Ladies and gentlemen, good day and welcome to Ashiana Housing Ltd Q3 FY25 earnings 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 the operator by pressing star then zero on a touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Binay Sarda from EY. Thank you, and over to you, sir. Thanks, Muskan. Welcome everyone, and thanks for joining this Q3 FY25 earnings call for Ashiana Housing Ltd. 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 the quarter, and then we'll follow it up with 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 Q3 of FY25 for Ashiana Housing Ltd. Thank you for joining us today. Area Book recorded at 6.77 lakh sq ft in Q3 of FY25, vis-à-vis 3.35 lakh sq ft in Q3 last year, and 7.29 lakh sq ft in the Q2 of FY25. Area booked in Q2 was higher due to launch of Ashiana Amara Phase Four in Gurugram. We had very good bookings across projects this quarter. Value of area booked at ₹454.16 crores in the Q3, vis-à-vis ₹672.54 crores in the Q2 FY25. Total pre-sales for nine months FY25 at around ₹1362.02 crores, vis-à-vis 935.68 crores for nine months previous year, an upside of 45.56%. We constructed 5.19 lakh sq ft in the Q3, vis-à-vis 4.77 lakh sq ft in Q3 FY24, vis-à-vis 6.01 lakh sq ft in the Q2 of current year. Quarter-on-quarter decline of 13.64% majorly due to imposition of GRAP-related restrictions in Delhi NCR. Total construction for nine months FY25 was 16.11 lakh sq ft, vis-à-vis 13.7 lakh sq ft in the same period last year. We continue to maintain our guidance of INR 2,000 crores of pre-sales in FY25. However, this will depend on the velocity of bookings in the launch of Ashiana Amara Phase V in the last quarter. On financials, as anticipated, our total revenues were higher for the quarter at INR 139.93 crores, vis-à-vis INR 59.53 crores in Q2, reflecting project deliveries during the Q3. Likewise, our PAT for Q3 FY25 stood at positive INR 10.88 crores. It was mainly driven by two new phase deliveries: Tarang Phase Four A in Bhiwadi and Umang Phase Six in Jaipur. PAT also had a one-time impact of INR 5 crores payout with respect to the GST Metro Trios Hotel. It has been shown as an exceptional line item in P&L. With deliveries expected in Anmol Phase Two and Amantran Phase Three in the last quarter, we are expecting a profitable Q4 FY25. Pre-tax operating cash flow recorded at INR 120.42 crores in Q3 FY25, vis-à-vis INR 78.18 crores in Q2 FY25. Pre-tax operating cash flows for nine months ended FY25 at INR 273.53 crores. Cash flows continue to be healthy due to higher collections driven by better sales across projects. Third senior living project launched in Chennai by the name of Ashiana Swarang, located in Nemmeli. Apart from that, Ashiana Ekansh Phase IV in Jaipur and Ashiana Amodh Phase Two in Pune were also launched in Q3 FY25. 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 questions may press star and one on the touch-tone telephone. If you wish to remove yourself from question queue, you may press star and two. Participants, I request that you use handset while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. Participants may press star and one to ask questions. The first question is from the line of Rohit from Ithaka PMS. Please go ahead. Hello. Hello. Hello. You are with us. Good afternoon, Varun. Good afternoon, So, sir, just a couple of questions. So, sir, we had in the last call talked about a potential land deal somewhere in Bangalore. So, any update on that, sir? That was my first question. Okay. So, we have the deal is moving forward in Bangalore. There are some conditions, CPs, that the landlords need to get done on the land in terms of land approval. So, once those are through, I think the deal will be through. Any timeline on this, sir? I mean. I'm hoping this quarter, but they have issues. They're regulatory nature issues. So, sometimes it's not just on the landlord, it's also on the government. But I'm hoping this quarter we should be able to get through, if not this quarter, then next quarter for sure. Important. And, sir, from a general BD point of view, I mean, so, I mean, we've been saying that we will go slow given the elevated nature of the land prices. But if we sort of look at our land available, so it's down to around 25 lakh sq ft now if I'm removing Milakpur. So, this is, of course, does not include Bangalore in this if that closes. But just generally, if you can give us a sense on what is going to happen probably in this year, are there anything that can sort of fill it up back to, let's say, 40 to 50 lakh that we were sort of saying that we will probably finish, I mean, refill whatever we are selling every year, sort of that kind of run rate. So, if you can probably help us on that point. So, we have also disclosed an agreement that we have executed for a 20-acre parcel in Jaipur. Okay? So, that agreement has been done. That would be another 20 lakh plus sq ft overall. So that's not there in this, right? That is not there in this because, again, it's only in an agreement stage and we have not concluded, and there are CPs for the landlord to perform. This was disclosed probably in the last quarter sometime. You would have given us a special announcement to the stock exchange that this has happened. We are waiting for the landlords to get some regulatory clearances there for us to move forward. And so, that will add. And we are in talks for one more parcel of about 7 to 8 lakh sq ft, and those talks are also ongoing. So, there is, I think, and over and above that, 25 lakh sq ft, we have about 50-odd lakh sq ft to launch in existing projects as well. Right. Yeah. Yeah. ₹48 lakhs. So, there is some we still have three years' worth of stock. It's not completely off, right? So, I thought I'll just clarify that as well. No, no, fair. No, I mean, I was just trying to say that. I mean, 48, I mean, let's say 50 and 25, 75, and then another so, I was not aware about the Jaipur. So, Jaipur and Bangalore if they close, that would be incremental 20 lakh feet? No. So, Bangalore would be incremental probably between 10 and 12, and Jaipur would be about 20, 20 plus only. And this INR 78 lakh which you said is also which we are pursuing, that's also in Jaipur or? No, this is elsewhere, yeah. This is a senior living project elsewhere. But again, very early stages. I'm hoping that we'll complete. Right. And, sir, Amara has been launched this quarter? Amara Phase Five has not been launched. We should be launching in two weeks, two weekends from now. Two weekends. Okay. And, sir, any, I mean, what are you hearing on the ground in the micro markets that we are in there in Gurugram? In Gurugram? Markets are softer than what they were probably eight, nine months ago. Okay? But that said, we're not. It is so, we are positive that we should get a good launch. And to me, let me put this, sir. Markets are more normal. They're not weak. But that extraordinary exuberance that the market had probably nine months ago, that is not there anymore. And which is fair. Normal markets are probably the best places to be in. Exuberance on either side is not very good. I think the market is in a good space. But we'll get to know how the launch goes in seven, eight days, yeah? We start, and then probably in a month we'll know how things are actually with real evidence. Right. Right. So, Mr. Dug ar, INR 2,000 crores is fairly contingent on that, right? I mean, Amara? It is contingent on that. It is contingent on how that goes. Yes. Absolutely. And so, just one last question. I mean, any early thoughts on how the next year would be in terms of launches and anything on pre-sales that you would like to sort of share? We do our planning in early March. Mid-March, that's where we will exactly plan. What I hope to do is get some new projects going. We have Amara in Gurugram. We have another land in Jaisinghpura in Jaipur. We have this Jamshedpur parcel. The objective of the company would be to get all these three projects launched in the next financial year. Maybe at least one of the three that we hope to take up this year that we are in talks of, that we have spoken, Bangalore, Jaipur, and one more. Try and get one more of those launched in the next financial year. Important. I'll join back in the queue. Thank you. Thank you. Thank you. A reminder to all participants, you may press star and one to ask question. The next question is from the line of Himanshu Upadhyay from Bugle Rock PMS. Please go ahead. Yeah. Hi. Good afternoon. I had a question about what we have written in the annual report, okay, on page 46, where we have spoken about acquiring 7 to 8 million sq ft in the next five years and expecting sales of 11-12 thousand crore and profits of 2,000 crore. What it effectively leads to 18-19% PAT margins and, again, nearly 30% EBITDA margins. Okay? Yeah. Generally, we have seen some of such high margins are only when the price of land is increasing and sales value per square feet is also improving. Okay? Are we assuming that such prices are continuing or will continue to rise in the near future? And the sales velocity will remain good? So, Himanshu, the assumptions are that we will consume the entire stock that we have right now within the next five years. So, about we have some 11 lakh sq ft of unsold stock in the ongoing projects, about 48 lakh sq ft in future phases of, and about 25 lakh sq ft of land bank. And we are assuming by 2030 we should consume all of this. And that consumption is what we will report as revenues, probably including the ongoing projects. Two things have happened. One, operating leverage is kicking in, so margins are improving. If you can see, we are giving a sense of also how future revenue, delivery revenue would look like. And we see an increasing trend next year, 1,300 plus. The year after that, 1,700 plus. And the year after that, again, 1,700 plus as compared to the revenues now. Fixed costs will not increase. An operating leverage will kick in in terms of margin improvement. Second thing is a lot of that increasing land prices and apartment prices have already happened. Some of the projects that we have, we picked up in great times in 2021, in 2022. Those projects, as in when they kick in, we will have good margins on those projects as they're expected. I think that increase in margin profile should happen because of that. We are not factoring in significant price increases going forward in the future projects. We are assuming that now prices maybe will probably inch up as per inflation and not anything more than inflation at this point of time. In these projects, we have already seen that kind of change. Like Ashiana Amara, what we had assumed when we picked up the land price and what we are selling at is very different, which is a large kicker. Similarly, in Ashiana Ekansh or One44 or Swarang or Amodh, all of these projects we have seen price increases. We have also improved our mix to moving more and more to senior living. We expect to enjoy better margin senior living because it's a more specialized product, which has taken a lot of time for us to refine. So, we have suffered earlier, but now we see improvement there. So, there is a whole host of things that is playing out. And I expect to average high-teens margins on the PAT level over the next five years. And that we definitely expect to happen. So, with the price appreciation, which has happened in the traditional land that we had, okay, that is giving us the confidence that we should get that much margin. That is the understanding. Yes. Okay. And one thing what we are seeing in portfolios or leads getting generated, reduced, or the conversion of leads is taking more time and/or the prices, people are more negotiative in the market when you say that the market is much more stable, at least in Gurugram and northern India. Can you give some more? Not in northern India, in Gurugram only, Himanshu. Across the board, otherwise, if you look at the last quarter, we had secular sales across projects. This was a quarter which is not very heavily. Like if you look at Gurugram's contribution in Q2, excluding Gurugram, we had done probably about 430,000-odd sq ft, 435,000 sq ft. This year, excluding Gurugram, we have done 5.5 lakh sq ft. And that 5.5 lakh sq ft is more than all of Q1, which was 440,000 sq ft, and no Gurugram in Q1. And so, if you look at what is happening, I think in general, markets are robust and continue to do well. Only in Gurugram, where I think the markets are a little bit more stable, closing rates are a little lower, visits are a little lower. But it isn't a weak market. We are seeing that in Gurugram, it's more normal because Gurugram was in a different exuberance nine months ago, which none of the other parts of the country were in. Okay? So, I think Gurugram has normalized to how other parts of the country are behaving in general, whichever way we see it. So, that is what I meant. Okay. And this Ashiana Aroham, can we expect launch in Q1, FY26? No. It will go to Q2 or Q3 of the next financial year. Some last-minute regulatory changes happened by which we have gone back on the drawing board of our building plans, and therefore, we'll take some more time to get regulatory clearances than we expected. Okay. So, has there been change in FSI rules or has just some? No, no. It doesn't impact all projects, but we had designed the project in a certain form or fashion. And regulation around that specific design changed. So, there are no changes in FSI. Okay. Okay. Yeah. Thank you so much, sir. Thank you, Himanshu. Thank you. A reminder to all participants to take a question and one to ask question. The next question is from the line of Sachin Shah from RBS Advisors. Please go ahead. Yeah. Hi. Am I audible? Yes. Yes, you are, Sahil. I wanted to ask, what will be the quarterly numbers you can for the FY25 ending? Can you repeat that, Sahil, please? For January, February, March 2025, what numbers can you see in terms of revenue and in terms of EBITDA margin? Okay, so, we don't give out the EBITDA. Yeah. Roughly revenue, what will be expecting revenue or EBITDA in terms of quarterly? Roughly, we expose expected revenues in slide 15 of our deck, if you have a look at that. And we should land up around INR 550 odd crores for the year, maybe including other income, INR 575 crores for the year. So, we are looking at about a INR 300 crore revenue to be reported for the last quarter. Okay. INR 300 crores will be reported for the last quarter. Yes, sir. Yeah. That's what we are expecting. We need to deliver a couple of projects. They are in OC stages. There are two big projects getting delivered: Anmol in Gurugram and Amantran in Jaipur. And Ashiana Anmol in Gurugram, we are in stages of OC. So, OC should come in. They're complete in terms of development and construction. As soon as OC comes in, we deliver. So, we are waiting on that. Amantran, even, I think we are ready to deliver all stocks. So, that's what we are expecting. However, Q4 is going to be very, very muted on margins, largely because Ashiana Anmol, phase two is effectively on after selling costs, effectively very low margin or no margin at all kind of a project, which has hangover from the overall last cycle highs. I think it's one of the few projects that we are still left with, which still have some drag on the balance sheet for us. So, that and Ashiana Amantran also are not very heavy in margins. So, we expect margins to be very muted in FY25. However, with FY26, as I was talking to Himanshu earlier, FY26 onwards, we expect the game to start changing significantly as we have better margin projects getting delivered FY26 onwards. Thank you. Thank you. Thank you. Thank you. The next question is from the line of Rohit from Ithaka PMS. Please go ahead. Yeah. Thanks for the follow-up. Just again, two or three questions to one more, sir. I mean, we had in the last call and mentioned that I think this was also discussed just a while back about this INR 2,000 crore cumulative profit that you're kind of hopeful of over the next five years over FY 2013. So, if I see in your slide that you've already sold, you have inventory I mean, you've launched projects worth INR 5,500 crore, and of which you've sold close to INR 4,400 crore, which will get sort of recognized over the next three years, including this year, right? So, next four years, rather, including FY 2025. So, sir, from here on, right, to get the incremental INR 5,000 to 6,000 crores of projects to be launched, I mean, to sell them and then recognize them in the ensuing four years, I mean, wouldn't FY26 be very heavy in terms of launches? So, to me, if we need to launch all the three projects outside of Milakpur, that is in our future project list, which is Aroham, Amayra, and Jaisinghpura, and we need to get one of the three projects that we are in talks with. If we get those in the next financial year, I think we'll be on track. So, existing three plus one of the ones that you either Jaipur or Bangalore? Yeah. If we get that, we'll be good. Okay. So, this year, that should be one thing we should keep tracking in terms of launches. So, the existing three ones that you said, right, excluding Milakpur, so any timeline on the launches? Will it be H1 or H2? Any thoughts? They should be H2, early H2. So, then we'll get about four and a half years to get them in. So, we'll have enough time to get them in there. Okay. And just the other question was, sir, in terms of last quarter, I think you mentioned that this year, profitability on a reported basis will be very similar to what last year was. So, I mean, which would essentially make yeah. Yeah. Sorry, I'll just cut you if there was a, we did guide on that. And so, one particular project, which is Ashiana Advik phase I, which was to deliver bulk of the profits, okay? Even though it's low on revenue, it's a very high GP margin project. Historically, we are missing the delivery period by a quarter there. So, it was to come in in Q4, it's gone to Q1 of next year. So, some of the things were under our control. We executed, but this year, the GRAP regulations in NCR were heightened. Basically, the threshold of pollution where they stopped construction was reduced, and we lost probably 20 to 25 extra days in the construction period because of it this year than our estimates. And that which we were expecting in March has now gone to May. So, wonderful. So, unfortunately, that's what happened. So, basically, next year in terms of delivery, there will be a bunching up that will happen, maybe not so much on the revenue side, but more on the profitability side. Yes. There would be a little bit of bunching up, yes. Understood. Okay. And, sir, I mean, we don't have anything major in terms of unsold inventory. Only I can see just two projects out of this 2.65 lakh sq ft, one in Bhiwadi and one in Jaipur. So, I mean, in terms of the sell-through rate, when do you think these two will get over? So, Surbhi, I'm talking about Surbhi in Bhiwadi and Umang, the phase two, five, and six. It's not very high, but just wanted to get because those two are like 50% unsold inventory, which is very low, but just wanted to get your sense. Yeah. So, one thing. Yeah. So, Umang, we continue to sell. I think Umang will get done in the first half of the next financial year, maybe the full financial year. That's the large context. Utsav, Lavasa, I don't have any comment on. And the third one being Surbhi. So, Surbhi, we were, so the way we have set up sort of a grab team in Bhiwadi to get going with a lot of ready unsold stock. And they were targeting Ashiana Town. Ashiana Town has now basically we have cleared. It was our heaviest piece. So, they have gone after that first. Now, with that done, that team will move to Surbhi, and they're probably going to get active. So, Q1 of next year is when we'll start getting a sense of whether we are able to get results. If our strategy works in Surbhi in the Q1 of next year, then we'll be done in the next financial year. If the strategy does not work, go back to the drawing board and find something else in the quarter after that. I think that's where we are at in Surbhi. Got it, sir. Okay. That is it from my side, sir. Thank you very much, and all the very best for coming here. Thank you, Rohit. Yeah. Thank you. A reminder to all participants to take a question and one to ask question. The next question is from the line of Rahul Jain, an individual investor. Please go ahead. Hello. Mr. Rahul, you can go with the question, please. Hello, Mr. Rahul. Is there no response from the participants? We'll move to the next. A reminder to all participants to take a question and one to ask question. Participants take a question and one to ask question. The next question is from the line of Nitin Khandelwal, an individual investor. Please go ahead. Hello. Yes, sir? Hi, Nitin. Hi. Hi, sir. Sir, I just wanted to ask, the delivery area in Amara has increased by around a lakh sq ft in this quarter's implementation compared to last. So, are we getting an extra tower, or is it commercial? No, just there was a calculation error in the way the totaling was done. Some parts of the area were missed out in our phasing chart, which we sort of reviewed internally. And so, it was an error that was corrected because our phasing plans were arranged. Okay. So, it will be 5.3 lakh sq ft? Yes. That one will be the correct? Yes. Thank you. Thank you. Thank you, Nitin. Thank you. A reminder to all participants that you can ask only one question. Are there no further questions from the participants? I now hand the conference over to the management for closing comments. Over to you, sir. We would like to thank all of you for being on this call and being so patient with all the questions and answers. If you are unable to take any questions, please feel free to write to us directly or 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. On behalf of Ashiana Housing Ltd, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.