Godrej Properties Limited — Q4 FY26

Godrej Properties Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=5vNl5VGYPXw Published: 9 days ago

0:01 1 second Ladies and gentlemen, good day and welcome to the Godidge properties Q4 FY26 earnings conference call. As a reminder, all participant lines will be 0:09 9 seconds in the listenonly mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this 0:18 18 seconds conference, please signal an operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand 0:27 27 seconds the conference over to Mr. Shitage Jen from Godidge Properties. Thank you and over to you sir. 0:33 33 seconds Thank you doctor. Hello everyone and thank you for joining us on God properties Q4 FI26 results conference 0:40 40 seconds call. We have with us Mr. Grosha Bodhic executive chairperson Mr. Gorav Pande managing director and CEO and Mr. 0:49 49 seconds Rajendra Ketawa CFO of the company. 0:53 53 seconds Before we begin this call, I would like to point out that some statements made in today's call may be forward-looking in nature. The forward-looking 1:00 1 minute statements are based on expectations and may involve risk. The outcome may differ materially from those suggested by such 1:08 1 minute, 8 seconds statements and a disclaimer to this effect has been included in the results presentation. I would now like to invite Rocha to make his opening remarks. Over to you. 1:19 1 minute, 19 seconds Good afternoon everyone. Thank you for joining us for Goodage Properties fourth quarter financial year 2026 conference call. I'll begin by discussing the 1:27 1 minute, 27 seconds highlights of the quarter and we then look forward to taking your questions and suggestions. 1:33 1 minute, 33 seconds GPL delivered its best ever year for business development, bookings, collections, operating cash flow and earnings in financial year 26. In terms 1:42 1 minute, 42 seconds of bookings, good properties delivered its highest ever quarterly bookings in Q4, equaling the previous best ever 1:48 1 minute, 48 seconds quarter in Q4 FY25 and growing 21% quarteron quarter to rupees 10,163 1:56 1 minute, 56 seconds cr. This was achieved through the sale of 4,789 units with a total area of 7.3 million 2:03 2 minutes, 3 seconds square ft. Sales in the fourth quarter were driven by strong demand in some key new project launches including Godidge 2:10 2 minutes, 10 seconds Abalene in Bengaluru and Godidge Arden in greater NOA which each saw sales in excess of 1,500 cr and also by strong 2:19 2 minutes, 19 seconds sustenance sales in several projects including Godidge Trilly which saw sales of over 1,000 cr. For financial year 26, 2:28 2 minutes, 28 seconds booking value grew 16% year-onear to rupees 34,171 for all and thereby achieving 105% of 2:36 2 minutes, 36 seconds our guidance. This was achieved through the sale of 17,513 units with a total area of 27 million 2:44 2 minutes, 44 seconds square ft, a year-on-year volume growth of 5%. This is the highest ever fullear booking value and volume announced by 2:51 2 minutes, 51 seconds any listed real estate developer in India to date allowing GPL to remain the largest residential developer in the country in terms of booking for the 3:00 3 minutes third consecutive year. Booking value has grown at a compounded annual rate of 41% over the past 3 years. Notably, this 3:08 3 minutes, 8 seconds was the ninth consecutive year in which GPL has delivered growth in booking, indicating our ability to grow through the cycle. Moreover, we crossed bookings 3:18 3 minutes, 18 seconds of rupees 7,000 cr an area sold of more than 6 million square ft in each quarter of the last financial year demonstrating 3:26 3 minutes, 26 seconds the consistency made possible by our national presence and strong product portfolio. 3:32 3 minutes, 32 seconds The company's sales were well diversified geographically with the Mumbai region contributing over 10,000 3:38 3 minutes, 38 seconds cr Bengaluru contributing 8,81 cr NCR contributing 7,412 3:46 3 minutes, 46 seconds crune contributing 3,659 cr and hyderabad a new market for us contributing 2360 3:55 3 minutes, 55 seconds cr 11 individual projects across six cities generated booking value of more than 4:02 4 minutes, 2 seconds rupees,000 cr during the year. In terms of collections, the [clears throat] fourth quarter collection stood at rupees 7,947 4:11 4 minutes, 11 seconds cr representing a year-on-year growth of 14% over our previous best ever quarter and a quarteron quarter growth of 86%. 4:20 4 minutes, 20 seconds For financial year 26, collection grew by 17% year-on-year and at a three-year compounded annual rate of 30% to rupees 4:29 4 minutes, 29 seconds 19,965 cr. This is the highest collections ever reported by an Indian real estate developer in a quarter and in a 4:36 4 minutes, 36 seconds financial year. Strong collections also translated into strong operating cash flow of rups 4,631 4:44 4 minutes, 44 seconds cr in the fourth quarter representing a year-on-year growth of 14% over the previous best ever quarter and a quarteronquarter growth of 336%. 4:55 4 minutes, 55 seconds Financial year 26 OCF stood at rupees 7,830 cr representing a year-on-year growth of 5:02 5 minutes, 2 seconds 5%. GPL was able to drive a 62% increase in direct construction spend in financial year 26 which will help enable 5:11 5 minutes, 11 seconds the company to maintain strong collections in the current financial year. GPL also delivered positive net cash flow post business development 5:20 5 minutes, 20 seconds expenses of rupees 628 cr in the fourth quarter a 6% increase year on year financial year 26 was also our best ever 5:29 5 minutes, 29 seconds year for business development properties added rupees 42,100 cr of future sales potential through 5:36 5 minutes, 36 seconds portfolio addition achieving over 200% of guidance and delivering year-on-year growth of 59%. 5:44 5 minutes, 44 seconds 18 deals were closed with an aggregate area of approximately 33 million square ft. This includes six new projects with a total estimated salailable area of 5:53 5 minutes, 53 seconds approximately 11 million square ft and an expected booking value of about 17.5,000 K that were added in the fourth quarter. 6:03 6 minutes, 3 seconds BPL also ended the year on a strong note with respect to deliveries, achieving 12.1 million square ft of projects 6:09 6 minutes, 9 seconds delivered across nine cities, which was 121% of our annual guidance. This includes 7.4 million square ft of 6:18 6 minutes, 18 seconds deliveries across eight cities in the fourth quarter. 6:22 6 minutes, 22 seconds Strong deliveries also translated into strong earnings. For the quarter, our total income grew by 47% to rupees 3,895 6:31 6 minutes, 31 seconds cr. IITA grew by 51% to rupes 959 cr and net profit grew by 70% to rupees 650 cr. 6:41 6 minutes, 41 seconds For the full year, our total income grew by 22% to rups 8,374 6:47 6 minutes, 47 seconds cr. IITA grew by 43% to rupees 2,826 cr. and net profit grew by 32% to rupees 6:56 6 minutes, 56 seconds 1,850 cr. The past financial year was also filled with many important milestones on our sustainability journey. I'm happy to 7:05 7 minutes, 5 seconds share that goodidge properties has been included in the leadership index of CDP with an A rating in 2025 and has also 7:12 7 minutes, 12 seconds been recognized as a supply chain leader in CDP supplier engagement assessment. 7:17 7 minutes, 17 seconds GTL is also ranked number one globally amongst real estate developers in both the Dow Jones sustainability index and the global real estate sustainability benchmark. 7:27 7 minutes, 27 seconds Our record business development additions combined with the strong operating cash flow of over 15,000 CR that has been generated over the last 7:35 7 minutes, 35 seconds two years will enable us to continue building on the strong growth momentum the company has established. In financial year 27, we hope to grow 7:43 7 minutes, 43 seconds residential bookings to over rupees 39,000 cr through the launch of a large number of exciting new projects combined 7:51 7 minutes, 51 seconds with strong sustained sales. This is a 20% increase over our guidance for financial year 26. We expect to grow 7:58 7 minutes, 58 seconds collections by 20% to over rupees 24,000 cr. We remain extremely focused on delivering our return on equity targets 8:06 8 minutes, 6 seconds of 20% by financial year 28 by stepping up our speed on execution and project deliveries which will create rapid growth in operating cash flows as well. 8:17 8 minutes, 17 seconds With a robust launch pipeline and strong balance sheet, we are confident of continuing the momentum in financial year 27 across all key operating 8:25 8 minutes, 25 seconds metrics. On that note, I conclude my remarks. Thank you all for joining us in the call. We're now happy to discuss any questions, comments or suggestions you may have. 8:37 8 minutes, 37 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone 8:45 8 minutes, 45 seconds telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to please use handsets while 8:53 8 minutes, 53 seconds asking a question. Ladies and gentlemen, we will now wait for a moment while the question assembles. 8:59 8 minutes, 59 seconds Our first question comes from the line of Parikhit Kpal from HDFC securities. 9:09 9 minutes, 9 seconds Please go ahead. 9:11 9 minutes, 11 seconds Yeah. Hi, congratulations to the management team for a great portrait and financial year. The first question is on the PCF guidance and in the current 9:19 9 minutes, 19 seconds environment we have given a very strong guidance. Uh so just wanted some more color on chistically how we see the 9:26 9 minutes, 26 seconds growth. some more color on the demand and the end markets because if I see your numbers in FI26 NPR has seen a deg 9:35 9 minutes, 35 seconds growth and even on business development I think we've just added one project in this year secondly Bangalore and tune there has Bangalore has grown well but 9:43 9 minutes, 43 seconds again there are concerns on AI and AI related disruption and demand similarly which may touch even sentimentally so so 9:51 9 minutes, 51 seconds how does one loc model uh the growth given the guidance it have given and it looks to be quite strong. So any color 9:58 9 minutes, 58 seconds on the end markets demand and how do you think a fight and economy play out for these uh regions? 10:06 10 minutes, 6 seconds Yeah, I think the the the idea will be to ensure a strong diversification in our growth as we've been able to do the 10:13 10 minutes, 13 seconds last few years. Um you rightly pointed out NCR saw a dip in sales last year. We don't think that was actually driven by 10:21 10 minutes, 21 seconds what was happening in the market. We had a couple of the launches. We hope to do an NCR slip out of the year. So a large 10:28 10 minutes, 28 seconds acquisition in Gura that we had done. Uh unfortunately we're not able to get the approvals within the year. That is now 10:35 10 minutes, 35 seconds slated to be a Q1 of this financial year launch. We're also quite hopeful that Ashokihar um our project in Delhi that has been 10:44 10 minutes, 44 seconds delayed for some years now will also get launched this year. So those will be two important launches. You also mentioned the BD deal we did in another uh prime 10:52 10 minutes, 52 seconds area in in Guram. So we do feel we have a strong portfolio in NCR and hope to get to back to above 10,000 cr in sales 11:00 11 minutes in in NCR as we were the two preceding financial years. I think we've seen outstanding growth the last year and the 11:08 11 minutes, 8 seconds last two years in both uh Mumbai and Bangalore and would look to continue to build on that momentum. I think we had a lot of good business development in in 11:17 11 minutes, 17 seconds Bangalore last year. Uh our view is that the the worry that AI is somehow going to lead to poor residential demand is 11:26 11 minutes, 26 seconds probably a little bit overdone as we've seen both not only in terms of residential demand. Office demand itself 11:33 11 minutes, 33 seconds has been very strong and you know any slight softness in the IT sector has actually been more than made up so far 11:40 11 minutes, 40 seconds in global capability center demand. Of course, I think with the level of uncertainty um on issues like AI and the 11:49 11 minutes, 49 seconds geopolitical situation currently, I think we will of course have to be watchful and adjust our plans basis what 11:57 11 minutes, 57 seconds we see. But as we look at the year right now, this seems to us um a reasonable estimate. Um we're also very confident 12:04 12 minutes, 4 seconds of demand in Mumbai, Pune, Hyderabad, which is a new market for us, has done exceptionally well. our other markets which is largely due to our our plotted 12:13 12 minutes, 13 seconds developments has been growing well. We also expect to have launches improve housing in both Azabad and Kolkata. So I think a lot of opportunities um and what 12:22 12 minutes, 22 seconds gave us confidence to you know maintain the guidance and we have been indicating that the company will seek to grow at 20% a year and will seek to have 12:32 12 minutes, 32 seconds guidance growing u by that amount each year. We're happy to be able to do that this year. Um I think what gives us some confidence that we can get there is as I 12:40 12 minutes, 40 seconds said in my remarks business development last year actually grew by 59%. A lot of those projects um will be available for 12:48 12 minutes, 48 seconds launch uh this year. So hopefully our our launch calendar will be even stronger in the current financial year than it was last year. Also in terms of 12:56 12 minutes, 56 seconds the sustenance opportunity we believe the available inventory for sale is also grown by 35% yearon year because of all of the launches we were able to do last 13:05 13 minutes, 5 seconds year. So overall there is a good opportunity to to to meet these numbers and hopefully even exceed them. But as you rightly pointed out there are of 13:13 13 minutes, 13 seconds course also uncertainties. You mentioned AI. I think I would add to that the global geopolitical situation. So if 13:20 13 minutes, 20 seconds there are any major shifts in um demand over the year we'll of course come back to you guys with what we're what we're 13:27 13 minutes, 27 seconds seeing. But right now I think we feel this uh this is quite reasonable. Um and there could even be opportunities to do 13:34 13 minutes, 34 seconds to do do better if if market hold up well. 13:39 13 minutes, 39 seconds My second question was on the uh if I compare Q4 versus Q1 the nit is part of Q1. So given this uncertainties globally 13:47 13 minutes, 47 seconds so are we if any color on the pitfalls and the conversions uh and if you can help us also understand the premium segment on luxury housing is there any 13:56 13 minutes, 56 seconds delay in decision- making in deal closes are you seeing increments in the trend that people are elongating the decision- making cycle and which may impact H1 but 14:03 14 minutes, 3 seconds maybe if things improve H2 will come back solidly I mean strong for us hope so so how does one look at three years 14:11 14 minutes, 11 seconds where H1 will be bit muted and then H2 will see a strong recovery So you can get some colors. 14:17 14 minutes, 17 seconds So Parishious uh right now H1 looks frankly quite bright for us because we have a pretty strong launch calendar uh 14:25 14 minutes, 25 seconds skewed uh especially towards H1. This has been sort of a effort of last year and the ideas to bring launches fast. Uh 14:33 14 minutes, 33 seconds but I get your point. You have a fair point to say that given the geopolitical risk what do we see now? The thing is in April we've not seen something really 14:42 14 minutes, 42 seconds out of the world because whatever substance projects are in place we are seeing reasonable footfalls. Uh of course there is a say sense of 14:50 14 minutes, 50 seconds cautiousness in consumers but we are seeing conversions. Our launches will start hitting more towards May end and 14:58 14 minutes, 58 seconds June is when we will be able to fully appreciate to what extent this geopolitical risk exists right sales 15:05 15 minutes, 5 seconds demand funnel. But just to give you some very early indications you know there were a launch there was I just give you an example there was a launch done in 15:13 15 minutes, 13 seconds Bangalore where we which is called Bodri Aalene if my memory serves me right we did about 1 1500 kores over there give 15:20 15 minutes, 20 seconds or take we've done already 250 kores in the month of April which is by rate of run rate much better than we've seen in Bangalore so again there will be 15:29 15 minutes, 29 seconds projects that may be slightly more impacted there projects that might surprise but very difficult to frankly give you a sense of what exactly a Q1 15:36 15 minutes, 36 seconds number would look like but having said that even if there is let's assume some impact we have enough and more time to cover it up within H1 so quite 15:44 15 minutes, 44 seconds cautiously optimistic for Q1 uh and a bit more shorer on H1 and of course H2 will continue to be good 15:53 15 minutes, 53 seconds okay and just the last question if you can give us some number so out of the total launches for FI26 so how much of the details what was the contribution of 16:01 16 minutes, 1 second sustaining phase uh and the new launches for FI26 I think quarter 4 was largely a very interesting sustenance-driven quarter. 16:10 16 minutes, 10 seconds We almost had memory of like close to 50 odd percent in quarter 4. uh and that was driven by some of the big projects 16:18 16 minutes, 18 seconds like Wley did about 1,000 plus 1100 odd corresp 16:31 16 minutes, 31 seconds start a good momentum we created a pan India sustenance campaign and we just hitting the ground as we speak so that 16:39 16 minutes, 39 seconds all the projects have extreme high focus to move inventory so very early days of campaign just couple of days back we 16:46 16 minutes, 46 seconds started we got some good encouraging results uh and the idea is to have a consistent run rate on sustenance while launches will be launches but sustain is 16:54 16 minutes, 54 seconds a more predictable inventory uh is is what we'll continue to focus upon and for fi 26 I think the campaign 17:02 17 minutes, 2 seconds you're talking about is 1% per month right the campaign yeah I mean it is yes it is designed like that so there's like a 20% up front then there are bullet payments every 17:10 17 minutes, 10 seconds year and and it is it is a 1% uh anchoring sourcing tool is 1%. Again in project to project it will differ. It's 17:18 17 minutes, 18 seconds closer to CLP and TLC somewhere in between. Uh and yes you're right the fact you heard about this campaign means the impact is something in the market. 17:26 17 minutes, 26 seconds So give us few more weeks and we'll have a better picture. 17:30 17 minutes, 30 seconds FIN FI 26 how much is the contribution to sales booking contribution to FI6? 17:41 17 minutes, 41 seconds Yeah. Sustenance contribution to total sales is the question or booking value. 17:45 17 minutes, 45 seconds Yeah. Yeah. I mean yeah so total sustainance contribution to the sales 60 would be launches 60 launches 40 yeah 40% would be sustainance. 17:54 17 minutes, 54 seconds Okay. Thank you. Thank you and thank you. Our next question is from the line of Pune Gulati from HSBC. Please go ahead. 18:06 18 minutes, 6 seconds Yeah thank you so much and congrats on your performance. My question is if you can also in your pre-sales give some color on how should I'm think about the 18:14 18 minutes, 14 seconds mix of projects whether you are inclined more towards mid premium or or more mid-inccome and also volume and value 18:23 18 minutes, 23 seconds growth that you see in the market and for your preset guidance. 18:28 18 minutes, 28 seconds Yeah, Pun, I think it's fairly decipherable from the, you know, I think every BD deal we do, we announce now an expected booking value from it and an 18:37 18 minutes, 37 seconds area. So, you get a pretty, you know, exact picture of what we're underwriting in terms of pricing. I think over I I 18:45 18 minutes, 45 seconds wouldn't say there's any major shift from last year to this year, but over the last two years, we've certainly tried to go into a slightly more premium 18:53 18 minutes, 53 seconds category of projects focused very much on kind of making sure we're in the best locations within each of the micro 19:00 19 minutes markets we're looking at. So I think you know some of the important projects we added last quarter included um one in 19:07 19 minutes, 7 seconds golf course extension road in in Gura a very prime located projects of goods scale and tane so those would be some 19:14 19 minutes, 14 seconds examples but in terms of the we're putting out as I said the exact price points we expect to be at uh through the 19:22 19 minutes, 22 seconds combination of booking value plus area guidance and and volume [clears throat] growth uh should one assume a you know strong 19:30 19 minutes, 30 seconds volume growth into this year and or is it more value growth driven in some sense? 19:36 19 minutes, 36 seconds Yeah, I think you know if you look at the last few years pretty much the the the volume growth uh over the last five years has compounded at five at 20% a 19:45 19 minutes, 45 seconds year excuse me against the total sales growth of nearly 40% uh a year. So volumes have been a meaningful uh 19:54 19 minutes, 54 seconds contributor. So I would expect a roughly equal split uh perhaps between volume and value for the for the overall growth. 20:03 20 minutes, 3 seconds Okay. Uh and on your annuity income, you're not talking about potential of 1,000 cr with with your share being 20:11 20 minutes, 11 seconds almost 230 250 crores. Any plans of monetizing and when do you think you'll hit 1 th00and cr of uh rentals here? 20:19 20 minutes, 19 seconds No, I don't think we have any immediate plans of monetizing this. Um but you know I think and I don't have a clear 20:26 20 minutes, 26 seconds sense of exactly when we'll get to that thousand crown you mentioned but certainly I do see this continuing uh to go up and there 20:35 20 minutes, 35 seconds could also be opportunities uh to consolidate share rather than divest if we if we'd like to. So so I I do see 20:43 20 minutes, 43 seconds this increasing steadily over the next few years. 20:48 20 minutes, 48 seconds That's simple. And lastly on your uh you know net debt while it still remains in comfortable range uh should one think about FCFE positive for FI27. 21:02 21 minutes, 2 seconds I think you know it's it's a little uncertain to be honest for FYI 27. I think it's quite possible it depends a little bit on the quantum of business 21:11 21 minutes, 11 seconds development we do at the guided business development levels. I think it will be FCS positive and whether we go about it 21:19 21 minutes, 19 seconds or not will depend on kind of the quality of opportunities and our our confidence in them but I think broadly speaking for you know if we talk a 21:27 21 minutes, 27 seconds little bit uh you know slightly longer term than just this year very clearly directionally we think business development investments won't need to 21:35 21 minutes, 35 seconds scale up very dramatically from here we had taken a step jump increase in BD we did see the opportunity over the last 21:43 21 minutes, 43 seconds few years in the early stage of the cycle and when we were on a lower base to grow very disproportionately. I think 21:51 21 minutes, 51 seconds and the team have done a fantastic job in making that happen. Um and you know as a result compounded growth of bookings for the last 3 years has been 21:59 21 minutes, 59 seconds over 40%. But I think what we're looking at from here is on this much higher base getting to a kind of consistent 20% um 22:07 22 minutes, 7 seconds growth for that the level of business development as a percentage of existing um projects and as a percentage of kind 22:15 22 minutes, 15 seconds of operating cash flow will keep coming down. So I expect certainly FY28 to be strongly uh free cash flow positive. I 22:23 22 minutes, 23 seconds think FY27 will depend on kind of ultimately how much business development we do. It could be but it it may not be also. 22:32 22 minutes, 32 seconds Okay, that's helpful. Thank you so much and all the best. Thank you. 22:37 22 minutes, 37 seconds Our next question comes from the line of Kunal Lakhan from CLSA. Please go ahead. 22:43 22 minutes, 43 seconds Hi, thanks for taking the question. uh uh firstly on the impact of uh Iraq war uh firstly on the demand side are you 22:51 22 minutes, 51 seconds seeing any impact on the demand side especially from say you know uh on the NRI customer inquiries especially in markets like uh uh NPR uh and also like 23:01 23 minutes, 1 second know ultimately if uh is there any silver lining to this like in terms of Indian buyers who are investing uh in 23:08 23 minutes, 8 seconds markets like Dubai and in Abu Dhabi are now ultimately looking at uh looking back at Indian markets Uh that's first and secondly on the also on the on the 23:17 23 minutes, 17 seconds overall cost uh cost impact of this war right are you seeing any impact on the procurement of materials uh in terms of delay or or on the cost side also. 23:27 23 minutes, 27 seconds Thanks man. uh kunal on the impact on the demand. I would say around March 23:34 23 minutes, 34 seconds last two weeks we did see some amount of impact but that was the peak of the chaos and give or take you could have 23:42 23 minutes, 42 seconds probably done a,000 odd crores more and would have loved to even actually deliver 20% growth last year that was a sort of an internal target and right now 23:50 23 minutes, 50 seconds if you ask me the situation is of course a little uncertain from a bias standpoint but it is not as worse off I would say in March because you know 23:58 23 minutes, 58 seconds people over a period of time tend to normalize a situation. So I would say one has to be cautiously optimistic but 24:05 24 minutes, 5 seconds relative to the peak stress of March's end it's slightly better. Uh and but again like I mentioned we have to be just cautious optimistic and be very 24:13 24 minutes, 13 seconds steady on the understanding consumer sentiment. uh the silver lining that you talked about second part of your first question I would say in the short term 24:21 24 minutes, 21 seconds it does create some amount of dissonance uh you know but in the long term actually impact uh uh the market in a positive way because I think there were 24:29 24 minutes, 29 seconds a lot of sensors who were looking Dubai primarily as a huge investment hub and also there were a lot of people who had 24:36 24 minutes, 36 seconds taken a sort of a property selection purely from an investment point of view to move there I think that all is going to get revisited significantly 24:45 24 minutes, 45 seconds I don't see a big impact of that in the next 3 to 6 months for sure. But I do feel that this is a good opportunity uh 24:52 24 minutes, 52 seconds that a lot of demand could grow back to many markets within India and across developers. On the cost impact, I would 24:59 24 minutes, 59 seconds say you know we've done some cost estimation uh you know because of the portfolio size and projects at different 25:06 25 minutes, 6 seconds levels. I would say give or take cost impact would be between 5% to 6% at max. uh again in some projects could be 25:15 25 minutes, 15 seconds even lower. From a margin point of view again project to project could differ but give or take every quarter this is 25:22 25 minutes, 22 seconds going to be something like.1% to 2% of margin impact. So quite reasonable to control with just a small 25:29 25 minutes, 29 seconds price hike in the next 2 three years of that project we can manage that but yes I think more fundamentally is the supply side shock if we see uh constraints to 25:38 25 minutes, 38 seconds supply getting created. We did see some of that happening in tiles and all some amount of marbles you know but things are getting slightly better than what we 25:46 25 minutes, 46 seconds saw in March and fortunately we have good strong forward contracts done in most of these input materials. So again we'll partner with our vendors but at 25:54 25 minutes, 54 seconds the moment it seems fairly manageable and we we hope that this situation that we talk about Middle East in the next 2 26:02 26 minutes, 2 seconds to 3 months if not earlier should get fully resolved and as that happens I think we pretty much back to normal with some amount of catch up to be done but 26:09 26 minutes, 9 seconds yes if it if it continues for 6 12 months then I think that is something which which has different economic risk than sector specific. 26:19 26 minutes, 19 seconds Sure very helpful. Uh now my next one is to Koshia. So you mentioned earlier uh you know your biggest spend in FI27 uh 26:27 26 minutes, 27 seconds you're not sure whether it will be higher lower or or similar right but if you look at your guidance right of 20,000 cr of uh uh GDB acquisition uh 26:36 26 minutes, 36 seconds and you know we considering like your FI26 guidance and the number that you actually achieved was more than 2x how should we look at uh uh the guidance 26:44 26 minutes, 44 seconds that you have given like know would you would you still aim at beating that guidance or you are happy with like 26:51 26 minutes, 51 seconds achieving say 3,000 GD or you'll be just opportunistic that you were there in F6. 26:58 26 minutes, 58 seconds I think it's a it's really a question of the opportunities we see out there. 27:02 27 minutes, 2 seconds That's why we don't, you know, focus too much on business development guidance and have kind of kept it steady the last few years. Um, look, we we're quite keen 27:11 27 minutes, 11 seconds and we're quite aware of, you know, stakeholders wanting us to start demonstrating kind of pre-cash positive 27:18 27 minutes, 18 seconds um on a more consistent basis. So we're happy to see that last quarter. Very confident again of seeing that in FY28 as that's the year where we think both 27:26 27 minutes, 26 seconds collections and earnings will see a step jump as a lot of these newer projects reach revenue recognition. I think this is kind of a transition year and when I 27:35 27 minutes, 35 seconds say it may happen or you know it would be easy for me to say it will happen right now and perhaps I should just say that but I think I want to be realistic 27:43 27 minutes, 43 seconds that if we see very good opportunities we do think we still have the balance sheet that can support this and we will um you know look to add projects so I 27:51 27 minutes, 51 seconds think certainly at if we only add projects with 20,000 cr BB we'll certainly be precash positive if we add 27:59 27 minutes, 59 seconds something closer to what we did last year I think we'll you know will be about break even on on free cash would 28:05 28 minutes, 5 seconds be my guess and as I said FY28 is a year where I expect to generate a lot of cash for business development. 28:14 28 minutes, 14 seconds Sure. Sure. Helpful. Uh my last question is on uh on the imputed margin that we we have started to put out since the 28:21 28 minutes, 21 seconds last couple years. Um for FI interest the imputed EIT margin is about uh it's around 24 and a half% which is lower 28:29 28 minutes, 29 seconds than what we had seen in the last couple of years. Uh is it a function of the know product mix or uh is there any 28:39 28 minutes, 39 seconds impact of uh you know uh increasing uh costs or overheads that we are factoring in here? 28:45 28 minutes, 45 seconds I think you know it's in a pretty tight band. There will always be a little bit of fluctuation on this. One of the factors at least versus FY25 to keep in 28:54 28 minutes, 54 seconds mind is that we had a big contribution from one of our JV projects in Bangalore uh in FY26 where we saw almost 4,000 cr 29:03 29 minutes, 3 seconds sales in that one project which is a 50/50 JV. So the total economic interest for the full year was 88% versus 93% the 29:12 29 minutes, 12 seconds previous year. So a little bit can be because of that but these you know I think these minor fluctuations can can happen. I think if you recall we had 29:21 29 minutes, 21 seconds guided for a 10 to 15% pass margin uh overall and we're happy that for now the third consecutive year we're at the very top end of that uh range. 29:31 29 minutes, 31 seconds [clears throat] 29:33 29 minutes, 33 seconds Understood. All right. Thank you so much and all the best. Thanks. 29:39 29 minutes, 39 seconds Thank you. Our next our next question comes from the line of Gorav Kandelwal from JP Morgan. Please go ahead. 29:46 29 minutes, 46 seconds Hi, good evening. Thanks for taking my questions. I've got a few. I'll take those one by one. Uh firstly on this u u 29:53 29 minutes, 53 seconds the 1% payment program. Can I understand is it merely a marketing tool to get more sales? Hasn't tried this in the 30:02 30 minutes, 2 seconds past or is this something that you've come up with recently? And especially in this how does the payment uh from from a 30:10 30 minutes, 10 seconds developer or or from a buyer standpoint of view how is the payment different visa v let's say a regular construction link payment is there more downside risk 30:18 30 minutes, 18 seconds here or is it rather an optionality great question you know and you know one of the things I'm learning is you know journalist also picks up a lot of things 30:27 30 minutes, 27 seconds from earnings call and write stories I mean just to qualify this is not a Dubai style 1% payment plan if you would 30:34 30 minutes, 34 seconds recolct even Last year we did a one person. It's more like a sourcing tool where essentially again project to project it could differ. So let's say 30:41 30 minutes, 41 seconds you're buying a project which is very close to possession. So essentially you're paying upfront money say 10 20 30%, the rest in maybe 2 3 months and 30:50 30 minutes, 50 seconds then for the two three months or 6 months could be 1% then you pay on possession. Y let's say you buy something which is an early stage of of 30:58 30 minutes, 58 seconds a project you would typically pay between 20 to 30% or so in the initial period of time. then you have 1% per 31:06 31 minutes, 6 seconds month and idea is to converge it closer to CLP. So yes, it is slightly better than a construction link payment plan, 31:13 31 minutes, 13 seconds but we sort of benchmark a construction link payment plan which is to say that 70% of collections usually come say in a 31:21 31 minutes, 21 seconds take a typical CLP here it could be between 60 and 70% depending on project to project but for a consumer it becomes slightly an easier entry point to 31:29 31 minutes, 29 seconds evaluate and our experience historically has been that it it attracts a lot of uh consumers to walk into a site and then 31:38 31 minutes, 38 seconds they decide to choose sometime to move to a normal construction link payment plan sometime to this or sometime even to down payment plan because then they get to see 31:46 31 minutes, 46 seconds pricing difference between all the payment plans. So it is not really in the classic sense that you only pay 1% till the life cycle. But yeah I mean you 31:54 31 minutes, 54 seconds don't have the headache to pay bulky payments every other second third month. 31:58 31 minutes, 58 seconds pay 20% typically up front in 1 to two or 3 months and then 1% a year and some bullet payments just like a BMW scheme 32:05 32 minutes, 5 seconds that you get to see uh or a Mercedes uh you know lease scheme that you get. So something similar and it's it's a win-win for consumers as well for the sales perspective. 32:15 32 minutes, 15 seconds Got it. And if I can just [clears throat] uh uh follow up on this u does this also then u did this have a 32:24 32 minutes, 24 seconds consideration when you built in a forecast of 20% cash collection guidance this year or even without this you would have still been comfortable with your 20% growth guidance on collections. 32:36 32 minutes, 36 seconds I think collections is is anyways going to come agnostic to a particular scheme. 32:40 32 minutes, 40 seconds See these are like uh you know like what do you say fillers to our overall portfolio plan. Every quarter we do something or the to attract consumers to 32:48 32 minutes, 48 seconds have better walk-ins. They feel the need to evaluate a product proposition. You you got to excite the market and 32:55 32 minutes, 55 seconds sometimes you release a a scheme which is more financial. Sometimes you release a scheme which is more product like you get certain freebies and you of course build in a price to adequately do it. 33:06 33 minutes, 6 seconds From a cash flow planning point of view, almost all the projects I can say they are always benchmarked to a base payment 33:13 33 minutes, 13 seconds plan which is a typical construction link payment plan. As a rule of thumb, uh we don't do any sort of uh you know 33:21 33 minutes, 21 seconds say typic PLP as it's called position link plan more than 5 to 7% in a quarter. So let's say if you're doing 10,000 crores of plus sales in the 33:29 33 minutes, 29 seconds previous quarter not more than five 6% would be a true PL scheme. Everything else is a is a either a scheme which is 33:37 33 minutes, 37 seconds a classic construction link payment plan or maybe a 10% or 15% of that a few slabs earlier few slabs later and that 33:45 33 minutes, 45 seconds is just enough to keep the size momentum going keeping the subs in arise because every consumer wants to feel that what's the best deal for me in this quarter you 33:53 33 minutes, 53 seconds know so there has to be a reason to believe to always evaluate the product I hope this answers it got it yeah that's very helpful thank 34:00 34 minutes you my second question is of the 42,000 crores of GDP that you announced in FI26. 34:07 34 minutes, 7 seconds Um how much do you estimate would be the total land and related capeex payments? 34:14 34 minutes, 14 seconds How much of that is done and how much is still pending? Uh could you share some color on that please? 34:20 34 minutes, 20 seconds So we have paid the major payments you know only some milestone link payments are pending. So around 1,500 crores uh 34:27 34 minutes, 27 seconds is what is pending for the deal which we have signed in 26. 34:34 34 minutes, 34 seconds U no sorry out of 42,000 crores the total uh would be how much? Sorry I did not get it. 34:41 34 minutes, 41 seconds So for the for the entire 1,500 painting. Yeah. 34:48 34 minutes, 48 seconds Got it. Okay. Okay. Thanks. And my final question to procha. So we recently saw I'm sure every must have everyone must 34:56 34 minutes, 56 seconds have seen your interview. um in that 5 trillion market cap where does bodith properties sit in the broader picture of things? 35:06 35 minutes, 6 seconds Well, picture it is quite high. I think we we refrain from giving company level guidance on this. But I think uh you 35:14 35 minutes, 14 seconds know perhaps you can get an idea of where we think it sits by the fact that we bought back 5% of the company last year including most of that in uh Q4. 35:26 35 minutes, 26 seconds Got it. All right. Thank you very much. Uh all the best. Thank you. 35:33 35 minutes, 33 seconds Our next question comes from the line of Prates from Access Capital. Please go ahead. 35:40 35 minutes, 40 seconds Uh yeah, thanks for the opportunity and congrats on uh great results uh for this year. Uh first one is uh just on the 35:47 35 minutes, 47 seconds free cash flow uh you know discussions that we are having earlier. uh you know uh we have give also given a dividend uh 35:55 35 minutes, 55 seconds payout uh you know I mean we have uh given a dividend payout for next year uh you know what does it indicate I mean uh 36:04 36 minutes, 4 seconds does it indicate uh that you know um this will uh be a regular phenomena now 36:10 36 minutes, 10 seconds and uh fundamentally we are much uh in a better position to uh uh uh to generate 36:19 36 minutes, 19 seconds free cash flow uh you know considering that uh you know uh we would be paying a regular dividends uh yeah so just trying 36:27 36 minutes, 27 seconds to understand the underlying message here uh when uh when we announced this dividend thanks yes I think that and that is the 36:36 36 minutes, 36 seconds underlying message as I mentioned earlier I think over the last few years we felt the real opportunity was disproportionate growth frankly we think 36:45 36 minutes, 45 seconds 20% growth over the last few years where the market itself has been growing at that kind of rate would have in kind of underplaying the opportunity. So we were 36:53 36 minutes, 53 seconds very clear we wanted to grow well ahead of market grow market share. I think made some very timely investments before the cycle turned and during the early 37:02 37 minutes, 2 seconds part of the cycle that have helped kind of completely reset the scale of the company to kind of four 5x where it was 37:09 37 minutes, 9 seconds not that long ago. With that behind us, I think now we think on this higher pace, the 20% actually is the 37:16 37 minutes, 16 seconds appropriate growth rate to look at in also a c more steady part of the cycle. 37:21 37 minutes, 21 seconds So I think that's what we're after. The level of investment needed to achieve 20% growth is obviously lower than is needed to achieve 40 to 50% um growth. 37:31 37 minutes, 31 seconds We will therefore see I think a more consistent level of BD investment while our sales collections and operating cash 37:39 37 minutes, 39 seconds flows will all grow quite sharply we think over the next few years. Therefore I think the surplus cash available to the company for dividends will increase. 37:49 37 minutes, 49 seconds We've started with a relatively modest uh dividend for for this uh financial year, but we'll of course now look to 37:57 37 minutes, 57 seconds both make these dividends consistent and consistently growing. 38:02 38 minutes, 2 seconds Sure, that's helpful. And and on the guidance part, you know, this is obviously better than what we had last year in terms of the percentage growth 12 a.5% last year to now almost 15%. 38:15 38 minutes, 15 seconds U you know what are we expecting to be better this year? Is it uh the demand scenario or you know we have a better 38:22 38 minutes, 22 seconds hold on the pipeline uh that is uh you know about to get launched this year and hence slightly better guidance since last year despite a higher base. 38:34 38 minutes, 34 seconds I would actually argue that you guys have a slightly funny way of looking at uh uh results sometimes. I I think what 38:41 38 minutes, 41 seconds has actually happened is that couple of years ago we said we would like to grow guidance 20% a year uh year on year. 38:49 38 minutes, 49 seconds We've done that now both of the last two years. Um so this year's guidance only looks better because actually as bor was 38:58 38 minutes, 58 seconds saying we think we probably missed about a th00and cr of sales at the end of March. If we had done that I think last 39:05 39 minutes, 5 seconds year's growth would in fact have been 20% and then you guys perhaps would be complaining that our guidance was was 39:12 39 minutes, 12 seconds only 10% higher. So maybe uh you know it's a it's it's an advantage to us that that 39:20 39 minutes, 20 seconds that didn't happen in some ways. But look, I think what we're saying is that we obviously don't want to constrain ourselves on the upside. So if we see 39:28 39 minutes, 28 seconds the opportunity to grow 55% as we did in FY23 or 84% in FY24 39:36 39 minutes, 36 seconds um we'd like to obviously seize on those opportunities even if that means that uh you know the next year growth may look a little bit more moderate but I think 39:45 39 minutes, 45 seconds this idea of 20% growth in guidance is something we are keen to uh deliver and obviously each year we hope to do a bit 39:53 39 minutes, 53 seconds better than guidance. So last year we did 6% better than our guidance and therefore this year's uh growth over 40:01 40 minutes, 1 second actuals is 14%. Uh but you know had we been able to do 20% as I said then this year's u guidance over actuals would 40:09 40 minutes, 9 seconds have been would have been 10%. So I think that's the way we're thinking about it in terms of what gives us confidence of overall having a much 40:17 40 minutes, 17 seconds stronger number this year. As I mentioned earlier, our business development last year grew by 59%. Which 40:24 40 minutes, 24 seconds implies a stronger launch opportunity this year than we had the previous year. 40:29 40 minutes, 29 seconds And our existing inventory available for sale is also on an opening basis 35% higher this year than it was last year. 40:36 40 minutes, 36 seconds Now, of course, there also additional risks and concerns this year that didn't exist last year, not least of which is this global situation. So we will have 40:44 40 minutes, 44 seconds to keep uh you know a watchful eye on that and come back to you guys if we're seeing any uh shifts in the market in in 40:52 40 minutes, 52 seconds either direction. But as of now I think basis what we're seeing bases the launch opportunity faces the present um and you 40:59 40 minutes, 59 seconds know this is obviously built bottom up project by project region by region and with some buffer for you know soon 41:07 41 minutes, 7 seconds slippages in in launch timelines and things. So so far in the last four years we have been able to meet this sales guidance each year. We're obviously very 41:15 41 minutes, 15 seconds hopeful of of of doing that again this year. 41:19 41 minutes, 19 seconds Sure that's helpful. And one just one last on the pricing side since we are doing a lot of sustain sales as well. Uh 41:26 41 minutes, 26 seconds you know how is the price expectations uh uh price acceptance by the consumer uh when we are taking those increases 41:35 41 minutes, 35 seconds and and what would be the uh uh you know uh outlook on on that uh as we move ahead in in F7. 41:45 41 minutes, 45 seconds I think pricing has been I mean especially in south and Bombay reasonably decent and uh I would say 41:53 41 minutes, 53 seconds West has been marginally better nothing great and on the good side I don't see there is a good price uptake and frankly we're not really looking at that we 42:01 42 minutes, 1 second focus more on quality of sale no has been a bit of a consistent surprise in the sense that uh there's a very strong 42:08 42 minutes, 8 seconds lack of supply in the market so it gives a sort of a clear clear demand supply issue which is why price uptake is feel 42:15 42 minutes, 15 seconds good. So yeah, got it. That's helpful. Uh that's it from myself and all the best. Thank you. 42:23 42 minutes, 23 seconds Thank you. 42:25 42 minutes, 25 seconds The next question is from the line of Abhinava from Jeff. Please go ahead. 42:29 42 minutes, 29 seconds Hi. Uh a couple of questions. So firstly on the uh launch guidance that you've given of 480 billion. Uh you've already 42:37 42 minutes, 37 seconds detailed some big launches in NCR but can you talk about maybe few more projects in other areas and what to watch out for in terms of timing? 42:45 42 minutes, 45 seconds Thanks a uh actually pretty action-packed year. We apart from the launches Pusha talked about I'll just quickly cover NCR more. Uh we will have 42:54 42 minutes, 54 seconds a very uh exciting launch coming up in greater good golfings our last residential cluster. This is sort of a 43:01 43 minutes, 1 second soldout project previously retail was the last product we had launched almost probably 90% plus also sold out. So very looking much forward to this one. We 43:10 43 minutes, 10 seconds will also have a tower activation phase activation basically in go aren the launch which happened last quarter has done more than 1500 crores. So likely 43:18 43 minutes, 18 seconds towards quarter 3 will launch and we will also launch a phase likely of Mia during the later part of the year. In Bombay again quite action fact we will 43:26 43 minutes, 26 seconds have Bandra is the most awaited launch Bombay for Bombay in the last many years that should come. We will have phase 43:34 43 minutes, 34 seconds activations in Kar and Panale. We will also launch another tower of Worley. Uh as you would have seen, we've been h 43:42 43 minutes, 42 seconds clocking sales uh pretty strongly. So I think somewhere around Diwali this year, we might open a new phase of Wley. Uh we 43:51 43 minutes, 51 seconds will also see after very long time a very exciting land partner coming in Vicroli. Uh and the teams are quite 43:59 43 minutes, 59 seconds excited about that. This is a huge project. Uh and towards maybe quarter two or quarter three we would see a launch of this one. Uh then we will have 44:07 44 minutes, 7 seconds a tower activation of Godidge reserve and the recent acquisition the 7500 K topline that we have acquired in Tan 44:17 44 minutes, 17 seconds that should also see a launch in towards mostly like towards Q3 late Q3 or Q4 on south you know we've added a lot of 44:25 44 minutes, 25 seconds projects across the board so most of we'll see action in the coming month starting with Kukati and Pedagra these will be two exciting 44:34 44 minutes, 34 seconds launches Banagata in Bangalore will be coming up. We will be launching a second phase of regal pavilion. We launch a 44:41 44 minutes, 41 seconds plotted development of Pima tour and and there are two three more launches. Uh like in Hyderabad we have a launch of new policy land in auction we bought. 44:51 44 minutes, 51 seconds Moving on to uh and again there'll be some phase activation we forward in MSR and Whitefield in Pune. We'll have again 44:58 44 minutes, 58 seconds series of launches starting from Mundo, Nagpur. uh we will open another phase of another parcel in upper karate. We will 45:07 45 minutes, 7 seconds have something maybe two three launches in Mahalongi depending on how many launches we can secure in terms of approvals and we'll have a very exciting 45:16 45 minutes, 16 seconds launch in Kolkata as well as Rayur after long time we'll have a launch coming in Vasarapur which is Ahmedabad. 45:23 45 minutes, 23 seconds I mean uh as you can clearly see we have enough and more to be very very confident like was mentioning that there 45:31 45 minutes, 31 seconds is a guidance of launch guidance and we keep tend to keep buffer so some of these may flip but in spite of them flipping we very confident to bring the 45:39 45 minutes, 39 seconds inventory given as guidance and through through that drive our launches. 45:45 45 minutes, 45 seconds Um so second question on construction cost. So now we have seen a big reset already uh with a 62% jump. Um from here 45:54 45 minutes, 54 seconds should we be thinking about maintaining the current 2,000 K per quarter levels or there is another large jump ahead. 46:02 46 minutes, 2 seconds I mean uh you know I would say we would see a consistent uh growth like the ones that you talked about and uh I see the 46:10 46 minutes, 10 seconds percentage will be in double digit may not be as massive as the one we saw in the last year but the end will be to push as much as we can so that we can 46:19 46 minutes, 19 seconds start securing the OC plan for FI28 and and some of these launches will also determine some of the construction 46:26 46 minutes, 26 seconds spend. If we're able to ensure that we have a good Q1 and Q2 launches that will also of course have a good positive 46:33 46 minutes, 33 seconds upside on the construction but again you know from an operating cash flow most of these will get covered up from the launch collections itself. So yeah 46:41 46 minutes, 41 seconds endeavor is to push as much uh speed of COC spend but yeah I mean the range that you talked about seems very logically achievable but yeah internal targets are slightly more stretched. 46:52 46 minutes, 52 seconds Yeah. So uh logically okay to believe that OCF should now arrive faster than customer collections or you think it's still more in line. 47:02 47 minutes, 2 seconds I mean I mean know it actually frankly depends upon the stage of the project and the COC spend of that right uh if we 47:09 47 minutes, 9 seconds see because you know finally we are a uh portfolio say maybe 100 odd companies 100 odd projects right so if we are able 47:16 47 minutes, 16 seconds to see great construction progress in projects which are in later stage of construction then the OCF conversion is very very high and if we are able to for 47:25 47 minutes, 25 seconds some reason I'm just giving you a sense of sensitivity or how difficult it is to project these numbers if we're able to not do that very well but is to do very 47:33 47 minutes, 33 seconds well on the mid-stage then that actually happens quite the opposite. Uh so frankly I don't want to put my neck out and convert it but yeah directly I can 47:40 47 minutes, 40 seconds say OCF will continue to grow very strongly uh because uh we've been able to ensure that many of the projects in 47:48 47 minutes, 48 seconds last year have uh reached a slab cycle level. So typically construction is relatively slower in a typically two 47:55 47 minutes, 55 seconds three basements till you hit uh you know plinth and above. Now we've hit second third floor is many of it which is the 48:03 48 minutes, 3 seconds typical cash flow accurith sort of stage of a project. Uh but I mean very frankly all projects for us are equally 48:10 48 minutes, 10 seconds important to speed construction. Uh but directionally OCF will continue to be strong but I can't give you a number right now but uh trajectory wise I can say will be stronger than last year. 48:22 48 minutes, 22 seconds Okay. Thanks and all the best to the team. Thank you. 48:27 48 minutes, 27 seconds The next question is from the line of Rahul Jen from Ilara Capital. Please go ahead. Hi sir, thank you for the opportunity. 48:35 48 minutes, 35 seconds Uh so on the launches of 480 billion that you're planning, what is the approval cost that you're budgeting for the full year in FI27? 48:46 48 minutes, 46 seconds Very very difficult Rahul you know you know it will be like you know several of the projects you know and each project will have a different approach. Some we 48:55 48 minutes, 55 seconds will require some STE is premium to be paid some FSI to be bought. So very difficult you know but why don't we get off you know connect offline and you 49:03 49 minutes, 3 seconds know maybe we'll help you with some some of the numbers. 49:06 49 minutes, 6 seconds Sure. Sure. And uh on the connections fund u you were essentially uh guiding for a 210 billion for uh FY26. You landed at 200 billion for the full year. 49:18 49 minutes, 18 seconds Uh so there were obviously 10 billion worth of slippages. So does that 240 billion that you're guiding in FI27 49:25 49 minutes, 25 seconds uh the slippage is baked in or there is uh upside risk to that number? That's it. 49:32 49 minutes, 32 seconds Yeah, I think you know a lot of the deliveries ended up being uh skewed to us sort of even later in Q4 than we were originally planning. So I think there is 49:41 49 minutes, 41 seconds a little bit of slippage because of that. Uh we we of course are disappointed to have missed this um 49:47 49 minutes, 47 seconds 21,000 cr guidance. I think 24,000 we always would have some buffers in the in the guidance. I think that some things 49:55 49 minutes, 55 seconds will change in an industry like real estate is pretty much a given. So we do have some buffers. So I wouldn't say 24 50:02 50 minutes, 2 seconds is everything going going right. Um we could have perhaps gone a little bit higher but based the learning from this year where we ended up missing it by 5% 50:11 50 minutes, 11 seconds um we we wanted to stick with uh 24,000 but we'll we'll hope to do a bit better than that. 50:18 50 minutes, 18 seconds Understood. Thanks. 50:23 50 minutes, 23 seconds The next question comes from the line of Akash Gupta from Nomira. Please go ahead. Uh hi. Am I audible? You are audible sir. 50:31 50 minutes, 31 seconds Yeah. Hi. Uh hi sir. Congratulations on great performance actually. Uh my question is twofold. The first is uh 50:39 50 minutes, 39 seconds your launch performance for projects in Kar and Kari that were launched in 4K FI26. They were slightly on the softer 50:47 50 minutes, 47 seconds side. So I just wanted to know your thoughts on that and second for projects in Gura u projects like Sora and Mia I 50:55 50 minutes, 55 seconds think we already did roughly 30 35% at launch but I don't see that offtake continuing so what's your uh thought on 51:03 51 minutes, 3 seconds that so these are my two questions thanks I think the project ker and upper 51:10 51 minutes, 10 seconds karad are exactly part of the bucket of projects which saw impact of lower conversion in the last two weeks 51:18 51 minutes, 18 seconds of March due to Middle East something that so this is more of a short-term issue when the idea is in fact we had 51:26 51 minutes, 26 seconds great check pickups conversions did take a hold because consumers were expecting that because there's a geopolitical situation there are some extraordinary 51:34 51 minutes, 34 seconds deals to clinch which we don't offer very frankly so I think that's bit that on some of the uh the two projects of golf course what I talked about there is 51:42 51 minutes, 42 seconds also you know stage of construction so in some one or two projects we've removed the marketing office uh so that the construction can be complete of that 51:50 51 minutes, 50 seconds area because uh there's a basement and logistics part but I think typically 3 to four months once that stage is over we will put back a sort of a sort of a 51:59 51 minutes, 59 seconds temporary marketing office and again the sales figure will start moving up understood sir thank you so much 52:06 52 minutes, 6 seconds our next question is from the line of Kunal Lakhan from CLSA please go ahead 52:18 52 minutes, 18 seconds Kunal your line has been unmuted. You may proceed with your question. Hello and audible. Yes, you're audible. 52:26 52 minutes, 26 seconds Yeah. Okay. Fine. Uh thanks for taking my question again. Um so on on the on the cash side that we have cash up about 52:33 52 minutes, 33 seconds again how this understand the not able to hear you now. Could you try again? 52:43 52 minutes, 43 seconds Uh, is it better? Is it still the same? I think this is a bit better. Go ahead. 52:49 52 minutes, 49 seconds Okay. So, just wanted to understand on the cash side, we have a cash of about 8,000 crores all in in a books. Uh, how 52:57 52 minutes, 57 seconds much of this would be in the RA account and around 6,00,700 crores in the RA account. Okay. Okay. 53:06 53 minutes, 6 seconds Um, okay. Understood. Uh secondly on the on the revenue side right no um I mean uh in terms of the revenue bookings that 53:13 53 minutes, 13 seconds we are a revenue recognition side rather right uh just recognizing revenues in line with our sales of say FI 2122 53:22 53 minutes, 22 seconds uh and we have seen some ramp up in sales from FI23 onwards uh on the revenue side going into FI 27 and 28 53:29 53 minutes, 29 seconds particularly FI27 could we see a bump uh in the the revenue registration because when I look at the deliveries items right it's showing 53:39 53 minutes, 39 seconds versus thanks. I think we would see that Baylor bump up in FI 28. 53:47 53 minutes, 47 seconds Okay. Okay. Major bumps in the OC's will come in Kunal. So you will see a significant PNL revenue recognized into 53:56 53 minutes, 56 seconds P&L over well I mean even now it's quite healthy. 53:58 53 minutes, 58 seconds I think maybe 2900 crores is revenue linked to all these OC's but and even this year it should be decent but I 54:06 54 minutes, 6 seconds think the real bump is uh F28 when we when our target is to hit 20% grow 54:13 54 minutes, 13 seconds and that's obviously implied that's why the 28th it was the year we said from when we will be 54:20 54 minutes, 20 seconds hitting this uh 20% ROE because that's the year where we see the significant bump up but obviously with delivery guidance for the coming the current year 54:29 54 minutes, 29 seconds higher than last year we should see positive momentum this year as well but I think a big step step jump in effort another thing is like you know all those 54:38 54 minutes, 38 seconds revenue which are going to get recognized will be off of our own projects you know so you know that's why you will also see that bumps coming in 28 54:45 54 minutes, 45 seconds yeah we think we think perhaps the market hasn't fully appreciated that yet because whilst bookings themselves have grown very sharply GPS's economic 54:54 54 minutes, 54 seconds interest which we show separately has grown even faster So over the 5 years it's been compounding at 55% uh a year and all of that will now we 55:03 55 minutes, 3 seconds think start becoming more and more visible in the P&L and of course some of it already has been understood understood and one last 55:12 55 minutes, 12 seconds question if I may uh push you did highlight about uh Ashoki we are likely to get launched in in FI27 are all the 55:20 55 minutes, 20 seconds issues uh you know specific to that project or for that market right are are they already behind us or what Is it what's the current status right now? 55:29 55 minutes, 29 seconds No, I wouldn't say they're all behind us and I wouldn't say there's a certainty of it getting launched uh this year, but I think very strong progress being made 55:38 55 minutes, 38 seconds and the team on the ground feels that this year we will be able to launch it. 55:42 55 minutes, 42 seconds I don't think that was the message from them at this time last year. But I would not say this is uh something that we should take for for as certain. uh but 55:51 55 minutes, 51 seconds we're reasonably optimistic of this happening and I think it'll be quite positive if you know within a 12- month period these three significant projects 56:00 56 minutes that have been uh delayed for some time Wii Bandra and Ashok PR all get launched and and that's the endeavor. Um in some 56:09 56 minutes, 9 seconds ways of course this the delays have helped in terms of how the market has has moved but we wouldn't like to see obviously any further delays now. 56:19 56 minutes, 19 seconds Sure. Sure. Understood. Thanks again. Thank you so much. Thanks. 56:25 56 minutes, 25 seconds Ladies and gentlemen, we will take that as our last question for today. I would now like to hand the conference over to the management for closing comments. 56:33 56 minutes, 33 seconds I hope we've been able to answer all your questions. If you have any further questions or would like any additional information, we'd be happy to be of assistance. On behalf of management, 56:42 56 minutes, 42 seconds thank you once again for taking the time to join us today. 56:46 56 minutes, 46 seconds Thank you. On behalf of Godidge Properties, that concludes this conference. Thank you all for joining us. You may now disconnect your lines.