Eldeco Housing And Industries Limited — Q3 FY26

Eldeco Housing And Industries Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=0nezq8ny5h4 Published: 3 months ago

0:00 Ladies and gentlemen, good day and welcome to the El Deco Housing Limited Q3 FI26 earnings conference call. As a 0:08 8 seconds reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation 0:17 17 seconds concludes. Should you need assistance during the conference call, please ignore an operator by pressing star then 0:24 24 seconds zero on your touchstone phone. Please note that this conference has been recorded. I now hand the conference over 0:30 30 seconds to Mr. Abhishek Bhatt, EY investor relations. Thank you and over to you sir. 0:39 39 seconds Thank you for joining us on the call. 0:42 42 seconds Before we proceed to the call, let me remind you that today's discussion may contain forward-looking statements that 0:50 50 seconds may involve known and unknown risks, uncertaintities, and other factors. It must be viewed in conjunction with a 0:57 57 seconds business risk that could cause future results, performance or argument to differ significantly from what is 1:05 1 minute, 5 seconds expressed and implied by such forward-looking statements. 1:10 1 minute, 10 seconds Please note the results and presentations are available on the exchanges. Should you need any assistance to receive them, you can 1:18 1 minute, 18 seconds write to us and we'll be happy to send them over. Today we have on the call senior management of Elgo Housing and Industries which is representated by Mr. 1:29 1 minute, 29 seconds Pankage Baj chairman and managing director Mr. Manish JSwal group CEO Mr. 1:36 1 minute, 36 seconds Rajiv Kurana group vice president accounts and taxation we will begin with the highlights of the quarter followed 1:44 1 minute, 44 seconds by Q&A now I would like to hand over the call to Mr. Pankage Bajage for his opening remarks. Morning sir. 1:53 1 minute, 53 seconds Thank good afternoon everyone and thank you for joining us today on our earnings call. So during this quarter we've seen 2:01 2 minutes, 1 second steady progress with healthy collection sustained construction momentum and continued improvement in deliveries. 2:08 2 minutes, 8 seconds There was no new launch in Q3 as the much awaited launch of Solano Garden got pushed to Q4. However, the quarter was 2:15 2 minutes, 15 seconds characterized by stable operational performance supported by consistent sustained sales and execution across projects. During the first nine months 2:24 2 minutes, 24 seconds of the year, we have already surpassed the sales bookings achieved in the entire financial year 25 both in terms of value and in area. With the launch of 2:33 2 minutes, 33 seconds Solano Gardens in Q4, we are poised to record our best year in terms of sales bookings in FY26. 2:40 2 minutes, 40 seconds Now let me take you through the key operational highlights for the quarter. 2:45 2 minutes, 45 seconds The booking value for the quarter stood at rupees 52 crores and for 9 months FY26 booking values stood at 361.2 cr up 29.1% yearonear. 2:59 2 minutes, 59 seconds Area booked during the quarter was 81,000 square ft while for 9 months the area booked stood at 5.62 62 lakh square 3:08 3 minutes, 8 seconds ft² up 30% yearonear collections for Q3 were rupees 86 crores a growth of 21%. 3:16 3 minutes, 16 seconds Collection for 9 months FY26 stood at rupes 255 crores up 43%. 3:23 3 minutes, 23 seconds We delivered 63 homes in Q3 totaling 55,000 ft up 28% yearon year and during 3:31 3 minutes, 31 seconds the 9month period delivered 254 homes totaling 2.6 6 lakh square ft up 23% year on year. 3:40 3 minutes, 40 seconds Construction spend for the quarter was 39.9 crores up 11% from last year and for the 9month period stood at 116.5 3:48 3 minutes, 48 seconds crores reflecting consistent execution across projects. 3:54 3 minutes, 54 seconds Now moving to the key updates we successfully recovered our entire invested amount in the Berili project along with interest during this quarter. 4:04 4 minutes, 4 seconds In January 26, which is after the close of Q3, we launched the first phase of Elico Solano Gardens comprising villas and plots. The project has received 4:13 4 minutes, 13 seconds strong market response with a GDB potential of rupees over rupees 1,000 kores for the overall development. The 4:20 4 minutes, 20 seconds project will be launched and completed in phases over the next five years. 4:25 4 minutes, 25 seconds During the quarter, we also added 2.05 acres of land at other locations where land aggregation is going on. We are confident of a strong launch pipeline for the coming financial year. 4:36 4 minutes, 36 seconds Two small commercial projects received approvals this quarter. Elgo City Courtyard spread over 1.68 acres with 4:43 4 minutes, 43 seconds 37,000 ft² of salable area and Elco Imperial Avenue with 25,000 ft of salable area. Both these projects will 4:52 4 minutes, 52 seconds be launched next quarter after REA approvals. Now coming to our financial performance, the consolidated total income for the quarter stood at rupes 45 5:01 5 minutes, 1 second crores. Consolidated AITA for the quarter stood at rupes 19.8 crores with an AITA margin of 43.7%. 5:09 5 minutes, 9 seconds Profit after tax for the quarter stood at rupees 13.7 crores with a pat margin of 30.2%. 5:16 5 minutes, 16 seconds Uh with this I'll hand it over back to Abhishek and open the floor for questions if there are any. 5:27 5 minutes, 27 seconds Thank you. Thank you. 5:31 5 minutes, 31 seconds We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on 5:38 5 minutes, 38 seconds their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. 5:46 5 minutes, 46 seconds Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. 5:59 5 minutes, 59 seconds We take the first question from the line of Priyam Gupta from Guardian Advisor. Please proceed. 6:06 6 minutes, 6 seconds Uh good afternoon everyone. Uh uh firstly congratulations to the whole team for for the for the exciting 6:14 6 minutes, 14 seconds quarter we had uh the last one. Uh my question is uh uh as usual Pank if you 6:21 6 minutes, 21 seconds can give a brief overview as to how is the real estate cycle looking at and specifically luck now for us. 6:32 6 minutes, 32 seconds So it's looking great. I don't see any slowdown. In fact, uh there is a the market for quality homes uh at 6:41 6 minutes, 41 seconds reasonable prices I would say is only expanding uh because of the accumulated increase in wages across board over the years and 6:50 6 minutes, 50 seconds real estate prices had not risen that much. So in spite of the recent uh rise in prices, I think it is still strong. 6:58 6 minutes, 58 seconds Specifically in Lucknau, I think uh I watched it many times earlier, it is a underpenetrated market. the overall 7:05 7 minutes, 5 seconds market size. It's a small base. So, we uh look forward to consistent and strong growth over the next many years. It's a 7:13 7 minutes, 13 seconds multi-year upcycle that Luxo is in and uh that is reflected in our every time we launch a product. It's just uh it 7:21 7 minutes, 21 seconds seems that the market is hungry. The only pitfall is that one should not overpric the product and go beyond the 7:27 7 minutes, 27 seconds affordability uh of the common man. So, with that caveat, it's a great market. 7:33 7 minutes, 33 seconds there's nothing to worry about and it is not linked to another couple of points for luck now it's not linked 7:40 7 minutes, 40 seconds to interest rates not much we have not seen much correlation it is not linked to um India US trade treaty the uh the 7:50 7 minutes, 50 seconds presence or absence of it the IT sector it's just organic demand for in the capital of the most populous state of 7:57 7 minutes, 57 seconds the country with a great infrastructure so we think it's going it's a multi-year upside cycle. 8:05 8 minutes, 5 seconds Also if you can throw some light on uh net debt situation of the company considering uh that we received uh um 8:13 8 minutes, 13 seconds the project payment of 55 crores and uh so net so net debt is actually negative or I 8:22 8 minutes, 22 seconds think our actual debt is about Rajiv is on the line he would be able to give you the actual debt my 8:29 8 minutes, 29 seconds it is 106 as of now the debt so 106 but we have cash on balance sheet of about 160 or 170 8:38 8 minutes, 38 seconds cr 178 crores yeah 180 cr so net debt is negative the only thing is the question will arise that why do you have a negative net debt 8:46 8 minutes, 46 seconds so because of the way rera is structured you are um the money which is received from customers 30% goes into free cash 8:54 8 minutes, 54 seconds flows and 70% remains stuck in that particular project account and is released proportionately with the 9:02 9 minutes, 2 seconds progress of the project and ultimately on completion of the project. So we have a lot of cash on the balance sheet which will get released soon. As of now 9:10 9 minutes, 10 seconds there's no nothing to worry about on the debt. It's less than the balance sheet that the cash that we're carrying. 9:17 9 minutes, 17 seconds My final question is if you can throw some light on uh land acquisition because that's how we're going to see 9:24 9 minutes, 24 seconds some future uh profitability. 9:29 9 minutes, 29 seconds So um I think it's slide number uh we have given it an honor slide number 13 in our investor presentation. So Solano 9:39 9 minutes, 39 seconds Gardens is anyway that's a big acquisition 55 odd acres that has got launched but it got launched in Q4. So 9:47 9 minutes, 47 seconds we have not given the numbers in this presentation. In addition to that we have about 40 odd acres in various locations which is under aggregation. We 9:55 9 minutes, 55 seconds expected to go up to 60 acres in the next couple of months. Apart from that one what we're not mentioning in the uh 10:05 10 minutes, 5 seconds in the presentation is that we have won a couple of auctions with the Lakno development authority but uh since we have not received an official 10:13 10 minutes, 13 seconds communication from them we will be disclosing that in the next presentation. So enough pipeline for the next uh year year and a half. If you remember Priyank used to face this 10:22 10 minutes, 22 seconds challenge about 3 years ago that we don't have enough pipeline. 10:26 10 minutes, 26 seconds I think that has been more or less solved. If you look at the numbers even if you keep away the fresh uh bids that 10:34 10 minutes, 34 seconds we have done even what we disclosed in the presentation that is solved. So bid is for commercial or residential. 10:42 10 minutes, 42 seconds No resi resi residential I would rather not answer. 10:47 10 minutes, 47 seconds So let me come back with the clarity on in the next presentation because we don't have anything in writing at the moment. We just have the highest bid. 10:55 10 minutes, 55 seconds So my best wishes for the company and specifically Alchano Gardens. Thank you so much. Thank you. 11:04 11 minutes, 4 seconds Thank you. 11:06 11 minutes, 6 seconds We take the next question from the line of Karan Gupta from Kavi Capital. Please proceed. 11:13 11 minutes, 13 seconds Yes. Thank you and uh congratulations on the launch and also good to see uh you know good profit margins that are 11:20 11 minutes, 20 seconds getting recognized this quarter. Just a couple of questions now. You know the balance sheet is looking good. You've received you know some cash also. So can 11:29 11 minutes, 29 seconds you tell us a little bit about this related party loan? How long do you expect to you know have that outstanding especially since you've also taken an 11:38 11 minutes, 38 seconds enabling provision for a loan from Pyram? 11:42 11 minutes, 42 seconds No, no. I already said in my comments the related party transaction has been unbound. The money has been received back. 11:50 11 minutes, 50 seconds Uh this was the beri transaction that Yeah. Yeah. Yeah. So bi transaction I said in my uh my comments that the money 11:57 11 minutes, 57 seconds has been received back and the related had it was a equity with a minimum guarantee and if you remember that u 12:06 12 minutes, 6 seconds that project faced some troubles. So uh the related party which is unlisted company it honored its minimum guarantee commitment and returned the money back with whatever the minimum guarantee was. 12:18 12 minutes, 18 seconds So it has been a profitable transaction for the company the money is back and as far as the pyramal loan is concerned 12:25 12 minutes, 25 seconds that's a cash flow issue because as I explained to Priyank earlier the money which is with the company is stuck in various rare accounts. It's a common uh 12:33 12 minutes, 33 seconds working capital management problem that many real estate companies face these days. 12:38 12 minutes, 38 seconds So uh to um bridge for the period that that uh amount stuck in their accounts becomes unblocked we have taken a loan 12:47 12 minutes, 47 seconds from Pyram which has been invested in the for the acquisition of Trinity project right no uh I remember there was an 12:56 12 minutes, 56 seconds interparty loan that uh you know our company had taken and then it was in turn lent to the related parties so I 13:03 13 minutes, 3 seconds was talking about transaction so that is over that was for the berili Great. Okay. Okay. Okay. 13:11 13 minutes, 11 seconds All right. And then uh next was you know Q3 bookings seem a little lower than the last quarter. I know we were uh you know 13:18 13 minutes, 18 seconds relying on the Solano Garden launch but that got pushed in by one quarter but how about the existing projects? Uh what do you see movement like over there? 13:27 13 minutes, 27 seconds So that they had sustained sales. We didn't have a lot to sell there and but I'm happy to report that uh in spite of 13:34 13 minutes, 34 seconds the poor sales two things uh I would not say poor sales but less than expected sales one already in the first nine 13:43 13 minutes, 43 seconds months we have more than covered what we sold in the entire year last year so our uh run rate is much higher now as a 13:50 13 minutes, 50 seconds company uh if you would have noticed we used to do about 150 crores annually till about 4 years ago that run rate is 13:59 13 minutes, 59 seconds closer to last year we reached 350 Kores and this year we've already crossed 350 Kores in the first 9 months on top of 14:07 14 minutes, 7 seconds that we had this blockbuster launch of Solano garden in Q4 which I've already uh mentioned uh in passing in my opening 14:15 14 minutes, 15 seconds comment so uh year this whole year is a phenomenal year in for the company in terms of uh value of bookings and area 14:23 14 minutes, 23 seconds of bookings okay great so for Trinity and Skywalk. 14:31 14 minutes, 31 seconds What is the expected remaining period to completion for them for you to you know basically sell all of these and hand them over? 14:39 14 minutes, 39 seconds So now there uh so basically we look at projects sales in terms of two phases. 14:45 14 minutes, 45 seconds One is the launch phase and the second is the sustenance phase. Launch the both the projects have seen their launches. 14:52 14 minutes, 52 seconds They've sold about 30 40% of the inventory in their launch period. Now the sustenance period is the year uh 14:59 14 minutes, 59 seconds period to completion which in both the cases about 3 years three three and a half years balance 60% inventory will sell gradually over this period. 15:10 15 minutes, 10 seconds All right and that's all I had. Thank you. Thanks. Thank you. 15:18 15 minutes, 18 seconds We take the next question from the line of Git Singh from Counter Cyclical. Please proceed. Hi sir. Thank you for the opportunity. 15:26 15 minutes, 26 seconds So firstly I would like to understand uh in which quarters would revenues from Imperia phase 2 majorly flow in and uh 15:36 15 minutes, 36 seconds and 230 roles have already been collected from the sale if I'm not wrong. Is that correct? 15:43 15 minutes, 43 seconds Yeah. What's the question there? 15:47 15 minutes, 47 seconds So I mean when it will get uh when will it get recognized? Is that the question? 15:52 15 minutes, 52 seconds Correct. Correct. Yes. Yes. I'll let my colleague Rajiv G take that question. Rajiv G, can you take that? Yeah. Yeah. 15:59 15 minutes, 59 seconds Yeah. Uh Mr. Kit, uh we basically started being positioned and delivered in Imperia phase 2. So in this quarter 16:08 16 minutes, 8 seconds almost 38 good out of this 45 we've already booked in this quarter and um and the next quarter also will book 16:17 16 minutes, 17 seconds almost uh on the same range and uh by next year it will be almost closer to 80% will be booked. 16:27 16 minutes, 27 seconds So this 235 will be booked in over the next four or five quarters is what you're saying. Okay we definitely going for the 299 cr. 16:35 16 minutes, 35 seconds Yeah. 219 over the next four quarters. Yeah. Yeah. 16:41 16 minutes, 41 seconds Next roughly four to five. 16:47 16 minutes, 47 seconds So uh I want to understand apart from the phase two uh what is the unsold inventory of completed projects with us 16:57 16 minutes, 57 seconds even in the that is given in the presentation itself. If you see that it is almost 53,000 in the phase 2 17:07 17 minutes, 7 seconds apart from the phase 2 I mean what is the value of unsold inventory of completed projects value is subjective thing but I can give 17:15 17 minutes, 15 seconds you we have given the area and no I I believe it's about I believe it's about 50 odd kores 17:23 17 minutes, 23 seconds all right all right sir thank you very much uh uh congratulations on a great numbers and wish you all the best. That's all from my side. Thanks. 17:32 17 minutes, 32 seconds Thank you. Thank you. 17:37 17 minutes, 37 seconds I take the next question from the line of Advita Kumar from SB Investment. Please proceed. 17:45 17 minutes, 45 seconds Hi sir, good evening and congratulations on good set of numbers. Um sir, I have a couple of questions. uh just so uh let's 17:54 17 minutes, 54 seconds let's say on the Solana guard uh Solano gardens we are having approximately 1,000 cr of GDV potential um can you 18:03 18 minutes, 3 seconds share the you know FI26 FI28 launch road map and uh how much of this GDV you expect to monetize annually 18:12 18 minutes, 12 seconds well I wish you had not asked that question but since you have asked it we've already uh launched the project and I think about 350 kores has already 18:21 18 minutes, 21 seconds been booked So I was hoping that I would uh declare it officially but we this is expression 18:28 18 minutes, 28 seconds of interest officially I'll be able to declare this data next quarter when we this all gets converted into a lotments 18:35 18 minutes, 35 seconds and then uh subsequent phases we will uh come up with some group housing and stuff which will happen later this year. 18:43 18 minutes, 43 seconds So the first phase uh we have done a blockbuster launch and um but that is more in terms of EOI expression of 18:52 18 minutes, 52 seconds interest a lotments will happen soon and then maybe I'll have more clarity and granularity on this in the next presentation. 19:00 19 minutes Understood. Understood. And uh my second question is on the booking basically. So we have surpassed FI25 booking levels in 19:07 19 minutes, 7 seconds 925 26. Uh how sustainable is this growth and uh as you know what booking 19:15 19 minutes, 15 seconds value are you targeting for the next two years? Any any ballpark figure if you can give? 19:21 19 minutes, 21 seconds Difficult to uh say that it depends on when the launches happen. But uh the best way to study that is the future launch pipeline 19:29 19 minutes, 29 seconds and we already have three projects in future launches. We have unsold inventory in Solano and we have two more 19:36 19 minutes, 36 seconds projects which we'll declare uh officially in the next presentation. So there's enough launch pipeline. 19:44 19 minutes, 44 seconds Hopefully this November should become the new normal. 19:47 19 minutes, 47 seconds Fingers crossed. That's we like we're trying to establish a new normal for the company now. 19:55 19 minutes, 55 seconds Right. Right. Understood. Understood. 19:57 19 minutes, 57 seconds All right. I think that's all I wanted to know from you. Thank you. Thank you so much, sir. And all the best for your next photo. 20:06 20 minutes, 6 seconds Thank you. Before we proceed with the next question, a reminder to the participants. In order to ask a 20:13 20 minutes, 13 seconds question, you may press star and one on your touchstone telephone. We take the next question from the line of suas. An individual investor, please proceed. 20:27 20 minutes, 27 seconds Hi, thanks for the opportunity. Um, a couple of questions. Uh, first is what is the pricing and margins on Elico 20:36 20 minutes, 36 seconds Solana that we expect? Um I'm asking on the pricing because I it felt like the value of the project should be much more 20:43 20 minutes, 43 seconds than 1,000 crores and if you can also tell us what is the margins that we expect versus other projects uh that we had in the pipeline. 20:52 20 minutes, 52 seconds So the projects consist of two main parts. One is the horizontal development which is plots and villas. Another part 21:00 21 minutes is group housing which is basically multi-story apartments. 21:04 21 minutes, 4 seconds And uh the pricing is similar per square foot plots and villas about uh 6,000 21:11 21 minutes, 11 seconds rupees a square foot for uh plots and even multi-story apartments whenever we launch we are not going to launch them in the first phase of the project. It will be a similar price. 21:22 21 minutes, 22 seconds So yes it could go higher. What is the the syllable area we shown there? 21:30 21 minutes, 30 seconds 30 lakh square. 21:31 21 minutes, 31 seconds Yeah. So it's uh it could go higher uh but uh right now it's a conservative estimate. 21:39 21 minutes, 39 seconds Understood. And the margins that you expect sir margins are cons has been consistent. It's the it's a similar margin profile. 21:46 21 minutes, 46 seconds Plus is a higher margin product and group housing is a lower margin product. 21:51 21 minutes, 51 seconds Uh blended is the same margin profile that we are continuing. We are Yeah. 22:01 22 minutes, 1 second Thank you. And uh just uh uh one is uh the impact of the really recovery. It's how is it shown in financials? I was 22:08 22 minutes, 8 seconds just trying to um you know understand Rajiv G please can you take that? 22:14 22 minutes, 14 seconds Yeah. Yeah. See basically has given given as a loan to our another company. 22:20 22 minutes, 20 seconds So we got it back. The loan has uh repaid. So there's no we got it as a cash in our books as of now. 22:28 22 minutes, 28 seconds So it will be other income right? But it is already to the uh other income as well as the payment principal is repaid the 22:36 22 minutes, 36 seconds principal but uh that that just for clarity we've already recognized that in the past. 22:41 22 minutes, 41 seconds Yeah. Yeah. Interest is basically accured on a regular basis as a period we have already recognized. So it will not really reflect a lot in the Yeah. 22:49 22 minutes, 49 seconds Uh it is not a capital gain kind of a thing. Yeah. 22:52 22 minutes, 52 seconds No no he's saying that will it show in your uh profits uh this quarter? I'm saying no. You would have already recognized that income right? Yeah. 23:00 23 minutes Yeah. Interest is basically proportionally on a quarter to quarter basis. Yes. On approval basis. 23:08 23 minutes, 8 seconds Understood. Uh just a quick uh additional question if you may allow which is this 110 K loan. What is the 23:15 23 minutes, 15 seconds end use? Is it to uh refinance existing loan or um fund new business development activities? 23:23 23 minutes, 23 seconds It's a combination of land acquisition and uh construction finance. 23:31 23 minutes, 31 seconds Okay, thank you. Thank you for the opportunity. Thank you. 23:38 23 minutes, 38 seconds We take the next question from the line of Dunit Kapoor from Investor Investments. Please proceed. 23:45 23 minutes, 45 seconds Yeah. Uh hi. Uh congratulations on the earlier quarter. So uh I had a question on this uh what is the launch pipeline 23:54 23 minutes, 54 seconds looking like uh for FY27 and onwards because I believe like uh as for market information your plots at Solano Garden 24:02 24 minutes, 2 seconds already been sold out 24:10 24 minutes, 10 seconds [laughter] 24:12 24 minutes, 12 seconds no so we had a good response in Solano and uh we have indicated some um put 24:22 24 minutes, 22 seconds your Solano. So we are probably done 30 40% of that. So there's a lot of uh balance inventory to get launched in 24:29 24 minutes, 29 seconds Solano. Plus uh if you look at our presentation there's a section on future projects. 24:36 24 minutes, 36 seconds So uh if you look at that there's enough uh detail there and there's also projects which where we are not disclosing the location but land 24:43 24 minutes, 43 seconds aggregation is going on. I think we have in total we have disclosed uh six projects other than uh Solano 24:51 24 minutes, 51 seconds gardens and in detail as to how much area there is. So that's the best we can disclose at this moment. 24:59 24 minutes, 59 seconds And apart from that there's unsold inventory in ongoing projects which is also given in detail in slide number 12 I think. Yeah 12. 25:07 25 minutes, 7 seconds Yeah. And uh so do do we expect to maintain a like the like this year I expect that we will cross 500 cr of 25:14 25 minutes, 14 seconds booking value. So do we expect to rem maintain the tempo or like how is it like next year? 25:20 25 minutes, 20 seconds Yeah that's uh what we're trying that as I said in response to one of the earlier question that we want this to be our new normal. Obviously a lot depends on how 25:28 25 minutes, 28 seconds quickly we get our uh approvals and we get the launches but the launch pipeline is looking good. Hopefully we get approvals on time and we keep the market 25:37 25 minutes, 37 seconds also. I have a view on Luckno and we're going deep into this. We feel that it's an underpenetrated market. If all these things play out then uh yes, this will 25:45 25 minutes, 45 seconds be the new normal or we could even do better than this. 25:49 25 minutes, 49 seconds Okay. And your show for LD was supposed to be ready which was supposed to drive the sales like so is it ready as such? 25:59 25 minutes, 59 seconds So it will take I'm told it will take another month and a half and that's when we start driving sales again. 26:07 26 minutes, 7 seconds Okay. And uh lastly like uh the penetration of commercial in Lucknau is quite less. So do in terms of our existing land parcel do we plan to 26:16 26 minutes, 16 seconds increase the exposure to commercial from our existing land? We keep evaluating but in our launch pipeline there's nothing big uh in the commercial segment 26:24 26 minutes, 24 seconds at the moment and uh but we will keep evaluating it opportunistically if uh because we are one of the bigger uh 26:32 26 minutes, 32 seconds players in lacro we look at all asset classes. 26:36 26 minutes, 36 seconds Okay. And uh lastly was that uh your transaction with your holding company has been squared off that loan of 50 crores. 26:44 26 minutes, 44 seconds Yes I already answered that it has the money has come back in its entirety. 26:49 26 minutes, 49 seconds Okay. And uh now given the IPO of your parent company coming up. So the do we will we plan a merger in the near term 26:58 26 minutes, 58 seconds or are we looking at like keeping it separate entities? 27:01 27 minutes, 1 second Just a clarification the unlisted company is not the parent company or the listed company. They are two separate companies. 27:07 27 minutes, 7 seconds No I'm aware of that like your group company I'm talking about. 27:10 27 minutes, 10 seconds Ah I'm going to use the word the parent company. So I thought I'll clarify that. So but what was the question? 27:16 27 minutes, 16 seconds Your group company IPO is coming up. So do you plan to keep it as a separate entity or like plan a merger in the near term like in a year? 27:23 27 minutes, 23 seconds No, that's for the respective boards to decide. I don't think I'm at liberty to uh speak about that. So the respective boards will evaluate uh whether it is worth evaluating. So I can't comment. 27:36 27 minutes, 36 seconds Okay. Thank you. All the best for the mut. Thank you. Thank you. 27:42 27 minutes, 42 seconds Before we proceed with the next question, a reminder to the participants in order to ask a question, you may 27:49 27 minutes, 49 seconds press star and one on your touchstone telephone. We take the next question from the line of Sha Jane from Malaw Malotra family office. Please proceed. 28:01 28 minutes, 1 second Hi sir, good evening. Hi Shana. 28:05 28 minutes, 5 seconds Yeah. Could you please provide a ballpark estimate of the GVE for the entire upcoming project pipeline including any currently undisclosed land 28:15 28 minutes, 15 seconds parcels and how this is likely to evolve over the medium term. 28:21 28 minutes, 21 seconds So if uh if you open um slide number 13 so we have forthcoming projects we have two sections one is forthcoming projects 28:30 28 minutes, 30 seconds and there's a section on land bank for forthcoming projects under planning. Mhm. 28:34 28 minutes, 34 seconds So forthcoming projects we have disclosed four projects there. One is Eligo city residential, Solano Gardens, 28:40 28 minutes, 40 seconds city courtyard and Imperia Avenue. Now these are projects where the plans are either under approval or approved. The 28:48 28 minutes, 48 seconds current status also given. So we are pretty clear as to what the what is the product we are going to make here. So one can estimate given that the sellable 28:56 28 minutes, 56 seconds area is also written. We have also disclosed to you uh what our average visualization per uh square ft is. So it's a simple arithmetical calculation. 29:06 29 minutes, 6 seconds You can do it yourself. We have been averaging about 66 and a half,000 rupees per square foot of late. And the sellable area for these projects is 29:15 29 minutes, 15 seconds about 24 lakh square. You can do the calculation yourself. Now for the land bank for forthcoming projects, it's a premature question because we have not 29:23 29 minutes, 23 seconds designed the project yet. These are just lands. So I would not like to put a number on the GDV and ultimately uh that 29:31 29 minutes, 31 seconds will become uh clear uh once we plan and get the approvals. So as soon as a project uh gets approvals we take it to 29:41 29 minutes, 41 seconds the forthcoming projects uh section and then when it gets launched we take it in the ongoing project section. Apart from 29:48 29 minutes, 48 seconds the these two categories of projects there's a third category which is ongoing projects there al and that's I think is slide number 11. 12 29:57 29 minutes, 57 seconds 12 and uh there also there is we have disclosed project wise what is the total salailable area and how much is booked 30:04 30 minutes, 4 seconds and how much is available for sale. So you can also get project wise unsold area and you can derive your GDV number from there. Are you with me on slide number 12? Can you if you can see that? 30:15 30 minutes, 15 seconds So just look at slide slides number 12 and 13. Check it and get back. 30:18 30 minutes, 18 seconds Yeah. Yeah. So 12 and 13 have this detail. 30:21 30 minutes, 21 seconds Okay. Done. Sure sir. So just one more last question. uh while average realizations have remained relatively 30:29 30 minutes, 29 seconds stable. So do you see pricing headroom in Lacnau market? uh not on the plot side that's uh in fact the pricing uh if 30:38 30 minutes, 38 seconds again this is slide number 10 10 so it has not been stable FY20 was 3500 rupees it's been going up every 30:47 30 minutes, 47 seconds year then it was 3700 by FY23 it was 4500 rupees a square foot FY4 was 5,000 30:55 30 minutes, 55 seconds and uh this year we are averaging about 6 a half,000 so it's a very um significant CAGR year on year. So I do 31:05 31 minutes, 5 seconds not foresee it to be continuing like this forever. It doesn't make sense. It will stabilize at some point. Now as of 31:12 31 minutes, 12 seconds now the market uh likes the is okay with these kind of prices. It's not in the danger territory at all. So this is a 31:19 31 minutes, 19 seconds fine pricing. I don't know I can't comment whether in your model whether you can assume this kind of CAGF for the next 10 years. I would suggest you don't 31:28 31 minutes, 28 seconds do not because that would be a bit of a negressive assumption. Yeah, sure. So, thank you so much. 31:36 31 minutes, 36 seconds That's it from my side. Thank you. Thank you. 31:41 31 minutes, 41 seconds We take the next question from the line of Anjali Singh from Bansil family office. Please proceed. 31:49 31 minutes, 49 seconds Thank you so much. Um so, so my question is margin expanded sharply in Q3. So, was this driven by project mix and what 31:57 31 minutes, 57 seconds is the sustainable margin range we can expect going forward? 32:03 32 minutes, 3 seconds I missed you there a bit. Can you repeat the question? 32:06 32 minutes, 6 seconds Uh so so AITA margin is expanded sharply in this quarter. So what was this driven by project mix and what is the 32:15 32 minutes, 15 seconds sustainable margin range we can expect going forward? 32:20 32 minutes, 20 seconds So I have answered this question many times earlier. Earlier our aida margins used to be about 45 50%, but that was 32:27 32 minutes, 27 seconds primarily because of the monetization of our historical land banks. Even this called uh it went to a lower trajectory 32:35 32 minutes, 35 seconds because of the change in product mix. We had some economically because section LIG kind of projects getting recognized. 32:42 32 minutes, 42 seconds Uh now uh Imperia phase 2 is a high margin project. So in the next year I think the AITA margin which will get uh 32:50 32 minutes, 50 seconds recognized will be of a much higher order but generally about 30% is what would be 30 to 35% would be a fair 32:58 32 minutes, 58 seconds assumption on a uh blended basis over many years coming year I think it will be a little higher Rajiv G do you think 33:06 33 minutes, 6 seconds that's right to say yeah it is in the range of 30%. Yeah. Yeah. On a stable basis. 33:12 33 minutes, 12 seconds Yeah. So that on a stable basis 30% is a fair assumption. Okay. Okay. That's all from my side. 33:19 33 minutes, 19 seconds Thank you and all the best. Thank you. 33:25 33 minutes, 25 seconds We take the next question from the line of Isa Sha and individual investor. Please proceed. 33:34 33 minutes, 34 seconds Uh hello sir. Congratulations for a good set of numbers. uh with the upcoming launch of Elco City Courtyard and 33:40 33 minutes, 40 seconds Emperia Avenue commercial uh how do you see the commercial portfolio scaling over the next three to five years? 33:48 33 minutes, 48 seconds Uh not a lot. So uh if you look at the again look at that slide both these projects are not very big. In fact they 33:56 33 minutes, 56 seconds constitute less than 10% of our total area under development. Our uh predominantly our portfolio still residential at the moment. 34:07 34 minutes, 7 seconds And sir, what margin profile do you expect from commercial projects versus residential? 34:12 34 minutes, 12 seconds It's not material. No, it's less than 10%. Yeah, obviously commercial these kind of small commercial projects have a higher AITA margin, but it's not does 34:20 34 minutes, 20 seconds not move the needle a lot at the company level. Okay. So, thank you so much. Yes. 34:30 34 minutes, 30 seconds Thank you. 34:32 34 minutes, 32 seconds Participants in order to ask a question you may press star and one on your touchstone telephone. 34:45 34 minutes, 45 seconds A reminder to the participants in order to ask a question you may press star and one on your touchstone telephone. 35:01 35 minutes, 1 second As there are no further questions from the participants, I would now like to hand the conference over to the management for closing comments. 35:09 35 minutes, 9 seconds Well, thank you for your interest and your support, ladies and gentlemen. 35:13 35 minutes, 13 seconds Hopefully, we'll have even better news to share 3 months from now in the next phone call. Thank you. 35:22 35 minutes, 22 seconds Thank you on behalf of Eldo Housing Limited. That concludes this conference. 35:28 35 minutes, 28 seconds Thank you for joining us and you may now disconnect your