Thank you very much. The first question is from the line of Girish Choudhary from Avendus Spark. Please go ahead.

Congratulations on the strong presales. I mean, firstly, if you -- obviously, you have had a strong start to the year. So, if you could just give us the presales growth or the booking value you’re targeting for fiscal ’27? And as a follow -up, you mentioned about 8 million square feet of launches for the remaining 9 months. So, if you could give the GDV and also the timelines and the key projects, which we should look forward to?

Thank you, Girish. The last quarter, I mean, like end of the financial year, so we have guided for at least 30% growth in the presales. That I think we should be able to continue to achieve. And if all the launches happen within time, probably we can do slightly better than that. But as of now,

I think we continue to aim for that in terms of presales. Now coming to the exact timing of these remaining project launches of about 8.2 million square feet, like in the opening comments I have given, those most -- all these about 9 projects, we would be able to do it within the next 9 months. So most of them would be -- I mean, this quarter would be about 3 projects and which are a couple of projects in Kerala and plotted development in Bangalore and probably a small 0.4 million square feet project in Bangalore. But other than that, the remaining projects would be coming in Q3 and Q4.

Got it. That ’s useful. And secondly, what we noticed also collections were relatively modest considering the presales. So, was this primarily a timing issue because a large part of sales came towards the end of quarter? And should we expect a material improvement from this quarter onwards?

Yes, that’s right. What you mentioned was right. One is the collections from new sales have come towards the end of the quarter. And hence, I mean, there is more collection that would be coming from these new sales, but part of the collections only have come in this Q1. Second is typically, our milestone billing collections this time were relatively lower because some of the milestones we could not achieve due to labor shortage in -- mainly in April and May. And hence, the billing, corresponding billing could not happen. And hence, there is a small shortfall there also. Otherwise, in general, things seem to be good in terms of overall cash flow visibility.

Okay. So, we are on target to do the INR2,000 crores, I think, which was guided in the past, for the year?

INR2,000 crores of operating cash flow?

Yes, yes.

Yes. I mean that is on an average for the next few years, if you take an aggregate level of what is the marginal cash flow. But we should, as we grow, we should be able to do, we should be able to touch that number.

Yes. Lastly, if I may, on the land payments, we have seen around INR370 crores during the quarter, higher than the normal run rate. So if you could explain, I mean, for fiscal ’27 and ’28, what are the commitments, and then from a business development point of view, what are you seeing?

Yes. I mean, this quarter, in addition to our current -- I mean, normal commitments of the existing land, we have invested in couple of new lands. One small land we have bought in Mumbai, and we have invested in a new opportunity in Greater Noida. So put together, these are the 2 new ones. Otherwise, the rest are towards commitments of the future forthcoming projects that we have already declared.

The next question is from the line of Puneet Gulati from HSBC.

My first question is one with respect to your disclosures on the forthcoming project, where you talk about potential sales value of INR295 billion. And versus that, the margin that you talk about in Slide 15 is INR68.3 billion. This is a lot lower than what you had in the previous presentation at close to INR86 billion of margin and a smaller saleable value for forthcoming project. What is the change here?

You’re right, Puneet. So, the main difference for the new forthcoming majority - - I mean, the mix of the projects, a greater mix is towards joint development. And hence, that ’s the marginal cash flow, you would have seen reduction. Second is earlier in this marginal cash flow for forthcoming projects, we had Hoskote and Hoskote as one of the main projects, which had, which was our own land and hence, the marginal cash flow was much higher.

Okay. So, the GDV that you state is basically including the landowner share?

Yes. This is the gross value of the all the projects -- of the entire project.

Okay. That’s fine. And secondly, while you talked about potential 2 acquisitions this quarter, one in Mumbai and one -- sorry, the other one I missed out.

In Greater Noida.

And have you paid for both of them?

Yes.

Okay. So how should one think about full year allocation of capital towards land? What is the run rate one should assume?

See, we have done last year. I mean, we would -- from a land payments point of view, we would be roughly similar to land for last year. And going forward, there would be an

incremental from a -- I mean, last year, we did about INR1,160 crores. And this year, we already did about INR370 crores. And we have identified a couple of opportunities where I think we can invest in Bangalore and in NCR. So, if we are able to complete those transactions, then we might look at closer towards INR1,500 crores to INR1,600 crores this year.

Okay. That’s very helpful. And lastly, your 9 project launches, does that also include the balance phase of One World or that’s separate?

No, that doesn ’t include balance phases. Like I said, we have taken the entire project of SOBHA One World in the new project launches in Q1.

The next question is from the line of Parikshit Kandpal from HDFC Securities.

Jagadish, congratulations on a great quarter on presales. So, my first question is, I mean, the way we were forecasting this quarter, the first half was a washout because of geopolitical issue. So just wanted to understand what led to the strong demand coming back towards the second half of the quarter, so both in Gurugram and Bengaluru. And also wanted some color on Noida, how the Rivana has done after there were some delays. You said the sales could have got pushed out. So just your sense on the demand, what has just surprised us positively? And where do you think the real estate cycle currently is?

Thank you, Parikshit. So, like you have seen in Q1 or, let’s say, Q1 of this calendar year, right? We had been preparing for these launches for some time. And hence, the time advantage that we had got in terms of preparation is what I believe is what led to a stronger performance in this quarter. So, for any new launches, like you know, it ’s not only dependent on the timing of the launch, but also the extent of preparation for that. So, in that aspect, we were much better prepared and hence, there is a stronger response is what we can see in Q1. Otherwise, the overall demand scenario seems to be quite stable from what we have seen in terms of the launches and also what we are witnessing post the launches also. It ’s been quite steady. So, we believe that it is a reasonably good demand scenario. What we would like to see is how the supply is going to come up. Specific to your question related to Rivana, Rivana has also been quite steady. It’s not a project where it is a much higher -- we have not seen much higher sell-through at the launch. But post that, during the quarter, it has been quite steady in terms of monthly sales and the quarterly sales.

My second question is on the INR1,500 crores tentative. I mean, you said that the deals could get close, the INR1,500 crores capex on land may happen this year. So just wanted to breakup of how much will be Bengaluru and how much is the contribution from NCR and MMR on this? And whether is it right to assume that out of INR1,500 crores roughly INR15,000 crores worth of GDV INR12,000 crores to INR13,000 crores GDV addition will happen?

Yes. I mean, from a remaining capital allocation, part of that is towards our current commitments for the 20.77 million square feet, that ’s roughly about another INR400 crores. And our past commitments, those are also that ’s about another INR200 crores. So , I mean, those are about INR600 crores plus already we have done about INR370 crores. So, remaining is about INR600 crores. So that INR600-odd crores, we will -- we should look at the current opportunities that we are pursuing. It’s still, I mean, a little early to disclose that, but it ’s at a good valuation and hence, we should be able to -- typically, in any new land buy, we see that the value of the land is between about 15% of the total sale value. So that it would be in the similar range.

So, this will be largely in NCR, the INR600 crores, INR700 crores incremental beyond the existing in the past commitments, which you said. So out of the INR600 crores, INR700 crores, where -- how will be the geographical breakup of this?

It’s part of it is -- majority is in Bangalore and the remaining is split largely between NCR and a little bit portion to Mumbai.

Okay. And just a third question on this Hoskote. So how much was the contribution from the SOBHA One World out of the total INR2,000-odd crores of sales. So how much was the contribution? Because the numbers look little lower than the number that we have. So was there any spillover you’re going to book in Q2 out of this? Just wanted the total cumulative sales on this and how much has been recognized in Q1?

About, you have seen about 45% of the overall sale is from One World sale and the remaining is from both, like Bangalore and NCR have contributed close to 87%.

Sorry, I didn’t hear you how much?

Bangalore and NCR together have contributed about 87%.

Yes.

And is there any pending sales to be recognized because this number then looks a little slightly on the lower side compared to what you have released, it’s about INR1,600 crores. So, was there, I mean, were you able to book the entire sales or there’s a pass-over which will happen in Q2 from this, which you could not realize in the Q1 numbers?

Yes. So, like I mentioned, we have released about 3.4 million square feet of the total. And within that, we have done about 40% of the sales.

That’s about totally INR1,800-odd. So, about INR200 crores, INR300 crores could be a spillover, which may happen in the Q2 quarter?

Yes, Parikshit.

So, there was some spillover into Q2, that means the entire...

That is a characteristic of any new launch or ongoing operation. So , there would be naturally be some spillovers from that are being put in the previous time period.

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

Congratulations on the great start to FY ’27. First question is on the Mumbai and Greater Noida business development you did in this quarter. Could you give us some details like are these outright projects? And how much you paid for these project s? What would be their GDV, when they are expected to be launched?

The Mumbai project is about 1.3 acres and we bought the land for about INR180 crores. And the Greater Noida project is a joint development for which we have paid certain dues for the authority and for the landowners. So, both -- so each one -- both put together, the GDV for this would be about INR2,700 crores to INR3,000 crores.

And they would be launched in this financial year?

The Greater Noida one, we are envisaging to launch this financial year. Mumbai one, we would endeavor to do it. But considering the approvals, uncertainty, a clear timeline from -- there is a lot of work to be done there. And hence, although our endeavor i s to launch it this financial

year. So currently, I have not included that in the projection that I have given in terms of 8.2 million square feet for this remaining 9 months.

And second question is on the margin. I mean, last quarter, you mentioned that margin will see revival from the second half of this financial year. Margin continues to be low. Sir, do you maintain that margin you will see uptick in second half of this fina ncial year? And what kind of margin do you think we’ll see in the second half of financial year, reported margin?

Right. Biplab, you ’re right. I mean I still expect the margins to be significantly better in the second half means sequentially, it should start looking better. Q2 might be similar or depending on the number of completions that we can do, Q2 might be similar. But Q3 and Q4 sequentially should become better as we complete some of our high -margin projects and start handing over. So, our expectation is that by Q4, as we currently, we are at about 9.7% EBITDA. So, as we leave the end of Q4, maybe hopefully, we should be able to do closer towards 17% to 20%.

Okay. That’s great. And my third question is on the remainder of the year, you said 8.2 million square feet launches. That translates into how much of GDV?

At the current average of INR15,000 crores, it should be about another INR12,000 crores.

The next question is from the line of Fenil Brahmbhatt from Choice Institutional Equities.

Congratulations for the good set of numbers. I have 2 questions for you. First is on this approved NCDs of INR1,000 crores. So, when we are planning to issue these NCDs in the next quarter or there is any timeline? So, if you can throw some light on that, that would be helpful.

Yes. We envisage the usage coming in the next couple of quarters. So, we would do it in tranches as and when we identify the acquisition opportunity or, let’s say, firm up the acquisition opportunity, we would go ahead with the funding of NCD. So, it’s not -- need not be at one shot, but as and when it’s required. But at least I would think that we will break it into at least 2 tranches.

So, for FY ’27, like I mentioned, we would endeavor to complete about 6 million to 6.5 million square feet versus what we have done about 5.4 million square feet last year. So, I mean, there is a list of projects that we would complete as per the timeline of the completion. We can provide you that list separately, Fenil, if that’s okay.

The next question is from the line of Pritesh Sheth from Axis Capital.

Congrats on a great start to the year. Just dwelling some more on launches again. So , second phase of SOBHA Crescent is planned for next year or this year?

Pritesh. Crescent Phase 2 will happen during this financial year, most likely in Q3, towards the end of Q3 or beginning of Q4.

Okay. So, 2 million square feet in NCR, which you said is basically second phase of Crescent and the Noida project, Greater Noida Project and Bangalore will have the Crystal Meadows now converted into those apartment projects also included in current year’s pipeline?

That’s right.

Okay. Perfect. And just on Mumbai, I can ’t see the new latest addition in our forthcoming or subsequent pipeline or rather there is 1 acre of Mumbai, but I thought that ’s the second part of the Parel project. So , is this included in the current pipeline? Or since we are not sure of the timeline, we don’t -- we have not included in the forthcoming subsequent land right now?

Right. So, the one that you are seeing in the forthcoming pipeline is the second phase of the current project, which is Inizio. And the one that we have just acquired that we have not yet included basis the timeline once it gets firmed up, we would include it subsequently.

Sure. Got it. And one last again on launches. I think last time we had a 6 lakh square feet of commercial project in Gurgaon that I don ’t see currently in the pipeline. Has the plans been shelved for that commercial project now? Or has anything changed there?

Good observation, Pritesh. That particular project, it’s still the endeavor to launch and develop it. We have, in fact, the entire TDR for it, and we can develop the entire project. But currently, we are looking at an option -- evaluating an option of launching it, but not actually selling it, but retaining for our rental income. So that we are in an evaluation phase. And once that is -- and hence, we have removed it. So, if we decide to do part of the development as a sale model, we’ll bring it back.

The next question is from the line of Shubham Selvadia from Tikri Investments.

Sir, my question is regarding labor law. Sir, in Karnataka recently in May month, there was a hike of 60% in minimum wages. So, have you evaluated any impact on cost?

Yes, there has been, and we are still under the evaluation phase. But largely, our technician force that we have, that is above the minimum wage. However, it would have a little bit of impact on our overall cost. That is yet to be assessed. But I think we are considering -- it should be -- we should be able to absorb it within the budget that we have allocated for the projects.

Ladies and gentlemen, that was the last question. I would now like to hand the conference over to the management for closing comments.

Thank you, everyone, for participating in today ’s call. I hope we have answered most of the questions that you had. In case of any further queries or more details, you can please reach out to us and wish you the very best. Thank you, and have a good evening.

On behalf of ICICI Securities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.