:11 22 minutes, 11 seconds Chennai as we speak uh uh on on this particular issue. Uh so we're hopeful like I said that things will be cleared out in this month. 22:22 22 minutes, 22 seconds Got it. Fair enough. Uh thank you. That's it from my side and all the best. Thanks. 22:27 22 minutes, 27 seconds Thank you. The next question is from the line of Gh Shari from Aendas Park. Please go ahead. 22:33 22 minutes, 33 seconds Yeah. Hi good afternoon. Uh thanks for the opportunity. Uh firstly I have a question on the operating cash flow rate. So if I look at the 9 month number 22:43 22 minutes, 43 seconds uh we have seen a substantial decline from around 1,550 crores to,30 odd crores and if I see the internals right 22:50 22 minutes, 50 seconds the collections have grown marginally uh I understand the pre-sales were weak this year but uh I mean prior to the the 22:57 22 minutes, 57 seconds prior years have been uh pretty strong and uh um construction cost has gone up 20 odd% but what I'm also seeing that 23:04 23 minutes, 4 seconds the sales and marketing levels continue to be remain elevated right despite limited launches. Yes. So overall, how 23:12 23 minutes, 12 seconds should we interpret this? Uh is it uh largely a timing sort of issue or uh or are there any other uh pressures uh uh 23:21 23 minutes, 21 seconds from the overall cash flow point of view? So that's my first question. Yeah. 23:28 23 minutes, 28 seconds Yeah. So on the sales and marketing uh I would say we have supported uh uh the marketing effort substantially more 23:36 23 minutes, 36 seconds especially because we have uh a much more high-end and premium segment kind of uh um portfolio in this year which 23:44 23 minutes, 44 seconds requires a lot more branding and marketing efforts um as opposed to you know it was a bit lighter uh from that 23:51 23 minutes, 51 seconds aspect over the last few years we were just able to run with amount of digital and so on. So that is the really the reason why. 23:59 23 minutes, 59 seconds Okay. And and on the collections uh because that has dampened the overall operating cash flow, right? So um I mean 24:07 24 minutes, 7 seconds we have just seen a marginal growth this year in the first 9 months. 24:13 24 minutes, 13 seconds So uh like I mentioned in in my remarks uh Girish u this is also due to the fact that uh you know we've not launched much 24:21 24 minutes, 21 seconds uh in the last quarter and u hence you would see that uh difference in in numbers uh but uh but again as mentioned we expect with the launches that take 24:30 24 minutes, 30 seconds place in this quarter and the next uh these numbers to pick up again. 24:36 24 minutes, 36 seconds Okay. But any from the existing projects are we seeing any collection uh bump up in the uh in the coming quarters? 24:46 24 minutes, 46 seconds Yeah, the existing continue we don't have any sort of payment plans 24:54 24 minutes, 54 seconds or or things like that. So it's a very consistent uh form of collections. So it's all milestone related construction 25:01 25 minutes, 1 second progress milestone related. So we should continue to see that as the work happens on site. 25:07 25 minutes, 7 seconds Sure. Sure. And my second question is on the overall execution. I just wanted to assess I mean uh at at I mean overall 25:17 25 minutes, 17 seconds projects level um um how are they progressing uh in ter in terms of the plan timelines? Are you seeing any 25:24 25 minutes, 24 seconds challenges around the labor availability or let's say the contractor capacity or any approvals uh that are that are 25:32 25 minutes, 32 seconds impacting deliveries? So uh in general the confidence on execution. 25:39 25 minutes, 39 seconds Yeah. So um you know over the course of time we've also increased the uh in-house construction uh contribution 25:46 25 minutes, 46 seconds that we do. This is just to ensure that there's no impact from uh you know issues at our subcontractors or third 25:54 25 minutes, 54 seconds party contractors. Uh I think labor availability is you know there's always uh some issue or the other whether it is 26:00 26 minutes festivals or voting or whatever it might be but we're trying to um you know dull the impact of that by increasing our in-house construction contribution. 26:14 26 minutes, 14 seconds Okay. And uh on the timelines uh are you confident uh at the overall level uh in terms of delivery delivery schedules? 26:23 26 minutes, 23 seconds Yeah. Yes. Yes. Not uh not an issue. Got it. Thank you. 26:33 26 minutes, 33 seconds Thank you. The next question is from the line of Perves Kazi from Noama Group. Please go ahead. 26:40 26 minutes, 40 seconds Uh hi good afternoon and thanks for taking my question. Uh so a couple of questions from my side. Uh I mean you mentioned that uh you're taking 26:48 26 minutes, 48 seconds cognizance of the fact that with increasing uh prices customers are also sensitive to a ticket size. Uh so of the 26:57 26 minutes, 57 seconds overall launches let's say which are planned over the next four quarters. Uh what would be a broad split in terms of ticket size uh across all your projects? 27:07 27 minutes, 7 seconds I mean let's say what percentage will be in the 2 to three cr what will be above 3 cr or 5 cr uh any data on that would 27:15 27 minutes, 15 seconds be great um so as I had mentioned earlier around 27:22 27 minutes, 22 seconds 85% of our uh 80 to 85% of our current portfolio uh is in that uh 1 and a half 27:30 27 minutes, 30 seconds cr plus I would say it's equally distributed right now between 1 and a half to 3 crores range and 3cr Plus 27:37 27 minutes, 37 seconds going forward we we're trying to look at unit sizes to also maintain it uh within the um two to three two to three CR 27:46 27 minutes, 46 seconds ticket size I think that is know a fairly good sweet spot for the Bangalore and Chennai market for some projects 27:53 27 minutes, 53 seconds we're also looking at um you know trying to get ticket size range so it's it's uh it's not easy to do that right away but 28:02 28 minutes, 2 seconds many of the projects in the pipeline at reducing the overall ticket sizes so that it becomes um you know a lot more 28:09 28 minutes, 9 seconds palatable for the customer. There are there are still some projects and locations where we can very comfortably go in the high-end or luxury spectrum as 28:18 28 minutes, 18 seconds well and uh we're continuing to look at that spectrum as the opportunity arises. 28:24 28 minutes, 24 seconds Sir uh when you mentioned that in the 9 months we have done deals for uh 2100 cr 28:32 28 minutes, 32 seconds uh is this the uh payment that we need to make for these deals or is this 2100 cr uh is the land capex that we have 28:41 28 minutes, 41 seconds already done in the 9 month we've already done that. 28:47 28 minutes, 47 seconds Got it. uh what would be the uh geographical split of sales uh for Q3? 28:57 28 minutes, 57 seconds Yeah. Uh for Q3 um one second about uh 35% from 29:04 29 minutes, 4 seconds Hyderabad, 15% from Chennai and uh the rest 50% from Bangalore. 29:14 29 minutes, 14 seconds Sure. Uh and one question I mean in our current office portfolio uh largely we have space left to lease only in brigade 29:23 29 minutes, 23 seconds twin towers. So uh I mean what is our thought process there and when do we see this space getting leased out? 29:31 29 minutes, 31 seconds Yes in twin uh uh we've pretty much uh sold about uh half of the project about 29:38 29 minutes, 38 seconds 46 to 50% of the project. uh the we had initially thought of actually giving out giving the balance tower for lease uh 29:46 29 minutes, 46 seconds but I think uh seeing how the demand is our plan is to potentially look at uh selling the other tower as well. So um 29:55 29 minutes, 55 seconds based on demand we're uh looking at selling the other tower as well. So that while it is currently mentioned in the leasing portfolio, one tower is 30:03 30 minutes, 3 seconds mentioned in the leasing portfolio is unleashed. Uh we are looking at a combination of sale and lease but mostly it'll go into sale. 30:11 30 minutes, 11 seconds Got it. Sure. Uh and last question I mean in terms of future BD uh what is our thought process in terms of uh the 30:20 30 minutes, 20 seconds three cities where we are present and also in terms of the uh segment that we would want to target. Thank you. That's my last question. 30:29 30 minutes, 29 seconds Yeah, the last few ramping up our BD efforts. Our efforts in Chennai have 30:37 30 minutes, 37 seconds really bone fruit. We've been able to show uh an increasing contribution of sales from there in the past year as well. Uh from Hyderabad, we've seen that 30:45 30 minutes, 45 seconds a lot of momentum not just in terms of projects being launched but also business development. So we're very happy with those results and of course 30:53 30 minutes, 53 seconds uh Bangalore we continue to be extremely bullish about. So our three markets we would say are in full sway full swing 31:01 31 minutes, 1 second and uh we're happy with the momentum there. So this is also a time where we will uh potentially consider evaluating new markets. 31:11 31 minutes, 11 seconds Uh sure thanks and all the best for future. 31:16 31 minutes, 16 seconds Thank you. The next question is from the line of Muriala from Kotak Securities. Please go ahead. 31:24 31 minutes, 24 seconds Yeah. Hi. uh on the upcoming portfolio 1700. 31:29 31 minutes, 29 seconds I'm sorry to interrupt you Mr. Morta but your voice is not clear sir. 31:34 31 minutes, 34 seconds Uh is it better now? Can you hear me better? It's still sounding a little muffled. 31:43 31 minutes, 43 seconds Is it better now? Yes, please go ahead. 31:47 31 minutes, 47 seconds Okay. Now I just want to know on the upcoming leasing portfolio uh what is the kind of area and rental expectation 31:54 31 minutes, 54 seconds and if you could give us some ramp up you know in terms of how the step up will happen over the next few years. 32:05 32 minutes, 5 seconds Yes. Yeah. Um I think when we look at the commercial office portfolio as I mentioned earlier the portfolio is fully 32:13 32 minutes, 13 seconds leaked um except for that one tower and twin towers. Uh but this year for instance we should get about 2 and a 32:20 32 minutes, 20 seconds half uh million square ft that we will be uh that will that will come under operations um with with OC and we have 32:30 32 minutes, 30 seconds also mentioned that in FY26 we've launched about 1.2 2 million square ft² and uh upcoming launches will also 32:38 32 minutes, 38 seconds amount to about 4.21 uh million square ft. So we have quite a bit coming up in the pipeline. In terms of the current uh 32:46 32 minutes, 46 seconds this year for FY26 is what I can talk about. Uh we'll have almost 1,300 crores if we include our commercial um facility 32:55 32 minutes, 55 seconds management and uh retail commercial portfolio at least 1,300 crores of commercial uh topline. 33:12 33 minutes, 12 seconds Mr. Morta, does it answer your question? Yes, thank you. 33:17 33 minutes, 17 seconds Thank you. The next question is from the line of whipla from antic stock broking. Please go ahead. 33:25 33 minutes, 25 seconds Uh good afternoon everyone. Uh so first one is a clarification just a small clarification needed in the slide 13 33:33 33 minutes, 33 seconds leasing portfolio uh disable areas 9.29 last quarter I think it is 9.38 so we 33:40 33 minutes, 40 seconds sell some of the uh spaces in the lo portfolio or there is some some uh you 33:49 33 minutes, 49 seconds know correction or something happened what happened there. 33:55 33 minutes, 55 seconds Yeah. So we just uh s sold a small part of uh brigade twintas which uh nerupa was also mentioning uh uh in the 34:02 34 minutes, 2 seconds previous uh answer the previous question. So that's the reason for the reduction. 34:07 34 minutes, 7 seconds Okay perfect fine fine and uh with the pipeline that we have for quarter 4 and 34:14 34 minutes, 14 seconds the kind of um you know uh absorption that we are seeing uh in this three markets. Uh do you think we would be 34:23 34 minutes, 23 seconds able to surpass uh last year's please sales number? 34:32 34 minutes, 32 seconds Uh yes with the expectation that the launches would come in we should be around last year's number in terms of 34:40 34 minutes, 40 seconds overall sales and ideally uh breaking past that as well. 34:44 34 minutes, 44 seconds Okay. Okay. And one final uh uh question third question is on the Morgan height. 34:51 34 minutes, 51 seconds Um I I'm never of the issue. I just want you to just wanted to understand when you say hearing it is this the hearing 34:57 34 minutes, 57 seconds is in the court and uh you are expecting uh positive verdict. 35:04 35 minutes, 4 seconds I mean how the issue do you think it will get resolved by by some um positive verdict from court that you are 35:12 35 minutes, 12 seconds expecting this quarter and that's this month and that's the end of it or is there chance of it dragging because you 35:20 35 minutes, 20 seconds also mentioned about protest and one lakh property is uh getting impacted so just trying to understand this 35:29 35 minutes, 29 seconds you're correct basically the matter is in the court in high court of uh Mrage and the hearing is happening this month. 35:37 35 minutes, 37 seconds Uh and therefore we expect the positive uh uh order in our favor. 35:44 35 minutes, 44 seconds Okay. Okay. Uh thank you. Thank you and all the best for the coming quarters. Thank you. 35:50 35 minutes, 50 seconds Thank you. The next question is from the line of Anmul Mal from SMC Private Well. Please go ahead. 35:58 35 minutes, 58 seconds Uh good afternoon everyone. Uh thanks for the opportunity. So my first question is in in the real estate 36:04 36 minutes, 4 seconds segment margins have moderated. Uh could you please help me with to understand the key factor behind this any specific 36:14 36 minutes, 14 seconds project delay or uh the margins are lower in this quarter as well and on the premium real estate. Could you uh update 36:21 36 minutes, 21 seconds me about the launches pipeline and the margin in real estate in future uh and the growth? 36:31 36 minutes, 31 seconds Yeah. Uh so yes uh as explained earlier too the margin uh uh in the real estate segment is hovering around 15%. It is 36:40 36 minutes, 40 seconds primarily uh a due to many of the older projects being recognized currently and two uh because of India there is gross 36:47 36 minutes, 47 seconds accounting that takes place so uh which has no margin. 36:51 36 minutes, 51 seconds So that has an impact on the overall uh uh margins and that is one in terms of the second question uh on on how things 37:00 37 minutes will pan out in the coming years. I think from Q1 maybe Q2 uh we should start seeing higher uh uh margins in the 37:08 37 minutes, 8 seconds real estate segment uh maybe closer to uh 20%. 37:12 37 minutes, 12 seconds uh and and as again as mentioned earlier these are due to projects that are getting uh recognized uh uh now which have been launched in the last 3 to four years. 37:23 37 minutes, 23 seconds Okay. And there is a segment of real estate premium real estate uh which the management had guided that uh it is uh 37:30 37 minutes, 30 seconds of about 30% operating margin. So uh any update on that part? 37:36 37 minutes, 36 seconds Yeah. So project to project uh depending on the category of it uh it varies anywhere from 27 28% uh up to 35%. So 37:45 37 minutes, 45 seconds the premium one will come at the higher end of that. 37:50 37 minutes, 50 seconds Okay. So uh the second question is there is a line item in segmental results uh unalocable expenses. So could you please 37:58 37 minutes, 58 seconds provide some color on that part and uh there is a massive amount of increase in that as well and I uh if you can provide 38:07 38 minutes, 7 seconds me the breakdown as well that will be beneficial. 38:13 38 minutes, 13 seconds Yeah Ram said actually unallocated expend expenditure is more towards the common expenditure which should have been incurred majorly the admin cost and 38:21 38 minutes, 21 seconds employee cost. The reason being we treated it as another treatable expenditure because the people will be working on the both the segments put together. 38:32 38 minutes, 32 seconds Okay. Okay. Thank you. Have a great day. 38:38 38 minutes, 38 seconds Thank you. The next question is from the line of Akash Gupta from Nura. Please go ahead. 38:45 38 minutes, 45 seconds Hi. Am I audible? Yes, you are. Please go ahead. 38:50 38 minutes, 50 seconds Hi. Uh actually uh first question is on the demand perspective. I think I I heard your comments on Bangalore and Hyderabad and you were pretty optimistic 38:59 38 minutes, 59 seconds about it. Uh contrary to what the market is thinking my question is like what gives you this confidence about uh the 39:07 39 minutes, 7 seconds demand for the Bangalore, Hyderabad and Chennai markets. That's my first question. 39:16 39 minutes, 16 seconds uh we have this confidence based on the kind of response that we see to our marketing campaigns and to the walk-ins 39:23 39 minutes, 23 seconds at uh project offices. Uh we are still getting very good response. Conversion times tend to as we go into the larger 39:32 39 minutes, 32 seconds uh or the higher ticket sizes which is where we're seeing some kind of extension in those time frames and it takes some time to get those numbers uh 39:40 39 minutes, 40 seconds reflected uh into our results. But um project has always been quite positive. 39:49 39 minutes, 49 seconds Uh we are always looking at our uh marketing mix as well and looking at the best ways to get customers into our projects. We're able to achieve the 39:58 39 minutes, 58 seconds pricing that we have launched at and don't need to take uh any discounts. We haven't had to do any major payment plans. We don't do subventions. Uh we 40:07 40 minutes, 7 seconds don't do 1090 schemes. uh we so so I think we're quite confident of what we are able to uh charge and uh be able to 40:14 40 minutes, 14 seconds transact in our projects in both uh Bangalore and Hyderabad. I say it's a mix of the right kind of product and of 40:21 40 minutes, 21 seconds course brand and the right pricing as well. 40:27 40 minutes, 27 seconds Uh my second question is on the miss on the launches. Uh I just wanted to understand what is this approval delays 40:35 40 minutes, 35 seconds that we have had because uh none of your peers uh which are we tracking at least the listed peers for that market uh they 40:44 40 minutes, 44 seconds have not given anything on approval delays and uh could you just give us a brief understanding of that that why any 40:52 40 minutes, 52 seconds project in Bangalore that was supposed to be launched this year has gone up to 1 QFI 27 or 2QFI27. 41:01 41 minutes, 1 second Yeah. So, um you know, we've faced uh you know, delays of about 3 to four months uh in uh some of these projects. 41:08 41 minutes, 8 seconds Uh and it's primarily due to uh some of the changes that took place in uh Bangalore. It also depends on where your file was at that particular point in 41:16 41 minutes, 16 seconds time uh when that change took place. So those files which were in the advanced stage of approvals would have come through a little sooner uh as against those that were being processed out. 41:27 41 minutes, 27 seconds That is the only reason for it. 41:30 41 minutes, 30 seconds Understood. And my third and final question is that I think we're launching roughly 8 million square ft this year and probably 10 to 12 million square ft 41:40 41 minutes, 40 seconds in FI27. How should we think about pre-sales growth in FI27 because we're doing something like flattish uh in FI26? Uh what what is the guidance here? 41:51 41 minutes, 51 seconds How should we think about it? 41:57 41 minutes, 57 seconds Yeah. Um so naturally we will be looking to do better than FY26. 42:03 42 minutes, 3 seconds Um I think the number of projects that we're launching as well as the markets in which we will be launching those projects and the ticket sizes should all 42:11 42 minutes, 11 seconds mean an improvement in the numbers. Uh but uh we will have to see how that plays out. 42:19 42 minutes, 19 seconds Okay, perfect. Thank you so much for answering our questions. 42:23 42 minutes, 23 seconds Thank you. The next question is from the line of HA from Monach Aif. Before we take the next participants, reminder to 42:30 42 minutes, 30 seconds everyone to please limit their questions to two per participant. Missa, please go ahead with your question. 42:37 42 minutes, 37 seconds Yes, sure. Uh, good afternoon everyone. 42:40 42 minutes, 40 seconds Could you help me with the current inventory levels in million square ft? 42:48 42 minutes, 48 seconds Uh, do you mean uh inventory uh that we haven't sold as yet? Yes, correct. 42:55 42 minutes, 55 seconds Yeah. So, we have about 5 and a half million square ft in in total which is uh yet to be sold. 43:02 43 minutes, 2 seconds Okay. All right. And uh uh could you help me understand what percentage of flats in Brigade icon are sold and are 43:10 43 minutes, 10 seconds we are we seeing any good traction brigade icon and brigade uh alts that we launched last year? 43:19 43 minutes, 19 seconds Uh I didn't get the second project name. 43:22 43 minutes, 22 seconds Altius. Yeah, Icon is uh yeah, icon is going along. I think it will still take the better of three uh to three and a 43:30 43 minutes, 30 seconds half years to completely sell out. It's a very high-end project. So, accelerate sales or do anything um you know uh on 43:39 43 minutes, 39 seconds the pricing front for that. Uh it's doing well. Uh Brigade Altius has actually uh shown some pretty good momentum. It's um uh it's quite 43:48 43 minutes, 48 seconds aggressively priced in terms of uh uh ticket sizes quite high priced for that uh market and we've still been able to 43:55 43 minutes, 55 seconds uh have some good absorption. So that project is also doing quite well. So both our uh large Chennai projects are doing quite well. 44:05 44 minutes, 5 seconds You just help me with the quantified number like the total number of uh units there and the percentage sold in each. 44:13 44 minutes, 13 seconds Yeah, I'll just come back to you with the exact number. Okay, sure. 44:19 44 minutes, 19 seconds If I could just squeeze in one more question regarding the mess market. Uh we planning to launch four projects in my so what average ticket size are we looking at? 44:34 44 minutes, 34 seconds Uh those should be around uh um north of 1.5 cr. 44:48 44 minutes, 48 seconds All right. Just join back the qu. 44:55 44 minutes, 55 seconds Thank you. The next question is from the line of Sadhhat Mishra from Fidelity International. Please go ahead. 45:03 45 minutes, 3 seconds Yeah. Hi, my question was uh around your initial comments on that you have better certainty on the approvals front and you 45:11 45 minutes, 11 seconds you see that leading to improved sales in the coming quarters. So could you just elaborate on that? What is this better certainty? Is it you know are you 45:20 45 minutes, 20 seconds seeing things more settling down in terms of the changes which have happened over there in Bangalore. 45:27 45 minutes, 27 seconds No right you know you hit the nail on the head. Basically that's what we are seeing and uh and we've been able to uh 45:35 45 minutes, 35 seconds get these projects into uh near launch stage uh uh as we speak. So um uh you know so about the 4.5 million square ft 45:43 45 minutes, 43 seconds coming through that's one of the uh one of the aspects and uh for the rest of it uh the 8 million square ft also now we 45:50 45 minutes, 50 seconds have visibility as to you know which quarter the likelihood of the quarter that it comes in in FI27. 46:00 46 minutes Okay. And uh just a follow up on that uh you know with the change in structure from BBMP to GBA 46:08 46 minutes, 8 seconds uh you know has that accelerated the approval timelines or uh could you just elaborate on what's happening there? 46:16 46 minutes, 16 seconds No I I wouldn't say it has accelerated. 46:18 46 minutes, 18 seconds Uh what it has done is that you know things have settled down at GBA and you know the approvals are now moving 46:25 46 minutes, 25 seconds forward as it used to earlier uh in in a stabilized manner. So I wouldn't say that uh approvals have yet sort of picked up in terms of speed of getting 46:33 46 minutes, 33 seconds it processed. It is more about the fact that there is no uh stability and certaintity on the approval. 46:44 46 minutes, 44 seconds Okay. Yeah. Thanks a lot. That's all. 46:48 46 minutes, 48 seconds Thank you. The next question is from the line of Pesh State from Access Capital. Please go ahead. 46:54 46 minutes, 54 seconds Uh yeah thanks for followup. Just one question on the commercial side. Uh so once we deliver this uh you know 2 and a half million square ft under 47:03 47 minutes, 3 seconds construction and uh 4.2 million square ft of upcoming pipeline uh what would be our rental run rate and by when uh can we achieve that? 47:18 47 minutes, 18 seconds Uh so uh a as we see once uh these assets sort of uh uh are leased out and 47:25 47 minutes, 25 seconds stabilized the overall uh lease revenue will be upwards of 2,000 crores. 47:34 47 minutes, 34 seconds Okay. and and and uh uh in five six years time I mean what will be the completion time you know 47:42 47 minutes, 42 seconds and then we can assume yeah it's about uh I I would say 2030 2031 47:50 47 minutes, 50 seconds 31 you can assume say 5 years from now sure got it thanks 47:58 47 minutes, 58 seconds I want I just want to add on here to the previous question in terms of how much sales has happened in icon and Altius 48:05 48 minutes, 5 seconds Brigade icon and altius in Chennai around 40% has been sold in both projects. So we have about 60% of the inventory to go. 48:21 48 minutes, 21 seconds Thank you. The next question is from the line of Monarch AIF. Please go ahead. 48:31 48 minutes, 31 seconds Yes. Uh thank you so much for those uh on brigade icon and brigade all I just wanted to understand what is 48:38 48 minutes, 38 seconds unsustainable margins in leasing segment in which segment 48:47 48 minutes, 47 seconds uh the the commercial leasing segment 70%. 48:55 48 minutes, 55 seconds So it's slightly lower because we include facility management as well which has just a margin of maybe 20 15 49:02 49 minutes, 2 seconds to 20%. But uh that's why our overall uh segment looks slightly lower but uh yeah 49:09 49 minutes, 9 seconds so it's 70% and it should continue this way. 49:15 49 minutes, 15 seconds All right. And uh how so that just I'm not sure if I'm could be repeating the question but could you please help me with what will be a total area to be 49:24 49 minutes, 24 seconds leased out in FY27 uh after the launches? 49:35 49 minutes, 35 seconds Yeah. So the current portfolio uh should be completely leased out and like I mentioned we should be getting a uh 2 49:43 49 minutes, 43 seconds and a half uh million square ft into the portfolio this year. So it will get uh leased out over the next one to two 49:50 49 minutes, 50 seconds years I would say because once the OC comes in it will take at least uh uh four quarters to lease out. 49:59 49 minutes, 59 seconds Okay. Okay. Thank you so much. 50:05 50 minutes, 5 seconds Thank you. The next question is from the line of Prolin Nandu from Edel Wise Public Alternatives. Please go ahead. 50:13 50 minutes, 13 seconds Yeah. Uh hi team, thank you uh for this opportunity. Uh just uh you know again uh probably uh repeating myself and lots 50:20 50 minutes, 20 seconds of questions on the launches and maybe pre-sales that you are expecting uh in let's say FI27. My question is we 50:28 50 minutes, 28 seconds started the year with a target of 15% pre-sales growth on FI25 number. uh is it possible to reach that number on a 2-year phaser basis at the end of FI27? 50:45 50 minutes, 45 seconds Um we'll have to look at that. I mean that seems like a pretty aggressive number considering uh where uh we are 50:51 50 minutes, 51 seconds today. um we will be looking at uh doing better than last year in FY26 numbers 50:59 50 minutes, 59 seconds and beyond that we'll have to see based on which projects approvals come through and the timeliness of those approvals but definitely the intent is to keep 51:07 51 minutes, 7 seconds growing at our 15% uh number that we have said in the past right uh no so I mean you know I I'm 51:16 51 minutes, 16 seconds just probably connecting this 15% number back to some of the comments that were made on the call that these projects are 51:23 51 minutes, 23 seconds delayed and not you know in a way demand is still there right in a way if that is the case uh why should this 15% be a bit 51:30 51 minutes, 30 seconds aggressive number given that we have a launch pipeline right and the approval also are pretty much now in line right 51:38 51 minutes, 38 seconds so u is it some capacity issue internally or uh do you don't think the market is you know as good as probably 51:45 51 minutes, 45 seconds it was at the start of the No, I think it is okay to continue with 51:53 51 minutes, 53 seconds a 15% year-over-year uh assumption because the base is also, you know, um uh you know, something we've been able 52:02 52 minutes, 2 seconds to grow over the last few years. Uh based on how the launches are looking at the end of next quarter, I think we'd have a better picture. So which ones 52:10 52 minutes, 10 seconds come into Q4 and and which ones are going to be into FY27? We'll have a better understanding in terms of our estimate for FY27. 52:21 52 minutes, 21 seconds Thank you. Thank you. 52:27 52 minutes, 27 seconds Thank you. The next question is from the line of Pikshit Kandapal from HDSA securities. Please go ahead. 52:34 52 minutes, 34 seconds Yeah. Hi Picha. My first question is uh the miss on the guidance on clean phase and we expect second and flash a flat 52:41 52 minutes, 41 seconds kind of a growth. Uh so was it a issue of just delay in approvals or was it an issue of velocity in different markets? 52:52 52 minutes, 52 seconds It's primarily an issue of the delay in approvals because that impacts not just obviously the fact that we have that 52:59 52 minutes, 59 seconds project and inventory but the time that we have in the financial year to sell. 53:05 53 minutes, 5 seconds As we've said many times in the past, the quarter of launch is not really impacting the profitability of the 53:12 53 minutes, 12 seconds project or the demand on ground or or any of that. It is just how it looks year over year that um you know is giving it uh is giving these kind of 53:21 53 minutes, 21 seconds optics. And uh one other factor is as size has increased you've seen our own uh project portfolio average price 53:29 53 minutes, 29 seconds realization more than double in the past 18 months. So that's also larger ticket sizes that are still being absorbed but 53:37 53 minutes, 37 seconds that means you know the pace of absorption of those projects whether it is a brigade icon or a brigade Avalon or uh even a brigade gateway uh Hyderabad 53:47 53 minutes, 47 seconds all of these takes a little longer in terms of absorption but that doesn't change anything in terms of our profitability and uh other metrics. 53:55 53 minutes, 55 seconds Okay. So uh we have launched 4500 crores of new GDV this year. So she can help us with the split of that and what have 54:03 54 minutes, 3 seconds been the sales for this year from these launches wise. 54:08 54 minutes, 8 seconds So about 50% of that has 50% in the past three quarters has come from the new launches and uh you know the from the ongoing projects. 54:20 54 minutes, 20 seconds So 50% from the new launches. So new launches. So 4,500 includes the sustain sustained launch also objects the new 54:28 54 minutes, 28 seconds launch 4400 is the value is a GDV of the projects that we have launched but uh so 54:36 54 minutes, 36 seconds far we have shown for 9 months 50% of that number of the pre-sales number has come from new launches 54:44 54 minutes, 44 seconds Mr. So this entire 4,400 is new launches or it's also part of senses of existing projects released. 54:51 54 minutes, 51 seconds No, it is just a coincidence that the number is 4,400 similarly. So 4.3 million square ft that got launched. 54:57 54 minutes, 57 seconds That GDV is around 4,800 crores actually and the number that we saw in terms of pre-sales was also around that number. But that doesn't 55:05 55 minutes, 5 seconds mean 100% of what we launched was sold in the first 9 months. 55:10 55 minutes, 10 seconds Okay. So out of this 4,800 how much was Chennai and how much was sold in Chennai and Hyderabad. So just I want to break up of this new launches in Chennai 55:19 55 minutes, 19 seconds and Bangalore. And so just to get the velocity of how much has you've been able to sell during the launch for the 9 months. 55:27 55 minutes, 27 seconds Yeah. So for the 9 months uh totally 15% came from Hyderabad, 20% came from Chennai and uh 65% from Bangalore. 55:37 55 minutes, 37 seconds Earlier I had given the Q3 breakup which was slightly different 35% from Hyderabad, 16 sorry 15% from Chennai and 50% from Bangalore. 55:49 55 minutes, 49 seconds Okay. And since the last question on the business development I think you've added 15,000 crores I think you ear told in this GD new GD. So what is the breakup of that geography wise? 56:03 56 minutes, 3 seconds So I had said about opening remarks I think it said 54% from Bangalore and 30% from Hyderabad and the rest across other markets. 56:13 56 minutes, 13 seconds Okay. Thank you. Thank you. 56:19 56 minutes, 19 seconds Thank you ladies and gentlemen. That was the last question for today. I would now like to hand the conference over to Mr. 56:25 56 minutes, 25 seconds Amar Masur executive director for closing remarks. 56:31 56 minutes, 31 seconds Yeah, before we wrap up, like to highlight a few key achievements beyond this quarter's financial performance. 56:37 56 minutes, 37 seconds Brigade has always been built on trust, on honoring our commitments and consistently striving to do better. As 56:44 56 minutes, 44 seconds we look ahead, we're sharpening our focus on this promise. We've released our new tagline, believe in better, 56:53 56 minutes, 53 seconds which captures the philosophy that has guided us for decades. a belief that there is always a better way to design, build, serve, and create lasting value. 57:04 57 minutes, 4 seconds As we close this quarter, we remain anchored in that belief and energized by what lies ahead. 57:10 57 minutes, 10 seconds TRAI, the Confederation of Real Estate Developers Association, honored the CSR le Restoration of Watapa Art Gallery 57:19 57 minutes, 19 seconds with a runnerup award, acknowledging Brigade's commitment to preserving cultural heritage through responsible partnerships. 57:28 57 minutes, 28 seconds A few noteworthy awards, Pavitra Shankar and Nupas Shanka were once again featured in business today's amongst the most powerful women in business. 57:38 57 minutes, 38 seconds Brigade Group received Rotary Midtown CSR award 2025 for its impactful contributions to community welfare. 57:47 57 minutes, 47 seconds Brigade Group was recognized under silver category at the Aroia World Healthy Workplace Award 2025. 57:56 57 minutes, 56 seconds St. John's Medical College Hospital at Brigade Meadows successfully completed one year of providing quality care and 58:04 58 minutes, 4 seconds service at the Global Business Forum 2025. 58:08 58 minutes, 8 seconds Reciprocity memorandum of understanding was signed between World Trade Center Bangalore, World Trade Center Chennai and Kochi along with World Trade Center Shenzhen. 58:22 58 minutes, 22 seconds The agreement aims to strengthen collaboration in areas such as international trade promotion, investment facilitation, innovation exchange and business networking. 58:33 58 minutes, 33 seconds Brigade reap will serve on the jury of for the yes Bangalore challenge part of the world economic forum's global yes 58:41 58 minutes, 41 seconds cities program the initiative focuses on identifying innovative solutions to help 58:48 58 minutes, 48 seconds reimagine and transform the city of Bangaluru thank you very much 58:55 58 minutes, 55 seconds thank you ladies and gentlemen on behalf of Enterprises Limited that concludes this conference Thank you for joining us. And you may now disconnect your lines.