Man Infraconstruction Ltd — Q4 FY26

Man Infraconstruction Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=fqxm7q_Dyfs Published: 15 hours ago

0:00 Ladies and gentlemen, good day and welcome to Men Infra Construction Limited Q4 FI26 learnings conference call hosted by Goinga Advisor. 0:10 10 seconds As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation 0:17 17 seconds completes. Should you need assistance during the conference call, please signal an operator by pressing star then 0:25 25 seconds zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference with Mr. 0:33 33 seconds Yashesh Parik from Manra. Thank you and over to you sir. 0:39 39 seconds Yes. Good evening everyone and a warm welcome to each one of you attending the earnings call of Manfra construction limited for the period of Q4 and FI26. 0:49 49 seconds Today we have with us Mr. Man Sha the managing director of MICL group. Mr. Vatal Sha director MICL global and Mr. 0:59 59 seconds Ashok Mata director and group CFO I would request all the participants to keep discussion strategic in nature. If 1:08 1 minute, 8 seconds you have any specific data related questions I would request you to get in touch with us post the concord. Thank 1:14 1 minute, 14 seconds you. Now without taking much time I would request Mr. Manang Sha to brief you all on the company's performance and 1:23 1 minute, 23 seconds business outlook. Over to you Mr. Sha. 1:31 1 minute, 31 seconds Good afternoon everyone and thank you for joining us today for the quarter 4 and FI26 earnings conference call of Man 1:38 1 minute, 38 seconds Infra Construction Limited. I hope all of you and your families are doing well. 1:44 1 minute, 44 seconds FI26 was an important year in MICL's journey where the company was focused on closing marquee project acquisitions. 1:53 1 minute, 53 seconds continuing healthy sales momentum and completing the consolidation phase across several ongoing residential developments. 2:02 2 minutes, 2 seconds FI27 has also begun on a strong note for the company and we aim to achieve the best ever sales in the real estate business. 2:11 2 minutes, 11 seconds We believe we are entering the next chapter of growth with the largest ever launch pipeline in FI27. a strong sales 2:20 2 minutes, 20 seconds ambition set over the next two years from its ongoing and upcoming developments and improving execution visibility across projects. 2:29 2 minutes, 29 seconds We would also see a significant part of our development portfolio gradually move into stronger revenue recognition in the upcoming years. 2:38 2 minutes, 38 seconds In many ways, this year represents an inflection point for the company where years of discipline execution, capital 2:47 2 minutes, 47 seconds prudence, and strategic groundwork are now beginning to translate into a larger growth phase for the company. Over the 2:54 2 minutes, 54 seconds next 6 to 18 months, MICL group expects delivery of over 1 million square foot of carpet area across multiple ongoing developments. 3:05 3 minutes, 5 seconds At Araadya Parkur near Daiser, we are preparing to deliver the first two towers of the development comprising 35 3:15 3 minutes, 15 seconds stories with two podiums and one level basement. These towers are expected to be delivered in less than four years from the launch. 3:24 3 minutes, 24 seconds More importantly, the overall project comprising of more than 1,000 units across four towers is already nearly 90% 3:33 3 minutes, 33 seconds sold out. In our flagship project, Arada Aan at South Mumbai, we have achieved an 3:41 3 minutes, 41 seconds important milestone by delivering the 38story members tower in less than 2 and a half years of time, which is also one 3:49 3 minutes, 49 seconds of our new records which MICL group has done. 3:53 3 minutes, 53 seconds Similarly at Araan Park which is situated at Gatk Cooper East has witnessed one of the fastest execution 4:01 4 minutes, 1 second timelines within our portfolio. That project is spread across approximately 4:07 4 minutes, 7 seconds 3.2 acres with 11 towers, 17 stories and two basement levels each. The project is 4:15 4 minutes, 15 seconds expected to be completed by March 2027 with approximately 3.2 two years of commencement work 4:24 4 minutes, 24 seconds in Mulun. Our atmosphere O2 project in which tower G representing the third 4:31 4 minutes, 31 seconds phase of atmosphere's development is also progressing very well and is expected to be completed over next 18 months. 4:40 4 minutes, 40 seconds The 47story tower is already 70% sold out. 4:46 4 minutes, 46 seconds We expect to generate strong operating cash flows over the next term with the delivery of these developments. 4:55 4 minutes, 55 seconds Another important highlight I would like to state is in MICL's group the strongest ever launch pipeline is coming in FI27. 5:05 5 minutes, 5 seconds The company expects ongoing and upcoming launches of its multiple projects approximately of 5,600 crores GDV 5:14 5 minutes, 14 seconds situated across multiple landmark locations like marine lines, taro, DKC, 5:21 5 minutes, 21 seconds Pali Hill. With such a healthy launch pipeline, the company has set an ambition combined sales target over next 5:29 5 minutes, 29 seconds two years FI27 and FI28 of over 5,000 crores. 5:35 5 minutes, 35 seconds supported by both upcoming launches and continued momentum across ongoing developments. 5:42 5 minutes, 42 seconds Aradi Aan project at Dardeo South Mumbai. 5:46 5 minutes, 46 seconds The launch of higher floor inventory along with operational sales experience center is completed now and we expect 5:57 5 minutes, 57 seconds this to support stronger traction going forward. 6:01 6 minutes, 1 second In addition, multiple projects approaching occupation certificates over the next term are also expected to further support the sales momentum. 6:12 6 minutes, 12 seconds The company also continues to witness encouraging response of the newly launched project Artech Park which is 6:21 6 minutes, 21 seconds situated in the financial capital of Mumbai at Bandra Kurla complex BKC. 6:27 6 minutes, 27 seconds following its launch which happened during FI26. 6:32 6 minutes, 32 seconds During FI26, we also deepened our presence in South Mumbai through a new 6:39 6 minutes, 39 seconds project addition at Tardev having an estimated GDB of approximately 2,000 crores and salable area carpet of nearly 3 lakh square ft. 6:51 6 minutes, 51 seconds With this addition, MICL South Pune portfolio now represents a total combined gross development value of over 7:00 7 minutes 8,000 crores and a development footprint of approximately 5.7 million square ft across Tardev marine lines together. 7:13 7 minutes, 13 seconds This position MICL meaningfully with some of the Mumbai's most prestigious residential micro markets. 7:22 7 minutes, 22 seconds Another important strategic initiative for MICL group is that we shall now introduce MS collection residences. 7:30 7 minutes, 30 seconds A distinct ultra luxury vertical focused on boutique C view residences blending neocclassical architectural design with 7:38 7 minutes, 38 seconds modern luxury and curated living experiences. 7:42 7 minutes, 42 seconds Every development under MS collection residences will have limited inventory, long-term legacy appeal and operate with 7:51 7 minutes, 51 seconds its own identity and positioning separate from the Aradya brand portfolio which shall now be 7:59 7 minutes, 59 seconds towards community building. So Aradya brand shall continue towards community building projects and MS collection 8:06 8 minutes, 6 seconds shall continue towards building ultra luxury portfolios and standalone projects. 8:13 8 minutes, 13 seconds I would now like to throw some light at our global residential portfolio established in Florida, United States of 8:20 8 minutes, 20 seconds America, where we are gradually scaling up. During the year, we acquired a minority stake in a luxury residential 8:29 8 minutes, 29 seconds property situated at West Avenue with an estimated GDV of over US $1 billion. 8:37 8 minutes, 37 seconds The project shall have over 100 units with waterfront view located at Miami Beach, Florida in the USA, which is 8:46 8 minutes, 46 seconds likely to further strengthen MICL's brand in the USA through MICL Global, the wholly owned 8:54 8 minutes, 54 seconds subsidy of MICL Group. Today we have exposure to some high-end residential developments such as the Ritz Carlton 9:03 9 minutes, 3 seconds residences at Fort Lauderdale Beach, Botanic Residences, Tiger Tale Villa, 9:11 9 minutes, 11 seconds 1250 West Avenue, and Shipping Avenue town homes in Florida. As of today, MICL Global has a portfolio with estimated 9:21 9 minutes, 21 seconds aggregate GDP of approximately US $1.4 4 billion across ongoing and one completed development. 9:32 9 minutes, 32 seconds Moving to our next engine of growth, the EPC business. The current EPC order book stands at about 392 cr rupees which 9:42 9 minutes, 42 seconds shall be executed over the next 3 to four years. Our upcoming development constitute a construction area of about 1 cr square ft. 9:53 9 minutes, 53 seconds About 50% of this will add to the EPC order book once the pipeline is launched in FI27. 10:02 10 minutes, 2 seconds This will once again improve the visibility of EPC business for the near future. 10:08 10 minutes, 8 seconds In addition to our core operations, the company continues to benefit from the interest income arising from capital 10:16 10 minutes, 16 seconds deployed across various project entities and cumulatively MICL group's investment 10:23 10 minutes, 23 seconds across these projects stands at around 1,461 cr rupes. 10:32 10 minutes, 32 seconds As of FI26, our real estate portfolio stands at an estimated gross development value stated 10:40 10 minutes, 40 seconds as GDV of over 17,500 cr across ongoing and upcoming developments. Out of this, 10:48 10 minutes, 48 seconds we have balanced sales pipeline of 13,300 crores which shall be sold across 10:54 10 minutes, 54 seconds the coming years. Our portfolio today is spread across some of Mumbai's most prestigious residential markets 11:02 11 minutes, 2 seconds including Tardev, Marine Lines, Bandra, BKC, Viparlay, Mulun, Koper and Miraand Diser. 11:11 11 minutes, 11 seconds As a part of our vision 2030 road map, we now aspire to double our development 11:17 11 minutes, 17 seconds portfolio to over 35,000 crores of GDB through sustained business development 11:24 11 minutes, 24 seconds and strategic expansion across Mumbai's most distinguished addresses. 11:29 11 minutes, 29 seconds We believe MICL is now entering its next phase of growth. What's coming ahead will redefine the company and the brand 11:38 11 minutes, 38 seconds positioning in Mumbai as well as the US micro markets. 11:43 11 minutes, 43 seconds From operational performance point of view during FI26, the company achieved sales of 11:50 11 minutes, 50 seconds approximately 1,800 cr along with collections of approximately 990 cr while selling over five lakh square ft 11:59 11 minutes, 59 seconds of carpet area during the year. During the quarter 4 of FI26, 12:05 12 minutes, 5 seconds the company reported sales approximately 438 cr and collection approximately 279 12:14 12 minutes, 14 seconds cr with the sale of approximately 1.2 lakh square ft of carpet area led by a healthy traction across the projects in 12:22 12 minutes, 22 seconds Tardev, Viparallay, BKC, Mulun and Daiser. 12:27 12 minutes, 27 seconds From a financial standpoint, the company reported consolidated revenue from operations of approximately 630 cr for FI 2025 and 2026. 12:40 12 minutes, 40 seconds As of today and as mentioned earlier, FI26 largely represented a consolidation 12:48 12 minutes, 48 seconds phase across several ongoing developments. As a result, we expect a significantly large share of revenue 12:55 12 minutes, 55 seconds recognition to come in the upcoming years and as many key projects approach advanced stages of completion where we have already achieved significant sales. 13:07 13 minutes, 7 seconds The company also continued to generate healthy other income during the year. It is important for everyone to note that 13:15 13 minutes, 15 seconds MICL group earns interest income on the capital invested in its project entities. This must be understood as one 13:23 13 minutes, 23 seconds of our business incomes enhancing project level returns and the benefits of our integrated business model. The 13:30 13 minutes, 30 seconds consolidated PAT after minority interest stood at 201 cr rupees. 13:38 13 minutes, 38 seconds For quarter 4 of FI 2026, consolidated total income stood at approximately 13:47 13 minutes, 47 seconds 187 cr while PAT after minority interest stood at approximately 43 cr. 13:55 13 minutes, 55 seconds The company continues to build a healthy balance sheet and maintain it. And as of 14:01 14 minutes, 1 second 2026, consolidated net worth stood at approximately 2,26. 14:13 14 minutes, 13 seconds I'm sorry, sir. We are not able to. 14:21 14 minutes, 21 seconds So, can you hear us? 14:37 14 minutes, 37 seconds Ladies and gentlemen, requesting you to please be on while we get the management back. 14:54 14 minutes, 54 seconds Baby 15:25 15 minutes, 25 seconds Ladies and gentlemen, thank you for hold. We have management back. Over to you, sir. 15:33 15 minutes, 33 seconds As of March 2026, consolidated network stood at approximately 2,266 15:39 15 minutes, 39 seconds cr while consolidated liquidity stood at approximately 686 cr. 15:46 15 minutes, 46 seconds Consolidated debt remained extremely low at approximately 58 cr thereby maintaining MICL's net debt-free position. 15:57 15 minutes, 57 seconds Looking ahead, we remain optimistic about the medium and long-term outlook for the Mumbai residential market, 16:04 16 minutes, 4 seconds particularly with the premium and luxury segments where demand continues to remain resilient. With that, I would now open the floor for question and answers. 16:15 16 minutes, 15 seconds Thank you. 16:19 16 minutes, 19 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press 16:27 16 minutes, 27 seconds star N1 on the touchstone telephone. If you wish to remove yourself from the question queue, you may press star N2. 16:36 16 minutes, 36 seconds Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question to assemble. 16:50 16 minutes, 50 seconds Participants, anyone who wishes to ask a question may press star N1. One. 17:19 17 minutes, 19 seconds We will take our first question from the line of Rajna Ma from SK Advisor. Please go ahead. 17:27 17 minutes, 27 seconds Hi, good afternoon. Am I audible? Yes, you are. 17:32 17 minutes, 32 seconds Uh, so my first question is uh the reported revenue was about 630 K. Uh, 17:40 17 minutes, 40 seconds can you please provide a detailed project wise reconciliation between cumulative bookings, collections, percentage completion and revenue 17:49 17 minutes, 49 seconds recognized till date across the projects? 17:53 17 minutes, 53 seconds Yeah. Hi Rasha. Yes. This side uh of the revenue recognition aspect uh 18:01 18 minutes, 1 second I would request you that we can get over uh further details post the concourse. 18:10 18 minutes, 10 seconds Okay. Okay. 18:11 18 minutes, 11 seconds Okay. Uh I think the second question is that uh do you see risk that the sharp rise in ultra luxury launches across 18:20 18 minutes, 20 seconds South Mumbai could create any inventory overhang over the next 3 to 5 years. 18:28 18 minutes, 28 seconds So hi this is Mr. Sha regarding uh the overall market perspective 18:35 18 minutes, 35 seconds Mumbai couple of uh decades back when it was on a cusp of the first time development you know there was similar 18:43 18 minutes, 43 seconds trajectory things observed that how will Mumbai sustain so much of uh inventory piling up we see a similar thing 18:51 18 minutes, 51 seconds happening where there is a change in in the income segment number one happened over a couple of years postcoid 18:58 18 minutes, 58 seconds especially especially and this has changed the mindset of consumers to adapt for larger 19:05 19 minutes, 5 seconds uh ticket size apartments. Considering specific to MICL if I would like to state we are not doing apartments 19:13 19 minutes, 13 seconds currently which are 100 cr 200 cricket size. So the inventory size that we are 19:20 19 minutes, 20 seconds operating in is a very comfortable ticket size for that micro market which will not create a problem in the sales velocity going down for us special. 19:33 19 minutes, 33 seconds Okay. Okay. And uh what is the targeted pre-sales number for FI27 uh alone versus the combined rupees 5,000 K uh FI27 and FI28 ambition. 19:47 19 minutes, 47 seconds Basically, if you could please throw some light on that. 19:50 19 minutes, 50 seconds See, this year is a year full of launches where nearly 1 million square ft is what is targeted to be launched. 19:58 19 minutes, 58 seconds Um, we are on the verge to discuss uh with lot of societies where further new projects shall also be one. We are in 20:05 20 minutes, 5 seconds the final negotiation stage once the approvals have come. We will be announcing those soon. But as of today, 20:13 20 minutes, 13 seconds if we speak, we have a 5 and a half thousand cr approximate uh pipeline of launches uh for this 20:20 20 minutes, 20 seconds specific year itself and we target nothing less than uh 2 and a half thousand cr for this upcoming year. So you can consider more or less depending 20:29 20 minutes, 29 seconds on the current situation like of the total 5,000 cr a 50/50 is what we are considering without adding on to new projects. 20:40 20 minutes, 40 seconds Okay. Okay. uh what level of annual price appreciation assumptions are embedded within this guidance sir also 20:49 20 minutes, 49 seconds which micro markets are currently witnessing the strong pricing power if you could please highlight. 20:55 20 minutes, 55 seconds So when we have always taken projects or done the feasibility we as MICL have a policy where we have 21:03 21 minutes, 3 seconds never considered the price appreciation and still if we can maintain a healthy bottom line that is when the company 21:10 21 minutes, 10 seconds takes the project. So we are not honestly bullish on the price hike happening in Mumbai because of the uh 21:18 21 minutes, 18 seconds supply because of this war situation and stuff but we are confident on the absorption of the inventory that we are going to sell. So regarding price 21:28 21 minutes, 28 seconds appreciation I don't see a price appreciation happening but a flat line on the price does not depict a flat line on bottom line or top line. we are we'll 21:35 21 minutes, 35 seconds be having healthy numbers in terms of both um and we'll be able to uh operate in the micro markets like currently 21:44 21 minutes, 44 seconds where you are asking the price trajectory we are having a very good sales momentum at our BKC project which was the recent launch this year uh 21:54 21 minutes, 54 seconds tardave is going to come up the newer phase of tare basically is going to be upcoming uh in the third or the fourth quarter of this year maximum we're 22:02 22 minutes, 2 seconds trying to prep the launch But if we receive permissions early, we'll definitely launch the project earlier. 22:08 22 minutes, 8 seconds Uh so these are the markets where the momentum is strong. Arady Aan which is one of the flagships uh launched at South Mumbai. We have now launched the 22:17 22 minutes, 17 seconds final top floors and we've also built a brand new experience center which is inside the building itself. Now we've already received more than 200 people's 22:26 22 minutes, 26 seconds footfall up till now and they are extremely impressed and the transactions are constantly ongoing like the weekly uh run rate is running very very strong. 22:37 22 minutes, 37 seconds So these are the locations where we see and of course marine lines project will also be launched this year again it's a similar micro market to tar so where we 22:46 22 minutes, 46 seconds have not considered the price appreciation but we've considered a healthy sales momentum and we are confident in achieving that. 22:54 22 minutes, 54 seconds Okay. Okay. Thank you. Thank you so much. Thank you. 23:01 23 minutes, 1 second Before we take the next question, a reminder to all the participants, if you wish to ask a question, please press star N1. 23:10 23 minutes, 10 seconds Next question is from the line of sad from Smart Thing Services. Please go ahead. 23:19 23 minutes, 19 seconds Your line is unmuted. Please go ahead with a question. Hello. 23:24 23 minutes, 24 seconds Yeah, thank you. Uh sir, I wanted to understand like you stated to 13,300 cr 23:32 23 minutes, 32 seconds balance in visibility. So how much 132 already sold inventory awaiting revenge recognition was unsold future inventory. 23:44 23 minutes, 44 seconds So out of 17,000 cr 13,000 cr approximately is the unsold inventory which is targeted to be 23:52 23 minutes, 52 seconds launched in the next uh few years time depending on the project stage. Uh so 23:59 23 minutes, 59 seconds out of 13,000 cr everything is unsold but out of 17,000 cr nearly 4,000 cr is already sold. 24:09 24 minutes, 9 seconds Okay. and also uh like what is the expected annual annual revenue recognition recognition 24:18 24 minutes, 18 seconds for FY 27 28 and 29. 24:24 24 minutes, 24 seconds So in terms of compared to this year we are expecting nearly around 35% to 40% 24:31 24 minutes, 31 seconds of a growth uh in terms of revenue recognition because this is the year like I said where almost 1 million square ft of 24:40 24 minutes, 40 seconds projects are going to be launched uh so nearly around 5 and a half to 6 and a half thousand cr between range are the 24:47 24 minutes, 47 seconds is the GDP value of these launches. So we are seeing a very good upward trend in terms of the top line coming in. Lot 24:55 24 minutes, 55 seconds of projects are also near completion where OC will be received and that will result in excellent cash flows and the 25:02 25 minutes, 2 seconds recognition shall happen like our gatkar project is near completion. The iser project is near completion. Uh atmosphere project is near completion. 25:12 25 minutes, 12 seconds These projects will get us the revenue recognition of the unsold inventories soon. 25:21 25 minutes, 21 seconds Okay. Answer like uh as you are entering into this ultra luxury redevelopment 25:28 25 minutes, 28 seconds project so should investor also expect uh like higher margins of lower asset terms. 25:37 25 minutes, 37 seconds Yes, definitely the margins in these uh and you shall see that in the upcoming years definitely. 25:49 25 minutes, 49 seconds Okay. And sir, I just wanted to understand like what is your segment on you can do a break up of segments 25:58 25 minutes, 58 seconds when you break up post this call you can get in touch with Yish for the micro detail report analysis and he shall share all the information that is required. 26:09 26 minutes, 9 seconds Okay. Okay. Thank you. Thank you. Thank you. 26:15 26 minutes, 15 seconds Thank you. Next question is from the line of Prao Takul from NBS brokerage. Please go ahead. 26:22 26 minutes, 22 seconds Yes sir. Good afternoon sir. This FY25 was one of the best years for man infra. 26:29 26 minutes, 29 seconds So if we take a slightly longer term view say FY28. 26:34 26 minutes, 34 seconds So can we see a repeat of that FY25 best numbers which the company produced? 26:42 26 minutes, 42 seconds Any color on this? 26:44 26 minutes, 44 seconds You see? Yeah. So if you see uh the growth uh side of it, this year is a year uh last year was the year when we 26:52 26 minutes, 52 seconds had lot of acquisitions coming up. This is the year when all these acquisitions will be fruitful and launches would be coming in. So in the next that's why 27:01 27 minutes, 1 second we've given a vision 2031 where uh we are seeing an excellent growth uh in terms of topline bottom line and we've 27:10 27 minutes, 10 seconds also expanded our horizon in Mumbai in terms of going to Bandra BKC uh and multiple locations. So these high-end projects will definitely yield better 27:18 27 minutes, 18 seconds margins also. And regarding the indication for the FI25 number, we are uh having uh confidence that we'll be even surpassing that number. 27:31 27 minutes, 31 seconds Okay. Thank you sir and best wishes for that. Yeah. 27:36 27 minutes, 36 seconds Thank you. Next question is from the line of quick shape from one of financial services. Please go ahead. 27:44 27 minutes, 44 seconds Yeah. Hi, good afternoon sir. So just one question from mine. You uh mentioned in the presentation that you look to double your uh GDP over the next five 27:53 27 minutes, 53 seconds years from the current days. Uh so what is the kind of uh business development that we will uh require to do in the next 3 to four years to achieve this. 28:06 28 minutes, 6 seconds We are currently speaking to nearly more than 10 plus housing societies across 28:13 28 minutes, 13 seconds Mumbai. a lot of which is at the final negotiation stage or the final presentation stage. So we are confident 28:22 28 minutes, 22 seconds to win multiple out of these negotiations that have been going on. 28:27 28 minutes, 27 seconds Secondly, the quantum of these projects are much larger than the previous projects which we are on the verge to complete. So for 28:36 28 minutes, 36 seconds example, if you have seen project, the new Tardev 2.0 standalone building is a 2,000 cr project. So these are the 28:45 28 minutes, 45 seconds kind of projects which we intend to add on to uh in the near future which will result in getting us this 35,000 cr GDB 28:53 28 minutes, 53 seconds by 2031 and we are very confident that uh 2031 28:59 28 minutes, 59 seconds is still very far. We intend to achieve this target much much prior than that hopefully. 29:07 29 minutes, 7 seconds Okay. And so this will be predominantly redevelopment or it will be a mix of redevelopment, GDA, 29:14 29 minutes, 14 seconds acquiring land parcels. How do you see that uh shaping up? 29:18 29 minutes, 18 seconds It will definitely be a healthy mix of everything because we've always considered ourselves as a um you know a 29:25 29 minutes, 25 seconds flexible company where wherever the best opportunity comes in, we tend to uh move towards that direction. So it will be a 29:34 29 minutes, 34 seconds full mix of uh JDA, JV, uh yeah you know redevelopment uh we are even targeting to add a commercial portfolio uh soon. 29:46 29 minutes, 46 seconds Right. And what would be the annual spend uh that we could do for this for the acquiring of the projects? 29:58 29 minutes, 58 seconds See there's no specific number which I can point it out to but our cash flows are healthy enough to allow us to 30:07 30 minutes, 7 seconds acquire these uh uh newer projects and the number that we've quoted where we want to double the GDV we have a healthy 30:15 30 minutes, 15 seconds run rate of cash flow getting generated from our ongoing projects and uh the the the future surplus coming in from the 30:23 30 minutes, 23 seconds you know the projects which are yet to be launched. So because as most lot of projects are near completion a substantial cash flow shall be uh 30:33 30 minutes, 33 seconds getting started to generate in fact from this financial year itself onwards. 30:37 30 minutes, 37 seconds Got it. Got it. Okay. So this is helpful and thank you and all the best. Thank you. 30:47 30 minutes, 47 seconds Thank you. Next question is from the line of success. 30:53 30 minutes, 53 seconds Please go ahead. Sure. Thank you. Am I audible? Yes. 31:00 31 minutes Uh congratulations to management for the uh year that just concluded. My question is more around the upcoming launches. Uh specifically the marine lines project. 31:10 31 minutes, 10 seconds If you could add some color on um around what time we can expect that launch. I know that you have mentioned uh FY27 but 31:19 31 minutes, 19 seconds uh just wanted to get some idea on that specific project. 31:24 31 minutes, 24 seconds So marine lines project the entire land is now vacated the existing members have 31:31 31 minutes, 31 seconds been relocated. Uh construction for the rehab tower and the sale tower has already begun where we have received the 31:38 31 minutes, 38 seconds IOD and CC for the same. The launch is targeted to be done uh during the festive season. So this Diwali is when 31:47 31 minutes, 47 seconds we have targeted with a brand new experience center uh sales office basically. So we intend 31:55 31 minutes, 55 seconds to do see we are waiting right now where the situation globally uh which is changing the sentiments of customers. We 32:03 32 minutes, 3 seconds don't want any implications to drop on the pricing or we don't want any implication uh where there's any negative publicity happening for the 32:12 32 minutes, 12 seconds industry in terms of not specific MICL project or marine lines but right now we see consumers at times rethinking so um 32:22 32 minutes, 22 seconds we just waiting it through to make it a grand success. 32:26 32 minutes, 26 seconds Sure. Thanks. And is it the same for the tardo 2.0 cluster? 32:32 32 minutes, 32 seconds The 2.0 is just acquired. Uh we have already applied for permissions but yes uh the target for 2.0 is also 32:41 32 minutes, 41 seconds uh during the the November December time. 32:44 32 minutes, 44 seconds Got it. Uh one more question. I saw a lot of um in the late latest presentation not so much uh emphasis on 32:52 32 minutes, 52 seconds the port part of the uh business. Is this a conscious decision of your trying to um build the company towards uh the 33:01 33 minutes, 1 second luxury real estate sector only moving away from the traditional DTC um sector? 33:09 33 minutes, 9 seconds Um no that's not exactly the clear indication that we are depriving away from port but if you see port segment in 33:16 33 minutes, 16 seconds India has always been a subjective industry where couple of years the port sector is down so we don't want the 33:23 33 minutes, 23 seconds company's growth to uh you know depend just on the ports. sports will definitely add uh a it's always a 33:31 33 minutes, 31 seconds healthy margin project uh but not every now and then we are seeing many ports getting added uh in India. So we've been 33:38 33 minutes, 38 seconds focused uh more towards the luxury residential segment and yes real estate would definitely be uh the the heavy 33:48 33 minutes, 48 seconds lifter compared to both because of the quantum of the projects that we have in real estate is nearly uh 17,000 crores as of today and you know you saw the number which we're planning to double. 33:59 33 minutes, 59 seconds So um for post is something which will definitely as and when we find good opportunity we would want to bid but if 34:07 34 minutes, 7 seconds you see our current in-house EPC portfolio is nearly 1 cr square ft. 34:13 34 minutes, 13 seconds So that either comes in the form of savings to the company where the company self-executes the project or where there 34:20 34 minutes, 20 seconds are uh partners uh we tend to give the EPC contract to the uh money. 34:28 34 minutes, 28 seconds We do have a healthy pipeline of EPC but the intention is definitely to grow more towards real estate. 34:36 34 minutes, 36 seconds Absolutely sounds good. Okay. Thank you so much and uh congratulations and have a great year ahead. Thank you. Thank you. 34:44 34 minutes, 44 seconds Thank you. A reminder to all the participants. Anyone who wishes to ask a question may press star N1. 34:53 34 minutes, 53 seconds We will take our next question from the line of Racha from SK Advisor. Please go ahead. 35:04 35 minutes, 4 seconds Retina, you may please proceed. Your line is unmuted. 35:08 35 minutes, 8 seconds Hi, good afternoon. Thank you for giving me an opportunity again. Uh, so my question is, do you think that 35:16 35 minutes, 16 seconds redevelopment projects in Mumbai are currently at their most profitable stage? um because uh the property prices 35:26 35 minutes, 26 seconds are very strong uh while the borrowing costs are you know still manageable or uh do you believe this cycle is 35:34 35 minutes, 34 seconds different from past real estate up cycles if you're asking me this question as a 35:41 35 minutes, 41 seconds member how will I be benefited as a member for instance if I have to answer this is the the golden years of redevelopment is what I would say where 35:50 35 minutes, 50 seconds the existing tenants or members are getting the best benefit out of it. Not just because of the pricing. I would say 35:58 35 minutes, 58 seconds Mumbai's pricing has more or less been a flatline apart from few specific locations which we see in the press and 36:07 36 minutes, 7 seconds media getting harked upon but Mumbai pricing has been more or less stagnant. The thing what has gone up is the SSI. 36:15 36 minutes, 15 seconds So if you see the policies the way they've been drafted better benefits have been given by the government which 36:22 36 minutes, 22 seconds the industry is definitely thankful for and that benefit the developers are passing on to the redevelopment existing 36:31 36 minutes, 31 seconds uh flat owners. So that is where I would say compared to past redevelopment projects if you would go like six years 36:39 36 minutes, 39 seconds 7 years back lot of policies did not exist uh but now they do. So that is where the benefit of redevelopment is going on 36:47 36 minutes, 47 seconds very very uh smoothly and I see this momentum continuing in the next couple of years because the way the 36:54 36 minutes, 54 seconds infrastructure is being managed uh the way the new connectivity the Maharashtra government has planned in terms of 37:02 37 minutes, 2 seconds coastal road connectivity metro Atal setu Samrudi Mahmar bullet 37:08 37 minutes, 8 seconds train it's an excellent platform to have people staying outside the city also and 37:16 37 minutes, 16 seconds contribute to the economy of Mumbai. So that is where approximately you would see uh that this momentum would continue and create new pockets also. 37:29 37 minutes, 29 seconds Okay. Okay. That was very helpful. Uh also the company is increasing its focus on um ultra luxury projects in Mumbai. 37:40 37 minutes, 40 seconds So what exactly gives management the confidence that the demand in uh this segment will remain strong over the next 37:49 37 minutes, 49 seconds few years and uh this is not just like any short-term trend and uh also as the 37:58 37 minutes, 58 seconds portfolio becomes more tilted toward large luxury projects um with uh longer complet uh completion 38:07 38 minutes, 7 seconds timelines uh should Investors expect more fluctuation in revenue recognition and earnings visibility going forward. 38:17 38 minutes, 17 seconds See why management is confident. I'll give you a real life case study example. 38:22 38 minutes, 22 seconds My Gatkupar project which is a midluxury to luxury more than 50% is sold. My 38:28 38 minutes, 28 seconds villa project which is Jade Park is 50% plus sold. If you see the project 38:37 38 minutes, 37 seconds uh which is at south Mumbai is 65% plus already sold. The recently launched 38:43 38 minutes, 43 seconds luxury project at BKC Tartech Park almost uh in less than 3 months more than 20% is already sold and we are 38:52 38 minutes, 52 seconds continuously seeing that pipeline of customers turning uh you know to our experience centers. Now that is the 39:02 39 minutes, 2 seconds reason uh we have as management have decided to continue our growth in 39:08 39 minutes, 8 seconds acquiring these type of projects and Mumbai is on the verge where three BHKs 39:16 39 minutes, 16 seconds in 201213 if you see there was a trend of,000 to 1100 square ft post that the economic crisis happened three BHK sizes 39:26 39 minutes, 26 seconds average in Mumbai started dropping down to 800 to 900 50 square ft². Now again 39:33 39 minutes, 33 seconds we see three BHKs in Mumbai going almost up to 1,500 square ft². So that means the buyers mindset has changed where 39:42 39 minutes, 42 seconds everybody wants a slightly larger space to occupy and this mindset has changed mainly after co situation where people 39:51 39 minutes, 51 seconds realize the importance of a house where they realize the importance of having you know like their own space and this is something which has become very very 40:00 40 minutes common across all our projects. Wherever we are doing a smaller three bit, people are now demanding a larger three bit 40:08 40 minutes, 8 seconds size also and in fact the larger three bit sizes are getting sold out first compared to the smaller three bits and a 40:15 40 minutes, 15 seconds similar situation is happening in the four bed and five bit spaces also. So these are the reasons where the company 40:23 40 minutes, 23 seconds feels that we should definitely move in the near future and we are not making any exceptionally large apartments which 40:31 40 minutes, 31 seconds we feel can become a bottleneck for the company to sell and which can have a hindrance on the cash flow in the near 40:38 40 minutes, 38 seconds future. So we are operating in the space which has been a healthy uh demand and supply continuous game. 40:50 40 minutes, 50 seconds Got it. Got it. Uh, thank you. Thank you so much. Thank you. Thank you. 40:59 40 minutes, 59 seconds Thank you. As well as the question from the participants, I would now like to hand the conference over to the management of 41:08 41 minutes, 8 seconds Thank you everyone for joining the conference call of men infra. If you have any questions, you can reach out to us post the conference. Thank you. 41:18 41 minutes, 18 seconds Thank you very much on behalf of going advisers that concludes this conference.