Modi's Navnirman Ltd — Q3 FY26

Modi's Navnirman Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=POWSVUI0QZk Published: 2 months ago

0:02 2 seconds Good afternoon everyone and welcome to the Q3 and 9month FI26 earning call of Modi Nirman Limited. Today we have with 0:11 11 seconds us Mr. Mahek Modi CFO and at factors IR team. We will begin the call with the opening remarks from the management 0:19 19 seconds after which we will have the forum open for the interactive Q&A session. I must remind you that this conference may 0:26 26 seconds include forward-looking statements about the company which are based on the beliefs, opinion and expectation of the 0:33 33 seconds company as on date of this call. The statement are not the guarantee of the future performance and involve risk and uncertainties that are difficult to 0:42 42 seconds predict. As a reminder, all participant line will be in the listenon mode and there will be an opportunity for you to ask questions after the presentation 0:51 51 seconds concludes. Should you need assistant during the conference call, please signal an operator by pressing star then zero on your touchstone phone. Please 0:59 59 seconds note that this conference is being recorded. I now hand the conference over to Mr. Mahek Modi for the opening remarks. Thank you and over to you sir. 1:14 1 minute, 14 seconds Sir, you may please proceed. 1:22 1 minute, 22 seconds Mr. Modi, you may please proceed. Hello. 1:29 1 minute, 29 seconds Yes, now now we can hear you. You may please proceed. Uh thank you Danish. Uh good good afternoon ladies and 1:38 1 minute, 38 seconds gentlemen. It is my privilege to present the performance update of Modi Niman Limited for the third quarter and 9 months of FI26. 1:46 1 minute, 46 seconds The period has been transformational for the country in for the company both in terms of the financial performance and strategic progress. We have devel 1:55 1 minute, 55 seconds delivered our strongest ever 9-month result and more importantly we have achieved this while maintaining financial discipline and execution clarity. 2:03 2 minutes, 3 seconds I'll be speaking on the numbers uh of the nine months. For the first 9 months ending December 31st 25, our revenue 2:10 2 minutes, 10 seconds from operations stood at 137 cr reflecting a robust growth of 103% yearonear. Arita grew by more than 102% 2:20 2 minutes, 20 seconds to 30.89 crores and that increased by approximately 100 105% 2:26 2 minutes, 26 seconds to 24.77 cr. Notably, our nine our 9-month profit has already surpassed our fullear earnings of FI25, which 2:35 2 minutes, 35 seconds demonstrates the strength of our execution model and revenue recognition system. 2:40 2 minutes, 40 seconds I beta margin uh improved to 22.32% while PAT margin grows to 17.9% reflecting operating leverage and 2:48 2 minutes, 48 seconds discipline cost management. Equally important we continue to maintain debt-free even as we scale revenues and expand our development pipeline in the 2:57 2 minutes, 57 seconds current real estate market environment where funding cost remains elevated. Our conservative capital structure provides stability and flexibility. 3:06 3 minutes, 6 seconds I would now like to speak beyond the numbers that is why the quarter was marked by significant strategic developments as well. We secured a key 3:14 3 minutes, 14 seconds re redevelopment mandate in Bivi West with an estimated gross development value of AC approximately 250 K. This 3:22 3 minutes, 22 seconds strengthens our presence in high demand western suburban micro markets where aging housing stocks and strong 3:30 3 minutes, 30 seconds user and demand continue to drive the redevelopment. Our acquisition philosophy remains selective and disciplined. We only focus on societies 3:38 3 minutes, 38 seconds where execution clarity is there, approvable, visibility and marginable sustainability is there. We while 3:46 3 minutes, 46 seconds selecting societies, we look into these factors so that it is easier for us to execute the project in terms of starting 3:53 3 minutes, 53 seconds it and and the completion as well during the period. I would also like to tell that we completed the merger of our uh 4:02 4 minutes, 2 seconds holy subsidiary company that is Shri Modi Nderand Private Limited in into the listed Modi Nderand Limited. The merger 4:10 4 minutes, 10 seconds enhances operational alignment, strengthens our balance sheet structure and improves long-term scalability. 4:15 4 minutes, 15 seconds Additionally uh one more big milestone was achieved that is uh our migration to the BC and NC main board has been 4:24 4 minutes, 24 seconds completed which enhanced our government standards improved visibility among institutional investors and strengthened overall 4:32 4 minutes, 32 seconds market credibility operationally. I would also like to add something that we in the in the last 4:41 4 minutes, 41 seconds quarter we delivered and handed over one of our projects Rashi Vasuv in Bori West 4:47 4 minutes, 47 seconds delivering 90 flats on time in red development timely position is the ultimate measure of trust. Every 4:54 4 minutes, 54 seconds successful delivery enhances our brand equity and builds confidence among societies. At the same time our ongoing 5:01 5 minutes, 1 second projects in Kandi, Bori, Malad and Desa are progressing steadily. The advancement of projects such as Rashmi 5:09 5 minutes, 9 seconds signature square have been going on tremendous work. We we just uh launched one more project of 5:19 5 minutes, 19 seconds ours in the first quarter of this year that is uh on 5:26 5 minutes, 26 seconds 9th February we launched Rashmi icon and probably in the next month we'll be also launching Rashmi Avenue as well. So the 5:35 5 minutes, 35 seconds target for these two this quarter has been launching the two projects. 5:40 5 minutes, 40 seconds Our redevelopment uh model is simple. It is an asset light model which is our core strength. We focus on society 5:48 5 minutes, 48 seconds development mada SR wherein there is minimum upfront land acquisition cost which 5:56 5 minutes, 56 seconds preserves our margin as projects mature revenue recognition accelerates and inherent operating leverages improve the 6:04 6 minutes, 4 seconds profitability. The improvement in margins this quarter reflects our structure advantages. 6:10 6 minutes, 10 seconds In January 26, in January 2026, we also established 6:20 6 minutes, 20 seconds Modi Naan Foundation, reinforcing our commitment to the ESG values and community development. Redevelopment is 6:28 6 minutes, 28 seconds not only morely about replacing old structures. It is upgrading lifestyle, enhancing safety 6:36 6 minutes, 36 seconds standards and contributing s contributing to sustainable urban transformation. Our philosophy remains 6:43 6 minutes, 43 seconds remains anchored in responsible growth and long-term value creation. Looking ahead, our road map is clear. We will 6:50 6 minutes, 50 seconds accelerate construction across ongoing projects to maintain delivery timelines and optimize re revenue realization. 6:58 6 minutes, 58 seconds We'll continue to pursue selective development mandates in Bombay uh in the western and the sub uh southern region 7:07 7 minutes, 7 seconds focusing on opportunities that only meet our financial and oper operational benchmarks. We are committed to maintaining a debt-free status and 7:15 7 minutes, 15 seconds funding expansion primarily through internal accurate and disciplined capital allocation. Margin protection 7:22 7 minutes, 22 seconds will enable a priority. We will continue strengthening our governance standards and investor engagement following a 7:29 7 minutes, 29 seconds migration to the main boards. India's real estate sector is undergoing structural transformation driven by urbanization, regulatory transparency 7:38 7 minutes, 38 seconds and consolidation towards organized developers. Mumbai's redevelopment opportunity remains particularly strong due to the aging housing stock and 7:46 7 minutes, 46 seconds limited land availability. We believe that we are strategically positioned to capture this growth wave with discipline and confidence. 7:55 7 minutes, 55 seconds In closing, I would say that our performance in the first nine months of FI26 reflects more than just financial 8:02 8 minutes, 2 seconds growth. It reflects structural momentum in our business model, strategic clarity in pro project selection, operational ex 8:10 8 minutes, 10 seconds excellence in execution and financial prudence in capital management. Our objective remains consistent calibrated growth supported by strong cash flows, 8:19 8 minutes, 19 seconds disciplined cost structures and long-term value creation rather than volumedriven expansions. 8:25 8 minutes, 25 seconds We again want some we once again remitted committed to building not just projects but lasting trust and sustainable value for all our 8:33 8 minutes, 33 seconds stakeholders. Once again I would repeat that Modi now just we at Modi now Niran Limited we just don't build walls we 8:42 8 minutes, 42 seconds create homes. Thank you for your continued support and confidence. 8:49 8 minutes, 49 seconds I would uh like Mr. Danis to open it for the Q&A. 8:55 8 minutes, 55 seconds Thank you so much sir. Ladies and gentlemen, we'll begin with the question and answer session now. Anyone who wishes to ask a question may press star 9:03 9 minutes, 3 seconds N1 on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. 9:16 9 minutes, 16 seconds Our first question come from the line of Vishweather Singh from Prudent Equity. Please go ahead. Hi, am I audible? 9:24 9 minutes, 24 seconds Yeah. 9:25 9 minutes, 25 seconds Uh sir, I wanted to ask what is our current inventory? uh and can you like bipartate on the projects like Celestia, Sundam and Om Shadha? 9:36 9 minutes, 36 seconds So uh in terms of inventory uh probably the inventory in Rashm Celestia is very less where I have the 9:45 9 minutes, 45 seconds project is nearly about completion and I have only four units left probably I'm 9:52 9 minutes, 52 seconds going to get I'm going to get the occupation certificate of the project uh in the next 10 or 15 days. The inventory 10:01 10 minutes, 1 second in that rash list is very less. I have inventory in uh Rashmi Square and it is 10:10 10 minutes, 10 seconds going at par with what we had calculated in terms of sales. Uh in terms of uh sales for Rashmi signature that is a 10:19 10 minutes, 19 seconds little slow but that is due to the sample flats and everything what we have not started still. So once that starts 10:27 10 minutes, 27 seconds the uh sales in that will also boost up. 10:33 10 minutes, 33 seconds Okay. So any rough number on the inventory side? What is the current inventory side? Like as of H1 we had somewhere around 149. 10:45 10 minutes, 45 seconds Uh in which project are we speaking in total on our books? On our books inventory in our books. 10:52 10 minutes, 52 seconds Just a second I can explain this. What is the inventory? 11:03 11 minutes, 3 seconds I will have to check and update it. 11:07 11 minutes, 7 seconds Okay sir. Uh another question that I had was on the GDP of Rashmir Square and Manurat. So like can you share the total 11:14 11 minutes, 14 seconds GDP of both the projects and how much have we booked till now? 11:18 11 minutes, 18 seconds Uh GDV uh of uh the project gross development value of Rashmi Square will be uh 130 odd KES. Okay. 11:31 11 minutes, 31 seconds Of Rashmi Square and we have booked as of now 11:38 11 minutes, 38 seconds probably we might have booked just a second I there is some networking issue in the file 12:00 12 minutes comes up. 12:11 12 minutes, 11 seconds We need you need the GDB of uh this one as well, right? Yes. Manorat Manorat, you know. 12:27 12 minutes, 27 seconds That will be around uh 60 odd Kores. 12:38 12 minutes, 38 seconds Uh so uh we have remaining of 70 K in the square project. Sorry. 12:44 12 minutes, 44 seconds Uh so we have remaining of around 70 K in the square. I'm talking I'm talking GDP of Manoth is going to be probably 12:51 12 minutes, 51 seconds around 60 K and GDV of uh uh this is around 130 K. I'm talking both the project GDV. 13:00 13 minutes Okay. Okay. And how much have we booked for both of them? 13:04 13 minutes, 4 seconds Uh both the projects we have uh same 13:14 13 minutes, 14 seconds Facebook for uh as of now Square has been 13:24 13 minutes, 24 seconds around uh 4550 K we have booked. Okay. for Rashmi Square. 13:32 13 minutes, 32 seconds Yeah. And any booking on Manor? 13:36 13 minutes, 36 seconds Manor there has been has not gone too hard because the project is still going. 13:41 13 minutes, 41 seconds So probably there also it will be 78 K of uh inventory booked. 13:51 13 minutes, 51 seconds 78 K. Okay sir. Uh another question that I had was I wanted to know that we booked some revenue on the as we show in 13:59 13 minutes, 59 seconds the presentation for from different projects which are also lined up in like 2027 but our revenue recognition is like 14:07 14 minutes, 7 seconds when we hand over the you know ownership of the project the revenue revenue recognition goes through the index uh 14:15 14 minutes, 15 seconds index thing. So the projects which we are going to do start we have not booked any revenue in those projects. Example, 14:22 14 minutes, 22 seconds Rashmi icon and Rashmi Avenue. The two projects which are started in this uh quarter of uh the last quarter Q4 we 14:30 14 minutes, 30 seconds have not booked anything in the prevailing result. 14:35 14 minutes, 35 seconds Got it. But like we have booked somewhere around uh 20.8 K of Rashmir signature and it is for 2027. So how does that work? 14:46 14 minutes, 46 seconds Rashmi signature I have I have the project has been on the completion side right. So probably this year end this year end I'll be delivering the project. 14:55 14 minutes, 55 seconds So that is why I have recognized around signature around 28 30 of revenue. Okay. Got it. 15:03 15 minutes, 3 seconds And last one question on the refi icon and uh the other project that you got on the bi sheet uh staff. 15:12 15 minutes, 12 seconds Yes sir. So can you share the GDV and the like what is the expectation of revenue recognition? Okay, GDV of uh 15:19 15 minutes, 19 seconds Rashmi Shikl we are expecting around 250 CR and GDV of Rashmi icon is 15:27 15 minutes, 27 seconds approximately near the range of uh 200 if I can give a ballpark figure let's it 15:35 15 minutes, 35 seconds will be 190 to 200 will be the GDV value okay and like we expecting any contribution from any of these projects 15:42 15 minutes, 42 seconds in FY27 yeah Rashmi Icean and Rashmi 15:49 15 minutes, 49 seconds uh revenue probably in post half not in the first two quarters the third quarter probably we'll be recognizing because we 15:59 15 minutes, 59 seconds follow the minimum of the minimum we recognize revenue only when 25% of the 16:06 16 minutes, 6 seconds cost has been incurred that is what the loss is of the ind so we keep it that 16:13 16 minutes, 13 seconds only once 25% of the cost of the project is done then only we book the inventory and sales and everything. 16:21 16 minutes, 21 seconds Okay, got it. Just last question uh if you are on it, can you share the GDP of Rashmi Delight and uh Rashmi signature? 16:30 16 minutes, 30 seconds Rashmi delight Rashmi delight will be around 50 16:37 16 minutes, 37 seconds and signature will be around 190 to 200 each. 16:44 16 minutes, 44 seconds And have you booked any from delight and signature? And signature delight has been negligible around it is 16:52 16 minutes, 52 seconds very negligible in terms of booking the revenue. 16:55 16 minutes, 55 seconds Okay. And for signature how much have we booked till now? 16:59 16 minutes, 59 seconds Around I say 28 29 K of inventory has been booked. Got it. Thank you. Thank you. 17:09 17 minutes, 9 seconds Thank you ladies and gentlemen. Anyone who wishes to ask a question may press star and one on your touchstone telephone. 17:19 17 minutes, 19 seconds Reminder in order to ask a question you may press star and one on your touchstone telephone. 17:30 17 minutes, 30 seconds Our next question come from the line of money voices. Please go ahead. Yeah. Hello. Am I audible? Yeah. 17:38 17 minutes, 38 seconds Yes sir, you are. 17:39 17 minutes, 39 seconds Yeah. Yes. So my first question is on the realization front. So could you just uh tell me what's the realization from 17:47 17 minutes, 47 seconds per square foot for the Q3 also and for the 9 month also per square foot as an ideal you want 17:55 17 minutes, 55 seconds uh average sale price per square foot average sale size will be around uh 18:03 18 minutes, 3 seconds 25 27,000 25 27 and u for going going forward as we have 18:12 18 minutes, 12 seconds projects lined up for completion also and for uh starting also new projects. 18:18 18 minutes, 18 seconds What is the headroom for expansion in this price? Do you see any uh expansion? In terms of price we are seeing. 18:26 18 minutes, 26 seconds Yeah, in terms of price what's the current market trend and as we the market is going to be the same. See the market trend once. So what happens 18:35 18 minutes, 35 seconds in real estate is uh people tend to for because uh we are a debtree and everything we hold on to the sale value. 18:45 18 minutes, 45 seconds We don't sell at initial discount levels in everything. That is what a lot of debt people do. They start off with 18:54 18 minutes, 54 seconds around 21 22,000 23,000 then they take to 25 then during the completion they go to 27 28 30,000 19:03 19 minutes, 3 seconds so to maintain the average in our case we don't maintain the average 19:10 19 minutes, 10 seconds right and average 27,000 27,000 okay sir sir and if I see the 19:18 19 minutes, 18 seconds numbers for the 9 month our gross profit margin has dipped a Could you just uh throw some light on that? 19:27 19 minutes, 27 seconds Uh in terms of that uh two things have happened. Uh one was V was Vasuv got 19:33 19 minutes, 33 seconds completed. So the recognition of revenue was also high from that project. Plus uh 19:41 19 minutes, 41 seconds that means the project was 100% sold out and everything. So there we got good thing and we changed we uh due to 19:50 19 minutes, 50 seconds migration into the main board our accounting standards also changed. Okay. 19:55 19 minutes, 55 seconds So that was the second reason for jump in revenue also. 20:00 20 minutes Right. And uh since but uh our margins are quite heavy. So margins are going to be sir. 20:07 20 minutes, 7 seconds Yeah. So one of the main reasons is debt free. 20:11 20 minutes, 11 seconds Yeah. Yeah. Sure. that that obviously is a key uh driver for our healthy margins. 20:17 20 minutes, 17 seconds But I want to know since we are doing the Borli redevelopment project with a GDV of 250 crores. Uh what will be the margin profile for that particular 20:26 20 minutes, 26 seconds project? If you can just throw some light we'll be we'll be we'll be going same around at the same run right? Yeah same. 20:34 20 minutes, 34 seconds Okay sir. So, and my final question is uh you know what is the percentage of ongoing inventory versus pre-sold inventory? If you could just bifocate that. 20:45 20 minutes, 45 seconds See uh pre uh in terms of pre-sold or pre-sales we don't do that. You don't do pre-sales. 20:52 20 minutes, 52 seconds Yeah, we don't do pre-sales. If you see we don't upload any pre-sales number also because my answer is going to be the same. We are a debtree company. So, 21:00 21 minutes we don't have to you know do channel partner events to all the events. revenue. 21:06 21 minutes, 6 seconds Yeah, pre-sale the property. That is why we don't we we have not been showing the pre-sales revenue or pre-sales also because we don't sell only on the for 21:15 21 minutes, 15 seconds example in this quarter in the fourth quarter we launched Rashmi icon on uh February 9th Feb 6th Feb sorry 21:23 21 minutes, 23 seconds so it was just purely a boommy pujin going on it was no 21:29 21 minutes, 29 seconds nowhere uh sales meeting or anything regarding to sales you understand so that is why We don't 21:38 21 minutes, 38 seconds give any pre-sale number or we don't sell off anything right sir. So and both holding capacity and capital 21:45 21 minutes, 45 seconds allocation so that it is good for us right sir and sir one more question we had seen the construction input costs of 21:53 21 minutes, 53 seconds certain raw materials you know on an increasing fund and better volatile fund so are they stabilizing or what's the 22:01 22 minutes, 1 second trend going there? said they have stabilized because of the the metal increasing 22:08 22 minutes, 8 seconds a little here and there has been is happening because but that that is part and parcel of our business because we 22:16 22 minutes, 16 seconds rely on steel also the rates goes up and everything because of other factors. 22:23 22 minutes, 23 seconds Correct. Uh then we have the copper has been on a high little. 22:30 22 minutes, 30 seconds So right a lot of changes happen but those are those which those uh if you say the 22:37 22 minutes, 37 seconds volatile factors we keep in mind while acquiring the projects. So there there are margins in terms of all those things as well. 22:47 22 minutes, 47 seconds Right. 22:47 22 minutes, 47 seconds So that way they don't hamper us so much. 22:50 22 minutes, 50 seconds Right sir. Thank you. I'll join back the queue for further questions. Thank you. 22:57 22 minutes, 57 seconds Thank you. Ladies and gentlemen, you may press star and one in order to ask a question. 23:07 23 minutes, 7 seconds Ladies and gentlemen, reminder, in order to ask a question, you may press star and one on your touch on telephone. 23:16 23 minutes, 16 seconds Our next question come from the line of Du 23:23 23 minutes, 23 seconds Mimani from Nvesa Investment. Please go ahead. Hello. Yeah, sir. Hi. 23:32 23 minutes, 32 seconds So, I was just going through your financials that were uploaded in September and the financials we uploaded for this December quarter. 23:40 23 minutes, 40 seconds I was when I see there is a sharp difference in the yearly revenue that we have booked. They say for FI25 the 23:48 23 minutes, 48 seconds revenue have shown in this quarter we have shown 103 KES and in the September 23:54 23 minutes, 54 seconds for FI25 revenue it was 86. So you tell why there is such a large difference. I told you uh in the third quarter we 24:02 24 minutes, 2 seconds changed our accounting standard wherein our recognition model was first that model and now it has been because the 24:10 24 minutes, 10 seconds main board compulsory requires entire system. So we have shift to the India system one reason second reason in the 24:18 24 minutes, 18 seconds the the third quarter we completed Rashmi Vasu uh project so 100% revenue 24:26 24 minutes, 26 seconds recognition and everything happened in that quarter. So the sales and everything because the project got 24:32 24 minutes, 32 seconds completed and we received uh OC of that project. So the recognition and everything boosted up. Plus we have a little bit of edge in Rashmi Celestia. 24:45 24 minutes, 45 seconds As of now also we have only four inventories left and we are due to get OC this month. 24:52 24 minutes, 52 seconds So the flag sold has also held in the last quarter. 24:58 24 minutes, 58 seconds So the revenue revenue recognition this say when we used to recognize revenue gap and now we recognize in indas what is have what have changed in recognizing the revenue. 25:09 25 minutes, 9 seconds So uh basically uh what was the thing in terms of uh in gap we used to follow the 25:18 25 minutes, 18 seconds project completion method and index is more on okay index is more on uh percentage 25:26 25 minutes, 26 seconds percentage of the completion and sale it affects both the component. 25:34 25 minutes, 34 seconds Okay. Percentage completion plus sales. 25:37 25 minutes, 37 seconds Yeah. So we are booking sales we because what happens is during the gap model 25:43 25 minutes, 43 seconds initially uh in redevelopment a lot of members also take additional areas and all those things right. 25:50 25 minutes, 50 seconds So we have good amount of sold to all old old flat owners as well. So in during gap that revenue used to not be 25:59 25 minutes, 59 seconds recognized early on and in India that revenue is also from day one we have been recognizing. 26:06 26 minutes, 6 seconds Okay, that's what that is a that is one thing Rashmi Vasu got completed sold off the 100% inventory in 26:15 26 minutes, 15 seconds that project is completed Rashmi Celeste we have completed so a lot of so Rashmi Celestia got completed in the second 26:23 26 minutes, 23 seconds week of January the whole building and we are due to get OC this month so if the buildings were ready so people 26:32 26 minutes, 32 seconds could take easier decisions so in the month of post Diwali The deals happened quite a few. 26:41 26 minutes, 41 seconds Okay, understood. And sir, in our presentation this day is completed. We have shown uh it is a key project matrix 26:49 26 minutes, 49 seconds for 9 months. One slide. We have shown revenue as 14.67 K and spend as 14.480 26:57 26 minutes, 57 seconds K. So this is for quarter three or 9 months. is for 9 month. 27:05 27 minutes, 5 seconds It is for 9 months I guess. 27:08 27 minutes, 8 seconds Okay. So the revenue that we have booked is less than the expense. Correct. Yeah. 27:15 27 minutes, 15 seconds Because there is a difference in the qu uh the revenue recognition system as well. No. 27:20 27 minutes, 20 seconds H so initially we have booked more revenue in last year due to this. 27:23 27 minutes, 23 seconds Yeah. Yeah. We we got we sold off more properties also in the Q3. So revenue booking was also good. 27:33 27 minutes, 33 seconds understand. Okay. Thank you, sir. Thank you. 27:40 27 minutes, 40 seconds Ladies and gentlemen, in order to ask a question, you may press star and one on your touchstone on telephone. 27:49 27 minutes, 49 seconds Reminder, you may press star N1 on your touchstone on telephone in order to ask a question. 27:56 27 minutes, 56 seconds Our next question come from the line of Vishuendra Singh from student equity. 28:00 28 minutes Please go ahead. Hi sir, uh I wanted to ask like after this uh recognition change like what is the expected revenue 28:09 28 minutes, 9 seconds booking that we are seeing for fourth quarter and the next financial year? 28:15 28 minutes, 15 seconds uh the fourth quarter uh probably uh 28:26 28 minutes, 26 seconds revenue uh the revenue from operations was around 138 K or 9 months. So probably this run rate only we are expecting. 28:36 28 minutes, 36 seconds Okay. 28:39 28 minutes, 39 seconds I will be expecting because because Rashmi Celeste will also be completed in this quarter. So revenue recognition will be good in this quarter as well. 28:49 28 minutes, 49 seconds Okay. And like for FY27 uh what sort of booking are we targeting from project? 28:58 28 minutes, 58 seconds FY27 we are targeting around uh 200 29:06 29 minutes, 6 seconds 200 to two 225 230 CR of revenue recognition in the next year. 29:14 29 minutes, 14 seconds Got it. And like can we expect similar margins going ahead because of Yeah. 100%. Margin margins will be good. 29:24 29 minutes, 24 seconds Okay. Got it. Uh can you please repeat on the fourth quarter? I did not uh got the whole port but like you mention 29:33 29 minutes, 33 seconds for see so probably 9 months our revenue has been 137 K. So 29:42 29 minutes, 42 seconds for 12 months we are targeting around 180 K of revenue for by 26 am I correct? 29:52 29 minutes, 52 seconds Yeah. Yeah. The fourth quarter. Yes. 29:55 29 minutes, 55 seconds Okay. Okay. Got it. And another question on the finance part like are we looking to raise any debt for funding our future projects? 30:03 30 minutes, 3 seconds No. 30:04 30 minutes, 4 seconds Okay. So like how does the financing part of our projects work? uh do we take any advances before and what sort of funding are we like booking on the 30:13 30 minutes, 13 seconds fining fund the main main criteria in redevelopment happens is uh timely completion okay 30:21 30 minutes, 21 seconds so we have been completing projects in every quarter or every half half year so that helps us a lot in one major reason 30:31 30 minutes, 31 seconds is the timely completion so that our inventory gets sold off and once we are launching projects So 30:38 30 minutes, 38 seconds uh there are a lot of uh the cycle goes it in that manner. So that helps us to not you know go towards the debt uh area. 30:51 30 minutes, 51 seconds Okay. So like uh most of our projects are funded u on there itself. Am I correct? Yes. Yeah. Yeah. 31:00 31 minutes Okay. Got it. Just a last quick question on the commentary on the Mumbai overall demand. How are you seeing the demand perspective from the customer and 31:08 31 minutes, 8 seconds the demand is going to be good. I don't see any prices going down in Bombay. 31:15 31 minutes, 15 seconds Prices either will be stable or upward trend. The only concern is going to be 31:21 31 minutes, 21 seconds that there will be choices for the uh the flat owners. So you have to make good flats and in good locations. If 31:30 31 minutes, 30 seconds these two criterias get fulfilled then I don't think sales is going to be an issue. Okay. Okay. Got it, sir. Thank you. 31:41 31 minutes, 41 seconds Thank you. 31:43 31 minutes, 43 seconds Ladies and gentlemen, if you wish to ask a question, you may press star and one on your touchstone telephone. 31:52 31 minutes, 52 seconds Reminder to all the participant, if you wish to ask a question, you may press star and one on your touchstone telephone. 31:59 31 minutes, 59 seconds Our next question come from the line of Vidasha from JJPMS. Please go ahead. 32:09 32 minutes, 9 seconds Mr. Sha, you may please proceed ahead with your question. Hi sir, am I audible? Yes, you are. 32:15 32 minutes, 15 seconds Yeah. Hi. Uh good afternoon. First of all, uh congratulations on the robust uh financial performance and successful mitigation to the main boards. 32:27 32 minutes, 27 seconds Uh I have a question sir given the current liquidity constraint in border uh broader smart uh you are your voice 32:35 32 minutes, 35 seconds is little bit cracking disturbing sir can you yeah uh how's it sir yeah good good 32:42 32 minutes, 42 seconds yeah so given the current uh liquidity constraints in the broader small cap space uh how is the management 32:50 32 minutes, 50 seconds positioning the company to improve its institutional appeals uh are there any specific friction in the uh in attracting domestic or foreign funds at this stage. 33:00 33 minutes I just don't know as of now we are not looking for anything. Mhm. 33:09 33 minutes, 9 seconds So we are not looking to you know get on board any for any institutions or anyone. 33:15 33 minutes, 15 seconds Okay. Okay. Uh got uh sir I have one more question. While the company has delivered the strong profit grow and 33:24 33 minutes, 24 seconds achieved the best debt-free status uh the stock's trading volume remains uh relatively subdued. uh in your opinion 33:34 33 minutes, 34 seconds what are the primary barriers uh to better liquidity on this edge on this end 33:41 33 minutes, 41 seconds u frankly I the volume I don't no more focus on that I just focus on delivering 33:49 33 minutes, 49 seconds the results the volume is just what we think is people have confidence in us so that is why they don't come out to sell their 33:58 33 minutes, 58 seconds uh stocks that is what we think because because even if there are no I don't see 34:05 34 minutes, 5 seconds any reason for no volume but people once they take it they hold it and they keep it through on the long term that is what I see it 34:13 34 minutes, 13 seconds okay okay so that's it from end thank you so much yes 34:20 34 minutes, 20 seconds thank you ladies and gentlemen if you wish to ask a question you may press star and one on your touch 34:31 34 minutes, 31 seconds Reminder if anyone wish to ask a question may press star N1 on your touchstone on telephone. 34:37 34 minutes, 37 seconds Our next question comes from the line of Vishuendra Singh from Prudent Equity. Please go ahead. 34:43 34 minutes, 43 seconds Hi sir. Uh I actually wanted to confirm if any of our projects saw any delay like for the past two months because 34:49 34 minutes, 49 seconds some uh halt on construction due to pollution was imposed. So did we see any slowdown? So we have been taking uh all 34:58 34 minutes, 58 seconds the measures which the government the uh BMC has told us to take. So there have been no stop pulse or anything there'll 35:06 35 minutes, 6 seconds be just you have to follow the guidelines nothing else. 35:11 35 minutes, 11 seconds Okay got it and uh just wanted to confirm you mentioned that one of our projects would be going uh by the end of 35:18 35 minutes, 18 seconds this year. So what was the that project and can you confirm end of this year? uh you were mentioning 35:26 35 minutes, 26 seconds one of our projects will be going live in like last of this year last half in the fourth quarter we are going to 35:35 35 minutes, 35 seconds complete one more project the the current quarter which is going on the one project rashmi solist will be completed we'll be receiving the OC 35:42 35 minutes, 42 seconds occupation certificate of the project so that was one thing nothing else okay so you mentioned that we would be booking 35:51 35 minutes, 51 seconds almost 180 cr so out of that celestia are we expecting roughly around 40 cr in the fourth quart. No no no no no no not 35:58 35 minutes, 58 seconds not Celestia only I have six the currently there are six projects in the portfolio in the company so all will be 36:05 36 minutes, 5 seconds contributing Celestia will be contributing it on a higher scale because the project will be 100 I as I told you the India system goes on the 36:13 36 minutes, 13 seconds completion percentage as well so once that is 100% completed whichever uh stock is there in work in progress in 36:21 36 minutes, 21 seconds in the accounting standard all we'll be booking it so a good terms of sale will be recognized in this quarter. 36:30 36 minutes, 30 seconds Oh, got it. And just last request, can you please share again what was the previous recognition system and what is 36:37 36 minutes, 37 seconds what will be going forward if it is not before before going to the main before the migration we were into gap method 36:47 36 minutes, 47 seconds and now we follow the indire system. The first it was more on the project completion only percentage completion. 36:54 36 minutes, 54 seconds Now it is entirely on the project completion and sales both are interlin. 36:58 36 minutes, 58 seconds So that there are a few changes in terms of that as well. 37:05 37 minutes, 5 seconds Higher recognition of sales and profitability. Got it. Okay. Good. That will be all. 37:13 37 minutes, 13 seconds Thank you. 37:15 37 minutes, 15 seconds Thank you. Ladies and gentlemen, if you wish to ask a question, you may press star and one on your restaurant telephone. 37:24 37 minutes, 24 seconds Our next question comes from the line of Virat Sahu from RK Advisory. Please go ahead. 37:30 37 minutes, 30 seconds Hello sir, uh thank you for giving me this opportunity. First of all, I wanted to ask uh total GDV value of our uh you 37:37 37 minutes, 37 seconds know total project portfolio. If you may ask that uh the GDV of all the projects. Yes, 37:47 37 minutes, 47 seconds ongoing and uh the upcoming projects which we have you know just uh which are into the portfolio uh leaving the completed ones. 37:57 37 minutes, 57 seconds Leaving the completed one you want uh probably in terms of revenue it will be upwards of,000 cr. 38:07 38 minutes, 7 seconds Okay. uh and uh we are like we are we are targeting which segment I are we into like looking at a per square feet 38:15 38 minutes, 15 seconds value of 25,000 I think we are into a more of a affordable type of uh segment or you know affordable and mid- income so 38:23 38 minutes, 23 seconds no no no affordable affordable goes lower than that this goes into the medium medium segment 38:32 38 minutes, 32 seconds okay and uh just one question I wanted to ask on the margins sir So we enjoy around 21% margin as if I 38:42 38 minutes, 42 seconds talk about Q3 we have done around 21% of that margins but if we see other peers 38:49 38 minutes, 49 seconds uh in redevelopment and this real estate uh segment they do this kind of margin in IIDA levels. So just wanted to ask 38:58 38 minutes, 58 seconds how how we enjoy this uh higher margin in the three one of the major reason 39:06 39 minutes, 6 seconds to only one of the major reasons. No no no there are a lot of reasons uh this is our own expertise which we have been doing the 39:14 39 minutes, 14 seconds business so that helps in keeping the margins high but one of the main reasons is debtree because we don't take funding 39:22 39 minutes, 22 seconds from out we don't have to pay interest or fixed cost which goes into uh everything so that helps us a lot 39:32 39 minutes, 32 seconds okay and uh how is the competition in Mumbai of redevelopment so there I think there's a lot of competition. What is 39:40 39 minutes, 40 seconds our our mode that like people select us for their redevelopment projects? 39:46 39 minutes, 46 seconds uh the competition is high but still people see in uh Bombay now firstly 39:54 39 minutes, 54 seconds probably I'll tell you before three four years people didn't have so much of knowledge uh in terms of RARA BMC what 40:01 40 minutes, 1 second schemes and what approvals are going on now people have knowledge so that has made our life more easier and the major 40:08 40 minutes, 8 seconds factor why people choose us is that approach get delivered on thing. So the 40:16 40 minutes, 16 seconds emotional point of view where in redevelopment it comes that I'm handing over my flag to you. [clears throat] So that becomes an emotional point for 40:24 40 minutes, 24 seconds everyone and that only we achieve it in a faster way to you know uh handed over 40:31 40 minutes, 31 seconds back to them. So that has been our driving force for acquisitions. 40:37 40 minutes, 37 seconds Okay. Okay sir. Thank you. That that's it from my side. Thank you. 40:44 40 minutes, 44 seconds Thank you. Ladies and gentlemen, if you wish to ask a question, you may press star and one. 40:53 40 minutes, 53 seconds Our next question come from the line of Vishwinder Singh from Prudent Equity. Please go ahead. 40:58 40 minutes, 58 seconds Hi sir, just wanted a confirmation that uh in the third quarter we saw an AITA margin of 27% like mainly due to vasidio 41:06 41 minutes, 6 seconds uh handover. So what sort of uh normalized aida margin for the full year can we expect going ahead for this quarter? 41:16 41 minutes, 16 seconds Uh no going ahead like what would be our annualized aida margin that we can expect 41:24 41 minutes, 24 seconds uh I'll be targeting this AITA margin only because uh one of the major reasons is uh probably we have a continuous 41:32 41 minutes, 32 seconds cycle of going on and completion of projects. So if you see in this year we'll be completing Rashmi square as well. Okay. 41:40 41 minutes, 40 seconds So the probably in the second quarter or the third quarter we'll be completing Rashmi square with occupation. So in the 41:48 41 minutes, 48 seconds fourth quarter this next quarter we'll be launching projects after that we will be completing projects. So our AITA margins have been strong. 41:58 41 minutes, 58 seconds So can we expect going at the 25 to 27% AITA margin for the full year? Yeah, more or less it is going to be the same. 42:05 42 minutes, 5 seconds You can keep a bracket of 22 to 25. 42:09 42 minutes, 9 seconds Okay, got it. And like can you share something on the upcoming projects on the Rashmi Paradise and Rashmi Gold if available? 42:19 42 minutes, 19 seconds See Rashmi Paradise uh is already been uh it is in the approval stages to the 42:26 42 minutes, 26 seconds BMC. So we are targeting post rain season. 42:31 42 minutes, 31 seconds Okay. uh or during the rainy season uh what do we say the starting of the project. Got it. And for gold 42:41 42 minutes, 41 seconds gold probably uh the third or fourth quarter of 2017. 42:48 42 minutes, 48 seconds Okay. And uh on the rashmi sheetal part that also same rashmi gold and sheet will be going hand to hand. 42:57 42 minutes, 57 seconds Okay. Okay. So both will be expected in Q3 Q4. Yeah. Okay. Got it sir. 43:04 43 minutes, 4 seconds That is why I told you a bit of margin because completion of projects will be happening in Q3 Q3 and Q4 and new launches will also be happening. 43:14 43 minutes, 14 seconds Got it. Okay. Yeah. Thank you. 43:21 43 minutes, 21 seconds Ladies and gentlemen, if you wish to ask a question, you may press star one. 43:26 43 minutes, 26 seconds Our next question come from the line of Nihaj and an individual investor. Please go ahead. 43:37 43 minutes, 37 seconds Niha you may please proceed right with your question. 43:45 43 minutes, 45 seconds Nha if you if you want to ask question you may please proceed. 43:58 43 minutes, 58 seconds Miss Nha, you may please unmute yourself and you may proceedate with your question. 44:10 44 minutes, 10 seconds There's no response from Niha. 44:13 44 minutes, 13 seconds As there are no question from the participant, as there are no further uh question from the participant, we'll conclude the 44:21 44 minutes, 21 seconds call. If you have any questions, please feel free to reach out to the ad factor team. On behalf of Modis Now Limited, 44:29 44 minutes, 29 seconds that conclude this conference. Thank you for joining us and you may now disconnect your lines. Thank you. 44:36 44 minutes, 36 seconds Thank