Hi. Good afternoon. Thanks for taking my questions. I just wanted to ask if you're seeing any issues in construction in terms of raw material availability labo ur issues across your different project sites, geographies owing to the West Asia conflict? That's my first question.
Got it. But in this case, sir, do we then think that this quarter as in 1Q FY27, the constructions would be a bit on the slower side?
I've got a couple of those. First one is a follow-up on the yield part. So, 20 bps decline in yields in fourth quarter, 15 bps on back of the PLR cut, but can I also understand the competitive dynamics in that? Is it largely a function of the other part of the yields declining because of competition being too high? That's one. And the other part to this question is, are you seeing some of the bigger HFCs now trying to enter some of the ticket sizes, ZIP codes that you operate in, primarily also because they are being pushed out from the prime mortgage side, so they're wanting to come into your ZIP code? Any thoughts around that, please?
Got it. And my other question is on your opex, if I look at cost to assets or cost to AUM, in last 3 years, that had been declining, but FY26, it's moved up again Y-o-Y. Where do we see this settle? I understand you are still investing in some of the new states and there's some branch expansion. But where do , on steady state, where do we see this number settling? And could you highlight some of the use cases on tech-led efficiencies that you've been talking about?
Hi, good evening. Thanks for taking my questions. I've got a few. I'll take those one by one. Firstly, on this, the 1% payment program, can I understand, is it merely a marketing tool to get more sales? Have you tried this in the past? Or is this something that you've come up with recently? And especially in this, how does the payment from a developer or from a buyer standpoint of view, how is the payment different vis-a-vis, let's say, a regular construction-linked payment? Is there more downside risk here? Or is it rather an optionality?
Got it. And if I can just follow-up on this. Does this also then -- did this have a consideration when you built in a forecast of 20% cash collectio n guidance this year? Or even without this, you would have still been comfortable with your 20% growth guidance on collections?
I've got a couple of those. First question, if I can just understand the scale of deliveries that we are thinking in fourth quarter as well as FY '27. The reason I'm asking this question is because you've mentioned in the past that FY '28 will be a good year in terms of realization and P&L. But I just wanted to get a sense of how would FY '27 look before a very solid FY '28? That's my first question. I'll take the second one later.
Got it. That's very helpful. The question is a more broader question. In some of your markets, which are especially more -- have a high beta to IT, ITES services, Bangalore, Hyderabad, so to say. Are you seeing any difference in terms of the customer footfall, customer conversion rates? And do you think this entire weakness in the software spaces, ITES spaces would ultimately translate to lower demand in some of these efforts?
I wanted to understand the embedded EBITDA margins better. So when you think in terms of new projects, what is the calculation for embedded EBITDA margins on your own project versus compared to JDA project? That's the first part. And then the second part is, eventually over time, if we diversify away from MMR, will these embedded EBITDA margins start to come down? Those are my questions.
Happy Diwali. I have a question which is more generic on the industry norms rather than Sobha’s operations in itself. Because you are pioneers of the business that you do, which are some of the micro markets that you operate in where you're seeing concerns around growth? And is that growth concern a function of purely price increases in the housing sector? Or is it something else which is driving that concerns around growth? So, any color on this would be really appreciated.