Brigade Enterprises Limited — Q4 FY26

Brigade Enterprises Limited Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=nbRbX3kWfXo Published: 5 days ago

0:00 [music] 0:04 4 seconds Ladies and gentlemen, good day and welcome to the Q4 FI26 earnings conference call of Brigade Enterprises 0:12 12 seconds Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you 0:19 19 seconds to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star 10 on your touchstone phone. 0:30 30 seconds I now hand the conference over to Miss Pavitra Shanka, managing director of Brigade Enterprises Limited. Thank you and over to you ma'am. 0:41 41 seconds Thank you. Good afternoon everyone and thank you for joining us for Brigade Enterprises Limited's Q4 FY26 earnings 0:50 50 seconds call. I am joined by the management of brigade group our chairman Mr. Mr. Jay Shanka joint managing director Miss Nirupa Shanka executive directors Mr. 1:01 1 minute, 1 second Roshan Matthew Mr. Amar Msur and Mr. 1:04 1 minute, 4 seconds Praumna Krishna Kumar and our CFO Yogesh Patel. 1:09 1 minute, 9 seconds FY26 has been marked by steady operating performance for Brigade with demand conditions across our core markets 1:16 1 minute, 16 seconds remaining supportive. I will take a few more minutes today to share a more detailed perspective before handing it over to our CFO for the financial details. 1:27 1 minute, 27 seconds The residential sector for our key markets of Bangalore, Chennai and Hyderabad grew 6% yearonear in calendar 1:34 1 minute, 34 seconds in uh cal calendar year uh 2025 increasing their share from 32% to 37% across the top seven cities in India. 1:45 1 minute, 45 seconds For brigade FY26 pre-sales was rupees 7,424 crores which is 5% lower than FY25. 1:55 1 minute, 55 seconds This was primarily on account of delays in obtaining approvals with many project launches pushed to the latter half of Q4 and some moving into FY27. 2:06 2 minutes, 6 seconds New launches contributed to 43% of fullear pre-sales despite being concentrated in the back end of the 2:13 2 minutes, 13 seconds year. Specifically for Q4, we launched 4 million square ft which resulted in 2:20 2 minutes, 20 seconds three sales of rupees 2521 crores. a Q on Q increase of 44% by 2:27 2 minutes, 27 seconds value. Successful launches in Q4 include Brigade Luminina which was almost fully sold out, Brigade Belvadier Phase 1 both 2:35 2 minutes, 35 seconds in Bengaluru, Brigade Stellaris in Chennai and Brigade Mana and Enclave in Hyderabad. 2:42 2 minutes, 42 seconds We ended the year with 8.3 million square ft of new launches in FY26 versus a plan of 12 million square ft. Around 2:51 2 minutes, 51 seconds square ft that got pushed into FY27 was in Chennai including the second phase of 1 million square ft in Brigade Morgan Heights. 3:00 3 minutes Satin sales contributed 57% for the year but was also impacted by a regulatory issue launch in Brigade Morgan Heights 3:08 3 minutes, 8 seconds Chennai requiring a pause on sales of phase 1. While this issue was disposed by Madras High Court in favor of Brigade 3:16 3 minutes, 16 seconds in February itself, we chose to wait until Q1 FY27 and after state elections were concluded in order to resume sales. 3:26 3 minutes, 26 seconds We are in process of relaunching in this quarter. 3:30 3 minutes, 30 seconds Our FY26 average realization increased 9% yearonear to 12,109 rupees per square foot. This was 3:38 3 minutes, 38 seconds achieved with disciplined pricing increases in our existing projects and a positive shift in our product mix towards higher value homes. We continue 3:47 3 minutes, 47 seconds to see healthy site visits with consistent conversions of 10 to 12% across uh cities and projects with a 3:54 3 minutes, 54 seconds broad customer base spanning multiple sectors. 3:58 3 minutes, 58 seconds NRI buyers have remained stable at around 10% of the pre-sale value. 4:04 4 minutes, 4 seconds For FY27, the [clears throat] residential launch pipeline stands at 11.6 million square ft with a GDV of 11,900 crores. We 4:14 4 minutes, 14 seconds expect to launch 4.5 million square ft in Bengaluru and 3 million square ft each in Chennai and Hyderabad. This year 4:22 4 minutes, 22 seconds we are aiming to pull in some of the launches before H2 dependency on approvals in both Bengaluru and 4:29 4 minutes, 29 seconds Hyderabad. The share of FY27 sales from new launches in mid-segment can be more front-ended. Whereas in Chennai and 4:37 4 minutes, 37 seconds ultra luxury projects in general, the sales absorption is generally evenly distributed throughout the construction life cycles. While we are watchful of 4:46 4 minutes, 46 seconds the macroeconomic uncertainty due to geopolitical tensions in the Middle East and the broader implications of AI, the 4:52 4 minutes, 52 seconds fundamental demand drivers in our core markets remain intact. 4:58 4 minutes, 58 seconds If the current sentiment and market conditions hold up, our outlook is that demand on ground will support a pre-sales outlook of at least 20% growth 5:07 5 minutes, 7 seconds on our FY26 numbers and aiming for 9,000 crores. 5:12 5 minutes, 12 seconds From a business development perspective for the residential segment, we added 15,000 crores of GDB across 13 million square feet uh in projects during FY26. 5:23 5 minutes, 23 seconds The addition was predominantly in Bengaluru and Hyderabad at 60% and 30% respectively. 5:31 5 minutes, 31 seconds The Indian office market sustained strong momentum through core FY26 with GCC's tech and BFSI remaining the 5:39 5 minutes, 39 seconds primary demand drivers. Brigade's commercial leasing portfolio delivered stable performance in FY26 with 5:46 5 minutes, 46 seconds cumulative leasing of approximately 1.1 million square feet across new leases, renewals, investor leasing and managed 5:54 5 minutes, 54 seconds office transactions with sustained occupier preference for grade Amenity rich and technology enabled assets 6:01 6 minutes, 1 second during the year. We launched 1.3 million square ft during FY26 with 4.5 million 6:07 6 minutes, 7 seconds square ft planned for FY27. while our rental collection sustained at 99%. 6:14 6 minutes, 14 seconds GCC's account for 58% of our leased portfolio while traditional IT and ITES accounts for 26% of the lease portfolio 6:23 6 minutes, 23 seconds and the balance spread across consulting, BFSI, engineering, healthcare and flex operators. 6:30 6 minutes, 30 seconds Tenant concentration is also well managed. Large anchor tenants above one lakh square feet account for 65% of the lease portfolio at an average of 6:39 6 minutes, 39 seconds approximately three lakh square feet each providing revenue predictability. 6:43 6 minutes, 43 seconds The remaining 35% is distributed across midsize and smaller tenants limiting single tenant risk. We have a pipeline 6:52 6 minutes, 52 seconds of approximately 10 million square ft to be launched over FY27 and FY28. 6:59 6 minutes, 59 seconds The capital expenses towards the construction of this 10 million square ft will be AC will be approximately 6,000 crores spread over the next four 7:07 7 minutes, 7 seconds years ranging between 1,200 to 1,700 crores perom looking ahead the office market outlook 7:15 7 minutes, 15 seconds remains constructive supported by GCC expansion growth in flexible working spaces and rising institutional participation. 7:24 7 minutes, 24 seconds While global macro uncertainties and cost pressures persist, a diversified occupier base and adaptive supply pipeline provide resilience. 7:33 7 minutes, 33 seconds Turning to retail, the Orion malls portfolio continue to see healthy operating momentum during FY26. 7:40 7 minutes, 40 seconds The three Orion malls collectively churned approximately 1.5 lakh square feet of leasable area and onboarded multiple new tenants, strengthening the 7:48 7 minutes, 48 seconds over mall vibrancy. This activity translated into improved footfall and sales performance during the quarter. 7:57 7 minutes, 57 seconds Key performance highlights include 7% year-on-year growth in footfalls during Q4 FY26, 8:04 8 minutes, 4 seconds 25% year-on-year growth in retailer sales for all three malls combined. 8:10 8 minutes, 10 seconds In hospitality for Q4 FY26, geopolitical developments during the period impacted foreign tourist arrivals and led to some 8:18 8 minutes, 18 seconds might cancellations. Despite this, the Indian hotel industry continues to benefit from ADR growth supported by strong domestic corporate travel. 8:27 8 minutes, 27 seconds Brigade's hospitality hospitality portfolio delivered a resilient performance during the quarter supported by disciplined rate management. While 8:36 8 minutes, 36 seconds occupancy growth remained stable at 78% compared to Q425 due to external disruptions, revenue and revpar showed 8:45 8 minutes, 45 seconds steady improvement on the back of ADR growth with a 8% and 13% growth over the previous quarter. 8:54 8 minutes, 54 seconds FY26 saw a 15% increase in revenue on IBITA compared to FY25. 9:00 9 minutes Refar growth of 6% was driven by a 7% improvement on ADR. 9:06 9 minutes, 6 seconds Demand of demand for FY27 remains strongly anchored in domestic travel with international travel expected to 9:13 9 minutes, 13 seconds recover gradually. With that, I will now hand over the call to our CFO Mr. Yogesh Patel to take you through the financial performance for the quarter in detail. 9:24 9 minutes, 24 seconds Thank you Para. Uh good afternoon everyone. Uh further to operational highlights shared by Para. I'll just highlight few uh financial highlights 9:32 9 minutes, 32 seconds here. uh Q4 of SI26 was a quarter of positive momentum translating into strong sequential growth. The positive 9:40 9 minutes, 40 seconds sales performance for the quarter of 2521 growth and with demand fundamentals remaining steady, we are strongly 9:48 9 minutes, 48 seconds positioned to capitalize on the momentum led by new project launches. 9:54 9 minutes, 54 seconds To start with group's revenue update for SI26, the consolidated revenue for the financial year stood at 5,99 10:03 10 minutes, 3 seconds crores, an increase of 11% over FI25 uh with an AITA of,638 10:10 10 minutes, 10 seconds crores. EITA margin for the year stood at 28%. 10:15 10 minutes, 15 seconds The real estate segment clocked a turnover of 4,2 crores, an increase of 11% yearon-year 10:22 10 minutes, 22 seconds on F525 with an AIDA of 525 crores. The leasing segment clocked a turnover of,33 10:32 10 minutes, 32 seconds crores with an AIDA of 96 crores also an increase of 12% and 18% respectively. 10:41 10 minutes, 41 seconds The hospitality segment clocked a turnover of 604 crores, an increase of 13% over F525 with an AIDA of rupees 207 10:51 10 minutes, 51 seconds crores. Consolidated PAT stood at 725 crores which is a growth of 7% over FI25. 11:00 11 minutes PAT after minority interest for FI26 is at 644 crores. 11:08 11 minutes, 8 seconds Coming to group's performance for the quarter 4 S526 our consolidated revenue for fifth quarter stood at,523 11:17 11 minutes, 17 seconds cr with an IIDA of rupees 430 crores. 11:24 11 minutes, 24 seconds EIDA margin for the quarter as well was at 28%. 11:28 11 minutes, 28 seconds The real estate segment clocked a turnover of 1,026 crores with an EIDA of 142 crores. The leasing segment clocked 11:38 11 minutes, 38 seconds a turnover of 337 crores in the quarter and an Eida of 228 crores. The 11:44 11 minutes, 44 seconds hospitality segment turnover was at 160 crores and an AIDA of 60 crores on that. 11:52 11 minutes, 52 seconds Consolidated T stood at 190 crores for the quarter. Pat after minority interest for quarter 4 is at 145 crores. 12:03 12 minutes, 3 seconds uh to touch upon cash flow performance uh primarily linked with sales performance in the initial quarters of the year. Our overall collections for 12:11 12 minutes, 11 seconds the year remained at levels similar to SI25 at 7,476 crores. Cash flow from operating 12:19 12 minutes, 19 seconds activities have moderated due to increased construction spend uh where the total area under construction is higher by about 4.5 million square ft in 12:28 12 minutes, 28 seconds this year. Our cash flow and collections will continue to be robust as they will be further supported by the new product 12:35 12 minutes, 35 seconds launches and sales. Uh collections from real estate segment stood at 5,480 12:41 12 minutes, 41 seconds crores. Leaving ST segment stood at 1,298 crores and hospitality segment 12:48 12 minutes, 48 seconds contributed 698 crores. Collections net cash flow from operating activities stood at,411 crores. 12:58 12 minutes, 58 seconds Uh on debt and liquidity uh we continue to have adequate liquidity and ungrown credit lines from banks and financial institutions to support our growth 13:06 13 minutes, 6 seconds plans. Our average cost of debt has reduced meaningfully in the year by 110 13:13 13 minutes, 13 seconds basis points which now stands at 7.57% as of March 26 uh which was 8.67% as of March 25. 13:24 13 minutes, 24 seconds Gross debt for the group stood at 5,231 crores. The cash and cash equivalent 13:30 13 minutes, 30 seconds balance as of March 31st 2026 stands at 2953 crores. Consequently, the company's 13:38 13 minutes, 38 seconds net debt outstanding as of March end was 2,278 crores. Of this brigade share is 13:47 13 minutes, 47 seconds 1,679 crores. 13:50 13 minutes, 50 seconds uh 80 it's noteworthy to mention 88% of the debt pertains to our commercial portion which is backed by uh lease rentals uh itself. 14:02 14 minutes, 2 seconds The debt equity ratio for the year stood at 0.27. 14:07 14 minutes, 7 seconds Uh with this I'll now hand it back to the moderator to initiate uh the questions. 14:13 14 minutes, 13 seconds Thank you very much sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask questions may please press 14:21 14 minutes, 21 seconds star and one on the touchstone. If you wish to withdraw yourself from the question queue, you may press star and 14:28 14 minutes, 28 seconds two. Participants are requested to use only while asking a question. Ladies and gentlemen, we will wait for a moment while the question ascends. 14:52 14 minutes, 52 seconds The first question is from the line of Adv Chhatadhya from ICICI securities. Please go ahead. 14:59 14 minutes, 59 seconds Yeah, good afternoon everyone. Thank you for the opportunity. My first question is on the world trade center Bangaluru. 15:06 15 minutes, 6 seconds So I believe it may be Amazon which is exiting there that's why I see a drop in the area under lease. So this help us 15:13 15 minutes, 13 seconds understand how we intend to fill this space up. We already have someone lined up or it will take a little bit longer. That is the first question. 15:22 15 minutes, 22 seconds Yeah. Um hi good afternoon here. Yes, Amazon has uh vacated their space. They 15:29 15 minutes, 29 seconds had about uh 630,000 square ft that they vacated. Uh we have leased a couple of floors. So we've leased close to 100,000 15:37 15 minutes, 37 seconds square ft of that. and line of sight there are a lot of client interactions and the idea is to help is to lease it 15:45 15 minutes, 45 seconds out over the next couple of quarters. Um so there are very potent high potential client visits that are happening on a 15:52 15 minutes, 52 seconds regular basis. What we expect is that there may not be one single client uh that comes to pick up the entire space 15:58 15 minutes, 58 seconds and we're expecting um the leasing to happen either floor wise or maybe two to three floors at a time. 16:06 16 minutes, 6 seconds Okay. And just to follow up, are you expecting the rates also to be much higher considering uh Amazon was an older tenant? So I guess some of these rates will be marked to market right 16:14 16 minutes, 14 seconds now, right? So could we see some uptick in the leaving rate overall? 16:21 16 minutes, 21 seconds Yeah, I think with the the way the current market condition is, we should definitely we should look to expect between uh anywhere between 10% to 15%. 16:30 16 minutes, 30 seconds In some cases, if it's our hyper flow, it's gone up to even 20%. But expecting larger transactions of two flows etc. I 16:38 16 minutes, 38 seconds think a normal increase of 10 to 15% is expected. 16:43 16 minutes, 43 seconds Okay. Fair enough. Fair enough. Thank you. Uh and my second question is mainly pertaining to our residential business uh some more broader questions if you 16:52 16 minutes, 52 seconds could help us understand currently the land bank and uh projects we have. What is the cumulative GDP which is available for launch for the next few years and 17:01 17 minutes, 1 second considering you're targeting close to over 9,000 crores of sales rise in the coming year. What will be your land bank 17:08 17 minutes, 8 seconds uh replenishment strategy over the next few years? So more broader level question if you could address that. Yeah, thank you. Thank you. 17:15 17 minutes, 15 seconds Yeah. Uh so uh from our overall standpoint uh we normally talk about our four four uh quarters on a rolling basis 17:24 17 minutes, 24 seconds pipeline for that we are looking at 11.5 million square ft for the coming year. 17:31 17 minutes, 31 seconds Uh and that GDV is around 11.9 to say 12,000 crores GDV. Um from an overall 17:38 17 minutes, 38 seconds land bank perspective uh you know we have 57 million square ft. um of that residential is around 75%. 17:47 17 minutes, 47 seconds As a portfolio in terms of uh you know replenishment uh naturally every 17:55 17 minutes, 55 seconds we launch we aim to replenish focusing on uh increasing the presence 18:01 18 minutes, 1 second in Bangalore and Hyderabad um and moderately in Chennai based on opportunities available. 18:10 18 minutes, 10 seconds Okay. Sure. Sure. Fine. Fine. That's it from my side. I'll come back in the queue if I've got more questions. Yeah. Thank you and all the best. 18:18 18 minutes, 18 seconds Thank you. 18:20 18 minutes, 20 seconds The next question is from the line of Karan Kana from Ambit Capital. Please go ahead. 18:26 18 minutes, 26 seconds Yeah. Hi. Uh good afternoon and thanks for the opportunity. Uh just a couple of questions from my end. Firstly, Pavikra on the pre-sales guidance of 9,000 18:34 18 minutes, 34 seconds crores. Um, if I look at the unsold inventory of around 10,000 crores and sustaining sales track record of around 55%. 18:43 18 minutes, 43 seconds Is it safe to infer your building sales from new launches at around 3,500 crores? And if that's the case, u isn't 18:50 18 minutes, 50 seconds this a very conservative number considering historically you have seen 35 to 40% sales in new launches and you're guiding for a 12,000 cr launch pipeline for FI27? 19:02 19 minutes, 2 seconds Hi Karan. uh yes in in in some ways it is a little conservative but also we're looking at the mix of the new launches 19:11 19 minutes, 11 seconds uh of the uh number that I mentioned 11.5 million square ft uh at least 3 million from Chennai as we've seen in 19:19 19 minutes, 19 seconds the past Chennai uh in terms of throughput to from the launch to that same financial year itself we tend to 19:27 19 minutes, 27 seconds see the contribution to be more evenly spread throughout the construction life cycle rather than being front-ended so This is one of the reasons uh why uh 19:36 19 minutes, 36 seconds that number may look a little conservative. The other uh aspect is that launches in general um sometimes we do see them shifting out. So if it 19:45 19 minutes, 45 seconds shifts out maybe into H2 or towards the end of H2, the amount of time that we have to make those pre-sales happen 19:52 19 minutes, 52 seconds within the same financial year is showing to be less. This is one of the reasons why in FY26 also we experienced 19:59 19 minutes, 59 seconds a lower number. So right in terms of how much we have in terms of opening inventory and that's an area that we'll 20:06 20 minutes, 6 seconds be trying to push further because that's inventory that we have in hand. So looking at both that as well as trying to advance some of the launches so we 20:14 20 minutes, 14 seconds have better visibility and as the quarters come through in this financial year we'll be able to update on that. 20:20 20 minutes, 20 seconds Sure. And on the launch guidance of 12 million square ft. Um so if you can just uh give some color in terms of what are the current uh status in terms of 20:29 20 minutes, 29 seconds approvals and uh any indication on quarter wise break up for the 12 million square ft of launches. 20:37 20 minutes, 37 seconds So I think um like the previous year um uh part of the launches will come in 20:43 20 minutes, 43 seconds H2 uh we anticipate um if I just go by market for example for Hyderabad we're anticipating 20:51 20 minutes, 51 seconds uh about or so million uh square feet to be coming in Q3 and another million square 20:58 20 minutes, 58 seconds feet to be coming in Q4. Uh I hopefully we will get some of that in 21:09 21 minutes, 9 seconds from from a Q3 uh number and uh we'll we'll be expecting uh another million square ft in Q4. Morgan Heights as I 21:17 21 minutes, 17 seconds mentioned earlier there is a million square feet of the phase uh of the project that we'll be launching now in or relaunching 21:25 21 minutes, 25 seconds one uh the other projects in Bangalore uh I think uh we'll still be pushed into Q2 and Q3 21:33 21 minutes, 33 seconds uh and secondly and lastly on the partnership with brain uh can you talk I'm sorry to interrupt you sir uh sir I 21:41 21 minutes, 41 seconds think we should connect the management's line again because there is a disruption when ma'am was speaking so allow me few 21:49 21 minutes, 49 seconds seconds please I'll call the management line 21:53 21 minutes, 53 seconds [music] 21:58 21 minutes, 58 seconds [music] 22:05 22 minutes, 5 seconds [music] 22:12 22 minutes, 12 seconds Hello. [music] 22:18 22 minutes, 18 seconds [music] 22:26 22 minutes, 26 seconds [music] 22:33 22 minutes, 33 seconds [music] 22:38 22 minutes, 38 seconds [music] 22:46 22 minutes, 46 seconds Ladies and gentlemen, thank you. Thank you for patiently holding the management's line has been reconnected. Sir, you may proceed. 22:55 22 minutes, 55 seconds Question for you, Nerupa. uh if you can talk a bit about the partnership with Bane and as part of the deal uh will you also be evaluating more opportunities uh 23:04 23 minutes, 4 seconds besides the 2 million square ft office asset and hotel in Whitefield and what are the timelines for completion of this project? 23:12 23 minutes, 12 seconds Yes. Uh thank you for the question. Yes. 23:14 23 minutes, 14 seconds Uh so this is for um a 10point eaker project right opposite ITL uh in Whitefield and Bangalore. It's a very 23:21 23 minutes, 21 seconds strong location. Um it's a 50/50 joint venture uh partnership. So they're pure equity partners uh with us in this 23:29 23 minutes, 29 seconds project. We have the potential to develop about 2 million square ft of office and we're also planning around a 23:36 23 minutes, 36 seconds 250 key hotel uh for the project. It's a five-star hotel as well. Um yes this is 23:43 23 minutes, 43 seconds I mean this was the first uh we decided that you know we do one project first and we are definitely open to looking at 23:51 23 minutes, 51 seconds uh more partnerships with them and then timelines and the timeline as you said uh we're expecting to complete the project around 40 months in about 40 months. 24:02 24 minutes, 2 seconds Yeah. Thank you. After approval. Yeah. Thank you. Thank you. Thank you. 24:08 24 minutes, 8 seconds The next question is from the line of Girish Chi from Aventus Park. Please go ahead. Yeah. Hi. Uh thanks for the opportunity. 24:17 24 minutes, 17 seconds Uh I have a question on the uh cash flow. How should we look uh the trajectory going ahead because what we have seen is the construction cost uh 24:25 24 minutes, 25 seconds have seen a material increase which is understandable given you also mentioned about a significant increase in the area 24:31 24 minutes, 31 seconds right. So but uh on the collections uh any reasons why they have been uh flattish for the year and and when do you expect this to pick up? 24:43 24 minutes, 43 seconds Uh so the collections for the year uh obviously I mean if you see from a residential perspective I mean for the new launches uh give us a certain amount 24:51 24 minutes, 51 seconds of collection up front. Uh the sustainance collection as the milestones of construction gets completed we can converted into milestones which uh which 24:58 24 minutes, 58 seconds then gets build and collected. Uh so the reflection of uh the flattish collection which we talked about is primarily because of uh the initial part initial 25:07 25 minutes, 7 seconds part of the year where the launches were deferred uh that kind of getting materialized is converting into cash is 25:14 25 minutes, 14 seconds uh ongoing right now. Uh so from here as uh you know uh as the launches are getting planned the cash flow of them 25:22 25 minutes, 22 seconds will continue to increase while sustainance cash flow comes based on milestone growth itself. uh at different 25:29 25 minutes, 29 seconds stage of uh each project the construction uh intensity differs and that's what's reflected in the extra construction cost. Uh so the operating 25:37 25 minutes, 37 seconds cash flow generation continues to be positive and it'll improve as uh new launches uh take uh take uh a faster pace. 25:47 25 minutes, 47 seconds I understand uh u how should we look at the collection trajectory going ahead because this year we have seen uh impact 25:55 25 minutes, 55 seconds to our operating cash flow in the sense we have seen a decline y so can we expect u um material or a significant 26:03 26 minutes, 3 seconds increase in your overall operating cash flows for the year so we should see an increase for sure uh 26:12 26 minutes, 12 seconds I mean it should be uh it should uh come in percentage terms pretty close to the way we look at our uh uh seed growth as 26:22 26 minutes, 22 seconds well. Uh you know few uh 100 basis points probably you know uh lower from there given the timing per se uh but 26:30 26 minutes, 30 seconds that's what uh would be the trajectory in terms of uh cash uh cash to generation. 26:38 26 minutes, 38 seconds Okay. And uh um my second question if you can give us some um updates on on 26:45 26 minutes, 45 seconds your Chennai project specifically the uh Bay Cherry project uh uh how has been the response uh what uh sales absorption 26:54 26 minutes, 54 seconds we have seen and also for the year 27 uh you mentioned about uh three launches in the Chennai uh market right so uh which 27:02 27 minutes, 2 seconds are uh these projects yeah uh so The project is a brigade stellaris that we just launched in Q4. 27:12 27 minutes, 12 seconds Uh that is a pretty high-end project. 27:14 27 minutes, 14 seconds It's a 284 units. Um and uh each unit is around 6 crores plus. So so far in Q4 27:23 27 minutes, 23 seconds what we did we sold around 30 units and I think we're pretty pleased with that performance. Uh we expect 27:30 27 minutes, 30 seconds to be fairly stable over the course of the you know 3 to four year construction life cycle. 27:37 27 minutes, 37 seconds uh and uh so ground are also pretty good after the launch quarter. Uh in terms of square 27:45 27 minutes, 45 seconds feet coming up in Chennai uh 1 million square ft of that is part of Morgan Heights. So Morgan Heights overall is a 27:53 27 minutes, 53 seconds 2 million square ft project. We launched 1 million of that last year as I mentioned earlier. We had to pause it. 28:00 28 minutes We are launching the entire project as a full-scale relaunch in Q1 FY27. So basically within the next two months uh 28:08 28 minutes, 8 seconds we we're doing that. So that is the square feet of that is what is being counted. Uh we have two more projects 28:16 28 minutes, 16 seconds that we're talking about. Uh one um uh one is part of a larger multi-phase township that is uh 3 million overall 28:24 28 minutes, 24 seconds but we would only be launching 1 million of that in the coming financial year. So both of those have visibility towards each two Q3 and Q4 respectively. 28:34 28 minutes, 34 seconds Sure. Thank you. 28:40 28 minutes, 40 seconds Thank you. The next question is from the line of Bipla from MK Global. Please go ahead. 28:47 28 minutes, 47 seconds Good afternoon everyone. Uh so my first question is on the approval related issues that we face in FI26. 28:55 28 minutes, 55 seconds So um in your view uh has all the issues related to approval uh resolved and uh 29:03 29 minutes, 3 seconds do you anticipate uh any any challenges in FI27. 29:12 29 minutes, 12 seconds So uh hi uh this is Tajumna here. So uh the I think the uh primary issues of 29:19 29 minutes, 19 seconds approvals are now behind us and u as Katra also mentioned we've launched about 4 million square ft uh uh in the 29:26 29 minutes, 26 seconds last couple of months and uh we are on track uh as far as approvals go from a from a comparative uh perspective. So I 29:35 29 minutes, 35 seconds think we are behind the issues that we faced earlier. 29:39 29 minutes, 39 seconds Well that's great. And secondly, I I don't know whether I have heard it properly. Uh so you you said uh uh that 29:47 29 minutes, 47 seconds around 10 million square ft um of commercial projects to be launched in next two years. Uh is that correct? 29:58 29 minutes, 58 seconds Uh yes that's right. So the the moment we start construction we consider it as launch. So while we next year we have 30:06 30 minutes, 6 seconds said that in FI27 we'll be launching about 4 a.5 million square ft the balance will come in FYI28 but from a 30:13 30 minutes, 13 seconds sense of completion it will take about 4 years by the time the entire uh project is up and running with OC etc. So that's 30:21 30 minutes, 21 seconds what we have clearly said we we've already tied up lands for about 10 million square ft for commercial. So ma'am uh 10 million square ft² upcoming and uh three around 3 million ongoing. 30:34 30 minutes, 34 seconds So from this uh 13 million square ft how much rental once they they become operational how much rental uh brigade 30:43 30 minutes, 43 seconds share do you anticipate see what I would say is between what is 30:51 30 minutes, 51 seconds currently ongoing uh which is getting completed and the 4.5 million square ft uh uh that will come up we are it will 30:59 30 minutes, 59 seconds be about 800 crores that is something that we have already estimated and for for the balance 5 and a half million square ft. Uh uh we will come up with a number soon. 31:09 31 minutes, 9 seconds Okay. Okay. That no that's great. That's great. Thank you. Thank you sir. Thank you. 31:16 31 minutes, 16 seconds The next question is from the line of Sor Gilda from GM Financials. Please go ahead. 31:23 31 minutes, 23 seconds Yeah. Hi. Yes sir. Please proceed. 31:27 31 minutes, 27 seconds Yeah. Uh sure. Uh so firstly on the commercial bit our commercial monetization run rate has increased 31:34 31 minutes, 34 seconds significantly to 550 cr annually. Now uh so how should one think about this run going ahead given the fact that we are launching sizable amount of portfolio over the next two years. 31:46 31 minutes, 46 seconds See ideally we would like to grow our annuality income portfolio. The idea is to hold on to many of the projects as 31:54 31 minutes, 54 seconds much as possible but sometimes based on how how demand is for a particular project. Um in this particular year you 32:01 32 minutes, 1 second saw the additional of 100,000 square ft sold mainly because of the twin tower project. So for us we take it on a case 32:09 32 minutes, 9 seconds to case basis and uh with the you know if there are smaller projects and if the commercial is part of larger mixeduse 32:17 32 minutes, 17 seconds townships and is not a very large project in some cases we might decide to sell. So the strata sale is very project 32:24 32 minutes, 24 seconds dependent. By and large as a company we want to enhance our annual income portfolio. Um so the larger projects we 32:31 32 minutes, 31 seconds would like to hold on to it and maybe some of the smaller commercial projects or joint development ideally those get 32:39 32 minutes, 39 seconds into the strata sale perspective. So we'll have to look at this on a case-to case basis especially when for instance for twin towers while we would have 32:47 32 minutes, 47 seconds liked we saw that there was much more demand for end user ownership so we had to take it based on that. 32:58 32 minutes, 58 seconds So got it. Uh so just and uh lastly on the uh your leasing income of 1,300 cr 33:05 33 minutes, 5 seconds can you please share any uh bifurcation between the office and rental and also the contribution of few of the large office assets? 33:15 33 minutes, 15 seconds Yeah. So if you look at the of the 1300 crores um 877 crores was 33:22 33 minutes, 22 seconds from office we had about 220 crores from retail and 206 crores from the 33:30 33 minutes, 30 seconds management business and of course hospitality was separated at 605 crores. Yeah. 33:37 33 minutes, 37 seconds Sure. Got it. Thank you so much. Yeah. Thank you. 33:43 33 minutes, 43 seconds The next question is from the line of Pritesh Sage from Access Capital. Please go ahead. 33:50 33 minutes, 50 seconds Um yeah, thanks for the opportunity. Uh just firstly on a clarification in terms of timeline of launches uh uh you were 33:58 33 minutes, 58 seconds cracking up in between. So just uh wanted to clarify uh both all the Hyderabad projects would largely be in 34:06 34 minutes, 6 seconds uh second half uh Chennai also largely second half barring Morgan Heights and 34:13 34 minutes, 13 seconds Bangalore should be in Q2 Q3 if I heard you correctly is it? 34:23 34 minutes, 23 seconds Uh I'm sorry sir uh the line for the management has been disconnected. Please hold the line while we reconnect. 34:31 34 minutes, 31 seconds [music] 34:38 34 minutes, 38 seconds [music] 34:44 34 minutes, 44 seconds [music] 34:52 34 minutes, 52 seconds [music] 35:00 35 minutes [music] 35:08 35 minutes, 8 seconds [music] 35:13 35 minutes, 13 seconds Ladies and gentlemen, thank you for patiently holding. The line for the management has been reconnected. Uh m Mr. S you may proceed with the question. 35:22 35 minutes, 22 seconds Sure. So just repeating the question uh uh just wanted some clarification on the timelines of launches. Uh if I heard you 35:30 35 minutes, 30 seconds correctly you said Hyderabad launches largely in second half. Uh Chennai also second half barring moan 35:38 35 minutes, 38 seconds heights which will be launched in first quarter and Bangalore would be in Q2 Q3 is it? 35:45 35 minutes, 45 seconds Yeah. Yeah that's right. Hyderabad I had said 1 million in Q3 that project is actually 2 million square ft but yes timing wise you're you're right. 35:56 35 minutes, 56 seconds Sure. Okay. Okay. Got it. Uh and uh if you can highlight uh the key projects in Hyderabad and Bangalore which one should 36:04 36 minutes, 4 seconds look forward to. Uh you know Chennai you already highlighted but you know same for Hyderabad and Bangalore. 36:12 36 minutes, 12 seconds Yeah. So in Hyderabad um we have uh the 2 million square ft is the is the second plot that we purchased in Koket in 36:20 36 minutes, 20 seconds Neopulis. So that is the one we're hoping to launch in uh Q3. And then there is another project in northern Hyderabad that uh we are looking at 36:28 36 minutes, 28 seconds launching in Q4 that is 1 million square ft. In Bangalore uh we have a couple of 36:35 36 minutes, 35 seconds Bangalore that should be like a Q2 uh Q3 launch. Um and uh we do have uh upcoming 36:43 36 minutes, 43 seconds launches um in East Bangalore as well in the OMR corridor again in the Q3 uh time frame. 36:52 36 minutes, 52 seconds Sir and and Bangalore launches also include the large project in North Bangalore and the recently uh uh the JDA that we signed which is 37:01 37 minutes, 1 second again a 39 acre probably I think corners utopia 2 uh is that also included in the launch plans for this year. 37:10 37 minutes, 10 seconds So the North Bangalore project there was some approval uh change or some bylaw changes uh that we're still working on and we'll see if we can uh work on that 37:20 37 minutes, 20 seconds for the financial year but some of the bylaws changed so we've had to redesign um in terms of uh the the new JDA that 37:28 37 minutes, 28 seconds we signed uh we've just now signed it I think uh it'll take some time in terms of design and approvals uh if it's possible to bring it into this financial 37:36 37 minutes, 36 seconds year we'll we'll definitely be looking forward to that and we'll update in in the next couple of quarters. 37:42 37 minutes, 42 seconds Sure. Got it. Uh and just on the uh balance sheet side, you know, while we are now looking forward to 36,000 cr 37:50 37 minutes, 50 seconds worth of capex, uh uh you know, how how should one think about the debt trajectory? uh you know 37:59 37 minutes, 59 seconds will the commercial debt continue to increase and uh you know residential uh capeex would largely be funded through the approvals 38:07 38 minutes, 7 seconds or you know what's what's the thought process and how should we look forward to yeah uh yeah so that's right uh I mean from a 38:16 38 minutes, 16 seconds model perspective uh residential uh generates its own cash during the tendency of the construction itself so it gets kind of self-funded from that 38:25 38 minutes, 25 seconds perspective uh what we have invested into is our own capital asset which is the leasing assets and towards which uh 38:32 38 minutes, 32 seconds for construction uh and and to create that project itself the debt augmentation has been uh as I kind of 38:40 38 minutes, 40 seconds detailed earlier I mean our net debt as of uh uh as of end of the year stands at about 2,200 crores uh and that net debt 38:49 38 minutes, 49 seconds number I mean as these u commercial assets which have been launched uh commence or progress uh we would see certain addition coming in Okay. 38:58 38 minutes, 58 seconds However, from a debt equity perspective, which is uh 27 for us, I think we would uh not uh uh it would be pretty lower than 1x as well. 39:11 39 minutes, 11 seconds Sure. Just on capeex uh you know will everything be funded through debt or uh you know since the portfolio is already 39:17 39 minutes, 17 seconds generating uh the rentals you know so portion of the capeex would be funded through uh those cash flows. 39:27 39 minutes, 27 seconds So it will be a mix of both for sure. I mean obviously we would continue to optimize uh our cost of finance per se as well as look at uh maximizing the return on equity. 39:39 39 minutes, 39 seconds Got it. Very good. Okay. That's it for my all the best. Thank you. 39:44 39 minutes, 44 seconds Thank you ladies and gentlemen. In order to ensure 39:52 39 minutes, 52 seconds that the management will be able to address questions from all the participants in the conference, kindly limit your questions to only two per participant. Should you have a follow-up 40:01 40 minutes, 1 second question, please rejoin the queue. We'll take the next question from the line of Perves Kazi from Nuama Group. Please go ahead. 40:09 40 minutes, 9 seconds Uh hi, good afternoon team and thanks for taking my question. Uh so my first question is what was the GDB of launches 40:16 40 minutes, 16 seconds that we did in Q4 and also a similar number of for FI26 would be great. 40:26 40 minutes, 26 seconds Yeah. Uh overall [clears throat] in FY26 we launched 8.3 million square ft with a 40:33 40 minutes, 33 seconds GDV of 10,000 crores. In Q4 we launched 4 million square ft with around 4,500 crores of GDP. 40:42 40 minutes, 42 seconds Sorry, what was the second part of the question? 40:45 40 minutes, 45 seconds Uh, no, you you've answered the second part. My my second question is uh what was the contribution of launches to our Q4 FI 26 pre? 40:57 40 minutes, 57 seconds So overall launches for the year which was predominantly in Q4ire year it was around 43% of the total sales number. 41:08 41 minutes, 8 seconds uh possible to get a simpler number for Q4 for uh for Q4 41:16 41 minutes, 16 seconds only for Q4 60 oh you the percentage is only yeah the percentage is around 55%. 41:28 41 minutes, 28 seconds Sure. Uh just one more question from my side. Uh for the uh roughly 12,000 odd cr of uh launches 41:38 41 minutes, 38 seconds that are planned for FI27 uh what would be a broad packet uh size 41:44 41 minutes, 44 seconds split I mean uh let's say less than 3 cr 3 to 5 cr and and 5 cr plus uh what 41:51 41 minutes, 51 seconds would be a broad split of this 12,000 odd cr uh in this respect? 41:58 41 minutes, 58 seconds Yeah. So it's around um uh see overall we look at our uh portfolio as uh say affordable is up to 75 lakhs then 42:08 42 minutes, 8 seconds mid-segment to 1.5C cr then uh our premium portfolio is what we look at up until uh 3CR and then above that is our 42:16 42 minutes, 16 seconds ultra luxury portfolio. Um so so far it's been around 30% and uh it'll come 42:24 42 minutes, 24 seconds down a little bit over the next financial year uh in in terms of uh mix. 42:35 42 minutes, 35 seconds Uh sure and and last question uh of the 10 million square ft of west cars which are planned over FI27 and FI28 42:44 42 minutes, 44 seconds uh what would be the split in terms of the three cities where we are present? Thank you. 42:52 42 minutes, 52 seconds Yes. So currently the uh portfolio is maybe 60% uh in Bangalore, 27% in 43:00 43 minutes Chennai and then 10% in uh Kochi and a little bit in Myso. Um I think once this 43:08 43 minutes, 8 seconds uh the 10 million comes up it'll it will be somewhat similar with Bangalore still holding about 55% of the portfolio. 43:15 43 minutes, 15 seconds Chennai about 25 22%. But we're adding two more cities. We're adding Tandrum which will have about 7% of the 43:23 43 minutes, 23 seconds portfolio. We will be adding Hyderabad that will have about 5% of the portfolio and of course Kochi and Ahmedabad as well will have about six and 4%. So we 43:32 43 minutes, 32 seconds are expanding our base. So we will be adding a couple of more cities to the uh commercial portfolio. 43:40 43 minutes, 40 seconds Thanks and all the best. Thank you. 43:44 43 minutes, 44 seconds Thank you. A reminder to all the participants that you may please press star and one to ask questions. 43:51 43 minutes, 51 seconds The next question is from the line of Heath Bora from Monarch Aif. Please go ahead. 43:59 43 minutes, 59 seconds Yeah. Hi ma'am. This is Nita here. I had a couple of questions. Firstly, could you share the current inventory level in million square ft? 44:09 44 minutes, 9 seconds It is uh 7 and a half million square ft. Okay. 44:19 44 minutes, 19 seconds Uh Mora, any further question? 44:21 44 minutes, 21 seconds Yes. Yes, I do have uh and in Q4 FI 26, could you please share the previous geographical split? 44:31 44 minutes, 31 seconds Yes, I'll just give you a question. 44:36 44 minutes, 36 seconds Yeah, sure. So, in Q4 65% came from uh Bangalore. Actually, this is the same 44:43 44 minutes, 43 seconds for uh full year as well. Uh actually the numbers for Q4 and FY26 just happened to be around the same. So 65% 44:51 44 minutes, 51 seconds Bangalore, 20% Hyderabad and 16 or 15% from uh sorry 20% from Chennai, 15% from Hyderabad. 45:04 45 minutes, 4 seconds Okay. 45:06 45 minutes, 6 seconds And uh could you could you please help us with the you know average ticket size for the launch plan for FI27? 45:15 45 minutes, 15 seconds Is it is it all roughly still an ultra luxury? 45:20 45 minutes, 20 seconds No, no, it's not. Um, actually we are uh on an APR basis it's it's more like 45:26 45 minutes, 26 seconds 10,000 crores um in terms of uh what we will be looking sorry 10,000 rupees per square foot in terms of what we will be 45:35 45 minutes, 35 seconds uh launching. Uh predominantly most of the ticket sizes will be below the three the 3 crores. uh while we still have 45:42 45 minutes, 42 seconds some of this higher than three crores ticket size in our ongoing uh stock and one or two of the launches some of the larger units as part of those projects. 45:54 45 minutes, 54 seconds Okay. Okay. Just lastly uh what is what million square ft of projects will be 46:00 46 minutes completed on the leing segment side 27 not the launches for completion for fi 27 on leaving segment. 46:11 46 minutes, 11 seconds Yeah. So um currently we have about 3 million square ft of projects that should come into the portfolio and or we 46:19 46 minutes, 19 seconds are expecting the OC for that. So ideally when we look at the budget you know we would like to lease out the entire portfolio that is coming into the 46:26 46 minutes, 26 seconds market but of course it could take uh six quarters instead of four quarters but we are aiming to at least double what we did in FI26. 46:38 46 minutes, 38 seconds Okay. All right. Thank you. 46:46 46 minutes, 46 seconds Thank you. 46:48 46 minutes, 48 seconds The next question is from the line of Abhishek Kana from Kotek securities. Please go ahead. 46:55 46 minutes, 55 seconds Hi, I just wanted to check while you answered this part but on the 4 million square ft of launches that you did in 4. 47:02 47 minutes, 2 seconds I just wanted to understand when were some of these larger projects in Bangalore like Aluminina Belg launched 47:09 47 minutes, 9 seconds like like the ones in Hyderabad the ones that we had NP and man and what was the response like in terms of the checkup in 47:17 47 minutes, 17 seconds the uh in the launch water itself what it like 40 to 50% any specific details that you could share on these would be helpful with the Bangalore and the hydra 47:26 47 minutes, 26 seconds launches sure sure so of that 4 million square ft We launched Luminina that is in West 47:34 47 minutes, 34 seconds Bangalore on Tungu road. That project although it came from an approval standpoint towards the end of uh March 47:42 47 minutes, 42 seconds uh we were still able to do a a very high number. In fact we almost sold out. 47:46 47 minutes, 46 seconds So it was more than uh 85% sold uh at the launch itself. I think a lot of this was because we were expecting the 47:53 47 minutes, 53 seconds approvals to happen much earlier in the year. So there was some awareness of the project. So by the time we launched given the micro market had historic 48:02 48 minutes, 2 seconds under supply metro connectivity all those things the project did extremely well uh at a much higher uh rate than 48:09 48 minutes, 9 seconds expected also belvier also came towards the end again like in the last week of March. So there we um you know did not 48:17 48 minutes, 17 seconds have that luxury of time to sort of build up the market. uh it has done well um initially and also continuing into 48:26 48 minutes, 26 seconds the uh first part of Q1. Um the projects in Hyderabad actually came in there are two small projects. One came in in 48:34 48 minutes, 34 seconds January which uh has the response was good. The second one again came in uh only you know early March that uh that 48:42 48 minutes, 42 seconds that is still uh you know taking some time as it's just recently been launched. But overall I think the response in Hyderabad has also been 48:50 48 minutes, 50 seconds quite good. Uh [clears throat] considering it's not it's it's not a west market west Hyderabad sort of market. It's a core central part of 48:58 48 minutes, 58 seconds Hyderabad market. So we're still quite happy with the response. 49:02 49 minutes, 2 seconds Any any number that you would like to share for Bel what would you take up in the month of March in terms of 49:11 49 minutes, 11 seconds Yeah. So we basically sold around 150 units. The overall project size is uh 760 units. So 150 we sold. 49:21 49 minutes, 21 seconds Okay. Okay. Thanks a lot. The second question that I had was on the weakness in your recognized margins both residential and maybe even annuality. 49:32 49 minutes, 32 seconds Rei of course has been in the low teens and amity at the high 60s low 70s. When can we expect an improvement? What's 49:40 49 minutes, 40 seconds been causing this weakness? You've given some reasons earlier but when can we expect an improvement in both of these businesses in terms of the reported 49:48 49 minutes, 48 seconds margins you answer 49:56 49 minutes, 56 seconds uh so from a margin perspective on the uh on receipt part I think it's obviously a mix of projects which kind of come up for revenue recognition which 50:04 50 minutes, 4 seconds is upon completion and handover uh the way recognition standards work so this is kind of reflective of the mix of project which would have come up during 50:11 50 minutes, 11 seconds during the during the year for recognition and traditionally this would be some of them which have you know been sold much earlier and wouldn't have 50:20 50 minutes, 20 seconds taken uh the increases what which kind of the market glee with over last three odd years. Uh so that's a reflection of 50:27 50 minutes, 27 seconds that and uh you know the current margins what we see on operations basis uh they continue to run uh in in the higher 20s 50:35 50 minutes, 35 seconds which we have kind of reflect reported margins on seven 50:42 50 minutes, 42 seconds correct on the on the on the operation the PCM uh basis we continue to see this in that 30% range of itself uh on the on 50:53 50 minutes, 53 seconds the leaving piece uh margins continue to be 80% and above. 50:58 50 minutes, 58 seconds What you see on a reported basis were primarily is uh a section where certain amount of u certain amount of sitouts 51:07 51 minutes, 7 seconds were were recovered on annuity basis which kind of diluted the overall uh margin from a reporting perspective. Uh 51:15 51 minutes, 15 seconds for quarter four if you are looking at specifically there was an accounting gross up done for the full year in quarter 4 from a accounting perspective. 51:23 51 minutes, 23 seconds So that's kind of further diluted but the full year number would give you a reflection of what uh 51:31 51 minutes, 31 seconds and uh in addition to that uh once I explained our leasing revenues also have a facility management component of about 200 crores there on annual number so 51:40 51 minutes, 40 seconds that fees also uh runs at about 15% margin. So that kind of blended basis uh would dilute as well. 51:49 51 minutes, 49 seconds So annually you have 2 billion of facility management revenue at 15% which brings from the blended numbers. Yes. 51:57 51 minutes, 57 seconds And then you said there was certain sitouts that were recovered which was over and above this facility management revenue visit. 52:05 52 minutes, 5 seconds Correct. Correct. How much is that number for? 52:08 52 minutes, 8 seconds So normalizing all these normalizing for all these uh leasing uh income contract margin of approval. 52:19 52 minutes, 19 seconds Sure. Just just one last one. What will that fit out revenue that you would have recognized in the year? 52:26 52 minutes, 26 seconds Uh would be around 35 crores. Okay. All right. 52:34 52 minutes, 34 seconds Thank you participants. You may please press star and want to ask questions at this time. 52:46 52 minutes, 46 seconds The next question is from the line of Perves Kazi from Noama Group. Please go ahead. 52:52 52 minutes, 52 seconds Uh hi uh thanks for taking up my follow-up question. Uh so two questions. 52:56 52 minutes, 56 seconds One uh we still have some space left in twin towers. So what's our thought process there? I mean we want to lease it or we can convert it into sale model. 53:07 53 minutes, 7 seconds Uh and the second is on pricing on the housing side. Uh I mean what is the situation now in the market and what 53:15 53 minutes, 15 seconds kind of uh price increase if at all we are building for 27. Thank you. 53:23 53 minutes, 23 seconds Regarding the first question uh with respect to twin towers the idea is to just sell the project there is only a 53:31 53 minutes, 31 seconds maybe a 100,000 square ft that uh of common amenities that we plan to hold on to but the balance we plan to sell. So we uh hope to complete and exit that project in the coming fiscal year. 53:45 53 minutes, 45 seconds Yeah. On the residential pricing side, uh while we're looking at an APR increase year-over-year of a 13%, a lot 53:53 53 minutes, 53 seconds of that is due to the product mix as well. If you look at a likelike basis, what we've been able to take across various projects is high single digits. 54:02 54 minutes, 2 seconds So like 8 to 9% year-over-year and we still feel this is fairly healthy. So when we come into the market uh 54:10 54 minutes, 10 seconds depending on the project or expect to sell at the time of launch that's a fairly you know fully priced number it's 54:18 54 minutes, 18 seconds not really a price discovery at this point. So after the launch we will look at an annual price increase of around uh 54:26 54 minutes, 26 seconds 7 to 9% based on that micro market. uh if we look at our upcoming launches as well there I had mentioned earlier the 54:33 54 minutes, 33 seconds average or the APR for that portfolio is around 10,000 rupees per square foot if you look at our current uh port 54:42 54 minutes, 42 seconds available as inventory that number is north of 12,000 rupees per square foot so what it signals is that the product mix itself is going to be changing uh in 54:51 54 minutes, 51 seconds in our upcoming launches as well so that's something to be planning for uh while we are still you know uh priced 54:59 54 minutes, 59 seconds sort of um at the higher end in terms of any of the uh subm markets in which we are present. It's a unit mix that and a product mix that we're going to see 55:07 55 minutes, 7 seconds shifting back towards mid-segment, upper mid-segment and away from uh ultra luxury over the next financial year. 55:17 55 minutes, 17 seconds Thanks and all the best. Thank you. 55:20 55 minutes, 20 seconds Thank you ladies and gentlemen. This will be the last question for today from the line of Hava from Monarch Aif. 55:27 55 minutes, 27 seconds Please go ahead. Miss Fora, I have unmuted your line. 55:37 55 minutes, 37 seconds Please proceed. Yes. Hi. Uh, am I audible now? Yes, ma'am. Please proceed. 55:44 55 minutes, 44 seconds Okay. Yes. Thank you so much for the followup question. I wanted to understand what percentage of the buyers would be from the IT and IT services 55:53 55 minutes, 53 seconds segment and uh in terms of the leading segment what percentage of our portfolio is leads leased out to you know IT and 56:01 56 minutes, 1 second IT services sector I can I can start with the um lein 56:10 56 minutes, 10 seconds portfolio so basically we've said that about uh 58 to 60% of our uh portfolio 56:16 56 minutes, 16 seconds is from the GCC segment and IT and its is about 26% of the leasing portfolio and the balance comes from EFSI 56:26 56 minutes, 26 seconds consulting engineering healthcare and flexible incorporated okay on the residential side res 56:35 56 minutes, 35 seconds yeah on the residential side um uh since we're in three different markets uh in Bangalore it's around 56:44 56 minutes, 44 seconds is split between GTCC and IT So GCC is around 30%, IT services around 20 to 56:51 56 minutes, 51 seconds 25%. The rest is again BFSI and startup uh predominantly. um in Hyderabad also 56:58 56 minutes, 58 seconds that number is around 45 to 50%, where again it's split equally between GCC and IT and the remainder again from BFSI 57:07 57 minutes, 7 seconds there is some uh there is some uh customer demographic coming from farmer and life sciences as well in Hyderabad and in Chennai it's a slightly lower 57:16 57 minutes, 16 seconds percentage and it around 20 m [clears throat] can you I'm sorry ma'am can you please 57:23 57 minutes, 23 seconds repeat your last line we missed on the numbers Okay. So for Chennai um GCC is around 57:31 57 minutes, 31 seconds 15%, IT around 20%. BFSI around 20% and there is a a higher contribution from 57:38 57 minutes, 38 seconds say automobile and manufacturing in Chennai around 15 to 20%. 57:46 57 minutes, 46 seconds Okay, understood. And uh are we are we seeing any softness in you know the walk-ins or uh the EOIs from uh any of 57:54 57 minutes, 54 seconds these cities due to the you know expected layouts coming in in the market? 58:01 58 minutes, 1 second No, as I mentioned earlier actually we were uh really uh happy with the performance of the launches especially in a luminina situation. Uh all of the projects have really healthy walk-ins. 58:12 58 minutes, 12 seconds Uh even in terms of inquiries uh it's there. it's more skewed towards end user where I'd say in the last few years we were seeing a lot of in inquiries from 58:21 58 minutes, 21 seconds speculators. Uh in terms of conversions the conversions are still healthy at 10 to 12% but what is happening is that in 58:28 58 minutes, 28 seconds some of markets it takes a little longer than usual in terms of the conversion cycle. So that is where we are seeing 58:36 58 minutes, 36 seconds some of the increase in time but in terms of percentage overall it is still healthy and something that we consider positive. 58:44 58 minutes, 44 seconds That's all I think. That's really useful. Thank you. Thank you. 58:49 58 minutes, 49 seconds Thank you. As that was the last question, I would now like to hand the conference over to Miss Nurup Shanka, 58:56 58 minutes, 56 seconds uh, joint managing director for closing comments. Thank you and over to you ma'am. 59:01 59 minutes, 1 second Thank you. Before we wrap up, we'd like to highlight a few key achievements beyond this quarter's financial performance. We marked an important 59:09 59 minutes, 9 seconds development milestone with the completion of brigade cornerstone utopia and barsur a 6 million square ft uh mixeduse development now home to over 59:18 59 minutes, 18 seconds 10,000 residents and a key landmark in the white sjapur corridor Orion mall at brigade gateway uh completed 14 years of 59:26 59 minutes, 26 seconds operations marking a significant milestone to one of our earliest malls and Chennai completed 9 years of 59:33 59 minutes, 33 seconds operations and grandios completed 10 years marking another milestone in our hospitality portfolio. The World Trade Center Bangalore became the first 59:41 59 minutes, 41 seconds development in India to receive the wire score platinum certification reinforcing our focus on digitally enabled 59:48 59 minutes, 48 seconds workplaces. WTC Kochi earned the WTCA premier accreditation accredititation certificates reflecting strong alignment 59:56 59 minutes, 56 seconds with the global WTC standards. Brigade Gateway Hyderabad was awarded the next use project of the year at the reality 1:00:05 1 hour, 5 seconds plus excellence awards 2026. Our facility management arm Ora uh achieved a great place to work certification 1:00:13 1 hour, 13 seconds underscoring our emphasis on employee engagement and workplace culture. We were recognized by business world as one of India's most sustainable corporates 1:00:22 1 hour, 22 seconds ranking third in the real estate space and 44th overall. With that we wrap up our Q4 earnings call. Thank you all for joining and see you next quarter. 1:00:32 1 hour, 32 seconds Thank you members of the management. On behalf of Brigade Enterprises Limited, that concludes this conference. We thank you for joining us and you may now disconnect your lines. Thank you.