Shriram Properties Ltd — Q3 FY26

Shriram Properties Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=wVvW_ZnwOQc Published: 2 months ago

0:01 1 second Ladies and gentlemen, good day and welcome to Q3 and 9 months FY26 earnings conference call hosted by Shiram 0:10 10 seconds Properties Limited. As a reminder, all participant lines will be in the listenon mode and there will be an opportunity for you to ask questions 0:18 18 seconds after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on 0:28 28 seconds your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Muri, 0:36 36 seconds chairman and managing director from Shirram Properties Limited. Thank you and over to you sir. 0:43 43 seconds Thank you. Good evening everyone and thank you for joining us today. We are pleased to share a significant breakthrough achieved during this 0:50 50 seconds quarter. The long pending commercial matter relating to our Kolkata land parcel has been amicably resolved 0:57 57 seconds through the conveyance of 42.37 acres of land to the government of Isangar. With this settlement, the associated liabilities stand fully discharged. 1:07 1 minute, 7 seconds We'll walk you through the details of the development during the course of the call. Importantly, amidst the external challenges related to approvals and 1:15 1 minute, 15 seconds ecata, our core business operations have remained healthy and stable. Customer demand continues to be encouraging. 1:22 1 minute, 22 seconds Execution across ongoing project is progressing as planned and our sustenance portfolio continues generate steady traction 1:30 1 minute, 30 seconds backed by a robust uh response to our FI26 launches and a healthy sales strength in sustained projects. We 1:39 1 minute, 39 seconds delivered resilient performance for the 9 months ended FI26 with the sales of 2.9 million square ft and the value of,691 1:47 1 minute, 47 seconds crores. Looking ahead with the multiple launches lined up and the key regulatory matters now largely behind us we are 1:55 1 minute, 55 seconds confident of strong rebound in Q4 supported by project completions and revenue recognition. Our focus remains 2:02 2 minutes, 2 seconds firmly on accelerating execution, strengthening cash flow generation and unlocking value across growing portfolio. With that, I now hand it over to Mr. Gopalak Krishna, CEO and Mr. 2:14 2 minutes, 14 seconds Raindra Kumar Pandai, CFO to take you through the financial and operation details in greater depth. Thank you. 2:22 2 minutes, 22 seconds Thank you and good evening everyone. 2:25 2 minutes, 25 seconds My name is Gopal Krishna. I I am part of Sriam Properties as a CEO of the CEO of the company. 2:33 2 minutes, 33 seconds Let me start with uh the presentation which is already on the website. I hope you all of you have got access to it. 2:40 2 minutes, 40 seconds I'm going to use that presentation to uh uh uh make deliver messages during this call today. 2:49 2 minutes, 49 seconds Let me start with the most important activity that has happened most important development that has happened during this quarter. I'm referring to slide four. 2:58 2 minutes, 58 seconds During the quarter we have successfully completed and resolved all the outstanding issues that had with the 3:05 3 minutes, 5 seconds state and with regard parcel during the quarter. These issues have been resolved amicably. The disputed royalty payment 3:14 3 minutes, 14 seconds obligations which was provided in our uh in the details were provided to all of you in the past. It's there in our balance sheet as well. An aggregate 3:23 3 minutes, 23 seconds liability to the extent of about 259 crores has been settled with no cash outflow. Prolonged and purchased efforts 3:32 3 minutes, 32 seconds with government of West Bengal has eventually yielded positive results. 3:36 3 minutes, 36 seconds There will be no cash outflow from the company and we have conveyed 42.37 acres of land from the land parcel aggregating 3:43 3 minutes, 43 seconds to 314 acres that we currently own in Bengal. Government orders have been received. 3:50 3 minutes, 50 seconds Feedback was received in November and the administrative processes took some time and we have completed the execution 3:57 3 minutes, 57 seconds and registration of the conveyance de in February 2026. 4:03 4 minutes, 3 seconds As part order, we were also requested that the litigation initiated by Shirram Properties against the state needs to be 4:11 4 minutes, 11 seconds withdrawn and we have already initiated the process. With this our obligations with regard to the non-compete fee or a 4:19 4 minutes, 19 seconds royalty whatever way you all have understood in the past now stands fully discharged and its impact will become zero going forward. 4:29 4 minutes, 29 seconds More important than the uh uh the development and associated cash flow conservation, it also accelerate 4:36 4 minutes, 36 seconds development and monetization. Accelerate not only the development of our project but also monetization of the surplus 4:43 4 minutes, 43 seconds land. As you are aware out of 314 acres of land parcel, we have ongoing projects aggregating to 5 million square ft spanning across 48 acres. 4:54 4 minutes, 54 seconds These launch projects nearly 80 80% of them have been sold. Our strategic intent for this land parcel remains 5:01 5 minutes, 1 second unchanged. As we have always said, we will develop close to 10 million square ft on our own and monetize the remaining 5:09 5 minutes, 9 seconds land. We already launched 5 million square ft and 80% of it is sold already. 5:15 5 minutes, 15 seconds Therefore, we will now focus on launching new projects involving 5 to 6 million square ft of development potential and with a GDP of almost 3,000 crores to be sold over the next 5 years. 5:28 5 minutes, 28 seconds Simultaneous to this focus, we will also focus on monetizing the remaining land in the foreseeable future, thus 5:35 5 minutes, 35 seconds unlocking significant value for the company. We believe the Kolkata site has the potential to unlock cash flows in 5:44 5 minutes, 44 seconds excess of,500 crores in the next 5 years. 5:49 5 minutes, 49 seconds Shifting a focus to operational matters on page five during the quarter 5:57 5 minutes, 57 seconds benefited from improving operating environment but the strong recovery is still underway. 6:04 6 minutes, 4 seconds We have got enhanced external visibility now. All the outstanding pending OC's have been resolved and they have been received. 6:14 6 minutes, 14 seconds system is still stabilizing around the uh ekata and registration portal related issues in Bangalore. However, we see no 6:22 6 minutes, 22 seconds such uh external uh operational challenges or operational hurdles in other markets like bank Chennai, Pune 6:29 6 minutes, 29 seconds and Kolkata. So overall excel environment remains conducive. Markets have remained strong. 6:37 6 minutes, 37 seconds Lot of conversation lot of uh uh likely industry slowdown. We believe the slowdown fears seem unfounded. 6:48 6 minutes, 48 seconds New launches are receiving good traction. Sustainment sales is strong which clearly shows us or demonstrates 6:55 6 minutes, 55 seconds to us that the customer purchasing is continuing with a good momentum and therefore we see the markets remaining positive for some time. 7:05 7 minutes, 5 seconds Regional industry suffered predominantly on the administrative issues that all all the residential real estate players have suffered in Bangalore but all other 7:13 7 minutes, 13 seconds markets remain very stable. Even in Bangalore this the the situation around handover and registration which is 7:21 7 minutes, 21 seconds eventually resulting in revenue recognition things have improved substantially from where we were in September October to Jan Feb has been 7:29 7 minutes, 29 seconds substantial improvement that gives us a better stability and better visibility on remainder of Q4 and therefore we see 7:37 7 minutes, 37 seconds a overall operating momentum to strengthen in quarter 4 and the past quarter or two would we believe be are 7:46 7 minutes, 46 seconds transitionary in nature. Our core operations have remained strong and the operating platform is efficient and 7:53 7 minutes, 53 seconds welloiled machine now and therefore we're confident of delivering our Q4 as well as a full year as well as the next 8:01 8 minutes, 1 second couple of years towards our medium-term mission that we have set for ourselves. 8:07 8 minutes, 7 seconds With this backdrop, let me move to a few operational few few more highlights of various contours of our KPIs. From a 8:14 8 minutes, 14 seconds sales perspective, early signs of stabilization was seen in October got impacted a little bit. The recovery 8:21 8 minutes, 21 seconds momentum was slow and therefore launches happened outside Bangalore but Bangalore launches are still uh taking time. 8:30 8 minutes, 30 seconds system has stabilized now only recently and we believe the industry will see more launches coming up in the next 8:36 8 minutes, 36 seconds couple of weeks. At Sri Property the situation is almost similar. We're targeting for multiple launches during 8:43 8 minutes, 43 seconds the remainder of this quarter and I'll explain them in subsequent slide. 8:48 8 minutes, 48 seconds Meanwhile we focus heavily on the sustainance phase and markets have remained supportive both on volumes and pricing. 8:57 8 minutes, 57 seconds Our recent launches have done very well and that gives us the confidence that the positive market environment and 9:05 9 minutes, 5 seconds increasing launch supplies should help us clock a very robust Q4 like in the previous years. As all of you are aware, 9:13 9 minutes, 13 seconds Q4 is usually the peak quarter for most real estate residential player and and for us as well. 9:22 9 minutes, 22 seconds We are we have lined up uh uh minimum of two two launches a maximum of four launches that is likely to happen in Kolkata, Chennai and also in Bangalore. 9:32 9 minutes, 32 seconds I'll explain them in subsequent flight. 9:35 9 minutes, 35 seconds We therefore see a very strong Q4 coming back with all the OC issues resolved. Nine 9:43 9 minutes, 43 seconds four OC's received out of which two of them received in Q3. The third one was received towards the end of Q2. So all 9:50 9 minutes, 50 seconds of them had some good impact on our revenue recognition. But given the ekata unst unstable ekata and registration 9:58 9 minutes, 58 seconds system portal in Bangalore in in Karnataka, we believe uh things are things have now shown a good traction 10:05 10 minutes, 5 seconds and therefore we will continue to work towards next 6 7 weeks to achieve our handover volumes in excess of last year. 10:15 10 minutes, 15 seconds I'll explain each of the metric in detail as we go through just to slide six primarily captures the 10:24 10 minutes, 24 seconds impact of the handovers and kata issues that I talked about. It's continuing for the second quarter if I'm not mistaken. 10:31 10 minutes, 31 seconds We've had some initial turbulence uh in Q2 improved a little bit in Q3 towards the end of Q3. Q4 has become more 10:39 10 minutes, 39 seconds stable. We have about 380 plus units to be handed over from four projects that received OC during Q3 10:48 10 minutes, 48 seconds adding up to about 350 crores of revenue recognition potential. We have two milestones coming up of which part of the OC's have received in Kolkata. Two 10:57 10 minutes, 57 seconds tower OC's are pending balance OC's have been received which gives us as handover 11:04 11 minutes, 4 seconds worthy units of about,490 units or,500 units approximately. 11:09 11 minutes, 9 seconds Again this,900 plus units we should be able to recognize about 800 crores of revenue in Q4 to large extent should 11:17 11 minutes, 17 seconds have been handed over before end of this financial year. 11:21 11 minutes, 21 seconds These are as I highlighted these are just a temporary Q4 Q3 uh carryover issues. uh overall if you look at over 11:29 11 minutes, 29 seconds the 9 months if you look at slide 7 the operation operating cash flows core that reflect the strength of our core 11:37 11 minutes, 37 seconds operation have remained positive overall operating inflows which is the collection mechanism that we have has 11:44 11 minutes, 44 seconds shown at 20 this is these are net collection to us net of JDA net of DM net of land owner shares 787 crores of 11:53 11 minutes, 53 seconds operating inflows reflecting 27% year-on-year growth our cash flow from operations have remained robust at 193 12:01 12 minutes, 1 second crores reflecting a 23% growth year on year on a 9-month basis. 12:06 12 minutes, 6 seconds Our overall project investments have also remained very strong. We have more than doubled our commitment towards new 12:13 12 minutes, 13 seconds projects at 246 crores during during this year so far. one of the highest levels of capital commitment that we 12:20 12 minutes, 20 seconds made for the building our pipeline in recent recent times. As you can see from the trend line chart below 12:29 12 minutes, 29 seconds on a combined basis if I look at over from FI23 to 9 months of FI26 12:37 12 minutes, 37 seconds we have generated an operating inflows of about 33 crores. 12:43 12 minutes, 43 seconds Cash flow from operations have been in excess of 840 crores and we have made capital commitments in excess of 800 crores during the last 45 months. 12:54 12 minutes, 54 seconds Shifting focus to the next slide which is slide number eight. 12:59 12 minutes, 59 seconds Reflecting the high investment that we high capital commitment that we made towards investment towards building pipeline we've added about 2.8 million square ft in during the 9 month period. 13:10 13 minutes, 10 seconds Another 3 to 4 million square ft is likely before we end the year uh FI26. 13:17 13 minutes, 17 seconds So the what has already been added they aggregate to about 2,900 crores of GDV that's 2.8 8 million feet equals to 13:24 13 minutes, 24 seconds 2,900 cr of GDV during the 9 month period. 13:28 13 minutes, 28 seconds As I said, we unlocked significant capital from operations. As a result of this, even with a large investments in pipeline, our debt equity remains 13:37 13 minutes, 37 seconds conservative, one of the lowest sector at 31. 13:42 13 minutes, 42 seconds Given Q4's historical strength, we confident 26 on a robust and 13:48 13 minutes, 48 seconds comprehensive note. I must say here on we are we believe we are on track for 13:54 13 minutes, 54 seconds delivering revenues in excess of,300,500 cr range and earnings in the 90 to 100 14:01 14 minutes, 1 second cr range for the full year. So Q3 or 9 month earnings is one part of the story. 14:09 14 minutes, 9 seconds Based on the visibility we have for Q4 now that we are almost at the half of uh Q4 is over. Based on the registrations 14:16 14 minutes, 16 seconds we have done and based on the registrations we have lined up for income recognition we believe we should be ending the year with a full year 14:24 14 minutes, 24 seconds revenues in excess in the range of,300 to,500 crores and uh earnings in the 14:31 14 minutes, 31 seconds range of 90 to 100 crores for the full year. 14:35 14 minutes, 35 seconds we have at least 80 to 90% confidence on reaching this number depending on uh how 14:42 14 minutes, 42 seconds uh reliable the Bangalore registration system behaves which we believe has improved now remarkably and therefore we should be able to with a great 14:50 14 minutes, 50 seconds confidence we should be able to reach this number almost entirely. 14:55 14 minutes, 55 seconds Now let me shift focus on uh some of the specifics of Q3 and 9 months. Slide number 10 talks about 9 month 15:04 15 minutes, 4 seconds performance value growing by 5% year on year at 1691 crores. Volumes are slightly lower at 15:12 15 minutes, 12 seconds 2.86 million square ft. We believe we should be able to with the with the two to four launches that we have lined up for ourselves over the next six weeks. 15:22 15 minutes, 22 seconds We believe we should be able to grow higher than last year's sales volume. 15:27 15 minutes, 27 seconds may be a slightly lower than our earlier indicated uh annual number of about 5 million square ft² target place but we 15:34 15 minutes, 34 seconds would be reaching uh we are fairly confident about uh crash reaching higher than last year numbers on collections we 15:43 15 minutes, 43 seconds are about 12% higher at 1150 on handovers we are 20% higher at 217 we believe we are on track to deliver 15:51 15 minutes, 51 seconds 3,300 3,200 to 3,300 homes for the full year as originally envisaged 15:58 15 minutes, 58 seconds Q3 numbers show a bit of a mixed trend sales values at 565 crores sales volume at about.9 million square ft collection 16:07 16 minutes, 7 seconds 424 crores and quarterly handover at about 613 crores all of which compare reasonable compared to our performance 16:15 16 minutes, 15 seconds last year same time as well as the previous quarter shifting focus on financial metrics page 16:23 16 minutes, 23 seconds number 11 talks about a 9month revenue of 69 94 crores uh 27% higher uh resis 16:30 16 minutes, 30 seconds 27% growth on a year-on-year basis gross profits at about 184 crores emidat 83 16:37 16 minutes, 37 seconds crores and p of 22 crores as I said we have lined up a robust handover uh pip 16:45 16 minutes, 45 seconds handover handover projects and the pipeline of handovers is very full and we believe 16:52 16 minutes, 52 seconds that based on what we have done over the last 15 45 days and we are we believe we will be able to do over the next 45 days 17:00 17 minutes based on uh the registrations lined up we believe we should be able to deliver a robust uh and very robust Q4 for our stakeholders. 17:14 17 minutes, 14 seconds Slide 12 talks about some of the same factors that I mentioned over the last few minutes. So I'll shift attention to slide 13 where we have talked about uh 17:24 17 minutes, 24 seconds our pipeline additions during the 9 month period. As I said earlier we have added 2.8 million square ft. Accelerated 17:32 17 minutes, 32 seconds pipeline efforts are paying off. Six projects with 2.8 million square ft and a GD of 2,900 cr has been added so far 17:40 17 minutes, 40 seconds in FI26. The details of which is visible on slide 13. 17:47 17 minutes, 47 seconds Five projects with over 6 million square ft potential are advanced stage of closure. 3 plus 3 plus million square ft 17:54 17 minutes, 54 seconds is at the and you should be hearing these acquisition completions in the coming weeks in the public 18:01 18 minutes, 1 second announcements. Several projects are at advanced stage of diligence and documentation. In all we have close to 18:08 18 minutes, 8 seconds 20 million square ft under evaluation at different stages. Our focus remains on Bangalore, Pune and Chennai in terms of 18:16 18 minutes, 16 seconds pipeline addition and aggressive development focus on Kolkata with the resolution of the impediments. Recently 18:25 18 minutes, 25 seconds we remain focused on acquisitions but a right balance is being made between acquisite as well as outright purchases for immediate growth. 18:38 18 minutes, 38 seconds Slide 14 talks about the same pipeline at a different uh composition in terms of our own projects JDA, JV and DM as 18:46 18 minutes, 46 seconds well as ongoing and future. All I wanted to highlight was a table there on the right hand side top 18 million square ft 18:54 18 minutes, 54 seconds of potential pipeline which is not launched as yet carry an uh GDP of 11,670 19:01 19 minutes, 1 second crores. So close to 12,000 crores of GDP is sitting in our pipeline. Our focus is on unlocking this at the faster pace 19:10 19 minutes, 10 seconds across all markets so that we can bring these projects to market and start realizing the sales value potential. 19:19 19 minutes, 19 seconds At this stage of talking about the pipeline growth, I must also say our launches have also done well which is equally important. uh like pipeline 19:28 19 minutes, 28 seconds edition. So the pipeline monetization or pipeline liquidation is happening successfully. We did six launches during 19:34 19 minutes, 34 seconds the year. Four new product launches, two new phase launches. 19:40 19 minutes, 40 seconds During the quarter we did the sky boom sky bloom villa which has far exceeded our own 19:47 19 minutes, 47 seconds expectations. It's a villa as a villa as a to the micro market that we were we 19:54 19 minutes, 54 seconds are in Uttar Para in West Bengal and the product has taken off well has received tremendous response and we're very 20:02 20 minutes, 2 seconds encouraged by the fact that this model can this product can therefore be extended to much larger land base given 20:09 20 minutes, 9 seconds that now we have completely hurdle-free uh development potential in Kolkata over 20:16 20 minutes, 16 seconds 340 acre parcels less what we have developed and less what we have conveyed back to the government. We also 20:25 20 minutes, 25 seconds of market monetizing the small commercial space that we have in Kolkata. Simultaneously we did a launch 20:32 20 minutes, 32 seconds an apartment new apartment wing called Sriam Springfield as well as we've done new plot launch in during the quarter at 20:42 20 minutes, 42 seconds Chennai called Shriam Sububam. The second phase of the project was launched. Overall, it has been a quarter 20:49 20 minutes, 49 seconds from a reasonable 9 month from a launch perspective. But what I wanted to highlight is page 20:55 20 minutes, 55 seconds number 16. Uh summarizes the uh launch pip launch ready pipeline that we have. 21:03 21 minutes, 3 seconds Uh barring a couple of projects which are still awaiting uh regulatory approvals meaning uh RERA and plan sanction plan sanction in one case and 21:11 21 minutes, 11 seconds RA approval in another case. Rest of the projects are under our control in terms of uh timing of the launches. We believe 21:20 21 minutes, 20 seconds at least two between two to four projects out of the six will get taken off uh from the ground to a launch mode 21:27 21 minutes, 27 seconds uh before end of this financial year. We will also be soon adding couple two more projects to this business phase where uh 21:35 21 minutes, 35 seconds we are at an advanced stage of both acqu acquiring an approved project as well as we are at an advanced stage of 21:43 21 minutes, 43 seconds uh submission of plan for another another project. So we have a very busy uh very tight and busy uh launch 21:51 21 minutes, 51 seconds pipeline for Q1 and Q2 as well. So we are very excited about what's in store 21:58 21 minutes, 58 seconds for us not only in remainder of the Q4 but also for Q1 and Q2. By then we believe the subsequent part of our pipeline will become launch CD pipeline. 22:08 22 minutes, 8 seconds So busy year ahead in FI27 from a launch perspective. 22:12 22 minutes, 12 seconds Slide 17 talks about the overall potential we have for handovers based on u where we have received OC's and where 22:22 22 minutes, 22 seconds we are either received kata as well or waiting for kata in Bangalore in case of other cities there's no concept uh the the relevant approvals have been 22:31 22 minutes, 31 seconds received so that handover will come in fairly soon. So in all as you can see from this column there pending handover 22:38 22 minutes, 38 seconds 2490 units will be available for handover with us or it is getting ready for handover over the next couple of weeks. 22:49 22 minutes, 49 seconds Slide 18 talks about some of the honors and accolades that we have received including uh reimbursement of our certification as a great place to work 22:58 22 minutes, 58 seconds with much better and higher ranking that we have got this year. which is well above mid midcap mid midcap and a small 23:07 23 minutes, 7 seconds cap sector average uh has been far exceeded from a ranking perspective which is an encouraging uh point to note 23:15 23 minutes, 15 seconds that uh we are becoming much better organization from an employee perspective with this I would uh pause here I would have a request my colleague uh Mr. 23:26 23 minutes, 26 seconds Ravendra Pande CFO to uh walk us through the presentation on the financial performance and where do we see as an 23:34 23 minutes, 34 seconds outlook over to you Mr. P. Thank you sir for setting the context so clearly good 23:41 23 minutes, 41 seconds evening everyone I will take few minutes to walk you through our financial performance cash flows and balance sheet 23:48 23 minutes, 48 seconds position and also our outlook for the Q4 and the full year. 23:54 23 minutes, 54 seconds Let me begin with the Q3 performance. As we are aware, the quarter was impacted by continued procedural delay, receipt 24:02 24 minutes, 2 seconds of viata and intermittent issue with the Kawi online registration portal. 24:07 24 minutes, 7 seconds Despite our best efforts operationally, these external factors led to deferment of revenue recognition which in turn impacted reported numbers. 24:16 24 minutes, 16 seconds That said, there are few important positives. First Q3 revenue stood at 203 crores reflecting a healthy 13% 24:25 24 minutes, 25 seconds yearon-year growth. Gross profit came to 41 crores up by 19% yearon year. Margins were impacted slightly due to 24:33 24 minutes, 33 seconds commencement of revenue recognition in project sunshine in Kolkata which is a relatively low margin project but overall project level profitability 24:42 24 minutes, 42 seconds remains stable. A beta for the quarter was 13.1 cr. The year-on-year decline is largely attributable to the lower 24:50 24 minutes, 50 seconds revenue base and higher operating expenses related to our capital 24:57 24 minutes, 57 seconds at a loss of rupees 7 cr for the quarter compared to profits in the previous years. However, I want to emphasize that 25:04 25 minutes, 4 seconds that this is a timing issue not a structural issue. 25:09 25 minutes, 9 seconds On a 9 underlying strength of the business is clearly visible. 9 month revenues from operation grew 51% to 200 25:17 25 minutes, 17 seconds 627 cr and total revenue grew 27% to 690 crores. Grass profit for 9 months is 25:26 25 minutes, 26 seconds stood at 184 crores up 40% yearon year with gross margin is stable at around 29% which clearly reflect the strength and stability of our project portfolio. 25:38 25 minutes, 38 seconds Emita for 9 months was 82.9 crores versus 113.7 crores last year. This cost 25:46 25 minutes, 46 seconds is entirely due to deferred re recognition from completed project not due to market. 25:52 25 minutes, 52 seconds Importantly by 16% area year on year reflecting disciplined capital management for 9 months stood at 22.4 would grow. 26:04 26 minutes, 4 seconds Had the inhaps moved in line with the expectation both top for 9 months would have been meaningfully higher. 26:13 26 minutes, 13 seconds Since this is only deferment, we remain confident our full year earning. 26:20 26 minutes, 20 seconds In our operational engine remains strong, margins are stable and resilience of the business is evident even in a disrupted quarter. 26:32 26 minutes, 32 seconds Referring to the next slide, this we just spoke about it. We'll move on to the next slide. Consolidated cash flow. 26:42 26 minutes, 42 seconds Let me now move to the cash flows which in my view is where the realistic of the quarter is visible. We have maintained a 26:50 26 minutes, 50 seconds strong financial discipline throughout the year. In Q3 alone, we collected 302 crores reflecting our sharp focus on mileageless collections and its execution intensity. 27:01 27 minutes, 1 second We generated 117 crores of operating cash flow during the quarter. A significant jump sequentially. 27:09 27 minutes, 9 seconds During the quarter, we repaid 67 crores of debt and invested over 100 crores into new business development opportunities. 27:17 27 minutes, 17 seconds On a 9 month basis, operating inflow stood at 787 crores and we generated 193 crores of operating cash flow. 27:26 27 minutes, 26 seconds At the same time, we have invested nearly 250 cr into new projects over 9 months, building a strong and visible pipeline for the coming years. 27:37 27 minutes, 37 seconds Importantly, while we continue to invest for growth, we are working to fast track approvers and mitigate the challenges we have faced this year. 27:46 27 minutes, 46 seconds Our closing cash balance stands at 217 crores giving a simple liquidity to support construction launches and new 27:53 27 minutes, 53 seconds opportunities. Overall cash flows are healthy, well managed and positioned to accelerate meaningfully in Q4 as registrations normalize. 28:04 28 minutes, 4 seconds Moving to next slide, debt profile. 28:09 28 minutes, 9 seconds Coming to the balance sheet, our balance sheet remains robust and conservative. 28:14 28 minutes, 14 seconds Net debt strength at 418 crores with a net debt to equity ratio of just.3x well within our comfort zone and 28:22 28 minutes, 22 seconds providing significant head room for growth. 28:26 28 minutes, 26 seconds Our to 11.1% reflecting improved KD profile and dist management. We continue to 28:34 28 minutes, 34 seconds enjoy a minus positive outlook rating from which reaffirms our credit and governance standard. 28:43 28 minutes, 43 seconds In summary, we have a strong balance sheet, ample funding capacity and the ability to confidently support our growth pipeline. 28:52 28 minutes, 52 seconds Moving to the next slide. Outlook for Q4 and FY26. 29:02 29 minutes, 2 seconds Prolonged approval delays and slippage in launch timelines did impact our ears guideline. 29:09 29 minutes, 9 seconds However, we are confident that our full year will outperform FI26 25 supported by a strong Q4 launch pipeline and group regulatory momentum. 29:21 29 minutes, 21 seconds Encouragingly, all our KPIs are broadly in line with the guidance given earlier. 29:26 29 minutes, 26 seconds We expect to end the year with upwards of 4.5 million square ft of sales and revenue of around 2,600 crores. 29:34 29 minutes, 34 seconds Collections are expected to cross 1,700 crores reflecting healthy grow moderation in launch collection. 29:46 29 minutes, 46 seconds While delivery is commencing in Kolkata and Istan Q4 handovers, we expect to deliver close to 4 million spacet 29:54 29 minutes, 54 seconds on the business development front with the Pune deal closer and additional pipeline additions under documentation. 30:01 30 minutes, 1 second We are confident 500 to 5,000 C of GB in India strengthening our forward visibility. 30:09 30 minutes, 9 seconds To conclude, while Q3 numbers reflect temporary external disruptions, the fundamentals of the business remain 30:17 30 minutes, 17 seconds intact and strong. Our cash flows are robust, our balance sheet is conservative, our pipeline is expanding and Q4 momentum is clearly building. 30:29 30 minutes, 29 seconds On behalf of the management team, I would like to assure you that we are fully committed to bouncing back strongly in Q4, delivering a 30:36 30 minutes, 36 seconds comprehensive performance for FI26 and carrying this momentum into FI27. 30:42 30 minutes, 42 seconds Thank you once again for your continued support. 30:46 30 minutes, 46 seconds Now I'll hand over the call to the operator and myself along with our CEO and CMD will be glad to answer all your queries. 30:57 30 minutes, 57 seconds Thank you very much. 30:59 30 minutes, 59 seconds We will now begin the question and answer session. Anyone who wishes to ask a question may please press star and one 31:07 31 minutes, 7 seconds on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 31:14 31 minutes, 14 seconds two. Participants are requested to use handsets while asking a question. 31:21 31 minutes, 21 seconds Ladies and gentlemen, we will wait for a moment while the question queue assembles. 31:45 31 minutes, 45 seconds The first question is from the line of Sil Sha from Paris Investments. Please go ahead. 31:53 31 minutes, 53 seconds Hi sir. Uh good evening. Am I audible? Yes sir. Good evening. 31:59 31 minutes, 59 seconds Yeah. Uh okay. uh so I mean in last quarter presentation we had mentioned uh about 4202 crores of revenues were 32:07 32 minutes, 7 seconds deferred due to non-receipt of OC and IDA and I think there's a total of five projects which got delayed and now in 32:15 32 minutes, 15 seconds this quarter also out of that four projects still we are seeing it as delayed so why is there so much of delays can you please help us understand 32:24 32 minutes, 24 seconds yeah so in Bangalore they have migrated it it's not a Sriam problem you would have seen this in all the company 32:32 32 minutes, 32 seconds presentations. I don't know how much disclosure they have made. I uh so in in Bang in Bangalore and Karnataka they 32:38 32 minutes, 38 seconds have migrated to the concept of kata last year and they have their own reason of why it is not civilizing for so long. 32:46 32 minutes, 46 seconds It seems to civilize and then again goes out of control and same is with their cavary 2.0 which is a registration portal like we all have in Maharashtra. 32:55 32 minutes, 55 seconds Uh it's going through uh turbulent times in terms of registration. The registration get can get set up and then get cancelled. So customers come and go. 33:04 33 minutes, 4 seconds So that's uh that has been continuing till recently. Even now interruptions are there but very in very few 33:11 33 minutes, 11 seconds interruptions on a daily basis but in the past it's like till recently it was a nightmare for most registration 33:19 33 minutes, 19 seconds departments and most customers. So OC issues got solved. So we got all the OC's now projects have been lined up and 33:27 33 minutes, 27 seconds uh the so this 380 350 cr or 380 homes and 350 crores is not only from the past 33:34 33 minutes, 34 seconds it is previous ones got liquidated as well as we got added the new projects as well. So it's the net outstanding as of date. Uh so we have achieved some good 33:43 33 minutes, 43 seconds progress in terms of registration otherwise we would not have handed over 600 odd units. Uh so it is happening but it's happening at a slower pace in 33:51 33 minutes, 51 seconds government of Connecticut. It's beyond any industry bodies or any any of our peer groups ability to resix this. So 33:59 33 minutes, 59 seconds the industry bodies taking up with the government and they have assured uh stabilization fairly soon. We we expect 34:07 34 minutes, 7 seconds the current stable trend to continue at least for the remainder of the quarter. 34:14 34 minutes, 14 seconds So this quarter I mean almost other residential if you have seen the press release of other residential 34:22 34 minutes, 22 seconds players a lot of numbers are floating around on 2,000 homes spending there are players in something in Bangalore have 34:29 34 minutes, 29 seconds more than 2,000 homes listed player having so it's a it's an industry Bangalore wide Bangalore wide or industrywide problem in Bangalore 34:38 34 minutes, 38 seconds players uh story okay hopefully Okay. And how is this photo shaping up? 34:46 34 minutes, 46 seconds So we are almost halfway mark. So is it stabilizing or still there is a issue? 34:53 34 minutes, 53 seconds I think uh uh it is but it is far superior than Q2 and Q3 that we have seen in terms of registration process 35:01 35 minutes, 1 second where that's why we are saying uh and and our in our in our context out of the uh uh 400 homes or 60% of our handovers 35:12 35 minutes, 12 seconds during this quarter coming from other cities Kolkata and Chennai account for a I think about 60 odd% of our registration or revenue recognition. 35:21 35 minutes, 21 seconds Bangalore still accounts for balanced 40%. But the situation is far far more uh better than what we saw was worse was 35:29 35 minutes, 29 seconds in Q2 and then Q3 was better. Q4 is far far better. 35:36 35 minutes, 36 seconds Okay. So in this quarter presentation if we are seeing uh you have mentioned that seven projects with 800 crores of 35:44 35 minutes, 44 seconds revenue recognition in Q4. So I mean are we on track for that or we could be delaying that as well? 35:51 35 minutes, 51 seconds that that is that's based on that confidence only I said we will end the year with 1,300 to 1500 crores of revenue which means near large part of 36:00 36 minutes this 800 cr will get recognized because last few quarters we are seeing 36:07 36 minutes, 7 seconds I mean there is every quarter uh in our presentation we are mentioning there is a delay of revenue recognition and the 36:15 36 minutes, 15 seconds delay is in I mean it would be shifted to the next half or next quarter I do Understand our industry is such that there are possibilities for delay but 36:24 36 minutes, 24 seconds why don't instead why don't we do be on a safer side and commit for 6 months later only and then maybe we do it early and surprise the investor community so 36:33 36 minutes, 33 seconds why why don't we do the other round investor community is one part of the stakeholder right uh uh yes we can 36:40 36 minutes, 40 seconds underplay that uh maybe we'll consider that as a suggestion uh it is unpredictable situation from an 36:48 36 minutes, 48 seconds external perspective So uh we can play that uh we can underplay that there's no big issue around it but that's just one 36:57 36 minutes, 57 seconds stakeholder capital market is one part of the stakeholder there are other people watching this as well customers will feel why 37:06 37 minutes, 6 seconds there are multiple multiple angles to it and there's a angle to it and handover timelines irrespect of what happens the governmental systems or registration 37:14 37 minutes, 14 seconds systems still remains the governing right the customers will uh seek other other remedies under various other context. 37:25 37 minutes, 25 seconds Okay. Okay. And on the Kolkata land we have mentioned that we will be developing 10 million square ft² and 37:32 37 minutes, 32 seconds balance we will monetize. So that will be I mean how much million square ft² and the amount we could realize with 37:38 37 minutes, 38 seconds this sale and by when we can expect overall the site has a potential of 37:46 37 minutes, 46 seconds about 1,500 crores of cash flow both from our own development as well as the monetization very difficult for me 37:53 37 minutes, 53 seconds because we have gone through this uh long battle or long persistent effort to get to this situation. difficult for me 38:02 38 minutes, 2 seconds to put a timeline on like you few minutes ago said uh we shouldn't be committing that or without degree of 38:09 38 minutes, 9 seconds confidence but I wouldn't be able to put that kind of number now on how soon we can monetize and all that because like it'll get questioned next quarter saying 38:17 38 minutes, 17 seconds oh you said this and what happened to the progress so it's very difficult to comment but I can say 3 to 5 years is 38:24 38 minutes, 24 seconds the development timeline so monetization can happen faster as you know so maybe a 3 year window for 38:31 38 minutes, 31 seconds monetization and a 5 to six year window for completing and handing over. Uh you said 10 million uh that's a total development we might do out of which 5 38:40 38 minutes, 40 seconds million is already in progress. Several of them are being handed over. So we should uh we should complete the construction and hand over in about 5 to 38:48 38 minutes, 48 seconds 6 years. Uh 3 year for land surplus land monetization could be a good target. 38:55 38 minutes, 55 seconds Maybe we'll try before the next analyst meet or next by the year end of call we'll see whether we can give you a 39:02 39 minutes, 2 seconds granular visibility on approximate timeline for monetizing and launching new projects. So you are able to do an 39:10 39 minutes, 10 seconds uh MPV of the cash flows the value of it would it would it would help us because uh monetization how much value we can create so that would be helpful. 39:20 39 minutes, 20 seconds Yes sir. 39:21 39 minutes, 21 seconds Yeah. And so my final question of a guidance on this 5.2 2 to 5.5 million square ft². Now we have revised it to 39:28 39 minutes, 28 seconds 4.5 million. So are we seeing any slowdowns or any particular reason? 39:33 39 minutes, 33 seconds We are not seeing a slowdown in the market. Whatever we are launching we're getting sold. I'll give you two instances. We launched one project in Bangalore called Shiran Dhan code name. 39:42 39 minutes, 42 seconds Uh it's called songs of the air uh in anal. uh we within uh now uh about 3 month 3 4 months uh 3 and a half to 4 39:51 39 minutes, 51 seconds months we have almost 7 75 75 plus% is sold and these are like a high ticket site right it's not a 40 50 lakh 60 lakh 40:01 40 minutes, 1 second kind of product so the very and similarly west Bengal when we launched uh we tried a new product format in 40:08 40 minutes, 8 seconds Bengal at the cover page of this presentation that you see is the recently launched Shiram our villas uh 40:16 40 minutes, 16 seconds they have taken off this this is a product which has not been tested in the micro market that we operate in Uttar Para 40:23 40 minutes, 23 seconds in West Bengal. Uh we tried and I think it has been a big success that large all 40:30 40 minutes, 30 seconds the large villas these are all like 1.8 cricket size uh from the apartment that we are selling are in the 40 50 60 lakh 40:39 40 minutes, 39 seconds ticket size. So that big transformation from the micro market perspective is a big transformation in ticket size but they all sold nearly all all of our four 40:48 40 minutes, 48 seconds and five bedroom inventories are sold within um now about 3 4 weeks of launch so that's the kind of market is willing 40:56 40 minutes, 56 seconds to absorb it is the uh in in Bangalore Kolkata Chennai and Pune all four markets we have seen a good traction 41:04 41 minutes, 4 seconds even in Pune uh we made meaningful progress during the quarter in terms of overall volume sold I think we are about 50% sold now. Uh so I think markets are 41:13 41 minutes, 13 seconds doing well. It is the ability to supply and as I mentioned and as you rightly pointed out there is a challenge for all 41:22 41 minutes, 22 seconds of us to supply ready products or supply to the market uh especially in 41:29 41 minutes, 29 seconds Bangalore. So there is now things are improved after after a bit of a long struggle with between the industry and the regulators. 41:39 41 minutes, 39 seconds uh hopefully the supplies will pick up. 41:41 41 minutes, 41 seconds Now we are not banking on uh uh Bangalore launch right now. As I said two to four launches for the remainder of this quarter, remainder of this 41:48 41 minutes, 48 seconds quarter and uh we are banking on uh Kolkata one more product launch plot development. We have launches coming up 41:57 41 minutes, 57 seconds in Chennai and uh if all goes well we would have a another launch in Pune as well uh in the near future. So uh I 42:06 42 minutes, 6 seconds think uh the markets are doing well. is our ability to supply industry or companies ability to supply and that's constrained by some external factors and 42:15 42 minutes, 15 seconds that's what is showing lower numbers than uh market slowdown. I think market has misunderstood the uh trend because I 42:23 42 minutes, 23 seconds saw for the last four weeks there's a lot of talk about uh uh demand slowdown. 42:28 42 minutes, 28 seconds I don't think that this we are not seeing that on the ground. Our partners in home loan businesses are also not seeing that kind of slowdown in home 42:36 42 minutes, 36 seconds loan demand. So I assume on ground trends remain positive. 42:41 42 minutes, 41 seconds Okay. Okay. Uh thanks for your detailed answers. Uh that's it from my side. Thank you and all the best. Thank you Donald. 42:49 42 minutes, 49 seconds Thank you sir. Ladies and gentlemen to ask a question please press star and one now. 42:57 42 minutes, 57 seconds Participants who wish to ask questions may please press star and one at this time. 43:05 43 minutes, 5 seconds The next question is from the line of Rohit Kumar from ADM Business Advisory Limit LLP. Please go ahead. 43:14 43 minutes, 14 seconds Hi sir. Uh thank you for taking my question. Uh you mentioned that there is a 56 MFS development potentials. So may 43:22 43 minutes, 22 seconds I know what is the expected IRRa from this projects in Kolkata? 43:32 43 minutes, 32 seconds Yes. 43:34 43 minutes, 34 seconds uh difficult to predict right at this point of time because uh it depends on the timing of launch and the product and the pricing. We have certain assumptions 43:42 43 minutes, 42 seconds in mind um in terms of what product can be launched at what sequence. So timing will depend because it's a five year 43:49 43 minutes, 49 seconds period 3 to 5 year for launch of this five four to five 5 to 6 million square ft. So it will be very difficult to 43:58 43 minutes, 58 seconds project but we will not do projects if it is less than 25% IRRa in general in Kolkata because it's our existing land. 44:06 44 minutes, 6 seconds We would imagine IR will be significantly higher at current price points but overall 44:14 44 minutes, 14 seconds is to see what is the site can generate right between uh the surplus land that we have and the project that we're going 44:20 44 minutes, 20 seconds to launch uh should generate about 1,500 crores of cash flow in 5 years time. 44:28 44 minutes, 28 seconds Okay, got it. And so my second question is uh to achieve 3x of revenue and 4x of profit, what is the company expecting 44:36 44 minutes, 36 seconds the peak uh debt levels? What should we expect? 44:42 44 minutes, 42 seconds Uh I will approach this question in another way. We are currently at 3. Our most comforting zone is about.5 not more 44:50 44 minutes, 50 seconds than that. But towards reaching a peak pipeline addition and towards reaching the revenue we might intermittently or 44:58 44 minutes, 58 seconds in a short-term basis we might go close to 7 but uh we would be very uncomfortable to go beyond that kind of number on a consult basis. 45:11 45 minutes, 11 seconds Okay sir that's it from my side. Thank you sir. 45:17 45 minutes, 17 seconds The next question is from the line of Karan Mahara from Maha Investment. Please go ahead. 45:24 45 minutes, 24 seconds Hello sir, thanks for the opportunity sir. So uh following the Kolkata settlement, what is the uh quantum of 45:32 45 minutes, 32 seconds surplus land now available for monetization and u based on current market transactions in Uttar? What would be the indicative price per acre there? 45:49 45 minutes, 49 seconds It'll be difficult to comment on what the land price would be. Uh let me approach the question on the volume perspective first. Out of the 314 acres, 45:58 45 minutes, 58 seconds we have utilized 48 acres for our ongoing projects. We have handed over about 42 acres to the government now. So 46:08 46 minutes, 8 seconds uh roughly about 200 odd acres would be available for development out of which there will be always area which 46:16 46 minutes, 16 seconds will be utilized for roads, greens and water bodies and therefore we believe we should have beyond the project that we 46:24 46 minutes, 24 seconds have in mind we should still have between 90 to 100 acres of land available in our hand. What would they fetch will depend on what the market can 46:33 46 minutes, 33 seconds at that point of time will deliver. But uh it's always going to be a constant battle between evaluating what is the per acre net realization of sales versus 46:41 46 minutes, 41 seconds our own development. For example, the villa development that we have pursued now we've launched about a month ago and it has done very well. Contribution to 46:51 46 minutes, 51 seconds us uh at the pre-tax level should be in excess of 7 7 cr per acre. Whereas if 46:57 46 minutes, 57 seconds you go and uh whether we can monetize 7 per acre on entire surplus land not possible. So it will be a combination of 47:06 47 minutes, 6 seconds a profitable high margin own development as well as sale in the market. If you go to Uttarpura or the subregistra data 47:15 47 minutes, 15 seconds publicly available land record data uh you can see anywhere between 4 cr per acre to uh 5 5 6 cr per acre as well. So 47:25 47 minutes, 25 seconds I think uh uh it'll be a combination is a portfolio right 300 acres cannot be individual project it's a portfolio so 47:32 47 minutes, 32 seconds forward realization can be uh lot more lot more attractive than what the current prices were so we currently see 47:40 47 minutes, 40 seconds in the markets between 3 and 5 per acre transactions happening old development we can old historical developments would 47:47 47 minutes, 47 seconds have delivered less margin I must candidly admit because that market was not developed at that time and we have 47:53 47 minutes, 53 seconds sold we sold apartments in in the uh 24 to 40 lakh ticket size 3 and a half,000 48:00 48 minutes to 4,000 per square pricing but today we are selling at 5,500 per square pricing so it evolves over a period of time but 48:09 48 minutes, 9 seconds uh overall cash flow wise I remain uh uh unchanged on the expectation that of,500 48:16 48 minutes, 16 seconds crores from this surplus from the entire land bank that we have in 48:23 48 minutes, 23 seconds sure thanks for clarity over there. And uh sir uh despite ekarta and portal related issues in Bangalore, are you 48:31 48 minutes, 31 seconds seeing sequential improvement in price realizations in both Bangalore and Pune and has pricing power remained intact or 48:39 48 minutes, 39 seconds are incentives being used to sustain the velocity there. 48:44 48 minutes, 44 seconds So there are two questions here. I I think pricing and the ecata issues are not really related to the current market condition. that's just a customer 48:52 48 minutes, 52 seconds handover and income recognition for a for the residential players. uh I don't think it would have an impact on pricing 48:59 48 minutes, 59 seconds capability but market trends are conducive if you are saying will the pricing be going up like precoid 49:06 49 minutes, 6 seconds postcoid uh 15 20% a year I don't think so will it will the price be moving 49:14 49 minutes, 14 seconds reasonably I would imagine yes for the next couple of years you can see anywhere between 5 6% max 8% kind of 49:23 49 minutes, 23 seconds annual increase in prices that we are seeing on the ground we have seen in same product our own projects we are able to move quarter after quarter we 49:30 49 minutes, 30 seconds are able to increase the prices by 1 one and a half% 2% depending on the micro market so there is a price sequential growth in pricing happening for the 49:40 49 minutes, 40 seconds existing projects new launches are being tested and priced at a very nice sweet spots 49:47 49 minutes, 47 seconds combination of both market conditions as well as the product quality uh the product that we launched last in Bangalore was in Q2 end was called 49:56 49 minutes, 56 seconds Shriam Dhan code name uh uh prices what we have achieved I think we have achieved about 7,350 rupees 7,400 rupees 50:04 50 minutes, 4 seconds per square ft average uh that is in excess of what we initially thought of significantly higher than what we 50:11 50 minutes, 11 seconds underwrote the project so prices are doing well but it is not likely to be 15 20% or 15% kind of annual growth rate 50:19 50 minutes, 19 seconds that we saw in the postcoid spike Understood sir. That answers my 50:28 50 minutes, 28 seconds questions. Thanks for that and uh thank you and all the very best. Thank you. 50:33 50 minutes, 33 seconds Thank you sir. Ladies and gentlemen to ask a question please press star and one now. 50:42 50 minutes, 42 seconds Participants who wish to ask questions may please press star and one at this time. 50:48 50 minutes, 48 seconds The next question is from the line of Sunil Jatakia from Bfly India Opportunity Fund. Please go ahead. 50:57 50 minutes, 57 seconds Thank you for the opportunity and uh congratulations to the management on uh amicable settlement with the Kolkata 51:04 51 minutes, 4 seconds land issue. Uh so my question related to the Kolkata land uh out of 314 acre of land 43 acre goes to government 48 for 51:14 51 minutes, 14 seconds the ongoing project another 50 acre towards the new project. So we left with around 171 175 acre of land. So sir in 51:21 51 minutes, 21 seconds that how much goes towards the infra development like road and water reserv so how much goes for that and balance 51:29 51 minutes, 29 seconds you said is going to be around 90 acre right? So is it 70 to 80 acre goes for the infra development? Is that a right understanding? 51:37 51 minutes, 37 seconds The infra and existing water bodies all should take roughly about anywhere between 50 to 75 acres of area. So there 51:45 51 minutes, 45 seconds 90 to 100 be a developable area post all of this that we have rightfully pointed rightly pointed out. uh outdoor 51:52 51 minutes, 52 seconds development already growing minus government minus new projects I minus I think we should have 90 to 100 acre 52:01 52 minutes, 1 second so so this 90 to 100 acre you want to monetize right there is no plan of development in that you're already developing another 50 acre uh project 52:10 52 minutes, 10 seconds worth 56 million square ft right so this monetize is going to happen within 3 years time is that right understanding 52:17 52 minutes, 17 seconds you you quoted somewhere earlier yes I think We think the monetization capital in a 3-ear period. As you know, it's such a large project. 52:25 52 minutes, 25 seconds Very difficult to put a freeze the numbers up front. Yes. Currently the 900 is the surplus beyond what we have 52:33 52 minutes, 33 seconds thought about as a development. It's basically two apartment complex and one plotted development. If I do all of this, the 50 utilized. So therefore, we 52:41 52 minutes, 41 seconds think 190 to 100 acre would be a surplus. I think we have to be circum circumspect or opportunistic in in terms 52:49 52 minutes, 49 seconds of if the par realization of uh you know quicker turn around like a plots or a 52:55 52 minutes, 55 seconds villa can generate a cont sale per se then we should be open 53:03 53 minutes, 3 seconds enough we should talk ourselves into think I have committed 90 acre sale I have to sell 90 acre because if you look at a warehousing or a data center kind 53:12 53 minutes, 12 seconds of uh business model they will not be paying you more than 4 cr rupees per acre 53:19 53 minutes, 19 seconds but they can absorb large volumes but you do on your own like we done in villa it can be 6 7 crores per acre 53:27 53 minutes, 27 seconds contribution so we have to really this in ter of timing of cash flow versus actual per 53:34 53 minutes, 34 seconds acre cash flow that can come right it's all about NP at the end of it so you have to give us some time to through all of this but primopy what we are seeing 53:43 53 minutes, 43 seconds case we will complete this 66 million of our own plots and apartments. Maybe we can come think about a new product 53:50 53 minutes, 50 seconds versus land monetization as in the opportunity arise but you can you can take that as our commitment that over a 53:58 53 minutes, 58 seconds 3-ear period surplus land should be monetized over a 5 to 6 year period the development will be complete. So we will be completing the entire site in about 6 years hopefully. 54:08 54 minutes, 8 seconds So you as you quoted uh 3 to four cr for a data center guys and uh maybe 6 7 8 uh 54:16 54 minutes, 16 seconds cr acre for a land uh development va development you said. So maybe you can 54:23 54 minutes, 23 seconds take a figure of say 4 5 cr acre and uh can is is it a right uh assumption to 54:30 54 minutes, 30 seconds assume like uh 500 or 600 cr of value can be realized out of this surplus land 5 600 cr 54:39 54 minutes, 39 seconds I'm just saying a ballpark uh it can be much more we are also evaluating now the vida project which we 54:47 54 minutes, 47 seconds launched uh receive tremendous response in fact tickets I from in that location 54:54 54 minutes, 54 seconds we uh I mean uh discovered it's about 1.5 to 1.8 gate towards so 55:03 55 minutes, 3 seconds realign ourself for doing vas so easily whatever the numbers you talked about it uh we'll be able to 55:11 55 minutes, 11 seconds reign okay okay fine fine uh so another question on on 55:19 55 minutes, 19 seconds on the numbers basically uh in terms of our numbers uh we have gone nowhere uh 55:25 55 minutes, 25 seconds uh in terms of the sales volume we were uh in the same level what we were in FI25 sales value again same collection 55:34 55 minutes, 34 seconds same handover same in FI26 there is no growth as such going by this parameter so where do you stand on your uh uh FI28 55:43 55 minutes, 43 seconds uh mission what you had conveyed uh uh sales value of 5,000 revenue of 25 to 3,000 crores and earning of around 250 55:53 55 minutes, 53 seconds cr or so where do you stand on that now two years is left for that So one year is gone we see the other way 56:01 56 minutes, 1 second it's always be half blful. So we have one year of journey and I would probably reserve this question reserve my answer 56:09 56 minutes, 9 seconds for this question till our Q4 results then you would see with more credibility and confidence as to is there a growth 56:17 56 minutes, 17 seconds or not. I I wouldn't like to comment on uh we don't think the metrics are stable or staying stagnant. Yes, since 56:27 56 minutes, 27 seconds up to what we thought about that there are factors which is within our control there are factors which are outside our control like it is like a capital market 56:34 56 minutes, 34 seconds or sens there's an expectation you have and reality comes and hits you in a different way and does it mean that we all pull out of equity immediately I 56:43 56 minutes, 43 seconds don't think so do we expect the equity markets to go up over a 3 year period I would imagine so like that's exactly something similar quarter to quarter we 56:52 56 minutes, 52 seconds can't really keep it's a manufacturing firm where everything happens on a 97% capacity utilization table quarter after 57:00 57 minutes quarter. So I think this this volatility will continue will be there this year will be there in future also. Are we 57:08 57 minutes, 8 seconds moving year to year? Are we moving ahead from a negative earnings in 22? We have come all the way to 77 cr last year and 57:16 57 minutes, 16 seconds we believe I told you that we are looking at anywhere between 90 to 100 plus cr. uh in terms of revenue they have said we'll we'll hopefully be the 1 57:24 57 minutes, 24 seconds 1300500 cr compar which would mean almost like 50/50 growth year on year in income recognition 57:31 57 minutes, 31 seconds so I would I would I would have more I would I would remember and I would request you to join and uh we will have an offline conversation otherwise to 57:39 57 minutes, 39 seconds talk about how we will reach there uh at that point of time uh on uh next next quarterly this is only 45 50 days away 57:48 57 minutes, 48 seconds uh let's let's let's reconnect this topic and you will have a much confidence about so my I was talking from Kolkata land 57:58 57 minutes, 58 seconds issue context because it has been resolved now so I thought it's maybe achievable with the help of modernizing 58:06 58 minutes, 6 seconds this excess land in two years time I thought ultimately revenue and earning 58:17 58 minutes, 17 seconds yeah go ahead So basically with the we still have a two years time for that and uh with the 58:26 58 minutes, 26 seconds monetization over land I think uh uh revenue and earning numbers can be reached with this uh what you have targeted for 28. So I was I was my 58:35 58 minutes, 35 seconds question was in that in keeping in that context in mind. 58:38 58 minutes, 38 seconds No no I appreciate I appreciate and I think there's a positivity to the approach that you're having. All I'm saying is from a core operation wise if 58:46 58 minutes, 46 seconds you look at the number of projects that we have added or adding look at the pipeline and look at the pricing right we used to sell uh uh average of about 58:55 58 minutes, 55 seconds 5,500 6,000 crores until recently right today we are all our new projects are getting into the 6,000 7,000 plus kind 59:03 59 minutes, 3 seconds of ticket size therefore the revenue faster than the volume that is point number one second is as the pricing goes 59:11 59 minutes, 11 seconds up the cost has been under control so your margin margin profile will also change is changing. You would see 59:18 59 minutes, 18 seconds and the real estate please don't look at it on a quarter to quarter margin profile. You see whether annually at a growing from a margin perspective you 59:26 59 minutes, 26 seconds would see uh from our perspective we are confident that we reach there. So I think monetization one part of the game 59:34 59 minutes, 34 seconds which I don't know all of them will have a kick in in FI28 which is our end target for the for the medium-term mission that we have taken for ourselves 59:43 59 minutes, 43 seconds uh without without full uh uh contribution from the monetization also uh 59:51 59 minutes, 51 seconds if you look at the pipel the kind of capital that we're committing on on pipelines right should translate into new launches new volumes and uh so 1:00:00 1 hour that's that's where We we get our confidence from we remain fully confident not just committed we remain confident of uh reaching uh our 1:00:08 1 hour, 8 seconds milestone. Yeah. There may be some variations will be there but it is unlikely to be anything significant or material at that point of time. 1:00:17 1 hour, 17 seconds Okay. 1:00:18 1 hour, 18 seconds Okay. Thank you sir and wish you all the best sir. Thank you. Thank you sir. 1:00:24 1 hour, 24 seconds Thank you sir. The next question is from the line of Rajes Agarwal from Manor. Please go ahead. 1:00:36 1 hour, 36 seconds So my question was on Kolkata land. I think more or less it is answered. What I have understood we can monetize 100 acre of land which can fetch us four 4 1:00:45 1 hour, 45 seconds to 5 cr rupees per acre without development. This is uh before tax. Yes sir. 1:00:53 1 hour, 53 seconds Okay. And balance land will develop which will have a GV value of around 3,000 cr. 1:01:00 1 hour, 1 minute Yeah. Yeah. 1:01:02 1 hour, 1 minute, 2 seconds Okay. And uh and in government how we have settled in the le of that we have given them some 42 acres of land. Huh. Correct. 1:01:11 1 hour, 1 minute, 11 seconds Correct. So we should have gone out. 1:01:16 1 hour, 1 minute, 16 seconds So they're sitting at a very less price than 42 acres maybe 3 4 crores per acre which is around 140 50 acre 140 50. 1:01:25 1 hour, 1 minute, 25 seconds No sir. If you have seen the balance sheet of last year, his liability was estimated around 249 crores. 1:01:32 1 hour, 1 minute, 32 seconds Okay. Okay. So I think they agreed to settle for a less that is what I per acre is almost 6 cr. No. 1:01:41 1 hour, 1 minute, 41 seconds Okay. That 6 crores you're taking. Thank you. No problem. And uh sir uh hello sir if I can supplement we can if I can 1:01:50 1 hour, 1 minute, 50 seconds supplement I don't know what they would have thought about either they have taken a liability deduction or they have taken a per acre valuation very high okay 1:01:58 1 hour, 1 minute, 58 seconds but doesn't matter to us set off at 42 acres and therefore liability is discharged what assumption they had I 1:02:06 1 hour, 2 minutes, 6 seconds don't know okay so sir uh 3 years can we sell the land no next two three 1:02:15 1 hour, 2 minutes, 15 seconds We we are targeting monetization if it is monetization 3 years should be fine as Mr. only pointed to the earlier 1:02:22 1 hour, 2 minutes, 22 seconds caller earlier question it is a it's a dynamic situation right if the opportunity exist for like when I say 56 1:02:30 1 hour, 2 minutes, 30 seconds million square ft we're thinking of one plotted development and two apartment complex like we have done in the past right grand one grand sunshine 1:02:39 1 hour, 2 minutes, 39 seconds like that there are five or six names that I can roll out uh have really given us a new dimension to 1:02:47 1 hour, 2 minutes, 47 seconds the whole story or a per acre contribution perspective but it may not give you that kind of volume right villa 1:02:54 1 hour, 2 minutes, 54 seconds cannot absorb you cannot sell 100 acre into villa so it is a weighted average mix that we're talking about what should 1:03:01 1 hour, 3 minutes, 1 second be the weightage is what he pointed out that we are still working through and thinking through but there is a large capital avail large unblocked value 1:03:10 1 hour, 3 minutes, 10 seconds available which I think will get reflected in our uh company value 1:03:17 1 hour, 3 minutes, 17 seconds so suppose for just a hypothetical The balance land if you don't monetize and we join with a local developer or a 1:03:24 1 hour, 3 minutes, 24 seconds developer of repute. So the land monetization may be much more the value of the land monetization might be that is also monetization. No when we 1:03:33 1 hour, 3 minutes, 33 seconds say monetization does not mean we have to sell it only to warehousing. Understood. 1:03:38 1 hour, 3 minutes, 38 seconds It can be joint development where we are not in the operation and there somebody else is giving us the revenue. 1:03:43 1 hour, 3 minutes, 43 seconds Okay. And so the last question are we facing the same issue of in Chennai also in Bangalore also what for that 1:03:50 1 hour, 3 minutes, 50 seconds regulatory approval of Ekata or whatever Chennai Pune and Kolkata have no such 1:03:57 1 hour, 3 minutes, 57 seconds instances in our in our knowledge we all our projects are put from an approval perspective or uh there is no ea there's 1:04:06 1 hour, 4 minutes, 6 seconds a different name for it and but that system civilized long ago so everybody goes through this problem of system right income tax department 1:04:14 1 hour, 4 minutes, 14 seconds went through software problem like that so they don't have this issue now 1:04:23 1 hour, 4 minutes, 23 seconds is just going through the learning curve now that's all there's no big it's a local Bangalore issue whatever issue is in Kolkata pun and 1:04:33 1 hour, 4 minutes, 33 seconds okay understood thank thank you sir I'm sure thank you thank you sir the next question is from 1:04:41 1 hour, 4 minutes, 41 seconds the line of Sil Sha from Paris Investments please go ahead. 1:04:47 1 hour, 4 minutes, 47 seconds Hi thanks for allowing me a followup. So just one bookkeeping question uh this 250 crores of liability which will be you know knocked off from our balance 1:04:56 1 hour, 4 minutes, 56 seconds sheet. So will this increase our reserves and increase our book value or there will be no impact and it's just an accounting entry. 1:05:04 1 hour, 5 minutes, 4 seconds you know it it it may have some impact on the reserves eventually but it's a gross liability and gross assets get 1:05:11 1 hour, 5 minutes, 11 seconds knocked off but there will be some depending on we still working with our statuto auditors GT the grand carton on 1:05:20 1 hour, 5 minutes, 20 seconds the actual treatment of this and if there are any surpluses it might get eventually flow into reserves and surplus it's a knockoff against both 1:05:29 1 hour, 5 minutes, 29 seconds sides of the balance sheet but there may be some small difference in value which may get added to reserves and surplus Okay. Okay. That's it from my side. 1:05:38 1 hour, 5 minutes, 38 seconds Thank you. Thank you, sir. 1:05:42 1 hour, 5 minutes, 42 seconds Ladies and gentlemen, to ask a question, please press star and one. Now, participants who wish to ask questions 1:05:50 1 hour, 5 minutes, 50 seconds may please press star and one at this time. 1:06:00 1 hour, 6 minutes As there are no further questions from the participants, I now hand the conference over to management for closing comments. 1:06:09 1 hour, 6 minutes, 9 seconds Thank you everyone for joining us on this call on a Saturday afternoon Valentine's Day. Uh I appreciate your 1:06:17 1 hour, 6 minutes, 17 seconds interest in learning and listening to our perspective on the performance and the outlook. We would like to give you 1:06:23 1 hour, 6 minutes, 23 seconds comfort and assurance that uh we believe uh the temporary disruptions are over and we will end the financial year with 1:06:30 1 hour, 6 minutes, 30 seconds a fairly robust financial performance and look forward to uh explaining our full year performance and the outlook at 1:06:37 1 hour, 6 minutes, 37 seconds that point of time for FI27 in the next in entering. If you need any data, any information, please feel free to reach 1:06:45 1 hour, 6 minutes, 45 seconds us directly or through SGA our IR partner and look forward to connecting with you all again in another conference call fairly soon. Thank you. 1:06:57 1 hour, 6 minutes, 57 seconds Thank you sir. On behalf of Shiram Properties Limited, that concludes this conference call. Thank you for joining us and you may now disconnect your lines. Thank you.