Good evening, everyone. We are here for the Q3 update Mahindra Lifespaces. we are presenting the investor presentation for the quarter ended 25 December, for Financial Year 2025-2026. Now, I will hand over to our CFO and our CEO, Mr. Amit Sinha, to take us through the Q3 journey of Mahindra Lifespaces. Yeah, yeah. So this is Amit, I think, and then I'll request Shriram. So, as you know, last quarter, Shriram was still coming on board to the full CFO role, so this is the first quarter where he's taken over the full CFO. So he'll be jumping on separately. Meanwhile, I will take you through the short presentation. So can you just go to the next slide? Okay. Just a second. Just a second. Hopefully, you can see the screen. Can you go to next slide? You press Okay on that. Yeah. Next slide. I won't spend too much time on this. The strategy part, I don't, we don't have many changes to it, but the only point to note is our GDV addition is at roughly INR 47,000 crore, which is being executed. Rest of the elements of our strategy stays consistent with the past discussions. Let me share a quick update on our overall business. First and foremost, I think, on the residential side, we have reported a pre-sale of INR 572 crore. We are at roughly INR 1,773 crore-INR 1,800 crore in the nine-month period. We've had some very successful launches this year so far. New Haven in Bengaluru, Marina 64 in Mumbai, Citadel in Pune, and Lakewoods in Chennai. They have been successful launches. Sustained sales have contributed significant part of our sales so far. This time, Kandivali, Happinest in Pune, Wakad, Citadel in Pune, and Green Estates in Chennai. They have given us a significant part of our pre-sales this year. We also had a very successful launch of Mahindra Blossom in Hope Farm, Bengaluru. I'll share the details and highlights later in the presentation. It's not yet counted. It's not counted in Q3, because the launch, netting, et cetera, only happened last weekend, but it's been very successful for us. And Q4 launches, I think we've gotten Mahalakshmi and Bhandup to the finish line. I think the last bit of approvals on the RERA side, et cetera, are being filed as we speak. We will hopefully get the RERA in the next few days. I'm not sure how much of the pre-sale we'll recognize in this quarter, but it will set us up really well for the next quarter. On the execution side, there is a lot of momentum. BD continues to be strong. This has been a concerted effort for us over the last couple of years. The GDV addition for this year so far is INR 10,600 crore, which is solid. We have very strong progress on EC for most of the projects. As you know, in the last six months or five months, ECs have become a requirement before we can get RERA. So that's why some of the RERA launches are delayed, but it's a one-time correction. Future will automatically get adjusted to the new requirements. We also achieved quite a number of OCs. Overall, 6 OCs we have received in the last 45 days. Some are captured in our 31st December quarter end, and there are 2 or 3. 3 are captured before 31st December, and 3 are after, but most of the valuable ones are captured in December quarter. Given our discussion about de-risking execution, we've also continued to invest in partnering with Tier 1, 1.5 vendors, especially for core and shell and bigger part of the project. Significant investment on the employee side, culture side, training side, and culture creation side. On the IC & IC side, we see strong leasing activity in Jaipur and Chennai. These are the places where we have good amount of land that is coming for availability. The realization has been quite good, better than what we expected in at the start of the year. That shows the robustness in the, in the demand, in the economy, in the industrial demand. We received the Origins 2A. If you recall, almost a year back, we had shared the details of our partner our extension of our partnership with Sumitomo. That has now been approved, which allows us to bring to market almost 125+ acres of land for leasing. We are also trying to bring other locations to market, such as Ahmedabad. I think we are Hopefully, we'll start sharing some updates as we get all the clearances, all the approvals, and the leasing activity picks up in that area. Overall financials, nine-month consolidated residential and IC sales combined is at INR 2,125 crores. Strong PAT delivery, of, two hundred and eight crores, so far. I think for this quarter, it was hundred and, hundred and nine crores, right? So, so very healthy quarter, supported by some of the successful OCs, and also a strong IC, performance. Collections have been strong for the resi, fourteen hundred and seventy-two crores. And, ever since we did our rights issue earlier in the year, our balance sheet continues to be quite healthy, quite conservative, from a net debt, to equity ratio, of, minus point one two. So we have more cash available. And cost of debt is, at a very, I would say, competitive level at 6.7%. Obviously, it includes CPs, as well as other, ICDs, et cetera, that we have. So it's a, it's a low amount of debt, and whatever debt we have is, is at a, at a very competitive rate. If we can move forward. I think you've seen a variant of this slide. This is everything that we have done, this year. I think the latest one is the extreme right column, which is a new society redevelopment, cluster redevelopment. It's roughly INR 1,000 crore. The name of the society, Lokmanya Tilak Nagar. Very premium location, very well connected to the Eastern Highway, and then, I would say, near Shivaji Park, great location, and we are very excited to have won this mandate to, to pursue this society. Move forward. This captures the year to date, as well as inception to date in terms of the GDV. As you can see, current inventory as of 31st December, Blossom is included there as inventory. Roughly INR 1,800 crore would be included in that from Blossom. We have Vista, Vivante, Citadel, New Heaven, Green, Green Estate, Nestalgia, Tathawade are small, but the first four are quite big. In fact, the biggest is Blossom, and that gets consumed significantly in this quarter. The part B is future phases of current projects. Citadel Phase Three, which is quite large. Citadel Commercial, another big one. Marina 64 is the Plot A part, which is expecting the RERA anytime. Lakewoods and others together. So that's 2,600 crore. And then pipeline projects, which are yet to be launched, capture long list all the way from Santa Cruz West, which is Vesterra, all the way to Matunga, which is the recent win that we have. And then some of the other strategic projects, which are Jaipur and Murud, that have significant potential, but yet we have not given them full value because we need to first get them moving, and then we'll extract full value through design and execution. So overall, INR 47,000 crore INR 46,770 crore, INR 46,000 crore, INR 47,000 crore of GDV, which is with us today, and we only hope that it goes forward aggressively. Okay. This chart you have seen before in terms of how we are planning. I think, this looks good if I tell you that Mahindra Blossom, in the last weekend itself, one weekend when we did all the netting, et cetera, did more than INR 1,000 crore of selling. We have not captured that number because that will be in Q4. But if you add that thousand plus crore just from one weekend, and then add other sustainable sales and the remaining two months of sales for even Blossom, I think we are looking at a healthy growth in our sales numbers. The good news is that if the moment we get approvals, we generally have a very strong sales performance. So given the point I mentioned earlier about EC, if we didn't have the delay, we would have seen many more RERA launches with significant time for us to prime the market and convert into sales. So Blossom has happened. Marina 64 is happening right as we speak, so hopefully RERA anytime. And then Beacon Hill and Bhandup, they will happen hopefully later part of this quarter, but the impact might be coming in the Q1 of our next financial year. Yeah. Go ahead. Our march towards 10K vision stays healthy. You've seen the GDV, INR 47,000 crore, but this phase lays out how we are thinking about our projects and how they fit into our INR 10,000 crore journey. INR 9,500 coming from Resi, INR 500 coming from IC business. And we had, we have a few holes to fill. I think slowly we are filling all those holes as well. And our goal is not to, not to wait for these years to convert them in, them into sales, like Matunga and Chembur, and maybe to a lot of effort are already underway to move them by at least a year. So, so hoping that, we achieve our aspirations sooner than later. Go ahead. IC business continues to be very healthy. We are quite, pleasantly surprised with the buoyancy in the business. It's, it's, just an example, OC-two A took almost a year for us to get all the approval and everything. But looking at the demand, I think we have sold almost 50%, or we have already done LOI for almost 50% of that in the 30 days. And obviously, they were in the pipeline for a long time, but there is a lot of demand for strategic industrial clusters, and we are, we have the inventory at the right place, and there is a lot of preference for our kind of industrial park than the competition. So we see tremendous growth in that. We expect that business to continue to grow at a healthy rate, even in quarter four, given the pipeline that we have, right? So it's a good, good traction we are getting in our industrial business. And I'll share more update at the In quarter, after the quarter four, so we'll have full visibility of how the performance is going to be for this financial year. Go ahead. On this page, it shows that, you know, many of our peers in this industry have plotted, which gives them short-term profitability, given the accounting rules that benefit plotted. For us, IC business is the plotted. It's industrial plot, not residential plots. So slightly different, but it shows you how much gross area and net leasable area we have, which can be monetized similar to the plotted that some of our peers have in the residential side. It's not that we don't have plotted on the resi side. We are building that business, but industrial plot business gives us tremendous strong starting point as we look at the overall residential plus industrial business rather than industrial alone and residential alone. So good amount of opportunity to be monetized from our IC business. Good. Yeah. Let me pause here and then request, Sriram, to jump in on the financial side. Thanks, sir. So on the financial side, at an overall level, we had Q3 residential sales of INR 572 crore against INR 334 crore in the prior year. And for the nine months ended, we had INR 1,773 crore against INR 1,749, which reflects a, you know, a 2% growth. But as Blossom and, you know, the other sales are expected to lock in in January, you know, it-- this number is expected to surpass, you know, the prior year numbers of INR 2,804 crores. On the IC & IC side, the performance continues to be really robust. During the nine months period, we have grown close to 30%, and the pipeline looks very strong. We have just unlocked OC 2A in December 2025. We are, you know, already seeing good traction for IC leasing in our Origins Chennai location. So looking ahead for a good Q4 from the IC side. On the GDV side, we had done INR 10,560 crores. This is on the back of INR 18,100 crores we did last year. So the GDV momentum continues to be very robust. You know, the additions that we have made so far in this year, you know, are a good mix of redevelopment, outright transactions across Mumbai, Pune, and Bengaluru, which are our core markets. The residential collections were at INR 1,472 crores. Again, you know, an 8% growth over prior year. That said, the OCs that we received in December, we actually got it towards the far end. We, you know, we will expect to catch up on the residential collections in Q4 of this year. The balance sheet looks, continues to be healthy, with negative net debt to equity ratio of 0.12, and the cost of debt for us is currently at 6.7%, versus 8.9%, a year before. One. So this is the segment results which we had started publishing a few quarters back. As you can see, with the OCs coming in, in the December quarter, for the entire nine-month period, we have a residential PAT of about INR 43 crore. The Q3 residential PAT was almost INR 64 crore, which is a reflection of the, you know, OCs that we received, which is primarily Eden Phase One, Nostalgia Phase One, and our project in Chennai, Happinest. That, you know, those got the OCs. You know, the profitability reflects, you know, a decent portion of how, you know, how profitable these projects are. Effectively, the IC & IC business continues to be very robust. You can see there has been an increase in the acreage leased from INR 47 crores to INR 53 crores, but more importantly, the realization has also been high, and the EBITDA margins and the PAT margins from the IC business continues to trend up with solid leasing activity across Jaipur and Chennai. Moving on. On the cash flow side, for the nine months ended, we did operating cash flows of roughly INR 558 crores. There was investing and financing cash flow as well of INR 250 crores. So overall, we ended with INR 724 crores of closing balance, which includes, you know, our balances under RERA accounts. On the land outflows, you would see it's INR 802 crore compared to INR 715 crore last year during the same time, and it includes the transactions that we had done for the nine months ending December 2025. This is one slide we added, you know, based on the discussions we've had with you in the past. So we brought it back again to show the cash flow potential from our existing GDV, existing projects. It says it's about INR 13,065 crore. The big disclaimer is it does not include Thane, Pink, and Murud as yet. If we include that, we could add another, you know, roughly 3,000, 3,000-ish crore. Pink is Jaipur. Pink is Jaipur. Yeah. Yeah. Sorry. Jaipur Residential. I think for the next meeting, we'll add Thane, as we are Yes advanced stage of, Right design and the whole planning phase, so we'll include that. Absolutely. Next page. So on the PNL side, for the quarter ended, we did about INR 109 crore of PAT. Comparing this against the last quarter, which was about INR 48 crore, and Q3 of last year was negative INR 23 crore. So overall, for the nine months ended, we did INR 208 crore against negative INR 24 crore for the same nine-month period last year. Moving on to the balance sheet. As we did the rights issue in Q1 of this year, the net worth reflects the equity portion of the rights issue. The use of proceeds of the rights issue was to pay down the long-term debt, which we had done. About INR 918 crore has been completely paid up. On the inventory side, you would see that the inventory has gone up from INR 4,400 crores to almost INR 5,600 crores. This reflects the new projects that we have added. We also had Luminare, which actually became a 100% subsidiary this year, so that also got added to our inventory in this quarter. So overall, looking healthy with our, you know, with our balance sheet position. Yeah. I think with that, we will sort of open it up for questions and, you know, take any input. Pardon me? Can they ask questions? I have two big questions. Okay. I think, we'll take Parikshit's question first. So he was asking about the response for Blossom, which I think we addressed. He's asking on GDV launches and sold, the amount we sold, for Blossom. And on the PD, we, he had said we had already done INR 10,600 crore for the nine months ended. Where are we likely to end up in FY 2026? And, when is Marina 64 getting launched? That's the other major question. Yeah. So let's start with the bottom, Marina 64. Any time now, Parikshit. I think it's been through the RERA approval process for a few days now. There were some questions that came up. We have addressed them, most of them. So we are expecting any time, so should be maybe, let's say, a week to 10 days is what I'm hoping. So Marina 64, but Plot B and C is in healthy shape. We've captured that sales already in our pre-sales number. So that's one. Second is GDV. I think we don't, as we have spoken in the past, we don't have a GDV target per se. I think, we want it to be healthy, so that our INR 10,000 crore journey is viable, is likely to happen in a predictable manner. And I think we have, we have gotten, quite close to that from our, portfolio. Now, how can we get the right GDV that gives us, right mix of geographic spread, right mix of great locations where projects are quite successful? Fortunately, we have got, a large number of deals coming our way, given some of the, some of the traction we have gotten with, playing, in the market in a, in a, in the right way. When we don't like the deal, we, we say no immediately. When we like the deal, we take it to the logical conclusion, and we move fast through it. So, I think many players in the industry, landowners, partners, prefer that clarity of thought. So we have good deals to choose from. We are, given the portfolio that we have, the pipeline we have, we will always choose deals that will be good deals for us at a great location. So that's the fundamental principle I've set for the team, and we have good number of deals. So hopefully, some good deals will close that are in the pipeline we're evaluating, but, hopefully at good terms. So that's part one. And part two, and the same question is that we also see a little bit of correction, moderation happening, especially on the luxury side. We see a lot happening in the NCR region, where we are not playing right now from a sales perspective. So we also have a view that as market slows down a little bit, our strategy is going to work out really well. We have a great customer pool because of our brand. We are not trying to play in segment that is likely to see significant slowdown. Like affordable, you've seen in the last few years, luxury might be slowing. Mid-premium, premium segment, that will continue to have good demand. And as long as we keep the ticket price, I would say optimal, I will not use the word affordable, optimal, we'll continue to have takers for our kind of brand from the organic demand that exists with end users. And we always prioritize end users over channel partners. We want customers who are going to live there to buy our, our homes. And I think hopefully that allows us to continue to gain momentum. And in that context, Mahindra Blossom is a shining example. We didn't have to do a lot. We did, we started marketing only after we got RERA. In one weekend, we did more than 1,000 crore. Total GDV is 1,800 crore. And I think we continue to maintain the momentum at Mahindra Blossom. And our goal is not to do a sellout . I think, right now we've gotten good traction, good velocity. Our goal was to sell 50%-60%, and we have got into that level already. And we'll see, you know, how the market shapes up, how the a s a construction, we already have EC, so we'll start the construction immediately. And hopefully, we'll have more appreciation for our customers and a fast execution to OC, even for Blossom. So that's quick answer to all the questions that Parikshit asked, right? Hopefully, right. One more question, Amit. Generally, you've been asked by everybody, the status on Bhandup, if we can highlight on the approval status and how we are looking at launch, and also with Lokhandwala. Yeah. So, on Bhandup, I think, positive news, I think, concessions that happened, IOD has been, has happened now. We have received EC also, last week or 10 days back. So now we filed for CC, right, and then RERA. So I think it's a question of, CC takes, I think, anywhere from two weeks to 20 days, and same time for RERA, if everything is aligned. So we are looking at, maybe a month, maybe March tenth is the time frame we have, which could be that, you know, when we get all the approvals on Bhandup for RERA, for us to launch, including RERA. So that's Bhandup. And then Lokhandwala, I think Lokhandwala is at the design and, you know, stage of alignment with the societies. I think it'll take some time because it's a marquee location, marquee project for us. We want to invest enough time to make sure that the designs, the planning, the approval process, et cetera, is in the right shape. So maybe in the next meeting we may have, I'll give more concrete details of Lokhandwala as a, as a specific project. But I think typically it takes, you know, anywhere from 15-18 months to 2 years for us to launch society redevelopment project, sometime even longer, as we have seen. So there are some questions on market. I'll bunch them up. Basically, if we can outline on how we see the market. Again, if we can also outline the demand we see by cities in our core markets. How do we see the demand going there? And any sort of sluggishness that we are seeing. Yeah, so I'll give maybe a Maybe I'll make 4, 5 points there. The first and foremost is we look at overall inventory overhang, right? Inventory overhang has gone up from roughly 13 months to now 15 months. Fifteen months. So there is slight slowdown that we have seen in the compared to last year. But a real slowdown in the industry when this number crosses 30 or 36, right? You have 2.5-3 years of inventory sitting, and then the market pickup is low. Right now, we are just over one year, which is still quite healthy. You could So that's point one, so it's slightly, you know, inventory overhang is higher. Second is, we see slowdown. Obviously, we talked about affordable, but lately we have started to see slowdown wherever the luxury projects are happening. And I'll give the example of Gurgaon, for example. There are very few projects which are, like, where you can buy a two-bedroom, three-bedroom for INR 2 crore-INR 3 crore, right? Most of the homes are INR 7-10 crores plus, and we see slowdown that's happening in that segment. It'll take some time for us to see the correction, but it's important for us to note that the number of buyers for that size, that ticket size, you know, is not as high as there is for mid-market and premium products. So when we look at the market, we not only look at the units, but also look at square foot, we also look at the pricing. So you get a true sense of what's happening. So the units actually have come down, but that's not a really bad thing, because in Mumbai, for example, the approvals have delayed the number of units. In case of most of the In the past, the square foot actually went up because many of the places were launching larger side homes. Obviously, Bangalore, Pune, even Delhi, Gurgaon to a greater extent, and that's why it has a very, you know, big impact on the ticket size. And we believe that if you get the ticket size wrong, you'll see a sudden change to your velocity because people respond to The price velocity is not there beyond a point, right? So, overall, we see a slight slowdown is happening. Now, in our context, because we have tried to be very careful about the segmentation that we play, we're not playing in the luxury segment, right? So we don't see those kind of headwinds. But we have been affected by the slight slowdown on the approval side, right? As we just talked about, Bhandup, Mahalakshmi, Navy, they're all slightly slower than we would have liked it to be. It should have been a quarter or at least couple of months faster, would have given a full year impact. But it's a one-time correction that's happening because of the new regulations, where EC is a requirement for CC, which leads into RERA, but it'll get corrected in future cycles. So I think we have been very focused on our strategy, mid-premium to premium, great locations, keep the ticket size, which is affordable for, a big part of that, that segment. And make sure that you're able to get great locations, because at the end, real estate, if you find a well-connected, great location, you're able to find buyers for it. You're not betting on future infrastructure, you're betting on, current infrastructure. So, my takeaway from what I just said on the market is, I think, we see some slowdown and more in some of the specific segments or specific markets. But we are trending the path very carefully so that we are able to manage our financial goals, our growth goals in a balanced way. Blossom, for example, is a project where we not only got the velocity, but we also got the pricing. And some of our peers are the largest players in Bangalore, we are able to get a premium even on them. So, I think a good project, good segmentation helps you manage through the slowdown, because of the overall buoyancy that we see towards corporate brands like us. Thanks, sir. I think one question on IC. Yeah. What is the value of potential of the 15-20 net leaseable acres we'd announced? And what's the period for unlocking the potential and the margins that we are seeing on the ground? It seems to be What was the first question again? Value potential of the 15-20 years, our IC business. Oh, 1,500, right? 1,500 acres. Okay, 1,500. Yeah. We have about INR 5,000-6,000 crore. Yeah, yeah. I think, yeah, so that slide was, it's on an average, we've used INR 3 crore, right? INR 3-INR 3.5 crore, right? Yeah, of course. You want to answer that? Yeah. So I'll take it. So overall value that we are seeing is about INR 5,000-6,000 crore of sales for the IC business, which covers this 1,500-20 acres. The part potential from this is roughly about INR 1,500 crore over a period of time. I think your question was also on the timeline for unlocking this potential. We, in our estimate, we think that, you know, this will take about roughly 10 years or so. If you see the 1,500 acres, you know, or, roughly half of it is in Jaipur, and we also have locations like Pune, Ahmedabad, and Origins Chennai. Origins Chennai Phase 2B, you know, is yet to be sort of brought to the market. But we are also working on Origins Pune and Ahmedabad as well, you know, to sort of bring that into the market. So overall, that's the timeline we are, we are sort of working towards. It could be, it could be quicker as well if, you know, the demand, continues to see, good traction. So yeah, that's, that's the answer to this question. Amit, I think there are some questions on, guidance for 2027 and 2028, if we can give. I think we stayed away from 2028. I think we first time we've given a guidance of 27 at INR 4,500-INR 5,000 crore of pre-sales. I think, I'll request allow us to deliver this for us to give you the guidance for the next year, FY 2028. I think, but our trajectory, we are in the upward trajectory, right? We may need to think about if markets slow down significantly, but at this time, we're holding our, you know, target for next financial guidance for the next financial year between INR 4,500-INR 5,000 crore. And there is a question from Shalini from Sears on the resi profitability, and which historically it has been impacted by the legacy projects. How do we see that tracking over time? So I'll take this. Sure. On the resi profitability, we saw this quarter we had done about INR 63 crore of PAT primarily driven by three critical OCs we received, which is Eden phase one, towers A and B, Nostalgia phase one, towers A and C. And we also had phase two of Happinest Chennai, that also we received in December. So all of this has contributed to, you know, increase in gross margins from the residential side, which is trickling down into the profitability. So net-net, we were at close to almost, you know, 10% of margins, which is a good starting point from the resi perspective. But as we see more and more residential projects that come up for completion, so we have Eden phase two, we have a few of the other projects coming up in, you know, in Nestalgia, Alcove, Luminare. So all of those are expected to contribute to, you know, our PAT, continued PAT profitability delivery over time. So that's, I think I would, that's where I would, I would kind of say that it's a, it's a, it's a good situation to be in with the, with the resi profitability turning positive from the PAT side, you know, after, after a long time. And we, we with the continued OC delivery, we expect to, you know, the endeavor is to maintain that as we, as we go forward. But on the IC side, I would say that, that's been a significant contributor and, continues to, you know, play an important role from the overall company's profitability. Amit, one question on, value of FY 2026 launches and value of FY 2027 launches. I think on the FY 2026 launches, Delivery or plan? Yeah, the launch. Yeah. GDV of, of the launches that we had So if you exclude Mahalakshmi and Bhandup. Bhandup, it'll be roughly, how much? 3,000, right? 3,500. INR 3,500 crore, right? Yeah. Bhandup and Mahalakshmi will get launched this quarter, our estimate, but most of the sales impact would be in the next quarter. So the pre-sales of new launches that we have done this financial year will be roughly INR 3,500 crore, excluding Bhandup, excluding Mahalakshmi. Right. And going into FY 2027, It'll be somewhere between, depending on our success with the launches, but our goal is to take it to, somewhere between INR 5,000 crore-INR 7,000 crore, right? Because the Bhandup and Mahalakshmi itself would be quite large, depending on the phase, and then we'll have a couple of other launches to support that. Correct. I think, one question from Johann on the Sai Baba redevelopment update. Yeah. Any progress and update on when we are expecting launch on that? I think the launch will be in quarter two. Our target is quarter two of next financial year. The most of the groundwork has been done. Right now, the concessions are underway. So that's a big If we can get the approval, it will trigger all the other activities with the society on PAAA and the prerequisite plan sanctions towards RERA, right? And the demolition that we'll have to do, right? So quarter two of next financial year is something that we are shooting for on Sai Baba. Concessions are underway. One question related to the recent budget. Are we expected to see any benefit from the CPSE real estate monetization? And if so, in what manner? So this is related to the unlocking of the real estate assets of the public sector companies. Yeah. I think we'll wait. It just came out. I think- Yeah we need to understand this better, I think before we can comment. Any unlocking of real estate is good, but we're also very much aware of the, you know, for us, getting the price under control is extremely important, the ticket size under control, and then that means everything has to work seamlessly on the land prices, on cost of construction, labor costs, et cetera. So we'll wait to understand what land, what unlocking is planned and which cities, where they are, and what kind of commercials it'll mean for any buyer. No follow-up question. Good answer. Yeah. So, thank you everyone for participating in our- Do you have any Do you have any other questions? If you have any other questions, please, you can type it. We'll do the next Q first. Guys, there are no question. This is a generally, it's a shorter, I hope you can, you could hear us well, you could see the presentation. If you have any feedback, whether it's working or not, this is the second time we tried, please let us know. One question came in. Okay, we'll do that. And in the meanwhile, next, which is the end of the year, we will plan to do it in person as we have done, couple of times this financial year, right? So we'll do that so we get to learn from you, get your feedback, and make it more conversational in terms of our engagement. Shriram, you have a last question? Yeah. Just came in from Ronald from Sharekhan. He's asking, "Elaborate on construction execution capability scale-up as we have now more projects come. Yeah. Yeah, that's my biggest priority, Ronald. I wish you were in our office so you could see. We celebrated our project leadership team that helped us get actually those six OCs and a few more in the pipeline. You'll find that half of the team is new and half of the team is old. A key part of the OCs that have come through is a lot of colleagues in the projects organization who started the project. They are there to get the OC. So they were there from excavation, Bhumi Pujan, to all the way to get to OC. A new set of people have joined from other firms who are excited by the project outlook, the portfolio of projects we have across all the three cities. They're looking for growth, and we are able to attract them because they're very keen to create a meaningful impact in our organization. So first part is getting the right people. And then we've added a large number of people to prepare ourselves for. You know, significant number of project sites in addition to launches that will happen. The second part is a partnership with other contractors and vendors. I think, if you work with tier three, tier two kind of contractors everywhere, the bandwidth required within the organization is significantly large. And I think, we are trying to move a big part of our portfolio to tier one, tier one and a half contractors who have, you know, experience, scale. We may have to, you know, pay a little bit more for there, but they come with their benefits, which we are trying to factor in our commercial planning. So that's the second part. And the third part is overall systems to ensure safety, ensures quality, ensure progress tracking, ensure work done, billing, productivity. I think we are putting small, small systems that are going to be very powerful. An example of that is, how do we do snagging, de-snagging at the end of a project, right? When the OC has happened and we are doing the handover. You could make beautiful, strong apartment, but if the possession has any, any even a, even a, a chipped tile or a crack can really make a customer's customer worry about the quality altogether. So we have put a three-step process. A large number of team is involved to ensure there is a system that has been put in place, which has projects, quality, and facility management teams involved. So we're making sure that all three elements, number one element is the right people, right leadership team. Number two is right ecosystem with our contractors and vendors, and right set of processes and technology solution that are there to support us. All three of them are important for us to do execution really well, and really want to create a name for ourselves. When somebody walks into a Mahindra home, they should really be wowed. And that experience, we were too much into affordable in the past, and that was getting limiting, but now we're playing in the right segment, and hopefully we'll continue to delight our customers. Is that okay? Great. Great. Thank you so much, and we remain clued into any and every feedback. If you have any comments, any suggestions, please let us know, and we'll be happy to address them. You know, thank you so much, as always, for being there for us. Thank you. Thank you, everyone. Thank you.