Puravankara Ltd — Q3 FY26

Puravankara Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=w2AKfd-VmYw Published: 3 months ago

0:01 1 second Ladies and gentlemen, good day and welcome to Purankara Limited Q3 and 9 months FY26 conference call hosted by MK 0:08 8 seconds Global Financial Services Limited. As a reminder, all participant lines will be in the listenon mode and there will be an opportunity for you to ask questions 0:17 17 seconds after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on a 0:25 25 seconds touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Hersh Parak 0:32 32 seconds from MK Global Financial Services. Thank you and over to you sir. 0:39 39 seconds Yeah, thanks Rudra. Uh good morning everyone. I would like to welcome the management of Purwankara Limited and thank them for this opportunity. We have 0:48 48 seconds with us today Mr. Ashish Purwankara, managing director, Mr. Malana Sasalu, Chief Executive Officer South, Mr. Mr. 0:56 56 seconds Rajat Rasugi, Chief Executive Officer, West and Commercial Assets and Mr. Nirj Goautam, Chief Financial Officer. Uh, I 1:03 1 minute, 3 seconds shall now hand over the call to them for the opening remarks. Over to you, gentlemen. 1:10 1 minute, 10 seconds Thank you, Har. Good morning everyone. I go, CFO of Purvankra Limited and I welcome you all to Purvandra Limited's 1:17 1 minute, 17 seconds earnings conference call to discuss the performance for the third quarter and 9 months ended FY 2026. 1:25 1 minute, 25 seconds The financial results, investor presentation and press release have been filed with the stock exchanges. It's available for your reference. I will 1:33 1 minute, 33 seconds begin with a brief overview of the macroeconomic and sector environment followed by the company's operational and financial performance for third quarter and 9 months ended FI26. 1:42 1 minute, 42 seconds India's macroeconomic environment continues to remain resilient despite ongoing global uncertainties supported by a strong domestic consumption, 1:50 1 minute, 50 seconds sustained government capitalist expenditures and a stable policy framework. India remains one of the fastest growing major economies globally 1:58 1 minute, 58 seconds referencing the strength. The Reserve Bank of India has revised its FY26 GDP growth estimates upward to 7.4%. from 2:06 2 minutes, 6 seconds its earlier estimate of 6.5% supported by robust economic momentum including a strong GDP growth of 8.2% in Q2 FI26 and 2:15 2 minutes, 15 seconds easing inflationary pressure. On the residential real estate front, end user demand continues to remain resilient aided by interest rate cut and income 2:24 2 minutes, 24 seconds stability. While aggregate housing sales across the top cities moderated marginally on a year-on-year basis, underlying market fundamentals remain 2:32 2 minutes, 32 seconds stable. Buyer preferences continue to sift towards mid and premium settlements with homes pricing above INR 10 million 2:40 2 minutes, 40 seconds accounting for approximately 50% of total residential sales highlighting sustained demand for the larger and high value homes. On the commercial real 2:48 2 minutes, 48 seconds estate side, India's office market maintained a strong momentum grossing during calendar year 2025 reached to 2:55 2 minutes, 55 seconds 86.4 4 million square ft² representing a 20% year-on-year increase and marking a new all-time high. Global capability 3:03 3 minutes, 3 seconds centers remain the primary demand driver accounting for nearly 38% of total assets per junction supported by a continued expansion in multinational 3:11 3 minutes, 11 seconds occupiers and a preference highquality grid A office assets amid limited new suppliers. Overall, the sector outlook 3:18 3 minutes, 18 seconds remains positive supported by a strong macro fundamentals, declining interest rates and improving affordability. 3:24 3 minutes, 24 seconds Moving to the company's operational performance for the quarter. During Q3 FY26, we recorded a pre-sales of INR, 3:32 3 minutes, 32 seconds 1414 crores, registering a 17% year-on-year growth, largely driven by sustained sales across the key markets. 3:40 3 minutes, 40 seconds On the collection front, we delivered our highest ever quarterly collection of INR 1,140 crores, representing a 22% 3:48 3 minutes, 48 seconds year-on-year growth, supported by a steady construction progress and strong customer traction. 3:54 3 minutes, 54 seconds Sales volume during the quarter stood at 1.4949 4949 million square ft² while average realization improved by 12% 4:01 4 minutes, 1 second yearonear to INR 9,500 per square foot reflecting a strong pricing momentum across the portfolio for the 9 months 4:10 4 minutes, 10 seconds ended FI26 pre-sales stood at INR 3,859 crores up 9% year-on-year while 4:18 4 minutes, 18 seconds collection amounted to INR 3,45 crores marking an 8% year-on-year growth sales volume for the 9 month period aggregated 4:26 4 minutes, 26 seconds did 4.24 million square ft on the execution front. During the quarter, we handed over 1.23 million square ft² 4:35 4 minutes, 35 seconds comprising of 1,116 homes. This took our cumulative handover for the 9 months ended FI26 to 2.58 4:43 4 minutes, 43 seconds million square ft² across 2,446 homes underscoring our continued focus on timely delivery in the spring project execution. 4:52 4 minutes, 52 seconds Coming to our financial performance, total income grew to INR 1,14 crores in 4:58 4 minutes, 58 seconds Q3 FI26 compared to INR 334 crores in the same period last year, reflecting a strong year-on-year growth 5:07 5 minutes, 7 seconds of 230% driven by higher handovers during the quarter. For a 9month period, revenue stood at 235 crores compared to 5:16 5 minutes, 16 seconds INR 1,529 crores last year, reflecting a 51% year on year increase. On the profitability 5:23 5 minutes, 23 seconds front, we reported a AITA margin of 23% in Q3 Fi26 compared to 10% in Q3 of 25 reflecting a significant improvement in 5:32 5 minutes, 32 seconds operation efficiency, better cost control, operating leverage. As a result, we reported a profit after tax of INR 58 crores for the quarter 5:39 5 minutes, 39 seconds compared to a loss of INR 94 crores in a Q3 FI25. 5:44 5 minutes, 44 seconds Coming to our debt position, our net debt stood at approximately INR 282 crores as of 31st December 2025 with a net debt to equity ratio of 1.47 times. 5:56 5 minutes, 56 seconds During the quarter, gross debt reduced by INR 35 crores while net debt declined by INR 244 crores. ly reflecting 6:04 6 minutes, 4 seconds effective debt management are cash and bank balance as 31st December 2025 stood at INR 1082 crores indicating a strong 6:12 6 minutes, 12 seconds liquidity profile and ensuring operational stability. Additionally, the cost of debt declined further to 11.08% from 11.32% in September 2025. 6:23 6 minutes, 23 seconds Now moving to launches and business development. During the Q3 FI26, the company launched Purwa Silver Sky in Bangaluru with a total cable area of approximately 0.7 million square ft. 6:34 6 minutes, 34 seconds Cumulatively launches during the 9 months ended FY26 is stood at 2.83 million square ft including new phases 6:41 6 minutes, 41 seconds launches across existing projects. On the business development front during the 9 month period we added five new projects including two projects in Mumbai and three projects in Bangaluru. 6:50 6 minutes, 50 seconds In total, we added 12.76 million square ft² of potential development area with an estimated gross development value of approximately INR 13,900 crores. 7:02 7 minutes, 2 seconds In Mumbai, we secure redevelopment projects in Chamur and Malavar Hills. 7:06 7 minutes, 6 seconds The Chamur redevelopment involves eight residential societies expanding 3.78 acres with approximately 1.2 million square ft of developable area and 7:14 7 minutes, 14 seconds estimated gross development value of 2,100 cr. The Malawar Hills project covers 1.4438 443 acres offering around 7:21 7 minutes, 21 seconds 0.7 million square ft with estimated gross development value of 2,700 crores in Bangalore. Key addition includes 53.5 7:30 7 minutes, 30 seconds acres land acquisition in AI valley contributing approximately 6.41 million square ft with an estimated gross 7:37 7 minutes, 37 seconds development value of INR 4,800 crores. A joint in North Bangalore with KBL 7:43 7 minutes, 43 seconds properties holding LLP 24.59 acres and about 3.48 48 million square ft with an estimated gross development value of INR 7:52 7 minutes, 52 seconds 3,300 crores located near the airport and a joint venture joint development in Tanguru at Belgar covering 5.5 acres 8:01 8 minutes, 1 second land parcel with around 0.85 million square ft and estimated gross development value of 1 1,000 cr. 8:09 8 minutes, 9 seconds Collectively, these additions significantly strengthen our long-term growth pipeline and enhance geographic diversification across key markets. 8:17 8 minutes, 17 seconds Going forward, we remain continuously optimistic on sector outlook. The combination of a strong macroeconomic environment, declining interest rates 8:25 8 minutes, 25 seconds and sustain end user demand continues to support residential real estate. We remain focused on project launches, accelerating construction activities and maintaining healthy collection. We are 8:34 8 minutes, 34 seconds committed to optimize cost, enhance efficiency and driving survival returns. 8:38 8 minutes, 38 seconds Thank you for listening to us. With this, we can now open the call for the questions. 8:43 8 minutes, 43 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone 8:51 8 minutes, 51 seconds 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 9:00 9 minutes question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. 9:09 9 minutes, 9 seconds Our first question comes from the line of Deepak Purwani from Swan Investments. 9:17 9 minutes, 17 seconds Please go ahead. 9:20 9 minutes, 20 seconds Yeah. Hi. Uh good morning to the team and congratulation for a very good set of deliveries turning into the profitability uh this time. 9:30 9 minutes, 30 seconds So uh firstly wanted to get the sense on the uh I mean launch pipeline in Mumbai 9:38 9 minutes, 38 seconds for the Q4 FI26. I think uh Lokhanalana project is already launched at this point of time. Uh firstly if you can 9:46 9 minutes, 46 seconds give the sense on that and then if you can also update about the what are the launch pipeline how should we see other 9:54 9 minutes, 54 seconds project launch pipeline in the Mumbai at this point of time. I request Mr. Maj to take this question. 10:04 10 minutes, 4 seconds Yeah. Hi, good morning. Uh so uh Rajat here. So from a from a launch perspective, we've already received uh 10:12 10 minutes, 12 seconds rad for our project and we are looking forward to launch it in the coming week. 10:17 10 minutes, 17 seconds Uh so Lokala will definitely happen in the month of February. uh for a pane uh 10:24 10 minutes, 24 seconds uh launch which is the two towers we are in the final stages of uh the securing the approvals and we are very positive that we should be able to launch it in 10:32 10 minutes, 32 seconds quarter 4 maybe end of February on the first week of March uh our uh approvals we've already secured IO for our 10:40 10 minutes, 40 seconds polyhill project uh vacation notice has already been sent to the society uh we are we are uh looking forward to launch 10:47 10 minutes, 47 seconds it by end of March or in the or or in April uh similarly for our Miami project we have we in the advanced stages of 10:55 10 minutes, 55 seconds getting the approval hoping to by by end of February and then subsequently we'll issue a vacation notice so we're hoping that in quarter one of the coming 11:04 11 minutes, 4 seconds financial year we should be able to launch our breach candy project with this man all the projects are in the various stages of uh either approvals or 11:11 11 minutes, 11 seconds documentation and the work is going on okay so uh I mean if you can also share 11:21 11 minutes, 21 seconds uh medium-term perspective for the Mumbai as a market. How should we see this entire region uh from the organization as a whole given the launch 11:30 11 minutes, 30 seconds pipeline and what is the kind of potential we would look to explore from this particular western region as a whole. 11:39 11 minutes, 39 seconds So we remain quite bullish in terms of uh our progress in the western market uh both in Bombay and Pune where we have projects going on. uh not only that 11:48 11 minutes, 48 seconds we've been acquiring projects, we're also registering uh strong sales momentum in both these markets. Uh our our Anderi launch so far response that 11:56 11 minutes, 56 seconds we've got from from the market has been very encouraging. Uh we are hoping that we'll have a very very good launch. 12:01 12 minutes, 1 second Similarly, our response so far in in Pane market where we now looking at the two towers that we're going to be launching is already been good. Uh we 12:10 12 minutes, 10 seconds are experiencing a good premium sales that we are getting over there. So from a market positioning point of view I think priankara now I think we have in a 12:17 12 minutes, 17 seconds very strong position to to deliver good uh numbers from the western region. Pune also continues to be a strong market for us. We will add try and add couple of 12:26 12 minutes, 26 seconds projects in Pune also in the coming financial year to strengthen our overall uh uh Pune layout in terms of the 12:34 12 minutes, 34 seconds overall coverage that we have in the Pune market. Finally trying to be in the western part of Pune. So, so from a from a overall company numbers, I think our 12:41 12 minutes, 41 seconds numbers will continue to be healthy and grown from here. 12:45 12 minutes, 45 seconds And uh the project which we mentioned about the uh I mean Tana project, what would be the GDV which we would be launching in the month of March and how 12:54 12 minutes, 54 seconds should we see the sales response for this project? 12:58 12 minutes, 58 seconds So we are coming with a new inventory of approximately 8 800 kores and as I said that so far I think the the project has 13:05 13 minutes, 5 seconds received very very positive uh response from the micro market and I think by end of March I think the numbers will will strongly improve from there. 13:13 13 minutes, 13 seconds Okay. uh now uh coming to the uh southern region I mean similarly if you can also share the pipeline for the 13:22 13 minutes, 22 seconds southern region I mean how should we see the uh key launches in uh Bangalore from the Q4 perspective and then from the 13:30 13 minutes, 30 seconds medium-term perspective and uh if you can share the overall perspective on the southern region as well please. 13:38 13 minutes, 38 seconds Yeah, thank you very much. Um so Malona here uh as we had given the guidelines in our um investment in investment 13:46 13 minutes, 46 seconds presentation that we had around 11 projects for launching and so they are in various levels of approvals and for sure that there are going to be four 13:54 13 minutes, 54 seconds projects that are going to be launched in this quarter namely Henur road and there's a project called West End and 14:00 14 minutes Kanakapura and KDB and the value of that would be approximately 4,700 cr rupees and which is going to come to market uh 14:09 14 minutes, 9 seconds within this quarter and we we're trying to see if we can add a couple of more projects into it. As you know that 14:21 14 minutes, 21 seconds column Hello. 14:32 14 minutes, 32 seconds Uh hello. 14:53 14 minutes, 53 seconds Hello. Am I audible? 14:58 14 minutes, 58 seconds Yeah, you're audible. I think there's the management line has been reconnected. Please go ahead. 15:06 15 minutes, 6 seconds Yeah. So, uh as I mentioned that um four projects are are going to be launched in this project in this quarter. We may add 15:14 15 minutes, 14 seconds couple of more projects of the 11 projects that we actually listed in our investment presentation. Uh so it's all 15:22 15 minutes, 22 seconds in line with the way we want want the uh the the approvals the the launches to go 15:30 15 minutes, 30 seconds maybe one or two projects may go into the quarter one and quarter two of the next year. 15:36 15 minutes, 36 seconds Okay. So sir if I were to put put into the perspective uh I mean Q4 we would be looking somewhere close to 4,700 in 15:44 15 minutes, 44 seconds Bangalore and then uh Mumbai would be there would be the three project putting it all together that should be uh 15:51 15 minutes, 51 seconds roughly 2,000 plus all these are on track to get launch in Q4 I believe so yes 16:00 16 minutes yes okay so uh sir if I were to uh see from the overall perspective 16:07 16 minutes, 7 seconds I mean uh looking at the current market environment uh what is a typical kind of run rate we are believing we would be 16:16 16 minutes, 16 seconds managed to sell it out during this time and also uh from the medium-term perspective if I were to look your sales 16:24 16 minutes, 24 seconds trajectory I mean uh we had a very good uh runup in 16:31 16 minutes, 31 seconds the last few years moving to the 5,900 and then last year we were at 5,000 in in this 9 month 3,800. 16:39 16 minutes, 39 seconds So if you can share your perspective from next uh from next two three year perspective how should we see this 16:45 16 minutes, 45 seconds entire things and u how where we where we are planning to head up and what are our internal targets which we are 16:54 16 minutes, 54 seconds looking in terms of the precess looking at this launch pipeline. 17:00 17 minutes Okay. Uh it's a loaded question so I'll try and uh answer this. Um if you really look at the pipeline and for 3,900 17:08 17 minutes, 8 seconds courses are already being done and the pipeline that in generally we do around 1,100 to,200 crores from our sustenance 17:15 17 minutes, 15 seconds and which means that when you add them together we're already at 4,200 and it is anybody's guess what happens in uh 17:23 17 minutes, 23 seconds the launches. Generally we sell around 30 to 40%, even if I uh sell even if we sell around 25% in this launch of 17:31 17 minutes, 31 seconds whatever the numbers that you just now rolled down and you can do the calculation I think we should be in a rather than putting a number to the 17:38 17 minutes, 38 seconds whole thing that I'm giving you kind of a guidance as to where this may be heading towards and uh looking at the next 2 three years um with the business 17:48 17 minutes, 48 seconds development that is going on and as you may be seeing that that there is an announcement almost every couple of months once about our business 17:55 17 minutes, 55 seconds development activity. Um and we think that this run is going to continue um uh stronger and stronger over the next 1 2 3 4 years I believe. 18:10 18 minutes, 10 seconds Okay. and any any broader uh I mean uh targets or uh kind internal targets we 18:18 18 minutes, 18 seconds have set up in terms of the pre pre-sale which we would be looking out from this u launch pipeline along with the 18:23 18 minutes, 23 seconds sustainances which we are looking it out um as I said it's around 25% that we 18:32 18 minutes, 32 seconds should be able to sell of everything that we are going to be launching so from the launches itself we should be getting around somewhere around 1,800 00 18:40 18 minutes, 40 seconds to 2,000 crores and add to that another 1,08 to 2,000 crores and add to that another 1,000 cr of sustenance. So you have your number there. So we should be 18:49 18 minutes, 49 seconds doing um better than uh what we we we we initially thought about the year or also compared to the previous years. 19:02 19 minutes, 2 seconds Okay. Okay. And uh second part of the uh listing if you can also give a broader sense in in in terms of the uh I mean 19:11 19 minutes, 11 seconds definitely this time there has been a significant ramp up in terms of the execution of the projects and delivery of the projects. If you can share your 19:19 19 minutes, 19 seconds perspective, I mean uh how should we see deliveries in the Q4 as well and as a U 19:26 19 minutes, 26 seconds FY27 as a whole? Uh what are the key project which will flow in in terms of the delivery schedule if you can give 19:35 19 minutes, 35 seconds the broader sense on that part as well please. 19:39 19 minutes, 39 seconds Yeah, I think I think rather than getting into the numbers itself and as you might have seen that in the last couple of years that you know our 19:47 19 minutes, 47 seconds construction the burn rate has improved and that we are constantly spending more money on the construction side which means that we are moving more towards 19:55 19 minutes, 55 seconds completion. At least there are two three three projects which are going to be delivered probably a year before um the 20:03 20 minutes, 3 seconds the dates that what we have promised to the customers and also that you know we've given in our um in our u investor 20:12 20 minutes, 12 seconds presentation as to what is our Q4 Q4 FI Q4 to the numbers that we are going to 20:20 20 minutes, 20 seconds be delivering in terms of the handing over uh thing in Q3 FI26 that we are looking at almost 2.40 million square ft 20:29 20 minutes, 29 seconds to be handed over and pending to be recognized in this unit is that this is a 2443 unit. So we are we are moving 20:37 20 minutes, 37 seconds faster and maybe that you will see even even more briskier um handing over in the coming years that is next year and the year coming up. 20:49 20 minutes, 49 seconds Okay, just to add, I think, just to add, we have a strong delivery pipeline for a sir, but if you have a follow-up question, please rejoin the queue. 21:00 21 minutes Sure. 21:01 21 minutes, 1 second Our next question comes from the line of What's Kotari from Alccurate Advisors. Please go ahead. 21:08 21 minutes, 8 seconds Hello sir. Hi, a very good morning. Uh, congratulations on a good set of numbers. So, I have a couple of questions actually. Uh I'll just start off with a broader question in terms of 21:17 21 minutes, 17 seconds you know just curious about the pricing strategy in the new projects for the upcoming launches in Mumbai specifically and if you could be more specific with 21:25 21 minutes, 25 seconds terms to the strategy in place for different micro markets. Uh I think you have a number of launches coming in Q1 21:31 21 minutes, 31 seconds FI27 as well. So pricing strategy for the next couple of quarters and then I can ask my next question with regards to daily projects. 21:41 21 minutes, 41 seconds So uh hi this is Rajat here. So with regards to our pricing strategy in the west region I think purankara by default has been a premium player uh and 21:50 21 minutes, 50 seconds whatever projects that we doing also they all at least 5 to 10% higher than the micro market. So our strategy in the market as well as in the market always 21:59 21 minutes, 59 seconds be slightly not higher than what the local pricing is. Um so just to and I I think and I think with the kind of reception we getting from uh the 22:07 22 minutes, 7 seconds customers I think people are willing to pay a premium to pervank quality of product. So I think from a strategy point of view that is very very clear. 22:15 22 minutes, 15 seconds Also from a distribution point of view uh for the launches we are in almost all the micro markets in Mumbai. Uh and we'll be trying to get deeper into each 22:22 22 minutes, 22 seconds and every micro market. So that is going to be our strategy for the medium to you know long term and and from there I think we'll pick up on the pricing part. 22:32 22 minutes, 32 seconds Sounds sorry. No no please please carry on. 22:39 22 minutes, 39 seconds Um so what I what the the thing that I what I want to emphasize is that there are micro markets and the quality of the 22:47 22 minutes, 47 seconds land and then the place where it is located and also the the local economics actually drive what is the kind of 22:54 22 minutes, 54 seconds pricing strategy that will happen at a larger as a company the strategy is very simple where we are among the crowd then 23:01 23 minutes, 1 second we got to be better than everybody else in terms of our pricing by 5% 10% 12%. 23:06 23 minutes, 6 seconds There are certain micro locations that what we are doing at this point of time in Bangalore is to be really be going away from the uh the competition itself. 23:16 23 minutes, 16 seconds That is to place ourselves little far away from the competition uh by producing products which are standout 23:24 23 minutes, 24 seconds products. That is you can always look at a a micro market and say where everybody is selling at 13,000 and so if 23:33 23 minutes, 33 seconds differentiation means how do we move to 15,500 rather than being 250 rupees or 300 rupees more than the competition. So 23:40 23 minutes, 40 seconds that's the strategy as we move forward that is going to be consistent um in in in our pricing strategy. 23:49 23 minutes, 49 seconds It sounds good. Thank you so much for that. My next question is specifically with regards to the project. So u just a few layman questions in terms of the GDV 23:58 23 minutes, 58 seconds and you know details of the rates and the prices at which we are planning to launch this and secondly when would the second phase of the project uh be 24:05 24 minutes, 5 seconds launched? What what are the timelines of the project? If you could just throw some color on that that'd be great. 24:12 24 minutes, 12 seconds Sure. So so so the so the overall GDP of uh of uh the project right now is around 1550 kores. uh right now what we are 24:21 24 minutes, 21 seconds launching is close to around 850 crores worth of inventory. uh pricing uh frankly we still to reveal the pricing to the market but I think as I said that 24:29 24 minutes, 29 seconds the current micro market is hovering in a range of around 38 to 40,000 rupees and definitely I think at purvanka we're looking at getting a site premium in 24:36 24 minutes, 36 seconds terms of the launch so that is number one in terms of the phase two launch uh phase two launch we're expecting to happen in the in the in the by the end 24:43 24 minutes, 43 seconds of quarter one or early quarter two super super and any update on the breach 24:51 24 minutes, 51 seconds candy sorry this one last oh yeah I Yes, I I just updated that. So, we in the advanced stages of getting the final 24:58 24 minutes, 58 seconds approvals. Uh in fact, most of the approvals have already been received. We just waiting for getting the IOA from the respective authority which should 25:05 25 minutes, 5 seconds happen by hopefully by end of Feb and then the vacation notice. So, hopefully I think in quarter one we should have a Miami launch as well. 25:12 25 minutes, 12 seconds Super fantastic. Uh thank you so much and wishing you all the best. Thank you. 25:19 25 minutes, 19 seconds Thank you. Our next question is a follow-up from Deepak Poswani from Swan Investments. Please go ahead. 25:26 25 minutes, 26 seconds Yeah. Uh thank you for the follow-up opportunity. 25:29 25 minutes, 29 seconds Uh so just wanted to get the sense uh as you can uh now since we have gained the traction in terms of the project pipeline. 25:39 25 minutes, 39 seconds Uh I mean in the over the next 6 to 12 month there would be a lot of launches which are coming it out. If you can 25:47 25 minutes, 47 seconds share your perspective, how should we see this in terms of the cash flow and if you can also give broader sense for 25:54 25 minutes, 54 seconds the debt? Uh how should we see the debt level over the next 6 to 12 month and what are our internal targets and 26:01 26 minutes, 1 second consequent to it? I mean if you can also share your perspective on the cash flow uh I mean interest expenses which are 26:08 26 minutes, 8 seconds flowing into the cash flow statement. I mean in 9 months they are currently at a 450 odds. I mean how should we see this number over the next 12 months? 26:18 26 minutes, 18 seconds Uh thank you Deepak. Uh as far as if you look at if you're referring to my cash flow uh please refer the slide number 26 on investor presentation. Uh we uh this 26:27 26 minutes, 27 seconds quarter we had done a total customer collections was 1,360 cr and we have generated a operating surplus of 64 cr 26:36 26 minutes, 36 seconds and as a 9 month basis our operating surplus about 755 cr. So if if you uh look at our cash 26:45 26 minutes, 45 seconds flow over a period of time consistently we are we are generating operating surplus and our we have been meeting our interest obligation on quarter quarter 26:52 26 minutes, 52 seconds basis and all the uh you know as owner and further to to to understand on the context we have also added if you look 27:00 27 minutes at the last uh 9 month period we have added 12.76 million square ft of business development and which is a 27:07 27 minutes, 7 seconds potential of 13,000 cr. So these investments in the new land parcels and new projects requires capital investment 27:15 27 minutes, 15 seconds and hence to that extent these needs to be financed from the external capital and that is where we we have borrowed debt but by and large if you look at our 27:23 27 minutes, 23 seconds debt even if you look at just quarter quarter basis if I compare my debt compared to the immediate period quartet has come down my cash and cash 27:31 27 minutes, 31 seconds equivalent was 1,000 cr and thereby my net debt is down by about 200 more than 200 cr so we are continuous Obviously 27:40 27 minutes, 40 seconds watching are the debt the cash flow and liquidity position but at the same time business development is key for the long-term success of the organization 27:48 27 minutes, 48 seconds and hence we will be uh you know doing this business development acquiring land parcels to the achieving long-term shareholders value for the for the 27:57 27 minutes, 57 seconds company at the same time we'll be managing the debt and we'll see that debts are not going beyond the acceptable limits but just rest assure 28:04 28 minutes, 4 seconds we are managing it well for the shareholders I think The only addition there to the only addition there to the cash flow 28:12 28 minutes, 12 seconds would be I think all the effort in the business development that has happened over the last uh I think 12 to 18 months to secure all these projects right uh uh 28:21 28 minutes, 21 seconds I think what we would or what we are planning is you're going to see a new launch almost between the west and the 28:27 28 minutes, 27 seconds south almost on a monthly basis right so all these projects the uh investment is already done so now with the sales you're going to see an exponential sort 28:35 28 minutes, 35 seconds of improvement in terms of you know uh uh cash flows etc. Uh so we're going to see the benefit of that. 28:44 28 minutes, 44 seconds Okay. And uh finally sir just wanted to reconfirm in in terms of the launch pipeline. I mean on the approval and 28:51 28 minutes, 51 seconds everything now everything is looking much better at the current juncture and we are ready to launch lot of project how should we see this if you can give a broader sense on that part. 29:02 29 minutes, 2 seconds Uh you're mostly right on that. Yeah absolutely. So of course approvals are a large set of variables right but you know giving give a give or take one or 29:11 29 minutes, 11 seconds two months of the planned idea that we should be we should be there uh as we have uh projected 29:20 29 minutes, 20 seconds okay so what did we have to say over the next 6 to 9 month in the even in the Bangalore also as well we will see a lot 29:27 29 minutes, 27 seconds of launches coming out whatever I mean out of these 11 project which we have shown in the PL plan pipeline 29:35 29 minutes, 35 seconds Um most of them are lined up yeah in Q4 and Q1. So we are almost on track for 29:43 29 minutes, 43 seconds all the approvals for these projects the next 6 to9 months and probably all these projects would have been launched you know that I think I think if it is 29:51 29 minutes, 51 seconds if it is beyond that hello the line for the management has been 30:00 30 minutes dropped please stay connected as we rejoin them back to the Huh? 30:27 30 minutes, 27 seconds Are you feeling 30:58 30 minutes, 58 seconds The line for the management has been reconnected. Hello. 31:07 31 minutes, 7 seconds Hello. 31:26 31 minutes, 26 seconds Hello. Hello. Hello. 31:39 31 minutes, 39 seconds Can you hear me? Hello? I'm here. Yeah. Please proceed, sir. 31:47 31 minutes, 47 seconds Yeah. Uh sir if you can give a broader sense in in terms of the approval pipeline and uh uh I mean launch 31:55 31 minutes, 55 seconds traction that would be really helpful especially for the Bangalore. I mean uh since there has been a lot of delays in the last 6 to 12 month for the launches. 32:04 32 minutes, 4 seconds If you can give the broader sense uh how how we are placed at the current juncture in terms of the approval pipeline as well as the launch pipeline 32:12 32 minutes, 12 seconds and uh how should we see over the next 6 to 12 months for this plant project pipeline in the Bangalore. 32:21 32 minutes, 21 seconds uh so I think uh till Malana comes back online I think uh about 6 8 months ago there were a few changes that the authority had done in certain setback 32:30 32 minutes, 30 seconds rules etc and therefore we had to sort of redraw the plans uh but that said I think that that uh is behind us uh we 32:38 32 minutes, 38 seconds should be almost hitting a 90% target in terms of uh the launches that we have uh uh identified uh in our investor 32:45 32 minutes, 45 seconds presentation uh most of them are all at least I think 60% would be in the final stages of approval and uh the balance 32:53 32 minutes, 53 seconds also should be secured as per uh the direction and the guidance that we've given in the presentation. 32:59 32 minutes, 59 seconds Okay, that's interesting and uh looking like we are on well on track now in in in accelerating the launches. 33:08 33 minutes, 8 seconds Yes, thank you sir. Thanks for patiently answering all the question and wish you all the best sir. Thank you. 33:15 33 minutes, 15 seconds Thank you. Our next question comes from the line of Sam Kandelwal from ICICI direct. Please go ahead. 33:23 33 minutes, 23 seconds Thank you for the possibility. My question country. 33:31 33 minutes, 31 seconds Thank you. Our next question comes from the line of Janvi Sha from Share India Securities. Please go ahead. 33:37 33 minutes, 37 seconds Hello. Uh thank you for taking my question and congratulations on the numbers. Uh I had like two questions mainly one about the industry and other 33:46 33 minutes, 46 seconds on the business. I wanted to know what is the split between the mature projects and the newly launched projects uh in 33:52 33 minutes, 52 seconds the 9 month pre-sales for this financial year. Uh that split and the second question was basically what is our 34:00 34 minutes outlook on the uh residential prices uh price appreciation for the next couple of years. Will it be appreciating the 34:08 34 minutes, 8 seconds way it did in the last couple of years or will it be more on the moderate pace? 34:17 34 minutes, 17 seconds I think a significant contribution uh in the 9 month sales have been from the sustainance projects uh because uh and 34:25 34 minutes, 25 seconds we've been uh in fact we are ahead of our targets in terms of our annual operating plan uh uh like I think everyone knows uh due to changes uh in 34:34 34 minutes, 34 seconds the south in terms of bylaws etc the launches got uh sort of delayed so all the sales most of it that you see is from the sustainance what was the uh 34:43 34 minutes, 43 seconds Second question in terms yeah in terms of pricing in terms of pricing as well in terms of pricing as well I think 34:51 34 minutes, 51 seconds we've been extremely strategic in terms of the various locations that uh we have secured in terms of new projects so if I 34:59 34 minutes, 59 seconds give you an example even in a city like Bombay right we've been extremely careful so we are very well spread out so we have tan we have lohan mala so 35:07 35 minutes, 7 seconds almost at every price point right we have bridge candy we have bandra that is point number one point number two even in a bandra While there are so many 35:14 35 minutes, 14 seconds projects that are going on, we've been careful in terms of in terms of size. I think ours will be one of the largest projects in the micro market of Bandra. 35:22 35 minutes, 22 seconds Now what does that mean? That means that in terms of the amenities, in terms of the lifestyle, in terms of the product, there is a clear US uh for our project 35:31 35 minutes, 31 seconds as against competition. So you know very carefully and strategic acquisitions of project. Similarly, even if you look at uh Bangalore, right? If you look at the 35:40 35 minutes, 40 seconds location, so for example, what they're about to launch. These are very high velocity micro markets. Let it may it be Banagata road, let it be uh you know 35:48 35 minutes, 48 seconds Henu road or for that matter hardware park. And for example, we have one project which we are in advanced stages of completion in hardware park. Uh the 35:57 35 minutes, 57 seconds maybe if you've tracked that project, we had almost sold out 85% of that project in the first 8 months of the launch at a 36:05 36 minutes, 5 seconds 10% uh uh higher AR uh APR than the micro market there. So these are you know I think very strategically acquired 36:13 36 minutes, 13 seconds projects. So I'm pretty confident even in terms of price appreciation because of those micro markets uh should be pretty healthy year on year. 36:21 36 minutes, 21 seconds Okay. Uh so if I can ask one more question beyond like the business development uh like in the last 9 months 36:28 36 minutes, 28 seconds you had like a good BD. Uh next year are we thinking along the same line or be more or less can you throw some light on that? 36:37 36 minutes, 37 seconds One basic thumb rule for business development is it has to sort of surpass your annual sales in terms of square footage at least you need to replenish 36:45 36 minutes, 45 seconds if not more. So for example, if your annual run rate is going to be 5 million square foot a year if you're going to sell five six million square foot a year 36:53 36 minutes, 53 seconds if you're going to sell your basic business development will have to in terms of growth year on year also right you need to create that pipeline of 37:00 37 minutes projects you need to at least acquire 20 25% higher than that number to give you that headroom for growth 37:07 37 minutes, 7 seconds uh so I think PD is a continuous process uh we are always you know evaluating uh deals in the market but uh extremely 37:15 37 minutes, 15 seconds strategic uh uh also as an internal strategy we're very clear and I think that's something that you would also track from acquisition to launch right 37:23 37 minutes, 23 seconds back in the day it would take a really long time uh today we're able to turn these projects around within 6 to 8 months of acquisition which means we are 37:31 37 minutes, 31 seconds you know even in terms of uh acquiring new projects we're very clear most of the land approvals should be in place in terms of for example conversion so we're 37:39 37 minutes, 39 seconds not getting into projects where we acquire it and then we got to do certain land uh approvals converting from agree to non-aggree etc etc which takes 8 37:48 37 minutes, 48 seconds months 10 months or whatever. So these are converted green clear lands uh the minute we acquire it we immediately go into design and approvals and uh uh as a 37:58 37 minutes, 58 seconds strategy would like to take these to market uh 6 to 8 months from acquisition so faster turnarounds. 38:05 38 minutes, 5 seconds Okay thank you so much thank answering thank you our next question comes from the line of hers from MK Global Financial Services. Please go ahead. 38:16 38 minutes, 16 seconds Yeah, thanks for the opportunity. Uh so first of all, congratulations for a strong set of operational and financial performance. Uh so Ashish, my question 38:25 38 minutes, 25 seconds is uh you know about uh regarding the uh launch strategy. So it's encouraging to see how we have you know brought the 38:35 38 minutes, 35 seconds projects in the west market uh within one to two years of acquisition. So what is our strategy around the Chambu 38:43 38 minutes, 43 seconds project and you know the next phase of uh the Anderi and the Pal projects how are we thinking about those 38:52 38 minutes, 52 seconds so in terms of oh you're back online okay please go ahead okay so so hash 39:00 39 minutes just to give you a perspective first I'll answer for project and phase two we are good to launch so we have all the 39:07 39 minutes, 7 seconds basic approvals in place be MOF etc we just need to load in FSI and launch it. 39:11 39 minutes, 11 seconds So we would probably look at launching it in the quarter end of quarter one or beginning of quarter two. Uh the Chamboo project is moving good. Uh we are in the 39:19 39 minutes, 19 seconds final stages of uh say securing the basic approvals at the at the site level and then we'll go for the formal approvals for the project. So so I think 39:28 39 minutes, 28 seconds we should be in a situation of launching it in quarter three of the coming financial year. Malaba also I think is is on track. I think we working with the 39:36 39 minutes, 36 seconds society to conclude the development agreement which I think is 100% should be concluded the month of February and then we go for the for the approval. So 39:43 39 minutes, 43 seconds Palaba should happen between quarter 3 to quarter four of the coming financial year. So from a from a project pipeline perspective all the projects that we have signed for uh they all on track. I 39:52 39 minutes, 52 seconds think they're all in obviously the various stages of planning and and approvals and we are looking at in next 6 to9 months all these projects should be launched. 40:02 40 minutes, 2 seconds Sure. So in terms of growth, how should we evaluate the uh coming financial year? Because I think for Q4 uh your launch pipeline looks very strong. So how should we look at the next fiscal? 40:13 40 minutes, 13 seconds What kind of growth shall we expect? Ash you would like to answer that? 40:21 40 minutes, 21 seconds Um I can take that mala here. Um so I think it's quite strong right you know basically if you look at that today we 40:28 40 minutes, 28 seconds are sitting at around 4,000 cr rupes of sales and the next quarter that we are launching close to around 6,000 cr 40:35 40 minutes, 35 seconds rupees of uh stock into the market and we do sustenance of around 1,00,100 cr rupees and you add the math and even if 40:43 40 minutes, 43 seconds we sell around 25% 20 25% on launch you know even the conservative estimate says a good number right so rather than 40:51 40 minutes, 51 seconds putting a number this is the number that we are going to achieve I'm just trying to give you a guidance on where it is going and for the coming years it's very 40:58 40 minutes, 58 seconds clear from where we are you know the remaining that what we have already given in the investor presentations about the launches that are deferred to 41:06 41 minutes, 6 seconds the first quarter and the second quarter of uh next year and also that you're hearing quite a bit from ours about the deal closures and those deal closures 41:14 41 minutes, 14 seconds are already as Rajat said that they're all in different levels of designing and approvals and NOC's and so on and so 41:21 41 minutes, 21 seconds forth so um we seem to be in a good footing now and u rest is the future 41:30 41 minutes, 30 seconds and h just one more thing to add I think also uh all these projects that you're doing are large projects in nature which obviously will be done in various phases 41:37 41 minutes, 37 seconds so once you get these basic approvals all you have to do is to get the next st of approval is to get the SSI loaded at least I'm talking about the west region so for example tan is a 4,000 cr project 41:46 41 minutes, 46 seconds for us and we have we are launching around 800 crores now 300 that we have done in the past so I think tan you will see a lot action happening continuously 41:54 41 minutes, 54 seconds over the period of the next few years because we will keep on getting new towers and new phases in that. So from a from a from a numbers perspective I think there'll be a lot of action 42:02 42 minutes, 2 seconds happening because every project that we are trying to do is large in nature uh will have a substantial uh in terms of uh sales velocity that is going to come. 42:10 42 minutes, 10 seconds So we're very positive on the overall thought process in the next six to 12 months. 42:17 42 minutes, 17 seconds Sure. That's great. and uh uh what's the update on the commercial projects uh the Zent and AOC city? 42:25 42 minutes, 25 seconds So the the the Zentech project is doing really well. I think we've sold almost 127,000 ft. We've also leased to IKEA which is close to 90,000 ft. So that 42:34 42 minutes, 34 seconds project is getting good momentum in the micro market. Uh happy to share that both these projects will get an occupation certificate by by 42:42 42 minutes, 42 seconds end of March. So I think that's when I think we start handing over. LOC also is getting a very good traction from global companies. GCC is doing lot of visits. 42:50 42 minutes, 50 seconds Uh we're hoping that we'll be able to sign a good deal in the in the coming quarters. 42:57 42 minutes, 57 seconds Sure. So any uh maybe interest from uh you know the potential leases that we have already signed or if you can just 43:05 43 minutes, 5 seconds highlight something around that you you're referring to Aerosity. Yes. 43:13 43 minutes, 13 seconds So, LCD as I said we filled in a lot of RFPs uh uh really maky ones big deals nothing concluded so far but we are in 43:21 43 minutes, 21 seconds the in the top one or two stage with a couple of large uh players uh as I said that this is a longdriven process and we expecting the OC to come end of March. 43:30 43 minutes, 30 seconds So I I think we should be able to conclude something in in in next quarter or so. 43:37 43 minutes, 37 seconds Sure. And my last question is around the debt front. So I think sequential that sequentially there has been some you know decline in the debt number and like 43:46 43 minutes, 46 seconds Ash right rightly highlighted that you know the collections are uh you know going to significantly increase. So how 43:54 43 minutes, 54 seconds should we think about the debt number maybe in the next two to three years from the current levels. So if at the same time the we have mentioned our uh 44:03 44 minutes, 3 seconds debt schedule also the what are the kind of debt uh slated for repayment and this uh this financial means coming financial 44:10 44 minutes, 10 seconds year from now mean from December onwards if targets say it 12 months from hence the schedule repayment itself is 682 cr 44:18 44 minutes, 18 seconds beside that the project where we have taken money and the collection happens and the through SI and all the mechanism we it has been our you know experience 44:26 44 minutes, 26 seconds that we always pay the loans ahead of schedule. So 682 cr in next 12 month any which will be repaid from the schedule repayment and beside that the collection 44:33 44 minutes, 33 seconds goes up I'll be repaying the debt as as I mentioned and also Mr. Sahis mentioned and all of us mentioned that we are continuously monitoring the debt and 44:41 44 minutes, 41 seconds wherever there's opportunity the collection it will immediately going for the repayment that will happen but at the same time we'll be you know looking 44:49 44 minutes, 49 seconds at the business development construction progress and we'll we'll always be trying to keep the debt at optimum level manageable level and which creates the 44:57 44 minutes, 57 seconds higher shareholders value on overall basis. 45:02 45 minutes, 2 seconds Sure that that's great. So yeah that's it from my side. Yeah thank you. Thank you. 45:08 45 minutes, 8 seconds Our next question comes from the line of Chintan Ma from Punishka Family Office. Please go ahead. 45:14 45 minutes, 14 seconds Uh thanks for the opportunity sir. Uh just a question on the commercial part. 45:18 45 minutes, 18 seconds What is the current league rental income which would receive and the square foot and the guidance for FI27 and FI 289. 45:27 45 minutes, 27 seconds Thanks. 45:29 45 minutes, 29 seconds So the uh current current rental deal that we are expecting or rather the rental that we expecting right now in Zentech is around 75 rupees a square 45:37 45 minutes, 37 seconds foot. Uh of course the ITR transaction that we have done is at 97.5 being the retail area and for our aerosp project that we expecting is somewhere in the range of around 60 to 65 rupees. 45:49 45 minutes, 49 seconds So combining total uh at the end of quarter consolidated level uh how much rental income we are going to own on FI 27 and FI 289. 45:59 45 minutes, 59 seconds So uh the assets are coming for OC only by end of March uh and that's when the rental is going to start. So all these 46:07 46 minutes, 7 seconds both the assets of city and renting once uh fully leased uh will will fetch us a rental of close to around 200 crores annually. 46:17 46 minutes, 17 seconds Okay. Have you any other project which is in piping? 46:21 46 minutes, 21 seconds We have a project in uh in uh in Bangalore and Nepal. I think we have not started construction. We are we are now putting for approval. So we should be starting start pouring concrete in the 46:30 46 minutes, 30 seconds project by quarter two of the next financial year. 46:32 46 minutes, 32 seconds And the second phase of and the second phase of yes. 46:42 46 minutes, 42 seconds Thank you. Our next question comes from the line of Rajiv Rupani, an individual investor. Please go ahead. 46:49 46 minutes, 49 seconds Uh yes sir. So my first question was uh in our Mumbai redevelopment portfolio, our share is 2.67 million square ft. So 46:58 46 minutes, 58 seconds could you please guide us what kind of revenue will this generate for the company as a whole? This full 2.67 million square ft. 47:07 47 minutes, 7 seconds All our all our redevelopment project was fully launched. uh the total GDB value for all our projects put together 47:14 47 minutes, 14 seconds is close to around 15,000 Kores uh that is these projects which are not even launched right now. So I think from a and and this portfolio continues to grow 47:22 47 minutes, 22 seconds because we are looking at market acquisitions in this in this arena. We are one of the most uh premium players or premium players rather in this in 47:29 47 minutes, 29 seconds this uh segment. So we continue to be actively looking for opportunities in real portfolio. the ones that we have already signed, launched and in the 47:36 47 minutes, 36 seconds various stages of approvals are close to around 15,000 crores. 47:41 47 minutes, 41 seconds Okay. Uh my next question was a follow-up question on the debt. Sir, uh year ending March 2020, our debt was 47:48 47 minutes, 48 seconds about uh 2,700 crores. Our interest cost about 340 crores and now in 9 months September 25, our debt is about 4,500 47:58 47 minutes, 58 seconds crores and the interest cost is about 495 crores. So I was just seeing the trend. The trend is the debt has gone up 48:06 48 minutes, 6 seconds and the interest cost has gone has doubled. So how do you plan to uh going forward in the next three four years do 48:14 48 minutes, 14 seconds you plan to increase more debt for buying land or this shall be stable year or how do you plan to make it come down? 48:21 48 minutes, 21 seconds So what one preamble to that is that if you can just sort of evaluate the kind of business development that has happened 48:29 48 minutes, 29 seconds over the last 24 months across the south and the west region uh and for uh good 48:36 48 minutes, 36 seconds or bad reason you know the approvals are getting delayed so that was the that's the reason the number went up but these again like I mentioned earlier these are 48:44 48 minutes, 44 seconds across the west and the south these are extremely marquee locations excellent projects I think they have come together we've got the best of consultants you 48:53 48 minutes, 53 seconds know international consultants on board and the product has really come out well so from now on from the next 12 months the way you know it may go a little bit 49:02 49 minutes, 2 seconds here and there but almost every month you're going to sort of see a launch between the west and the south so all the effort that has gone in over the 49:09 49 minutes, 9 seconds last 24 months in terms of business development the debt number going up the investments that have gone into these uh projects for pre-launch etc uh once we 49:17 49 minutes, 17 seconds put it into production right you're going to automatically start seeing cash flows on that uh bucket and therefore you know as the sales pick up the collections pick up you're going to see 49:25 49 minutes, 25 seconds those uh debt numbers specific to those projects go down and add to the add to what Ashi said the 49:33 49 minutes, 33 seconds most important part of this one is if you go back to 2020 and look at what was our portfolio value that is our ability 49:41 49 minutes, 41 seconds of the lands that were tied up and which were about to be launched and the and the pipeline of the projects may I do 49:50 49 minutes, 50 seconds not know the exact number maybe it was 15,000 18,000 today I think we have surpassed 50,000 cr rupes of topline 49:57 49 minutes, 57 seconds portfolio number that we are currently handling that is projects which have which have been launched and projects which have been launched and yet to be 50:05 50 minutes, 5 seconds sold and the project which are about to be launched and the project which are which have already money has been paid 50:12 50 minutes, 12 seconds and in various stages of approvals and also some of the places where you have already advanced the money and the last 50:20 50 minutes, 20 seconds bit of due is going on. If you can look at this thing that we are in excess of 50,000 cr rupes of portfolio. So if you're saying that it's what you 50:28 50 minutes, 28 seconds mentioned is that the debt has gone from 2,700 to 4,700 that's around 2,000 cr rupees of debt increase has resulted in 50:36 50 minutes, 36 seconds more than 30,000 cr rupes of capability to develop um has increased. So which means that it's a combination of that 50:45 50 minutes, 45 seconds debt that what we have taken and the money that we have earned consistently by by by delivering what we are delivering at this point of time 50:54 50 minutes, 54 seconds and and and to add to that as as a strategy as a strategy we are we are you know the financing our growth these 51:03 51 minutes, 3 seconds investments we have done largely from a the performance link instruments where the servicing of debt is linked to the 51:11 51 minutes, 11 seconds project performance And hence it is not it is not impacting our overall you know the cash flow or the pressure on the on 51:19 51 minutes, 19 seconds the project and you also refer about the interest uh accounting. do uh all those performance instrument which we have 51:26 51 minutes, 26 seconds issued but interest as a protein measure we keep keep accounting the interest and the creating a liability in the balance 51:33 51 minutes, 33 seconds sheet but in effect it is not impacting overall you know the operational cash flow for the company and also to add to that one if you look 51:41 51 minutes, 41 seconds at the pre-sales numbers from 2020 21 to now we even doubled there as well so so that's that's already showing the the 51:49 51 minutes, 49 seconds the the numbers are showing that where the trajectory is moving towards in the coming years. 51:57 51 minutes, 57 seconds Thank you. That was true. My my next question was on the dividend policy of the company. A company has been very uh erratic in terms of paying dividend. It 52:05 52 minutes, 5 seconds gives a dividend one year then it skips for two years and then it's again giving giving a dividend. So what is going to be the dividend policy going forward? 52:17 52 minutes, 17 seconds Yeah, I ask it please. 52:19 52 minutes, 19 seconds Yes. I see uh I I think uh by intention let me say I think the intent is obviously to reward uh the shareholders 52:27 52 minutes, 27 seconds for the for the support and the faith they have in the organization. And I think the last four five years uh have been unpredictable you know starting 52:35 52 minutes, 35 seconds from covid etc right uh and then the call is today we are seeing the consolidation that's happening across 52:41 52 minutes, 41 seconds the major cities in terms of you know the strong brands uh if I go back 7 8 years uh even in a city like Bangalore 52:49 52 minutes, 49 seconds you you know as kredai we had 250 members almost 50% of them uh were launching projects but today we are 52:56 52 minutes, 56 seconds seeing you cannot name more than 10 or 15 developers maximum in a city that are actively launching projects. So you know 53:03 53 minutes, 3 seconds uh we are seeing projects come to us. So in terms of business that's there's a capital requirement for growth. This is the time in consolidation. There are certain projects which are in trouble. 53:13 53 minutes, 13 seconds There are certain banks are offering us projects. Uh so this is nothing but investing for our future over the next 5 to seven years securing marquee 53:21 53 minutes, 21 seconds projects. Uh so it's a it's a you know quite honestly it's a decision between those two. uh but as an organization yes uh it is always there on our minds uh 53:30 53 minutes, 30 seconds and uh you know wherever the opportunity allows us uh I think those years we will we will issue uh dividends. 53:38 53 minutes, 38 seconds Thank you. 53:43 53 minutes, 43 seconds Thank you. Participants who wish to ask a question may press star and one on the touchstone telephone. 53:55 53 minutes, 55 seconds Ladies and gentlemen, as there are no further questions from the participants, I now hand the conference over to the management for closing comments. 54:04 54 minutes, 4 seconds Thank you. Thank you everybody for joining uh our call and me myself and my team is always available for if you have any further question please write to us. 54:13 54 minutes, 13 seconds We'll answer those questions. Thank you very much. Thank you. 54:17 54 minutes, 17 seconds Thank you on behalf of MK Global Financial Services Limited. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.