Ladies and gentlemen, good day, and welcome to the Century Textiles and Industries Limited Q1 FY25 earnings conference call, hosted by IIFL Securities Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mohit Agrawal from IIFL Securities Limited. Thank you, and over to you, sir. Thank you, Sagar. Good afternoon, everyone, and welcome to the first quarter FY 2025 earnings conference call of Century Textiles and Industries, hosted by IIFL Securities. Today, we have with us the senior management of the company, represented by Mr. R. K. Dalmia, Managing Director, Mr. K. T. Jithendran, MD and CEO, Birla Estates, and Mr. Snehal Shah, CFO of Century Textiles. I now invite the management to share their opening remarks, which will be followed by a Q&A session. Over to you, sir. Over to you, Dalmia, sir. Okay, thank you. Good evening, everyone, and welcome to the earnings conference call for the first quarter of the financial year 2025. Let me first take you through the financial highlights, followed by the business and operational highlights. For the first quarter of financial year 2025, the consolidated turnover of continuing operations grew by 28% year-on-year to INR 1,140 crores. The EBITDA for the quarter declined by 15% year-on-year to INR 125 crores, with EBITDA margin reported at 11%. The net profit on continued operations was INR 28 crore for the quarter. Now, let me take you through some of the key highlights across our business verticals, starting with the real estate business. During Q1 2025, the Indian real estate sector continued to flourish, driven by positive indicators such as GDP growth, boosting investment, and strong consumer spending sustaining demand. Increasing urbanization and steady property value appreciation are also expected to propel the residential market forward. Within this market, the premium and luxury segments are experiencing rising demand, with preferences shifting towards enhanced amenities and luxurious spaces. For Q1 2025, the revenue of Birla Estates grew by over 800% year-on-year to INR 338 crore, driven by continued deliveries at projects Birla Alokya in Bengaluru, Birla Vanya in Kalyan, and Birla Navya phase I in Gurugram. We achieved bookings worth INR 262 crore in Q1 2025 at our already launched projects, representing a growth of 27% year-on-year. We maintained very strong collection of INR 488 crore from all projects during the quarter. We did two major acquisitions during the quarter, wherein we acquired 13.27 acres of land parcel in Gurugram with a GDV of INR 5,300 crore. We also acquired 16.5 acres of land parcel in Manjari, Pune, with GDV up to INR 1,500 crore. In other updates, Birla Tisya, Bengaluru, received a gold award at the 16th edition of the Confederation of Indian Industry Southern Region Environment, Health and Safety Excellence Award 2023. Additionally, Birla Niyaara, Mumbai, Birla Navya, Gurugram, received silver award at the RoSPA Health and Safety Awards 2024. In our outlook, we anticipate significant growth in the residential real estate market in the coming quarter, driven by a confluence of favorable factors and a stable economic condition, which have attracted robust investment from both domestic and international players. Additionally, infrastructure development and the expansion of smart cities presented new opportunity for growth. Investors are increasingly viewing the Indian real estate sector as a secure and profitable long-term investment, with the potential of substantial return. Now, moving on to the pulp and paper segment. In Q1 2025, paper, board, and tissue prices continued to be a downturn trajectory, with average net sales realization down by 14% year-on-year, although they were at par vis-a-vis previous quarter. This impacted sales turnover and EBITDA. Overall production sales volume increased by 7% year-on-year and 12% year-on-year, respectively. Sales volume was lower by 8% QOQ, with general election impacting tenders orders from government. Sales turnover for the quarter decreased by 6% on year to INR 786 crores, with EBITDA at INR 55 crores and EBITDA margin reported at 8.3%. Demand for writing and printing paper was subdued in Q1 2025 due to deferment of government tenders... seasonal closing of educational institution and courts for summer vacation. Demand remains subdued for both segment as well, and order flow impacted in the first half of the quarter due to the price increase taken at the beginning of quarter. While the tissue paper in the first half Q1, domestic demand experienced an upward trend due to seasonal factors, thereby supporting market sentiment with volume picking up. The company continued to take various cost reduction initiatives, like the increased usage of bam- bamboo and veneer chips to reduce raw material cost. Also, we use fiber plant pulp instead of imported pulp and tissue machine, and advise stable chemical program to reduce input costs. On the sustainability front, the company developed 80 nurseries in 11 districts to increase wood catchment areas, and achieved around 7.5 lakh plantation in Q1, with an annual target of 1 crore plantation. It also implemented five water conservation schemes, with approximately saving of 0.5 million cubic meters of water annually. Lastly, compressed methane, biogenic waste generated from wastewater was utilized in tissue paper machine in place of LPG. On the market outlook, seasonal factors are expected to moderately revive writing and printing paper demand in Q2. In Q2 2025, order flow in tissue segment is forecasted to be slightly lower in initial months on account of lean season. Our demand is expected to pick up towards the end of quarter. With upcoming festive festival season, as well as FMCG and pharma segments picking up, board demand is likely to improve in Q2. Also, imports are expected to remain subdued due to high ocean freight and issue with container availability. Export demand with Europe, U.S. and U.K. market likely to be impacted by high ocean freight. In conclusion, Q2 experienced a lukewarm business performance, largely due to rising input costs and global supply chain disruption in the paper segment, and customers postpone of delivery in the real estate segment. Despite these challenges, consolidated turnover for continuing business increased by a healthy 28% year-on-year. Looking ahead, we are confident the sustained demand and strong public investment, both globally and domestically, will drive robust performance in upcoming quarters. With that, I now conclude our opening remarks, and we can start the question and answer session. Thank you, sir. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone phone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Karan Khanna from Ambit Capital. Please go ahead. Yeah, good afternoon, and thank you for the opportunity. I had a couple of questions on the real estate business. Firstly, if you consider the company has a GDV pipeline of about INR 54,000 crore, given where we are in terms of the cycle, how are you internally strategizing as far as launches are concerned? And if you could also reiterate the timeline around the launch of this INR 54,000 crore of GDV pipeline. Yeah. Thank you, Karan, for your question. Yeah, so as you very rightly pointed out, we have an overall, you know, GDV of INR 54,000 crore. As you know, we already launched about 12.5 out of that, and we have booked sales of about INR 9,500 crore out of that. The balance will be distributed over the next few years. This year itself, we are planning to launch another INR 12,000 crore of this, in the current financial year. And, similarly, I think over the next few years, we will be distributing this. And also we are looking at adding every year about INR 15,000-16,000 crore of, new GDVs every year. And we are looking at a very positive and strong, real estate cycle for the next few years. Yeah. So, KD, just as a follow-up to this, if I look at slide number 17 of the presentation, so FY 2020 to FY 2024, we've seen launches of about 2 projects a year. But this year you've laid out a fairly ambitious plan of about launching 9 projects in the rest of FY 2025. So, how confident are you about these launches, as we've also observed delays in terms of launches, such as the RR Nagar project in Bangalore? No, you're absolutely right. We were supposed to have launched RR Nagar in the last quarter, but because we didn't obtain the RERA, we had to postpone the launch, and we are quite hopeful that, you know, we're going to- we'll be able to launch in this quarter. Similarly, Walkeshwar also we are supposed to launch last quarter. However, again, we are waiting for RERA. For both these projects, we are waiting for RERA. Walkeshwar, I'm sure we are more confident that we'll be getting it in the next few days. RR Nagar- expecting it by the end of this month or early next month. But for that, I think we are pretty confident that we are well geared up for the other launches, and we are quite confident that we'll be able to launch all the ones that we have, you know, guided that, you know, we will be launching. We are making good progress in all of them. So this was a little unexpected that the RERA person was not there. He resigned. The new person took time to join in Bengaluru. So I don't think this will be the normal course. This was a little unexpected, so but I am quite confident that, you know, we'll make up for this. Sure. And, and lastly, on your Pune Manjari project, where you've considered a revenue potential of about INR 2,500 crore and the total area of 3.2 million sq ft. So this translates into an implied per sq ft rate of around INR 7,800. And now we look, as you look at comparable projects in the similar vicinity, that's at about 20% lower versus this. So, the question is, what type of product should we be expecting, considering the higher revenue and the higher per sq ft potential, and any guidance on margins that you feel will be targeting on this project? So, Karan, as you know, our positioning is that we always aim for the most premium positioning in every micro market. Like, in our past, we have shown that in Kalyan, when the market was at 11, 11.5, today, we are selling at INR 15,000 per sq ft. Similarly, we are pretty confident that here also we'll be creating a very premium product. We are looking at margin of at least about 25%-30% EBITDA. More importantly, we, as you know, we always look at very strong IRRs. IRRs, you know, north of 20%. So our positioning is no different here. We are looking at a premium positioning, and we are looking at good margins. Great. I'll, I'll come back in with you. Thank you, and all the best. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the conference, please restrict your questions to two per participant. If you have a follow-up question, you can rejoin the queue. Our next question is from the line of Biplab Debbarma from Antique Stock Broking. Please go ahead. Good afternoon, everyone. So I have two, three questions. First question is, the launches that you mentioned, INR 1 billion-INR 2 billion, 12,000-14,000 of launches in FY 2025, what are the projects and how much GDV in each project should be launched? Can you please give us a breakdown how INR 1 billion-INR 2 billion will be launched in FY 2025? So, Biplab, thank you for your question. So, as I mentioned, this quarter, we are hoping to launch RR Nagar, and this, and a new phase of Trimaya and Walkeshwar. Together, this must be about INR 1,000 plus 500, INR 1,500 plus 600, so about INR 22,000 crore. In Q3, we are planning to launch the project, which we have finalized in Bangalore, Sarjapur Road, and the last phase of Birla Navya in Gurgaon, which is about INR 1,000 crore, and the Pune project, Sangamwadi. So that's in Q3. And in the final quarter, Q4, we are hoping to launch the project which we have signed in Thane with, you know, the project we have signed up in Thane. Then, the new project which we have signed in Pune, we are quite confident that we'll be able to launch that also, which is in Manjari. And also the last, the third phase from Trimaya. So these are the, you know, broad launches planned for the coming three quarters. Okay. And Delhi, Delhi, we are not launching this initially? Delhi is difficult because the entire approval process takes a lot of time. There are more approvals than usual, so we are kind of planning it for the Q1 of next year. Okay. That's great. And, second question is, in the Tower One, Niyaara, how much cost yet to be incurred? Because last I visited, it was 22nd or 23rd floor level that you have constructed. So how much more total cost to be incurred in Tower One? Yeah. So construction cost, if you look at the tower, we are so far about close to INR 300 crore. Okay. INR 300 crore in terms of construction cost, yeah. Any other costs besides construction cost to be incurred in Tower One? Obviously, you know, all the premium costs, the FSI costs, the marketing costs, the sales costs, the overhead costs. So many costs are there, you know, Biplab. All of that will definitely be incurred, yeah. How much to be incurred, sir, total, year, for that? Offline, you know, Biplab. Okay. Yeah. Yeah. Okay. The accounting numbers could be done offline. Okay? Okay. Okay. And, and on the paper side, sir, what would be the steady-state EBITDA margin for paper shall be raising in FY 25? You, Biplab, you are asking for the entire year? Yes, sir. What should be the... Because, margin has been little bit, you know- Pretty bad, but we are hoping that, you know, with the pulp price increasing, we expect a rise in the NSR, which would contribute to our margin. But I think probably it will be, we are looking at right now around 10-12 per kg. So it's very difficult to give me a margin because, but I can say that our EBITDA will be roughly on an average, maybe a year at about INR 12 per kilo. Okay. Okay. Thank you. The next question is from the line of Amit Srivastava from BNK Securities. Please go ahead. Yeah, thank you. Thank you very much for the opportunity. So my first question is on the balance sheet to Sunil, sir. Sorry to interrupt, Mr. Srivastava, you're sounding quite muffled. Yes, Amit, tell me. Yeah, sir, my first question is on a balance sheet. So basically, our net debt number has increased to INR 29 billion this quarter. And, It is a mistake. The net, it is gross debt. Net debt is INR 2,500 crore. Okay. And second is that, sir, our OCF is negative this quarter of around INR 700 crore. Right. So basically, I just wanted to understand how this will play out for the FY 25, given we have three projects we have already signed, and going ahead also, we are going to sign the project. So effectively, if you can give that, how the numbers will be on a net debt side and our OCF generation for the year, as a full year. Second, in terms of the working capital side, also, we have seen that paper division has significantly increased the working capital by INR 2 billion. So effectively, at EBITDA INR 50 crores, so we have increased the working capital significantly. So if you can give the clarity on that. Good question, Amit, and let me answer the last question first. Working capital right now is high because we have suddenly got a lot of linkage coal from Coal India, and we cannot refuse that. So I think this is a peak working capital, and gradually we have planned to reduce it. So working capital will be released in the next three quarters, so that's not a problem. But then market being subdued, you know, we don't expect much cash flow coming from the paper business this year because they also have their own CapEx plans, and we cannot hold those CapEx plans because that will impact our profitability in the future year. So even if you consider, let's say, for hypothetical case, a zero cash flow coming from paper business, we are still comfortably placed because, whatever debt the parent has raised, now future financing will come from the subsidiary because they have undrawn construction finance lines, which they have not used, even in the parent side, because the Niyaara project is on the parent's books, so we are not drawn in construction finance for the Niyaara project also. So I don't see many major issues in terms of, you know, financing our future deals. Of course, the debt might go up a little bit by the end of the year. We may, on a consolidated basis, cross maybe INR 4,000 crore, but that all depends on how many more projects that we sign. But raising that money is not a problem for us. Okay. So how much is going to be, we are going to invest for these 3 projects of INR 9,000 crore GDV, which we have recently signed? So, Amit, as I said, the biggest one of here is INR 5,300 crore from Barmalt. Yes. It's a JDA with just about INR 145 crore payment. So it's not a big deal. The other one, which is Manjari, is a deferred outright deal. So we have paid only some INR 200 crore right now. And, we have also signed a third project, which we announced yesterday. There also INR 170 crore, so it's fine. Okay. Second, sir, in terms of the project launch, which we are, we have just outlined that around INR 12,000 crore, we are going to launch in FY 2025. Whereas in a presentation effort, on the 17th slide itself, you have mentioned around INR 8,500 crore of GDV expected. So just wanted to clarify on that number, what is the difference between these two? Yeah. So, yeah, I think we had. Yeah, yeah. So I think, you know, yeah, whatever we have now, whatever I'm telling you now, that's what we are aiming at. Okay. So any project, like in a Birla Niyaara phase three, also, we were planning earlier in a Q4, but now it seems we have postponed. Yeah. We are not looking at this year. The sizing, the size of it, I think we'll take it up the year, in the next financial year. Okay. So basically, the one project which recently we have signed, maybe that will come into the picture, which is not that- Yeah, yeah. Yeah, the one in Manjari, that is moving very fast, so we are quite hopeful that we'll be able to launch that this year. We had even given that guidance also. Right. At Manjari, yeah. Okay. Last question is, sir, on Birla Estates numbers, if you look at what is the kind of margins we are making in terms of the project which we are delivering now? Because whatever numbers we have looked at in our Birla Estates numbers, on our sales of around INR 450 crore, our numbers on EBITDA side is almost like zero. So effectively, and that is how it's, the- Slightly mistaken there. I think we are already, whatever we have delivered so far, we are giving a 27%+ margin. Don't look at those numbers, because those are the numbers of including all the overheads and, you know, or with the kind of growth that we have currently doing, the marketing expenses of launch, everything, including that, that's not the right number. As we get more scale and we start delivering more EBITDA, this number will go up. But I can assure you that at the project level, each of these projects are delivering at least 27%. Some projects like, you know, the NCR project, we have only accounted for the margin for phase one, but as you look at, going to be almost as high as 40%+. So I don't think margin is a worry. And as I mentioned, you know, we, margin is of course an important, but the most important thing is IRR, how quickly we turn around projects, how quickly we bring in cash so that the growth, you know, cycle keeps continuing. And, even if we get caught in the wrong cycle, we are not left with too much unsold inventory. Yeah. IRR is the number 1 concept. Margin is also important, but margin times we are pretty, you know, safe with the margin. That's all, at least about 25%. Okay. Okay. No, that's what I just wanted to get clarified. On our existing project, whatever we are delivering, around 25% plus, we are getting it. Yeah, yeah. At this point in time, what we have already accounted for is about 27.5%. Okay. And so last on our Birla Navya, there was a FSI thing which was not getting clearance and so- That's clear now. Yeah, that's clear. Government has cleared it. It came in the newspaper. We are all set for the last phase launch now. This year, we'll be launching it. Okay. Thank you very much, sir. It's really helpful. Thank you. Thank you. Participants, you may press star and one to ask a question. Also requesting all the participants to restrict your questions only to two per participant, and you can rejoin the queue for any follow-up questions. The next question is from the line of Jojo Shaju, from Alpha Investor Research Services. Please go ahead. Yeah. Thanks for the opportunity, sir. Sir, I have 3 questions. First is regarding the real estate division. So in the last call, you have mentioned, that our corporate overhead was, around INR 175 crore annually. So this is increased to crores, if I check couple of quarters back. So just want to understand, what is the increase going forward? What is the steady state number of corporate, overhead in the real estate division? So Jojo, right? It's Jojo, right? Yeah. Yeah. So Jojo, there's no steady state. As we keep growing, we'll keep increasing. Our corporate overheads will also increase as we are strengthening ourselves in many parts. It's difficult to give you a steady state number because in several areas we are kind of strengthening. As the scale increases, you know, it's very important for us to strengthen our management team and our, you know, controls, mechanisms, et cetera. So but largely, I could tell you that it will not exceed about 3%-4% of our bookings. That's the kind of a ballpark figure. 3%-4% of bookings is what we should kind of consider as our overheads. Okay. So 3%-4%, we can benchmark, according to the- Yeah. -uh, previous. I think that's a good benchmark, yeah. Okay, sir. And sir, what is the expected collections from the real estate division for this entire financial year? And for the collections part, where exactly it is reflecting in our financial statements? Sorry, for collection, yeah, of course, we gave the- 2,900 is our target, right? Yeah. 29, 29- Hundred. 2,900. 2,900 is what we are targeting. Jojo, our expected target of collections is roughly around INR 2,900 crore. In terms of reflection in the balance sheet, it comes under our inventory for the real estate sector, because it is the amount that we spend on construction that is shown as a asset, and the collections that we have is shown as a liability. Okay, sir. Understood about it. Sir, what is the construction spending for the next, let's say, two financial years, next two financial years? What is the expectation? Two financial years will be difficult, but I think it will be more or less in line with our collections. A little less than our collections. Okay, sir. And sir, my last question is, I just want to understand how is the JV with the Grasim performing? Will it have turnaround in the current year? What is your views? JV with Grasim? JV with the Grasim, yeah. JV with Grasim? We have no JV with Grasim. You're talking real estate business or something else? No, no, no. This is, this is not on the real estate. This is, I think, on the... No, no, that is a joint venture. It's a joint venture with Grasim in the textile side. So that is the only remaining textile part that we continue, and that is in the initial stage, you know, Jojo, so it will take some time to generate profits. And, but it is not a significant ask on our balance sheet. It is more a new thing that we are developing in the country, so it will take some time to absorb. So hopefully next... This year also, probably we might not see the light at the end of the tunnel, but certainly next year we will be starting to show profits from that. Okay, got it, sir. So that's from my side. Yeah. Yeah. We had a gross loss this quarter from that business. Our share of profit. Okay, understood, sir. Yeah. Yeah, sir. Thank you. That's from my side. Thank you. The next question is from the line of Dixit Doshi from Whitestone Financial Advisors Private Limited. Please go ahead. Hi. Good evening, sir. Thanks for the opportunity. Sir, this quarter, we have recognized around INR 338 crore of revenue in the real estate segment. So, I think there is one portion which is the lease revenue, and there's the revenue recognition from various projects. So if you can break this up for us, you know, how much is the revenue from the lease, and what are the project-wise revenue which is booked in this INR 338 crore? ... So it is INR 37 crore from lease rentals, INR 68 crore from Vanya, our Kalyan project, INR 196 crore from Gurugram project, and INR 37 crore from our Bengaluru project. Okay. And, sir, since I think this INR 34 crore, INR 29 crore, INR 34 crore EBIT that which has—we, we have recognized, I think there is a portion of corporate expenses which is impacting this EBIT. So if you can tell us what is the, you know, corporate level expenses which is booked in this quarter? And also, this EBIT also has a portion of lease income. So, the lease revenue, how much is the EBIT of the lease revenue in this? So let me, I mean, you can probably work out everything else from on the revenue recognition of the projects. If we from the revenue that I've just now mentioned, Vanya, we have got about 13 odd INR crores. Overall, we've got about 60 INR crores, and Alokya, we've got about 11 INR crores, and our balance is, you know, it's a loss after providing for all corporate expenses. I don't have the exact numbers right now, but we can offsite, you can ask for it. Okay. And if you can just help us, what would be the corporate level expenditure that was booked for this quarter in the real estate segment? Yeah. So we'll provide you offline those numbers, sir. Okay, okay. Definitely, I'll come- Right. Get in touch with you offline. Sure. Sure, please do that. Okay, okay. Thank you. I'll get back in the queue, sir. Thank you. The next question is from the line of Deep Mehta from Bank of India Mutual Fund. Please go ahead. Hi, sir. Thank you for the opportunity, and congratulations for, you know, aggressive BD for the year. My first question is regarding our organizational capabilities. We are planning to significantly increase our launches as well as pre-sales for the year. So how have we already developed and planning to develop further our organizational capabilities in terms of, you know, hiring new people for different roles, different geographies, and also solidifying some of our processes, if you can talk about that. So, Deep, thank you for the question. So, yeah, as we keep growing, we are creating a decentralized organization. Each region will have their own, you know, teams, which will be responsible for their PNL of the regions. So, so Bangalore has their regional team, NCR has their regional team. Pune, we are now developing our regional team. Bombay and, western, I mean, Bombay has our own, you know, its own regional team, and there is an HO. So as we keep growing, you know, we, keep enhancing, our operational capabilities, sales capabilities. We already have a very strong BD team, which is doing its, the job very well. We have a very strong sales team, which is, you know, powering the sales performance of the company. Similarly, we have, you know, pretty strong operations team. Each—as we keep on scaling up at each region, you know, we, we, you know, recruit the right kind of people, and we have a very strong process of orientation, in terms of Birla Estates' way of selling or the Birla way of customer centricity or our operations, construction, et cetera. Largely, construction is outsourced. We go with the best of construction partners. So it's largely, mostly, management, monitoring, and, you know, control systems, where we very strongly do our review mechanisms, and we give a lot of, you know, research-backed ideas onto the design. And we have very strong budgeting and quality control system. Execution is our core strength, and the deliveries that we are doing, we have got NPS scores of almost 85%, which is one of the highest in the industry. So, we keep monitoring these parameters to make sure that, you know, the delivery and quality and cost and returns are the most efficient. Does that answer your question, Deep? Yes, sir, this is very helpful. My second question is regarding our unsold inventory. If you can give the value of unsold inventory as of the end of the quarter- So, yeah. Also about this, yeah. Unsold inventory is very little. Most of the inventory that we have launched is sold out. If you look at NCR, it's almost 100% sold out. If you look at Bangalore, it's almost 95% sold out. Mumbai is also... So overall, I think about 87% of the launch inventory is sold. So what we are now, you know, what we have, the sales performance is a little muted in the first quarter, largely because of lack of inventory, number one, and also lack of new launches. So we hope to make it up in the coming quarters. Sure, sir. Can you help me with the absolute amount of unsold inventory? Rough number will also work. Yes. So the numbers of this thing, I think we can help you offline. All these numbers... Yeah. ... Yeah, but INR 12,849 crore is what we have launched, and what we have kind of booked so far is about INR 9,428. Roughly INR 3,000 crore? Yeah. Sure, sir. That's all from me. Thank you. Thank you. The next question is from the line of Abhinav Sinha from Jefferies. Please go ahead. Hi, KT, a couple of questions for you. So firstly, on GDV, you know, the projects that we are adding, is there a target in mind for the year? So that's question one, yeah. ... Yeah. So as I mentioned, largely, we are looking at about, 15,000-20,000 crore INR this year, and we'd like to continue to look at that sort of number, so that we can keep growing and, you know, can do full justice, to our sales process also and cash turnaround also. How does it break between various markets or, nothing specific there? No, I don't. We have not put a number, but wherever we get the right opportunity, the most attractive, ideally a JDA, et cetera. If not a JDA, then in a great location, you know, premium locations that we are aiming at. As I said, we are not taking risk in terms of, you know, title or location or, in terms of, you know, speculative future locations where you, the markets might emerge. We're not looking at those ones. We are only looking at well-established locations. So from that point of view, I don't want to put a number to each region. Wherever we get the most attractive options, we'll go there. I think all four markets are equally attractive. Okay. I presume the opportunities are still fairly attractive, and Yeah ... there's still not too much competition out there. That's right. Not... The competition is definitely there. It's increased. So yeah. So wherever we think it's the right deal that we are getting it, we are going for that. Got it. So secondly, and, you know, this is bit of a market question. I mean, we have heard in the last quarter that, for example, in NCR, we have seen couple of projects, which have underperformed, say, either in terms of pricing or volumes. Wanted to hear your take on that. See, I think, you know, if you price it right, I think you will be able to get the volumes. Market, real demand is there. Supply is very few. If the design is right, the product is right, the ticket size is right, I think, you know, we should be able to at the right locations, you know, I think there should be no issue with the, with, moving, you know, inventory. If you overprice it or underdesign it, you know, then there could be. It's important to get the product right in every market, and the price also right. I think those combinations one has to get it right. If that is right, I'm pretty confident that there should be good traction. Right. And broadly, so you wouldn't, you know, be overly worried or look to change your sales guidance for the year? No, no, no, no, no. At this point of time, we're pretty confident. Sure. Great, and all the best to the team, sir. Thank you. Thanks, Abhinav. Appreciate that. Thank you. The next question is from the line of Raj Rishi from Dhan Group. Please go ahead. Yeah, hi. Can you give a perspective as to what kind of quantum of group properties you can develop over the next 3-5 years? I think pretty limited, but not much then in the, in the markets that we have chosen. I think we are kind of maxed out in terms of group properties. Okay. Because largely the properties are in Mumbai, and I think all of that we have counted. Maybe in Pune we have about 45 acres in Talegaon, so that kind of develops. And, you know, the broad town planning rules change, then we may launch that. But apart from that, I can't envisage any more launches from the or any more kind of tie-ups with the group group lands. In a previous call, in fact, I had only asked a question, and you had talked about other than the present focused geographies. A lot of, like, huge number of group properties there, which can come into the Century Textiles fold. So- Yeah, but as I said, in the next two years, we are not looking at expanding into any other region. I think we have got a job cut out in kind of consolidating in these four markets that we have, you know, chosen. I think we'll be focusing on these markets. Okay. And, I, I believe you had an aspiration to be in the top three or top five in the next coming years. That would entail a huge quantum jump in your business, right? So how Yeah. Can you comment on that? Like, what kind of aspiration, how do you plan to reach there? Yeah. So we are very, you know, confident, and we are aspiring to be among the top three. But more important, I mean, as we scale up, it's also important for us to be the most reputed player in terms of customer centricity and in terms of quality. We are willing to give up scale, if for these two parameters. What's most important is to give high quality products in the right, within the specified time, and give the best of customer-centric service. Scale is important. As a group, we have always, you know, been the top three in every businesses that the group has entered. So we're pretty confident that we'll be, you know, aiming for that, too, but not at the cost of the other more important parameters. It will be kind of a balanced approach in terms of scale, in terms of quality, and in terms of customer centricity. Okay. Any plans for fundraising on the equity side? We always are looking for raising platform funding for our, you know, private funding, private equity funding for scaling up our residential portfolio. Maybe, you know, at some point of time, even the commercial portfolio, but not in the near future for any public sort of funding. This won't be in the parent, in Century Textiles. It will be in the particular project? Yeah, it will be the project level. Okay. Okay. Okay, thanks a lot. Yeah. Thank you. The next follow-up question... Sorry, the next question is from the line of Vivek Ramakrishnan from DSP Mutual Funds. Please go ahead. ... Hi, congratulations, Kirti. So, my question was on Niyaara phase one and phase two. If you see in the last quarter, the percentage sold has gone up from 68% to 71%, and it had, like, a big bang launch. So, what is the ebb and flow of this business? I mean, is, is this going to take a little more time to dispose of the, of the property? And how does it happen in phase one and phase two, because they're entirely different, customer bases. Yeah. So, thank you, Vivek. So Niyaara tower is now, in terms of units, almost 90% sold out. We've also increased the price to now about about 1 lakh rupees per sq ft. And I think we'll be happy to now sort of, you know, really look at the rest of the, apartments more towards, Completion. -completion. I think this makes sense also. It's more than 90% gone, with hardly 20-25 apartments left. As far as the sales of the Tower 2 is concerned, we have sold more than 50%, 52% in terms of area or units. So, the traction has been very strong in last quarter, and after that, with election year coming, there has been a slowdown. I think the initial demand has been sucked out. Given that, I think, you know, a new round of, you know, interest generation is going on, and we expect to do about 3-4 apartments every month from here onwards. So that's the kind of velocity we are aiming at. Okay, thank you very much. That is my question. Thanks a lot. Yeah. Good luck. Thank you. Thank you. The next follow-up question is from the line of Biplab Debbarma from Antique Stock Broking. Please go ahead. Thank you, sir. Thank you. Sir, on the, you mentioned about Manjari and Sector 71, that we acquired yesterday. The INR 200 crore and INR 170 crore that you mentioned, are these the cost of acquisition, total cost of acquisition, or these are the initial payments? No, I think, Sector 71, which we kind of concluded yesterday, I think that's the, that's the full, full, cost of acquisition. INR 170 crore cost of acquisition you have paid, right, sir? That's right. Yeah, it's an outright- For Manjari, what will be the total cost of acquisition? Manjari is about INR 340 crore, but it's a deferred sort of payment. Okay. So the next two years, yeah. So out of INR 340 crore, you have paid so far INR 200 crore. Am I correct, sir? Yeah. Okay. Okay, sir. So- My second question is, for FY 2025, the remainder of FY 2025, any more projects, residential projects that could be recognized? Recognized? No, I don't think- Yeah, recognized. Unrecognized... Yeah, whatever is the balance of these Kalyan and Alokya and a bit of Navya. So I don't. So, the unrecognized ones, what that part is there in terms of handing over is going on. Beyond that, I'm not expecting any new projects to be, yeah, handed over, or any new phase to be handed over this year. In FY 2026, any new projects that should be recognized? Maybe another phase of Navya will come up. Okay. Yeah. Thank you, sir. That's all. Yeah. Thank you. The next question is from the line of Amit Sanghvi from Invesco. Please go ahead. Yeah. Good evening, sir. My first question is related to the inventory left out for these three completed projects, which is left out for the purpose of revenue recognition in terms of square feet. And my another question is regarding. It is in fact a suggestion that if we can put one more slide in our presentation so, for the land which we have acquired, but which are yet to be developed. And that is my second question, sir. Okay. Sure, we can do that, Amit. Yeah. Yeah, we can do it. Yeah, and what is the first question as whatever is recognized and unrecognized? Yeah, yeah. We have completed three projects, right? Vanya, Alokya and Navya. Yeah. In these three projects, what is the total inventory left out as on first July, which is yet to be recognized in the books of accounts in terms of sq ft? Yeah. So there is, I mean, if you want to go into the detail, we can go offline. Yeah. Right? So, yeah. So I think, we have about, well, Navya is about 228 units, of which we have done about 200, and, you know, around 28 units are to be recognized. Alokya about another, I think about 76 units has to be recognized. Vanya is a major portion, about 700 units has to yet to be recognized. Okay. It is going to be recognized in this year itself, right? Because the project is completed. Yeah. Yeah. Okay. Vanya, I think, we have 7 towers, of which we have got OC for 5. There are 2 more towers which we are expecting the OC in the next, this quarter and next quarter. Okay, okay. So what you said is, in Vanya, 700 units, in Alokya, about 76 units, and in Navya, about 220? Ballpark figures, you know, these numbers. Okay, okay, okay. I can understand it. Okay. Yeah, yeah. Ballpark number. Okay. Yeah. Thank you. Yeah. Amit? Yeah. You can go on slide 16 of the earnings presentation. You will get the details between the GDV for what we have launched and what is upcoming. Okay. Okay, I will do that. Okay. Thank you, sir. Thank you. The next question is from the line of Harsh Pathak from B&K Securities. Please go ahead. ...Yeah. Hi, sir. Thanks for the opportunity. My question is on the project, Sector 31 Gurugram, that you know, we just acquired this quarter in the first quarter. So what would be our share in the JV? It's a 40% rev share. 40% to the partner and 60% to us. Sure. And so the indicative GDV of INR 5,000 pertains to just us, or it's at the project level? Sorry, I didn't get you. What was that? Indicate? The GDV. INR 5,300. Yes. So, is it at the project level or our share? Sorry? Yeah. Is it our share or is it pertaining to the overall project? Total is a gross. That's a gross. 5,300 is a gross number. That's a gross. Okay. Okay. Yeah. Yeah, and sir, my second question is, you know, regarding the land availability in NCR. So I think we now have total four projects in the NCR market, in the NCR region in our portfolio. But, you know, this quarter we have done our first outright purchase in that market. So how is the land availability and how is our thought process regarding, you know, going ahead for outright purchases? What kind of margins profile can we expect? What's your take, sir? Yeah. So as I mentioned, margin profiles, we are already looking at 30%+ margins. What we have, you know, but what we are more focused on is 20%+ IRRs for our JDA projects and, 16%-17% IRRs for our outright projects. So we are working well within those parameters, within those guidance. Of course, land is very, very scarce in NCR. Very few lands are there, and all the lands that we have kind of finalized is very, very prime properties. Excellent locations, all should be selling above INR 15,000. Of course, the Sector 31 is extreme premium. I think we expect at least INR 6-7 crore per apartment or more per apartment there. So all at a very high premiums, and, it's very difficult to get land in NCR today. Supply is very little, and we are very happy to have done these acquisitions. Sure. So, can we expect more kind of an outright purchases or our preferences is more towards JV tech? It's Harsh, we are on the lookout for, you know, the right kind of lucrative deals. Very difficult to come by, but yeah, and as I said, we'll keep looking for the good deals. But it's possible that for a long period of time we may not do any deals, and suddenly, you know, we may get the right deals, we may do quite a number of them. So depending on the quality of the deals, we keep looking for it in the right markets, in the right location. You know, so, so we have been fortunate that we got this deal at Sector 31. It's in a very, very attractive deal. And what we kind of acquired at 71 is also an extremely favorable location at a very good attractive price. So that's why we went ahead and did it. All right, sir. I think that answers my questions. Thanks. Thanks a lot, sir. Thank you. Thank you. The next question is from the line of Dixit Doshi from Whitestone Financial Advisors Private Limited. Please go ahead. Yeah. Thank you. Thank you again for giving me the opportunity. I had similar questions on these Gurugram projects, but one more question, sir. So in Niyaara Tower Two, I think the last quarter we had sold around 68 units. So how many more units did we sell in this quarter? Oh, we are at 75. 75, but there have been a few cancellations of that 68 later on. Some people did not go ahead with, you know, they, they drew. Not many, a handful of them, and now today we are at 75. Okay. And sir, the sales of 70,000 sq ft and INR 262 crore value, if you can break it up project-wise for us. Roughly 225 of that is Niyaara. INR 225 is Niyaara. Okay. Okay, that's it. Thank you, sir. Yeah. Thank you. The next question is from the line of Himanshu Jhaveri, who's an individual investor. Please go ahead. Yeah, hi, KT. Hi, Himanshu. I just wanted to ask, what do we aspire as a company? And can we expect to a top line around INR 20,000 crore, INR 15,000-INR 20,000 crore in the next three years? And what do we plan to do differently to make Birla Estates a niche and a premium brand in the market? Yeah. So, so I think, yeah, in the next 3-5 years, I think it's reasonable to expect a top line of INR 20,000 crore. I think we can easily reach there. We have very strong presence in each of these chosen 4 markets, and I think we could be the, more the, the dominant player in each of these markets. That's our aspiration. How we want to differentiate ourselves, as I mentioned, is through superior quality delivery, extreme focus on execution, extreme focus on design, customer-centric design, be the most customer-centric organization. Be a very, you know, experiential driven company who gives very superior experience to our customers, taking care of them, making sure that even after customers move into our projects, you know, they get a very different experience of living, community building. Our aspiration is to create, you know, happy Birla communities and make them, you know, a very differently engaged community, enhanced living experience, et cetera. So that's how we want to sort of differentiate our projects in the very long term. I think so our endeavor is to get there while building scale through very strong processes and focus on executions. ... And, do you also plan to have a huge workforce and machinery to launch projects simultaneously across different states in every quarter? Because if we want to reach that INR 20,000 crore mark, we'll have to have a big, you know, the machinery should be very- Yeah, if you are meaning machinery in terms of processes and team, yeah, we are all for it. Creating a hardcore hardware machinery, we are a outsource company. We are looking at, Machine in terms of the teams and sales force. Yeah, yeah, yeah. Yeah, of course, of course. We are in the process of building. Every year, we add about 40%-50% more employees. We were at 200 last year. We are at 350 now. We may go up to 500, 550 as the demand for people are there. The only thing is that look a very high quality team, and there's a lot of training orientation process within the company, create a very strong culture of, you know, high performance and customer centricity. It's very service-oriented. So I mean, that was the, that's the building blocks of the company. And we are also creating a decentralized system, which can move very swiftly, quickly, empowered sort of team. That's great. And I read an article, K.T., in a newspaper of the Century Bhavan being demolished, and so are we planning a project over there? So- We are very seriously evaluating it. So, not still fixed anything, right? No, no. It's under evaluation. No, because, just, next to that, the Oberoi Three Sixty and all are selling at very well and good premium prices, so there's a huge scope to, to- Yeah, yeah, yeah, yeah. We are pretty aware of that. Yeah, we are very aware of that, and we're looking at the opportunity. In future, we might do it, right? Possibilities are there. Okay. Thank you, KT. Thanks a lot. Thank you. Thank you. Thank you. The next follow-up question is from the line of Biplab Debbarma from Antique Stock Broking. Please go ahead. Thank you for the, for the opportunity. K.T., so on the outright purchases, we have been seeing that last year also, when we compare the cost, divided by the GDV, it is less than 15% and around 13, or 13%. This year also, both Manjari and Sector 71, they are less than 14% of the GDV, acquisition cost. So, is this a normal rate for outright acquisition, like 13, 14% of the GDV? It seems very on the, on the lower sides. So it's a good thing. So I'm just trying to understand whether we can continue to do such excellent outright purchase is going forward. That was my question. Yeah, Viplav. So we keep looking for the right opportunities, but it's not just the price, it's also the location, the other factors, how quickly we can launch it, how it'll add to the overall brand value of Birla, you know, how we access the other, you know, parameters, development potential, growth potential, et cetera, and also, of course, the price. So all those factors together, we look into it. So that's why we are a little patient and take our time to do the BD. So these are the two ones which we got into, you know, after prolonged negotiations, we were able to conclude it. Yeah, but we can't take that, you know, 13% as a benchmark. As I said, there may be properties we may have to pay a higher price, but the location is great, and it makes sense for us. Overall, we try to look that we don't pay more than 20%-25% of the overall GDV to the landowner. Yes, yes, that's great, because so far you have been doing 13%-14% of the GDV. That, in my view, is excellent. And my final question is on the Thane project. What would be the, if you launch a project this year, what would be the estimated rates that you expect to launch the project? I mean, in terms of INR per sq ft carpet area. So it's too early, Viplav, to kind of, give a guidance on prices. I know that, on a saleable, area, we were looking at at least INR 11,000+ in that market. That's a very, very strong, very attractive market. We are catering to both Navi Mumbai and, Thane. So... And the location is fantastic. You know, it's two pieces of land on adjacent both sides of the road. Huge opportunity, but little early on the, to, to give a guidance on price. But at least that's the kind we're looking at, about INR 11,000-INR 12,000 per sq ft on saleable area. Okay. Okay. Thank you, sir. Yeah. Thank you. The next question is from the line of Deepak Purswani from Svan Investments. Please go ahead. Yeah, good evening, sir. Sir, my question is related to FY 25 pre-sales. As we have mentioned in the previous call, we would be looking how to double it up the pre-sales. And if I were to look in the overall scheme of things, the Worli, we said on the monthly basis, we would be looking 3-4 units. That would be an annual run rate of approximately INR 2,000 crore, which means remaining INR 6,000 out of the total launch pipeline of INR 8,500 crore GDV. So my first question is, if you can throw some light, how confident are we in terms of quickly turning around the project, in terms of the approval and launching project? And secondly, on the sales momentum, because it is implying 70% pre-sales of the launch pipeline. So if you look at our past, we have been kind of doing about, you know, whatever inventory is left, we have only bought sold at a national level, about 87%. What's left is only 13%. So that is one part in the sustenance sales. The rest, as I mentioned, I've given you a overall, you know, number of launches we have come, which we are planning. On the back of it, what we have planned is, you know, almost about INR 8,000 crore, all of which will have to happen, mostly all of it in the next three quarters. We are pretty reasonably confident of, you know, doing this, given our kind of performance in each of these markets, and each of these, you know, whether it is Bangalore, Bombay or NCR. So from that, that point of view, I think we are pretty confident we'll be able to achieve this target. Okay. And secondly, sir, from the, as we have also mentioned about the aspirational target of achieving the pre-sales of INR 20,000-odd crore over the next three years. Now, with that figure from the, business development front- Yeah, I did not mention. I said the next 3-5 years. Yeah, yeah, 3-5 years. With that regards, we also mentioned about the business development activity of INR 15,000-INR 20,000 crore odd every year. So just wanted to get a sense in terms of the, what would be the investment which we would require for the land for that part every year? So if you, I mean, it depends on what kind of projects come to us. If you look at last year, we invested about INR 1,000 crore to add a portfolio of INR 16,000 crore. So even if you do some escalation, that's about INR 3,000-INR 4,000 crore is what we are looking at. But of course, we have, on the back of very strong collections also. I think we are collecting stronger. So all that, you know, internally, we hope that we have the gunpowder to kind of create that kind of capability to acquire projects. We are also looking for, as I mentioned, you know, the platform funding, private equity platform funding. So all of that should kind of give us the, you know, the firepower to go for more acquisitions and achieve our targets. Okay. Acquisitions. Thank you so much, sir. Yeah. Thank you. As there are no further questions from the participants, I now hand the conference to the management for closing comments. Thank you, Farooq. Thank you all for participating in this earnings conference call. If you have any further questions or would like to know more about the company, please reach out to our IR manager at Valorem Advisors. Thank you and have a great evening ahead. Thank you. On behalf of IIFL Securities Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.