Sobha Ltd — Q4 FY26

Sobha Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=5eYiritpWws Published: 8 days ago

0:00 Ladies and gentlemen, good day and welcome to SOHA Limited Q4 FI26 earnings conference call hosted by ICICI Securities Limited. 0:12 12 seconds As a reminder, all participant lines will be in the listenon mode and there will be an opportunity for you to ask questions after the presentation 0:19 19 seconds concludes. Should you need assistance during the conference call, please signal an operator by pressing star then 0:27 27 seconds zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over 0:35 35 seconds to Mr. Abides Chhatapad from ICICA securities. Thank you and over to you sir. 0:41 41 seconds Yeah, good evening everyone. On behalf of ICA securities, I'd glad to welcome everyone on the Shabbal limited call today. uh from the management as always 0:50 50 seconds we have with us Mr. Jagishh Nangini the managing director and Mr. Yogans the chief financial officer. I now now like 0:58 58 seconds to hand over the call to the management for their opening remarks. Over to you. Thank you. Thank you. 1:07 1 minute, 7 seconds Good evening everyone and thank you for joining us on this call for Q4 FI26. 1:14 1 minute, 14 seconds In today's call, we'll briefly go through the operational highlights of the year and little bit about the future. 1:23 1 minute, 23 seconds FI26 has been a exceptional year for the company. Our real estate sales reached 1:29 1 minute, 29 seconds an all-time high of 8,136 crores with strong and consistent average quarterly run rate of approximately 2,000 crores. 1:39 1 minute, 39 seconds We have achieved an average price realization of 14,675 per square ft compared to 13,412 1:48 1 minute, 48 seconds previous year which is reflecting growth of around 9.4%. 1:54 1 minute, 54 seconds From here we expect to grow at a similar rate as last year. Last year we have done about 30% growth in terms of sales 2:03 2 minutes, 3 seconds and similar rate is what we expect this uh FI27 as well. 2:08 2 minutes, 8 seconds Bangalore recorded its highest ever annual sales of 4,5 about 4,500 crores 2:15 2 minutes, 15 seconds uh with both new launches doing well and sustainance sales also doing doing well during the year. 2:22 2 minutes, 22 seconds NCR region delivered a highest ever annual sales of about 2,450 crores with 2:29 2 minutes, 29 seconds our expansion into greater Nida. Both Bangalore and uh NCR together contributed about 85% of our sales. 2:38 2 minutes, 38 seconds Kerala region maintained steady momentum with about 800 crores and other regions contributing about 400 crores. 2:46 2 minutes, 46 seconds In terms of project launches, we launched about 6.04 04 million square ft² during FI26. 2:53 2 minutes, 53 seconds Uh some of the planned launches were delayed due to uh due to multiple factors both external and internal. 3:01 3 minutes, 1 second Having said that in April 26 itself we successfully launched our first uh our project in Gam which is Shoba Crescent 3:10 3 minutes, 10 seconds phase one. Uh it it has received good response. 3:16 3 minutes, 16 seconds Looking ahead, we plan to launch in this financial year uh at least about again uh more than 50% close to about 10 3:23 3 minutes, 23 seconds million square ft is what we look to launch across Bangalore, Guruda, 3:29 3 minutes, 29 seconds Hyderabad, Tashore and uh uh Pune that we will be able to do in the next 3:36 3 minutes, 36 seconds uh overall we have a pipeline of 20.67 67 million square ft in various stages of design and approval. Uh which we plan 3:44 3 minutes, 44 seconds to launch in the next 6 to 8 quarters of which about 10 million we expect to launch in uh in this FI27 itself. 3:55 3 minutes, 55 seconds Our non-real estate businesses which include manufacturing, contracting and retail have continued to perform steadily. These businesses also play a 4:03 4 minutes, 3 seconds critical role in strengthening our backward integrated model and ensuring consistent delivery of world-class quality. We expect to maintain a similar 4:12 4 minutes, 12 seconds run rate with these businesses as well with improved profitability. 4:18 4 minutes, 18 seconds On the project completion front of the for the real estate, we delivered 1,087 homes during the fourth quarter and to 4:27 4 minutes, 27 seconds taking the total to 3,188 homes equivalent to 5.4 million square ft per the year. This again uh has seen an 4:37 4 minutes, 37 seconds increase of about 19% compared to previous year. We are accelerating our delivery and we hope to achieve at least 4:45 4 minutes, 45 seconds uh similar growth in the next year as well. 4:49 4 minutes, 49 seconds In terms of revenue recognition and margins, we witnessed significant improvement in the fourth quarter, primary driven by receipt of occupancy 4:58 4 minutes, 58 seconds certificates which got delayed in the third quarter earlier. 5:02 5 minutes, 2 seconds We currently have an unrecognized real estate revenue of about 18,600 crores. 5:08 5 minutes, 8 seconds uh and the uh we have uh shown in our uh investor presentation as well that we we have we expect an evida margin of at 5:17 5 minutes, 17 seconds least about 30% plus there the projects that are nearing completion and expected to be recognized in the 5:25 5 minutes, 25 seconds next 12 months are likely to deliver higher margins in the range of 24 to 25 26% significant improvement from this 5:34 5 minutes, 34 seconds year and and hence we expect significant ificant uh improvement in RPNL even in FI27 5:42 5 minutes, 42 seconds uh with improving margins over the uh over the quarters and probably little 5:50 5 minutes, 50 seconds bit higher towards the uh towards the end of Q3 and Q4. 5:56 5 minutes, 56 seconds In conclusion, the company has built a strong foundation supported by record sales performance, robust launch 6:03 6 minutes, 3 seconds pipeline and steady operational execution and clear visibility of margin expansion. 6:09 6 minutes, 9 seconds And we believe we are very well positioned to sustain this growth momentum in FI27 and beyond. 6:17 6 minutes, 17 seconds With this, I'd like to hand over the call to our CFO, Mr. Yogeshel, to take you through the financial details. 6:25 6 minutes, 25 seconds Good evening everyone. I am pleased to present our financial performance for the fourth quarter and financial year 26 6:33 6 minutes, 33 seconds with 2526 in FI 20. FI26 was characterized by strong operating execution and 6:41 6 minutes, 41 seconds discipline capital allocation. We delivered record sale while strengthening liquidity and reducing leverage. ending the year in a net debt 6:50 6 minutes, 50 seconds negative position. Our focus remained constant accelerate collection fund uh fund the 6:58 6 minutes, 58 seconds construction and led investment through operating cash flow and improve the quality of earning through lower finance cost. I will brief briefly walk walk you 7:08 7 minutes, 8 seconds through our catalog performance covering both the quarter and year trend along with the our outlook 7:15 7 minutes, 15 seconds and then I will move on P&L during the quarter from all businesses 7:22 7 minutes, 22 seconds we collected,90 cr and for the full year total 7:28 7 minutes, 28 seconds collection was 7,798 cringing a healthy 26.1% growth Over last financial year in 7:36 7 minutes, 36 seconds Q4 real estate collection stand at 1,87 cr and for financial year 26 7,67 cr 7:45 7 minutes, 45 seconds contractual and manufacturing contributed uh 183 cr in Q4 and 732 cr during full financial year 7:54 7 minutes, 54 seconds at net operating cash flow level we generated 366 crores in the quarter and 8:00 8 minutes 1,637 cr in full year resisting growth of 39.4% over FI25 8:10 8 minutes, 10 seconds as on 31st March 2026 gross debt stood at,0002,2 crores while cash and cash equivalent 8:18 8 minutes, 18 seconds was 1,8002 cr maintain a net cash position. 8:23 8 minutes, 23 seconds Coming to PNL for the quarter we recorded a total income of 230 cr taking the full year FI 8:30 8 minutes, 30 seconds 26 total to 5384 cr revenue recognition strengthened during the quarter aided by 8:38 8 minutes, 38 seconds clearance for uh completion certificate of for multiple projects a bit for Q4 uh 8:47 8 minutes, 47 seconds 194 cr with for a bit of 526 is 53 cr 8:56 8 minutes, 56 seconds Q4 was 92 cr and fi 26 was recorded 193 cr 9:04 9 minutes, 4 seconds gross reduced to,2 cr and cash equivalent were 1,800 cr resulting in net debt of 800 cr 9:13 9 minutes, 13 seconds the cash balance provide resilience through cycles and enable us to fund launches construction moment and land investments 9:23 9 minutes, 23 seconds A combination of strong collection, lower cost of funds and a net that negative position strengthen our ability to execute our development pipeline with a disciplined financial posture. 9:35 9 minutes, 35 seconds Looking ahead, company confidency underpinned by strong operating momentum and high visibility across P&L performance, revenue, cash flow and land 9:43 9 minutes, 43 seconds availability. Revenue yet to be recognized from sales done till 31st March stand at 18, 18,647 9:52 9 minutes, 52 seconds cr for a cash 10point projected marginal cash flow from completed ongoing 10:00 10 minutes estimated 9,560 cr and forthcoming project add an additional projected marginal cash flow of 8,699 cr. 10:13 10 minutes, 13 seconds We are aiming uh in FI 27 cash net operating cash flow to 2,000 cr. 10:21 10 minutes, 21 seconds As we scale our priority remain the same strengthen our balance sheet, improve cash flow and maintain speedy execution. 10:27 10 minutes, 27 seconds With this operating framework, we believe show by well positioned for sustained long-term value creation. 10:35 10 minutes, 35 seconds Once again, thank you call for your participation. With this, we can now open the call for questions. 10:45 10 minutes, 45 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press 10:53 10 minutes, 53 seconds star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. 11:02 11 minutes, 2 seconds Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question cue assembled. 11:24 11 minutes, 24 seconds participants. You may please note in order to ensure that the management will be able to address questions from all the participants, kindly limit your questions to two per participants. 11:34 11 minutes, 34 seconds Should you have a follow-up question, please rejoin the queue. The first question is from the line of Parikhit Kandpal from HDFC securities. Please go ahead. 11:44 11 minutes, 44 seconds Hi sir, congratulations on a decent port. Uh so the low expectation I mean our expectation was more like 10,000 K. 11:53 11 minutes, 53 seconds I understand one of the launch got postponed to Gura in Gura. So just wanted to understand if we have a 10 12:01 12 minutes, 1 second minuteline could be I'm sorry to interrupt. I'm sorry to interrupt. Your voice is mappleful. Can you use your handset mode, please? 12:10 12 minutes, 10 seconds Am I audible now? Is it better? Yeah, please proceed. Thank you. 12:16 12 minutes, 16 seconds Question was that my question? All the launches were 15,000 crores about 10 million square ft and 15,000 realization. So if you can highlight 12:24 12 minutes, 24 seconds some of the key launches in Q1, Q2, Q3, Q4. So how will will these launches be spaced out and some of the key launches if you can highlight for us? 12:33 12 minutes, 33 seconds Right. Uh good evening Parik. 12:37 12 minutes, 37 seconds So our some of our key launches uh for this financial year would be uh our phase one of our uh uh postcorte project 12:46 12 minutes, 46 seconds which we are expecting to launch in the first quarter. Um and uh along with that we have we already like I mentioned in 12:54 12 minutes, 54 seconds the opening comments uh we are la we have already launched phase one of our Google project. Both these put together 13:02 13 minutes, 2 seconds itself will be about close to uh 6.1 6.2 million square ft. 13:08 13 minutes, 8 seconds In addition to that then uh go uh in Q2 we have couple of launches in Kerala uh 13:15 13 minutes, 15 seconds which are in uh Calikat and uh in addition to those uh we expect to launch 13:24 13 minutes, 24 seconds couple of more projects in Bangalore. uh essentially one of the projects that we earlier uh launched as a pro house 13:33 13 minutes, 33 seconds project in uh uh in Bangalore we cancelled that project and we are relaunching it with apartments but we 13:40 13 minutes, 40 seconds plan to launch it towards the end of the year. So these would be the main launches taking all of this together to about uh 10 million square ft. In 13:49 13 minutes, 49 seconds addition to that there are couple of more which is uh uh which are tentative uh which might come uh towards uh the 13:57 13 minutes, 57 seconds end of the year uh which is uh one project in uh Pune and uh one project in 14:04 14 minutes, 4 seconds Chennai. So both these if they also come through then we can achieve slightly higher in terms of launches. 14:12 14 minutes, 12 seconds Okay. Uh so on the project Riwana so what exactly happened I mean this is a large project and we were expecting very 14:19 14 minutes, 19 seconds strong scenes from this so what I understand on your presentation you have given about 600 crores of sales from NCR so if you can highlight what was the 14:27 14 minutes, 27 seconds inventory which was open and how much since you have clocked and how has been the momentum in Q1 from this project uh so so how do you rate the response to 14:36 14 minutes, 36 seconds this project given that Q4 and we had this geopolitical issue so you can highlight a bit on on this project. 14:44 14 minutes, 44 seconds Yes. Um uh like you would have seen uh perhidana is a large project. It's about 2 and a half million square ft 1384 14:52 14 minutes, 52 seconds units. We launched our phase one there which is uh 684 units in the pro of the project. We uh 15:01 15 minutes, 1 second in the first few weeks of the launch uh we from we did about 25% of the sales uh 15:10 15 minutes, 10 seconds whatever we launched and the uh due to the good location and um uh and also the 15:18 15 minutes, 18 seconds uh scale of the project there seem there is continued interest in the project and we'll see a steady momentum from here. 15:26 15 minutes, 26 seconds uh we have all the infrastructure in terms of uh sales preparation and the team in place. So hence uh we would see 15:34 15 minutes, 34 seconds a good uh continued sustained sales in the project. We are quite confident of it and in fact we have started our uh execution of the project as well. 15:44 15 minutes, 44 seconds Okay the last question so if you can help sorry to interrupt par please rej for more questions. Thank you. 15:53 15 minutes, 53 seconds Next question is from the line of Kuned Golati from HSBC. Please go ahead. 15:59 15 minutes, 59 seconds Yeah, thank you so much and congrats on good performance. My first question is with respect to the gross margins and IDA. Uh they they still seem to be a bit 16:08 16 minutes, 8 seconds lower than what you've been guiding historically. When should we see expansion of this margin and any particular reason you would like to highlight for this quarter? 16:18 16 minutes, 18 seconds Yeah. Uh good evening um Pune. The um gross margin like I was mentioning is uh will start coming through for the with 16:27 16 minutes, 27 seconds the project completions that we have uh uh that the on the ongoing projects 16:34 16 minutes, 34 seconds which are scheduled to start complete getting completed in uh end of Q2 and Q3 16:41 16 minutes, 41 seconds and that's where I we think that the the gross margins will significantly see start looking uh there will be an uptick 16:50 16 minutes, 50 seconds on that. So as we progress during this financial year FI27, Q3 and Q4 should start looking far better and you would 16:59 16 minutes, 59 seconds start seeing the um Eida margins that we have been projecting projecting of 17:06 17 minutes, 6 seconds course for the entire uh remaining uh uh revenue to recognize but those bids will 17:13 17 minutes, 13 seconds will start uh kicking in and then hence uh the higher profitability will be visible. 17:20 17 minutes, 20 seconds Uh okay my second question is number one you had this uh rowhouse plan which you converted to apartment how should we 17:28 17 minutes, 28 seconds think about this in the scheme of what you are viewing in the market? 17:34 17 minutes, 34 seconds Uh well it's a uh I think uh it's a it's a it's a strategic call that we have 17:41 17 minutes, 41 seconds taken given the extent of the land that we had and the kind of uh uh development 17:49 17 minutes, 49 seconds one can plan there. So hence uh and given the kind of uh ticket sizes that we will be able to uh through which 17:59 17 minutes, 59 seconds we'll be able to achieve higher sales momentum. This seem to be a much better uh utilization of the land and hence uh 18:06 18 minutes, 6 seconds we are uh making that attempt to change which would give uh for the same land probably we'll give uh we'll get better 18:14 18 minutes, 14 seconds both realization and the overall margins as well. So uh from from that perspective it's a it's a it's a very 18:21 18 minutes, 21 seconds positive change which will add to the overall uh uh sales numbers uh sales value and the and the margins. 18:30 18 minutes, 30 seconds Understood. And lastly if you can just talk about what should be sorry to interrupt questions. 18:36 18 minutes, 36 seconds Please rejoin the queue sir for more questions. 18:39 18 minutes, 39 seconds Okay thank you. Next question is from the line of Kiresh Chadri from Aendas Park. Please go ahead. 18:47 18 minutes, 47 seconds Yeah. Hi Jagish. Congratulations for a strong year. Uh my first question is on 18:54 18 minutes, 54 seconds again on the host launch. uh if you if you can give us some more color on on on the total uh size of the project and 19:03 19 minutes, 3 seconds break it up between phase one, phase two, the GDB uh and then where are we in terms of the approvals uh both on the 19:11 19 minutes, 11 seconds design and then also the radar uh timelines right so the uh thank you Harish so the 19:19 19 minutes, 19 seconds this project is will be about uh 5.3 million square ft only residential portion Um so that's uh more we should 19:29 19 minutes, 29 seconds be able to receive our era in Q1 itself and launch the project. So we are in very advanced stages of the of the 19:37 19 minutes, 37 seconds launch. So we uh and uh the overall GDB for the project should be about uh uh about 7,000 crores. 19:48 19 minutes, 48 seconds So it's a large uh uh launch for us and we we expect to see sustained uh uh demand for this kind of product. 19:58 19 minutes, 58 seconds Okay. Okay. Um yeah, thanks. And uh uh second question uh uh in in terms of uh 20:06 20 minutes, 6 seconds just monitored uh your uh outlook or how to look at uh business development uh heading into fiscal 27. Um right um in 20:16 20 minutes, 16 seconds in the PPT you also mentioned about um your key markets will be Hyderabad and uh also Mumbai but uh what we can see is 20:24 20 minutes, 24 seconds that there is a minimal land parcels or projects there in Hyderabad and Mumbai. 20:29 20 minutes, 29 seconds So firstly how to look at the business development in terms of the key areas and also from a cash flow point of view what uh can I mean what's your budget 20:38 20 minutes, 38 seconds budgeted uh outlay for for the land right uh so uh from a BD point of view 20:46 20 minutes, 46 seconds we are we are continuously adding of course uh new projects uh and hence you can keep seeing that uh our despite our 20:55 20 minutes, 55 seconds sales uh year on year the potential launch ES that we can do they continue to remain roughly around 16 to 20 21:03 21 minutes, 3 seconds million square ft uh every uh at at at any point of time. So the the business 21:10 21 minutes, 10 seconds development like you would have seen that last year we have spent close to about uh 1150 1160 crores on uh land. uh 21:20 21 minutes, 20 seconds I think uh with the kind of cash flow that's being generated there are certain some some more uh uh uh pending land 21:28 21 minutes, 28 seconds payments for the existing uh lands and post that I think we with the kind of uh cash flow that's getting generated we 21:36 21 minutes, 36 seconds should be able to uh uh do continuous business development in these locations so Hyderabad uh while uh we plan to do 21:46 21 minutes, 46 seconds that we are just we're hoping to launch our first power second project uh this uh exponentially yes uh we are on on the 21:56 21 minutes, 56 seconds approval stage and continuously looking at continuously looking at the new opportunities in Hyderabad as well. 22:04 22 minutes, 4 seconds Yeah. Uh so from a cash flow point of view can we look at the similar uh 1,00,200 crores kind of a spend uh in fiscal 27? 22:14 22 minutes, 14 seconds Yes. Uh that is exactly what I was alluding to. So oops uh in not not only that we are uh we have done that and lot 22:23 22 minutes, 23 seconds of uh the u u payments that are required for uh pending payments for for the existing lands. Once uh those bits are 22:32 22 minutes, 32 seconds also done which should we should be able to do it by in the first uh half then um most of the uh additional cash flow will be going into new business developments. 22:44 22 minutes, 44 seconds Sure. Thank you and all the very best. Thank you. 22:50 22 minutes, 50 seconds Thank you. Next question is from the line of Bipla De BMA from MK Global. Please go ahead. 22:58 22 minutes, 58 seconds Uh good afternoon everyone. Uh congratulations on the excellent results. Uh so um I just wanted to know 23:07 23 minutes, 7 seconds how is the performance uh to the new launches in you know uh Shhar, Ian and Ken. I mean how much you have sold till date in this project? 23:19 23 minutes, 19 seconds So uh thank you Bipl uh Rivana like I mentioned last quarter which we launched uh I mean towards the last week of the 23:28 23 minutes, 28 seconds uh quarter we did quite decent in terms considering the uh uh uncertainty around 23:34 23 minutes, 34 seconds built around that time and we are seeing positive uh sustainment sales as well. 23:40 23 minutes, 40 seconds So whatever we launched we we sold about 25% of that in crescent which we launched in April uh first uh in in the 23:49 23 minutes, 49 seconds month of April. So we did roughly about uh uh 50% of the sale there. So which is 23:57 23 minutes, 57 seconds which is quite encouraging. So both have started out really well and since we have the inventory in both places we can 24:04 24 minutes, 4 seconds continue to see good momentum. But in terms of rupees score how much invest 24:11 24 minutes, 11 seconds uh in um uh in um crescent it's about 1100 coursees 24:18 24 minutes, 18 seconds and riana uh ribana it's about 500 24:24 24 minutes, 24 seconds and sir uh uh what is the current deal pipeline visibility in MMR and no 24:31 24 minutes, 31 seconds greater na u so in MMR We are pursuing couple of projects uh which we should be if we 24:40 24 minutes, 40 seconds which we should be able to conclude during this year which are one is a redevelopment project and one is uh we 24:47 24 minutes, 47 seconds are uh uh trying to buy a land. uh both are re I mean small uh uh projects but 24:55 24 minutes, 55 seconds at the same time it'll give us a good understanding of uh how we can operate and scale in Mumbai as and our current 25:02 25 minutes, 2 seconds view uh the way we are operating in Mumbai is that we will continue to uh see how we are forming and also uh 25:11 25 minutes, 11 seconds getting to learn the uh nuances of the market while we are doing that in NOA we uh we have seen significant uh uh demand 25:21 25 minutes, 21 seconds for our product and which we have done well. We have already launched two projects there. So uh we have uh 25:28 25 minutes, 28 seconds additional uh u two to three additional lands that we are actively pursuing and we hope if we can conclude at least one 25:37 25 minutes, 37 seconds of them then in this year in addition to what what I have mentioned if everything works then probably we can launch that project too. 25:46 25 minutes, 46 seconds Okay great. Thank you sir. Thank you. Thank you. 25:53 25 minutes, 53 seconds Next question is from the line of Filahham from Choice Institutional Liquities. Please go ahead. 26:00 26 minutes Uh hello everyone. Uh good afternoon and uh congratulation for uh this set of numbers. So my first question is on the 26:08 26 minutes, 8 seconds guidance like do we have any uh specific guidance for pre-sale and average selling price for FI 2728? 26:17 26 minutes, 17 seconds If yes then uh it it would be helpful if you can share. 26:23 26 minutes, 23 seconds Uh good evening pen. The uh I have mentioned this in my opening remarks. So I think uh this year we have achieved 26:30 26 minutes, 30 seconds about 30% growth in our pre-sales and similar is what we can expect in in FI27 as well. 26:39 26 minutes, 39 seconds Okay. And the uh next question is like can you share uh the geography wise or 26:46 26 minutes, 46 seconds across the market wise the demand momentum and the uh average price or price momentum uh considering your last quarter 26:54 26 minutes, 54 seconds performance uh specifically in Bangaluru and the uh other other news new cities which you expanded. 27:04 27 minutes, 4 seconds Yeah. So from a pricing point of view it's uh quite stable for the last uh three to four quarters and we expect uh 27:12 27 minutes, 12 seconds the stability in terms of pricing uh to continue u and hence uh it's uh uh more 27:20 27 minutes, 20 seconds the the increase would come more from volume rather than uh price increases uh and both in terms of NCR and in uh in in 27:30 27 minutes, 30 seconds Bangalore uh both both seem to be on a similar path which is where the demand also has stabilized and in fact even the 27:38 27 minutes, 38 seconds pricing has stabilized. So given both these there is a lot of certainty in terms of how things will pan out uh from 27:45 27 minutes, 45 seconds a from a pricing point of view for for us and for the industry and hence we 27:52 27 minutes, 52 seconds should be able to continue to see the demand momentum continue. 27:59 27 minutes, 59 seconds Okay. Thank you. Thank you. 28:03 28 minutes, 3 seconds Thank you. Next question is from the line of Pitesh from Access Capital. Please go ahead. 28:11 28 minutes, 11 seconds Uh yeah. Yeah. Thanks for the opportunity. Good evening. Uh first question again on uh on Riana. Just uh hopping a bit on the uh you know 28:20 28 minutes, 20 seconds response that we got uh versus what we have got in Crescent. Uh and and what we had heard is Nida as a market is doing 28:29 28 minutes, 29 seconds better than uh what we see in Guro. uh on that backdrop your response of 25% 28:36 28 minutes, 36 seconds sales uh at launch uh what do you think uh you know could have been better uh you know in term to get a better 28:44 28 minutes, 44 seconds response versus what we have seen for other you know peers uh even we had got some you know pricing feedback uh that 28:53 28 minutes, 53 seconds it's it stand higher than what was expected so uh it was it intentional in terms of pricing that project higher 29:02 29 minutes, 2 seconds uh you know to get a very sustainance kind of a response a sustainance kind of a sales from this project. Yeah. 29:09 29 minutes, 9 seconds Um good evening. So on rivana one should understand that it is uh it was launched 29:16 29 minutes, 16 seconds in the last uh week of the uh of the month typically we uh of March. So 29:24 29 minutes, 24 seconds typically we do uh have a preparation phase after we receive uh RERA and this 29:31 29 minutes, 31 seconds we had launched I mean the the uh timing difference between once we get RERA and the launch it has been quite uh low 29:39 29 minutes, 39 seconds because uh we wanted to launch in this in FI26 itself. Um so hence uh the uh 29:47 29 minutes, 47 seconds the value that we are seeing is uh is is uh not a typical launch but it's a uh 29:55 29 minutes, 55 seconds it's a launch given the uh timing difference between the uh REA receiver and the actual launch uh launch events. 30:05 30 minutes, 5 seconds So hence uh we can see that uh it's not we we don't need to view it only as a launch uh uh sale and hence uh determine 30:14 30 minutes, 14 seconds how it's uh going to how it's going but uh post that also our uh sustenance sales also seem to be quite good and 30:23 30 minutes, 23 seconds with the current kind of momentum we should see good suspense sales and which is uh frankly it's a it's something that 30:30 30 minutes, 30 seconds which is we are quite fine with it uh and we considering that this is a large project and uh uh over the period we can 30:40 30 minutes, 40 seconds potentially see uh certain price increases as well. So uh we we are quite uh okay with the kind of sales uh 30:48 30 minutes, 48 seconds momentum that we have seen given the time frame between the uh era rera of 30:56 30 minutes, 56 seconds receiver and the uh and the launch date from a from a pricing point of view I think it's quite uh consistent with our 31:05 31 minutes, 5 seconds typical pricing policy and uh this sector being uh slightly better in terms of the uh existing infrastructure etc. 31:16 31 minutes, 16 seconds and what we have done in the previous launch in Noida which is in Shoga Oram or Sepra 36 uh there is uh u there is a 31:24 31 minutes, 24 seconds small difference in the pricing but I that should uh that that should be okay and it's quite well accepted and it's uh it's doing it's doing well. 31:36 31 minutes, 36 seconds Sure. Sure. Got it. Uh that's helpful. 31:38 31 minutes, 38 seconds Uh and just second on host uh you talked about the residential uh portion uh are we also planning to build any rental 31:47 31 minutes, 47 seconds yielding assets in host considering uh we have a large uh we know 100 acre land is part of first phase and overall 250 31:55 31 minutes, 55 seconds 300 acres. So so your thoughts on building a rental building assets inspect absolutely that is uh one of the plans. 32:04 32 minutes, 4 seconds uh but however with phase one that's what we are developing it's um uh largely residential we have a small bit 32:11 32 minutes, 11 seconds of retail and commercial space but that's uh uh that's about u less than 6 7% of the overall development but we do 32:21 32 minutes, 21 seconds intend to have uh uh a commercial uh developments in phase two and three uh 32:29 32 minutes, 29 seconds the the the exact design mix and uh the actual development ment is still uh 32:36 32 minutes, 36 seconds under uh design stage. So uh once we have that clarity then we'll definitely 32:43 32 minutes, 43 seconds uh uh showcase that that's part of the uh future development and how much of it is going to be uh commercial/ retail. 32:54 32 minutes, 54 seconds Got it. That's helpful. Thank you. That's it from my side. All the best. Thank you. Thank you. 33:02 33 minutes, 2 seconds Next question is from the line of Pikshit Kpal from HDFC Securities. Please go ahead. Yes sir. 33:09 33 minutes, 9 seconds Thanks for the followup. Uh so my question is on uh the demand. Uh so how do you read the demand across market 33:17 33 minutes, 17 seconds uh NCR and southern India especially in Bangalore in light of the AI concerns which people have which and large part 33:25 33 minutes, 25 seconds of our client used to be ITI it. How are you seeing are you seeing any slowdown in the mix from the ITI it as a as a whole in your prefer if you can give 33:33 33 minutes, 33 seconds some color how do you perceive the demand from that yeah I understand the I understand the concern with respect to the both the 33:41 33 minutes, 41 seconds macro and specifically related to I AI and impact uh while that that's a uh 33:49 33 minutes, 49 seconds concern that's uh existent across the industry uh on the ground what we are 33:55 33 minutes, 55 seconds seeing from a uh u which are our leading indicators u which is visible for us uh 34:03 34 minutes, 3 seconds there doesn't seem to be big slowdown or anything of that sort there seems to be a continued interest in in the projects 34:10 34 minutes, 10 seconds and like I have been mentioning in the previous calls the from a ticket size point of view if we are within certain ticket size of about uh below three 34:19 34 minutes, 19 seconds cores or so the demand seems to be quite uh robust um so uh hence There is uh 34:28 34 minutes, 28 seconds from uh probably the demand side it might not be on an very high increase path which we had seen in between 21 22 34:37 34 minutes, 37 seconds 23 but uh the demand seems to be steady as of now uh with respect to how it's actually unfold in terms of how things 34:45 34 minutes, 45 seconds are uh going to happen in in future with respect to AI and any of the other uh technology or any other macro uh macro 34:54 34 minutes, 54 seconds aspects that we'll have to uh wait and watch. But uh what I believe is the currently the demand seems to be quite 35:02 35 minutes, 2 seconds quite good in NCR as well for the right kind of pricing at product there seems to be a good demand which is uh 35:09 35 minutes, 9 seconds witnessed in both uh in both of our launches. So from actual uh uh real 35:17 35 minutes, 17 seconds outcomes perspective it seems to be positive. Um is there any concern in future because of any other reasons? uh we'll have latency correction. 35:28 35 minutes, 28 seconds Okay. And this is just on the business development term when 1100 was spent. So how much was the GDB addition in FI26 35:36 35 minutes, 36 seconds and what kind of GB addition we're looking for FI27 in value terms? 35:42 35 minutes, 42 seconds Uh you you know uh Pikshit we don't uh um generally give out a guidance on the 35:51 35 minutes, 51 seconds business development. uh we our uh aim is to at least have a pipeline of at least about 10 million square ft every 36:00 36 minutes year and that's what uh we would continue to work upon and currently like you have seen we have about 20 million 36:08 36 minutes, 8 seconds square ft which is 2 years of uh new launches. So we are quite good in terms of uh uh visibility for the next two 36:16 36 minutes, 16 seconds years and in and we continue to generate uh uh good cash flow from operations and that will be deployed and I think that's 36:24 36 minutes, 24 seconds good enough for us to sort of uh add the uh add to the pipeline of our current projects. So we are quite confident in 36:32 36 minutes, 32 seconds terms of how we go about it. So that should not be a concern from a uh from from a uh business development and 36:41 36 minutes, 41 seconds visibility of the project launches perspective. 36:44 36 minutes, 44 seconds Okay. And just one last question if I may. Uh there's 52 hours of rentals which you currently are clocking. So so 36:52 36 minutes, 52 seconds our earlier strategy I think we tried with APMC to ramp up the rental but it did not pick up and I think that sh so now next four five years how do we look 37:01 37 minutes, 1 second at this rental trajectory going given in Oscot we are evaluating some of the commercial assets on ownership basis. So any sense any color on how do you think 37:09 37 minutes, 9 seconds about the annuity business from here on and pension three four years how big this could be on annualized basis 37:17 37 minutes, 17 seconds right now it's a very important uh uh decision and discussion that we are having in terms of how to build our 37:25 37 minutes, 25 seconds rental portfolio see uh as of now we we we are not developing any of the rental 37:32 37 minutes, 32 seconds uh uh any of any new projects right immediately And hence uh we uh although we have 37:40 37 minutes, 40 seconds opportunities for that in in few areas um like Hoscote and like in Gam we have uh we have a a commercial uh uh project. 37:52 37 minutes, 52 seconds So these uh these lands we can definitely build towards building rental and uh and we can we uh the rental 38:01 38 minutes, 1 second portfolio is going to see definant increase from this uh current rental. So 38:07 38 minutes, 7 seconds I I as of now I think the uh we are in a stage where we think that we should be able to build at least about 2 million 38:16 38 minutes, 16 seconds square ft additionally uh in the coming uh few years for which land is already available either in Hoskot or in uh in 38:23 38 minutes, 23 seconds GDA and small other uh developments that we are doing in Guda also. So hence uh 38:31 38 minutes, 31 seconds um uh clear visibility right now we have about two to two and a half million square ft. Going forward if uh we decide 38:38 38 minutes, 38 seconds to have this as a uh separate vertical and and strategy for that we would uh we would we start working on it. Um our 38:47 38 minutes, 47 seconds current focus is on building the residential portfolio and getting all these launches on on time and achieve a 38:55 38 minutes, 55 seconds better uh value uh from a pre-sales and improving our profitability while that's happening. So this one is uh something 39:04 39 minutes, 4 seconds that we are uh uh looking at it and we should start getting better traction in in the next couple of quarters in terms of visibility how we go forward. 39:14 39 minutes, 14 seconds Okay. Sure. Thank you. Thank you very much. Thank you. 39:21 39 minutes, 21 seconds Next question is from the line of Kunid Golati from HSBC. Please go ahead. Yeah. 39:29 39 minutes, 29 seconds Yeah. Thanks for the followup. Can you also talk about what you're seeing in terms of approval process in Bangalore and there was also a potential FSI law 39:38 39 minutes, 38 seconds change which was supposed to come. Where is it in the pipeline now? 39:42 39 minutes, 42 seconds Right. uh punit from a approvals process uh it's u there is no significant change either 39:50 39 minutes, 50 seconds in uh positive or negative so uh it's quite stable in terms of approving approval environment is concerned u from 39:59 39 minutes, 59 seconds a uh new additional FSI that might come in Bangalore that is uh still uh it's 40:06 40 minutes, 6 seconds it's still an ongoing uh um matter that's in various forum And we believe that it it will come 40:15 40 minutes, 15 seconds through at some point of time and once it comes through then we'll have to bake that into our plans in terms of development uh potential for the lands that we hold or how we how we develop. 40:27 40 minutes, 27 seconds So that's uh the the exact clarity of that is yet to emerge uh from the last time that we had a conversation. So 40:36 40 minutes, 36 seconds we'll we'll wait and watch and as as and when it gets uh uh the clarity emerges then we can uh we can let you know. 40:44 40 minutes, 44 seconds Okay. Great. That's all from myself. Thank you so much and all the best. Thank you Punit. 40:51 40 minutes, 51 seconds Thank you. Next question is from the line of Akash Gupta from Namura. Please go ahead. 41:02 41 minutes, 2 seconds Hello Mr. Gupta. Yes, your honor. Please proceed. 41:06 41 minutes, 6 seconds Uh, hi sir, congratulations on great performance. 41:11 41 minutes, 11 seconds Uh, sir, my question is more again from the demand perspective. Uh, just wanted 41:18 41 minutes, 18 seconds to know your thoughts on the number one uh footfalls and consequent conversions 41:26 41 minutes, 26 seconds and then are you seeing time lines extending due to this war impact. Second 41:33 41 minutes, 33 seconds is uh from a labor standpoint are you seeing any shortage? And then third is 41:40 41 minutes, 40 seconds from the inflation standpoint how much uh cost increases are you seeing? How much margin impact will that have? And 41:50 41 minutes, 50 seconds then how are you planning to offset that through price increase? These are my three questions. Thank you so much. 41:57 41 minutes, 57 seconds Good questions Akash. So first on the demand side um see like I said in the from a leading indicators point of view 42:04 42 minutes, 4 seconds which is uh uh our uh inquiries and visits they seem to be quite stable across all our projects which are in 42:11 42 minutes, 11 seconds sustainance and uh last year and even this year in some of the launches the uh at the time of launch the the the kind 42:20 42 minutes, 20 seconds of momentum that we are seeing is superior than what we had seen earlier and hence uh we as of Now uh things look 42:29 42 minutes, 29 seconds uh quite positive in terms of uh continued demand. Uh so uh if though and in the sustainance project also there 42:38 42 minutes, 38 seconds seems to be a continued interest. So on both these parameters things uh seem to be quite uh good u and of course there 42:47 42 minutes, 47 seconds is a concern related to the macro environment related to how the uh this is the geopolitical events that are that 42:54 42 minutes, 54 seconds are occurring and unfolding. uh but uh when we actually look at the uh the ground reality it seems to be quite stable. 43:05 43 minutes, 5 seconds Second in terms of the uh u labor shortage what you had discussed what you have just asked so that uh it's a of 43:14 43 minutes, 14 seconds course we uh everyone throughout the industry has uh faced a a labor uh 43:21 43 minutes, 21 seconds shortage or issue because of the elections that has that has occurred in the in the four states. So that I think 43:29 43 minutes, 29 seconds is a uh brief interruption to the uh steady uh flow of the uh uh requirement. 43:37 43 minutes, 37 seconds Uh but I think once this stabilizes then we are back to normal in terms of the number of people working at the site. 43:44 43 minutes, 44 seconds Third is with respect to the uh price increases and how it might impact us. 43:49 43 minutes, 49 seconds there is of course surely there is a significant price increases for a short while in some of the commodities and in 43:56 43 minutes, 56 seconds some of the other materials. So it the impact of of that immediately over the 44:03 44 minutes, 3 seconds course of the whole projects is uh is is yet to be estimated. It's uh it's it's a 44:09 44 minutes, 9 seconds little uh dynamic situation and we'll have to wait and see as how long this uh 44:16 44 minutes, 16 seconds uh the current issues will continue and hence how much of that will be uh will 44:23 44 minutes, 23 seconds actually come and hit us in terms of margins because typically for uh any of the projects we do have a little bit of 44:31 44 minutes, 31 seconds uh um escalation that we take into account. Um it doesn't look like it's we have gone past those escalations. 44:39 44 minutes, 39 seconds However, it like I said it's entirely dependent on the uh duration of this uncertaintity price increases. Is it 44:47 44 minutes, 47 seconds like short-term, medium-term or it's going to be a permanent feature. So once we get a probably much better sense of 44:56 44 minutes, 56 seconds it in the next uh 3 to 6 months then uh we will be able to get a good handle in terms of the impact of that. While 45:05 45 minutes, 5 seconds that's the case uh the how much we'll be able to increase prices and hence there is offset that's always the case. Um 45:14 45 minutes, 14 seconds again we had we had done that earlier in the in the past when it was COVID where there was significant pricing cost 45:21 45 minutes, 21 seconds increases and hence correspondingly we could take uh uh price increases in new projects. Uh this time we will have to 45:31 45 minutes, 31 seconds uh see the demand and supply situation also and hence we'll have to take the call. So it's not as simple as last time 45:38 45 minutes, 38 seconds wherein uh the demand was quite robust and it was uh uh there was a pent-up 45:46 45 minutes, 46 seconds demand as well which we could capture but uh this time uh again this is a uh 45:52 45 minutes, 52 seconds event uh inflation and whereas demand seems to be quite stable. Uh so it all 46:00 46 minutes depends on again demand supply and how we can uh how we can react to that. So it's currently wait and watch mode for 46:08 46 minutes, 8 seconds us. Um we will take the call once things get clear. 46:12 46 minutes, 12 seconds Understood sir. Uh and just one question for particularly for your Gam project. I mean due to the war in the Middle East, 46:21 46 minutes, 21 seconds are you seeing any uh I mean better than expected demand from the Middle East uh 46:29 46 minutes, 29 seconds particularly for your Gorgon project uh just from an investment perspective? Is there any change that you're picking up? 46:39 46 minutes, 39 seconds Uh uh the reasons for investment in uh in Middle East and reasons for investment in local markets might be 46:47 46 minutes, 47 seconds quite different. So uh immediately we we we have not seen anything any huge 46:54 46 minutes, 54 seconds changes but uh we do say see some some changes in our Kerala market where there 47:00 47 minutes is uh um the inquiry flow is slightly better uh considering uh majority of the 47:07 47 minutes, 7 seconds demand comes from Middle East and there we can see that there there can be uh slightly better opportunities for us to 47:14 47 minutes, 14 seconds capitalize on the uh more uh or renewed interest in uh uh in India. 47:22 47 minutes, 22 seconds Understood sir. Thank you so much. Thank you. 47:27 47 minutes, 27 seconds Thank you. Next question is from the line of Pepl from MK Global. Please go ahead. 47:35 47 minutes, 35 seconds Uh thank you. Uh so what would be the GDP of the Mumbai deal pipeline? The two deals that you mentioned earlier the redevelopment and outcome. 47:46 47 minutes, 46 seconds uh both the new uh projects both put together should be about uh 2,000 course uh 47:54 47 minutes, 54 seconds oh that's quite big and the second question is sir you mentioned 48:01 48 minutes, 1 second shar Iana till date sold 500 cr and cryent 1100 cr in terms of field till 48:09 48 minutes, 9 seconds date so does this indicate that uh cryent has received a stronger market response compared to I thought it would 48:18 48 minutes, 18 seconds be other way around right uh like I mentioned club it is a 48:25 48 minutes, 25 seconds function of uh uh also the time that we have given from uh uh for for us to 48:34 48 minutes, 34 seconds prepare in terms of launch so I uh it's I don't see it as uh 48:41 48 minutes, 41 seconds too I mean linked uh in terms of responses both are doing pretty well. So and and we had quite a good preparation 48:50 48 minutes, 50 seconds for uh uh both the projects and and frankly the one of the aspect that has 48:57 48 minutes, 57 seconds actually impacted us is the timing which is in March versus uh April and as you know in March things were quite uh I 49:06 49 minutes, 6 seconds mean everyone's quite uncertain as how things uh were going to pan out. So given that I think it's a it's a quite 49:12 49 minutes, 12 seconds uh we started out quite positively and that should that should continue. 49:18 49 minutes, 18 seconds Okay sir. Okay. Thank you sir and all the best sir. Thank you. 49:24 49 minutes, 24 seconds Thank you. Next question is from the line of Perves Kazi from Nama Group. Please go ahead. 49:32 49 minutes, 32 seconds Uh hi good evening sir. Thanks for taking my question. Uh so my first question is uh of the 10 odd million 49:39 49 minutes, 39 seconds square feet that we plan to launch in FY27 what would be the GDV of these project? 49:47 49 minutes, 47 seconds Uh good evening PV. So if you take an average uh pricing of about what we have done this time uh which is about 4,700 49:56 49 minutes, 56 seconds and similar maybe around 15,000 that would be about 15,000. 50:02 50 minutes, 2 seconds Sure. and and we have either released or unreleased inventory of about 12 13 o,000 more in our existing product. So, 50:11 50 minutes, 11 seconds uh is that the fair way to look? We'll have maybe close to about 27 28,000. That's right. That's right. 50:20 50 minutes, 20 seconds Sure. Uh great. Thanks and all the best. 50:24 50 minutes, 24 seconds Thank you for Thank you. Next question is from the line of Muri Krishnan from Sundaram Mutual Fund. Please go ahead. 50:35 50 minutes, 35 seconds Yeah, thanks for taking question. Um, so just want to understand this 30% growth uh and also continuing with uh last 50:44 50 minutes, 44 seconds question. So uh how much would be coming from the sustenance and how much would be expected from the new new launches uh 50:52 50 minutes, 52 seconds specifically because Hoscote will be a significant portion of our uh new launch. So uh you did indicate that you 50:59 50 minutes, 59 seconds will uh accelerate the launches if required. So just to understand the sensitivities to this growth. Yeah. 51:07 51 minutes, 7 seconds Right. So uh uh thanks for the question. 51:10 51 minutes, 10 seconds The ability to generate sales from new launches is also dependent on the uh 51:17 51 minutes, 17 seconds timing when we launch project right. So the uh earlier we launched during in the year the higher would be the 51:25 51 minutes, 25 seconds contribution from the from those new launches uh during the year. Last year we did uh I mean this year uh FI27 we uh 51:34 51 minutes, 34 seconds we expect roughly about uh 45 uh to 50% from sustainance and uh um 50 to 55% from uh new launches. 51:50 51 minutes, 50 seconds Understood. Thanks. Thanks. Thank you. 51:55 51 minutes, 55 seconds Thank you. Next question is from the line of Prashit Kpal from HDFC Securities. Please go ahead. 52:04 52 minutes, 4 seconds Yes. One question on Riana sir. So you said that you had a very limited window. 52:08 52 minutes, 8 seconds So out of 20,000 you have sold about 25% till now until May. So have you seen 52:15 52 minutes, 15 seconds again like come back in that project? Do you think that you still I mean you achieve 50% or more in this project. Now 52:23 52 minutes, 23 seconds we are seeing good uh sustained sales more periph 52:33 52 minutes, 33 seconds in an uncertain environment but we are looking we we are seeing good response from from a sustained sales point of 52:40 52 minutes, 40 seconds view. It's not at the same level as uh as a as a launch one. Uh but at the same 52:46 52 minutes, 46 seconds time as you know generally the level of interest and the momentum that's created in launch is not uh necessarily followed 52:54 52 minutes, 54 seconds through. So in this case u we we have started see uh the uh generally we see a 53:03 53 minutes, 3 seconds big fall off after the uh the launch but here we have we are seeing a good uh continued interest. So I would not say 53:12 53 minutes, 12 seconds that it is uh going to continue in the same momentum but I see a uh very good 53:18 53 minutes, 18 seconds sustained sales and for this project uh to do well um the the the kind of uh 53:26 53 minutes, 26 seconds given the scale of the project in in greater NOA uh a a good sustained sales will really help in terms of the 53:35 53 minutes, 35 seconds continued interest and uh frankly we are quite prepared uh for that in uh during 53:42 53 minutes, 42 seconds the year. So based on how things progress uh during the year, we would uh launch the uh phase 2 or subsequent 53:50 53 minutes, 50 seconds towers of the project during the year uh during the course of the year and uh uh at any point of time whenever we launch 53:57 53 minutes, 57 seconds a new tower or another phase uh again we can see a spurt in the in the demand there. 54:04 54 minutes, 4 seconds Okay. Question on correction. So now we have Kevin I'm sorry to interrupt 54:11 54 minutes, 11 seconds sir can you repeat your question uh we you're not audible okay so the host is about 7,000 of GDB 54:19 54 minutes, 19 seconds so phase one is how big and typically we have seen 54:26 54 minutes, 26 seconds it is like host response initially so so how do you think because we've already been collecting EIS for some time now I 54:34 54 minutes, 34 seconds I remember from March and sometime that period this 54:41 54 minutes, 41 seconds is pretty sure given all the fact so if you can give on this 54:47 54 minutes, 47 seconds yeah um understand uh the uh the phases of the launches is also dependent 54:56 54 minutes, 56 seconds on the kind of demand that uh that comes through and we have uh the uh mix of the 55:03 55 minutes, 3 seconds product product across uh multiple towers bas This is the demand across these uh um uh the unit size mix. Uh we will continue to open uh new uh towers. 55:17 55 minutes, 17 seconds Uh which is which is typically done in any large project. Here also we would follow the same. uh first is uh the 55:24 55 minutes, 24 seconds depending uh the dependency of the opening of uh phases and and the towers 55:31 55 minutes, 31 seconds is on uh purely on demand and also the construction schedule that we follow. So that we are going to follow and here uh 55:40 55 minutes, 40 seconds to start with at least half of it we should be releasing and uh um if the demand is quite good then we would 55:47 55 minutes, 47 seconds immediately release the subsequent ones also because uh we get for the entire project at once. 55:54 55 minutes, 54 seconds So about three and a half thousand crores is what will potentially come as a launch u depending on the demand and it can be upsized as demand actual 56:04 56 minutes, 4 seconds demand translates into numbers. Is it right? Absolutely. You're right. 56:09 56 minutes, 9 seconds And any initial comment on being the EOI here because this has been out in the market for some time. So how are you seeing and it's a large project so 56:17 56 minutes, 17 seconds typically township projects see good traction. So any initial sense on how how the footfall or UI has been for this project? 56:26 56 minutes, 26 seconds Well, it's uh there is uh good interest in the project given the scale of the project, right? And uh large communities 56:33 56 minutes, 33 seconds are a differentiating factor for a lot of customers in uh in cities like Bangalore. So, this would also I believe 56:42 56 minutes, 42 seconds attract uh good set of customers who are interested in such large uh developments. So, initial interest seems 56:49 56 minutes, 49 seconds to be good. uh the our first focus is to get all the approvals right and then start the actual uh uh sales process uh 56:59 56 minutes, 59 seconds with solid preparation. So which which is underway. So we'll get to know the uh the uh uh how things progress and how 57:08 57 minutes, 8 seconds how we uh the momentum that's created uh and that's obviously it's going to flow into our uh operation update at the end of the quarter. 57:18 57 minutes, 18 seconds Then this should be a T3 and after 4,000 quarter C quarter because your BA has done 1100 if this sells about 14,000 57:26 57 minutes, 26 seconds should add 12,300 and payments of about,000. 57:30 57 minutes, 30 seconds So should be at least 3,000 plus of this photo. 57:36 57 minutes, 36 seconds Uh we hope so. I mean I really hope what you are estimating comes true. Uh so uh 57:43 57 minutes, 43 seconds our our uh job is to make sure all the preparation everything happens and then uh whatever result comes uh comes we'll 57:52 57 minutes, 52 seconds aim for the best result for okay sure sir thank you and wish you the best for this launch look forward 58:00 58 minutes thank you thank you that was the last question for today I would now like to hand the conference over to the management for 58:09 58 minutes, 9 seconds closing comments Thank you everyone for participating in the call. I hope uh we were able to 58:18 58 minutes, 18 seconds answer most of the questions uh uh um appropriately. In case of anything more 58:25 58 minutes, 25 seconds uh please reach out to us. Uh we as a company we have seen a good uh last year and we're quite confident of the next 58:34 58 minutes, 34 seconds couple of years also with great visibility on across all parameters. Uh while we are doing this uh our aim is to 58:43 58 minutes, 43 seconds continue to uh build on the strong foundation and the brand that we have uh built and that is at uh that is on 58:52 58 minutes, 52 seconds execution across the team members u and our team is doing a fantastic job on all the parameters. Uh we hope to continue 59:00 59 minutes our good performance uh in the coming future as well. Uh thank you for listening and wish you all the very best. 59:10 59 minutes, 10 seconds Thank you very much on behalf of ICICI Securities Limited. That concludes this conference. Thank you all for joining us 59:17 59 minutes, 17 seconds today and you may now disconnect your line. Thank you, sir.