Thank you so much, sir. Ladies and gentlemen, we will now begin with a question-and-answer session. First question comes from the line of Mihir Shah with MP Securities.

Am I audible?

Yes, Mihir, you're.

So sir, you added INR900 crores of redevelopment GDV in Versova and Sewri. So what is the launch time line? And how much additional redevelopment GDV can be added over the next 12 to 24 months, if you can throw some light on that?

So the total GDV, as mentioned, is about INR 8,000 crores. The 2 new acquisitions that we have done in this last quarter are going to add about INR 900 crores. Each project, Sewri is INR 450 crores and Versova is also INR 450 crores. So, this INR 900 crores is the additional GDV during the quarter that we have raised.

Next question comes from the line of Karan Mehra with Mehta Investments.

Sir, in Q1, the bookings were around INR108 crores. What is the business outlook for FY27 and which projects are expected to drive the acceleration?

So the numbers of this year, of course, I mean, I won't be able to answer in terms of future- looking things. But then in terms of our demand, especially in commercial as well as Monte

South, we are seeing good demand. Our Monte South project in terms of footfalls has dramatically increased. And in the next few quarters, you shall be seeing a much better result than what we have already performed. In terms of Bhandup, we have recently launched an additional phase of an existing project. So that itself is also showing good numbers. The booking value of that will be seen in the next following quarters, considering we show booking only on registration. Panvel also, we have launched. So again, those numbers you shall see in the following quarters to come. That being said, the outlook of this year seems positive. And yes, so it looks much positive than last year.

Understood. And if you look in terms of collections, which were around INR 146 crores in the quarter. So can you throw some light how should we think about the collection trajectory over the next 2 to 3 quarters, particularly following the recent proceeds?

So, a lot of our projects have ready-to-move-in inventory. From that perspective, if we sell that ready-to-move-in inventory, the collections are directly 100%. So, for example, our Futurex, whatever sales happen from that project, the collection of that comes within a TAT of around 3 months of sale. Similarly, in Monte South, we have Tower A and Tower B till the 45th floor. Whatever we sell, the TAT of that also is around 3 months. So, the ready-to-move inventory will augment our collections, number one. Number two, the rest of the collections are based on percentage completion. And including Tower C, if you notice of Monte South, we've already reached the 28th slab. So, from that perspective, we are around 40% odd in collections, which is, again, that's the maximum collection where you come from. So, these are some of the projects where collections are. So again, our collection this year will be slightly on the heavier side.

Next question comes from the line of Dev Ajmera, an Individual Investor.

Congratulations for the quarterly results. Am I audible, sir?

Yes.

So why is there a reduction in the other income for this quarter?

So the other income actually has an investment property of Futurex. And in this quarter specifically, that specific floor where the investment property is was not sold. Hence, there is a reduction in the other income.

Okay. And one follow-up question. Sir, in the September, this is the first NCLT hearing or this is the final NCLT hearing for the amalgamation?

Just to add to that, all the stakeholders' meeting, some of the meetings have been waived by secured creditors and other meetings, whatever were planned are supposed to be done in the first week of September, including the shareholders' meeting of our company. So these are the meetings. After that, there will be a second hearing and then the merger would proceed.

Sir, mostly amalgamation would complete by December or it would enter 2027 also?

We are not sure about that because that depends on the NCLT's available dates and processes that NCLT follows. The benches are all heavily loaded with a lot of work. So getting these dates were of a challenge, but we were luckily able to get these dates.

Our next question comes from the line of Manav Jain with MJ Investment.

Sir, I just wanted to know how large is the current redevelopment opportunity pipeline beyond the INR 900 crores that is recently added. Are you seeing any increase in opportunity in Mumbai? And what is your framework for selecting the projects?

Yes. So the redevelopment opportunity is very huge in Mumbai because you can see all the buildings that were constructed more than 40 years, 50 years ago are coming for redevelopment. And the revised FSI calculations and others make them financially viable. Let Parmeet tell you more about these 2 opportunities that we have already acquired, one in Versova and another in Sewri. Yes, Parmeet.

So yes, the Versova and Sewri opportunities, they sort of reflect our work that we have done over the last year or 2 on the redevelopment front. And of course, we are still actively looking for many opportunities, and this has sort of helped us build a team and gain some experience in the entire redevelopment process. And the opportunities are really big. In fact, we are actually very selective about the opportunities that we get involved in because some of the biggest criteria being prime location. So, we want to enter into locations which is really in the heart of the suburbs or particular cities and which are really sought after locations in the local micro market. So that is really one of the most important criteria. The opportunities are many, but we are being very selective in the opportunities that we get involved in because that is what will translate into a high velocity of sales and a high pricing. So that is how we are approaching it. And yes, we are considering many other opportunities.

Okay. Sir, just a follow-up on that. Like what is your view on the current redevelopment deals that are happening as some of the deals are on the face of it looks very pricy.

Sorry, the question was look very pricy?

Yes.

All right. So yes, see, again, there is a very complex matrix, frankly, the way we approach it because I mentioned one aspect, which is the location being prime. But of course, there is a lot of financial metrics that we look at in each and every project. And of course, there are a lot of examples where developers are offering very high percentages.

And but yes, for us, the financial metrics, we have very strict financial metrics and expected profit margins for each project. So definitely, we are only picking up opportunities where we see those profit margins. And yes, and not sort of entering any and every deal. So yes, so there is a lot of background work that goes into it before we even show our interest in a particular project.

Important thing to note here is when the offers are very high, we have seen so many of redevelopment projects that get stuck later on. So, it is a good idea to have a financially balanced approach even from the perspective of the occupants that if you seek very high amount and pricy deal, there is a chance that those deals will not go through that we have seen in many of these instances in suburbs and cities.

Our next question comes from the line of Pratisha Shah with Sai Advisory.

Am I audible properly?

Yes. Go a little louder.

Sure. So my first question is with the company mostly remaining debt-free, how much capital do you expect to deploy towards new projects in FY27? Also, I wanted to understand at what return thresholds are you targeting?

We have always had our EBITDA margins of 30-35% as a target for acquiring projects. For your question about deploying the capital, most likely the surplus capital that we have currently will be fully deployed in this financial year. So that's about INR 200 crores of capital that we will deploy in new projects.

Okay. Understood. And sir, I also have one more question that if you can tell us like or you can provide more color on the PTC sales vertical, its current pipeline, expected sales or like the insights on the business over the next 2 to 3 years?

Yes. So the region that we are working on in is Bhandup. And Bhandup is actually a very strategically located suburb where PTC sales actually cater to the western side as well as central side, which is Mulund, all the way to Ghatkopar and some parts of Chembur. And on the Western side, actually, they cater to P-South ward, which is possibly around Malad area. So the area caters to all of these. Now what does PTC stand for? It's Permanent Transit Camps where essentially developers sell that area to a fellow developer in those neighboring walls in lieu of FSI. So this is the vertical that we just started after our acquisition in Q4 of FY26 of the Kanjurmarg land. Now in this, we are seeing a huge demand considering that in the neighboring walls, there are lots of redevelopment that is going on. And for redevelopment to become more viable, they require this PTC area. So especially in the newer deals, people are actually initially coming to us and seeking this area. So in the next few quarters, you might even see some presales from PTC area.

Thank you. As there are no further questions from the participants, I would like to hand the conference over to the management for the closing remarks. Thank you, and over to you, team.

Thank you for participating in this conference call, and we would be happy to answer any other questions. Please do stay in touch with our IR people, and we have everything uploaded on the website. Do stay in touch. Thank you very much.

Thank you, sir. Ladies and gentlemen, on behalf of Marathon Nextgen Realty Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.