Yeah. Hi. Good afternoon. Firstly, on the next year's launch pipeline, right, if you can give some colour on in terms of like what could be the GDV of the new launches that you are targeting for '27? And on the key launches, right, which will contribute to '27, where are we on the approval side or development plan side?
Hello?
Yes, hi. Good evening. Thanks for taking my question. Irfan sir, I just wanted to understand like, you know, if the impact of, say, these global layoffs or announcements trickling down on, say, our core markets like Bangalore and also maybe Hyderabad, both in terms of, say, leasing inquiries for office space or demand for that matter as well as on the residential si de, footfalls and inquiry. Have you seen any change in the trend in the leasing in the recent months or recent quarters?
Sure. But would you say that for the industry also or just for your assets?
Just firstly on the launches again, like so in October, have we launched anything so far of this list that you have put out?
Okay. And so I'm assuming that since you're giving a guidance of INR25,000 crores GDV for Q3, a fair bit of these launches you should have already applied for RERA approvals. If you can share those launches where you have already applied for RERA approvals, if that helps?
Hi, good afternoon. So my first question was on when we look at the target that you're setting out yourself for INR26,000 crores, INR27,000 crores. So one needs to also build a pipeline that in the subsequent years to sustain or even grow from here on. So wi th that context just want to understand like we spent about INR4800 crores this year on new land and BD. How should we look at this number in FY25 and going ahead?
Sure. So INR3500 crores to INR4000 crores for the new land and plus like there'll be some pending payments towards existing land. Is that correct?
Yes, hi. Thanks for taking the question. A little more elementary question. With respect to semaglutide, do we have like a minimum commitment on volumes from our clients, say either on a quarterly or an annual basis, irrespective of whether the clients are able to sell their inventory in their respective markets or not?
Sure, I get that. And once these markets like Brazil and other markets open up, right, going into say FY '28 or '29, right, would these terms be different or you see similar terms in terms of access to supply, access to capacity still remaining a priority with these clients?
Hi, thanks for taking the question. Firstly, on the impact of Iran war. Firstly, on the demand side, are you seeing any impact on the demand side, especially from, say, on the NRI customer inquiries, especially in markets like in NCR? And also like ultimately, if -- is there any silver lining to this war like in terms of the Indian buyers who are investing in markets like Dubai and in Abu Dhabi are now ultimately looking at -- looking back at Indian markets? That's first. And secondly on the -- also on the overall cost impact of this war, right? Are you seeing any impact on the procurement of materials in terms of delay or on the cost side also?
Sure. Sure, Gaurav. Very helpful. My next one is to Pirojsha. Pirojsha, you mentioned earlier that your BD spend in FY27, you're not sure whether it will be higher or lower or similar, right? But if you look at your guidance, right, of INR20,000 crores of GDV acquisition, and we're considering like your FY26 guidance and the number that you actually achieved was more than 2x. How should we look at the BD guidance that you have given? Like would you still aim at beating that guidance? Or you are happy with like achieving, say, INR20,000 crores GDV? Or you'll be just opportunistic that you were there in FY26?
Yes, hi. Thanks for taking my question. My first question is on the construction spend -- construction and project-related spend in the second half. You spent about INR6,500 crores in the first half. How are we looking at second-half in terms of spend?
Sure, sure. Just to follow up on that, basically what I was trying to get was, the last year we saw an operating cash flow of INR7,500 crores on a full-year basis, and this year we have done about INR2,100 crores in first half. How should we look at full-year cash flows? Would we see growth in OCF in FY '26 over FY '25 or it will be flattish?
Hi. Thanks for taking the question. Just one bookkeeping question first like what's the value of the unsold inventory that we have for the books?
I am going to the guidance of Rs. 40,000 crores. If you just go by what we did in FY25, like almost out of the Rs. 29,000 crores of sales, two-third came from our new launches. And if we plan to launch about Rs. 40,000 crores of inventory next year, assuming we have a very similar run rate, then we are just being a little too conservative either on the unsold inventory monetization or how should we read this?
Yes, hi. Good evening. Thanks for taking my question. Just to follow up on the previous question, like I understand you have an identified pipeline for the next mid to long term. But just looking at your cash flows and your Rs. 11,000 crores of cash plus the Rs. 43,000 crores that you'll make from your existing projects, you have alluded to us in the past that you may look at certain markets like Noida, right? Any update on Noida firstly and then any opportunity outside of Gurgaon that you're looking at, where your pipeline is? But outside of Gurgaon, are you looking at any other opportunities or any other markets?
Sure, sure. But no new market besides Noida and Mumbai that you're looking at, at least in the mid-term.
Quickly on the approvals for the Mumbai project, do you anticipate any delays because of the upcoming state elections? And also the status on Goa approvals, I believe that got delayed in Q2. So what's the status there?
Okay. Understood. Secondly, on, again, like the business development, right? So we haven't seen much of land acquisition or project acquisition being done outside of NCR market. Just wanted to understand like in terms of our priorities outside of NCR market and also in terms of our priorities for capital allocation. I remember like a few years back, we used to talk about like the capital allocation priorities will be towards, firstly, growth, and then CapEx, and then secondly -- thirdly, rather, towards returning money to shareholders. So any change in the capital allocation priorities, and also...
Quickly on the approvals for the Mumbai project, do you anticipate any delays because of the upcoming state elections? And also the status on Goa approvals, I believe that got delayed in Q2. So what's the status there?
Okay. Understood. Secondly, on, again, like the business development, right? So we haven't seen much of land acquisition or project acquisition being done outside of NCR market. Just wanted to understand like in terms of our priorities outside of NCR market and also in terms of our priorities for capital allocation. I remember like a few years back, we used to talk about like the capital allocation priorities will be towards, firstly, growth, and then CapEx, and then secondly -- thirdly, rather, towards returning money to shareholders. So any change in the capital allocation priorities, and also...
Firstly, you've rationalized the pricing in your new launches. Does that make any changes to your full year guidance and for your presales of 17,000 crores?
And the fact that you said that excluding LUX 5 the rest of the launches you're expecting at least 90% to be sold out. That clearly puts you northwards of that 17,000 crores numbers.
My question is again on Palava monetization, especially for the residential bit. So I get it, some of these infrastructure development projects will obviou sly drive the demand. But on a long -term strategy basis, right, some of the developments that we're doing in terms of, say, data centers, in dustrial parks and warehousing. I'm not sure whether employment in these segments would be driving the demand for Palava, especially the fact that we are making it more premium as well as luxury kind of development, data center anyway, it 's less human - intensive as such? So just wanted to understand your long-term strategy in terms of like, of course, relying on the in frastructure development, at the same time, like creating captive demand in Palava in terms of more office development, creating a more social infrastructure, such as retail, hotels and all of that?
Second question was on the business development side. If you look at la st year, we acquired projects worth INR237 billion of GDV and our land spend stood at about INR63 billion. In the first half, we have acquired about INR250 billion worth of GDV and the land spend is about INR26 billion, INR27 billion there. So just wanted to understand kind of projects that we have acquired, are there more JDAs here? Or we would see some spill over of land spend happening in second half and subsequent quarters? Just to understand like what kind of land spend we are doing and what kind of pr ojects that we're acquiring?
My first question was on the Palava premiumization strategy. Just trying to understand the thought process there because we do feel that the falling interest rates or declining interest rates would benefit mid income category, and also this in conjunction w ith say the Government announcement of spending about Rs.2.2 trillion towards like urban h ouseholds. I am assuming that the CLSS scheme till the time it was operational would have benefited some place like Palava. Just moving away from, say, mid income to getting a little more premium, it sounds a little counterintuitive.
My second question was on our cash flows this quar ter. Your cash flow from operations was slightly lower this quarter. If you can give some drivers be hind that and how should we look at this number going ahead considering our guidance of Rs. 6,500 crores for the year?
Hi, good morning. Abhay, you said earlier during the call that because of the Brownfield expansion, the margins should improve or rather it's accretive to the margins. So our existing units are operating at about 28.5% margin and EBITDA of INR 84 lakh per bed. There is an upside potential to this going ahead as per you then?
Sure. As and when this incremental Brownfield capacity stabilizes, right, where do you think these ARPOBs or rather like EBITDA margins or EBITDA per bed would settle?
Vikas any color on the Alibaug launch?
Sure. And this is more like a FY27 launch?
I am just trying to reconcile the margin guidance that you have given on the ₹ 15,000 crores of unrecognized revenue. When I look at your margins in your P&L, like if you look at your 9 months PBT margin is about less than 3%. I understand there is corporate overheads and also if I were to ask you that this 28% PBT margin at project le vel, if you were to apportion, say, corporate overheads over there , what will be the realistic PBT margin considering eventually, you have to look at the business at the consolidated level, right, what kind of margins and cash flows the company makes on a consolidated basis, not just project level. So I’m just trying to understand if you apportion the corporate cost to your project level margins, what will be the realistic PBT margin there?
Okay. I mean depreciation isn’t very significant anyway. So basically, your interest and corporate overheads, if you remove, it will be roughly about 15% to 18% you are saying?
Sir, I just wanted to understand what was the ARR ex-Aurika Mumbai in Q1 FY25?
No, that's Aurika Mumbai. What is the overall ARR for the group, excluding Aurika Mumbai?
Just want to understand , what would have been the same -store ARR growth, excluding Aurika?
No, Y-o-Y.
My first question was on, what is the development plan for the 6.6 acres of land that we have bought in Bangalore?
Sure. Just a few thoughts there. Generally this is very kind of uncharacteristic of us, in terms of like, in the past we have generally been very clear about like what we want to do and then in fact we have paid top dollar and bought land and built malls, and those malls have been pretty strong in terms of profitability and return. Whereas this is like, this again like very similar to what we are doing in Thane also, they bought land, but we are not sure what we are going to build over there. Any change in the thought process or strategic thinking that versus what used to be doing in the past versus what we are doing today?