Very warm welcome. I would like to thank everyone for joining this conference call. We have with us today Mr. Amit Kumar Sinha, Managing Director and Chief Executive Officer. Mr. Vimalendra Singh, Chief Business Officer, Residential. Mr. Vikram Goel, Chief Business Officer, Industrial. Mr. Sriram Kumar, Chief Financial Officer. Today's meeting will begin with a brief presentation covering our operation and financial highlights, following which we will reply to the questions asked. I would now like to hand over the conference to Mr. Amit Kumar Sinha, Managing Director and Chief Executive Officer of Mahindra Lifespace Developers Limited. Thank you. Over to you, sir. Is there a way we know whether they're able to hear us well? Whether we are audible? They can put answer. They can't answer. Okay. I hope you can all hear us, otherwise we'll go for next 20 minutes, 30 minutes without knowing. Fine. You're fine? Okay, good. Yes, sir. Okay, good. Yes. I'll go ahead with key highlights. I think from the presentation, if you go to next page. Start with the video. Yeah. We can let go of each other now that we ought to. Given a perfect place with dreams to chase. We'll build together and we'll call it home. Experience positive energy at its peak. Mahindra Beacon Hill, home of positive energy. We can let go of each other now. That was Mahindra Beacon. Go back a little bit. One slide back. That we just launched that. We are in the process of marketing and all the sales will start netting out in the next few weeks. We had our channel partner meeting earlier this week on Beacon Hill, quite a successful evening. This picture, I think we are showing it for the first time. Yeah. Have we shown this before? No. This is about the phase I of Mahindra Rainforest, Kanjur. We call it Mahindra Rainforest Kanjur Annex. This is Olympic size, Olympic length swimming pool. Lots of amenities, lots of green. phase I is part of the broader residential. The broader residential will have a huge green cover. It will be a forest that will have roughly four acres, and we'll share the details when we have the RERA approval for those phases. Let me quickly cover some highlights for us in this quarter. I will not spend time. We continue to have clarity on what strategy we are pursuing across all these themes. Portfolio choices, business development engine, superior customer experience, making sure the project execution is first time right, excellent. Maximizing value from IC&IC. Across all our efforts, making sure that we have very robust financial discipline. Key highlights, resi business. Resi pre-sales INR 925 crore. Successful launch of Mahindra Rainforest. We got maybe two to three weeks of sale time in this quarter. As you know, this quarter had the impact of Iran war. March was practically slow for many. April was very limited footfall. May recovery happened. Our sales and marketing effort really started from May. June middle onward, we started netting. That's what you see here reflected here. It has done well for us. We are still in the launch phase. We are seeing the momentum continue with us in July. Sustenance sales contributed 42% of sales. Mahindra Blossom, Mahindra Vista, Mahindra Marina 64, Ivy Lush, those are our sustenance sale contributors. There are five more launches planned later this year. Mahalunge, we are in the final stages of approvals. Lakewoods, same. Saibaba and Navrat, WesterA expected in H2 of this year, second half. We have also received three OCs, Mahindra Eden, phase II, Mahindra Luminare and Palghar, 2.18 million second phase. The building number two. phase II's first part, eighth building. Right? That's the 2.18. Sustained BD momentum. We had one major deal announcement in Kandivali of roughly 15-acre land parcel, INR 5,600 crore of GDV. Total GDV of INR 50,000 crore, which is very healthy for us. IC&IC side, very good news yesterday or day before, when we signed the partnership with Sumitomo Corporation. As you know, Sumitomo Corporation partnership was signed first phase in 2015, 2016. Second one, November 2024. Now phase II-B. They continue to be an important partner with us. We have a strong pipeline heading into Q2. Q1 was a little bit lumpy, as you know, this business. Q1 was shorter in terms of conversions. We see a significant pipeline for Q2. We are accelerating our land aggregation in Origins Pune. We will make headway in the remaining part of this year. Financials, Sriram Kumar will cover them in detail. Overall, between resi and IC, INR 966 crore, 70% year-on-year growth at 67% of INR 86 crore. Resi collections healthy, more work for us to do. Because the sales were a little bit back-ended in the quarter, a big part of sales will come in Q2. IC collections tend to be a very big contributor for us, will also should happen along the deal closure. Prudent, robust balance sheet, net debt to equity of -0.2. We have more healthy cash across our subsidiary than our debt. All the debt is mostly ICD with the group. There is some CPs that we have with the banks. That's the key highlights. We will move to the next page in terms of You can scroll. Roughly INR 50,000 crore GDV. I will point to the middle column, in blue font, K2 Kandivali has been added, INR 5,600 crore. That's a meaningful addition this year. Many of you have asked us what is our target for GDV this year. We have had two successful years of INR 18,000 crore each. We want to maintain the momentum, but we want to sign the right deals. I want to make sure their deals align with our strategic aspiration, and they meet our financial guardrail. Anyway, I expect anywhere from INR 10,000-INR 20,000 to happen in this year. Obviously, they are lumpy. We are looking for large size deal, but right deals for us. You will keep hearing about them as we win some of these new deals. Launches, you see this is a nice chart, shows our trajectory for multiple years. We are hoping to maintain the trajectory. A good set of launches planned in the rest of the year, and they will contribute very well to our expectations of pre-sales on the residential side. You have seen this slide in the past. We continue to fine-tune this, especially with the new acquisitions in FY 2028. We expect K2, it is a greenfield project. We have started the approval process already. Design discussions are underway, hopefully, we will be able to launch within the next 12 months - 15 months. You see the rest of the page, which covers which projects are getting added to our overall new launch pipeline as well as sustenance pipeline. IC business ended exceedingly well in terms of last year. Huge growth, amazing profitability. Being lumpy, Q1 has been, I would say, a little bit low. We have good, healthy pipeline for Q2 closure, we will stay tuned. Vikram and I will continue to provide update on that. You have seen this slide before. The guidance from IC business is always we want to do INR 400 crore-INR 500 crore of business annually from IC business, which should give us INR 100 crore-INR 150 crore of PAT on an annual basis, our share. That is our IC business. I will hand over to Sriram for the financial highlights. Thanks. Thanks, Amit. I will take the financial highlights. On the residential side, we did about INR 925 crore of sales, as Amit highlighted. That represents almost 106% growth over prior year. On the IC side, it has been a little muted, Q2 is expected to be where we are expecting some of the deals to convert. On the GDV side, the Kandivali deal had really helped us to get to about INR 5,600 crore of GDV in this quarter. Residential collections have been at INR 527 crore. It is healthy. Here, given the Mahindra Rainforest launch, in terms of the CP event happened towards June, we had little time to collect. All the Mahindra Rainforest collections is expected to come in Q2, and you will see that reflecting in the next quarter. The net debt to equity continues to be healthy, - 0.2. Our cost of debt is at 7.5% compared to 8.1 last. Moving on to the financials. This is the segment reporting that we do on the resi and the IC side. On the residential side, of the INR 86 crores PAT for the year, the residential side had contributed to INR 76 crores. IC INR 10 crores. A lot of questions last time on the margins on the completed projects. This year on the residential side, we had OCs for Eden phase II and Luminare, which contributed to the overall profitability. Happy to report the PBT margins from these two projects are at around 26%, which is one of the questions that we had fielded in the last calls. On the IC side, it's expected to pick up as we move into Q2. On the cash flow side, a healthy cash position with about almost INR 1,100 crores of company-wide cash available. The operating cash flow, we were at INR 134 crores, which is expected to pick up as we see more residential collections and action from IC happening in Q2. On the cash flow from projects, I think last time when we reported, we were at around INR 14,500 crores. This time we added Kandivali deal that we just announced. You have some projects that move out of the system, like with Eden and Luminare moving out of the system. You will have the collections and construction costs move out. Effectively, we have INR 15,300 crores of cash expectation from our current project portfolio. This does not include our Jaipur residential and Muror land available. On the financial comparison, as we reported in Q1, we had revenue from operations of INR 962 crores, basically reflecting Eden phase II and Luminare. At a PAT level, we are at INR 86 crores compared to INR 51 crores last year. Roughly a 67% growth over prior year. The profitability even in Q4 was about INR 90 crores. We are maintaining that trajectory. In FY 2026, we reported INR 298 crores of overall PAT. On the balance sheet side, no significant movements. It reflects in a very healthy position across our assets and liability side. On the inventories, you will notice that the inventory sort of balance had come down a little. That's primarily reflecting the completion of the projects where Eden and Luminare had moved out, and that needs to be taken out of the inventory. Otherwise from our balance sheet position, it remains healthy. That's all. Very good. That's all? Yeah. Maybe we will take questions now and then. Yeah, great If you like the answers. Yeah. The first question is from Mr. Jainam Shah of Equirus Securities. The question is about the projects which are completed in Q1, and what are the margins which are booked for those projects in Q1? Very good. Thank you. I'll request Sriram to jump in with that. Yeah. Two projects, as I said. We had Eden phase II and Luminaire completed in Q1. Both these projects are very profitable, and the PBT margins from these projects were approximately 26%. That is reflected in our financials currently. To be complete, we also had one tower of Palghar also finished OC wise, it was break even. It is an affordable project. Yes. We are fulfilling that and moving on. That was also a completed task for us. Next question is from Mr. Lovish of Birdman Capital. The question is, given our guidance of INR 4,500 crore-INR 5,000 crore of pre-sales in FY 2027, and we are expecting a sustenance mix of 60%, do we have the inventory in our current projects to achieve INR 3,000 crore of pre-sales in FY 2027? I didn't understand INR 3,000 crore, what is meant by. Let me address that overall question. I think if you look at the launches that we expect this year, roughly INR 7,000 crore, somewhere INR 6,700 crore-INR 7,000 crore. We didn't sell any of the Mahindra Rainforest last year, so the entire INR 3,000 crore is available to us. Roughly INR 10,000 crore, maybe a little bit more, hoping more launches will happen. Of that, we expecting that plus the inventory we had from prior years, like Mahindra Blossom, Mahindra Vista, IvyLush, and then a few others, and Mahindra Marina 64. These are big projects for us and decent amount of inventory is there. Between all these sustenance projects as well as current year project, we should have enough inventory to achieve our aspiration of INR 4,500 crore-INR 5,000 crore. Anyway, INR 1,000 crore has already happened, now a little bit less to be achieved in the remaining nine months. Okay. Hopefully, we have addressed the question. If you have any more, we can drop a note. We'll follow up. Sure. The third question is from Mr. Bhatia of Seers Fund Management. The question is, what is the progress on Origins Ahmedabad and Origins Pune? When Mahalaxmi project is likely to be launched? These are the two questions. Yeah. Let me take that. I think, Vikram, you can jump in. I think Origins Pune is very simple. We are still finishing land aggregation. We are trying to create a healthy size of industrial park, it will take some time for us to complete that. We'll keep you updated of the progress. Origins Ahmedabad, there is no issue with land aggregation. It's finding the right commercial client. I think our desire is not to have first client, which is small. We want it to be decent size anchor client. That's something that we are awaiting. We also feel that with the new data center policy that has been announced, the land parcel like ours will become valuable. This land is a little bit outside Ahmedabad, we are aware of, and we are patient about getting the right client. Hoping that it'll happen in the next few quarters or years. We are patiently awaiting the right client now at Origins Ahmedabad and Origins Pune, I covered. You had a sub-question on that, Mahalaxmi, right? Mahalaxmi question. Mahalaxmi project likely to be launched. The RERA has been received. The pre-launch activities have already started, sales and marketing. I think we had our channel partner meet just on Tuesday, right? Yes. This Tuesday, three days back. In a way, we are in the pre-launch effort. I think the first sale will start to happen, I think by end of this month, or early next. First week of August. First week of August, yeah. Vimalendra is confirming first week of August is when we expect to start the selling part to start at Mahalaxmi. That's numbers. That's the question we asked. There were two questions, right? The next question is also from Seers Fund Management. The question is, what is the update on Lakewoods as it is completed at 100% and Green Estates in terms of completion? The second question from them only, how Luminare revenue recognized in the financials and our revenue from the Alcove project, when it will get recognized. There is one more question from them. What is the total residential development, residential and commercial mix for the Thane land? Let me cover the first two, and Vimalendra, I'll request you for the Thane piece. Lakewoods has multiple phases. We have delivered A, B, C, D, E. Five towers have been delivered in two phases. The H and I is launched, fully sold out, is being constructed right now. F and G is something that we are likely to launch this quarter. We're just waiting for final set of approvals. Then typically, you count, these are not high-rises, they are mid-rise, so maybe you can take two and a half to three years for it to be completed. But we've seen a big swing in the fortunes of Lakewoods with last phase when both the towers were sold out in one day. Right? In one day. The entire, all the apartments with one very large customer. How Luminare revenue is recognized in the financials, and how revenue from the Alcove project. Sriram, you want to take that? As I said on Mahindra Luminare, we bought out our partner in this entity, Mahindra Homes Private Limited, and we are now consolidating 100% of that entity. 100% of the profits for Mahindra Luminare is something that we recognize right now. In this quarter, we had roughly INR 600 crore of revenues coming in from Mahindra Luminare and recognize the profitability. As I said, it has been a very profitable project. Between Mahindra Eden and Mahindra Luminare, we had recognized close to 26% of PBT margins. I think that what you recognized, part of that has been recognized when you bought out. Yes. Mahindra Luminare profitability reflected in. Two years. Last year, we had some gains, when we bought out Actis. That also reflects the higher profit, the part of the profitability of Luminare. On top of that, we had when the OC received, then we got 100% of that. Absolutely. That's what's captured. Alcove? Yeah. On Alcove, we are expecting the OC to come pretty soon. No, it has. C, D, and E has already come. C, D and E has. Mahindra Alcove had five towers in all. C, D and E, we received the OC last year. It has been recognized in the profits last year. Two towers, we are expecting OC to come very soon. The Mahindra Alcove is a revenue share or area share agreement with the landowner. That's how it's recognized. We recognize our portion. Our portion. In that project. Vimalendra, can I request you to address the total residential and commercial development potential for Thane? Yeah. Hi. Good afternoon, everyone. Thane, we are currently at the planning stages. Obviously, a large project for us. In terms of the split, the way we are looking at it is, because this location is directly connected to the main road, main highway, the Thane highway, roughly say 20%-25% of the FSI available, we are looking for, say, commercial, given the way a lot of the business opportunities and the jobs are creating in Thane City. The balance, around 70%-75%, we are looking at residential. That's the broad level mix. Of course, we have multiple options in terms of under what policy to go for the approvals, that we will evaluate prudently and then get back to you. I hope this addresses your question on Thane. Value-wise, right now we accounted INR 7,500 crores. Right? Value-wise, currently the GDV is INR 7,500 crores. Yeah. We have more FSI, right? It depends on how. More FSI. It's just that depending on what kind of product we want to do, and we want to do a great job, make it a landmark, given that we have a large contiguous land here. In a way, the thought is that how can we make that as the most marquee location of Thane? As you would know, there are a lot of infrastructure projects currently going on in Thane, which are also enhancing the connectivity, which are also enhancing the overall livability and the value proposition of Thane as a city, and very specifically about our location, because it's very close to where the tunnel for Thane Borivali is being done. That really augurs well for this particular destination, in future. Very good. Dev, back to you. The next question is, inventory months has rose from 13 months - 15 months. What is the current scenario? Also, could you share the city-wise for MMR, Pune, and Bangalore separately? Addition to this question is, given the IT sector headwinds, are you seeing any challenges in site visits, conversion ratios, or cancellations, specifically in Pune and Bangalore over last two quarters? This is from whom, this question? This is from Mr. Saurabh Arora. Saurabh, Okay. Very good. Saurabh, great set of questions. I think, let me attempt to address them. You're right, the inventory months have gone up, and especially for last quarter, I think from the analyst reports, research report, what we found is that, we saw a significant slowdown in March, but it's captured in the previous financial year. The April month was practically washed from most of the real estate players. It didn't have lot of, It's driven by sentiments. What is going to happen? How long the war will last? All those things came to play. Things started to move up in May. June was, I think, as I learned from one of the reports is that it was one of the best months in the last, I think, one to two years. Somewhere around that. Pent-up demand of, let's say, April, May, came to conclusion in June. That's what we have seen, and that gets reflected in the overall inventory months index that you see. While June was good, but overall, we'll see some kind of slowdown till this war situation finds a conclusion. I think, every day we wake up to some new news about Israel and Iran and U.S. and oil prices and foreign currency, and it has impact on our financial market, which has an impact on sentiments, which have an impact on real estate purchases. I think, that's how the 13 to 15 has happened, and I think we'll take maybe another one or two quarters for it to stabilize, right at the right level. As you know, real estate is cyclical industry. It has always has great years, and then it has some tough years. I think we've seen the best years on last four, five. I think, next few months, maybe few quarters, may be slower than past. The good news is that the players who are well established, branded players, have the trust of customers, will continue to gain share from, let's say, builders, developers who are less established or who have not delivered a great products or are relatively new to the market. The branded players, listed players, are likely to gain share, and we are hoping to be one of the beneficiaries. Even though inventory overhang might increase, but counter side is the flight to quality towards better builders will help us. For MMR, Pune, and Bengaluru, Sriram, you have the data, inventory months? MMR, pretty much is around 16.5 months of inventory. It's still healthy relative to where the past was. On the MMR, on the Pune and Bangalore side, the inventory overhang is actually much better. I think Pune and Bangalore ranges at around 8 months- 10 months. It's in a very healthy position, compared to the overall India market. 8 months- 10 months. 8 months- 10 months. As you can see, these are the three cities we are participating. One is on the average higher value. The other two, which are slightly lower ticket size, are better. If you go to, let's say, Delhi and Hyderabad and some of the other markets, you'll see probably lower than the average. The overall average is around 16. Luckily, and touch wood, that we are playing in those market that are slightly better from a portfolio perspective, and we hope to capitalize on the momentum that we still have in these markets. Your second part of the question was, given the slowdown in IT sector due to the headwinds that we see, the AI challenge that we see. I think we didn't see the IT-related slowdown as much as we saw war-related challenge, especially in Mumbai. Right? Yeah. We didn't. Even Pune we didn't. Yeah, we didn't see, I think. Also, probably, we had a blockbuster launch in last quarter, in quarter four, in Mahindra Blossom, which was not affected by war sentiments. We had Citadel Sanctum launch currently going on in Pune, and I think we have a very good footfall so far. Good footfall. So. Good response. That's been okay for us. We are watching the market sentiments, segments which are lucrative for us to pursue very carefully. So far, it's not been major from an IT perspective. We'll keep our eyes and ears open. Conversion ratios, no major change. Cancellations, I think, luckily, we never had high level of cancellations. We are very small, less than 1%, right? It continues to be good. Over the last two quarters have been similar. Yes, nothing out of this. Yeah, nothing out of this, right? Yeah. Next question is from Parikshit. There are three questions. I will go one by one. The first question is, what are the plans for NCR re-entry? Next question. Let me come back to this one. Second is, how is the response for Rainforest? Okay, the third one? Third one is, can you give some more color on BD for rest of the year? At what kind of deal sizes are you seeing in MMR, Pune, and Bangalore? Okay, got it. I think, Parikshit, thank you for these questions. I think the first question, I think, I will wait on NCR re-entry for at least a year. This is the first time I've given guidance for our residential pre-sales, in our recent history. There may have been more in the past. For us to achieve this target is a way to demonstrate that we can execute well, and meet our commitments externally, right? Although war sentiments are not suitable, optimal, but still, we have good set of launches planned. We hope to achieve our aspirations and targets for this year. Once we achieve that, we'll evaluate. Are we meaningful enough, in this market and where the opportunities are? Is NCR the market or should we double down another market? That is also a consideration for us. As you can, with the new government in Kolkata, is that a market that we should consider or should we consider Chennai? Mahindra World City has created a great name for itself. Should we focus on Jaipur, which will have the rub-off of NCR and we have a huge piece of land under Mahindra World City, Jaipur. I think we are evaluating these three, four choices that we have. I think this year is all about execution on the sales side and making sure we continue to demonstrate profitability and execution on the ground. NCR entry, I think we'll take this question again in a few months. That's first. I think the second is the Rainforest. I think Rainforest was one of our biggest bets to transform Mahindra Lifespaces away from affordable mindset, central suburbs, great location, very large project, very well located. I think I would say that despite some of the war-related sentiments, we have done well. I think, we couldn't capture all the sale that happened as of 30th June, quarter ended. In the, I would say, month, maybe five weeks, of sales opening, we have done close to INR 600 crores. Which is, as we understand, one of the largest in that micro market. This is only part of the year. We have still nine months, eight months to go. This will again be a very successful project, notwithstanding some of the challenges of the war, which we saw in the early part of previous quarter. Hoping that they don't affect the morale and sentiments for further buying. Right? Amit, just to add, we have done these numbers, Parikshit, by commanding a premium on the pricing side relative to all other players in that particular micro market. I thought that’s also pertinent. We have done good volumes at good value in terms of the pricing. We call it rich pricing. Rich pricing. Rich pricing. Yeah. Right. I think the people have really taken the projects well. The number of walk-ins are very strong. You will see the numbers growing from here on. Great. The third question was, BD, right? Yeah. Business Development. There were certain elements within that. Which cities, right? Yeah. Yeah. Mumbai, Pune. Our BD will continue to be strong, as I mentioned in my opening remarks. I finished three years, right? We have done 18, and 4. 4,000 soft, right? It has been roughly more than INR 40,000 crore that has been done. We had some of the earlier inventory and projects that were already there with us, right? Mahindra Citadel was there, Mahindra Vista was already there, right? A couple of others were already there, like WesterA was already there. Mahindra World City, Jaipur and Muror is also part of our INR 50,000 crore. We have made a big stride in our GDV. Good news is that we have done it in a versatile manner, right? Some are greenfield, some are JDA, some are society redevelopment, and we are leveraging our capital strength adequately. We feel that when the market slows down, there will be more opportunities for somebody like us who has been very focused on execution, but also managing a healthy balance sheet with practically no debt, right? Something that we want to leverage as we enter this slightly slower phase. Since we have done last two years of INR 18,000 crore, we already done INR 5,600 crore this year. We expect, I think somewhere between INR 10,000 crore-INR 20,000 crore. Let me just put it broad. The reason I give a broad guideline because I do not want to chase a number. I want to chase, my team now is fully aligned in doing the right deals rather than all deal. Right deal means it should give financial returns to our shareholder. The deal should have more upside than downside. Especially as we enter the slowdown, you cannot have low-cost assumption and high price expectations. We will always, in our underwriting, underprice and overcost, so that we have upsides on both sides in terms of the actual execution. That is our plan, INR 10,000 crore-INR 20,000 crore, but no specific number. We will hopefully continue to show growth. A big part of that has already happened. In terms of portfolio, it will be 60/20/20. 60% will be Mumbai, 20% Pune, 20% would be Bengaluru. I think we have a healthy pipeline for us to achieve that. Those are three questions from the Parikshit. There is one more question. One more question, yeah. Yeah. The question is, what is the initial response for Mahalaxmi? How is EOI stacking up versus the GDV? How is? EOI stacking up versus the GDV. Oh, okay. Vimalendra, you want to answer that? Yeah. Hi, Parikshit. In terms of, we just did a channel partner meet this week itself, actually, that's how we formally introduced the project to the market. The initial response has been very good, very encouraging. As you know, this is basically, if you have seen our ad, we have said it's homecoming for Mahindra Lifespaces in South Mumbai. In the past, we had done two projects, but after a long time, we are doing a project in South Bombay. Hopefully, we'll do more. All the feedback from the channel partners and the customers who have walked in has been very positive. I will not be able to give you a very specific number given that we are in that current book-building phase, but I can tell you that it's been received very well. The other thing is, as a very conscious strategy and conscious choice, we said that it's not that we have too many units to sell in this particular project. Hence, we want to command a significant premium in that particular micro market again. From that perspective, we are very well-positioned. Again, we have pitched the project at a higher pricing compared to the micro market. In spite of that, given a very strong brand pool that we have, we have seen some great interest, which has got converted into EOIs as well. Hopefully, we should be able to start the netting process somewhere in the first week of August, as Amit mentioned earlier. Watch out for more with respect to Mahalaxmi project. The next question is on luxury segment. What would be the share of luxury projects going forward? From whom? It is from [inaudible]. Okay. Luxury. I think luxury is a very tricky one. What happens is you have a higher price and higher size, so ticket size becomes very large, and we want to be careful about participating in those segments. We are anxiously looking at Vimalendra for Beacon Hill sellout or a good response. That's Beacon Hill, WesterA, couple of other projects like Lokhandwala. They are in the price segment of INR 50,000-INR 60,000 per square foot. One Mahalaxmi, one Lokhandwala, and one Santacruz, right? Yes. These are interesting locations. These would be the highest price point products per square foot wise we would have done. Yes. I think the selling is different, the product design is different, the delivery is different, the timelines are very different. I think this should give us enough learning and confidence to do more. I think as you've seen our Mahindra cars, SUVs have really pushed the boundaries on premiumness. Many times they call it luxury cars at a bargain basement price. Right? I think that's the value creation that happens. That's the value offer to the customers. We hope to deliver the same thing. You give a great product at a very good price, and that's why you'll gain share in the market. We are not chasing luxury right now, but we're chasing success of some of these projects. Once we have the success and the learnings, we'll hopefully be able to pursue other projects where we can say that this is better than any other project that you may have seen from our peer group. No specific luxury plan, but we are making our progress towards achieving a premium positioning in the market. The next question is, how will we control the expected significant rise in construction cost for steel, tiles, concrete, glass, and other materials, given the current situation of war? I think I mentioned that earlier, we are conservative in our financial planning. We overcost and underprice. I think we had taken a healthy contingency, healthy escalation, healthy DLP, healthy many of the CER and all those things, all those requirements. As you noted, the cost will go up a little bit for certain commodities, like aluminum will go up, Alu form will go up. It's 10% of our cost structure. What happens is we don't award all 100% in year one, especially in the year when things are tough. We award some part, let's say 25%-30% in year one, another 20% year two, 20%, 20%, 20%. Five years has roughly 20% each is what we award. What you see is an uptick this year may get normalized next year. We are careful. Our calculation, Sriram and our team have done the analysis. I think we have taken additional contingencies. I think it's on top of what we had already assumed, roughly just under 1%, because you'll not give all the contracts today. We'll do it in the next few years. That's what we have additionally created a reserve for us, which will give us the opportunity to tap into any kind of cost increases we have. We feel that should give us enough cushion. We'll stay tuned. Also understand this is an industry. India is a country where the wage inflation is somewhere between 8%-10%. Right? The pricing growth in real estate, we have assumed is 4%-6%. Right? The cost increase needs to be below that. Right? In one year it might go up, but overall it'll be 4%-6%. Think of it. We have a little bit of a, it's a natural hedge that happens. Inflation of wages, inflation of housing prices, and inflation of cost, they're kind of hedged to each other. Right? Naturally. Hopefully not 100% of cost is getting increasing. Like steel prices actually came down, right? Right, Sriram? That's right. Right. The aluminum is up, concrete is slightly up. Right? Some of the other commodities are okay. As the demand contracts a little bit, the supply also is there. We'll also see some benefits on the purchasing side. We are carefully looking at that equation. Our goal is to deliver great quality products to our customers on time. Right? If that means little bit of cost here and there, I think we'll be able to absorb that. Good? One more question. One more question. This is from Biplab. Yeah. This is from Biplab. The question is: We are targeting INR 15 billion PAT for IC&IC. PAT PAT for IC&IC business over four, five years. How much that translate to pre-tax cash flows? INR 15 million. INR 150 crores of cash flow. Correct. INR 1,500 crores of PAT, which we are expecting over the next few years for IC. Yeah. I'll take that. Biplab, in the IC business, we had put out that we'll have about INR 1,500 crores of PAT coming from our IC business over the next few years. Typically, this translates to anywhere between INR 150 crores -INR 200 crores of PAT every year. In terms of cash flows, since the land cost and some of the initial infrastructure cost is already incurred in our parks, especially Jaipur and Chennai, it tends to have a cash flow potential of close to INR 200 crores to INR 250 crores per annum. Yeah. Yeah. Anything you want to add? No. I was just saying that we do it on the receivables business, right? We only account for the income when the cash flow is in place. In this case, when we talk about the revenue, it's the entire revenue which is in cash flows, and the PAT is available for us to use. Yeah. Yeah, one last question. One last question is there. The question is: What is the look on the current residential market given the geopolitical tensions we have in the world? Yeah. I think we have seen the best of the current cycle in the last three, four years. Right? The next at least two years will not be as high in terms, especially on the pricing growth side. Right? It'll be moderate, driven by the demand. I would say, the investor demand will just go away. The end user demand will continue. India is a large country with a large end user demand. Just to give you an example, in Mumbai, 40% of the population still rents apartment, 30% lives with family or friends or some relative, 30% are owned and lived. Right? There is, in a way, 40% for sure, but probably 70% of the current residents are prospects for us to sell our apartments. Overall, India-wide, we don't have enough volumes, right? The big question is how do we match the needs of these customers with the right segment, right value proposition, right pricing, right? That's where the most developers are focusing on. We feel that the volume will continue to be there, but at the right price. That's why we have positioned our product as mid-premium, premium. We feel that the pricing growth will be instead of 7%, 8% or 20% that we saw in the past years, it'll be around the 4%-6%. That is just to cover, let's say the inflation on cost side would be there. A little bit of slowdown, I would say. The counter to that is those developers who have great trust, great brand, they will gain share from other developers who may or may not have. The smaller developers can't have price premium, right? Their cost of debt when they take is probably 50% higher or 100% higher. We are at 8%, they are at 10%, 12%, 15% right? Then the cost structure may be a little bit lower, but it cannot be so low that they can absorb lower price and higher cost of funds, right? They will find it difficult financially. And they operate with, if they cannot make 25% return on their capital, they will not participate in this market. A lot of that capital that came in the last few years to pursue real estate may just go away or may not exist in future. There will be a share gain for, I am hoping, for some of the well-established developer, including us. Whatever slowdown that you might expect might get made up in the share gain for better quality players. We hope to be one of them. That is our view on the market. Also, we are playing in the right set of market. Do not play in all the markets. Some of the markets are slowing down. We are focusing on, as we discussed, inventory overhang where that is at average or below average, which is good for us because that velocity will continue to help us in terms of achieving our targets, guidance for this year as well as FY 2030. Good? That is all from the questions side. With that, thank you so much all colleagues on the phone, on the bridge. We really appreciate your questions, thoughts. We are all ears in case of any suggestions, anything that you have. We will follow up. Please let Sriram, Dev, myself, Vikram, and Vimal know if there are any other question that you have. Happy to set up a call for a follow-up discussion. Thank you. Thank you. Thank you everyone for joining the call. Thank you.