GANESH HOUSING LIMITED — Q2 FY26

Ganesh Housing Ltd Q2 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=jsLLlw8hjD0 Published: 6 months ago

0:00 Ladies and gentlemen, good day and welcome to the Benes Housing Limited Q2 FY26 earnings conference call. As a 0:08 8 seconds reminder, all participant lines will be in the listenon mode and there will be an opportunity for you to ask questions after the presentation concludes. Should 0:16 16 seconds you need assistance during this conference call, please signal an operator by pressing star then zero on your restaurant phone. I now hand the 0:24 24 seconds conference over to Mr. Rajat Gupta from Go India Advisors. Thank you and over to you sir. 0:30 30 seconds Yeah, thank you Huda. Good afternoon everyone and welcome to Ganesh Housing Limited earnings call to discuss the Q FY26 results. We have on the call with 0:39 39 seconds us today Mr. Rajendra Sha, chief financial officer, Mr. Nirj Kalawatya, Vice President Finance and Mr. Bavi, corporate and financial adviser. 0:49 49 seconds We must remind you that the discussion on today's call may include certain forward-looking statements and must be therefore viewed in conjunction with the risk that the company faces. 0:59 59 seconds I now request Mr. B. Rai to take us through the company's business outlook and financial highlights. Subsequent to which we'll open the floor for Q&A. 1:06 1 minute, 6 seconds Thank you and over to you sir. 1:08 1 minute, 8 seconds Thank you Rajat. Good morning Raj. Noon everyone and a warm welcome to all of 1:14 1 minute, 14 seconds you to this Q2 FI26 earnings call. Thank you for taking time out to join us and 1:22 1 minute, 22 seconds and for of your continued interest in Ganesh Housing Limited. Q2 FI26 has shown a beginning of a renewed momentum 1:31 1 minute, 31 seconds both for the company and for the broader Ahmedabad real estate market. After a relatively measured start to the 1:39 1 minute, 39 seconds financial year, we have seen an improvement in demand and improved buyer confidence from August 25 onwards. This 1:47 1 minute, 47 seconds inflection aligns well with what we have guided in our last call that sentiment and sales velocity would improve 1:55 1 minute, 55 seconds meaningfully in the second half of the calendar year. 1:59 1 minute, 59 seconds And this can be also seen from the Q on Q that is quarter 1 to quarter 2 improved numbers. 2:07 2 minutes, 7 seconds Before I start the discussion of earnings call today, I would like to take time to share a couple of important corporate updates. 2:15 2 minutes, 15 seconds First, our company has formally transitioned from Ganesh Housing Corporation Limited to Ganesh Housing 2:23 2 minutes, 23 seconds Limited, reflecting a refreshed identity and our continued legacy of trust, 2:30 2 minutes, 30 seconds transparency, and excellence. The new name aligns with our simplified brand architecture and forward-looking vision as we scale new growth opportunities. 2:42 2 minutes, 42 seconds The second is that the board has approved a scheme of amalgamation of a wholly owned subsidiary Gatil with 2:51 2 minutes, 51 seconds Ganesh Housing Limited. The amalgamation will simplify the corporate structure by eliminating a wholly owned subsidiary 2:58 2 minutes, 58 seconds and consolidating its business assets and liabilities directly into the holding company resulting in streamlined 3:07 3 minutes, 7 seconds governance, enhanced transparency and a unified management structure all enabling more effective strategic control. 3:18 3 minutes, 18 seconds The amalgamation also enables us to consolidate the operational capabilities, expertise and resources of 3:26 3 minutes, 26 seconds the transferal company and the transferring company which will provide impetus growth, enhanced synergies and focused management control. 3:36 3 minutes, 36 seconds The consolidation of assets, capital, resources and elimination of intercomplete transactions will strengthen the balance sheet and capital 3:45 3 minutes, 45 seconds base of the transferring company. The merged entity will have improved financial flexibility, enhanced 3:53 3 minutes, 53 seconds borrowing capabilities and better leveraging of assets. 3:58 3 minutes, 58 seconds Along with that, very importantly, it will also eliminate the holding company discount in valuations which is normally 4:06 4 minutes, 6 seconds thereby providing an opportunity for long-term capital appreciation of assets. Now on 4:13 4 minutes, 13 seconds to the updates. First of course the uh real estate updates. 4:18 4 minutes, 18 seconds Ahmedabad today stands out as India's most affordable high- growth real estate market with an EMI to income ratio of 4:26 4 minutes, 26 seconds just about 18%. The city remains deeply affordable compared to other metros 4:34 4 minutes, 34 seconds which while offering highquality infrastructure, connectivity and a strong employment base. 4:42 4 minutes, 42 seconds The city's selection as a host venue for the 2030 Commonwealth Games is just a formality to be completed in that 4:50 4 minutes, 50 seconds coupled with a major infrastructure upgrade such as metro phase 2 and the gift city expansion has triggered a strong investment cycle. 5:00 5 minutes Property values are now expected to appreciate by about 10 to 15% annually driven by genuine enduser demand, investor inflows and corporate leasing. 5:12 5 minutes, 12 seconds Importantly, Ahmedabad has recently been ranked as [clears throat] India's cleanest large city under the Swatch 5:19 5 minutes, 19 seconds surve 202425 initiative. This recognition is more than symbolic as it reflects the city's 5:29 5 minutes, 29 seconds significant strides in urban governance, sanitation, infrastructure, and quality of life. 5:37 5 minutes, 37 seconds For real estate, this translates into higher livable livability scores, stronger migration inflows and greater 5:45 5 minutes, 45 seconds investor confidence, especially among professionals and families seeking long-term residence or second home 5:52 5 minutes, 52 seconds opportunities. Additionally, Ahmedabad now accounts for nearly 42% of Gujarat's total real estate investments 6:01 6 minutes, 1 second and continues to rank among India's fastest growing and most livable urban centers. 6:08 6 minutes, 8 seconds Coming to individual product project updates and operational highlights, Malawa Retreat which is a premium residential project as you know 6:16 6 minutes, 16 seconds continues to move steadily towards completion. Construction is ahead of schedule and has well crossed the halfway mark. We are now seen renewed 6:25 6 minutes, 25 seconds traction in this and have seen almost 35 to 40% of the bookings either done or under active consideration. 6:35 6 minutes, 35 seconds We expect stronger conversion through S2 as the structure gets more completed. 6:40 6 minutes, 40 seconds The visibility increases and the buyer confidence rises. 6:45 6 minutes, 45 seconds In the million mile IT SEZ phase one, the quarter has seen a steady progress 6:52 6 minutes, 52 seconds in in this project which is our flagship commercial development undergoing about 50% of the leases area has already has 7:02 7 minutes, 2 seconds loss and the balanced leases are under active consideration. This is expected to be completed by Q4 of FI26. 7:10 7 minutes, 10 seconds The interest from global capability centers, hybrid workspace providers and leading technology firms continues. 7:18 7 minutes, 18 seconds As mentioned earlier, we have actually breakout was to start and we have started that in Q3 FI26. This will pave 7:25 7 minutes, 25 seconds the way for lease rentals to commence by latest by Q1 of FI27. 7:32 7 minutes, 32 seconds We are operationally ready. 7:36 7 minutes, 36 seconds The project as you know is designed as an ESG certified platinum development featuring sustainable architecture and 7:44 7 minutes, 44 seconds energy [clears throat] efficient infrastructure. Once operational million miles will anchor Andhabad's emergence 7:51 7 minutes, 51 seconds as a technology and services hub and serve as a key annuity income driver for Ganesh housing. 8:00 8 minutes Looking to the buoyancy we are likely to start phase two very soon. 8:06 8 minutes, 6 seconds In the 191 commercial development, the entire uh planning and approvals are in the final stages and construction is set to commence shortly in H2 FI26. 8:19 8 minutes, 19 seconds As you know, it's located in Ahmedabad's emerging central business corridor. This project is designed as an institutional grade office and retail hub with a 8:28 8 minutes, 28 seconds potential lifetime revenue of 2100 crores. It will be our flagship commercial development of the over the next three four years. 8:37 8 minutes, 37 seconds The Godavi area cluster development which is approximately as you know measures around 450 acres is going on 8:45 8 minutes, 45 seconds well. This continues to be our anchor land monetization engine. We had earlier announced if you recolct that in phase 8:53 8 minutes, 53 seconds one it consists of 50 acres which you will be monetizing. We are pleased to say that of those sale of 33 acres that 9:03 9 minutes, 3 seconds is about 66% has been completed. The average realizations also in all these transaction have been stronger than what we had estimated. 9:13 9 minutes, 13 seconds This is due to the various developments in other in that area. The other phases as always mentioned would be developed 9:21 9 minutes, 21 seconds after the current developments in the area crystallize more and the requirements are frozen. With over 418 9:29 9 minutes, 29 seconds acres still available provides multi-year visibility for plotted residential and mixed use development. 9:39 9 minutes, 39 seconds Our other land bank uh continues. We still have about approximately about 524 acres diversified not only across Ghavi 9:48 9 minutes, 48 seconds but million miles SCZ Kate and Banaba retreat corridors. 9:53 9 minutes, 53 seconds We also have initiated discussions for select new parcels in growth micro markets ensuring that we stay future 10:00 10 minutes ready as the city expands westward and towards key infrastructure nodes. 10:06 10 minutes, 6 seconds Now coming to the financial highlights during the quarter. As we had discussed in our last call, the first half of FI26 was expected to be somewhat muted as 10:15 10 minutes, 15 seconds project execution and leasing activity ramp up throughout the year. We are told that there is a pick up in demand. Hence 10:22 10 minutes, 22 seconds the Q on Q that is Q1 to Q2 results of this FI26 have shown the improvements 10:29 10 minutes, 29 seconds with the revenue in Q2 being 174 crores which is a Q1 to Q2 growth of 10:37 10 minutes, 37 seconds about 15%. The IITA margins remain strong and stable at around 85% underscoring the continued strength of a 10:45 10 minutes, 45 seconds business and the IITA grew by 16% quarteron quarter to 148 crores. The PAT 10:54 10 minutes, 54 seconds margins expanded by 40 basis points sequentially with PAT at 108 crores as compared to 93 crores in Q1 FI26. 11:05 11 minutes, 5 seconds Now yearon-year numbers have been lower by about 30% as FI25 was an exceptional year and the real estate stayed neutral 11:14 11 minutes, 14 seconds for almost 9 months of this calendar year which is a reflection of slow uptake of 11:21 11 minutes, 21 seconds land deals in recent times. Overall the profitability metrics remain robust and we are well positioned for a stronger performance in the second half of the 11:30 11 minutes, 30 seconds year. Our balance sheet also continues to remain very strong. 11:36 11 minutes, 36 seconds Looking to the current position, we would like to mention that the guidance given of 25 to 30% year-on-year growth 11:43 11 minutes, 43 seconds in PAT does not look possible at this point in time. We trust we may be able to maintain the last year's numbers. The 11:50 11 minutes, 50 seconds final picture, however, and the final guidance, however, would emerge in Q3 and we shall get back to you on that. On 11:58 11 minutes, 58 seconds the other hand, the land bank reserves and the valuation of those land bank reserves continued to be very strong and upward looking. 12:07 12 minutes, 7 seconds As we had mentioned in the last year earnings call, our strategic priorities remain consistent and uh uh this year also we have shifted from planning to execution. 12:17 12 minutes, 17 seconds Each of the focus areas continues to send in the foundation of the next phase of growth. As you know, our focus areas 12:25 12 minutes, 25 seconds are execution excellence, revenue diversification, capital efficiency, and citywide alignment. 12:35 12 minutes, 35 seconds Thank you once again for the time and we can now open the floor for Q&A. Thank you. 12:42 12 minutes, 42 seconds Thank you very much. We will now begin with the question and answer session. 12:45 12 minutes, 45 seconds Anyone who wishes to ask a question may press star N1 on the touchstone telephone. If you wish to remove yourself from the question queue, you 12:53 12 minutes, 53 seconds may press star N2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question Q assembles. 13:04 13 minutes, 4 seconds The first question is from the line of Siddhes from Ambit Capital. Please go ahead. 13:09 13 minutes, 9 seconds [clears throat] 13:10 13 minutes, 10 seconds Hi, am I audible? Yes, you are. 13:14 13 minutes, 14 seconds Hi, thank you for the opportunity and a few questions from my side. So have any new land parcels under negoti negotiation in Q2 been finalized? 13:25 13 minutes, 25 seconds Yes, in your Q2 also the the million the you know the gojavi land as you know we have been monetizing that as as per our 13:33 13 minutes, 33 seconds plan. So 100% of the revenue comes from that. Yes, we have monetized about 12 acres. And what is the average 13:40 13 minutes, 40 seconds cost of this acquisitions relative to your legacy land bank? And you're talking about a new land bank acquisition? 13:48 13 minutes, 48 seconds Yeah. 13:50 13 minutes, 50 seconds Uh we will be we won't be able to tell you the real the actual value at this point in time. But it is uh uh in such 13:57 13 minutes, 57 seconds growth areas wherein uh we we see future potential. That's how I can say once we have completed a transaction uh all the 14:05 14 minutes, 5 seconds transaction we can come back to with the actual average acquisition cost understood and uh so the timelines for 14:14 14 minutes, 14 seconds our planned projects have been consistently extended since we first announced them so by almost a couple of years and 14:22 14 minutes, 22 seconds additionally our earlier cash flow expectations have also been reversed downward. So just wanted to understand the status of this planned projects in 14:29 14 minutes, 29 seconds more detail since we are not been aggressive with project launches. Can we expect this project to now progress in a 14:36 14 minutes, 36 seconds more tiny manner or in a previous Well taken uh I would uh I would like to 14:44 14 minutes, 44 seconds make a small correction. Uh not all the extended you know all the planned projects have been extended. actually of 14:52 14 minutes, 52 seconds the plan project two of them whether it is a retreat or is SZ have been on stream and actually before they'll be 15:00 15 minutes also completed beforehand the only and also the Ghabi what we had talked about phase one 50 acres that's been absolutely on stream and we have been 15:09 15 minutes, 9 seconds monetizing that and that's 33 acres already been done as I told so even those that has been exactly on time on 15:16 15 minutes, 16 seconds time the only thing which has really been extended I can say is the 191 saltage commercial project wherein I 15:25 15 minutes, 25 seconds think the uh it's all for the good because the the kind of a the traction which is now being seen in the commercial space has really risen in the 15:34 15 minutes, 34 seconds last 6 8 months the plan approvals and those things have taken slightly longer than uh such but as we speak all almost 15:44 15 minutes, 44 seconds all that is quite under control so yes that's that has been a delay of about 6 months in terms of execution But now we 15:51 15 minutes, 51 seconds are more confident about that. the the other one which we had announced was phase two of SEZ that is million minds 15:58 15 minutes, 58 seconds and we had said that you know the moment we seen 80% of the leases that's when we'll start the phase two and we had 16:07 16 minutes, 7 seconds actually completed this project well ahead of schedule and therefore if you talk from that timeline the phase two which I just said will commence from 16:16 16 minutes, 16 seconds maybe in the next couple of months or at least in the Q4 or 526 I would say that is almost on time give or take a few 16:23 16 minutes, 23 seconds months of here and there but the right way to look at the entire thing is there's been a lot of developments which are happening in in Ahmedabad 16:32 16 minutes, 32 seconds specifically in all areas of residential as well as commercial and sitting on a very large land bank has helped us and 16:40 16 minutes, 40 seconds all paid for and that to at a very low cost has allowed us to have patience in trying to announce this project at a 16:48 16 minutes, 48 seconds time when the market is just strive for it rather than announce and wait for the bookings and have a cash flow problems. 16:55 16 minutes, 55 seconds So I think it though agreed some of them these projects have been slightly delayed and has extended as we speak 17:03 17 minutes, 3 seconds looking into all the development now we believe that whether it's phase two what we have just already said that we'll be doing it in the next quarter itself of 17:12 17 minutes, 12 seconds million mines or other projects like 1918 which we just announced all of them I think will continue in this timeline 17:21 17 minutes, 21 seconds what we just mentioned I hope I've been able to satisfy your Thank you. Thank you sir. Uh that's it from my side. I wish you all the very best sir. Thanks. 17:31 17 minutes, 31 seconds Thank you. 17:32 17 minutes, 32 seconds Thank you. The next question is from the line of Natasha Singh from Ariant Capital. Please go ahead. 17:39 17 minutes, 39 seconds Uh thank you for the opportunity sir. My first question is uh as you earlier targeted 20 to 30% of annual profit 17:46 17 minutes, 46 seconds growth. So uh give hello. 17:56 17 minutes, 56 seconds Hello is I'm audible. Can you take next one? 18:03 18 minutes, 3 seconds There is no response. I will take the next question. 18:07 18 minutes, 7 seconds Before taking the next question, I request you to press star and one to ask a question. The next question is from the line of Sham G from Neo1. Please go ahead. 18:18 18 minutes, 18 seconds Hello, thank you for the opportunity. My first question is with respect to u uh 18:26 18 minutes, 26 seconds you uh you have remained debt free for over the last 3 years. How are you thinking about the capital allocation 18:33 18 minutes, 33 seconds for upcoming launches like 191 and township while maintaining this? 18:40 18 minutes, 40 seconds Sorry, sorry to interrupt Sham, we missed your first part. You'll have to start the question all over again. 18:47 18 minutes, 47 seconds Sure. Sure. No problem. So you have remained debtree for over the last three years. How are you thinking about the capital allocation for upcoming launches 18:56 18 minutes, 56 seconds like 191 Kelpage and Mudhavi Township while maintaining this position? 19:03 19 minutes, 3 seconds I I think uh we have uh we have a strong continue to have a strong cash fl position and therefore even for the 19:11 19 minutes, 11 seconds construction of these things at this point in time we do not uh we have enough we would have enough cash to do that on our own without any uh debt. So 19:20 19 minutes, 20 seconds we do believe that the debtfree position would continue even after commencement of 191 as you know you know 191 is 19:28 19 minutes, 28 seconds actually a sale project. So just like the Malabar retreat which is again a sale project as we launch and we start 19:36 19 minutes, 36 seconds gathering money on on a continuous basis as for the progress of the project that because the land is already invested in 19:43 19 minutes, 43 seconds we'll automatically take care of the major part of the construction. So we don't feel that even after these two projects we will uh need to take any debt. 19:53 19 minutes, 53 seconds Okay. Okay. All right. And my second question is with respect to the that the presentation has highlighted that 14 418 20:01 20 minutes, 1 second acres we have 418 acres at Gonavi as the anchor land monetization engine. Could you out outline the phasing plan and 20:09 20 minutes, 9 seconds expected launch milestones through FI2627 and how are you evaluating price 20:16 20 minutes, 16 seconds strategy for the plotted development phase given the recent land prices appreciated to 30,000 uh rupees per square meter. 20:26 20 minutes, 26 seconds Yeah, I would actually like to be to mention that we're pleased that it's not just 30,000 the rate always in land 20:33 20 minutes, 33 seconds always pays you know waiting always pays. So today that's what we had projected at 30,000 is around 35,000 20:40 20 minutes, 40 seconds almost 20% higher than what we had told you earlier. Therefore um and this this land in that side in that area is only 20:49 20 minutes, 49 seconds appreciating because of extremely good developments in that area. So as far as the uh that the first phase is concerned 20:56 20 minutes, 56 seconds I think it was 50 acres of which we have already completed 33 the balance 17 should be done uh in these quarters 21:03 21 minutes, 3 seconds itself. uh for the FI 26 27 we will actually weigh at the end of this current year as to what are the new 21:10 21 minutes, 10 seconds developments which have you know frozen around there because in terms of the whether it is the games side or rather 21:18 21 minutes, 18 seconds infrastructure lot of things are happening in that area and therefore the next phase of it in what manner would it be whether it continue to be plotted 21:26 21 minutes, 26 seconds development or any other developments will be more clear in the next six months and therefore when we finish our year of FI26 21:34 21 minutes, 34 seconds That means when we tell our annual results and then when we give the guidance for the next year, we'll be able to tell you more clearly as to what 21:41 21 minutes, 41 seconds could be the next phase of development in Dali. 21:45 21 minutes, 45 seconds Okay. And what will be the planning strategy for plotted development field? 21:50 21 minutes, 50 seconds Uh revenue strategy would be both. It will be uh the plotted development as well as other uh you know schemes 21:58 21 minutes, 58 seconds whether it could be commercially treated or definitely residential for sure in that area. 22:04 22 minutes, 4 seconds All right. All right. Thank you so much for the opportunity sir. Thank you for answering my question. Thank you Sham. 22:10 22 minutes, 10 seconds Thank you. The next question is from the line of Natasha Singh from Arhant Capital. Please go ahead. 22:17 22 minutes, 17 seconds Uh is I'm audible? Yes, you are. Yes ma'am. 22:21 22 minutes, 21 seconds Okay. Thank you so much for the opportunity sir. So for my first question is uh as you earlier targeted 20 to 30% annual profit growth. So uh 22:29 22 minutes, 29 seconds the given current execution pace and upcoming uh do you maintain the outlook for the FY 26 27 uh 22:38 22 minutes, 38 seconds I I can uh I have just said for Sy definitely for FY26 this growth of 20 30% does not look 22:46 22 minutes, 46 seconds possible. I think we may be able to give a uh a clearer picture after Q through but I think we'll maintain the profits of the last year which was a very 22:54 22 minutes, 54 seconds astronomical year as you know having almost 600 crores of profits I think we may be able to maintain that but in 23:01 23 minutes, 1 second terms of the future one and I I I it is too early frankly I think FI 27 or 28 uh 23:08 23 minutes, 8 seconds I don't think we need to really uh be concerned about it at this point in time because things have changed are changing and will continue to better as we see 23:17 23 minutes, 17 seconds from here but FI 26 for sure I've already uh stated in my earnings for 23:24 23 minutes, 24 seconds okay sir so my next question is uh could you please elaborate uh the uh about the wholly own subsidiary uh what balance 23:32 23 minutes, 32 seconds sheet and operational synergies are expected post merger yeah see uh normally always when we have 23:40 23 minutes, 40 seconds a subsidiary having a land bank and development in that the funds required can always be interchangeable. More 23:48 23 minutes, 48 seconds often than not when such kind of a wall gets removed between a holding company and subsidiary then it becomes a 23:56 23 minutes, 56 seconds seamless kind of an operations. It becomes one entity and therefore a lot of benefits which come up from whether it is passing of plans or the people who 24:04 24 minutes, 4 seconds are attending to it and of course from the balance sheet strength of it. When uh two different companies are there, the cross block and and everything 24:14 24 minutes, 14 seconds changes and therefore the capabilities of trying to develop more and more uh uh land in the development in these areas 24:22 24 minutes, 22 seconds changes when it becomes one entity and also of course the total financial stability and the capability of borrowings and all that changes and more 24:31 24 minutes, 31 seconds importantly as I mentioned uh there's always a holding company discount when we talk about it because they're two different entities when merge them into one it automatically becomes one entity. 24:42 24 minutes, 42 seconds Today also of course all the profits are all consolidated we are not listed entity other than Ganesh housing as you 24:49 24 minutes, 49 seconds know but the walls when broken they become one even the you know the way 24:56 24 minutes, 56 seconds people look at it changes and that's how I think the synergies flow in. 25:03 25 minutes, 3 seconds Uh okay great. Uh thank you so much for answering the question. So thank you so much. Thank you. Thank you. 25:10 25 minutes, 10 seconds A reminder to all participants you may press star and one to ask a question. 25:15 25 minutes, 15 seconds The next question is from the line of Arvin Mahadevan who is an individual investor. Please go ahead. 25:22 25 minutes, 22 seconds Uh good afternoon gentlemen. Thank you for the opportunity. Am I audible? Yes you are. Good afternoon. 25:30 25 minutes, 30 seconds Very good afternoon sir. So uh I have three different questions. Uh question number one being how has the month of 25:38 25 minutes, 38 seconds October been with regards to Q3? Uh can you give some insights upon that? Uh I could get that question October month. 25:47 25 minutes, 47 seconds Okay. 25:47 25 minutes, 47 seconds October month. How has October month turned out to be? Yeah. Okay. Okay. Yeah. Go ahead. Yes. 25:54 25 minutes, 54 seconds Uh apart from that I also would like to know the person we already hold around 500 acres of land and how many how much 26:02 26 minutes, 2 seconds more are we planning to add with regards to the land acquisition in terms of percentage would be fine. Uh question number three being with common world 26:11 26 minutes, 11 seconds gains in the picture are we planning towards any contribution towards the infrastructure development with regards to the commonwealth game in particular. 26:20 26 minutes, 20 seconds So these are my questions if you try. 26:23 26 minutes, 23 seconds Yeah, I I'll take I'll take that in that order only. 26:27 26 minutes, 27 seconds Sure. October month was a month of festivities and therefore as far as the Malabar retreat residential project that's where you know we can always see 26:36 26 minutes, 36 seconds visible stuff because the other commercial development uh has been going on well and we have seen a lot of traction even in that in terms of the 26:44 26 minutes, 44 seconds leasing the million miles one but uh it was very visible in Malaba retreat because uh the moment the vacation got 26:52 26 minutes, 52 seconds over the Diwali festival was over and that is a new year for also We saw a lot of uh bookings I mean a lot 27:00 27 minutes of inquiries during the festive season and almost immediately after that what we call as a you know and pancham here 27:08 27 minutes, 8 seconds the fifth day we saw about five or six bookings all happening together. So yes, October month in terms of the retreat 27:15 27 minutes, 15 seconds has been very good and generally in terms of uh the pricing as I mentioned uh we expected from August and from 27:22 27 minutes, 22 seconds definitely from Sep from October onward we see that things have been slightly on the upside. The second question is yes 27:29 27 minutes, 29 seconds we hold about 524 acres at this point in time and we are also in the process of acquiring more land from all this you 27:39 27 minutes, 39 seconds know land advances we are given and therefore there should be a definite addition to this how much would it be 27:46 27 minutes, 46 seconds yes could be about 5 10% of the existing land bank is something which have always been adding and therefore at any point 27:54 27 minutes, 54 seconds in time in spite of all these uh monetization of Gavi land and rest of the other land what we have said what we 28:01 28 minutes, 1 second started off with about 550 acres let's say 3 four years back we continue to be in that vicinity even today so therefore 28:09 28 minutes, 9 seconds effectively there has been an acquisition of land on on ongoing basis and that will continue in terms of the 28:16 28 minutes, 16 seconds commonwealth uh infrastructure development no we are not at this point in time directly involved in any infrastructure as such because the games 28:25 28 minutes, 25 seconds infrastructure would be done many times with mostly with the government but yes the other local stuff wherever the games 28:32 28 minutes, 32 seconds are being held including the games village at Bavi there we would have a lot of things to contribute to in that 28:40 28 minutes, 40 seconds in terms of uh the requirements of the game more often than not it will be either residential or commercial or any 28:47 28 minutes, 47 seconds other aspects we will be able to really plan what exactly can be the next phase to be done in only by the year end as I 28:57 28 minutes, 57 seconds said by which time the entire development in that would be a little more clearer at this point it has been a few months as you know so I think we'll 29:06 29 minutes, 6 seconds need still need about four five months to really see what is emerging out of that area thank you fair enough uh my last question would be 29:15 29 minutes, 15 seconds uh to just to match simply to match previous year's turnover we would be requiring around 600 to 650 cr in 29:22 29 minutes, 22 seconds addition in in Q3 and Q4 itself that's around 300 320 25 crores per quarter. So 29:29 29 minutes, 29 seconds are we online to you know just just to ensure that the revenue it's it's in place uh is in place with regards to Q3 and Q4. 29:39 29 minutes, 39 seconds Can we expect a three? 29:42 29 minutes, 42 seconds Yeah may may not be frankly we normally have always guided the bottom line. The top line can change depending on which 29:49 29 minutes, 49 seconds particular area what development is happening especially the uh you know monetization of the land that we have. 29:56 29 minutes, 56 seconds So u but yes looking to that both to the top line and uh of course for the top line we have not given a guidance but 30:03 30 minutes, 3 seconds still what you are saying looking to that uh or the uh the bottom line as I said can stay uh muted it may not show that kind of a go. 30:14 30 minutes, 14 seconds Okay thank you. Thanks a lot sir. All the very best. Thank you. 30:18 30 minutes, 18 seconds Thank you. A reminder to all participants you may press star and one to ask a question. 30:25 30 minutes, 25 seconds The next question is from the line of Adita Agraal from S Avenue. Please go ahead. 30:31 30 minutes, 31 seconds Yes sir. Good afternoon. So just wanted to uh like know that do we have any plans for becoming a like as of now our 30:40 30 minutes, 40 seconds business is more uh you know specificated towards the land sales and all those things. Are we planning to 30:48 30 minutes, 48 seconds become a full-fledged real estate company like you know like the likes of Prestige or we have Loa Group or God properties? I mean focusing more on you 30:57 30 minutes, 57 seconds know new projects, high value projects rather than waiting for you know the land prices to appreciate or significant 31:04 31 minutes, 4 seconds developments in the area. So do we have any future plans for that? Like if we consider about the valuation prospects like with the market is giving to Ganesh 31:13 31 minutes, 13 seconds housing. So uh I mean uh Ganesh housing is not getting that value of a real estate company. So does the management 31:22 31 minutes, 22 seconds has any vision for this thing? Want wanted to wanted your you know insight on this aspect? Sure. Thank you. 31:30 31 minutes, 30 seconds Market just just a second. So like market is slightly having a view like we are basically a land trader rather than 31:38 31 minutes, 38 seconds a real estate company. So just wanted your insights on this thing. I would uh I would seek you I mean definitely I'll 31:46 31 minutes, 46 seconds give a very detailed and complete answer on that and at the end of it I would seek you people also to be able to appreciate exactly what we're doing and 31:54 31 minutes, 54 seconds change this pers per perception in the market if we can with the investors. Let me tell you we are a real estate company 32:02 32 minutes, 2 seconds with various verticals as we have always mentioned and we have in our uh earlier presentations we have seen and we and we 32:10 32 minutes, 10 seconds are progressing towards that is that we have said that we are developing various projects for example we are developing 32:18 32 minutes, 18 seconds the SZ 64 acres phase one is of commercial is complete phase two is getting announced and five such phases 32:28 32 minutes, 28 seconds already year marked for the next 5 to 7 years and all real estate development commercial in the same 64 acres uh land. 32:38 32 minutes, 38 seconds We also are having five to six phases of residential development. The residential development in that place was to start 32:46 32 minutes, 46 seconds uh later this year but looking to uh the completion and looking to the demand. We are going to start probably the 32:54 32 minutes, 54 seconds residential in the next financial year which is also having five to six phases and that's going to be a complete 33:00 33 minutes development this plus the commercials in the same million 64 acres. Apart from that in the same area we also are 33:09 33 minutes, 9 seconds looking at two different projects which are both whether it is a mall and and a hotel both these are also there and all these plans we have actually announced 33:18 33 minutes, 18 seconds and we have implemented that in phases one after the other. On the other hand we had not announced the project of 191 33:26 33 minutes, 26 seconds actually earlier but we saw a lot of traction in the commercial side. So we planned up in the uh in the main trace you know the main SD highway what we 33:35 33 minutes, 35 seconds have where our offices are we planned that 191 and the way the planning has gone away and the kind of developments 33:42 33 minutes, 42 seconds we are looking at it is going to be announced as I said will be start in the next quarter itself and that will have 33:48 33 minutes, 48 seconds another 21 acres of 21,000 cr 2100 rows of only commercial developmental 33:55 33 minutes, 55 seconds projects the one uh is also a development project and this for 50 acres we have said is going to be more 34:02 34 minutes, 2 seconds of a flooded development or a land development and that's a development also. So all these are real estate 34:09 34 minutes, 9 seconds project developments only what you see as land is the other vertical of ours. 34:16 34 minutes, 16 seconds Whenever the development of this is not good to go ahead with whether it is a market or whether pricing we continue to 34:25 34 minutes, 25 seconds make cash flows from monetizing a large opportunity that we have in terms of the landmark which most other developers may 34:33 34 minutes, 33 seconds or may not be having. I will talk to want to take names to or even talk about their strategy but our strategy has been 34:40 34 minutes, 40 seconds to one continue to monetize on the land bank where we do not see any future developments and make money in that and 34:49 34 minutes, 49 seconds become debtree and continue to do projects in such a manner that we don't take any other debt that has been the main thing that's what the land has bank 34:57 34 minutes, 57 seconds has been able to help us for and other other side continue to do all all sorts of developmental projects which I just 35:04 35 minutes, 4 seconds mentioned all of them. So therefore it's a very balanced way of going in. So I would want to make a small correction we are a real estate development project 35:13 35 minutes, 13 seconds and not that we are going to be. Thank you. 35:18 35 minutes, 18 seconds Thank uh thank you sir als sir and also just wanted your insight on this aspect like for the past four years our growth 35:25 35 minutes, 25 seconds was solid. So why why such tapid momentum in this year despite you know good guidance and overall good show by 35:35 35 minutes, 35 seconds other real estate players of the country. So why we face such challenges in this whole financial year like 35:43 35 minutes, 43 seconds yeah see we are not there in the other parts of the country and therefore even I've seen that there has been certain developments in the other parts of the 35:51 35 minutes, 51 seconds country. We are in Ahmedabad only as you know and we don't have any other positioning in even in Gujarat other than Ahmedabad and the market of 36:00 36 minutes Ahmedabad was quite even you know in the earlier years the four years where the other cities were not growing as well. 36:08 36 minutes, 8 seconds Ahmedabad really grew very well. So and we reap the benefits of that. Now while the other cities might have picked up 36:15 36 minutes, 15 seconds there is a small one year or 9 month slowdown in this. I think when we see the upsides, we also should be tolerating the downsides for a for a 36:24 36 minutes, 24 seconds temporary period. That's all is happening. So therefore, we we cannot be one-on-one compared with the rest of the people in the other countries because we 36:33 36 minutes, 33 seconds are not present there. But in Gujarat, in Ahmedabad, if you see amongst all the people what who have been working here, 36:40 36 minutes, 40 seconds we still have been performing well. I would say otherwise a Q on Q growth and this kind of traction would not have happened. 36:50 36 minutes, 50 seconds Yes sir. Sir any uh particular guidance uh I mean top line or bottom line for next 2 three years down the line like uh 36:59 36 minutes, 59 seconds a solid one which can be enforced from the management side. 37:04 37 minutes, 4 seconds Yes, we will give that but uh we will give the guidance after we finish the FI26 because yearon-year guidance is 37:12 37 minutes, 12 seconds always better and by which time we do see that even the situation here will be a changed one and therefore it will be better to give that kind of a guidance 37:21 37 minutes, 21 seconds uh in FI26 end when we probably April end or so when we come onto the call. Okay. Okay. So thank you so much. 37:29 37 minutes, 29 seconds Thank you. 37:30 37 minutes, 30 seconds Thank you. A reminder to all participants, you may press star and one to ask a question. The next question is 37:37 37 minutes, 37 seconds from the line of Deep Sanchetti from Mana Finance. Please go ahead. Hi. Uh am I audible? 37:44 37 minutes, 44 seconds Yes, you are. 37:46 37 minutes, 46 seconds Okay. Now uh I just wanted to ask uh this question about uh the company being renamed uh from Ganesh uh Housing Corporation to Ganesh Housing Limited. 37:57 37 minutes, 57 seconds How does this change the I mean how does this change into your broader band and organization simplification strategy? 38:06 38 minutes, 6 seconds No, it actually the name you know corporation uh is a misnomer frankly it was there it was considering all these 38:13 38 minutes, 13 seconds while and but what we are is we are a real estate development we are a limited company that a listed one and therefore the word itself corporation was wasn't 38:23 38 minutes, 23 seconds the right way it was not uh fitting in well with the strategy as such and therefore we felt that you know let let us make it a broader one it is not just 38:31 38 minutes, 31 seconds related to being a one one side of the uh infrastructure de of the real estate development. So we 38:40 38 minutes, 40 seconds just made it I would say made the name more uh clearer by writing Ganesh housing limited rather than having that word corporation. It is an age-old one. 38:50 38 minutes, 50 seconds We had this kind of names which were there earlier because of the kind of work which was being done in this company before years back 20 years back 38:58 38 minutes, 58 seconds maybe and it stayed but we thought it is the right time now to you know get that off our name that's it nothing more than that. 39:06 39 minutes, 6 seconds Okay. Okay. So you guided around 72 crores of annual rental income from million mines phase one. Uh what is the 39:13 39 minutes, 13 seconds expected stabilized yield? uh how does it benchmark against the gift city commercial assets and as lease income uh 39:21 39 minutes, 21 seconds I mean as lease income starts flowing in FI26 FI27 what portion of the total ebitter could the annuity contribute 39:29 39 minutes, 29 seconds over the three next three years see I'll take the second one see the uh it's very difficult to say exactly I 39:38 39 minutes, 38 seconds mean what is the percentage of at that point in time but I can always say that it's not going to be limited only with the 70 or 80 crores of uh rentals 39:47 39 minutes, 47 seconds because even phase 2 and others we have planned is going to be of a similar uh lease out area leasing only and not as a 39:57 39 minutes, 57 seconds uh direct sale. But yes if there is direct sale the things would have changed the leasing rentals can there can be a smaller portion of the total 40:04 40 minutes, 4 seconds IITA if the second phases become only sale kind of a phase but if it continues to be rental uh area then the seven 40:13 40 minutes, 13 seconds phases that we are talking about together today it is 80 crores let's say or 72 crores but going forward that will keep increasing therefore all phases put 40:22 40 minutes, 22 seconds together what we had earlier told would be around 500 crores or more of lease income And that at that point in time it 40:29 40 minutes, 29 seconds becomes a significant portion of emitter. At this point in time with just phase one it may not become very significant portion but still it will be 40:38 40 minutes, 38 seconds uh I mean I can't give a percentage but this will be a good portion of a total income. The E ways you know I think uh it's all a market figure of the salable 40:47 40 minutes, 47 seconds value but I see that at a rental of 72 or 100 sorry 72 or 80 crores uh the yield is very significant double digits. 40:57 40 minutes, 57 seconds No. Uh just wanted to understand that that when you mentioned that 500 crores is what you expecting from all the uh uh phases. Uh when is that expected? 41:10 41 minutes, 10 seconds It will be see phase one is now complete. Phase two we are starting next year and a kind of uh construction plan 41:17 41 minutes, 17 seconds that we have we completed in two years flat. So therefore the lease rental of that would start let's say two years then and uh and and so on. So I think 41:26 41 minutes, 26 seconds and there will be an overlap obviously if the traction is more then there will be overlap between phase one and phase two we don't have to wait for phase one 41:35 41 minutes, 35 seconds phase to uh to complete to announce the second phase the third phase we might even start while the second phase is on but 41:44 41 minutes, 44 seconds together if you see it could take five to seven years five to seven years so you have a continuous uh I mean u uh revenue 41:53 41 minutes, 53 seconds outlook for se five to seven years from this project and how is the demand how has how have you seen the demand uh has have has it been 100% utilization or uh 42:02 42 minutes, 2 seconds I mean uh what is the status right now of phase one phase one is yes it will be 100% 42:08 42 minutes, 8 seconds utilization because we have got le both already all loss procured as well as that were in the in the pipeline is 42:17 42 minutes, 17 seconds around 80% at this point in time and I do believe that by March 26 we would have completed 100% of that alloys in that and leasing would have been done. 42:26 42 minutes, 26 seconds That's our expectation. So therefore, yes, the demand is good and frankly even in this first phase, we had a lot of demand for people wanting to buy it out 42:34 42 minutes, 34 seconds but we wanted to lease it and therefore I I do believe that the kind of developments which are happening in Ahmedabad uh we will see a continued 42:42 42 minutes, 42 seconds demand in this even in the phase two and phase three going forward. 42:46 42 minutes, 46 seconds Okay. You mentioned something about the debt that you know uh to the previous uh question you had asked that uh you told that you know you'll be more interested 42:54 42 minutes, 54 seconds in reducing the debt. What is the debt situation right now and how do you see it going forward in FI2627? 43:02 43 minutes, 2 seconds So I the debt is zero at this point in time and uh the question was that because of the construction and all that would you need to take more debt and I 43:11 43 minutes, 11 seconds said that no I think looking to the kind of developments which we have we may not be needing to take any more debt and 43:18 43 minutes, 18 seconds we'll continue to be debtree even in FI 26 or 27. So we are net debt free. There are there are no term loans. There is no 43:25 43 minutes, 25 seconds working capital loan from any uh limit from any bank. No. No. Great. Great. Thank you so much guys. 43:34 43 minutes, 34 seconds Thank you. 43:36 43 minutes, 36 seconds Thank you. The next question is from the line of Helia from Equif. Please go ahead. 43:43 43 minutes, 43 seconds Thanks a lot for the opportunity sir. Uh I just hope I'm audible. Yeah you are. 43:49 43 minutes, 49 seconds So I just a few questions. So what is the uh F on the uh the million mine SEZ parcel 64 acre parcel? 44:01 44 minutes, 1 second Uh F which is right now available is 2.7 there are all chances that this may go up further. 44:09 44 minutes, 9 seconds Exactly. So I had a question there. So there were two regulations that were going to come. one is where they actually wanted to increase the F and second is on the TDR part where you 44:18 44 minutes, 18 seconds could use a TDR from other parcels over this particular uh I mean a multi uh multi-real developers could use it. So I 44:26 44 minutes, 26 seconds mean we have [clears throat] got the huge god parcel from where we could probably take the FSI convert to TDR and use it here. So is there any progress 44:33 44 minutes, 33 seconds there and uh have we factored this as a part of our planned project uh in the actual expected? No, right now right now 44:41 44 minutes, 41 seconds our planning is only utilizing available F which is available. Any addition to 44:49 44 minutes, 49 seconds this F will be again net addition to uh valuation what we have of all these 44:57 44 minutes, 57 seconds projects and net addition to developable area. So yes, you are right in saying 45:03 45 minutes, 3 seconds that there is a a huge future potential and uh 45:09 45 minutes, 9 seconds uh like uh what what is happening in Mumbai uh the city planning is meaning city 45:19 45 minutes, 19 seconds authorities are going to give punal FSI for affairs which are going to be hired. 45:25 45 minutes, 25 seconds So if that be the case even the TDR from Goavi might not be required to be loaded over here. It will be straight away 45:34 45 minutes, 34 seconds purchased from uh corporation or local authorities from here. 45:41 45 minutes, 41 seconds Okay sir. So secondly on the mill on the SCZ parcel side so as you said 500 crores is the expected annuality and you 45:49 45 minutes, 49 seconds don't plan to take any debt. So is there any fair chance because earlier we had plans to have some real estate development on the residential side use those front-end cash flows for the 45:57 45 minutes, 57 seconds commercial part where we [clears throat] could I mean manage the cash flows and I mean still not uh uh have the need to raise debt. So right now I think so even 46:05 46 minutes, 5 seconds uh in Q1 and probably this time also uh I think so has given a little negative report. I mean the sales are slowing down uh and a lot of [clears throat] new 46:14 46 minutes, 14 seconds project launches has also gone down. So if you could just give some clarity there where how you actually so on the phase two and the other phase side how how do we actually can proceed there? 46:26 46 minutes, 26 seconds So uh see as far as the uh in in that particular area million mind we are looking at both commercial and residential while the commercial has 46:35 46 minutes, 35 seconds been taken up only on rental basis a lease out basis the residential will always be on an outright sale. So at 46:42 46 minutes, 42 seconds this point in time because million minds Malaba retreat is going on quite close by and we do not see and we don't think 46:50 46 minutes, 50 seconds that we should be uh you know announcing another residential project immediately it is not in this by in this financial year but we have plans to have a 46:59 46 minutes, 59 seconds residential there in that and once the residential uh area comes up there the project is announced and we start booking we will have enough money for 47:09 47 minutes, 9 seconds doing the construction in the same manner for phase do also. So looking to the present position and to the cash flow situation that we have we do not 47:18 47 minutes, 18 seconds believe that in the next couple of years we may be required to that that kind of a debt which may be needed and also once 47:26 47 minutes, 26 seconds we once we start that you know by by that time even the commercial of uh 191 would have started and there again is an 47:33 47 minutes, 33 seconds outright sale basis. So looking to the cash in and as mind you all this land has been already paid for. So whatever 47:41 47 minutes, 41 seconds we get towards the land is all an extra cash flow which is not needed in the project of construction. So the way the 47:48 47 minutes, 48 seconds whole planning is that these cash flows of the land which will be realizing out of these projects of both outright sale 47:56 47 minutes, 56 seconds projects whether it's one or the residential there will be adequate the way we have already managed for phase 48:03 48 minutes, 3 seconds one will be adequate to do phase two also. Now we will it's it's a very dynamic world. So in the coming one or one year or two years we believe that 48:12 48 minutes, 12 seconds the traction is so good that we may have to go much faster. 48:16 48 minutes, 16 seconds We will rebuild this philosophy at that point in time of zero debt. 48:21 48 minutes, 21 seconds Okay. Then is it fair to assume we probably spend about 287 crores uh for phase one development and we are going to we are fetching about 72 crores since 48:30 48 minutes, 30 seconds the land is probably it's a it's it's not a very big accounted cost. So is it going to be similar for the other phases? So we probably spend 1,600,700 48:39 48 minutes, 39 seconds crores and that could get get us annuity of about 5 600 crores perom across all the entire development on the SCZ part. 48:47 48 minutes, 47 seconds In phase one, you know, we have done far more than what we had earlier in research and therefore it is getting completed in this quarter and therefore 48:55 48 minutes, 55 seconds we'll come back with what we have done in phase one to make it even better than what we had told earlier and therefore both the cost and the realization are 49:03 49 minutes, 3 seconds showing uh better picture than what we have done before but I would not uh do that till the time the project is 49:12 49 minutes, 12 seconds completed. Let's say maybe in the next quarter we'll definitely come up with the total cost of phase one which is not just for phase one. We have also done a lot of developments which are required 49:20 49 minutes, 20 seconds for phase 2 too and also the kind of things which have added there is not just restricted to phase one and the 49:28 49 minutes, 28 seconds quality of building which we have said is far better because that is what was demanded from a from an external perspective also. So we'll come back 49:35 49 minutes, 35 seconds with the exact costing of all these the future costs and all will be driven by the kind of attraction the kind of a 49:42 49 minutes, 42 seconds people who will be wanting to come in uh on commercial basis there whether outright sale or mostly even lease themselves. So it's little too early to 49:51 49 minutes, 51 seconds really say how each whether each each of those phases will uh have the same cost. 49:57 49 minutes, 57 seconds Having said that, we do believe that the variation in cost between uh phase the different phases will not be very 50:05 50 minutes, 5 seconds significant because except for the some inflation cost which may be related to that because ultimately you'll be in the similar kind of buildings. So in short 50:15 50 minutes, 15 seconds phase one when it is completed what is only relevant to phase one and what kind of a building we like to continue to do 50:21 50 minutes, 21 seconds in phase two and three will determine the actual cost. So we'll have to wait for that. Uh please. 50:29 50 minutes, 29 seconds Okay sir. So I uh so just last two questions. So the 72 crore rental that we are expected to earn. So what is the average lend uh lease period? Uh and 50:37 50 minutes, 37 seconds what is what would be the per random rental escalations? So it's usually every two or three years that we get but on an annualized basis what should we consider? 50:45 50 minutes, 45 seconds Yeah, it is the same but in some it can be uh annual also increases and some it will be three three years increases and 50:53 50 minutes, 53 seconds uh and this is at this point in time you know actually even as we speak we do believe that the rentals can be slightly 51:00 51 minutes higher so once the entire rentals are done we'll it'll be all frozen by 31st March 26 I think we would have frozen 51:07 51 minutes, 7 seconds the major part of the entire rentals and the expiration part of it but yes it continues to be uh in the variation of 7 51:14 51 minutes, 14 seconds to 10 person is either yearly in some cases or three three yearly in the other cases. 51:20 51 minutes, 20 seconds Yes. So standard skeletal is we generally enter into lease rental for 3 + 3 + 3 years. So 9 years with a lock in 51:30 51 minutes, 30 seconds of 5 years and uh and if escalation if it is annual it will be roughly about 51:37 51 minutes, 37 seconds 5%. If it is after rest of 3 years it will be 15%. 51:43 51 minutes, 43 seconds Okay. Okay. Thanks a lot sir. And lastly uh there has been certain regulations by the AMC to reduce the uh uh air 51:51 51 minutes, 51 seconds pollution where they have actually banned RMC on physical sites of commercial and residential properties and they want to push it on the outside 51:59 51 minutes, 59 seconds out city limits. So is there any uh significant cost that we might incur on the construction side or we are mostly using prefab so it won't be a very big 52:08 52 minutes, 8 seconds number for us. You actually second you answered the question. The second part of your question was the answer to the first one. You're right. Okay. Okay. 52:19 52 minutes, 19 seconds Thanks a lot, sir. And that's Thank you. Thanks. Bye. 52:24 52 minutes, 24 seconds Thank you. Due to time constraints, we will take that as the last question for today. I now hand the conference over to the management for closing comments. 52:33 52 minutes, 33 seconds Thank you. Uh thank you once again for uh joining us in this. I think to sum up the next two years will mark a clear 52:41 52 minutes, 41 seconds transition from hyper growth to consolidation as well as continuous growth actually for housing Ganesh housing united we will as already said 52:49 52 minutes, 49 seconds we'll continue to met hopefully meet the all the debtfree financials even with the completion of all commercial buildings 52:57 52 minutes, 57 seconds I think the demand momentum has returned the infrastructure micity is improving and therefore Ahmedabad will continue to 53:04 53 minutes, 4 seconds attract investors corporates and home buyers alike So let's see how the next two quarters goes. We have a lot uh going on in this space. We'll see you very soon for the next quarter results. 53:15 53 minutes, 15 seconds Thank you very much for being with us. 53:18 53 minutes, 18 seconds On behalf of Go India Advisor that completes this conference. Thank you for coming and thank you. 53:26 53 minutes, 26 seconds Thank you.