Mahindra Lifespace Developers Limited — Q4 FY26

Mahindra Lifespace Developers Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=8k1NWEGiaPc Published: 2 weeks ago

0:01 1 second Good evening everyone and a very warm welcome. Thank you for joining us today for our Q4 and fully year FI26 signing 0:09 9 seconds update. We tr truly appreciate your continued interest and participation. We have with us Mr. Amish Sina managing 0:16 16 seconds director and CEO Mr. Shiram Kumar Chief Financial Officer Mr. Vimlendra Singh 0:23 23 seconds CBO residential Mr. Vikram CBO industrial today's meeting will begin with a brief presentation covering our 0:31 31 seconds operational and financial highlights following which we will open the floor for Q&A session with that I am pleased to invite Mr. Rammit Sina, managing 0:40 40 seconds director and CEO to take us through the presentation. 0:59 59 seconds So, welcome everybody. I think uh uh we'll move through the se the slides pretty quickly so that we have as much 1:06 1 minute, 6 seconds time for Q&A. Um uh by the way the first picture was that 1:15 1 minute, 15 seconds of uh let me go back actually this was of Bandup our recent launch uh I think 1:23 1 minute, 23 seconds uh the sales gallery and everything is ready we're just waiting for the EUI and the CP meet to happen for us to start uh 1:32 1 minute, 32 seconds opening the gallery for customers to take a look at what we have to offer there. uh and this picture is from Mahindra Blossom in Bangalore which did 1:41 1 minute, 41 seconds really well last quarter u 60% u uh sold within within a week of its launch so 1:48 1 minute, 48 seconds it's done really well but obviously the this launch was before the war so I think um let's see how the impact of war 1:56 1 minute, 56 seconds is on the sentiments and the real estate buying u buying behavior um right I think u uh in terms of um you've seen 2:05 2 minutes, 5 seconds this slide before uh so I will not dwell too much time but I think we are continuing to execute on a well- 2:13 2 minutes, 13 seconds definfined strategy um you know you you know our aspiration to be a meaningful scale player in the industry 8 to 10,000 2:21 2 minutes, 21 seconds crV uh addition of 45,000 cr which is in looking very good shape in fact we have crossed that and we are thinking ahead 2:29 2 minutes, 29 seconds in terms of how we build the GDV portfolio for for future u The portfolio choices you're well aware of in terms of 2:38 2 minutes, 38 seconds three cities premium mid premium and exiting uh affordable segment. Uh business development engine which allows us to pick and choose the right set of 2:47 2 minutes, 47 seconds deals get us approvals in time to launch and then uh make sure we adhere to all the financial guard rails. Uh customer 2:54 2 minutes, 54 seconds experience in the last year uh we have really pushed the needle on providing superior customer experience to our 3:02 3 minutes, 2 seconds customers. Um uh it has obviously a design element, sustainability elements, uh some kind of innovation which are 3:09 3 minutes, 9 seconds more practical. Uh but also a key part of um industry challenge has been how do you provide a seamless position 3:17 3 minutes, 17 seconds experience which we have worked really um really well. uh project execution is is fundamental a first time right 3:25 3 minutes, 25 seconds approach to construction uh on-time delivery uh and I'll share some of the update on OC uh and then how do we 3:32 3 minutes, 32 seconds actually become more industrialized in the project business by having uh designs and spaces which can be standardized for repeatability IC and 3:41 3 minutes, 41 seconds IIC uh you'll hear for more from us on on the business it has done really well um and across the existing location and 3:48 3 minutes, 48 seconds we continue to monetize the asset that we have and and the bedrock for us has been the robust financial discipline 3:57 3 minutes, 57 seconds IRRa uh prudent capital allocation and then making sure that we have strategic funding to support our growth aspiration 4:05 4 minutes, 5 seconds and then you have some of the future proof Mi from a talent performance culture and new technologies. Um so not 4:14 4 minutes, 14 seconds u not not deviating from the strategy that we have highlighted uh two and a half years back uh but I think we are making strong progress on each one of 4:22 4 minutes, 22 seconds them. Um some highlights just to give you you would have seen the brief already but Q4 pre-sales um on the resi 4:31 4 minutes, 31 seconds side was 1,633 crores. Um overall we finished the resi pre-sales uh for the financial year at 3,400 cr. 4:42 4 minutes, 42 seconds uh supported by good successful launches at Blossom, Marina 64, New Heaven, Citadel, Towerel, uh Lakewoods in 4:50 4 minutes, 50 seconds Chennai uh and sustainance sales which is our continuous effort to actually not depend on the launches inear launches 4:58 4 minutes, 58 seconds 40% of our sales came from sustainance and our goal is to continue to improve that uh rainforest it's a 5:06 5 minutes, 6 seconds one of the largest project that we have taken uh full uh GDV is more than 12,000 5:13 5 minutes, 13 seconds cr. We have achieved uh RARA received RA for Mahindra rainforest phase one. Um 5:21 5 minutes, 21 seconds then we will share with you in in future months how the response is uh strong launch pipeline heading into FY27. A lot 5:28 5 minutes, 28 seconds of GDP that you acquired in the past years is uh is coming up for launches. 5:34 5 minutes, 34 seconds Uh the approval process are well underway. Uh so we hope to see a significant jump in our pre-sales this 5:40 5 minutes, 40 seconds year. BD momentum continues um 18,000 cr including tane this year as well and 5:48 5 minutes, 48 seconds total GDV for more than 45,000 cr. Um we have um a focus on execution continues. 5:56 5 minutes, 56 seconds uh we had planned to receive um eight OC's uh and I'm I'm I'm glad to share that in the last financial year plus 6:04 6 minutes, 4 seconds seven days we received two OC's um in by April 7th one came on April 1st and one came on April 7th so within let's say 6:13 6 minutes, 13 seconds 372 days what we achieved was um in line with what the expectation were for FI26 6:20 6 minutes, 20 seconds uh we also have a strategic partnership announced uh the first part of infusion of capital has happened. Uh this is a 6:28 6 minutes, 28 seconds multi-project partnership. It started with Blossom where they have 49% stake. 6:33 6 minutes, 33 seconds Um and it's going to be a gamechanging partnership from our point of view. 6:37 6 minutes, 37 seconds Mitsu Fudusan is the largest real estate uh player in Japan and they've chosen us to uh to be their partner for the 6:45 6 minutes, 45 seconds residential segment. They had they had partnership in the past on the commercial side but residential this is the first partnership. 6:52 6 minutes, 52 seconds um you know ICNIC continues to be a very strong uh unlike um other other firms in 7:00 7 minutes the space who have resi plots we have industrial which is like industrial plot so the kind of margin profile the kind 7:08 7 minutes, 8 seconds of uh land bank that's required we do have in IC business um we have seen leasing activity very very strong in 7:15 7 minutes, 15 seconds Jaipur and Chennai realizations have improved quite a lot um um and then we are working on origin Ahmedabad and 7:22 7 minutes, 22 seconds Origins Pune. Origin Ahmedabad has all the approvals. We're looking for the first set of anchor client. It has been slow in the past but uh right now we are 7:31 7 minutes, 31 seconds uh we receiving healthy inquiries. Uh and then land aggregation in Origins Pune continues to move at good speed. Uh 7:41 7 minutes, 41 seconds financial point of view almost 4,120 crores of combined resi and IC 7:49 7 minutes, 49 seconds pre-sales. um PAT uh there's a significant growth for us and we believe that's going to be a new normal where 7:56 7 minutes, 56 seconds we'll see uh good PAT performance for the next few years as completions happen and as I see uh leasing continues um 8:05 8 minutes, 5 seconds collections has been um has been strong more than 2,100 cr despite not having some of the launches like Bardup happen 8:14 8 minutes, 14 seconds in the time frame we expected the the collections were very healthy and then um uh given our desire to be uh very um 8:25 8 minutes, 25 seconds prudent about our balance sheet I think we have uh a net debt to equity of negative.27 27 U which is uh which is uh 8:35 8 minutes, 35 seconds which is healthy right and especially in the times when there are volatility expectation expected in the u in the 8:42 8 minutes, 42 seconds market driven by war driven by other um others other other reason reasons uh having a healthy balance sheet helps 8:49 8 minutes, 49 seconds build a stronger business so that's the key highlight um u you have known most 8:56 8 minutes, 56 seconds of these things but in summary this page captures the GDV edition uh 10,500 odd 9:02 9 minutes, 2 seconds is the new acquisitions and the last column is Tane. You had you've heard us and even you probably heard me talk 9:10 9 minutes, 10 seconds about Tane for some time but finally we have gotten the approval from Tane which is our zone. Um and given the 9:18 9 minutes, 18 seconds infrastructure development metro and the the tunnel uh we expect uh this land will become 9:25 9 minutes, 25 seconds very valuable to us. U we are in advanced stages of design. I think I'm sure chief design officer is here. Um 9:32 9 minutes, 32 seconds you know the the idea is to develop this into a large mixed uses u project which will have retail which 9:41 9 minutes, 41 seconds will have residential which will have commercial it will have other amenities and make it a you know destination of its kind. Uh so 18,000 cr just to remind 9:50 9 minutes, 50 seconds you last year F-25 also was 18,000 cr for us. Um so in in so we maintained a 9:58 9 minutes, 58 seconds very uh very healthy addition to our GDV and um our belief is that uh we will be able 10:06 10 minutes, 6 seconds to sustain this kind of GDV activity over the next few years. So so please stay tuned for more details and more 10:14 10 minutes, 14 seconds action on that front. Um cumulative GDB you have seen um it is it captures all the latest and the greatest. Uh the 10:23 10 minutes, 23 seconds colored blue is something that has happened in the current financial or past financial year FI26. 10:29 10 minutes, 29 seconds Uh the current inventory on the left most column actually has jumped because as of 31st March we had rainforest that was launched. U none of that had sold. 10:41 10 minutes, 41 seconds We are still collecting EOIs and and doing the early stage of marketing but roughly 3,000 cr of inventory has been 10:47 10 minutes, 47 seconds added to uh to the leftmost column. um 10:53 10 minutes, 53 seconds uh making it 6,200 crores right u launch plan I think a steady recovery 11:02 11 minutes, 2 seconds uh I would say recovery but steady growth uh that we have seen in this u uh in this year u strong momentum roughly 11:10 11 minutes, 10 seconds 20% 21% growth over the last financial year we had planned um almost eight launches uh five launches happened and 11:19 11 minutes, 19 seconds we have in-ear impact with that rainforest while the launch has happened. You'll see the impact of that in the current financial year. Beaconil 11:27 11 minutes, 27 seconds and Citadel phase 3 in Pune are at the very last stages of approvals RA and and hopefully we'll have them in this 11:35 11 minutes, 35 seconds quarter to benefit um the sales uh from from multimonth effort. 11:43 11 minutes, 43 seconds We've seen this slide. I think I won't dwell on it. Our our trajectory continues. uh we have um we have uh an 11:51 11 minutes, 51 seconds important year in FI27. Uh in the past we have given a guidance of uh 4500 to 11:57 11 minutes, 57 seconds 5,000 CR for our pre-sales for uh for um for FI27. Uh and this will be an important year where we'll break out 12:05 12 minutes, 5 seconds from uh the the 20 25% growth that we have seen in the last last few years. Um and uh we think we are ready for that 12:14 12 minutes, 14 seconds jump. The reason is the GDV all the effort that we put in last two years are is seeing traction. Some have some 12:21 12 minutes, 21 seconds launches have already happened. The remaining launches which we expect to happen will give us not only the impact in the current year FI27 but also give us um momentum in the next few years. 12:34 12 minutes, 34 seconds You'll also note that um the extreme right um um your extreme right yeah u 12:41 12 minutes, 41 seconds the proportion of new launches continues to come down uh which is good because in the past we've always been dependent on 12:48 12 minutes, 48 seconds one or two marquee launches they were make or break for us for the year uh but as the as FI26 is 6040 we hope to 12:56 12 minutes, 56 seconds reverse that in the next year um right the sustainance sale become will become very important um and then that trend 13:04 13 minutes, 4 seconds should continue. So we will gain um more from sustainance and past year launches than just depend on the current year launches. 13:14 13 minutes, 14 seconds Uh IC and IC business uh Vikram is here. 13:17 13 minutes, 17 seconds I think he's done very well in terms of uh jumping um obviously it was really 13:24 13 minutes, 24 seconds helped by the approval we received in OC2A origins Chennai 2A um part A. uh we 13:33 13 minutes, 33 seconds already had OC1 with Sumitomo. OC2A is a partnership with signed with them. Uh they came in I think November 2024. 13:41 13 minutes, 41 seconds uh and then by end of December 2025, we had received the final approvals and quarter 4 of last financial year 13:49 13 minutes, 49 seconds received u as you can see 360 cr um worth of new lease uh revenue that came in and that was already in the pipeline 13:58 13 minutes, 58 seconds but receiving the um receiving the uh approval allowed us to convert that pipeline into real opportunity. Um it 14:08 14 minutes, 8 seconds also tells us that the demand uh especially when we had a partner like Sumitomo in our in our um stable is is 14:17 14 minutes, 17 seconds outstanding and and the largest customer actually that you see there on the page 180.4 is actually um actually Japanese 14:25 14 minutes, 25 seconds customer. The second largest is also a Japanese customer. The third one is also a Japanese customer. So this has been a tremendously powerful partnership for 14:34 14 minutes, 34 seconds us. Uh as we are able to bring more land to to uh for for business. Uh our partnership allows us to pick the right 14:42 14 minutes, 42 seconds set of clients uh from from outside India. Uh even the domestic customers have been quite uh quite uh active in especially in Jaipur region. 14:54 14 minutes, 54 seconds Uh so good good strong performance on the IC side. uh and just to remind that IC we are only firing uh let's say three 15:02 15 minutes, 2 seconds to four out of the six um locations that we have right so OC2A is firing 2B is 15:10 15 minutes, 10 seconds under aggregation and approval soon after Ahmedabad and Pune are not yet ready Ahmedabad's while technically it's 15:18 15 minutes, 18 seconds ready but we are waiting for the right anchor client and Pune we are finishing the rand aggregation and the potential is huge as you can see and you We've 15:27 15 minutes, 27 seconds always guided that this business will give us 500 to 400 to 500 cr every year. 15:31 15 minutes, 31 seconds Let's say 500 as as a midpoint uh that we given what we have seen in the last year and then this will have a PAT 15:39 15 minutes, 39 seconds performance of roughly 550 crores for us to um to for to to benefit from 15:48 15 minutes, 48 seconds uh financial highlights. Um I think um uh maybe Sriam I covered that or you're covering it. I covered it right. U so 15:57 15 minutes, 57 seconds sales uh I think you've seen this before. Q4 was great on the resi side. 16:01 16 minutes, 1 second Financial year had 3,400 cr. Obviously you know our aspiration is much bigger and you'll see some of that come through in the coming years. Uh this compares 16:10 16 minutes, 10 seconds well compared to the last year as well as last year's final quarter. IC and IC 16:16 16 minutes, 16 seconds again very very strong growth financial year as well as the quarter 4 uh GDV. Um 16:24 16 minutes, 24 seconds we we GDV we have been cautious. Um we already have a healthy GDV for the financial year. We didn't want to u sign 16:33 16 minutes, 33 seconds a deal that didn't meet our uh stringent financial guard rates. So you see nil in the last quarter of last financial year 16:41 16 minutes, 41 seconds but I think we have enough for us to convert from GDV to launches. Uh resi collection strong as we discussed debt to equity very healthy and cost of debt 16:50 16 minutes, 50 seconds despite some of the uh challenges in the market. I think it continues to be at a very affordable rate. Um 16:59 16 minutes, 59 seconds let me just invite Sham to cover some of the segment performance and then we'll take Q&A. 17:14 17 minutes, 14 seconds Thank you. uh on the segment performance uh I think the point to highlight is the RESI uh uh profitability which we 17:23 17 minutes, 23 seconds discussed in the last earnings call uh that continues to be uh positive and uh you know with the few more OC's that we 17:31 17 minutes, 31 seconds received uh during the quarter uh you know it it ends up uh being a very good uh year for us with a positive uh rei 17:39 17 minutes, 39 seconds profitability and IC uh continues to be uh extremely important From a PAT contribution perspective, uh you know, 17:48 17 minutes, 48 seconds significant amount of uh leasing revenues and uh and highest higher realization really helped us to achieve 17:55 17 minutes, 55 seconds the PAT uh for the year compared to the last year. 18:01 18 minutes, 1 second Uh on the cash flow statement, uh I think uh you know we are in a very good position. The operating cash flow for 18:08 18 minutes, 8 seconds the uh year FI26 is about 840 crores compared to 832 last year. Two 18:16 18 minutes, 16 seconds things to highlight. One uh you know we did have about um uh the approval costs for uh Mahindra Rainforest uh spent in 18:25 18 minutes, 25 seconds the uh factored in the operating cash flows. So that's about roughly uh you know uh uh uh 200 250 crores which uh 18:34 18 minutes, 34 seconds which uh basically the 840 crores that you see is after accounting for that and uh you know healthy um you know 18:42 18 minutes, 42 seconds investing and uh uh financing cash flows largely due to the the transaction the strategic partnership with Mitsui and 18:49 18 minutes, 49 seconds also the rights issue we had uh at the beginning of the year. The land outflows is around uh 900 crores for the year to 18:56 18 minutes, 56 seconds get to that GDP of uh of uh 10 10 560 crores. But uh this 93 also includes uh 19:04 19 minutes, 4 seconds you know existing land commitments uh which also should be factored in. So overall uh the net uh cash balance at a group level is about 1127 crores uh 19:13 19 minutes, 13 seconds against uh gross debt of about 383. So we are in a very good position from a leverage perspective. 19:21 19 minutes, 21 seconds Uh this is the cash flow statement which I think we project out uh every quarter. 19:27 19 minutes, 27 seconds Uh so what we have done this quarter is added uh tane uh to our mix. Uh so the cash flow including tane we are looking 19:35 19 minutes, 35 seconds at roughly about uh 14,000 crores uh effectively to come from our current projects. Uh the ongoing projects the 19:43 19 minutes, 43 seconds remaining cash flows that will come and also the the uh projects that are in the pipeline that are yet to be launched. um 19:50 19 minutes, 50 seconds you know still uh Jaipur residential and Murud is not included in that uh but 14,510 crores is what uh we are sort of 19:58 19 minutes, 58 seconds working towards and uh this is the uh consolidated P&L from a reporting perspective. So for the 20:07 20 minutes, 7 seconds quarter we ended up with uh uh 90 crores of PAT uh compared to 85 crores last 20:14 20 minutes, 14 seconds year and uh for the full year ended we had uh done about 298 crores of PAT compared to uh 61 crores in the prior year. So almost a 5x jump. 20:27 20 minutes, 27 seconds Uh on the balance sheet side uh as we discussed the uh you know the the equid the balance sheet looks very healthy 20:34 20 minutes, 34 seconds with a with a solid equity uh net worth of about um uh 3,600 crores. Uh this has 20:41 20 minutes, 41 seconds gone up primarily obviously because of the rights issue we had at the beginning of the year plus the profits that gets consolidated uh in our in our numbers. 20:50 20 minutes, 50 seconds uh with the rights issue proceeds we paid the long-term borrowings and uh you know uh overall at a net debt uh equity 20:58 20 minutes, 58 seconds to equity ratio we were as I said we were in a very healthy position at u negative0.27 27 21:07 21 minutes, 7 seconds with I think we have completed the you know the slides that we wanted to present I think we can now open up for questions 23:09 23 minutes, 9 seconds Mike Mike. 23:14 23 minutes, 14 seconds Yeah. Hi, this is Parikit from HDFC Securities. So my first question is uh I think Amit earlier in the call you said that next year looking at a significant 23:22 23 minutes, 22 seconds jump in pre-sales. I think last guidance we given on the third quarter call was about 4500 to 5,000 crores. So given 23:30 23 minutes, 30 seconds that uh some of the launches got pushed out into FI27 if I remember at least two. So uh so how do you see any upside to this guidance? 23:40 23 minutes, 40 seconds I mean uh so so what if we can quantify the growth I mean when you talk about the growth or the guidance if there is any upside to this guidance. So u we 23:49 23 minutes, 49 seconds antic anticipated some part of uh the launches to give us pre-sales in the uh 23:56 23 minutes, 56 seconds in FI27. Uh I think some part was either Q4 or potentially go from Q4 to Q1 of 24:02 24 minutes, 2 seconds this year. Um so the the if we include the the the value of all the launches that we have planned plus rainforest 24:11 24 minutes, 11 seconds which was technically launched in the last quarter is roughly 10,000 cr. Um so we we would hope to actually really um 24:19 24 minutes, 19 seconds do well on the pre-sale side but the part that we are seeing in the market uh I think uh uh we seen some slowdown in 24:27 24 minutes, 27 seconds terms of footfalls in our gallery sales galleries um and obviously uh some of them will come back but I think we want 24:35 24 minutes, 35 seconds to be cautious in terms of u what the impact of war is um so we'll we'll keep you updated from what we think our goal 24:43 24 minutes, 43 seconds is to first meet the expectations or guidance that we have provided and I think that multiple launches u sizable 24:51 24 minutes, 51 seconds launches that we have this year should give us the inventory to actually convert uh now external as well as our 24:57 24 minutes, 57 seconds ability to execute will diff demonstrate how far we are or how how much we can over uh overd deliver on that 25:05 25 minutes, 5 seconds so this 4500 to 5,000 is pure resi right this does not include the industrials industrial sales will be on top of it yeah yeah exactly exactly 25:13 25 minutes, 13 seconds um second question is If I know look at your launch pipeline so u the Bangalore is doing so well but we have very scarce 25:21 25 minutes, 21 seconds inventory there or I think if I combine the unsold inventory is about 3,000 crores Pune still we have about 5 to 6,000 crores but so how do you think 25:29 25 minutes, 29 seconds that how will you supplement the business development now because Bangalore has given good sales for us this year so in next year I think beyond 25:36 25 minutes, 36 seconds one major launch I think that's about 1,000 crores navat so I don't see any other major launch there so so from the sales point of view and from business 25:45 25 minutes, 45 seconds development if you can give us some color how's Bangalore looking at so um I will give and then I'll ask to 25:53 25 minutes, 53 seconds jump in our we have combined Navat one and Navat 2 together into one project uh the combined uh inventory from that 26:01 26 minutes, 1 second project would be close to 2100 to 2,200 crores so essentially um and then we'll have the uh leftover 26:10 26 minutes, 10 seconds or so to say the inventory from Mindra Blossom We sold 60%, we held some of the uh good quality inventory for subsequent 26:19 26 minutes, 19 seconds sustainance sales. So you'll see maybe 2,000 cr 2,200 plus another 8,000 800 crores from Minds of Blossom that will 26:27 26 minutes, 27 seconds be there. So 3,000. We also have a couple of uh high-profile business development efforts underway. Um so 26:36 26 minutes, 36 seconds uh you know and and I think Bangalore has been a great market growth of velocity, pricing, IR for us. So if we find the the right land parcel we'll 26:45 26 minutes, 45 seconds pursue it. Maybe I'll request him to talk about what kind of deal activity he's seeing in in Bangalore and uh and then we can come back to Pune. 26:54 26 minutes, 54 seconds Yeah. So so Parikit rightly said that Bangalore has done very well for us and there's a there's a significant focus 27:02 27 minutes, 2 seconds that as a BD function we are putting in Bangalore. 27:07 27 minutes, 7 seconds uh and you know as we have stated in the past we really don't want to pursue transactions which don't meet the financial guardrails you know there are 27:14 27 minutes, 14 seconds enough and more opportunities of course and given how we have scaled up Bangalore over last three four years you must have seen that we used to do just a 27:22 27 minutes, 22 seconds project from one project today we are five projects and as Amit said we have the ability to do Navarat one and Navat 2 together actually and that's how from 27:30 27 minutes, 30 seconds a design intent approvals perspective we are we are moving ahead so we'll have 3,000 crores in terms of overall sales 27:37 27 minutes, 37 seconds value which is available plus uh there are a few deals which are in advanced stages we'll not be able to discuss or 27:44 27 minutes, 44 seconds disclose at this point of time uh but principally aligned and we are actually working in a direction to supplement 27:51 27 minutes, 51 seconds Bangalore in a big way and good thing for us is you know our portfolio is fairly diversified we don't run a concentration risk and I think that's a 27:59 27 minutes, 59 seconds very big strength for us as a company we are very well you know placed across all the three key markets that we have said we'll focus on so we'll continue to 28:07 28 minutes, 7 seconds focus on all the three and uh yeah uh just the last question so we have 1127 crores of cash we have a partner in 28:14 28 minutes, 14 seconds Nitsui which I think Amit earlier highlighted is one of the largest developer in Japan so strong funds so so when I look at the business development 28:22 28 minutes, 22 seconds last two years have been phenomenal we have crossed almost touching 18,000 crores which some of the larger developers do so from the intent point 28:30 28 minutes, 30 seconds of view how do you think business development will play out for FI27 and so what will be your efforts in terms of Pune and Bangalore and Mumbai. So if you 28:37 28 minutes, 37 seconds can give some sense in terms of how it'll be split across these three geographies. 28:43 28 minutes, 43 seconds Let me take that and then um I think uh when we set out on our uh journey for 28:53 28 minutes, 53 seconds scale up I think we had to do few things right. Uh the first one was can we do 29:00 29 minutes business development right right and I think we made tremendous progress on that and the big thing is we are not desperate for deals I think good quality 29:09 29 minutes, 9 seconds deals come our way and we can pick and choose based on our risk and and and reward matrix right the second one was 29:16 29 minutes, 16 seconds uh can we actually execute well on the ground and I think last year was a big uh uh big year for us as we are able to 29:25 29 minutes, 25 seconds get approvals get launches done, get OC's done. Um I think uh we've received 29:32 29 minutes, 32 seconds eight OC's last year. Um and Sudashan will have u played a very important role 29:38 29 minutes, 38 seconds from a project point of view. Uh and you know and that has shown financial returns to our shareholders also. So when you're able to get the deals, when 29:47 29 minutes, 47 seconds you're able to execute well and you're able to show returns um you know we earn the right to ask for more capital. uh some of that has already happened in the 29:56 29 minutes, 56 seconds rights issue. Um some is strategic partnership Mitsui and we have I would say another three discussions underway 30:03 30 minutes, 3 seconds with different investors who are keen to partner with us. Uh in fact Mitsui is already committed for another deal. Uh 30:11 30 minutes, 11 seconds and then they're looking for um additional deals beyond that. So our partnership with Mitsui is deeper than what has been publicly announced. It's 30:19 30 minutes, 19 seconds for multiple deals. So with Mitsui as well as with some of the other discussions underway and support of Mahindra and a very healthy balance 30:27 30 minutes, 27 seconds sheet allows us to flex um uh the financial muscle when we need to right and that gives us flexibility to pursue 30:36 30 minutes, 36 seconds larger deals but more important the right deals. Um we have a healthy portfolio. The earlier today we had the board meeting and it was clearly told to 30:45 30 minutes, 45 seconds us supported that hey you work on building a good business for the long term. capital is not going to be a constraint and hopefully that will play 30:53 30 minutes, 53 seconds out as we look for all sources of capital for business development could be uh could be uh Mahindra's capital 31:02 31 minutes, 2 seconds support could be strategic partnership uh capital coming in or augmenting debt to equity in a healthy way uh so all 31:10 31 minutes, 10 seconds sorts are available to us but from guidance point of view I mean what could be the number which one should look at for FI27 in terms of business development 31:18 31 minutes, 18 seconds um and I will say you know we'll be north of 10,000 and you know that's uh the reason I say that is because uh if 31:27 31 minutes, 27 seconds you do more society redevelopments we can do more right uh and uh and I think for us uh to continue on the journey of 31:36 31 minutes, 36 seconds uh get to 10,000 you have to do minimum 10,000 our goal would be to at least do more of that and the split between Pune and Bangalore 31:43 31 minutes, 43 seconds it always be 60 2020 okay 60% would be Mumbai but if you look at our 35,000 cr we are uh 35,000 cr right 31:52 31 minutes, 52 seconds now is in Mumbai uh and 5,000 each on uh the other two cities. So we will we we 32:00 32 minutes have a lot to do in Mumbai and a big part of that is society redevelopment. 32:05 32 minutes, 5 seconds So we will continue to make sure that we augment the right kind of deals in Mumbai. We can't just do society redevelopment because they take lot of 32:12 32 minutes, 12 seconds time and we can't do only outright in Pune and Bangalore because they are they require a lot of capital. So we're looking at 32:21 32 minutes, 21 seconds balancing the deals in each of the geographies with the other kind of deals. So that's the basket of deals we'll build. 32:28 32 minutes, 28 seconds Sure. Thank you. I'll join the hi prx capital. Uh continuing from 32:37 32 minutes, 37 seconds business development uh one of the slide I saw uh you know we had a target layout uh laid out for every year that which 32:45 32 minutes, 45 seconds all projects we need. We are almost there in terms of visibility till FY30. 32:51 32 minutes, 51 seconds Uh so from business development perspective whatever we do now would be for 32:57 32 minutes, 57 seconds um um you know growth which will achieve over and above what we have guided for or uh we'll think of it as a cushion 33:06 33 minutes, 6 seconds that if market slows down uh velocity comes off uh at least more number of projects will at least ensure that uh 33:14 33 minutes, 14 seconds you know we achieve our target. So what would be the thought process? 33:18 33 minutes, 18 seconds I think it's both position. I think both as a cushion. Uh the the good and bad part of our portfolio is that uh 33:27 33 minutes, 27 seconds a large number are society redevelopments especially in Mumbai and they take a long time and with we have been at it for some time. We are 33:35 33 minutes, 35 seconds reducing our first deal took us almost two years. The second deal took one and a half years. Right? Third will take 400 33:42 33 minutes, 42 seconds days. we we measuring the number of days from the time we sign um the you know the definite documents so we're 33:49 33 minutes, 49 seconds measuring that um so there is likely more slippage on the timelines when you have a society redevelopment and when 33:57 33 minutes, 57 seconds you have JDA or green field I think you're able to get to your timelines uh which are slightly better controlled so 34:04 34 minutes, 4 seconds the the the acquisition that we are doing is for I would say two reasons one is to have cushion if you have more 34:12 34 minutes, 12 seconds projects It gives you the ability to actually cover your targets better uh faster. And the second one is why not 34:21 34 minutes, 21 seconds think of an accelerated growth plan, right? Some of our peers have really done it. But only difference I want to have is I really want to have profitable 34:29 34 minutes, 29 seconds portfolio rather than just a portfolio that's growing. uh and that's why our focus on picking the right deals is very 34:36 34 minutes, 36 seconds important and you'll continue to see the cash flows and uh hopefully the pat impact in our financials. 34:44 34 minutes, 44 seconds Sure. And and just on that I mean let's say if velocity gets impacted u you know we are not able to sell as much as we 34:52 34 minutes, 52 seconds are right now uh at that one time there would also be a thought process that let let's first uh you know focus on achieving a certain velocity so that 35:00 35 minutes this project gets selfunded and uh you know let's uh you know push out some of the launches that we are planning. uh 35:08 35 minutes, 8 seconds you know at that point in time will your balance sheet uh you know be more key uh to 35:17 35 minutes, 17 seconds carry forward with uh the new launches or or you would really think of you know first achieving a certain velocity. So 35:24 35 minutes, 24 seconds would more pipeline be a burden on you that you know we have the pipeline but we are not able to launch because of a lower velocity you know so what would be 35:33 35 minutes, 33 seconds the thought um let me attempt to answer your question I I think and if I don't get it right you correct me um I think 35:44 35 minutes, 44 seconds we are at a stage where we have earned some stripes from our shareholders right 35:52 35 minutes, 52 seconds they feel comfortable putting more money behind it. We we as a team and most of the team is sitting in this room feel 35:59 35 minutes, 59 seconds comfortable and confident that we can continue to scale this platform to deliver higher um higher higher numbers 36:08 36 minutes, 8 seconds like larger numbers, right? And those are too important, right? Because you have the shareholder support and you have the team um committed and hungry to 36:17 36 minutes, 17 seconds actually deliver more. Now you will we will take calls on deals, right? uh and sometimes u when things slow down those 36:26 36 minutes, 26 seconds are great opportunity to regain ground for for somebody like us who may have lost ground in the past right or not benefited from it if you are of a 36:35 36 minutes, 35 seconds balance sheet is healthy and we have a desire we have shareholder support uh why not capitalize on that moment but I can't say that now till we continue to 36:43 36 minutes, 43 seconds perform uh this year is an important year for it to perform well on the on the sales side like we've done 20 25 27 36:51 36 minutes, 51 seconds cr 28 But can we do a 50% growth year or not? 36:55 36 minutes, 55 seconds That 3,400 to 45 to 50 would be a significant jump, right? So why not push and deliver that once we do that it will 37:03 37 minutes, 3 seconds give confidence to our shareholders that hey you know we continue to perform and you know address each element of our uh execution muscle. So at that time we'll 37:12 37 minutes, 12 seconds decide which project should we do this should we not do that. Bangalore for example is gives us highest error right 37:20 37 minutes, 20 seconds but Mumbai has the highest volume and then Pune is something which just velocity wise very steady right you know 37:28 37 minutes, 28 seconds so each has its own uh you know benefit so we always want to balance uh with the right uh right side right size of deals right kind of deals in our portfolio. 37:39 37 minutes, 39 seconds Sure. And and uh twice you mentioned about the current demand environment uh you know is it across the board uh 37:47 37 minutes, 47 seconds you are seeing that uh slower uh lower walk-ins conversions or is it specific 37:54 37 minutes, 54 seconds to certain market or certain ticket size uh and then you know what would be your estimate in terms of uh when should 38:02 38 minutes, 2 seconds things start getting normal? So I'll letra address that from what you are saying and then maybe we'll link it to 38:10 38 minutes, 10 seconds IC also because that's also very important for us right so uh so there is see what is happening 38:18 38 minutes, 18 seconds is uh while even the walk-ins have moderated uh I think there is there is this intent 38:26 38 minutes, 26 seconds to purchase it just that uh given the given the geopolitical scenario uh you know people are just waiting they say 38:33 38 minutes, 33 seconds let's let's see see what is happening when is it going to get settled because the energy is something which impacts everything and everyone and and 38:41 38 minutes, 41 seconds generally without talking about other things in India they're just waiting for the other elections also to get over uh and that's the conversation which is 38:49 38 minutes, 49 seconds coming very clearly hey let let things settle down we will know uh uh honestly in and we are we are only operating in 38:57 38 minutes, 57 seconds mid-remium and premium segment right we are not operating in the luxury segment so to that extent 39:05 39 minutes, 5 seconds we have not really seen you know that great an impact you know we have just got the RA last month for uh for 39:12 39 minutes, 12 seconds rainforest uh we have started the UI activity and uh I wouldn't say it's been spectacular but it's not bad it's very 39:21 39 minutes, 21 seconds steady and uh compared to the history of the micro market that if you see we are at very well positioned uh but we just 39:29 39 minutes, 29 seconds started that journey our sales gallery will be up and running and we still have time to go into the market. So the price segment where we are we are okay and if 39:38 39 minutes, 38 seconds I look at the one parameter that I'll look at is the sustenance sales uh across Pune and Bangalore and let me 39:46 39 minutes, 46 seconds tell you they continue to do very well uh frankly without getting into the numbers for this month uh it's quite robust and it's on a very good uh you 39:56 39 minutes, 56 seconds know track uh so it will settle down I think these some of these things happen during the course of you know time and 40:02 40 minutes, 2 seconds once the you know there's some kind of finality to that particular situation uh it'll come back fundamentally the demand 40:09 40 minutes, 9 seconds is there it's just that uh because of certain external factors uh people have just deferring it uh it'll come back in 40:17 40 minutes, 17 seconds a hurry so don't don't don't worry too much about it so just this comment about lower walk-ins is just because what we are seeing in rainforest right now because 40:26 40 minutes, 26 seconds sustenance as Vimlendra said that it's doing fine is it just because you know of rainforest yeah and and it is because you know uh 40:34 40 minutes, 34 seconds obviously we want to give a superlative experience and uh to all the customers. 40:38 40 minutes, 38 seconds So we really overindexed on the sales gallery and we'll invite you all of you uh probably you know from next week onwards it'll be open uh and you can 40:47 40 minutes, 47 seconds come and experience it and it I'm I'm sure you'll be amazed you'll be wowed by what we have created and it's the biggest and the best that we have done as a company in line with the 40:55 40 minutes, 55 seconds aspirations that we have. Uh so it was an active construction site. We were not really able to do a lot of justice to a lot of the walk-ins and hence that was 41:03 41 minutes, 3 seconds the impact but it's not as if you know people are really not coming or not wanting to buy. Uh it'll it'll get on 41:11 41 minutes, 11 seconds track once the sales gallery is fully operational. 41:13 41 minutes, 13 seconds Sure. And one last on IC and IC um on the Ahmedabad uh I think it has been quite some time we are hearing about 41:21 41 minutes, 21 seconds anchor uh you know tenant uh you know where exactly are we and because for now I think we are fine with the inventory 41:29 41 minutes, 29 seconds that we have across other locations but at some point time I think both Ahmedabad and Pune will have to kick in. 41:36 41 minutes, 36 seconds Uh when would that time be? 41:41 41 minutes, 41 seconds So um I think um Ahmedabad right now we're in a position where we cleaned up uh all the legacy issues. Uh the 41:50 41 minutes, 50 seconds approvals are in place. We've already started the marketing activities and started talking to the consultants in the local market and um I'm pretty 41:57 41 minutes, 57 seconds positive that this year uh Ahmedabad uh should kick in and uh we'll have the fourth front which will start. We have three projects which are on. My sense is 42:05 42 minutes, 5 seconds for Ahmedabad this year will certainly start. That's a short answer. and and Pune uh Pune we are going through the land aggregation right now so Pune would 42:13 42 minutes, 13 seconds be uh Pune would take some more time but we already acquired about 400 plus acres touching about 500 acres uh we're looking at some continuity and some 42:22 42 minutes, 22 seconds excess which is already there uh my sense is uh you know um it'll be more FI27 FI28 when we look for approvals and 42:31 42 minutes, 31 seconds go forward the idea is to plan it we have enough inventory for the next two years including Ahmedabad and uh then Pune would be next after that. Thank you. That's it from my side. 42:44 42 minutes, 44 seconds Any other questions? 42:52 42 minutes, 52 seconds There are few questions online. Uh first one is about the tan project. So what is the current status of tan land and what 42:59 42 minutes, 59 seconds is the raci and commercial mix for the tan land? 43:07 43 minutes, 7 seconds So as uh during the presentation Amit has already mentioned that uh Tanil land is now fully a residential zone. So I 43:15 43 minutes, 15 seconds think that is one uh big thing that has happened in this financial year. It is we are free to develop it the way we want to develop it. Residential uh we 43:24 43 minutes, 24 seconds have started the initial design intent with the design team. We're looking at a mixed use. We're looking at a certain amount of commercial, high street 43:32 43 minutes, 32 seconds retail, uh, residential and we want to really do a great job with this project because the location is amazing. You know, it is basically abating Sanjay 43:41 43 minutes, 41 seconds Gandhi National Park. The metro station, the Gaimuk metro station, the first metro station is bang in front of the land that we have. Uh, the good news you 43:50 43 minutes, 50 seconds must have read that the tunnel work has actually started Tan Burli and that's actually going to be a gamecher. Plus let me also tell you if if you you might 43:59 43 minutes, 59 seconds be aware they're actually constructing a a coastal road of behind on towards that creek. So with all this infrastructure 44:07 44 minutes, 7 seconds which is coming our belief is that you know this will significantly enhance value uh to the company and and to the 44:14 44 minutes, 14 seconds project but the work has has truly started on the ground. and uh the teams are working on it and hopefully we'll be able to launch the initial phase of that 44:23 44 minutes, 23 seconds particular project uh towards the end of this year or early next year uh actually the more we wait the more value we'll 44:31 44 minutes, 31 seconds create u you know in a way right because the impact of metro infrastructure 44:38 44 minutes, 38 seconds tunnel I think there's a new as I think coming up right all that will start to have a positive impact so uh in terms of 44:47 44 minutes, 47 seconds the Other question was I think it's roughly um uh 7,500 by value but we are thinking of 2 million square ft of 44:56 44 minutes, 56 seconds office roughly and uh 4 million uh four 2 million square foot of commercial 4 million square foot of uh uh residential 45:05 45 minutes, 5 seconds and then there'll be some other mixed use like retail and and a couple of other things. So so somewhere around six 45:12 45 minutes, 12 seconds 6 and a half million uh square foot uh construction. 45:17 45 minutes, 17 seconds Uh next question is on Mahalakshmi Mahalos project when the same is going to be launched and there is one more 45:24 45 minutes, 24 seconds question related to the luxury segment whether the Mahindra life space will play out in the lux luxury segment in future. 45:34 45 minutes, 34 seconds Maybe I'll answer the last one. I think we are we are we are our aspiration is to play in premium mid premium super 45:41 45 minutes, 41 seconds premium whatever you want to call it I don't think we want to go into the luxury segment uh and in case of Mumbai 45:49 45 minutes, 49 seconds we have put a price point of somewhere around 60 70,000 rupees per square foot as a definition of what that means um we 45:57 45 minutes, 57 seconds have seen that the moment ticket price goes beyond 10 cr the demand elasticity is very different uh even between 5 to 46:04 46 minutes, 4 seconds 10 for um it starts to be uh you know not high velocity. So we want to m maintain u creating homes for our 46:13 46 minutes, 13 seconds customer which are in the right ticket size. Uh so we'll continue to play in the mid premium premium segment. Uh maybe I'll request vend to answer the 46:21 46 minutes, 21 seconds mahal lakshmi question. So the question on the on the approval stage uh we are towards the uh the last stages of the approval 46:29 46 minutes, 29 seconds process and uh you know hopefully we should be able to launch it soon once we once we 46:36 46 minutes, 36 seconds get RA but uh we're targeting this quarter itself. 46:42 46 minutes, 42 seconds Uh there is one last question. Uh the question the question is uh whether are you seeing any demand softening in MMR 46:51 46 minutes, 51 seconds region or buyers sort of delaying their purchases. 46:56 46 minutes, 56 seconds Yeah. So I I've stated that earlier. Uh see honestly it's too early. It's too early. You know 47:04 47 minutes, 4 seconds the war has just started towards you know you know end of March. We didn't see any impact of it in the Q4 numbers or March numbers. You've seen pretty 47:12 47 minutes, 12 seconds much everybody the sector has done very well. We have done very well and uh for me the the the true barometer is the sustained sales and we continue to 47:21 47 minutes, 21 seconds perform well and from what I've spoken to others they they continue to do well. 47:25 47 minutes, 25 seconds Uh there are people I think I think we will definitely we are seeing an impact at a real high end which is the luxury segment but we don't operate in the 47:32 47 minutes, 32 seconds luxury segment. So for the portfolio that we have I think we are in pretty good shape. uh yes there is uh a slight 47:40 47 minutes, 40 seconds delay in terms of decision- making because of factors beyond anybody's control and once those factors settle down uh inherently you know 47:48 47 minutes, 48 seconds fundamentally the sector is doing very well it's on a very good wicket and the demand is inherently very strong so it'll it'll bounce back significantly 47:58 47 minutes, 58 seconds those are only I'll just add I think because the questions here question I think there is a uh maybe u uh audience have picked up 48:08 48 minutes, 8 seconds that we are u the war is creating a huge impact on the walk-ins and the demand I think reported it's actually too early 48:17 48 minutes, 17 seconds for us to say like whether demand is going away or demand is just deferred by a few weeks um we've also seen that the 48:26 48 minutes, 26 seconds organic demand doesn't just go away right uh there is a healthy demand that will continue and u when when there is 48:35 48 minutes, 35 seconds little bit of slowness in the market which may happen uh and it's expected because we had three four years of 48:42 48 minutes, 42 seconds strong growth in the past uh postcoid so some moderation will happen and we've seen that even in the last year in terms 48:48 48 minutes, 48 seconds of units in terms of uh in terms of apartment size in terms of the uh the pricing and that will not continue this 48:56 48 minutes, 56 seconds year for sure. Uh but when that happens there is a a clear shift towards uh 49:03 49 minutes, 3 seconds trusted developers, trusted brand where customers feel that hey instead of taking risks with somebody who's who's 49:11 49 minutes, 11 seconds let's say not as stable let's try and buy something which is going to be coming from the portfolio a stronger wellplaced developer with a stronger 49:19 49 minutes, 19 seconds balance sheet right and I think that shift will continue and whatever you may lose in terms of few points of growth at the the industry level you might be able 49:29 49 minutes, 29 seconds to gain back in terms of share gain away from uh from smaller developers. So my sense is over the full year over longer 49:37 49 minutes, 37 seconds period of time uh the the the war impact will get neutralized and we'll we'll be 49:44 49 minutes, 44 seconds we'll we'll go back to what we ought to be seeing in a country where per capita income is incre increasing per household 49:51 49 minutes, 51 seconds income is increasing urbanization is significant and then demand for housing continues to be there. 49:59 49 minutes, 59 seconds So yeah just so how has been the experience now on 50:08 50 minutes, 8 seconds the approval site? So if you can help us understand both for the three geographies Pune, Bangalore and Mumbai. 50:14 50 minutes, 14 seconds So EC issue was sorted out in Mumbai. I think that helped us accelerate some of the approvals. So but if you can give some color how fast or slow now things are there on the approval side. 50:27 50 minutes, 27 seconds Yeah. Yeah. Yeah. 50:29 50 minutes, 29 seconds So I think I think the system by and large remains the same but we as a company have really improved. Let me let 50:36 50 minutes, 36 seconds me put it that way. And u and the and the fact that we've got eight OC's in a very timely manner, regimented 50:44 50 minutes, 44 seconds manner, right? The fact that we were able to launch uh as per what we committed at the beginning of the year, right? That's kind of a proof that um I 50:54 50 minutes, 54 seconds we have got better at what we do as a team, as a system. uh and and there are a lot of reasons obviously uh we have a 51:02 51 minutes, 2 seconds a clear task force we have a very strong collaboration culture where you know all the functions come together there's no 51:10 51 minutes, 10 seconds uh and in real time like even the era 2.0 to now you know it's they've upgraded their website and they've made a lot of the changes and and with legal 51:18 51 minutes, 18 seconds team the design team the finance team they practically sit during the whole day the projects team morning we sit and by evening we are able to file this is 51:26 51 minutes, 26 seconds just one example right earlier it used to takes us 7 days to file for a application today we are and I I'm very happy to say that you know we're so 51:33 51 minutes, 33 seconds efficient if we receive a CC today by tomorrow end of day the is filed and that we make sure that our corporate 51:40 51 minutes, 40 seconds team actually actually while it's an online system but the assessment happens offline. So you know we actually tell hey we have already done this is our 51:48 51 minutes, 48 seconds application number can you please expedite that uh so we have improved at every stage and uh so and this is across 51:57 51 minutes, 57 seconds the locations just to give you an example in Bangalore the blossom lawns you were aware you know suddenly we got I spoke to a few of the investors they 52:05 52 minutes, 5 seconds said oh we surprised that you've got blossom we said you know it's it's not a miracle but it's a process that we have as a team as a company has followed 52:14 52 minutes, 14 seconds right So uh yeah I mean it the system by and large remains the same but I guess we have we have we have become better at 52:21 52 minutes, 21 seconds it and that's that's uh allowing us to actually uh be very good at predicting timelines and that's why when Amit 52:29 52 minutes, 29 seconds presented those and we have the confidence of saying that what is Q1 Q2 Q3 across all the all the way till FY30 as a management team we're putting our 52:38 52 minutes, 38 seconds neck out and saying that hey this is what we will deliver because I think we have really really streamlined a lot of the things and we remain confident that 52:45 52 minutes, 45 seconds we'll be able to deliver it and uh on the NVT portfolio I I don't know what's the strategy now but you said that in gender we'll do a 2 million 52:53 52 minutes, 53 seconds square ft of commercial so if you can help us understand it is the annity strategy or strata or so so how things will move on there 53:01 53 minutes, 1 second we are we are we are moving towards a a mixed use uh where at least three 53:08 53 minutes, 8 seconds locations uh kjour and citadel Well, uh all of three are 53:16 53 minutes, 16 seconds land where we have two of them are outright owned by us and one is a JDA. 53:20 53 minutes, 20 seconds Um we will have a you know portfolio. We will not do a strata sale based on our latest thinking. Uh we feel that we can 53:28 53 minutes, 28 seconds add more value by owning the asset and creating annuity portfolio. These are great locations. Uh so our our current 53:36 53 minutes, 36 seconds view is that we'll want to develop um them as mixed use locations and it's also necessary because we have so many 53:43 53 minutes, 43 seconds people living it's good to have work uh locations there. Uh so that's our current plan and that will that'll give us the little bit of annuity portfolio 53:51 53 minutes, 51 seconds that you need and the yields tend to be better when you develop an asset rather than a buyin asset. Right? So hopefully 53:58 53 minutes, 58 seconds uh and and Tani would be a very different price point. Pune will be very different price point and and Bhu would be a different price point. But I think 54:06 54 minutes, 6 seconds that's where we are hoping to build a healthy portfolio. 54:09 54 minutes, 9 seconds So in four five years we expect to be about 300 crores of annity portfolio in terms of rent generating. 54:15 54 minutes, 15 seconds Um I don't think we'll be able to get to that because Tane is very low right now relatively and cost of construction and land prices are relatively and Pune is 54:24 54 minutes, 24 seconds lower than Mumbai. So I think our desire is to first get to somewhere between 150 to 200 before we put more assets more 54:32 54 minutes, 32 seconds more capital to develop more commercial assets. 54:34 54 minutes, 34 seconds So this this will be about four to five years like out from Yeah. Yeah. 54:38 54 minutes, 38 seconds Okay. And just the last one on the uh deliveries for FI27. So uh so in million square feet in terms of value so what 54:46 54 minutes, 46 seconds kind of revenue recognition we're looking at for FI27 from the status of the current projects which will complete in FI 27. 54:55 54 minutes, 55 seconds So uh Perkit uh the numbers I will not be able to uh share exactly but um I can 55:01 55 minutes, 1 second tell you that uh the OC's that um uh we are expecting for FI27 um should um uh should contribute to a 55:10 55 minutes, 10 seconds good growth over uh over the over the over the prior year FI26. 55:15 55 minutes, 15 seconds one uh one thing I would like to highlight is um uh couple of projects right Eden phase 2 uh we received the OC 55:23 55 minutes, 23 seconds on um on 1st of April so we didn't we we couldn't recognize obviously the revenues on by 31st March so that is 55:32 55 minutes, 32 seconds already in the bag so we will we will recognize that in uh you will see that numbers uh coming through in Q1 of uh 55:38 55 minutes, 38 seconds FI27 similarly the project uh Luminere in uh NCR that also OC uh we actually 55:46 55 minutes, 46 seconds received on uh 31st of March uh but again we couldn't send the demand letters on time so again that will come uh to give to be recognized in Q1 of 55:54 55 minutes, 54 seconds FI27 also I'll just argument we have eight OC's planned for this year two of them 56:02 56 minutes, 2 seconds have already happened right based on what Shiram said uh and the six remaining will happen of the six two are 56:09 56 minutes, 9 seconds on the affordable four are six are uh including I think the two that we have got in are in the premium segment. So 56:17 56 minutes, 17 seconds four premium, two affordable and two already premium received. So that's our current plan. It should give a healthy growth over the current year portfolio. 56:26 56 minutes, 26 seconds Just the last thing uh have we started looking at the Gura market now uh because uh next year if we end close to 56:34 56 minutes, 34 seconds about five somewhere in the vicinity of 5,000 crores and then again if you have to plan going back to Gura again so it'll need at least one year or two 56:42 56 minutes, 42 seconds years to come back to have a launch in your again a market which you are already present for some time but now you advocated and then again you're thinking so any thoughts there how are 56:50 56 minutes, 50 seconds you looking at re-entering from time point of view? Yeah. Yeah. Yeah. I think um 56:59 56 minutes, 59 seconds we are still hoping to go deep in the existing three markets before go back to Gorga. And to the point that you guys 57:07 57 minutes, 7 seconds asked earlier in terms of capital allocation, if I have to fund capital uh for another market, it will take away 57:15 57 minutes, 15 seconds from let's say Pune or Bangalore or even Mumbai. Uh and I think I would next 57:23 57 minutes, 23 seconds maybe two years better for us to go deeper. U but I think if if we feel comfortable that we have a path to five 57:31 57 minutes, 31 seconds six 7,000 uh we'll start to think about another geography that doesn't mean it has to be good. uh it could even be 57:38 57 minutes, 38 seconds let's say Chennai I'm just giving a name to you and the reason it is because Chennai we already have Mahindra world city Chennai so there is a rubov effect 57:47 57 minutes, 47 seconds we have our research valley the name is popular we have origins Chennai in the northern part of Chennai um and we feel 57:54 57 minutes, 54 seconds that there is a good brand pull from local customer and we have done 4,000 apartments already in world city Chennai 58:02 58 minutes, 2 seconds so there is reason for us to can at least make make a case for why not Chennai uh Why just Delhi right? 58:09 58 minutes, 9 seconds Obviously markets are smaller uh but we're not looking to um do a high volume. We are trying to do the right volume for each of the market. 58:21 58 minutes, 21 seconds Just last two questions uh first on uh in terms of delivery uh for this quarter Q4 uh which are the projects we 58:30 58 minutes, 30 seconds delivered because I still see uh you know gross margins pretty low around 600% as per my calculation. I might be 58:37 58 minutes, 37 seconds wrong but uh so what were the deliveries if you can I thought luminar would be the one and I was concerned that why luminar would be such a low margin 58:45 58 minutes, 45 seconds project but if it's Q1 then which were the other projects which got recognized so we pretty much uh got uh phase one of 58:55 58 minutes, 55 seconds uh most of the uh projects uh we have uh uh British like for example phase one of 59:02 59 minutes, 2 seconds Eden is there phase one of uh nostalgia uh is there tatawad which actually is a is a affordable project phase one was 59:12 59 minutes, 12 seconds slightly in fact lower than uh lower margin compared to the others so we also had uh some of the OC's come through on 59:19 59 minutes, 19 seconds the affordable side palar is also uh reflected in some of these numbers here you would see that the phase one of the 59:27 59 minutes, 27 seconds projects typically tend to be uh a little lower in margin compared to the uh uh the remaining phases So uh you 59:36 59 minutes, 36 seconds know you will see that getting reflected in the in the in the coming quarters uh when we recognize revenues for phase 2 for some of the projects 59:44 59 minutes, 44 seconds and and what should be the ballpark gross margins that we should be looking at for FI27 deliveries. 59:51 59 minutes, 51 seconds Uh so if I if I were to think about the gross margin I think I can talk to you about the project level. uh around the project level gross margins these would 1:00:00 1 hour be um uh you know upwards of uh you know around 30%. Uh for example some of the projects like uh uh luminere and the 1:00:09 1 hour, 9 seconds premium projects could uh could could be around that level uh but again for next year you will have uh affordable 1:00:17 1 hour, 17 seconds projects as well in the mix for us. So we have uh two projects that are coming up for uh OC's next year. So again I 1:00:25 1 hour, 25 seconds don't want to give a number and uh you know uh like you know kind of uh justify the reasoning for it but it will it will 1:00:33 1 hour, 33 seconds be a mixed pack but you would see as the phase two of the uh projects getting recognized the profitability will will improve. 1:00:41 1 hour, 41 seconds Sure. And one last on on launches for FI27 just a broader cumulative number. 1:00:47 1 hour, 47 seconds So I think Amit said it's about 10,000 crores roughly. Yeah. 1:00:51 1 hour, 51 seconds 7 + 3 3,000 of rainforest will be this year. Okay. 1:00:55 1 hour, 55 seconds The remaining 7,000 for the other 7 8 launches that we have. So the inventory launch should be 10,000. We are hoping 1:01:01 1 hour, 1 minute, 1 second to do well on that front. Uh given the earlier part of discussion. Okay. 1:01:07 1 hour, 1 minute, 7 seconds Right. Right. Yeah, we I think our affordable portfolio will continue to come down but 1:01:14 1 hour, 1 minute, 14 seconds in this year there'll be a good number still right and and Palar right and so 1:01:24 1 hour, 1 minute, 24 seconds so you you will have a little bit of drag um even in this year but I think from next year onwards what will happen the premium portfolio will become 1:01:32 1 hour, 1 minute, 32 seconds dominant um so so and when the moment you have affordable the volumes are high the revenues are less the PAT is less it 1:01:40 1 hour, 1 minute, 40 seconds affects the financials in a in a you know in the wrong way so from but I think the impact of mid premium premium 1:01:47 1 hour, 1 minute, 47 seconds we'll start to see uh and maybe in the next meeting we'll share with you what IRS are there for our portfolio uh so I 1:01:54 1 hour, 1 minute, 54 seconds can verbally tell you is roughly roughly 17% is the portfolio uh IRA that we carrying there are 26 project that are 1:02:02 1 hour, 2 minutes, 2 seconds part of it including affordable including affordable right including affordable obviously The affordables contribution is small but they are you 1:02:11 1 hour, 2 minutes, 11 seconds know close to you know single digits in some cases even negative right and we are trying to fulfill our commitment uphold our brand promise but the the 1:02:20 1 hour, 2 minutes, 20 seconds current year projects are doing really well or the last year projects are doing very well last three years every project that we have launched it has good margin 1:02:29 1 hour, 2 minutes, 29 seconds profile but we always have to watch out that price gets locked early and then the cost happens later and you have new labor code and you know all those things 1:02:38 1 hour, 2 minutes, 38 seconds because of war the energy costs are getting in the way. We have healthy accounting practices to make sure you have contingencies and escalations and 1:02:47 1 hour, 2 minutes, 47 seconds the LP and everything but despite that we need to have a razor sharp uh eye on our cost and that's what the where the 1:02:56 1 hour, 2 minutes, 56 seconds execution is. Um we just discussed this in our meeting today. Over the last uh eight quarters our projected costs are 1:03:05 1 hour, 3 minutes, 5 seconds have not changed by more than 10 crores for all the projects over eight quarters. Obviously it has a lot of cushion and contingency etc but we are 1:03:14 1 hour, 3 minutes, 14 seconds not changing the cost of for last eight quarters. Perfect. Very helpful. Thank you. 1:03:23 1 hour, 3 minutes, 23 seconds Yeah I guess we have covered all the questions. 1:03:29 1 hour, 3 minutes, 29 seconds Yeah, we have got Well, I I think thank you. Uh I think u for coming over and and uh you know this 1:03:36 1 hour, 3 minutes, 36 seconds has been a strong year and uh my whole team is here. Uh we had our internal town hall and we are very excited at the 1:03:44 1 hour, 3 minutes, 44 seconds prospect of doing even better on the foundation what what has gone in for the past year. So, we'll keep you updated on 1:03:51 1 hour, 3 minutes, 51 seconds the challenges ahead and hopefully we'll uh meet up and exceed the expectations. 1:03:58 1 hour, 3 minutes, 58 seconds Thank you. Thank you everyone.