Brigade Enterprises Limited analyst Q&A

Thank you very much sir. Ladies and gentlemen, we will now begin the question and answer session. The first question is from the line of Adhidev Chattopadhyay from ICICI Securities. Please go ahead.

Good afternoon, everyone. Thank you for the opportunity. My first question is on the World Trade Center, Bengaluru. So, I believe it may be Amazon, which is exi ting there. That's why you see a drop in the area under lease. So, just help us understand how you intend to fill the space up, do we already have someone lined up or it will take a little bit longer? That is the first question.

Hi, good afternoon. This is Nirupa here. Yes, Amazon has vacated their space. They had about 630,000 square feet that they vacated. We have leased a couple of floors. So, we've leased close to 100,000 square feet of that. And on line of sight, there are lot of client interactions and the idea is to lease it out over the next couple of quarters. So, there are very high -potential client visits that are happening on a regular basis. What we expect is that there may not be one single client that comes to pick up the entire space, and we're expecting the leasing to happen either floor-wise or maybe 2 to 3 floors at a time.

Okay. And just to follow up, are we expecting the rates also to be much higher considering Amazon was an older tenant? So, I guess some of the rates should be mark -to-market right now, right? So, could we see some uptick in the leasing rate overall?

Yeah. I think with the way the current market condition is, -- we should look to expect between -- anywhere between 10% to 15%. In some cases, if it's half a floor, it's gone up to even 20%, but expecting larg er transactions of 2 floors, et cetera, I think a normal increase of 10% to 15% is expected.

Okay. Fair enough. And my second question is mainly pertaining to our residential business, some more broader question. If you could help us understand currently with the land bank and projects we have, what is the cumulative GDV, which is available fo r launch over the next 2 years? And considering, we are targeting close to over INR 9,000 crores of sales right in the coming year, what will be your land bank replenishment strategy over the next few years? It's a more broader level question, if you could address that. Yes.

So from our overall standpoint, we normally talk about our 4 quarters on a rolling basis pipeline. For that, we are looking at 11.5 million square feet for the coming y ear. And that GDV is around INR11,900 crores to say, INR12,000 crores GDV. From an overall land bank perspective, we have 57 million square feet. Of that, residential is around 75% as a portfolio. So in terms of replenishment, naturally, every year we launch, we aim to replenish and focusing on increasing the presence in Bangalore and Hyderabad and moderately in Chennai based on opportunities available.

Fine, that's it from my side . I'll come back in the queue if I've got more questions. Thank you and all the best.

The next question is from the line of Karan Khanna from Ambit Capital. Please go ahead.

Yes, hi, good afternoon and thanks for the opportunity. Just a couple of questions from my end. Firstly, Pavitra o n the pre -sales guidance of INR 9,000 crores, if I look at the unsold inventory of around INR 10,000 crores and sustaining sales track record of around 55%, is it safe to infer you're building sales from new launches at around INR3,500 crores? And if that's the case, isn't this a very conservative number considering historically, you have seen 35% to 40% sales in new launches and you're guiding for a INR12,000 crores launch pipeline for FY'27?

Hi Karan, yes, in some ways, it is a little conservative, but also we are looking at the mix of the new launches of the number that I mentioned, 11.5 million square feet at least 3 million from Chennai. As we've seen in the past, Chennai in terms of throughput from the launch to that same financial year itself, we tend to see the contribution to be more evenly spread throughout the construction life cycle rather than being front -ended. So, this is one of the reasons why that number may look a little conservative. The other aspect is that launches in general, sometimes we do see them shifting out. So if it shifts out maybe into H2 or towards the end of H2, the amount of time that we have to make those pre-sales happen within the same financial year is going to be less. This is one of the reasons why in FY'26 also we experienced a lower number. So, you are right in terms of how much we have in terms of opening inventory, and that's an area that we'll be trying to push further because that's inventory that we have in hand. So looking at both that as well as trying to advance some of the launches so we have better visibility and as the quarters come through in this financial year, we'll be able to update on that.

Sure. And on the launch guidance of 12 million square feet, so if you can just give some color in terms of what are the current status in terms of approvals and any indication on quarter wise breakup for the 12 million square feet of launches?

So, I think like the previous year, the current part of the launches will come in H2. We anticipate -- if I just go by market, for example, for Hyderabad, we're anticipating about 1 million or so square feet to be coming in Q3 and another 1 million square feet to be coming in Q4. Hopefully, we will get some of that in from a Q3 number. And we'll be expecting another 1 million square feet in Q4. Morgan Heights, as I mentioned earlier, there is 1 million square feet of the phase of the project that we'll be launching now in - - or relaunching in Q1. The other projects in Bangalore, I think will still be pushed into Q2 and Q3.

Question for you, Nirupa, if you can talk a bit about the partnership with Bain and as part of the deal, will you also be evaluating more opportunities besides the 2 million square feet office asset and hotel in Whitefield and what are the timelines for completion of this project?

Yes. Thank you for the question. So, this is for a 10.8 acre project right opposite ITPL in Whitefield and Bangalore. It's a very strong location. It's a 50 -50 joint venture partnership. So, they are pure equity partners with us in this project. We have the potential to develop about 2 million square feet of office, and we are also planning around 250-key hotel for the project. It's a 5 -star hotel as well. Yes, this is -- I mean, this was the first -- we decided that we do in the project first, and we are definitely open to looking at more partnerships with them.

Time line, as you said, we are expecting to complete the project around 40 months -- in about 40 months.

Thank you and all the best.

After approval.

Thank you.

The next question is from the line of Girish Choudhary from Avendus Spark. Please go ahead.

Yes. Hi. Thanks for the opportunity . I have a question on the cash flow. How should we look at the trajectory going ahead? Because what we have seen is the construction costs have seen a material increase, which is understandable given you also mentioned about a significant increase in the area, right? But on the collections, any reasons why they have been flattish for the year and when do you expect this to pick up?

So the collections for the year, obviously, I mean, if you see from a residential perspective, new launches give us a certain amount of collection upfront and the sustenance collection as the milestone of construction gets completed, they get converted into milestones, which then gets billed and collected. So the reflection of the flattish collection, which we talked about is primarily because of the initial part of the year where the launches were deferred. That is kind of getting materialized and converting into cash is ongoing right now. So from here, as the launches are getting planned, the cash flow of them will continue to increase while sustenance cash flow comes based on milestone growth itself. At different stage of each project, the construction intensity differs and that's what's reflected in the construction cost. So the operating cash flow generation continues to be positive, and it will improve as new launches take a faster pace.

I understand. How should we look at the collection trajectory going ahead? Because this year, we have seen impact to our operating cash flow in the sense we are seeing a decline Y -o-Y. So, can we expect a material or a significant increase in your overall operating cash flows for the year?

So, we should see an increase for sure. I mean, it should be -- it should come in percentage terms pretty close to the way we look at our sales growth as well, a few 100 basis points probably lower from there given the timing per se. But that's what would be the trajectory in terms of cash generation.

Got it. And my second question. If you can give us some updates on your Chennai project, specifically the Velachery project, how has been the response? What sales absorption you have seen? And also for the year fiscal '27, you mentioned about 3 launches in the Chennai market, right? So, which are these projects?

Yes. So the project is Brigade Stellaris that we just launched in Q4. That is a pretty high -end project. It's 284 units, and each unit is around INR6 crores plus. So far in Q4, what we did? We sold around 30 units, and I think we are pretty pleased with that performance. We expect to be fairly stable over the course of the 3 to 4 -year construction life cycle. And so , around are also pretty good after the launch quarter. In terms of 4Mn million square feet coming up in Chennai, 1 million square feet of that is part of Morgan Heights. So, Morgan Heights overall is a 2 million square feet project. We launched 1 million of that last year. As I mentioned earlier, we had to pause it. We are launching the entire project as a full-scale relaunch in Q1 FY '27. So basically, within the next 2 months, we are doing that. So, that is 1.1Mnsquare feet of that is what is being counted. We have 2 more projects that we're talking about. One is part of a larger multi-phase township that is 3 million overall, but we would only be launching 1 million of that in the coming financial year. So, both of those have visibility towards H2, Q3 and Q4, respectively.

Thank you.

The next question is from the line of Biplab Debbarma from Emkay Global. Please go ahead.

Good afternoon, everyone. So, my first question is on the approval-related issues that we faced in FY '26. So in your view, have all the issues related to approval resolved? And do you anticipate any challenges in FY'27?

Pradyumna Krishna

This is Pradyumna here. So, I think the primary issues of approvals are now behind us. And as Pavitra also mentioned, we've launched about 4 million square feet in the last couple of months. And we are on track as far as approvals go from a comparative perspective. So, I think we are behind the issues that we faced earlier.

That's great. And secondly, I don't know whether I have heard this properly. Sir, you said that around 10 million square feet of commercial projects to be launched in the next 2 years. Is that correct?

Yes, that's right. So the moment we start construction, we consider it as launch. So while we -- next year, we have said that in FY '27, we'll be launching about 4.5 million square fe et. The balance will come in FY'28. But from a sense of completion, it will take about 4 years by the time the entire project is up and running with OC, etcetera. So, that's what we have clearly said. We've already tied up lands for about 10 million square feet for commercial.

So ma'am, 10 million square feet upcoming and around 3 million ongoing.

So from this 13 million square feet, how much rental, once they become operational, how much rental Brigade share do you anticipate?

Pradyumna Krishna

See, what I would say is between what is currently ongoing, which is getting completed and the 4.5 million square feet that w ill come up, it'll be about INR 800 crores. That is something that we have already estimated. And for the balance, 5.5 million square feet, we will come up with a number soon.

Okay, that's great. Thank you, sir

The next question is from the line of Sourabh Gilda from JM Financial. Please go ahead.

Sure. So firstly on the commercial bit, our commercial monetization run rate has increased significantly to INR550 crores annually now . So how should one think about this run rate going ahead, given the fact that we are launching a sizable amount of portfolio over the next 2 years?

See, ideally, we would like to grow our annuity income portfolio. The idea is to hold on too many of the projects as much as possible, but sometimes based on how demand is for a particular project. In this particular year, you saw the additional 100,000 square feet sold mainly because of the Twin Towers project. So, for us, we take it on a case-to-case basis. And with the you know if there are smaller projects and if the commercial is part of larger mixed-use townships and is not a very large project, in some cases, we might decide to sell. So the strata sale is very project dependent. By and large, as a company, we want to enhance our annuity income portfolio. So, the larger projects, we would like to hold on to it and maybe some of the smaller commercial projects or joint development, ideally those get into the strata sale perspective. So, we'll have to look at this on a case -to-case basis, especially when, for instance, for Twin Towers, while we would have liked, we saw that there was a much more demand for end user ownership. So, we had to take it based on that.

So, got it. So just lastly on your leasing income of INR1,300 crores, can you please share any bifurcation between the office and rental and also the contribution of a few of the large office assets?

Yes. So, if you look at the leasing income of the INR1,300 crores, INR877 crores was from office. We had about INR220 crores from retail and INR206 crores from the management business. And, of course, hospitality was separate at INR605 crores. Yes.

Okay sure got it. Thank you so much.

Sure. Just repeating the question, just wanted some clarification on the time lines of launches. If I heard you correctly, you said Hyderabad launch is largely in second half. Chennai also second half, barring Morgan Heights, which would be launched in first quarter and Bangalore would be in Q2, Q3. Is it?

Yes, that's right. Hyderabad, I had said 1 million in Q3. That project is actually 2 million square feet. But yes, timing-wise, you're right.

Okay. Got it. And if you can highlight the key projects in Hyderabad and Bangalore, which one should look forward to? Chennai, you already highlighted, but same for Hyderabad and Bangalore?

So, in Hyderabad, we have the 2 million square feet is the second plot that we purchased in Kokapet in Neopolis. So that is the one we are hoping to launch in Q3. And then there is another project in Northern Hyderabad that we are looking at launching in Q4. That is 1 million square feet. In Bangalore, we have a couple of million in Bangalore that should be like a Q2, Q3 launch. And we do have upcoming launches in East Bangalore as well in the OMR corridor, again, in the Q3 time frame.

And Bangalore launches also include the large project in North Bangalore and the recently the JDA that we signed, which is, again, a 39 -acre, probably adding Cornerstone Utopia 2. Is that also included in the launch plans for this year?

So, the North Bangalore project, there were some approval changes or some bylaw changes. That we're still working on and we'll see if we can work on that for the financial year. But some of the bylaws changed, so we've had to redesign. In terms of the new JDA that we signed, we've just now signed it. I think it will take some time in terms of design and approvals. If it's possible to bring it into this financial year, we'll definitely be looking forward to that and we'll update in the next couple of quarters.

Sure. Got it. And just on the balance sheet side while we are now looking forward to roughly INR6,000 crores worth of capex, how should one think about the debt trajectory? Will the commercial debt continue to increase and residential capex would largely be funded through the accruals? Or what's the thought process and how should we look forward to?

Yes, sir. That's right. I mean, from a model perspective, residential generates its own cash during the tenancy of the construction itself, so it gets kind of self -funded from that perspective. What we have invested into is our own capital asset, which is the leasing asset and towards which for construction and to create that project itself, debt augmentation has been. As I kind of detailed earlier, our net debt as of end of the year stands at about INR2,200 crores. And that net debt number, I mean, as these commercial assets which have been launched commence or progress, we would see certain addition coming in there. However, from a debt equity perspective, which is 0.27 for us, I think we would not , it will be pretty lower than 1x as well.

Sure. Just on capex will everything be funded through debt? Or since the portfolio is already generating the rentals, so a portion of the capex would be funded through those cash flows?

So, it will be a mix of both for sure. I mean, obviously, we would continue to optimize our cost of finance per se as well as look at maximizing the return on equity.

Got it. Fair enough Okay. That's it from my side. All the best. Thank you.

Thank you. Ladies and gentlemen, in order to ensure that the management will be able to address questions from all the participants in the conference, kindly limit your questions to only two per participant. Should you have a follow-up question, please rejoin the queue. We'll take the next question from the line of Parvez Qazi from Nuvama Group.

Hi, good afternoon, team, and thanks for taking my question . So, my first question is what was the GDV of launches that we did in Q4 and also a similar number for FY26 would be great?

Yes, Overall, in FY26 we launched 8.3 million square feet with a GDV of INR10,000 crores. In Q4, we launched 4 million square feet with around INR4,500 crores of GDV. Sorry, what was the second part of the question?

No, you answered the second part. My second question is what was the contribution of launches to our Q4 FY26, pre-sale?

So overall launches for the year, which was predominantly in Q4 of this year, it was around 43% of the total sales number.

Possible to get a similar number for Q4?

Pradyumna Krishna

For Q4.

Only for Q4?

Yes.

The percentage is only -- yes, the percentage is around 55%.

Sure. Just one more question from my side. For the -- roughly INR12,000 crores odd of launches that are planned for FY27, what would be a broad ticket size split? I mean, let's say, less than INR3 crores, INR3 crores to INR5 crores and INR5 crores plus, what would be a broad split of this INR12,000 crores odd in this aspect?

Yes. So, it's around, overall, we look at our portfolio as, say, affordable is up to INR75 lakhs, then mid-segment to INR1.5 cr ores. Then our premium portfolio is what we look at up until INR3 crores. And then above that is our ultra -luxury portfolio. So far, it's been around 30% and it will come down a little bit over the next financial year in terms of mix.

Sure. And last question, of the 10 million square feet of fresh projects which are planned over FY27 and FY '28, what would be the split in terms of the 3 cities where we are present? Thank you.

Yes. So currently, the portfolio is maybe 60% in Bangalore, 27% in Chennai and then 10% in Kochi and a little bit in Mysore. I think once this, the 10 million comes up, it will be somewhat similar, with Bangalore still holding about 55% of the portfolio, Chennai about 22%. But we are adding 2 more cities. We're adding Trivandrum, which will have about 7% of the portfolio. We will be adding Hyderabad that will have about 5% of the portfolio. And of course, Kochi and Ahmedabad as well will have about 6% and 4%. So we are expanding our base. So we will be adding a couple of more cities to this commercial portfolio.

Thanks and all the best.

Thank you. The next question is from the line of Heta Vora from Monarch AIF. Please go ahead.

Hi ma’am t his is Heta here. I had a couple of questions. Firstly, could you share the current inventory level in million square feet?

It is 7.5 million square feet.

Ms. Vora, any further questions?

Yes, yes. I do have. And in Q4 FY26, could you please share the pre-sales geographical split?

Yes. Just give me a second. In Q4.

And the same for FY26.

Yes, sure. So in Q4, 65% came from Bangalore. Actually, this is the same for full year as well. Actually, the numbers for Q4 and FY26 just happen to be around the same. So 65% Bangalore, 20% Hyderabad and 15% from, sorry, 20% from Chennai, 15% from Hyderabad.

Ok, And could you please help us with the average ticket size f or the launches planned for FY27? Is it all largely still in ultra-luxury?

No, no, it's not. Actually, we are , on an APR basis, it's more like 10,000 crores in terms of what we will be looking , sorry, INR 10,000 per square foot in terms of what we will be launching. Predominantly, most of the tic ket sizes will be below the INR 3 crores, while we still have some of this higher than INR 3 crores ticket size in our ongoing stock and 1 or 2 of the launches, some of the larger units as part of those projects.

Yes. So currently, we have about 3 million square feet of projects that should come into the portfolio and, or we are expecting the OC for that. So ideally, when we look at the budget we would like to lease out the entire portfolio that is coming into the market. But of course, it could take 6 quarters instead of 4 quarters. But we are aiming to at least double what we did in FY26.

Okay. That’s it from my side thank you.

Thank you. The next question is from the line of Abhishek Khanna from Kotak Securities. Please go ahead.

Pavitra, I just wanted to check, while you answered this partly, but on the 4 million square feet of launches that you did in 4Q, I just wanted to understand when some of these larger projects in Bangalore like Lumina, Belvedere were launched, likewise the ones in Hyderabad, the ones, that is we had , Enclave and Manor and what was the response like in terms of the take up in the launch quarter itself? Was it like a 40%, 50%? Any specific det ails that you could share on these would be helpful for both the Bangalore and the Hyderabad launches.

Sure. Sure. So of that 4 million square feet, we launched Lumina that is in West Bangalore on Tumkur Road. That project, although it came from an approval standpoint towards the end of March, we were still able to do a very high number. In fact, we almost sold out. It was more than 85% sold at the launch itself. I think a lot of this is because we were expecting the approvals to happen much earlier in the year. So there was some awareness of the project. So by the time we launched, given the micro market has historic undersupply, metro connectivity, all those things, the project did extremely well at a much higher rate than expected also. Belvedere also came towards the end, again, like in the last week of March. So there, we did not have that luxury of time to sort of build up the market. It has done well initially and also continuing into the first part of Q1. The projects in Hyderabad actually came in , there are 2 small projects. One came in, in January, which has , the response was good. The second one again came in only early March. That is still taking some time as it's just recently been launched. But overall, I think the response in Hyderabad has also been quite good, considering it's not a West market, West Hyderabad sort of market. It's a core central part of Hyderabad market. So we're still quite happy with the response.

And any number that you would like to share for Belvedere? What was the take up in the month of March in terms of percentage?

Yes. So we basically sold around 150 units. The overall project size is 760 units. So 150 we sold.

Okay. That was helpful. Thanks a lot . The second question that I had was on the weakness in your recognized margins, both residential and maybe partly even annuity. Resi, of course, has been in the low teens or mid -teens and annuity at the high 60s, low 70s. When can we expect an improvement? What's been causing this weakness? You've given some reasons earlier, but when can we expect an improvement in both of these businesses in terms of the reported margins?

So from a margin perspective on the, on resi part, I think it's obviously a mix of projects which kind of come up for revenue recognition, which is upon completion and handover the way recognition standards work. So this is kind of reflective of the mix of projects which would have come up during the year for recognition. And traditionally, this would be some of them which have been sold much earlier and wouldn't have taken the increases which kind of the market grew with over the last 3 -odd years. So that's a reflection of that. And the current margins, what we see on an operations basis, they continue to run in the higher 20s which we have kind of.

Can we expect that to reflect in the reported margins somewhere in FY27?

Correct. On the operation, the POCM basis, we continue to see this in that 30% range of EBITDA itself. On the leasing piece, the EBITDA margins continue to be 80% and above. What you see on a reported basis, however, primarily is a section where a certain amount of fit-outs were recovered on an annuity basis, which kind of diluted the overall margin from a reporting perspective. For quarter 4, if you are looking at specifically, there was an accounting gross up done for the full year in quarter 4 from an accounting perspective. So that's kind of further diluted, but the full year number would give you a reflection of what . And in addition to that what I explained, our leasing revenues also have a facility ma nagement component of about INR200 crores there on an annual number. So that piece also runs at about 15% margin. So that kind of blended basis would dilute as well.

So annually you have INR2 billion of facility management revenue at 15%, which brings down the blended numbers?

Yes.

And when you said there were certain fit -outs that were recovered, which was over and above this facility management revenue, is it?

Correct. Correct.

How much is that number for FY26?

Normalizing for all these, the leasing income comes at a margin of approx above 80% of EBITDA.

Sure. Just one last one. What was that fit -out revenue that you would have recognized in the year, to your knowledge?

Okay alright. Thanks a lot.

Thank you. The next question is from the line of Parvez Qazi from Nuvama Group , Please go ahead.

Hi thanks for taking up my follow up question. So 2 questions. One, we still have some space left in Twin Towers. So what's our thought process there? I mean, you want to lease it or we can convert it into sale model? And the second is on pricing on the housing side. I mean, what is the situation now in the market? And what kind of price increase, if at all, we are building for FY27? Thank you.

Regarding the first question with respect to Twin Towers, the idea is to just sell the project. There is only maybe 100,000 square feet of common amenities that we plan to hold on to, but the balance we plan to sell. So, we hope to complete and exit that project in the coming fiscal year.

Yes. On the residential pricing side, while we are looking at an APR increase year-over-year of 13%, a lot of that is due to the product mix as well. If you look at a like -to-like basis, what we've been able to take across various projects is high single digits, so like 8% to 9% year - over-year. And we still feel this is fairly healthy. So, when we come into the market, depending on the project we expect to sell at the time of launch, that's a fairly fully priced number. It's not really a price discovery at this point. So, after the launch, we will look at an annual price increase of around 7% to 9% based on that micro market. If we look at our upcoming launches as well, there I had mentioned earlier, the average or the APR for that portfolio is around INR10,000 per square foot. If you look at our current portfolio available as inventory, that number is north of INR12,000 per square foot. So, what it signals is that the product mix itself is going to be changing in our upcoming launches as well. So that's something to be planning for. While we are still priced sort of at the higher end in terms of any of the submarkets in which we are present, it's a unit mix and a product mix that we're going to see shifting back towards mid-segment, upper mid-segment and away from ultra-luxury over the next financial year.

Thanks, and all the best.

Thank you. Ladies and gentlemen, this will be the last question for today from the line of Heta Vora from Monarch AIF. Please go ahead. Ms. Vora I have unmuted your line Please proceed.

I can start with the leasing portfolio. So basically, we've said that about 50% to 60% of our portfolio is from the GCC segment and IT and ITS is about 26% of the leasing portfolio. And the balance comes from BFSI consulting, engineering, health care and flexible operators.

Okay. So, on the residential side?

Yes. On the residential side, since we're in 3 different markets, in Bangalore, it's around 55%is split between GCC and IT. So GCC is around 30%, IT services around 20% to 25%. The rest is, again, BFSI and start -up predominantly. In Hyderabad, also that number is around 45% to 50%, where again, it's split equally between GCC and IT. And the remainder again from BFSI, there is some customer demographic coming from pharma and life sciences as well in Hyderabad. And in Chennai, it's a slightly lower percentage. GCC and IT around 20% each.

I'm sorry, ma'am. Can you please repeat your last line? We missed on the numbers?

Okay. So, for Chennai, GCC is around 15%, IT around 20%, BFSI around 20% and there is a higher contribution from, say, automobile and manufacturing in Chennai, around 15% to 20%.

Okay, understood. And are we seeing any softness in the walk -ins or the EOIs from any of these cities due to the expected layoffs coming in, in the market?

No. As I mentioned earlier, actually we were really happy with the performance of the launches, especially in Lumina situation. All of the projects have really healthy walk -ins. Even in terms of inquiries, it's there. It's more skewed towards end user, where I'd say in the last few years, we were seeing a lot of inquiries from speculators. In terms of conversions, the conversions are still healthy at 10% to 12%. But what is happening is that in some of the markets it takes a little longer than usual in terms of the conversion cycle. So that is where we are seeing some of the increase in time. But in terms of percentage overall, it is still healthy and something that we consider positive.

All right. That's very helpful. Thank you.

Thank you. As that was the last question, I would now like to hand the conference over to Ms. Nirupa Shankar, Joint Managing Director, for closing comments. Thank you and over to you, ma'am.

Thank you. Before we wrap up, we'd like to highlight a few key achievements beyond this quarter's financial performance. We marked an important development milestone with the completion of Brigade Cornerstone Utopia in Varthur, a 6 million square feet mixed -use development, now home to over 10,000 residents and a key landmark in the Whitefield - Sarjapur Corridor. Orion Mall at Brigade Gateway completed 14 years of operations, marking a significant milestone to one of our earliest malls. Holiday Inn Chennai completed 9 years of operations and Grand Mercure Mysore 10 years, marking another milestone in our hospitality portfolio. The World Trade Center Bangalore became the first development in India to receive the WiredScore Platinum certification, reinforcing our focus on digitally enabled workplaces. WTC Kochi earned the WTCA Premier accreditation certificates, reflecting strong alignment with the global WTC standards. Brigade Gateway Hyderabad was awarded the Mixed -Use Project of the Year at the Realty Plus Excellence Awards 2026. Our facility management arm, Aureya, achieved the Great Place to Work certification, underscoring our emphasis on employee engagement and workplace culture. We were recognized by Businessworld as one of India's most sustainable corporates, ranking third in the real estate space and 44th overall. With that, we wrap up our Q4 earnings call. Thank you all for joining and see you next quarter.

Thank you, members of the management. On behalf of Brigade Enterprises Limited, that concludes this conference. We thank you for joining us and you may now disconnect your lines. Thank you. *************************************