Ladies and gentlemen, good day, and welcome to the Q3 FY 2024 earnings conference call of Brigade Enterprises Limited. We have with us today on the call the management of Brigade Enterprises Limited. 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. M.R. Jaishankar, Executive Chairman. Thank you, and over to you, sir. Thank you. Good afternoon, ladies and gentlemen. Welcome you all to the Brigade Enterprises Q3 FY 2024 earnings call. I'm joined by our Managing Director, Ms. Pavitra Shankar, and Joint Managing Director, Ms. Nirupa Shankar, our Executive Directors, Mr. Roshin Mathew, Mr. Amar Mysore, Mr. Pradyumna Krishna Kumar, CFO Atul Goyal, and members of the senior management team. I'm happy to share the following highlights: We are happy to report that we have witnessed healthy growth across business verticals and have recorded the highest ever quarterly sales of INR 1,524 crores. Our revenue has grown by 41%, and profit after tax is up by 31% in comparison with Q3 FY 2023. The residential business is riding on a wave of favorable conditions, supported by a strong launch pipeline for the next four quarters. Our office business recorded the best leasing quarter post-COVID and aim to finish strong in the financial year. Furthermore, our commercial leasing business has seen good traction, and hospitality has continued to show very good traction. With a robust pipeline of launches in Bangalore, Hyderabad and Chennai, we are confident that we will sustain the momentum. We have witnessed MOUs with the government of Tamil Nadu to invest INR 3,400 crore in the state, with a potential employment for around 25,000 people in our projects over the next three-four years. The MOU with the CMDA, which is Chennai Metropolitan Development Authority, is for Brigade's expansion in Chennai and setting up two high-rise residential buildings in the IT belt of Sholinganallur, with an investment of about INR 2,000 crore. The second MOU with the government of Tamil Nadu CMDA agency, which entails an investment of around INR 1,400 crores for high-rise, commercial, and residential developments across different micro markets, including Mount Road, which is now known as Anna Salai. Coming to the residential business, in the residential market, we are pleased to report robust growth both in terms of pricing and sales volumes. New launches and under-construction projects across all sub-markets are witnessing good demand on ground, with customer walk-ins and interest generated from digital leads, despite more efficient marketing spends. Customers are willing to spend for more comfortable floor plans, the extra bedrooms and improved specifications, which has also contributed to acceptance of the price increases taken across the portfolio. Notably, Q3 FY 2024 stands out as a significant quarter, achieving our highest ever quarterly realization, with a net average price realization of INR 8,940. Our sales performance, reaching 1.65 million sq ft, represents the strongest third quarter performance compared to previous financial years. Looking forward, we are optimistic about maintaining this positive momentum. The new launches slated for the final quarter will contribute considerably to ending the financial year on a strong note. As regards office segment, we achieved the best leasing quarter post-COVID, leasing 500,000 sq ft in Q3 FY 2024, resulting in an impressive 95% occupancy rate across our portfolio, including our SEZ projects. Substantial leasing was done in Brigade Tech Gardens, which is an SEZ project, closing large-sized transactions with marquee tenants. The office leasing revenue also witnessed a substantial 52% year-on-year increase, rising from INR 105 crore- INR 160 crore, while maintaining a stable rental collection rate of 99%. With sustained momentum in leasing inquiries, we have an active pipeline for Q4 FY 2024, positioning the company to conclude the financial year with robust leasing performance. The office sector's demand is expected to remain stable in Q4 FY 2024 and Q1 FY 2025, with a projected uptick three in FY 2025, led by a clearer outlook on the global macroeconomic situation, return to office mandates by companies, and an increase in business to Indian IT software companies. Coming to retail, Q3 FY 2024 marked vibrant celebrations of Diwali and Christmas. Our malls saw an increase in footfalls by 8% over the same quarter last year, accompanied by the highest vehicular entries in December 2023 for two out of our three malls. Categories such as athleisure, jewelry, spa and salon witnessed a substantial 25% growth. In the F&B category across all malls, there was a 10% growth in Q3 FY 2024, year-on-year, despite a decline in the multiplex category due to the lack of blockbuster releases. As regards hospitality, Q3 FY 2024 saw the hospitality SBU sustain its growth momentum. We have witnessed improvements across various performance metrics, surpassing both revenue and profit figures from the same period in FY 2023. Notably, revenues have surged by an impressive 22%, ARRs have shown a 7% increase, and occupancy has experienced an 8% increase. As a result, adjusted gross operating profit has seen an 18% increase compared to Q3 FY 2023. Looking ahead, we have a lineup of corporate travel conferences and social events in the coming period, which is expected to contribute to sustained overall business growth and a robust Q4. This brings me to the end of our operational highlights. Now, our CFO, Atul Goyal, will take you through the financial highlights. Thank you. Thank you, sir, and good afternoon, all. On behalf of the company, we welcome you to the earnings call of Q3 FY 2024. Chairman has already shared operational highlights. I'll be sharing some key financial highlights for the quarter and for nine months. All verticals that chairman said has been doing very well, and there has been a steady performance in Q3. The real estate segment clocked a turnover of INR 839 crores, which has grown by 50% from Q3 FY 2023. EBITDA stood at INR 73 crores. The leasing segment clocked a turnover of INR 247 crores, whereas the same for Q3 FY 2023 stood at INR 199 crores, at 25%, 24% increase in leasing revenue. EBITDA stood at INR 179 crores. The hospitality segment clocked a turnover of INR 123 crores as an increase of 22% from the same quarter last financial year. EBITDA was INR 45 crores. EBITDA margins stood at 36% in Q3 FY 2024. The consolidated revenue for Q3 FY 2024 stood at INR 1,208 crores, as against INR 859 crores in Q3 FY 2023, with an EBITDA of INR 296 crores. EBITDA margins stood at 25%. Consolidated PAT after minority interest for Q3 FY 2024 is INR 74 crores. Total collections in Q3 FY 2024 stood at INR 1,394 crores. Cash flow from operating activities stood at INR 266 crores during Q3 FY 2024. Coming to nine months' performance, revenue for nine months was INR 3,301 crores, an increase of 23% as compared to nine months FY 2023. EBITDA for nine months FY 2024 was INR 869 crore, which has increased by 16% as compared to nine months FY 2023. Collections for nine months stood at INR 4,780 crore, with cash and operating activities of INR 985 crore. Coming to debt and liquidity position, we continue to have adequate liquidity and undrawn credit lines from financial institutions. Our average cost of debt has been at 8.73%, an increase of 108 basis points, though repo rate has increased by 250 basis points since May 2022. Gross debt of the entity stood at INR 4,337 crore. The cash and cash equivalent was INR 1,562 crore as on December 31, 2023. Consequently, the company's net debt outstanding is INR 2,775 crore, out of which BL share is INR 2,115 crore. Almost 80% of the debt pertains to the commercial portion, which is backed by the rental income. Debt equity ratio stood at 0.69 as of December 2023. Thank you. Over back to the moderator for questions. Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask questions may please press star and one on their 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 your questions. Ladies and gentlemen, please wait for a moment while the question queue assembles. The first question is from the line of Karan Khanna from Ambit Capital. Please go ahead. Yeah, hi. Thanks for the opportunity, and congrats on a record ASP for the quarter. My first question is on the success of your new launches. You launched Brigade Sanctuary, 2 million sq ft during the quarter. With volume presale at 1.7 million sq ft in this quarter, just wanted to understand the contribution of Brigade Sanctuary in this number. Hi, Karan. Yes, actually, from our total sales volume that we did, at least 50% of it came from new launches, and Brigade Sanctuary was one of the highest contributors towards this. Sure. So as a follow-up, how should one think of, you know, the 10.8 million sq ft launches that you are that you're targeting over the next 12 months, Pavitra? And what I'm trying to get to is sort of the conversion of these of these launches into presale. How should one think about that? Yeah. So the 10.8 million, again, it's across Bangalore, Chennai and Hyderabad. Three of those projects are in Chennai, and one is in Hyderabad. So we're working into the pipeline as soon as possible. Couple of the Bangalore launches will move into Q1 rather than Q4. But Q4 also, we do have a good number of launches coming into the pipeline, and we already have RERA for some of them. So we should be able to see the numbers in Q4 itself. As we launch, I think our turnaround time is to get the... not just from a sales perspective, but also into bookings and agreements. So pretty quickly you'll be able to see the cash flows coming into the numbers also. Sure. And just as a follow-up, in the last call, you mentioned that, you know, by FY 2027, you're targeting roughly 10 million sq ft sort of a run rate. So far in, nine months, you've done 4.3 million sq ft. So with the sort of tailwind that you're seeing, do you think that 10 million sq ft could in fact happen sooner than FY 2027? So in Q3 for the first nine months, we've actually done around 4.8 million. We have a substantial amount of the target assigned to Q4 because some of our launches were coming into Q4 itself. We're pretty confident that we'll be able to reach the number that we wanted for Q4, showing an expected increase over FY 2023 numbers for the whole year. Yeah, we're on track. I think a lot of the BD that we've done over the last year and a half or so is going to come into the pipeline, which is again why you're seeing that 10.8 million number for the next four quarters and over the following financial year as well. So as of now, I think we're on track. A couple more acquisitions where we can quickly get it into the pipeline should help us reach that. Sure. The second question, if I look at slide number 27 of your investor presentation, you've spoken about the 1.06 million sq ft of the hotel launch. Could you please repeat the timeline for these launches? And as a follow-up, in terms of the sector, do you think that if this launch takes you another two or three years, perhaps that's the right time to come on board with, you know, 1,000-odd keys at that point in time? Yeah, Nirupa here. So we're looking to launch these projects in Q2 or Q3 of FY 2025. Because there's a lot of momentum with the hospitality space, it will take at least years for the hotels to actually come into the market. And we believe that this is the right time to continue to build on this portfolio. Sure. And, you know, regarding the expansion plans, could you talk about potential partnerships that you're looking and in terms of the funding? Yeah. So for, with regards to the funding, we're exploring various options. We're talking to various parties to determine what is the best course and way forward. Sure. And lastly, Pavitra, if you could also speak about, you know, aspirationally, in three to five years' time, what sort of market share are you looking at in markets outside of Bangalore, say, in Hyderabad and Chennai? Yeah. So I think in the next three3-five years, we are looking at our position in Bangalore, naturally, growing our market share in Chennai and Hyderabad. We have the potential to do around 12 million sqft-15 million sq ft in Chennai itself in terms of the land bank. So that should start coming into our sales pipeline as well. In Hyderabad, as you know, we acquired the Neopolis land parcel, and that's a big project for us. It's about 2 million sq ft of residential and mixed use for the remaining part of the project. So Hyderabad, Chennai, are both key aspects of the market. We are still reiterating our commitment to focusing on these markets to give us the kind of depth across domains, whether it is residential, office, retail, and hotel, and to build on the presence that we have from a BD standpoint. That said, after reaching where we would like in each of these markets, I think we will start at least thinking about where else we can potentially examine. But Brigade has always been very clear, we'll make sure that we have the kind of presence in Chennai and Hyderabad that we do in Bangalore before we really start branching out substantially into any other markets. Naturally, we're also there in smaller markets, like, say, Mysore and GIFT City, Kochi, et cetera, across the domains. But the focus will be on Chennai and Hyderabad to expand them similar to Bangalore. Sure. This is helpful, Pavitra and Nirupa. Thank you, and all the best. Thank you. Thanks. Thank you. The next question is from the line of Adhidev Chattopadhyay from ICICI Securities. Please go ahead. Yeah, good afternoon, everyone. First, congratulations on the great performance for the quarter. I have a few questions. Firstly, on the commercial leasing we have done for this quarter in Tech Gardens. So when do the rentals start now flowing in, considering the rent-free period and other which tenants would have? And now would you say that we are on track to lease this entire portion in another couple of quarters, whatever vacant area we have in the other buildings? Yeah, that's the first question. Hi, Aditya, Nirupa here. For the large transactions that we did in this past quarter, about, Excuse me, ma'am. Ma'am, I'm sorry to interrupt. There is some kind of breakage. Would you mind if I call you back on the same number? Uh, sure. Because the line is breaking. I mean, like, there is a breakage while you're talking, so we are... A lot of things are inaudible. So I'll connect you back. Ladies and gentlemen- Is it at the- Sorry, sir. Is it at your end or what? Sir, there is some problem in the line connection, probably the carrier. Okay, just reconnect. Okay, please reconnect. I'll just reconnect. Thank you. Ladies and gentlemen, kindly stay connected while I try to reconnect the management. Ladies and gentlemen, thank you for patiently holding. The line for the management has been reconnected. Over to you, ma'am. Yeah, Aditya, just to continue the response, I would say about 55% of the new leases, we should expect to get the rentals starting from Q1 of FY 2025. There is some portion that is a hard option, so which we will get clarity on, but there is full intention for the client to take the space. So the hard option will be valid till Q3 of FY 2025. Okay. With regards to, since 5% on the portfolio, yes, there's full efforts to ensure that we try to lease it this quarter, but within the next one-two quarters, it should be fully leased. Okay, fine. The second question, now you have unveiled this plan of, it's commercial and hotel projects, right? Almost 6 million sq ft of total area. Now could you just help us understand, which will be the larger projects among these? What would be your strategy in terms of lease and strata? And, what is the CapEx you would require? What is the sort of funding plan? Would you look for strategic partnerships like you have done in the past? And what would be the indicative rental yield, or if you could just help us guide us on this entire, whatever, probably the next three, four years? Yeah. Thank you. Yeah. I think, the big projects are, in Padmini Tech Valley and Brigade Tech Boulevard, and of course, Brigade Neopolis in Hyderabad. So Padmini Tech Valley is in Bangalore, Brigade Tech Boulevard is in Chennai, and, Brigade Neopolis is in Hyderabad. There are some smaller projects which are also part of larger mixed-use developments. In terms of, retail also, as you know, we will be setting up a mall, a lifestyle destination mall in Brigade Neopolis in Hyderabad. And, with regards to the hotel, they will be spread across Hyderabad, Chennai and Bangalore as well. With regards to, hospitality, as discussed earlier, we are internally discussing what is the best way forward for the growth capital that we might need. With regards to office, we, yeah, we are always open to discussing with people, but as of now, we are able to handle the requirements through internal accruals. As you know, most of our CapEx is 80% LRD, and as we continue to lease, some of those funds will become available to us. Yeah, so I think I answered most of your questions. Okay. So just from my end, so around the INR 3,000 crore CapEx for the 6 million sq ft, is a reasonable number to go with for the total area? Yes. Yes, it's around- And over a period of around four years, right? Is.. That's right. That's right. Okay, fine. Fine. It will require about a year for design, development and approvals, and then about 2.5-3.5 years for construction. Okay. And just one final housekeeping question. The Chennai launch on Mount Road, that is slated for this quarter, or it may spill over to next year? That is just... Hi, Aditya, Pradyumna here. So it is expected to be launched by Q1. Q1, FY 2025. Okay, fine. Fine. Okay, thank you, and all the best. Thank you. Thank you. Participants who wishes to ask questions may please press star and one now. The next question is from the line of Pritesh Sheth from Motilal Oswal. Please go ahead. Mr. Sheth, I have unmuted your line. Yeah, yeah, I'm here. Thank you. Hi, all. So, first question is on, you know, the launches slated for fourth quarter. You know, what's the size and the value of launches that are planned in fourth quarter, considering Chennai is now delayed by a quarter? ... Yeah. So for the upcoming quarter, we have around 2.6 million sq ft that is expected to be launched. The entire launch will be based in Bangalore. It's a part of two existing projects, in the sense that we've already launched and sold out of the plotted project, which is one of them. We already have RERA for that, and that's underway. And another two blocks in our Brigade Eldorado township. So we're really confident of the demand that's on ground for these two, and as I mentioned earlier, the contribution from these projects to help us achieve our sales target for FY 2024. As Pradyumna mentioned, the Mount Road launch will actually move into Q1, although we have very good visibility of the approvals and so on, but I think that's gonna slip into Q2 also. Sure. The value of these 2.6 million sq ft should be INR 1,500 crore-INR 2,000 crore, near to that? Yeah, that's I mean, it could be a little bit more. Yeah. I mean, you said INR 1,500. It's. I have around INR 1,800 crores or so. Sure. Yeah, got it. A second question is on your residential gross margins, which have been, you know, tapered in last two-three quarters. When can we expect that improvement to come? This is regards to gross margins and not EBITDA margins. So, you know, where do you, where should we see the improvement coming in? Because earlier we had talked, like, over 30% kind of gross margins. This is Atul here. So definitely from next quarter, you will see that increase in EBITDA margin, and this is also an aberration because we had finished one of the project where it was a mixed-use project, where there was a commercial as well as residential, and construction costs were higher. That's why showing a lower margin, but going forward, definitely this will go up to 20%-25%, what we were discussing earlier. Sure, got it. And just one last bookkeeping. If you can provide break-up of collections between residential, you know, commercial, like you always do. Yeah. Just note down. Residential is around INR 933 crore. Commercial sale is INR 41 crore. That combines the real estate collections. Commercial lease is INR 161 crore. Retail is INR 55 crore. Hospitality is INR 142 crore, and maintenance and PMS is around INR 62 crore. Total, INR 1,394 crore. Sure. So just one last before I go on. You know, on the capital raise plans, INR 1,500 crore, you know, what is the kind of mix you are looking at between, you know, debt and equity? Is it largely for the CapEx that is coming up, or, you know, you are looking to build some residential pipeline and hence need this, you know, capital raise? So if you can elaborate on that. So see, it will be definitely both mix of equity and debt. Of course, as you were saying, Nirupa was talking about INR 3,000 crore of investment. We have got lot of LRDs, which we can take right now, more than INR 1,000 crore. So that is there, and of course, we can raise construction finance. So it, it, it is only enabling resolution. We will see as to when the money is required, and then we will see as to what is to be done. Sure, got it. That's, that's very helpful, and all the best, and thanks for elaborating your growth plans across all these segments. All the best for future. Thank you. Thank you. We'll take the next question from the line of Rakesh from Monarch AIF. Please go ahead. Hi. Hi, sir. Thank you for the opportunity. So a couple of questions on my side. Just coming to the debt part, debt that is, on the leasing segment, has increased from INR 3,200 crore in Q4 FY 2023 to INR 3,800 crore. Just wanted to know any reason for increase in debt? A lot of money is going into construction and land buying, so the money we have used is mainly there similarly. Okay. Construction as well as the land, new purchase of land bank. Yeah, yeah. Okay. It's also mostly LRD. Yes. Yes, okay. LRD. In fact, second question, in the books, in the PPT you have shown you have INR 1,562 crore cash in the books. Just wanted to know the bifurcation of the cash, how much cash we can use for new land acquisition in the coming, coming years or coming quarters? So see, maximum cash is in RERA account, so it has to be used in the construction of properties. Around out of 1,500 to 1,100 crore INR are lying in RERA account, which is being used in construction. Rest around INR 200 crore-INR 300 crore is what we can use for land bank. But this is a regular cash generation. You just see, we'll be crossing around INR 5,500 crore of collection this year. And so there will be a lot of free cash flow, which will be there from the RE, which will be used for the land bank. Okay. Okay, sir. And sir, we have talked about the 10 million sq ft launch in the coming fourth quarter. It will be great if you can share the GDV of those 10 million as well, and share of Brigade, that will be helpful. Yeah, hi. So we communicated around 10.8 million sq ft of residential launch. That GDV should be about INR 10,000 crore... and predominantly at least INR 9,000 crore of that is Brigade share. Just confirming the amount, INR 9,000 crore? Yeah. INR 9,000 crore will be Brigade share. Okay, okay. That's substantial number are owned by Brigade and not in JP, so that's why you see a higher share. Okay. Okay. Thanks. Madam, one last question from my side. With respect to the new business development, so how are you getting the land parcels? How the deals with the respective land parcel are happening? Because, whatever we are reading in the newspaper or the articles are, they are saying the land, because of increased demand on the land, it's very difficult or the land prices are coming at a higher prices. Your view on that? Yeah, hi, Pradyumna here. So as far as, land itself goes, you know, you know, naturally, Brigade is, a very reputed developer, therefore, you know, there is automatic traction towards them. So whether it's landowners, whether it is IPCs, agents, they naturally gravitate towards us, to offer land. As you know, about 50%-60% of our land is acquired either by way of joint developments or by way of purchase. So typically, being a preferred partner, we do get, most of our lands directly at our doorstep. But at the same time, you know, we are focusing on certain micro markets that we want to be in, whether it's in Bangalore, Chennai or Hyderabad, and we then go out, with that kind of a focused approach. The CapEx that is planned for the four commercial towers is around the range of INR 2,500 crore-INR 3,000 crore and will be through debt only, like LRD? I'm sorry to interrupt, but can you be a little clearer? I'm not able to hear you clearly. Okay, so I'll repeat the question: So the amount of INR 2,500-INR 3,000 crore CapEx that is aligned for the upcoming commercial development as well as the hotel development, that will be done via debt through LRD loans? So I think Nirupa has already replied to that, these are all combination of factors. That of course, we have our LRD potential, which I had said around INR 1,000 crore or more. There will be construction loan, which will be taken at least 50% of cost you can take as a construction loan, which will be used during the time of construction. And of course, she has said that there will be. We are looking for partners. If there are good partners, willing partners, then maybe we can do a joint venture also in any of these hotels. So that is the way which we are going to go. Okay, thank you very much, and best wishes. Thank you. Thank you. Before we take the next question, a reminder to all the participants that you may please press star and one to ask questions. The next question is from the line of Parvez Qazi from Nuvama Group. Please go ahead. Hi, good afternoon, everyone, and congratulations for a great set of numbers. So my first question is regarding the prices. Obviously, you as well as all of your peers have seen significant increase in ASPs over the last couple of years, partly due to the demand supply scenario and partly also due to the premiumization that we are seeing in the industry. Now, I know, I mean, it would be difficult to say it in data terms, but in your sense, what contribution of price increase over the last couple of years would have come due to the premiumization of sales or basically due to customers moving towards higher value ticket items? Hi. Yeah, so there's a lot of reasons that you mentioned. Generally, even going to a few years back, the movement of projects from the 12%-5% GST regime itself resulted in inherent price increase. And then over the last, I would say 18-24 months, specifically in Bangalore, we have seen the dramatic price increase for the same kind of product. So we have not necessarily made our product more premium, but due to customer demand and what we feel is probably the Bangalore, I think, has been significantly priced less than certain other markets despite the growth of the city. So I think that has actually been coming through over the last two years, and you've seen that grow dramatically. Also, we moved into Chennai and Hyderabad with some launches over the last couple of years. That has also increased our average price realization in the portfolio. And very recently, in this past quarter, we launched Brigade Sanctuary. That is actually one of the premiumized projects that we have. Premiumized in the sense that it's slightly better specs than the mid-segment products. So I think from there we have also seen a dramatic price increase in the APR. So hope that answers the question. Going forward also, given the kind of product mix that we have, we will continue to see a you know, you know, just the price, the average selling price generally being higher. That said, if we do have plotted products that are getting full, you could see a temporary decrease in the average number. Sure. My second question is on the business development now. Over the last one and a half years, we have added substantial amount of projects to our pipeline, et cetera. So what are our thoughts on the BD trend going ahead? Do we see these trends moderating or, considering the improvement in sales trajectory, we expect that they will continue at the same rate? ... So the momentum will continue, Parvez, because, you know, we are naturally as we acquire land, we are also launching various assets like Malika also mentioned, 10.8 million sq ft in just residential and then 5 million sq ft in office retail, and 1 million sq ft of hotels. So we will be replenishing the land bank, certainly. But over and above that, you know, one has to grow, so we will focus on all three markets, Bangalore, Chennai and Hyderabad. And we expect the momentum on GD to continue as we have been seeing for the last year or so. Yes. Two questions for Atul, sir. Sir, what were the rentals in BTG and WTC this quarter? What is the pending land payments that we need to make? Thank you. Okay. One second. So, six months, can we-- you want leasing revenue, no? So in Tech Garden it was INR 49 crore. Yeah, two, three, and, in Chennai, PRDP, it was INR 38 crore. And the pending land payments are around, 1,194 crore. Sure, sir. Thanks and all the best. Thank you. Thank you. Participants who wishes to ask questions may please press Star and One now. We'll take the next question from the line of Rakesh from Monarch AIF. Please go ahead. Mr. Rakesh, I have unmuted your line. Kindly proceed. Rakesh, sir, kindly proceed with your question. We are unable to hear you, sir. Hi. Hi. Yes. Hi, thank you for the follow-up opportunity. One question regarding the commercial leasing segment. In FY 2025, you are supposed to launch a Brigade Twin Towers, with an area of 10.3 million sq ft. Any update with respect to the pre-leasing on this project, and how much leasing has been done on this project? Yes, we will be launching that in Q1 or Q1 of FY 2025. We've already started showing the project around to large corporates. So, it will take its natural progression because the project still needs to get OC. So we are putting in some lot of effort to ensure that we try and get it leased as fast as possible. Any guidance, like, any timeline that you are looking to fully lease out this project, maybe, what we would like to learn or anything? Yeah, ideally within the next one year, ideally, ideally in FY 2025. Okay. And regarding the GIFT, regarding India project, we will be launching 10 million sq ft in the next four quarters, and the upcoming next four quarters will be also launching in the range of 10 million-11 million sq ft. Can we assume that GDV will be remaining same, the INR 10,000 crore-INR 9,000 crore in the coming years also? Sorry? Yeah, so, we have- I didn't understand. Can you repeat, sir? Yeah. So for next four quarters, you know, the GD of the project that we are going to launch will be ten- Sir, may we request you to kindly use your handset if you're using a Bluetooth, headphones. Yes, sure. Please use your handset. Hi, am I audible better? Yes, sir. Please do. Much better, sir. Yeah, thank you. So for the next four quarters, we know the GDV of the projects is INR 10,000 crore. Just wanted to know what will be the GDV in the coming years, because we have guided with we will be launching around 9 million sq ft-10 million sq ft, new lands or new area for the upcoming years also. So can we assume the GDV will be also similar or it will be higher? So yeah, it should be higher or... But again, it's depending on the kind of product that is being released. So if we, it's based on that and in the markets that we have as well. We always mention the GDV for the next four quarters because we have absolute clarity as to pricing and what the product is. But other than that, I mean, we have the overall land banks that we have, which could get into the pipeline over the next four to five years. Okay. Thanks for that detailed answer. Thank you very much, and best wishes. Thank you. You may press star and one to ask questions. The next question is from the line of Adhidev Chattopadhyay from ICICI Securities. Please go ahead. Yeah, thank you for the follow-up. The question is on the pending land finance payments of around INR 1,100 crore. Sir, how much is due in the fourth quarter? Fourth quarter, I think out of this 1,194, we should be, we should do around INR 200 crore-INR 250 crore of the land. 200, 250. Okay, and sir- INR 200-INR 250 crore, yeah. Okay, sir, and the balance payments which we'll have for next is for which project, majorly the INR 1,000-odd crore, which would spill over to probably next year? Yeah, I'll not specify the project because... But I can tell you that around Chennai, it should be in the range of INR 600 crore and Bangalore around INR 500 crore. This is the overall breakup of this. Okay. Okay, fine. And sir, just referring to your presentation again, where you give the debt breakup segmental, is there a typo in the SPV partner share of the net debt? What shows going up from INR 637 crores to INR 935 crores in September, and again falling to INR 663 crores in this quarter? No, it's okay. It's right only. Could you just explain, like, the why this has happened? Slide 20. Slide. Because of the PRI claim, they've been taken more liquidly and cash flow. It's mainly due to increase of the rental money in- Right. It has been more allocated to the SPV. That's the reason for, it's actually an SPV partnership of it. Yeah. Okay. Okay, okay, fine. Okay, that is the thing. Okay, fine. I got it. Got it. Okay. Thank you. Thank you. Anyone who wishes to ask questions may press star and one now. Ladies and gentlemen, as that was the last question, I would now like to hand the conference over to Ms. Pavitra Shankar, Managing Director, for closing comments. Over to you, ma'am. Thanks. Before we close, just wanted to share a few of our highlights. Our not-for-profit trust, Brigade Foundation, has taken up renovation work on the Venkatappa Art Gallery in Bengaluru. This is in collaboration with the Government of Karnataka, Department of Archaeology, Museums and Heritage. This is to renovate the renowned gallery and contribute to enhancing the existing rich history of art and culture in Karnataka. Our not-for-profit 100-bed St. John's Medical College Hospital at the 60-acre Brigade Meadows Township is nearing completion. This state-of-the-art hospital is a INR 35 crore project and initiative of the Brigade Foundation, and will be one of the largest integrated healthcare providers in Bangalore, contributing significantly to the healthcare needs of South Bangalore. Pavitra Shankar received the Woman Achiever in the Real Estate Sector Award at the ET Alpha Awards 2023, while Nirupa Shankar was recognized as a woman leader in commercial real estate at Commercial Design Awards 2023. Brigade won four awards at the 15th Realty Plus Excellence Awards 2023 South for various differentiated marketing campaigns. Brigade REAP, Asia's first proptech accelerator program, hosted its annual flagship summit, Propagate 2023. It brought together industry thought leaders, key influencers and startups from across the country to share knowledge and best practices through deliberations and panel discussions. With that, we now wrap up our Q3 FY 2024 analyst call. Thank you all for taking the time to hear from us today. Thank you, members of the management. On behalf of Brigade Enterprises Limited, that concludes this conference. We thank you for joining us, and you may now disconnect your lines. Thank you.