Ladies and gentlemen, good day and welcome to Mahindra Lifespace Developers Limited Q2 FY 2025 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 an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. We have with us on this call today Mr. Amit Kumar Sinha, MD and CEO; Mr. Avinash Bapat, CFO; Mr. Kumar Sriram, Vice President, FP&A, Costing and IR; and Mr. Rabindra Basu, Head of Investor Relations. I would now like to hand the conference over to Mr. Amit Kumar Sinha, MD and CEO. Thank you, and over to you, sir. Thank you, Michelle. Good morning, everyone, and welcome to our Q2 FY 2025 earnings call. At the outset, I would like to thank everyone for participating in this conference call, and I also want to wish all of you a happy Diwali and season's greetings to you and your families. Let me cover three or four things. First, I'll quickly cover some of our learnings on the market. Then I'll cover quick highlights of our sales, launches, business development, and our IC and IC business, and then subsequently, I'll hand over to Avinash for the financials, and then we'll take on any questions that you might have, so let me just quickly cover on the industry part. All of you know very well, so I'll go through it briefly. The industry continues to remain healthy. Overall, strong absorption growth across the markets. Some markets where we don't participate seem to be slowing down a little bit, especially NCR and Hyderabad. But overall, there is a stable market all along. The momentum in the residential market is there. If you see the overall quarterly sales, I think very high numbers that we noted, 87,000 units were sold in this quarter, which is a good growth over the last similar period, last financial year. Very good launch pipeline across all sets of players. Quarter three calendar year, which is Q2 financial year, was also very good from a launch perspective. The overall positive news is that we carefully watch the inventory level. We look at the inventory overhang. It's at 14 months at the end of nine months of 2024, and overall, I think the mortgage payment to monthly income ratio is also very stable across the markets across the country. The Mumbai and Pune markets saw the highest volumes of units launched in Q2 FY 2024, which is Q3 2024. Together, they constituted roughly 43% of the units launched during the quarter, so overall, healthy market. Mumbai and Pune, as you know, is a big priority for all of us. MMR had a very good absorption, 9% year-on-year growth. New launches were also very healthy. Pricing continues to be at 6% growth compared to last financial year, same period last financial year, and similar positive trends that we see in Pune as well as Bangalore. In fact, in Bangalore, what we see is absorption seems to be at one of the highest levels, and they're outpacing the new launches, and as a result, the pricing is seeing much higher growth, close to 10% year-over-year, so very healthy market. We see some pockets of slowdown, as I mentioned. Not degrowth, but actually the reduced growth rate that we see in a couple of markets as I mentioned earlier. The other part is our industrial business, which had a great first half of the year for us. The manufacturing GDP pushed by the government, Viksit Bharat, and all the announcements on the infrastructure side, including the 12 industrial parks through National Industrial Corridor Development Program, NICDP, which was announced in our budget earlier this year. The National Industrial Corridor Program, all those things are very, very healthy. Already, a lot of spend has happened, and we continue to see more and more spend come in the infrastructure. We also see a lot of global players trying to find a home for themselves to set up manufacturing or industrial units in India. We have also seen many domestic companies scale their presence in India for new opportunities, new industrial, or new manufacturing setups, as well as the capacity enhancement, so overall, we see that the industrial part continues to be super exciting for us as well. Now, let me just cover the sales part. Let me cover both H1 as well as Q2. We achieved a pre-sale of in H1, INR 1,415 crore versus last H1, which was INR 800 crore, so this is a roughly 77%-78% growth for the similar period last year. In the Q2 financial year, it tends to be slow because of multiple reasons. Seasonality, there were days that were lost to Shradh and many other reasons, so we'll see we have INR 397 crore in Q2 FY 2025 versus INR 455 crore in the last financial year. But we have more and more launches planned in the later part of the year. Our new launch sales contributed roughly INR 931 crore of the INR 1,415 crore that you have seen. And also, some healthy Q2 revenues came from subscription sales. H2 has always been great for us, as you saw in the last financial year. We have lots of launches, which are in advanced stage of approvals and launch readiness. So you see a lot more exciting news coming from us on the sales side, which I'm covering in the next section, which is launches. H1 launch was benefited from some of our outstanding projects that we launched earlier in the year. Mahindra Zen in Bangalore is almost sold out. 207 units out of 228 units have sold. Mahindra Crown, a Codename Crown in Pune, similar response. We have 56% of the inventories already sold out. Our second plotted development in Chennai has also received a very strong response, and we continue to sell them. We have launched a new tower in Tathawade, which is Tower A, with a value of INR 325 crore. Kalyan 2 phase II was launched, which has a GDV of roughly INR 225 crore. There will be Q2 and H2 ahead for us. We are planning phase II of Vista, given the success we had in Vista phase I in Kandivali. We are just moving that up. We are also moving Crown phase II, Codename Crown phase II in Pune. Zen 2 is in the pipeline in Bangalore. The Alembic Whitefield land that we acquired in March earlier this year, that's also in the last stages of final stage of approval. Similarly, Codename Navy in Malad is also in the final stages of approval. That's our first society redevelopment launch. We also have a plotted project in Pune, which is waiting for final approval. This is a plotted development in our Mahindra World City, Jaipur, so all in all, lots and lots of launches that we have planned for H2, and we're getting ready to maximize our sales through those launches. Business development, as I've covered in the previous, we are getting a lot of deals, a good set of deals that we are triaging through very carefully, thoughtfully. The expectations of the landowners tend to be very high in growth markets, so we are going through all the deals very carefully and making sure that we have the ability to get the threshold returns we expect from each of our projects, and that's roughly going well. So in the first half, we had 2050, which is the society redevelopment project that we won in Borivali earlier this year, Sai Baba Nagar, and a small parcel of land we had acquired next to Zen in Bangalore. So those are the two, and we have a very healthy pipeline, and we'll continue to hear more news from us in the next few months. Finally, on the industrial and integrated cities side, industrial and integrated cities business has done really well for us. It has given us in the H1, as I mentioned, because of the domestic as well as global interest, excitement that we are seeing for India, we had INR 163 crore of revenue coming from leasing, or roughly 35 acres of land across World City, Jaipur and Chennai, and we'll continue to find more clients in that spirit. A lot of exciting pipelines for us that exist for us to offer our land and services to all of our clients. In some areas, we are running out of land, but we are creating expansion opportunities with our partners. Q2 was also Q2 specifically, FY 2025 was strong for us. We had of the INR 163 crores, INR 87 crores came in Q2, which is mostly from Jaipur and a little bit support from Chennai, Mahindra World City, Chennai. I'll ask Avinash to cover all the financial details, but I think if you look at the health of the business is quite strong, which is reflected in our cash flows. I think we had one of the best first half, and compared to last year's first half, we more than doubled our cash flows, operating cash flows. So he'll cover more of that in detail. But business continues to be strong, healthy pipeline, both on the industrial side as well as on the sales side. Some slowdown that we saw in the Q2 for residential sales, but we'll more than make it up in the next two quarters. So Avinash, over to you. Thanks, Amit. I'll cover the financials. And as you all know, many of our operating entities, be it from residential business like Mahindra Homes or Mahindra Happinest, and even industrial and integrated business, which is World City Chennai or World City, Jaipur, etc., are not consolidated on a line-by-line basis. So we basically have a share of net profit or loss from the JVs that are associated. So we cast our accounts based on Ind AS, which are now in public domain. So let's talk about a few lines on H1 performance and then move to Q2 and a little bit about cash flow, which Amit will get to. So if I look at H1, the consolidated operating income is about INR 196 crores, which is almost 70% higher than H1 of FY 2024. You'll notice that some of the cost line items, such as employee costs and test costs, have gone up, but those are exactly in line with how the business has grown in the last 12 months specifically. If you look at share of JVs and associates, that profit has actually tripled to INR 73 crores from a base of INR 25 crores in H1 FY 2024. The PAT has also shown an improvement. It's at a negative INR 1 crore as compared to a negative INR 23 crores in H1 FY 2024. Calling out specifically with respect to Q2, the consolidated total income here stands at about INR 16 crores. This is slightly lower as compared to INR 25 crores or INR 25.7 crores, to be precise, in Q2 of FY 2024. The share of JVs and associates in Q2 as well is up. It's at INR 36 crores as compared to one crore in the corresponding quarter of the previous year. The consolidated PAT after the non-controlling interest, etc., stood at a loss of INR 14 crores, and that's how the H1 is at minus 1 from an overall H1 performance perspective. This is actually against a loss of INR 19 crores in Q2 of FY 2024. The operating cash flow, which is what Amit talked about earlier, which we measure excluding the cash outflows related to land, was almost INR 261 crores in Q2 of FY 2025. This was, as compared to Q2 of FY 2024, much higher. It was at INR 118 crores in Q2 of FY 2024. So cumulatively for H1 of FY 2025, we have an operating cash flow of very close to INR 550 crores or INR 548 crores, to be precise, almost 2x of what was recorded in H1 of FY 2025. So it is INR 249 crores versus INR 548 crores. This is reflecting the strong collections in our residential business as well as the strong performance of the IC business, as we spoke earlier. In all, the net debt of the company now stands at INR 477 crores on a fully consolidated basis, and this now, on a net debt to equity, is at 0.26 on a fully consolidated basis, so it's improved over what we saw in March 2024. In fact, the costs with respect to interest have, in fact, come down in Q2. If I look at Q1 of FY 2025, as against Q2 of FY 2025, our borrowing net cost, our weighted average cost, as we call it, stands at 8.83%, and that is actually down by 13 basis points as compared to Q1 of FY 2025, so overall, the strength is reflecting in the cash flows, as mentioned earlier, and that's what we have for the financials. So we'll leave it open for questions, if any, and take notes. Thank you very much, sir. We will now begin with the question and answer session. Anyone who wishes to ask questions may press star and one on the touch-tone phone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use only handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. You may please press star and one to ask questions. The first question is from the line of Rakesh from Nine Rivers Capital. Please go ahead. Hi. Am I audible? Yes, sir. Please proceed. Hi, sir. Good morning, and thank you for the opportunity. Sir, a couple of questions from my side. In the opening remarks, you mentioned the number of projects that will be launched in H2. Can you please talk about the name of the project and the GDV? So a few of the projects that I could understand, one is Kandivali Project Vista, new project in Borivali West, Malad. If you can give in detail what is the actual launch cycling in H2 and the value of that, that will be great. So yeah, so let me just give you a quick indicative value, Rakesh, on that. So Vista will have roughly more than 1,000 crores of inventories. I think we haven't decided whether we launch the retail part of it, but the residential part would be between 1,200± that will be launched. That's one. The Codename Navy in Malad is roughly INR 1,000 crores. That's another large project for us. We are there in terms of getting all the concessions and approvals, but it's a little bit complicated given multiple plots involved and so many residents from the society involved. So final stages of that. So that's the number two. Third, project Crown. Crown will have roughly we have started the process of getting approval. Management will decide exactly when to launch because we have around 30%-40% inventory that's there. Roughly INR 800 crore worth of inventory is going to be launched in Crown phase II. INR 600 crore is a INR 1,400 crore project. INR 600 crore we launched earlier, and remaining INR 800 crore would be launched. That's the third one, the fourth one. Pink is roughly Pink in Jaipur is INR 200 crore plot and plotted development. Zen 2, Bangalore, is roughly INR 250 crore to INR 300 crore. Alembic is something that I'll get back because the timing of that depends on multiple factors. The approval process, it goes through BDA, BBMP. There are some issues in Bangalore right now, not for us, for the industry. The value of Alembic phase I will be around INR 700 crore to INR 800 crore or INR 900 crore. The total project is INR 1,800 crore. But we'll decide whether we want to launch the whole project in one shot or do it in phases. If we were to do it in one shot, we'll just look at the industry situation and our readiness completely. So those are the few names I had covered, Rakesh. Hopefully, that answers your question. Yes, sir. Yes, sir. Great job. Thank you. Sir, coming to second, sir, when I see in this quarter, one of the reasons for lower pre-sales was lesser number of launches by the company. But if I see the project which are already launched, there's also some kind of slow growth, especially when it comes to the Kalyan market or another market. Your thoughts on that? Yeah. So you're absolutely right. My sense is the presales growth is linked to the number of launches because you get the biggest bang for the buck when you have a launch. We had a couple of at least one launch that was planned in Q2, which is deferred now from approval point of view. Our readiness is 100%, but just waiting for some approval. So that's the first part of the if you have more launches, automatically it will augment the presales. And we've seen that in the past financial years, past quarters as well. On the affordable side, value home side, which you are trying to cover on Kalyan and a little bit on Palghar side. Yeah. So I think, as we have seen, the affordable segment has been slower than premium, mid-premium, and let's say even luxury, which we don't participate. They're affected by, let's say, high interest rates and many other factors which have affected the bottom of the pyramid, relatively speaking. But if I look at my Palghar phase II, we have sold almost 75 units in this past quarter. The value that is not fully captured in the number that you have, it'll get captured in the subsequent quarters. But 75 units in three plus months is very, very good. Similarly, in Kalyan, we are making good progress. I think the pickup in inventory is happening. We have to just price it right and make sure that people, customers, understand our value proposition. But the value of that is very small, Rakesh, because of the affordable nature of the segment. Okay. Okay, sir. I got it. Sir, Mahesh, quickly on Mahesh, with respect to the new business development, we had guided in the last year. This year, new business development will be much higher than the last year's business development. So any thought or any guidelines with respect to new business development in F25 and F26 and along with the land parcels we have in Kalyan? That is from Mahesh, sir. Yeah. No, that's a good question and that's a broad question. I think let me answer it at a conceptual level first. Last year, we did INR 4,400 crores of GDV. For us to maintain our growth trajectory, we need to definitely surpass that. So that's our target, go beyond what we have done in the past year. However, we want to be very careful not to be in the deal fever given where the market is today. Every deal that we see, and we are very glad that we are seeing a good number of deals. And now, at least we are many times first port of call for many of the deals that I have mentioned in the previous call also. We are applying a very, very strong financial lens to all the projects. If the expectations about land prices are very high and the pricing and the costing doesn't work out for us, we end up saying no to projects, and we have said that after going through the details, after initial term sheet also, we have said no to the projects because we just don't think that they will serve us and our shareholders well if we sign a bad deal just for chasing the deals, right, so my sense is we will pick the right deals, and there is a lot in the pipeline. We don't have a dearth of deals in the pipeline. We just hope to close the right ones soon, and we'll keep you updated as more of these deal announcements happen over the next few weeks, months, and years, so that will be a short answer to FY 2025 and FY 2026. We'll follow the same thing. We'll be careful about signing the right deals, and then about Thane, Rakesh, as you said, Thane's approval processes are very cumbersome. I think in the past, we talked about 63-1 exit, etc. That's done. The next set of approvals are underway. Our goal is to launch at the earliest, but given the elections and national elections, now state elections, and many changes that keep happening, I just don't want to give you any unreasonable timeline that we can't meet. My sense is it'll take another 12 months to 18 months for us to bring that to the market. Okay. That's from Mahesh. Thank you. And the same message to you and your team. Thank you. Thank you, Rakesh. Best to you. Thank you. Participants who wish to ask questions may press star and one now. The next question is from the line of Prem Khurana from Anand Rathi Share and Stock Brokers. Please go ahead. Yeah. Thank you for taking my question, sir. Sir, two questions. One was, I mean, if you could help us understand where are we in terms of approval process for Santacruz? And I understand the acquisition was our first project in terms of on the redevelopment side, but then seeing that Navy and other things are moving faster than Santacruz. Yeah. Thanks, Prem. And I think in full transparency, you're right. It's moving slower than what we wanted it to be. It was our first one, but our second and third seem to be moving faster than the first one. The reason is the following, and this is a learning for us. This is a roughly INR 500 crore project, not very large, but it is an amalgamation of two different societies, NextEra and Westview. And they have two different management committees, two different lawyers, two different sets of stakeholders. And that has taken a lot of time to get alignment with them to get all the things done or aligned in a definitive agreement. So that's something that's taken time. I don't think we have reached the stage of getting even approvals right now. We're still trying to get both the societies to agree. Hopefully, it'll happen in the final stages for the last two, three months, one or two clauses that have affected us. But hopefully, it'll close as well. Sure. But, sir, I mean, given the fact that Borivali seems to be a combination of seven-owned societies, I mean, have you been a little careful in structuring the transaction this time around compared to the way it's been with Santacruz? Sorry, Prem, your voice wasn't clear. Can you repeat the question? I was asking you when Borivali is concerned, the recent project that we've been able to manage. Then again, we have multiple societies involved, right? And with Santacruz, I mean, we're dealing with only two societies. In case of Borivali, these would be seven-odd societies. Correct. Correct. Correct. Have you made any changes in the way we approach the redevelopment wherein I mean, you would require kind of deal with multiple societies, or even Borivali could run the same sort of risk wherein it could take you some time to kind of get them on board? Yeah. Yeah. That's a great question, actually. And I'm glad you asked. The Borivali societies are part of cluster redevelopment. So they win together and they lose together, right? Whereas Westera is where the relationship between societies is not very, I would say, constructive as we have seen. And that is causing the problem because somebody's gain is somebody's loss, potentially, as perceived. Whereas in Borivali, that's not the case, right? If they stick together, they all benefit. And we also applied learnings from Westera that how to actually get the key terms, which are typically of dispute or negotiation, sorted out sooner rather than later. And that's also helping us in terms of moving the speed along. Our hope is that Borivali will move faster because they've been stuck for a long time, and they have realized the value of whether they should be aligned or they should keep fighting. I think, hopefully, the same wisdom will prevail with some of the other situations, including at Westera. Sure. Second question, ICN, ICSSI. Remember whenever we used to lease out some land. I mean, we used to give some time to our tenants to kind of get a processing unit in place. But I mean, how I see it is eventually we have 147-odd customers in case of Jet Pro. And only 89 seems to have commenced operations. There are 50-odd, I mean, wherein we've given them the land or they've taken the land on lease, but then they are yet to commence operations. So the idea would have been to kind of make them operating as early as possible so that you are able to create some sort of employment, some sort of economic activity which would help you to kind of get some more tenants, right? But it's been, I mean, it's taken a little longer than I mean what would have envisioned to kind of make them come and, I mean, start working on the ground. So why would the situation be there? Yeah. I think it's a great question. I think we track that data very carefully. And even so, in the last few months, we also work very closely with our partner, RIICO, to highlight where we need help from them. In the past 12 months, we have also taken land back from those customers or clients who signed up for land and didn't do anything for the longest period of time. We've also given notice to a few. So absolutely right. We are doing the cleanup, but the number that you have in terms of 50 is slightly different as we track it. There are many who are in the planning stage, and we're carefully tracking that. There are others who are awaiting the approval for doing the construction. And then there are a few who have actually started something, then they're waiting for, let's say, capital or some other approvals, etc. So if you exclude all these which are in the pipeline who have no intent issue, if I can call it, it's less than five or six who have not done anything as of now. And we are tracking each one of them and pushing them along to start their work or give the land back to us. And since we have already done this land buyback, so to say, all the customers, all the clients understand that this is something that they need to take seriously. Otherwise, they'll find it very difficult to retain the land and not do any activity. Awesome. Sure. Thank you in all the ways. That's what you should. Thank you. You may please press star and one to ask questions. The next question is from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. Hi, Mr. Sinha. Congratulations on a decent quarter. So my first question is on business development. And I think last time we had mentioned we are setting up a platform. So first of all, on the leverage side, the debt has gone up. So how much further headroom do we have in terms of absolute debt? What are the levels which we'll be comfortable with to take care of business development if we get some opportunities on land side? And secondly, on the platform, so any update there if you can help us understand whether once the platform is what kind of structure the platform have? I mean, will you contribute equity from here or the parent will contribute? And why is the parent not looking at directly doing a rights issue or getting funds in the MLDL level? Because that will also help us on our network and then further leveraging that work to do business development. Yeah. No, no. Great questions, Parikshit as always. And thanks for your comment. I think there are three questions that you asked, and we answered them sequentially. I think in terms of the deals, right, first question was on the deal side. I think we have continued to hopefully, you'll hear positive news when we find the right deal. I think, as I mentioned, we have a good pipeline. If I could close, if I wanted to close two, three deals, I can close it tomorrow, to be honest. But we're going through all the financial, legal, all the diligences that are required for us to make sure that those are good investments for us. So I'm actually not worried too much about business development. This was a very last year for us, and you've seen how much we scale with people and resources and our own invest to actually address that. But as I mentioned in my upfront comment, that the expectations of some of the landowners are very unreasonable at times, and it's better to walk away, let market cool off. Let's see what's happening in Delhi. Now, the land prices are cooling off now because everybody realized that the prices are unreasonable for launches, and then same thing for Hyderabad, as you know, right? So on the deal side, I'm less worried about that, right? On the platform, I think advanced stages of discussion, but these are, let me put it this way, they are quite confidential right now. I would hate to give the names or the dates of when they will conclude. I think I would say that we are making good progress. No promises, but at least this quarter, we should see a closure on at least one way or the other discussion fructifying or not. So that's something we'll keep you updated, right? So that's the second one. Third one, I think you're absolutely right. We analyzed and shared in our board the kind of equity and the debt that has been raised. And our parent is looking into it. But right now, from our own MLDL perspective, we have the ability to actually fund in the platform the right amount of equity appropriately. Our debt-to-equity ratio is still very conservative. We were at 0.35-0.36 at the end of FY 2024 March. Yeah. Now we are at 0.26, right? So we want to keep it conservative, and we work very closely with our group treasury to make sure that we continue to be conservative on that front. We don't want to use debt. Debt is needed, but is it like a necessary evil? But you have to be very careful given the business that we run, right? So we are very cognizant of that and very conservative. So that's where we are. I mean, Avinash you want to add anything. Yeah. I mean, you mentioned about overall debt going up, actually. On a gross level, Parikshit, if we look at it, it's gone up only by about INR 30 crores. The net debt stands at INR 477 crores, which is pretty healthy, as I mentioned. 0.26 is what we convert to from a net debt-to-equity ratio. I mean, typically, if we look at some of the comparative players in the market, the net debt-to-equity ratios are way higher than this, going up to 0.6, sorry, 1.8 at some point in time. We've in the past mentioned that we want to be conservative here, not go beyond a threshold of, say, 0.5 or slightly higher than that, but we want to be conservative. There is legroom available in terms of fundraising, and that's where we would look at funding options. Okay. So my other question was, then whenever this structure is in place, and then when you're ready to announce it, so will that be the only structure where you will raise funds to deploy land, or you have the option to directly also chase land deals wherein at MLDL level, you can buy outright lands? Yeah. Yeah. I think we will have the flexibility, absolutely. But what I've seen of our efforts is we just align with our partner typically. And even though we have the structural flexibility to do things beyond the platform, we may or may not do it just to make sure that we are fully aligned with the partner. So short answer is structurally, yes, but principally, maybe not, right? This puts a lot of another layer between the growth and the management and the partner whose interest is also to be taken care of and expectation of IRR again. So one side, we have land prices which are going up, so then you also have to share IRRs with your partner. So would it create further delays and bureaucratic hurdles to pass through the muster to get the land deals? Because now the kind of business development we are targeting, even if we do INR 4,000-INR 5,000 crores of business development on the new land parcel, that will require almost INR 400-INR 500 crores of capital. So the quantum of capital going to a land is increasing when you have a partner again. And a lot of deals which you do directly now, it has to pass through the partner. So it will delay. Because now we have built a momentum in the last two, three years, somehow I'm sensing a little bit of discomfort that this momentum, I want reassurance from you that, I mean, the momentum continues and the structure and other things may not delay our target of like INR 10,000 crores, INR 10,000 crores of sales in the next three to five years. So that is where I'm coming from. Yeah. Yeah. No, fair point. Fair point. And I think that's why choosing the right partners are also very important, Parikshit. I'm worried about the same thing. We typically call it operational freedom, operational independence, obviously there will be reserved matters, veto rights, etc. But there should be a principled meeting of minds and ways of working so that we don't create unnecessary bureaucratic hurdles when we have to move fast. You've seen in the past, we have closed deals in like two-week timeframe, right? I don't want a situation where market is hot and then we are stuck because private equity partners' internal processes slow us down, right? That would not work very well for us. So choosing, and that's why right now we have, luckily, a few options, and we will choose the right partner who will match our, from a strategy perspective, they are aligned, right? What we want to do, what we don't want to do is very clear, and they are aligned in terms of how we think, how we operate, how we'll be creating value for each other, and third is something that I care a lot is about how we are able to learn from them and bring more discipline in our way of execution, right? At the end, this is a business of choices and then execution. Once you made those choices, you have to execute them very well, so that's the part that I look forward to learning from my counterpart. It's going to be plain vanilla. I'll just give you capital, and I'll keep asking you a question. That may or may not work for us, and there are certain partners who can do that. I think we're looking for the right level of value creation from their side also so that we both, we as an institution, become stronger and better. So just one more thing on that. So the parent, how is the parent thinking about it? I mean, there are two ways of doing it. Either you directly do it at the entity level. And so why is the parent choosing to get a private equity partner here when other companies or peers, I mean, we're not seeing this kind of a structure, especially in a market which is doing so well. So how is the parent thinking and whether this platform will be just plain vanilla equity platform or it will be a structured kind of a platform? So, short answer, right now it would be an equity platform, a simple, right? We put 51, maybe they put 49, and we share the returns. So in a way, it's pure equity platform. There is no quasi-debt or anything like that. It's upside, downside. We share in the ratio of our capital structure. I think at the group level, we've had multiple discussions how we actually, how should we think about what we are seeing in the industry in terms of QIP and perhaps, etc. Discussions are underway, but Mahindra as a group are very, very conservative about doing things. But it's needed for us to show that we have capital at the end, right? I think we will find capital to grow our business. One way is getting external capital for defining our processes. And then potentially at the right time, we'll look at QIP perhaps at the right time. But that's not something we are starting right now. Okay. But do you have capital to contribute to this platform, or will you require to do a fundraiser at the entity level, and then through that, you seed the capital into this platform? Yeah. Certainly. So as we keep evaluating, and of course, the kind of deals that will go through to this will be choosy, as I mentioned. So there could be a multiplier. So there could be a multiplier as the partner bringing in the kind of equity and you contributing. So in fact, it can end up adding more. Yeah. Yeah. Exactly. Exactly. And the other thing, Parikshit, is the very important part that is tricky for us is many times we have the cash. We have right now INR 600 crore cash sitting, which we can't upstream efficiently, right? And either do a capital reduction, which is a painfully long exercise like through NCLT, or you do dividend distribution, which is not tax efficient, right? There is a lot of cash sitting for us in different entities, which helps us in terms of bringing down our net debt-to-equity ratio, but we are just not able to deploy that cash. So that's another consideration for us to keep in mind that, hey, right now, so much cash is there that we can't use. So it just gives us flexibility, but also an avenue to source capital in a more efficient way. Okay. Just the last thing on this Vista, now we have phase two loans coming in. So how are you thinking now beyond that? And what is the total pending land payments as of now? That's it from my side. How we are thinking about Vista phase II is that. No, no. Beyond that. So beyond that, now Vista will be done. So we need to look at the next set of land coming in from the parent company. So any thought there? And also, what is the total pending land payments to be done for all the land parcels which we have acquired? I think that's total ongoing directed payment is done. There's only TDR. How much is that? About INR 100 odd crores. INR 100 odd crores is the commitment that we have to close all the ongoing Vista-related payments, right? So that's short answer. I think. Pune, Bengaluru is pending. There's a Alembic land and other Pune. Okay. So I think Pune will have another probably, yeah, INR 60-INR 70 crores, right? In the short term, then there is after three years, with EC, we'll have to make some payment approval, and then everything else is back end when we get OC and inclusive housing. So that's that. Those are some of the big ones, right? Wagholi and this one, right? And Alembic? Alembic was outright. We paid for that one. Yeah. Alembic is outright. Ghodbunder is outright. The Sai Baba is low capital for us, which we'll do at the time of DA. So I think most of the payments are done from the previous land parcel. I think your question was how much is the land-related commitment that we have? So it's only two of them, right? And then from what will happen in Kalyan, I think, Parikshit, that's something it's M&M decision, right? And they will decide based on their business priorities, but also they have a factory and other things that are going on. So we can't really comment on their decision. If that opportunity is made available for us, we'll have to find a way to work on that. But yeah, that's not a public open discussion at this time. Sure. Thanks for all the answers. I wish you all the best. And happy Diwali too. Yeah. Thank you. Thank you same to you. Thank you. The next question is from the line of Bharat Sheth from Quest Investments. Please go ahead. Hi sir. Thank you for the opportunity. Sir, we have spoken a lot on our residences. So if you can give a little more color for this industrial side and how our—and in your opening remark, you said that we are some shortage of land as well as buyback of the land. So when we buy back from where the customer is not developing, so what rate do we buy back? And if you can give a little more color, and we had a certain project in Gujarat and Maharashtra where we had some kind of a land. So when we like to launch and looking at the kind of opportunity industrial side is happening. Great question. I'm glad you raised that. Let me give you a quick summary of the industrial business, and then I'll come, and maybe let me answer the first question. How do we acquire the land back, and then I'll go into SEZ part, right? So we've done two of these already in a major way in the last 12 months. One in Chennai, the other one in Jaipur. And when the lease was offered to them, there were clearly two parts of the lease structure. One is whenever the land sells, there is a transfer fee that's charged by us as a master developer. So they have to pay that. So that's a certain proportion, which is meaningful, let me put it this way. And the second one is the land would be acquired at either the original price or close to a price that we agree, right? And then we have the option ability to actually market the land the way we want it, right? And both the cases, we have been able to create a very healthy spread by buying the land at the right price as well as generating the transfer income from the land that we have. So these may not have the margins that you'll get if you had the land acquired from day one, but these are, I would say, healthy margins for us. And since the pricing in, let's say, Chennai has gone up significantly because there's practically no land available to us in Mahindra World City, Chennai, the spread is very healthy, I would say, right? Even though the purchase price is higher than the legacy purchasing price. So I just want to assure you that these are all very sound economic decisions for us, and they are helping us improve our path, to be honest. So that's why we keep in account as we take any decisions of this kind. So that's the first part. Let me cover the IC business quickly, and I will not take too much time, but we have five plus one IC components in our portfolio. First is Mahindra World City, Chennai, 90% leased out. We have some land that will give us a healthy revenue for IC business, which was bought back, actually. Just same example that we mentioned, we denotified that SEZ land that we bought back. So that will have a healthy. We already have an LOI for that. Then that's the first one. The second one is OC1 and OC2, Origins Chennai 1 and Chennai 2. OC1 is almost sold out, except for one parcel that is stuck with litigation. And OC2 is something that we are planning to launch in the next three to six months. Sumitomo has been a partner with us in OC1, and they have shown interest to be a partner with us in phase two. That's being negotiated and closed as we speak. That also has healthy potential of the order of 100-150 acres of land. OC2B is also there, which we'll tackle up after launching OC2A. So these are the two in Chennai. The third and the largest opportunity we have in Jaipur, Mahindra World City, Jaipur, 3,000 acres. We have roughly 800 acres of land, which is unleased, a lot in the SEZ area. So we're working with the government to see how we can convert that land into DTA land where we have huge demand, and we are sold out from our existing portfolio. We also have roughly 400 acres of land in our social infrastructure net area after all those one client and the adjustments or efficiencies, roughly 227 acres. That's where the pink launch on the residential is being planned. That's significant potential for us, but it has had some historical issues in terms of some taxation. We have received a notice about that. We're working very closely with the government to close that out. So that's the third one. The fourth one is in Ahmedabad. This is roughly 340 acres. We had tried to find an owner who would be interested in the entire 340 acres, but we got some inquiries, interest, and all, but it has not fructified. We have started now the business development effort for Origins Ahmedabad as well. It's under our leadership that drives our Jaipur. We feel that as there is significant momentum in the industrial sector, manufacturing sector, sooner or later, this land parcel will also find a good set of clients. We are ready to have a largest anchor client to start this instead of selling it 340 acres to another developer, another industrial client. We want to develop now just like World City, Chennai, Jaipur, or Origins. That process has started for us. Finally, on this side, on Maharashtra, we have Origins Pune, which is 60 km from Pune. A very good location next to one of the MIDC industrial locations, 60 very good locations, I would say, from an industrial point of view and potentially for mixed-use residential as well. That we've gotten some prior exits, like 631A, and everything has been done. Now we are finishing land aggregation access road for us to launch that at the earliest. Those are the five. And when I said five plus one, the last part is the Actis joint venture that we have. We have committed INR 200 crores to that into that. It's a DTA plus warehousing, built to suit. Actis will have roughly 65%-70% stake. We'll have 30%-35% stake. We've already moved forward with one target, now one potential target. Now the second one is in the pipeline in Bhiwandi. And that's going to be an important one for us to build. We are discussing at the board level should we increase our capital commitment to that business because it's shorter lead time. You can flip the asset and get a much higher return from that. So those are the five plus one businesses that we have in industrial. If you look at overall potential that we have, we believe that this business over the next 10 years has a potential for roughly 2,000 crore of PAT. So I just want to repeat, 2,000 crore of PAT potential that IC businesses have in the next 10 years. It has also served us well in the past, but it has the ability to serve us better in the future. And that's something that we are consciously building the team, building the portfolio so that we continue to position ourselves as a strong IC player which has a pan-India presence with the right set of government and private partners. And that business is becoming more and more important for us, given Mahindra brand can offer multiple other products and services like sustainability, logistics, other things. So that's a very good business that we are investing behind in a smart way. So, a quick question on the explanation for is when the Jaipur—I mean, converting from SEZ to DTA—we are working since more than five years. So what is really preventing? That is one. And second, when you are talking of INR 2,000 crore kind of a pack, so is our share or it's for joint venture? Short answer on both. It's our side is INR 2,000 crore after adjusting for minority interests, right? So that's 2,000. But this is lumpy and odds, and we have to bring that to bear. So that's something that you should know. At least I want to give you a top-down view. And then SEZ to DTA, you're right. I think in Jaipur, see, in Chennai, it's been much faster. For some reason, Jaipur has its own set of delays, challenges. But we're working through it. Each state has its own machinery and the system. We have to respect how they work and convince them that it's the right thing for them as well as for the rest of the stakeholders. And the stakeholders. How much land parcel we are looking for in SEZ to DTA? What is the, sorry? Size of the land parcel for which we are working SEZ to DTA? It's roughly 500 acres, the size of the land that we can, but not all can we convert into DTA because there are some constraints physically to the existing SEZ infrastructure. So between 400- 500, yeah. Thank you. And all the best. Thank you so much. Sir, can we take one more last question? Sure. Sure. Go ahead. Thank you, sir. We'll take the next question from the line of Ronald Siyoni from Sharekhan Limited. Please go ahead. Yeah. Thank you, sir. Thank you for the opportunity and congratulations on good performance. On the equity platform, sir, I wanted to know if you are looking for any kind of size in the equity platform one. And the second one is that the target area because, as you said, affordable has not been picking up as we would have expected. And Super Luxury has been doing very well, if you say it in MMR or LCR. So would we still stick to mid-segment, or we can expect some Super Luxury kind of projects also? And what will be the size of the overall equity platform? So yeah, thanks, Ronald. Good question. I think the equity platform, we are thinking it to be at least INR 1,000 crore- INR 1,500 crore by each partner. So INR 2,000 crore- INR 3,000 crore is the size of the overall platform, 50% from us, 50% from the partner. So that's what anything less becomes not very exciting for scale-up, right? So that's what we are thinking about. The second question was. On the segment. The segment, yeah, segment focus was, are you thinking in the past, of course, I have clearly said we will not pursue affordable anymore. So that segment is out. While super luxury and all are very exciting, our focus is going to mid-premium and premium. The way we segment the market is affordable, mid-premium, premium, and luxury, right? We'll play in the middle two segments. We'll not play in the two extreme segments. I think if we have track record of doing premium projects and some of the premium projects, if they are inexpensive, they will automatically become luxury. If you do, let's say, what we are doing at Luminare, Luminare is like INR 7 crore, INR 8 crore. It's a very nice project with balconies and all those things. If you put that in South Bombay, that INR 7 crore will become INR 27 crore, right, automatically. So we have the ability to make premium products, but we don't want to go into luxury in a big way. We'll continue to develop a track record, build capabilities for mid-premium and premium. Once we have that, then we say that, hey, if you want to go to more expensive neighborhoods where the ticket size goes north of INR 15 crore, INR 20 crore, INR 25 crore, then we maybe will look at it. But right now, our sweet spot is we want to make some of the best homes which are in the budget of, let's say, INR 2 crore to INR 7 crore, right, which is what is the market opportunity that can be taken up seriously. Okay. And excuse me. Just one suggestion. Your focus would be mid-premium and premium, but just one project of Super Luxury would give a lot more brand value to the company itself. So just a suggestion. And even if you don't focus on one project, a landmark project would give a great brand value for the company. No, absolutely. I totally agree. We'll sign your project. Best of luck, sir. Thank you very much. Thank you. Ladies and gentlemen, we will take that as a last question for today. I would now like to hand the conference over to Mr. Amit Kumar Sinha as MD and CEO for closing comments. Over to you, sir. No, thank you. Good discussion. To be honest, I feel that there is a lot more momentum in the market than what the quarter two sales numbers reflect us, and that's an area that will hopefully be. You'll see more action in the quarter three, quarter four, but overall, we are making good progress in the right direction. Lumpy business, you always have ups and downs and delays by a quarter or a few days, but we are building a strong set of capabilities for us to manage the ups and downs of the business in a less noisy way, so you'll see more action, more excitement from us in the coming days. We also changed the investor presentation a little bit for you to get a good view of where our inventory is, what's the opportunity, so take a look. If you have questions, let us know. Happy to answer them in an offline meeting. Thank you very much, sir. Thank you, members of the management. On behalf of Mahindra Lifespace Developers Limited, that concludes this conference. We thank you for joining us, and you may now disconnect your lines. Thank you. Thanks.