Sunteck Realty Limited — Q4 FY26

Sunteck Realty Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=4WnhZhvv-RI Published: 3 weeks ago

0:02 2 seconds Ladies and gentlemen, good day and welcome to the SUNTC realy earnings call for Q4 and full year FI26. 0:08 8 seconds We have with us today Mr. Kamill Ketan the chairman and managing director of the company, Mr. Prashant Chave, the chief financial officer and Mr. Bishek 0:17 17 seconds Shukla, the vice president of strategy and investor relations. Please note that this call will be for 30 minutes and for the duration of this conference call, 0:24 24 seconds all parts lines will be in the listen only mode. 0:27 27 seconds This conference call is recorded and the transfer for the same may be put on the company's website. After the management discussion, there will be an opportunity 0:35 35 seconds for you to ask questions. There will be a Q&A session and we will request you to request restrict your questions to two per participant. Should you need 0:43 43 seconds assistance during the conference call, please signal an operator by pressing star and then zero on your touchstone phone. Before I hand the conference over 0:50 50 seconds to the management, I would like to remind you that certain statements made during the course of this call may not be based on historical information or facts and may be forward-looking 0:59 59 seconds statements, including those related to business statements, plans, and strategies of a company, its future, financial condition, and growth prospect. These forward-looking 1:07 1 minute, 7 seconds statements are based on expectations and projections and may involve a number of risks and uncertainties and other factors that could cause actual results, opportunities and growth potential to 1:16 1 minute, 16 seconds differ materially from those suggested by such statements. I now hand the conference over to Mr. Kamill Kaken from 1:23 1 minute, 23 seconds Sentech Realy Limited. Thank you and over to you. 1:29 1 minute, 29 seconds A very good uh good evening to everyone and thank you for joining us today to participate in our company's earning 1:38 1 minute, 38 seconds conference call for the fourth quarter and full year of financial year FI26. 1:45 1 minute, 45 seconds I would like to take you through the key development for this period and before that uh to share the general 1:54 1 minute, 54 seconds outlook on the real estate. We believe uh that Uber luxury and premium luxury to continue to do well and the 2:02 2 minutes, 2 seconds aspirational luxury segment is also showing some signs of initial recovery given the decrease in home loan rates and income tax benefits. 2:15 2 minutes, 15 seconds Uh coming to our results now we delivered a strong financial performance for the full year of FI26 2:23 2 minutes, 23 seconds with revenue growth of 32% yearonearita growth of 64% yearonear and a pad growth 2:32 2 minutes, 32 seconds of 34% yearonear demonstrating a robust operational resilience and sustained profit profitability over the last three years since FI24. 2:44 2 minutes, 44 seconds before we have doubled our revenue growth and grown our AITA by two 2.6x 2:52 2 minutes, 52 seconds and nearly tripled our PAT. On the operational performance front, I'm pleased to share that we have closed FI26. 3:02 3 minutes, 2 seconds On the strong note, our fullear pre-sales stood at rupees 32 billion, registering a robust growth of 25% over FI25. 3:14 3 minutes, 14 seconds This strong performance reaffirms the guidance we had shared at the start of the year. Sales contribution was well 3:22 3 minutes, 22 seconds distributed across projects with our Uber luxury and premium luxury segment continuing to drive a larger share of our pre-sales. 3:32 3 minutes, 32 seconds This segment mix carries a high embedded AITA margin and we expect it to contribute meaningfully to our margin expansion going forward. 3:44 3 minutes, 44 seconds It's important to note that our unsold under construction inventory is today 3:51 3 minutes, 51 seconds less than 12 months amongst the lowest in the market and the ready unsold stock 3:58 3 minutes, 58 seconds in our Maki projects gives us our required liquidity when needed. 4:05 4 minutes, 5 seconds On the cash flow front, we have generated a strong net cash flow surplus of rupees 5.5 billion for the full year 4:13 4 minutes, 13 seconds FI26, representing a growth of 48% yearonear. 4:19 4 minutes, 19 seconds This has enabled us to maintain our net debt to equity at negligible level of 0.06x 4:28 4 minutes, 28 seconds despite the strong investment in business development. We have invested 4:34 4 minutes, 34 seconds rupees 8.1 billion in full year of FI26 compared to rupees 1.8 billion for full year of FI25. 4:45 4 minutes, 45 seconds This demonstrates a commitment towards expanding our development portfolio while preserving the balance sheet discipline. 4:54 4 minutes, 54 seconds On the business development front in FI26 has been a strong year for the portfolio expansion. 5:02 5 minutes, 2 seconds During the year we added three new projects to our portfolio with a combined gross development value of 5:09 5 minutes, 9 seconds approximately rupees 50 billion which includes first 1 to 2.5 acres 5:16 5 minutes, 16 seconds redevelopment project at Anderi near western express highway the second one 5:22 5 minutes, 22 seconds near 3 uh 3.5 acres joint development project at Mira road and lastly the 5:31 5 minutes, 31 seconds outright acquisition of 1.75 acre land parcel at Unbi near International 5:36 5 minutes, 36 seconds Airport which with this uh additions the total GDV of SENC as of FI26 stands at 5:46 5 minutes, 46 seconds approximately rupees 441 billion gross of pre-sales 5:52 5 minutes, 52 seconds we remain firm and continue to evaluate more opportunities with a strong focus 5:59 5 minutes, 59 seconds on high IR and high equity multiple philosophy. 6:05 6 minutes, 5 seconds We are incredibly proud of our sustainability leadership. 6:11 6 minutes, 11 seconds In the 2025 Dow Jones sustainability index assessment, we achieved an 6:17 6 minutes, 17 seconds impressive ESG score of 78 out of 100, placing us among the top three Indian 6:25 6 minutes, 25 seconds real estate developers on the global benchmark. 6:29 6 minutes, 29 seconds Along with that, we have also earned a stellar 99 out of 100 in the 2025 global 6:38 6 minutes, 38 seconds real estate sustainability benchmark, securing the coveted the green five-star rating. 6:46 6 minutes, 46 seconds I shall now hand over the call to Prashant Chave to make you prove the 6:53 6 minutes, 53 seconds financial performance of Q4 and fullear FI26. 7:02 7 minutes, 2 seconds Thank you sir. Good evening everyone. I trust you have had the opportunity to go 7:09 7 minutes, 9 seconds through our latest results and the investor presentation which are published on our company website and the 7:17 7 minutes, 17 seconds stock exchanges. I would like to take this opportunity to share a brief update 7:24 7 minutes, 24 seconds on financial and operational performance of quarter 4 and 12 months of FI26. 7:31 7 minutes, 31 seconds The key details are we sold rupees 1,64 K worth of area in quarter 4 FI26 a growth of 22%. 7:43 7 minutes, 43 seconds During the full year we booked pre-sales of rups 3,157 crores, a growth of 25% yearonear. 7:53 7 minutes, 53 seconds Collections for quarter 4 stood at rups 432 crores a growth of 39% 8:00 8 minutes and for the full year collections stood at rups 1,433 crores a growth of 14%. 8:08 8 minutes, 8 seconds On the profit and loss statement front, operating revenue stood at rupees 339 crores for quarter 4 of FI26. 8:20 8 minutes, 20 seconds Aida stood stood at rupees 97 crores with a margin of 29% 8:28 8 minutes, 28 seconds and net profit stood at rupees 63 crores with a net margin of 19%. 8:35 8 minutes, 35 seconds On the fullear basis, operating revenue stood at rups 1,124 crores for FI26. 8:45 8 minutes, 45 seconds Aida stood strong at rups 305 crores with a marida margin of 27% 8:54 8 minutes, 54 seconds and net profit stood at rupees 202 crores with a net profit margin of 18%. 9:01 9 minutes, 1 second Net debt to equity stood at 0.06x. 06X with a net cash surplus of rupes 552 crores during FI26. 9:11 9 minutes, 11 seconds Thank you. With this we open the floor for questions. 9:19 9 minutes, 19 seconds Thank you. We will now begin the question answer session. Anyone who wishes to ask a question may press star and one on your touchstone telephone. If 9:28 9 minutes, 28 seconds you wish to remove yourself from the question key, you may press star and two. Participants are requested to use handsets while asking a question. 9:36 9 minutes, 36 seconds Ladies and gentlemen, we'll wait for a moment while the question Q assembles. 9:42 9 minutes, 42 seconds We have the first question from the line of Kunal Laken from CLSA. Please go ahead. 9:47 9 minutes, 47 seconds Yeah. Hi. Uh good evening. Uh quickly uh if you can give an update on the Dubai project in terms of um launch timeline now considering the Middle East issue. 9:59 9 minutes, 59 seconds Hi Kunal. Uh uh thank you uh for the question. Uh so we all know obviously 10:07 10 minutes, 7 seconds the uh impact of the due to the impact of war the so the project is launch ready for us and whenever we see the 10:16 10 minutes, 16 seconds event settling down we will be looking forward to launch the project as soon as possible ASAP. 10:25 10 minutes, 25 seconds Just to recap, our land parcel is one of the most prime location next to Dubai Mall in Bh Kalifa community, downtown 10:33 10 minutes, 33 seconds Dubai and our land cost to GDB is very healthy and there is no debt on the 10:40 10 minutes, 40 seconds project. So we maintain our earlier communication that this project will continue to remain highly profitable 10:51 10 minutes, 51 seconds and we are very comfortable situation and this does not impact any of the company's growth trajectory as far as 10:58 10 minutes, 58 seconds the launch exact timeline obviously we all have to see this event settling down and only then we will be able to launch 11:07 11 minutes, 7 seconds ASAP. I I can repeat at the cost of reputation we are project launch ready right now. 11:15 11 minutes, 15 seconds Uh understood sir. Uh just one thing in terms of like the interest or the the the you know the demand that you are 11:22 11 minutes, 22 seconds sensing for this project pre pre-war uh do you sense the same kind of excitement around the project uh once things settle 11:29 11 minutes, 29 seconds down? So it will be only if I make any statement it will be more of a 11:35 11 minutes, 35 seconds speculative I think uh it is we it's very important kunal that we see the uh 11:43 11 minutes, 43 seconds how this settles up and just at the again the reputation cost company has no debt on the entire balance sheet of sac 11:52 11 minutes, 52 seconds also at the SPV project level we don't have any debt uh at uh no there is a zero debt at Dubai project level also. 12:01 12 minutes, 1 second So uh and our cost of acquisition is like uh compared to even the post war whatever whatever settles even if the 12:10 12 minutes, 10 seconds market comes down I continue to maintain once again the profitability will continue to remain very high in this 12:17 12 minutes, 17 seconds project irrespective of what happens because our cost of acquisition is uh very very low compared to the uh pre 12:26 12 minutes, 26 seconds even if the market corrects by 10 20% we are not worried about it but we will be looking to launch this project ASAP. 12:34 12 minutes, 34 seconds Understood sir. Uh my second question is on the business development side like know we did some substantial spend this year 800 cr plus. Uh what what should we 12:44 12 minutes, 44 seconds expect for say 27 like you know should this number be higher than 800 cr or like say 20 35% growth over last year. 12:55 12 minutes, 55 seconds Yeah. So business development uh uh we like last year we have put like close 13:01 13 minutes, 1 second less than 2 billion uh rupee 200 crores and this year we have done more than 800 crores. uh we are obviously looking at 13:10 13 minutes, 10 seconds our cash flow strong cash flow uh and we will we will be investing uh 13:17 13 minutes, 17 seconds aggressively but at the same time we are very very clear that our profitability 13:24 13 minutes, 24 seconds and uh IRS are not compromised and it's al obviously all depends on the good 13:31 13 minutes, 31 seconds opportunity which we do so in in my in my uh remarks also I made it very clear 13:38 13 minutes, 38 seconds that While doing the uh BD we will always uh maintain uh our philosophy of 13:45 13 minutes, 45 seconds high IRRa and high equity multiple philosophy. So we are very clear uh and we will be at the same time looking at 13:52 13 minutes, 52 seconds our strong cash flows. We and we see the same cash flows coming in years uh in current year as well as the next 14:00 14 minutes financial year. Uh so we are very very optimistic about the BD uh investments as well. Sure, sure. Sure. Just to 14:09 14 minutes, 9 seconds follow up on the cash flow, sir. Like, you know, if you look at the collections, right? This this year itself like the collection was 13%. 14:17 14 minutes, 17 seconds Which is significant. 14:18 14 minutes, 18 seconds Uh we are we are losing you. We are Can you Can you repeat? Am I audible, sir? No. 14:24 14 minutes, 24 seconds And now you're perfectly fine. You're fine. 14:26 14 minutes, 26 seconds Yeah. Yeah. Just to follow up on the cash flows, sir. If you look at a collection this year, the collections grew 14% YI uh significantly lower than 14:34 14 minutes, 34 seconds the sales growth of 25%. Right? And even a collection as a percentage of sales also like you know less than 50%. I mean 14:42 14 minutes, 42 seconds in terms of cash flows more so driven by collections we should we should see a substantial jump going into FI27 right? 14:50 14 minutes, 50 seconds Yeah, definitely FI27 we will have a better obviously person that's why you see the growth will continue to uh grow 14:57 14 minutes, 57 seconds it will have to become better and better yeah I agree with you of course you have uh FI27 and FI28 you will see a very 15:06 15 minutes, 6 seconds very strong cash flow that's why we are very very bullish and optimistic about our uh acquisition uh strategy at the 15:13 15 minutes, 13 seconds same time again uh just repeating that without uh compromising on IR uh and the uh the multiples on the investment. 15:24 15 minutes, 24 seconds Understood. Understood. Thank you so much and all the best. Thank you. Thank you. Punal. 15:30 15 minutes, 30 seconds Thank you. We have the next question from the line of Prates from Access Capital. Please go ahead. 15:38 15 minutes, 38 seconds Uh yeah, congrats on the uh continuation of growth trajectory. Uh just couple of 15:45 15 minutes, 45 seconds questions. Uh first on the uh launches uh you know expected in FI27 uh apart from Dubai obviously which is an 15:53 15 minutes, 53 seconds uncertain one but apart from Dubai which all launches should one expect uh to come by in FI27 and total GDV if you can elaborate on that as well. 16:11 16 minutes, 11 seconds Sorry Pan you'll answer this question. 16:14 16 minutes, 14 seconds Uh hi hi Pesh. Uh so in terms of uh launches uh we have a slew of launches 16:21 16 minutes, 21 seconds uh that we are planning for the next 12 months. So as you are already aware we have already launched Lavia Fifth Avenue 16:29 16 minutes, 29 seconds in ODC Gore West. So that project is already launched. Uh separately from that we have a project uh redevelopment 16:38 16 minutes, 38 seconds project coming up in Andhiri near western express highway. Then we have a new tower coming up in uh SUNTC sky park 16:46 16 minutes, 46 seconds in Mira road. Then we have two more towers coming up in Santec Beach Residences in Vasai. Then a new phase 16:54 16 minutes, 54 seconds will come up in SUNTC world in Nyag plus the new acquisition in Mira road that will also uh be launched in the current 17:03 17 minutes, 3 seconds in the next 12 months and already you have Napc plus Napc road project is already there. So all these are you know 17:12 17 minutes, 12 seconds the key launches that we are uh we have we we see ourselves in the next 12 months and in broader GDV of these launches if you have those number handy. 17:22 17 minutes, 22 seconds Uh so uh it can be close to 6 to 7,000 cr of GDP. 17:33 17 minutes, 33 seconds Close to approximately 7,000 cr of GDP. 17:37 17 minutes, 37 seconds Sure. Correct. That that's helpful and and just on uh you know the recent projects that we have signed uh it's mix 17:45 17 minutes, 45 seconds of outright sorry just to just to correct uh 7,000 cr of GDB from plus nc plus nc 17:55 17 minutes, 55 seconds whatever from nia and plus bkc and plus the existing inventory. 18:01 18 minutes, 1 second Yeah. Yeah. Sure. Sure. Uh so second on on the recently acquired projects uh 18:08 18 minutes, 8 seconds right it's mix of outright uh as well as uh you know one redevelopment uh you know what should be the uh margin 18:17 18 minutes, 17 seconds expectations from uh those projects uh and uh if you can also highlight uh you 18:24 18 minutes, 24 seconds know while bulk of the sales now is coming from uh the Uber luxury project uh you know both BKC as well as uh uh as 18:33 18 minutes, 33 seconds well as uh Napy road you know what should be the blended EITA margins that you know one should assume 18:41 18 minutes, 41 seconds for FI26 pre-sales that that we have done and and you know for whatever we have signed in FI26. 18:49 18 minutes, 49 seconds Yeah. So, so uh Pritesh uh uh from if you see 18:56 18 minutes, 56 seconds current sales uh uh what we have done is uh 94 crores to approximately 100 crores 19:04 19 minutes, 4 seconds have come from aspirational luxury and close to 360 to 70 crores have come from 19:11 19 minutes, 11 seconds premium luxury and and close to 600 crores have come from UP luxuries and 19:17 19 minutes, 17 seconds other uh commercials uh as else. So total uh if you see 10 to 15% is from 19:25 19 minutes, 25 seconds aspirational luxury, 40 to 45% is from premium luxury and close to 50% is from Uber luxury and others commercials etc. 19:37 19 minutes, 37 seconds So, so these are the this is the way and when you come to uh when you are asking 19:44 19 minutes, 44 seconds to uh uh to answer to to answer your second question what will be the kind of margin AITA margin what we are what we 19:52 19 minutes, 52 seconds are looking at so blended AITA margin we are looking at minimum 35 to 40%. Uh even in the new acquisitions we are not 20:00 20 minutes worried about coming down below 35%. We are very clear on that even in our new uh investment strategy or acquisition 20:08 20 minutes, 8 seconds strategy or even a redevelopment or JVJD uh uh so we are looking at minimum uh 30 35% on each project basis. 20:19 20 minutes, 19 seconds Sure. So if I got you correctly FI26 pre-sales whatever we have done then the debit margin should be 354% and that is 20:26 20 minutes, 26 seconds what we are hoping to maintain for the uh up uh the recently signed projects as well. So recently signed project you can 20:33 20 minutes, 33 seconds say 30 35% margins uh and uh blended will be close to 35 to 40%. 20:41 20 minutes, 41 seconds Sure. Sure. Okay. Okay. That's helpful. 20:43 20 minutes, 43 seconds Uh that's it from my side and all the best. Thank you Prit. Thank you. 20:49 20 minutes, 49 seconds Thank you. We have the next question from the line of Punit from HSBC. Please go ahead. 20:56 20 minutes, 56 seconds Uh yeah thank you so much. My first question is on uh you know some commentary on pricing trend. Uh where are you seeing the direction of pricing 21:04 21 minutes, 4 seconds in Mumbai market? Are you finding still room to grow beyond inflation or or should one assume more flattish growth there? 21:15 21 minutes, 15 seconds So punit uh so I gave in fact I feel that uh we should not uh expect too much 21:24 21 minutes, 24 seconds of price rise from here. I think a stable price uh in this atmosphere or 21:31 21 minutes, 31 seconds this uh current situation should be good enough and we see the demand in Uber 21:39 21 minutes, 39 seconds luxury and premium continue to maintain uh uh will be continued at the same momentum. We definitely feel we are very 21:47 21 minutes, 47 seconds bullish on it. At the same time uh we are also feeling once uh that even your 21:55 21 minutes, 55 seconds aspirational luxury segment affordable segment which is also uh looking a positive pick uh uh that we are seeing a 22:04 22 minutes, 4 seconds good demand picking up there also because of the I think income tax benefits and also uh maintaining the 22:12 22 minutes, 12 seconds home loans at a lower levels. So that is now driving slight more demand than before 22:20 22 minutes, 20 seconds and especially in okay and especially in last one month uh are you seeing any change in pattern given 22:27 22 minutes, 27 seconds there is you know clearly disturbance or uncertaintity on account of war are you seeing slower footfalls in your projects 22:35 22 minutes, 35 seconds or slower conversion rates at all I I footfalls I can say definitely 22:44 22 minutes, 44 seconds definitely may uh must have dropped by 5 10%. For sure. But I think conversion 22:52 22 minutes, 52 seconds ratios are similar. Uh but I think this is not uh uh more worrisome. I don't see 23:00 23 minutes that. Uh it's one month uh if you see one month cut trajectory uh I don't 23:07 23 minutes, 7 seconds think we should be worried about it. We are quite confident again at the cost of repetition I maintain that we are quite 23:15 23 minutes, 15 seconds confident on Uber luxury as well as uh premium luxury segment and we have seen 23:22 23 minutes, 22 seconds you have seen uh we have grown by uh throughout the year 25% even the last quarter we have done very well so we are very bullish on it we are very 23:30 23 minutes, 30 seconds optimistic on it I would say uh and at the same time we have seen in the last quarter even the demand picking up in aspirational luxury segment. 23:41 23 minutes, 41 seconds Okay. And any shortage of material labor that you are experiencing currently? 23:47 23 minutes, 47 seconds So yes definitely there is some shortage but that was that I feel is more because 23:54 23 minutes, 54 seconds of the like West Bengal elections this all these elections people labor tend to 24:01 24 minutes, 1 second go for the voting purpose and all uh for for various reasons. So that and again that that is we'll see that coming back 24:09 24 minutes, 9 seconds again because this elections are over by the end of this April. Uh that's not again a worrisome. Uh otherwise we don't 24:18 24 minutes, 18 seconds see much problem. Huh? Maybe in some finished goods there is the prices are uh increase like in tiles and all some 24:27 24 minutes, 27 seconds of the goods which are import dependent which are maximum imports are happening. 24:33 24 minutes, 33 seconds But again we look see it as a temporary thing because of this event which is going on. We are all waiting to waiting 24:41 24 minutes, 41 seconds and watching it. I think uh but that is not for a real estate in uh Mumbai like 24:48 24 minutes, 48 seconds our average selling price would be more than 25 30,000 rupees a square ft that way for us even if construction cost 24:56 24 minutes, 56 seconds goes up by let's say 2% or 3% should not impact our profitability to that extent. 25:04 25 minutes, 4 seconds So and we we consider this is very temporary. So we are very particular in buying our raw materials like when uh uh 25:14 25 minutes, 14 seconds what is required immediately only that much we are buying because we see those sensitive material obviously not to buy 25:22 25 minutes, 22 seconds right now. Uh okay but definitely there is some uh problem in some certain uh supply chain certain 25:30 25 minutes, 30 seconds supply but but no short to kindly come back in the queue for follow-up questions. Okay, 25:38 25 minutes, 38 seconds thank you. We have the next question from line of Rishid Sha from Access Capital. Please go ahead. 25:47 25 minutes, 47 seconds Hi. Hi. Thanks for the opportunity. Uh good evening sir. Uh so two questions from my end. Uh so firstly on the 25:55 25 minutes, 55 seconds deliveries from the P&L angle, what kind of deliveries or completions are we targeting for FI27? 26:03 26 minutes, 3 seconds So you would like 26:14 26 minutes, 14 seconds uh hi Rashid. In terms of delivery in uh in the in the coming financial year, we are looking at uh our project at SUNTC 26:23 26 minutes, 23 seconds one world in uh in So that project will come up for delivery and along with that all the ready inventory which is 26:30 26 minutes, 30 seconds there from there also revenue recognition will happen. 26:35 26 minutes, 35 seconds Okay. Okay. Uh fair enough. And uh on the uh leasing side so on the fifth avenue that is commercial part. So have 26:44 26 minutes, 44 seconds we started on working on the construction of it? Uh so uh Rishit Fifth Avenue constructions uh we are looking to start uh very soon. 26:57 26 minutes, 57 seconds Uh most most of the approvals are in place. Uh that's why first we wanted to launch our residential tower in the 27:05 27 minutes, 5 seconds fifth avenue which is uh we did recently Alavia and we got a good response uh and 27:12 27 minutes, 12 seconds for the commercial bit now the approvals almost we are through with all most of the approvals and very soon uh you will see this uh construction starting now. 27:24 27 minutes, 24 seconds Just a follow up. Uh how is the contribution from Fifth Avenue this quarter or maybe in the second half in terms of I will not 27:32 27 minutes, 32 seconds Yeah. So I said we got a very good response and I would not be able to give you immediately the split but I kept 27:40 27 minutes, 40 seconds giving you which we considered in as a premium segment. In the premium segment this quarter we have done a close to 370 27:49 27 minutes, 49 seconds approximately 370 cr sales and quite a bit has come from that. 27:56 27 minutes, 56 seconds Uh if I can just add one more question any guidance that you would like to give for FI27 and the pre-sales. 28:05 28 minutes, 5 seconds So FI27 see we remain very confident of sustaining similar growth I can say. So 28:13 28 minutes, 13 seconds whatever we have done right now growth in terms of growth percentage we will maintain that momentum very easily in 28:20 28 minutes, 20 seconds coming year for sure and with improved margins also because of our uh uh 28:29 28 minutes, 29 seconds because of the prices have gone up uh and whatever we have booked right now till now the profitability that was from 28:36 28 minutes, 36 seconds the historic sales and now going forward we'll have only better margins better and better margins Perfect. Thank you. 28:45 28 minutes, 45 seconds Thank you. Thank you. Thank you. 28:48 28 minutes, 48 seconds We have the next question from the line of Abinavs from Jeff. Please go ahead. 28:58 28 minutes, 58 seconds Hi Abin. Mr. Can you hear us? 29:04 29 minutes, 4 seconds Yeah. Uh uh hi. Can you hear me now? Yes. 29:09 29 minutes, 9 seconds Yeah, we can hear you. Yeah, we can hear you, sir. on pre-sales uh just following up on the previous one. Uh do you expect similar growth uh comment that you have given uh even X of Dubai? 29:22 29 minutes, 22 seconds Yes. uh 100% confident that we irrespective of Dubai launch happening or not happening we are seeing a similar 29:31 29 minutes, 31 seconds growth uh because that hence we are preparing ourselves to do more launches uh and we are very confident that we'll 29:40 29 minutes, 40 seconds maintain our growth maintain our growth okay and you said that maybe the footfalls are down a little but 29:48 29 minutes, 48 seconds conversions are flat so do you think the first quarter could be a little soft and Most of this growth will be in the later part of the year. 29:56 29 minutes, 56 seconds No, I don't think so. So I said only one month we saw this but because we can see that's a peak of the event especially in 30:04 30 minutes, 4 seconds the Uber luxury and the premium luxury people would definitely like to wait and watch uh only due to that maybe some 30:12 30 minutes, 12 seconds drop in conversion or a footfall but otherwise if you see the quarter we have done in fact the best in uh uh only in 30:21 30 minutes, 21 seconds that segment that's why I continue to maintain the bullishness in the premium luxury segment and the Uber luxury segment. 30:28 30 minutes, 28 seconds Okay. Go ahead. Go ahead. Go ahead, please. 30:32 30 minutes, 32 seconds Yeah. No, so on the Napian Sea Road project, uh I mean the site appears to be shaping up quite well uh you know with with uh with with the progress that 30:40 30 minutes, 40 seconds we now see on ground. I just wanted to get a check on you know how large you think this can become and do you think a 30:47 30 minutes, 47 seconds proper RA uh and plans can be you know floated and approved this year in FI27? 30:54 30 minutes, 54 seconds Yeah 100% we are in fact you will see everything happening maybe in this first two quarter itself coming first two 31:00 31 minutes quarters and uh you will see action on the construction site also construction site also uh we'll start the 31:08 31 minutes, 8 seconds construction on on the our Bhagasara plot the first phase and we are very confident on that we're very very 31:15 31 minutes, 15 seconds confident on that okay um so finally on the jp nagar project so are thinking of this as a commercial or a residential right now. 31:29 31 minutes, 29 seconds So, uh it will be you know slight early to uh uh me mention that whether it will 31:37 31 minutes, 37 seconds be residential or commercial but we are definitely exploring both residential or commercials. Uh if uh it's located 31:47 31 minutes, 47 seconds because just off one road and sahar road very near to the international market. 31:52 31 minutes, 52 seconds So in fact it has a great opportunity for commercial rentals. So that is making us uh feel and uh looking at a strong balance sheet. We would like to 32:00 32 minutes also increase our rental portfolio. Uh at the same time we are seeing the good residential demand in that location. So 32:09 32 minutes, 9 seconds we are slightly uh in two minds but we will take this decision in next 15 days 32:16 32 minutes, 16 seconds and we will start accordingly. uh and we are quite confident at least we'll break 32:22 32 minutes, 22 seconds the ground in Q1 or maximum Q2 itself uh at JBagar project 32:31 32 minutes, 31 seconds great sir thanks and all the best thank you thank you thank thank you thank you we have the next question from the line of hush from 32:39 32 minutes, 39 seconds motil please go ahead sir thanks for the opportunity uh so my first question is on the uh pre-sales so 32:47 32 minutes, 47 seconds what is the contribution ution that is coming from the BKC and NPC projects. 32:58 32 minutes, 58 seconds So h uh in Q4 uh if you look at the full 12 months uh Uber luxury segment we are 33:05 33 minutes, 5 seconds and and the and we we are giving a a mix of Uber luxury and the commercial. Uh so in Uber luxury we have uh definitely two 33:14 33 minutes, 14 seconds projects which is BKC and u uh an MPC road project and so in Q4 the sales has 33:23 33 minutes, 23 seconds been total put together is 69 crores and uh in 12 months if you see it is close to uh 1,500 crores. 33:35 33 minutes, 35 seconds Uh yeah uh this 6 609 crores would it be possible to give a break up between BKC and APLC? 33:42 33 minutes, 42 seconds So I can give you the breakup uh if you want I will uh you can uh Prashant will you you you send the query we'll give 33:49 33 minutes, 49 seconds you the detailed breakup on both the both the projects because this includes some portion of the commercial as well. 33:55 33 minutes, 55 seconds So all three breakup uh Prashant will be able to share with you. 33:59 33 minutes, 59 seconds Okay. Okay sir. Yeah that's it from my idea. Thank you. Thank you. 34:04 34 minutes, 4 seconds Thank you. We have the next question line of Punit from HSBC. Please go ahead. 34:10 34 minutes, 10 seconds Yeah. So then from the followup uh there is no shortage of material that you are facing right. I mean that's I wanted to 34:18 34 minutes, 18 seconds it's shortage is more some finished good materials. So we have some of the finished good materials my 34:26 34 minutes, 26 seconds so we are not fortunately in many projects where the finishing except the one world where it's going on there is 34:33 34 minutes, 33 seconds there is absolutely no shortage in terms of cement or steel or RNC or the sand or a brick or those kind of things so we 34:43 34 minutes, 43 seconds don't see any construction delays or construction price rise because of that too much only where the project is 34:50 34 minutes, 50 seconds completing we don't want to wait maybe share something which is not available where we are finding it slight difficult to source but otherwise it is not that 34:58 34 minutes, 58 seconds that the problem which is which is perceived as the problem which is like people are that believing that much 35:06 35 minutes, 6 seconds right and and while I appreciate in Dubai you have no debt and and land cost to GDP is quite healthy how much have 35:13 35 minutes, 13 seconds you invested in Dubai so far so exact number I will be I I'll give you so just to mention this here 35:22 35 minutes, 22 seconds obviously for the launch. uh so when when we bought this land so I'll just give you a a glimpse to make you understand 35:30 35 minutes, 30 seconds we have we have partnered with the landlord at 385 million dirham 385 35:37 35 minutes, 37 seconds million and that those days we have sent 70 million dirham to Dubai only 70 35:46 35 minutes, 46 seconds million dirham and that's to become a 50% partner in the 385 million property 35:53 35 minutes, 53 seconds uh work and that 70 million was transferred from SUNTC at the price approximately what I remember was close 36:01 36 minutes, 1 second to 12 rupee to a dirham 12 rupee. So that 12 rupees today almost more than 24 36:08 36 minutes, 8 seconds rupee to the dirham and that 385 million dirham was valued today if we value the land 36:17 36 minutes, 17 seconds today today's market it is 1.6 6 billion dirham. So even if I give you a rough 36:24 36 minutes, 24 seconds estimate so 7 we are 50% 50% of the economic interest in the project from 70 million of the 36:33 36 minutes, 33 seconds investment uh today even if I consider a land value of 1.6 6 billion it is 800 36:40 36 minutes, 40 seconds million so 10x and plus the currency benefit which I which s has transferred at 12 rupee to a dirham or 13 rupees to 36:48 36 minutes, 48 seconds a dham which is now today 24 to 25. So we are talking about 20x of the investment done by scent. 36:59 36 minutes, 59 seconds Yeah. But but your investment is only to the extent of yeah your book investment is only and which we transferred in the current 37:07 37 minutes, 7 seconds year for the launch to we were almost launch ready that additional amount for the such a payment and so that exact 37:16 37 minutes, 16 seconds number I will not have right now. Uh I uh if you want you can send the query we'll give it to you the exact exact number. 37:23 37 minutes, 23 seconds Okay. Understood. 37:25 37 minutes, 25 seconds Yeah. Prashan can share. Wait one second. Prashan can share. 37:28 37 minutes, 28 seconds So hi Punit. We have invested approximately 60 million dirhams. 37:34 37 minutes, 34 seconds Okay. So 70 plus 60 more right. That's all. Yes. Yes. Yes. Okay. That's everything. Thank you. And current year. Current year. 37:42 37 minutes, 42 seconds Yeah. Got it. Thank you so much. All the best. Thank you. 37:46 37 minutes, 46 seconds Yeah. Thank you. We have the next question on the line of Akash Gupta from Namura. Please go ahead. 37:54 37 minutes, 54 seconds Hi. Am I audible? Yes, we can hear you. 37:57 37 minutes, 57 seconds Hi sir. Uh congrats on the great uh results. Uh so basically I I heard your commentary. It was fairly strong. Uh and 38:06 38 minutes, 6 seconds you are guiding roughly similar PCs growth in FI27. Uh versus the industry thinking I mean investors thinking that 38:14 38 minutes, 14 seconds there will be a real estate slowdown. uh my question to you is uh what's driving this very strong demand for real estate according to you even in FI27. 38:28 38 minutes, 28 seconds So uh I feel it's a obviously what we are seeing is uh wherever we are doing 38:35 38 minutes, 35 seconds it's obviously a end user demand and it is more like at the cost of reputation I think this is the fourth time I'm saying 38:42 38 minutes, 42 seconds I'm seeing this demand also picking up in respect uh it was always there in for last few years we have seen postcoid the 38:50 38 minutes, 50 seconds demand was very good in Uber luxury and premium luxury again we have now the positive side we are seeing is the 38:58 38 minutes, 58 seconds demand picking up in the expirational luxury as well as so you know we have most of our projects 39:06 39 minutes, 6 seconds are very large projects. So if this demand continues irrespective of even although we have done new acquisitions 39:13 39 minutes, 13 seconds where we'll be doing new launches apart from releasing more inventory and more launches in the existing project we are 39:21 39 minutes, 21 seconds very very confident about uh our growth of whatever whatever we have done in the 39:29 39 minutes, 29 seconds current year similar growth of 25% in the coming year as well. The reason is also one more which is very big 39:36 39 minutes, 36 seconds positive. We are confident again of getting the RA and starting the construction in uh in the current year at the Napini road which will also give 39:44 39 minutes, 44 seconds us a big boost. Uh and we have a very low base uh and we need to sell uh very 39:54 39 minutes, 54 seconds fewer unit uh compared to other developers I feel uh and aspirational luxury has become better. So all these 40:03 40 minutes, 3 seconds points uh gives me uh uh makes us feel more confident uh while giving this guidance. 40:12 40 minutes, 12 seconds Understood sir. And my uh last question is that how much uh incentives are we giving like to customers I mean to 40:20 40 minutes, 20 seconds induce this demand in the sense that uh are we offering like payment plans very aggressive payment plans uh to customers 40:28 40 minutes, 28 seconds or we are giving heavy discounts. Is that the scene or uh we don't have to do anything to induce demand? 40:35 40 minutes, 35 seconds So I think uh if you see very frankly that that's why we are we I say that we 40:42 40 minutes, 42 seconds have a strong cash flows and uh we are confident we don't give any uh and we are saying we will get a better margins 40:51 40 minutes, 51 seconds in current sales uh and it's business as usual. It's in fact it's business as usual. There is absolutely no discounts. 41:00 41 minutes If there is a discount then I would not be able to give a better marching coming here for sure. 41:07 41 minutes, 7 seconds Everything is as usual. 41:11 41 minutes, 11 seconds Understood sir. Very clear. Thank you so much and all the best. Thank you. Thank you. Thank you. 41:16 41 minutes, 16 seconds Thank you ladies and gentlemen. That was the last question for today. I now have the conference over to Mr. Kamill Ketan for closing comments. 41:30 41 minutes, 30 seconds Thank you all for taking the time out of your busy schedule to join us today for the call. In case if any of your queries 41:40 41 minutes, 40 seconds have been left unanswered, please feel free to reach out to us. We truly value your continued support and look forward 41:49 41 minutes, 49 seconds to strengthening strengthening this relationship. Thank you once again. 41:56 41 minutes, 56 seconds Thank you on behalf of SUNTC Realy Limited. That concludes this conference.