Ladies and gentlemen, good day and welcome to Ashiana Housing Limited Q2 FY 2025 E arnings Conference Call. 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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Binay Sarda from EY Investor Relations. Thank you, and over to you, sir. Thanks, Tadmeer. Welcome, everyone, and thanks for joining this Q2 FY 2025 Earnings Call for Ashiana Housing Limited. The results and the investor presentation have been mailed to you, and it is also available on the stock exchange. In case you have not received the same, please write to us, and we'll be happy to send it over to you. To take us through the results for this quarter and answer your questions, we have today with us Mr. Varun Gupta, Whole Time Director, and Mr. Vikash Dugar, CFO. We'll be starting the call with a brief overview of the company's performance of this quarter, and then we'll begin the Q&A session. I would like to remind you that everything said on this call that reflects any outlook for the future, which may be construed as a forward-looking statement, must be viewed in conjunction with uncertainties and risks that they face. These uncertainties and risks are included, but not limited to what we have mentioned in the prospectus filed with SEBI and subsequent annual reports, which you'll find on our website. With that said, I'll now hand over the call to Mr. Vikash Dugar. Over to you, sir. Thank you, Binay. Good afternoon, everyone. I hope all of you and your families are keeping healthy. I welcome you to discuss the performance of the second quarter of FY 2025 for Ashiana Housing Limited. Thank you for joining us today. Area booked recorded at 7.29 lakh sq ft in second quarter of FY 2025, vis-à-vis 4.43 lakh sq ft in the first quarter of current year. Increase in area booked was attributable primarily to launch of Ashiana Amara phase IV in Gurugram. Then, 2.95 lakh sq ft was sold out of 4.79 lakh sq ft. Value of area booked at INR 672.54 crores in the second quarter, vis-à-vis INR 235.32 crores in the first quarter of FY 2025. Total pre-sales for H1 FY 2025 at INR 907.86 crores. We constructed 6 lakh sq ft in the second quarter, vis-à-vis 4.9 lakh sq ft in the first quarter. Total construction for half year of FY 2025 was at 10.92 lakh sq ft. However, as anticipated, our total revenues are lower for the quarter at INR 59.53 crore, vis-à-vis INR 128.51 crores in the first quarter, reflecting the lack of project deliveries during Q2 FY 2025. Likewise, our PAT for Q2 FY 2025 stood at negative INR 7.55 crores. This performance was mainly due to the fact that, aside from one phase in Ashiana Shubham in Chennai, no new phases were delivered in the first six months of the current year. That said, we are optimistic about a strong second half with several key project deliveries scheduled, which would positively impact our full-year earnings and profits. We continue to maintain our guidance of INR 2,000 crores of pre-sales in the current year. Pre-tax operating cash flow recorded at INR 78.18 crores, vis-à-vis INR 75.29 crores in Q1 and INR 74.92 crores in Q1 FY 2025. Pre-tax operating cash flows for the half year was at INR 153.11 crore. Cash flows continue to be healthy due to higher collections driven by better sales across projects in general. On this note, I would like to conclude my remarks. We will now be happy to discuss any questions or suggestions that you may have. Thank you. 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 the touch-tone telephone. 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 Shivam Prashar, who is an individual investor. Please go ahead. Hello. Yeah. Hi, sir. I just want to ask that is there any plans of buying land in Gurgaon as you don't have any other land other than the Sector 80 HSIIDC? As of now, we don't have any active ongoing negotiations in Gurgaon. We continue to look for parcels. But in our opinion, the Gurgaon market has become very expensive on the land side. And at these prices, we are finding it very hard to find commercially viable transactions in Gurgaon at this moment in time. So we are in conversations, but very slow overall in the uptake there. We are focusing more on other neighborhoods where we find commercial viability. Okay. So sir, like this, we have been listening from past a couple of quarters that you're finding Gurgaon expensive. But if you look at your peers, everyone is buying land in Gurgaon. So is there any specific reason that we are not able to find the land at good prices, or the peers are getting it at a higher prices? That is a matter of relative perspective. Whatever the peers have paid for lands in auction, which I am aware of prices, they were significantly above the price I would have been willing to pay in some of those auctions. And we looked at an NCR, participated in two of those auctions, and the final closing price was significantly ahead of our walk-away price. And so in our opinion, those prices are expensive, but this is all relative, right? So they might have a different lens to apply to the market, and that's their view. Okay. And sir, what will be the price realization per sq ft in the Sector 80 land that you're having as compared to the Amara? Will it be lower or higher because it's a bit far from Amara, I guess? Hard to comment on it, Shivam. It's going to be either higher or lower. It's not going to be too further away from each other. So it's going to be similar price points. A tad bit lower or a tad bit higher will depend at the time we launch the project and at that market scenario at that specific moment of time. But we expect them to be not very divergent in price points. Sir, any update for the balance units of phase IV and phase V of Amara and the price resolution that you expect? I will take this last question. There are some people in the queue after this. We would request you to get back in the queue if that's okay. Yeah, no problem. So there is, in the sense of Ashiana Amara's phase V, that launch is expected in the fourth quarter of this financial year. We're working on RERA application there, which we hope to post soon and then after RERA go ahead and launch. And phase IV of Amara. We continue to sell phase IV Amara. And the total units sold in the quarter and as of date in the project are updated in the deck that we have given. And the launch sales were anyways given out separately. So we have sold a few units since launch, and October sales were also good in Amara phase IV from a sustaining sales perspective. Okay. So sir, what's the pricing on the balance phase IV? It's higher than the previous one, or it's lower? Yes. Yes. The unit pricing is higher because the launch discounts have been taken off the units. And I hope to continue to increase pricing as well. So I don't know when the next price increase will come, but the launch discounts have been taken off. So effective pricing is high. Thank you. Thank you, Shivam. Thank you very much. The next question is from the line of Himanshu Upadhyay from Bugle Rock PMS. Please go ahead. Yeah. Hi. Good afternoon or good evening. Good afternoon, Himanshu. Yeah. So my one question was, we did a premium housing project, okay, ONE44 in Jaipur. What are our key learnings, and what is the potential for such projects in Jaipur? Can it be a 3 to 4 lakh sq ft product every year in Jaipur, which can be a higher margin? Any thoughts on that rising product, INR 8,000-INR 9,000 per sq ft? First, we call them Elite Homes, Himanshu. It is a good question over there. One learning on that is that the audience here that comes in is very different from some of the audience that we've been regularly catering to. Some of it is what we have catered to earlier. Maybe they had invested in other projects and are now buying to live here because now they suit their requirements. One learning was that there are customers who were searching for this kind of an offering from Ashiana. There were a customer pool. The hypothesis which went correctly that there was a customer pool which wanted Ashiana kind of projects in Jaipur, but in bigger sort of size and a little bit more closer proximity to the city, which ONE44 provides. I think that's been our biggest sort of learning that there is a market for this. We have learned how to sort of a little bit position this, how do we sort of cater to their needs. There have been some sales learnings also along the way that we have gone ahead and done. Yes, I see about 2 - 4 lakh sq ft annual market for Elite Homes in Jaipur for Ashiana to play out. It will take some time to build out because we'll need to do a couple of more projects before we can start doing this sort of an annual basis. Maybe take another project of 4, 5 lakh sq ft and then take it from there into the next step and then take it from there would be the ideal way to go about doing this. Definitely seems like there is a good market for this in Jaipur. Okay. And one more question on Jaipur. The land we are leasing in Jaipur for residential development of 20 acres, can it be possible that the other developer from whom we are buying this land, or not buying, but leasing, also launches the project if they see success in our launches and can lead to increased competition in that micro market as they have a huge land bank? Or is there some exclusivity that for next three years, we will have the first right of launches and sell in that market, and then the other person can come up? Any thoughts here? Because it's a residential housing or a general purpose housing, not senior living, what we did with them in Chennai land parcels. So, two or three things, Himanshu. A, even though it is a lease, it is effectively a buyout because that's the structure in Rajasthan. Even all our regular projects earlier have been leasehold. Freehold came in very later in any way. So it's been a sort of a generally it's a very long tenure, 90-year lease kind of a structure. So they are not. They're effective in commercial substance as sale of land, okay? And we're going to develop and do that from a commercial substance perspective. And yeah, the landlord is free to go ahead and develop themselves. They are free to sell other parcels to other developers who can also come in. At this moment of time, I think more development there would actually be good for the neighborhood because it actually will develop the neighborhood. Second, having done Ashiana Umang with the size and scale, it is there in that micro market and our brand name in Jaipur in general. In my opinion, we are market leaders there, and we will set the tone in the market. So we don't worry about competition so much coming in that perspective because our products are well differentiated as of now, and we do enjoy decent cost structures as well. So I would be actually happy if a few more developments came because they will perk up the market and therefore create a different level of activity in that neighborhood as compared to here, right, and supply, it will not create an oversupply situation to me, even if two, three more developments came in the same larger development. Okay. Thank you. And one last thing, I'll jump back into. We have got CC for Ashiana Utsav in Lavasa. Any thoughts on when we want to launch it? Because the CC we got in July, okay, and it's nearly four, five months we have not launched it. So any thoughts here? Yeah. We have not put a specific thought to that yet. Himanshu, we've been trying something alternative with it to see if we can find one single buyer or some other thought process of leasing it out in between. So there have been some alternative options being explored. So it's hard to comment exactly when we will take that up, really. Okay. Thanks so much. Thank you very much. Thank you very much. The next question is from the line of Rohit from ithought PMS. Please go ahead. Good evening. Thank you for the opportunity. So sir, based on your slide 16 on the presentation, is it correct that so you sold in terms of deliveries for this year, you have a delivery of at least INR 657 crores in this year. So based on that, around INR 480 crores will be in the coming H2. Is that understanding correct, sir? And this could increase as well. Yes. Yes. That understanding is correct, right? 666. Yeah. So 666 is what we expect to deliver if things go as per plan. And if you remove the first half, whatever is left should come in the H2. That's correct. And another INR 90-odd crores of unsold stock in those projects are remaining. Depending on how the pace of sales on those projects continue, that should also come up for delivery. And there is some completed unsold inventory like Ashiana Town where we have sold, which will come up a little bit more over and above and top of this. Fair enough. Understood, sir. And sir, it was good to see that we've done two landings in Jaipur, which you briefly spoke about just now, and then also in Bangalore. So the Bangalore deal, so both are sort of expected to be complete by when? I mean, I think there are some CPs left, so just wanted to get a sense. Within there, so the Jaipur one is a 90-day period is expectations from the date of the agreement. So let's say early next quarter is when we hope that it will get concluded. And about four months for CPs in general is what we would expect in Bangalore from the date of the agreement. So again, middle of next quarter is what we would sort of expect those CPs to get completed and for us to move forward on the sale. Okay, and once done, then how long would be the launch specifically in Bangalore because it's a new market for us, so how long would it take to sort of get to a launch kind of level? 12 to 18 months is what my general expectations are. I'm hoping we can move things faster, but yeah, that's what I would say would be 18-odd months is what I would take in Bangalore. Okay. Sure. And sir, you have not. You're still maintaining your INR 2,000 crores of leasehold guidance. So that would mean that we need to do closer to INR 1,000 crores-INR 1,100 crores in the second half. So what are the key launches that you have in the second half? We have Amara phase V. We will be launching, phase II of Nitara, Ekansh pha se IV, Ashiana Swarang, Ashiana Amodh phase II. There is some more in Tarang as well. Yeah. That's of this, the biggest piece would definitely be Ashiana Amara. Right. And sir, in the ones that we have launched already, if I'm looking at your slide 15, I think, yeah, so I think there is I mean, most of the projects are so we have about 75 lakhs of saleable area, and we've booked about 58 already. Within the ones which are significantly I mean, there is some bit of unsold, and I think some of this is launched recently also. So just wanted to get a sense of there is this Advik phase II. That seems a bit slow. Is that correct? Or I mean, we have some portion, quite a bit of portion unsold. So is that slowly moving, or is my understanding wrong there? What Ashiana Advik, if you look at it, has been doing about 30-40,000 sq ft on average a quarter. Right. That's fine. Ashiana Advik phase II was launched in the first quarter of this year. Senior living projects are not that we get a rush of sales at launch. We generally sell the project through the life. So at 40,000 units a quarter, we will be okay with it. There's no challenge. So I'm not uncomfortable at all with Advik's sale volumes. Got it. And on similar lines, sir, on Malhar and Pune phase II and III, I mean, phase III rather, so. Yeah. Again, phase III was launched so in Q2, actually, so phase III, the sales volume is completely at launch. We have also wanted to move in Ashiana Malhar from selling very quickly at launch to be more comfortable with selling progressively as long as we get a better price. Pune, our pricing was a little bit of a concern to us. So in phase I, II, we wanted to sell a lot of volume to get the project going. In future phases, we are okay with a little slower sales because you still have time in the project. So cash will anyways come in as when the project will get built. But the project has gotten a sense of financial security now to get through and get going and put that together. So pricing will definitely move up. With that in mind, I think Malhar was also considered the same way. If you look at even let's say Amara phase IV, we didn't sell as well in terms of sq ft volume as Amara phase III. But we nearly achieved as much sale price in total revenue terms because we upped the sale prices, and we want to continue to sort of get some pricing there as we go forward because we are in the later phases of the project. Right. So just two more questions, sir. So one on so this year, you've already mentioned that you'll be in black for the entire year. But any sense on what kind of profitability will you see? Because phase II will be there, and I think I mean, phase II unloads the profitability in sorry, that was unloaded. Sorry. But in general, I wanted to get a sense for this year, what kind of profitability will you start will you be seeing? Yeah. So I think profitability for this year would probably be very similar to last year, except for Ashiana Advik, which is a high profit margin project, cheaper land and those. It's FY 2026 onwards where I see our overall profit profile changing significantly. 2026, 2027, 2028, those will be higher margin projects in general. This year, again, similar to last year kind of profit margins. Last year, I believe we did a 9% PAT margin, if I'm correct. So somewhere probably around there, maybe a tad bit better than that. Right. Sir, this last question is, I mean, so from here on, this year, FY 2025, let's say we book close to INR 2,000 crores. We don't have a lot of surplus land now left to really continue with the growth rate that we would want given the upcycle. And, like you mentioned, obviously, the land prices are going up. So, two to three years out, how do you see? I mean, of course, next two to three years, the deliveries are going to be up. Your reported numbers will be better and at better profitability also. But from a leasehold point of view and scale of our business, how do you see that we have scaled up a couple of cities, Gurugram, Pune, also now hopefully entering Bengaluru now? So, I mean, would be glad to hear some of your thoughts. Yeah. So, Rohit, I'll take this up. I'll give an answer. I would just request after this, if we can come back in the question queue as well. Some people who had asked you questions have joined back the queue. So after this one, please, if you can come back in the queue. No problem. No No problem. No problem. I'll take this up, and I'll give a little bit of a so it becomes from a management perspective. This challenge comes in right now is to should we deploy capital at these times in the market? Largely, we find the land's overpriced, but sales velocity is good. Should we keep speeding the sales pipeline to improve presales? And is that the only thing we should look at? Or should we be a little bit more fearful that if things turn off, and if we have overpaid for land, where will we get stuck, and how will the markets behave? Unfortunately, there is no sort of straight line answer to this, okay? In my view, though, has been that let's worry about annual presales a little less, okay? Our objective is to create the capacity to do those, have the brand, have the sales machinery, the construction capacity, and do that. Can we live with a little bit of aberration here or there? We probably could. So first of all, yes, presales a couple of years might be out, but for me, whatever we have on stock right now, if we sell this, build this out, we can recognize close to INR 2,000 crores of profits from it. And if we can get that in the next five, six years from an earnings and perspective, growth perspective, I think we'll be solid from the kind of base we are at. And let's say we realize these entire profits by 31st March 2030, which we intend to do between this kind of number. From a total revenue, cash flow, earnings, return on equity, return on capital employed, we are sort of doing very, very well compared to the current net worth, current profitability, and we do that out there. So we are. But then the question of presales comes in and stays with us. The way we have looked at it is this: that we will allocate capital from an ROE lens. Where we find capital land very expensive, we will see what we can do to ensure that our return on equity remains good. One is either lower the capital employed through joint ventures. Second, look at smaller scale projects like we have taken up ONE44 in Jaipur, which is 4 lakh sq ft. We have taken up another small project in Jamshedpur. Again, very little capital employed, but can we buy small amounts of stock that we can turn around a little faster and quicker? So even if you have risk on the stock becoming too expensively priced, my risk is limited to a smaller number. So that's one. Third, can we find pockets of value where people are not looking, where I can still see to make good margins and numbers? So we saw this opportunity in Jaipur, so we have gone ahead and done a large transaction. Again, these are things where I can be completely wrong, right? Future might tell me otherwise. But that said, we saw that in Jaipur, we have delivered a project. We saw also we do something larger. We are looking at it from that lens and to do and see senior living as another way we want where we can find opportunities to do more scale and continue to increase that number. That's the way we are chipping away at this problem right now, slowly and slowly, and get there. Right now, we have good stock from another couple of years' perspective for the next two years. After that, a little bit of challenge might come in. We have made up our mind if we might be like in Gurugram. I'd rather live with the problem of not having something to sell for a year or two rather than having the problem of having such an expensive land that selling it at profits or even a regular return just becomes very difficult. We don't have the flexibility of having the liquidity available to respond to it as well. Between those two errors, I'd rather make the error of not having enough stock to sell. That's according to me which side we will err on because having cash does provide flexibility in that aspect. So that's where we are coming from. And I can tell you this much, in my opinion, now we can see some signs of frothiness in a few markets. Sales are not going as well for some developers that we are hearing. Some slight reduction in prices, oversized units. And some of that will start getting talked more and more about in some micro markets. And I'm sort of kind of glad in some of the places where we did not do transactions, like in some options where somebody paid a lot more than us. And you feel bad at that point of time, like, "Why didn't I get a deal that I want?" But we look at it now and we're like, "Yeah, that was a good thing we did. We shouldn't have paid that price that other people paid right now." So that's how I'm thinking about this, that rather err on that side of the mistake that we had rather not have stock to sell rather than having overpaid for stock. Thank you so much. That was very elaborate. Thank you very much. Yeah. Thank you, Rohit. Yeah. Thank you very much. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Saket Shah, who is an individual investor. Please go ahead. Yeah. Hello. Yeah. Hi, Saket. Hi. So my question was, how are we planning to raise the funds for expansion, and is there any roadmap for its utilization and improvements in margins in our projects? Okay. So two, three different things. So first, if we are going to raise money, we will raise money by way of debentures or loans. We have a platform tied up with IFC to invest in our funds, and that's a INR 225 crore platform. We will be utilizing some of that platform for some of our projects. We have also probably take approval to raise secured debentures in case we need to do some secured debentures like we did to ICICI approved earlier on in the year. We can do that and take some construction finance if needed. But construction finance will be a small piece because most of the funding we'll need probably will be for land acquisition. But we'll do that at that time when it comes to acquire more lands, as in when we go ahead and do that, and operating cash flows remain very robust and strong. We have had over INR 150 crores of pre-tax cash flows from current projects in this half year already, and they seem to be robust. On margins, as I elaborated earlier, from FY 2026 onwards, I would see margin expansion to start happening for us because the higher margin projects will come up for delivery, like Ashiana Amara, Ashiana Ekansh. These are higher delivery projects, margin projects, Nitara, Prakriti, Advik. Basically, things we have launched over the last three odd years are the ones which are higher margin projects. As in when they come for delivery, you will see better reporting margins coming forward. Okay. And in terms of current ongoing projects, do we see any cost overruns and environmental compliance cost or cancellations with respect to any projects? And will they affect our further half H2 FY 2025 sales? So. Right now, we continue to have a guidance of INR 2,000 crores of presales for this year. I don't know what the future will look like. Things change or events come in. I honestly don't know, Saket, to comment on the same. From a cost perspective, costs in general have been increasing and will continue to increase because of compliance, environment, and construction costs. Therefore, we'll go up in that regard. But that said, I expect even after that, margins to continue to improve because the kind of pricing we have sold some of these units at, I think we will have good margins FY 2026 onwards. Okay. Thank you. Thank you. Thank you. Thank you very much. The next question is from the line of Sourabh Goel from R Systems. Please go ahead. Hi. Thank you, everyone. Hello, sir. I had a question related to profitability. However, I already got the answer from Hamanshik's question. But still, I have a question related to profit margin. So how much profit margin we are expecting for upcoming years, 2025, 2026, and 2027, if we are talking about some estimation? Okay. So in FY 2026, we should hit low teens, okay, or maybe 12% plus to 12%-13%. And FY 2027 onwards, I would expect to have 20% net profit margins. That's really great. Thank you very much, sir. Yeah. So we assume two things are happening. Degree of operating leverage is going to come into play. As you can see, the expected revenues are increasing at different levels. So fixed costs will get spread over sort of a much higher revenue base. And secondly, as I said earlier, the projects which we have launched in the last three years, pricing has been on the upswing. So you will see gross profit margin expansion as well at the project level. Both in that combination will lead to improved margins. That's nice to know, sir. And it means profit margin will be double from 9% - 20% in 2026, right? Sorry, 2027, correct? 2026 should be, according to me, around 12%-13% is what I would expect FY 2026 profit margin. Thanks a lot, sir, for your answer. That's nice. Thank you. Thank you very much. The next question is from the line of Shivam Prashar, who is an individual investor. Please go ahead. Yeah. Thanks for the opportunity. Sir, any price band that you have decided for the Amara phase V right now? Shivam, no, we haven't decided the exact Amara phase V price bracket yet. Again, that will be done closer to the launch time. In Gurugram, in any project right now, the market is such that all pricing decisions are made like four, five days, five weeks, maybe two weeks prior to launch, that kind of thing. Okay, and can you just tell that why will the Bangalore launch take 18 months from now? And also, when are you expecting the Sector 80 launch in Gurgaon? The Sector 80, I would expect either in the first quarter or the second quarter of the next financial year, so Sector 80, we have sort of now gotten some clearances. Some clearances are going on, and Bangalore will just take longer because we don't know the city yet. We don't know the approval methodology. We will take longer to set up a team. We'll take longer to set up a show flat and a sales office and do all of that. It will take six months more than what usually would take, four months more than what usually would take. Any other city also you're exploring? No, nothing else. Nothing outside of Bengaluru that we, as a new city, we're exploring. Panvel we are looking at, but we see it more as an extension of Talegaon already where we are servicing Mumbai with senior living. Okay. Thank you. Thank you. Thank you. Thank you very much. The next question is from the line of Rishi Singhal, who is an individual investor. Please go ahead. Mr. Rishi, your line has been unmuted. Please proceed with your question. [Foreign language] [Foreign language] [Foreign language] Okay. [Foreign language]. To relatively balance sheet [Foreign language] in terms of impact to the balance sheet in terms of rupee value. But people are living there, right? People are living there. Correct, sir. They are living there and they living there happily. It is not that there is so much trouble that the people who are living are not happy. The people who are living, customers, they are also happy. Okay. [Foreign language]. [Foreign language] I agree with that. That's the worst case scenario. We are looking for some other solutions, which can be easier on the management bandwidth [Foreign language] [Foreign language] No, no. Go ahead, please. [Foreign language] [Foreign language] They don't have the budget really to finance it and acquire it. [Foreign language] T hey want to make a housing colony out of there [Foreign language] [Foreign language] So, we will project to project, market to market, you know, we will make decisions case by case and they fit the bill of our risk appetite, our return requirements, and then the way we operate. [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] Okay, okay, okay. That's very good to hear. [Foreign language], in general, long term cyclicality [Foreign language] anything new, what you are thinking, [Foreign language] I, I, we are not seeing anything outside of senior living. The other thing is though, as we get scale in a few more markets than just sort of Jaipur and Bhiwadi earlier. I think what will happen is different markets will be in different stages of a cycle at different moments of time. So, it will bring some stability in that nature. You know, so, I hope that also happens as we go along. Right now, I hear some relatives of mine telling [Foreign language] So, due to being in fewer markets, I think one of the other things that India will not have one sort of continuous real estate cycle across all markets, across all regions at the same time. So, that will bring some, some stability as well, that we will be participate across a few micro markets. [Foreign language] One last question, [Foreign language] but that would be good. [Foreign language] [Foreign language] over the last 12-24 months. Do we see a lot of supply coming in to the market. [Foreign language] Okay, thank you. that's the other thing. Thank you, thank you, Rishi ji. Okay, thank you. Thank you very much. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Saket Shah, who is an individual investor. Please go ahead. Hello. Yeah, I just wanted to ask one question. So, one or two questions. How we see the FY 2025 revenue total on totality basis, and at what percentage it would be rising for FY 2026 and 2027? And senior equity margin. Okay. So, do you have slide? No, sir. No. Do you have the decks? No, no. I don't have the decks. Okay. Okay. So, if you look at our decks, slide 16 of our decks gives you a sense of the expected revenues in each financial year. Okay. These are obviously subject to us delivering the projects on time to meet those expectations. So, FY 2025, we are looking at probably a total revenue this year in 2025, around 700-750 crores, and that rising to probably about INR 1 crore,INR 100 crores-INR 1,200 crores in 2026, and going up to INR 1,700 crores in 2027. And EBITDA, we don't track as a number, so I don't know the margins on that. As I said, on a first, on a percentage margin, we are looking at about 9% this year, going up to 12%-13% next year, and then expanding to probably 20% after that. You know, over the, let's say, a cumulative period of 1st April 2024 to 31st March 2030, where we expect to consume most of our ongoing projects and future projects, these are excluding deals, land deals, which have been done in the, let's say, 12 or months, whatever, these first April, we expect to generate about INR 2,000 crores of profits from these projects over this six years. That's the kind of basic thought process that we have, and, you know, average profit margins should be in the high teens over this life cycle. Okay. Yeah, and with respect to inventory, so, I guess, about old hanging inventory only of Lavasa. So, rest all the inventory, whichever is there, it's all from the new projects, newly completed projects, am I right? There is some inventory left from some other projects, which is covered in slide 26 of our deck. Again, Bhiwadi still contributes majority of this with Ashiana Town and Ashiana Surbhi, leading the pack. Of this, Ashiana Town, we have been selling consistently well, and now, we have come down to very, it's down to like 53,000 sq ft, as compare to, I believe, 5.5 lakh sq ft at one point time, and should be clear out in the, let's say, in the next three-four quarters, we should be able to clear out Ashiana Town. We We will pick up Ashiana Surbhi after that to clear out in Bhiwadi. Okay. Thank you. No question. Thank you very much. Thank you. Thank you, sir. Thank you very much. The next question is from the line of Rishi Singhal, who is an individual investor. Please go ahead. [Foreign language] [Foreign language]. I, Gurgaon, we have seen good volumes in Bhiwadi, and I think Bhiwadi will continue to do well for us going into the future. We are finally actually looking at deploying money there also so we are looking for land in Bhiwadi. We hope to do one, hopefully, we will do one project there as well, one more land there and we are excited about Bhiwadi going forward. [Foreign language] Sir, I think four crore is even less than that, between three to four crore. I don't know the exact number, but three to four crore. [Foreign language] On a book, on a book value basis. [Foreign language] O kay. That's it. Thank you very much. Thank you. Thank you, Rishi. Thank you very much. As there are no further questions, I would now like to hand the conference over to the management for closing comments. We would like to thank all of you for being on this call and being so patient with all the questions and answers. If we were unable to take any questions, please feel free to write to us directly and reach out to us directly. And with that, we would like to conclude the call. A lot of the material we have spoken about is posted on our website, and you can also email your queries for any further clarification. Thank you once again for taking the time to join us on this call. Thank you. Thank you very much, sir. On behalf of Ashiana Housing Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.