Ladies and gentlemen, good day and welcome to Brigade Enterprises Limited Q2 and FY2026 financial result conference call. As a reminder, all participants will be in a listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. I now hand the conference over to Mr. M.R. Jaishankar, Executive Chairman of Brigade Enterprises Limited. Thank you and over to you, sir. Thank you. Good afternoon, everyone, and thank you for joining us for our Q2 FY2026 earnings call. I have with me the management of Brigade Group, Managing Director Ms. Pavitra Shankar, Joint Managing Director Ms. Nirupa Shankar, Executive Directors Ms. Roshin Mathew, Mr. Amar Mysore, and Mr. Pradyumna Krishna Kumar, who is also currently acting CFO, members of our senior management team. We are pleased to share that Q2 FY2026 has been a period of strong performance and steady growth across all our business segments. Sustained momentum in our residential portfolio is driven by premium launches, with a healthy pipeline of upcoming projects across all our focus markets. In line with our expansion strategy, we are actively acquiring high-potential land parcels. The key transactions this year, or this quarter to be specific, are a strategic long-term lease of 7 acres for a mixed-use development in Chennai and two joint development agreements to develop premium residential projects in South Bangalore and East Bangalore. With a strong pipeline of about 15 million sq ft of upcoming launches, we remain focused on delivering value and growth in the coming quarters. Coming to real estate, SBU specific, in the real estate segment, the company achieved pre-sales of INR 2,034 crore in Q2 FY2026, a growth of 12% over Q2 FY2025, with pre-sales volume for Q2 FY2026 standing at 1.90 million sq ft, a growth of 13% over Q2 FY2025. Average realizations stood at INR 12,236 per sq ft during Q2 FY2026, an increase of 13% over Q2 FY2025. The portfolio saw zero residential debt across the group for the last two years as a result of steady sales and collections. With continued momentum and demand, we have approximately 11 million sq ft in residential launches planned for the next four quarters across Bangalore, Chennai, Hyderabad, and Mysore. Our flagship property expo, Brigade Showcase, made its debut in Chennai in September. By bringing the legacy of Brigade Showcase to Chennai for the very first time, we reiterated our long-term commitment to this city. With a strong pipeline of development and planned investment of INR 8,000 crore over the next five to six years, we see a significant opportunity to contribute meaningfully to Chennai's evolving urban landscape. As regards to leasing, the portfolio occupancy stood at 92%, with an overall leasing of 8.67 million sq ft out of 9.38 million sq ft. About 422,000 sq ft of office space was transacted this quarter, 50% of which has been accounted for as part of the real estate sales. Brigade's office vertical continues to deliver stable performance, supported by sustained demand from healthcare and automobile sector firms. Brigade Twin Towers in Yashwantpur, Bangalore continues to demonstrate strong market traction, with rising interest from large pharmaceutical investors. The uptick in both leasing and sales activity reflects a positive shift in sentiment and growing confidence in the Northwest Bangalore micro market. Technology and engineering and manufacturing sectors led the demand, contributing to 60% of leasing activity, followed by BFSI Global Capability Centers, popularly known as GCCs, continuing to be a major force, accounting for 38% of total leasing. On the retail front, we witnessed successful openings of South India's first Lego-certified stores, Uniqlo, Coyo, and Victoria's Secret in our flagship mall, Orion Mall, at Brigade Gateway. Additionally, Tribeme International brands are expected to debut by year-end, further strengthening our bridge-to-luxury portfolio, resulting in a higher rental yield. Footfalls across our three malls grew by 8% year-on-year in Q2 FY2026, driven by strong performance in Cinema, Festival, and the onset of Dusara in late September. This translated into a 9% year-on-year growth in overall mall consumption, supported by new store openings and festival-led demand. Coming to hospitality, the hospitality portfolio demonstrated steady growth with improvements in all key performance indicators. Portfolio ARR stood at INR 7,106 during Q2 FY2026, a growth of 14% over Q2 FY2025. Portfolio occupancy stood at 76% in Q2 FY2026. Corporate and MICE travel continued to lead demand growth. India's hospitality industry is set for a festive boost, as GST on room tariffs up to INR 7,500 has been reduced from 12%- 5%. Hotel growth is expected to accelerate through the remainder of FY2026, fueled by events, festive travel, and long leisure stays. While international travel continues its steady recovery via GDS, that is Global Distribution Systems, the focus remains on attracting domestic travelers through value-driven customized offerings. Lastly, the outlook is we are optimistic about the rest of the financial year, backed by a robust pipeline of projects, articles, and cities. We remain focused on consistent progress and on delivering meaningful long-term benefits to our stakeholders. I will now hand over the mic to our Executive Director and Interim CFO, Mr. Pradyumna Krishna Kumar, to present the detailed financials for the quarter. Pradyumna, over to you. Thank you, sir. Thank you. Yeah, thank you, sir. Good afternoon and a warm welcome again. I will now speak about the key financial highlights for Q2 FY2026. The real estate segment saw sales of INR 2,034 crore this quarter, a growth of 12% over Q2 FY2025. When compared to Q1 FY2026, the growth is about 82%. The total collections for the quarter stood at INR 2,003 crore, an increase of 16% over Q1 FY2026. Collections from the real estate segment stood at INR 1,528 crore. Leasing segment stood at INR 306 crore, and hospitality segment stood at INR 169 crore. Net cash flow from operating activities stood at INR 433 crore. Following is the group's revenue update for Q2 FY2026. The consolidated revenue for the quarter stood at INR 1,430 crore, an increase of 26% over Q2 FY2025, with an EBITDA of INR 375 crore. The EBITDA margin stood at 26%. The real estate segment clocked a turnover of INR 951 crore, an increase of 31% over Q2 FY2025, with an EBITDA of INR 110 crore. Revenue from the leasing segment was INR 341 crore, an increase of 17% over Q2 FY2025, with an EBITDA of INR 23 crore. The hospitality segment clocked a turnover of INR 138 crore, an increase of 16% over Q2 FY2025, with an EBITDA of INR 42 crore. The consolidated PAT stood at INR 170 crore, which is an increase of 48% over Q2 FY2025. PAT after minority interest is INR 162 crore, an increase of 37% over Q2 FY2025. As far as H1 FY2026 goes, the consolidated revenue for H1 for the first half of this year stood at INR 2,763 crore, an increase of 23% over H1 FY2025, with an EBITDA of INR 750 crore. The EBITDA margin stood at 27%. The real estate segment clocked a turnover of INR 1,843 crore, an increase of 26% over H1 FY2025, with an EBITDA of INR 213 crore. Revenue from the leasing segment was INR 641 crore, an increase of 16% over H1 FY2205, with an EBITDA of INR 447 crore. The hospitality segment clocked a turnover of INR 279 crore, an increase of 17% over H1 FY2025, with an EBITDA of INR 90 crore. Consolidated PAT stood at INR 328 crore, an increase of 67% over H1 FY2025. PAT after minority interest is INR 312 crore, an increase of 54% over H1 FY2025. I shall now touch upon the group's debt and liquidity position. We continue to have adequate liquidity and undrawn credit lines from banks and financial institutions to support our growth plans. Our average cost of debt has reduced by 20 basis points to 8.05% as of September 2025. In June 2025, it was 8.25%. Gross debt of the group stood at INR 4,291 crore. Cash and cash equivalents was INR 2,575 crore as on 30th September 2025. Thus, the company's net debt outstanding is INR INR 1,717 crore, out of which BE L's share is INR 1,100 crore. We continue to have zero residential debt, as mentioned by Chairman, due to robust sales and collections. Almost 93% of the debt pertains to the commercial SBU and is backed by rental income. The debt-equity ratio stood at 0.22. I will now hand it back to the moderator for questions. Thank you. Thank you, sir. Ladies and gentlemen, we'll go ahead with the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. As a reminder, if you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use headsets while asking a question. Our first question comes from the line of Ashok Kumar Dhaga from an individual. Hello. Hello, hello. I request you to be a little clearer, please. We can't hear you. The beach. How are you? The beach in Uvalde, Uvalde. Hello. Hello. Yes, please. Yes, yes, we can hear you. Yes, sir. Thank you for your result and giving the opportunity to ask the questions. My basic question is that you have told you are debt-free in the residential portion, and for your lease rentals, you are going with the borrowed money. Is that borrowed money can be replaced with the rights issue from the shareholders? No, no. We have quite recently come out with the QIP, so there is no real intention to give a rights issue at the moment. What is the future program for more expenses or reduction of the debt? No, see, the debt is fully 93% backed by lease rental income. It is generally called as those loans are called as LRDs, lease rent discounting. There is not really a matter of concern. Of course, the opportunity always exists, so we will take a look at an appropriate time, not certainly in this financial year. Maybe in the AGM next year, we will keep it for as a suggestion received. Okay, thank you. Thank you, sir. Our next question comes from the line of Biplab Debbarma from Antique Stock Broking. Please go ahead, sir. Good afternoon, everyone. I hope you all had a great Diwali. My first question is on the pipeline for the next two quarters. What would be the ballpark pipeline in terms of GDP for the next two quarters? I mean, in the second half. That's my first question. Hi, good afternoon. In the first half of the year, we launched 3 million sq ft in the residential portfolio with around INR 3,200 crore in GDP. In the residential portfolio for the second half of the year, we currently have visibility of around 7 million sq ft. The GDP for that is around INR 8,000 crore-INR 8,300 crore. Okay, that's good. Thank you. Ma'am, are you offering any discount or special incentives, beyond the usual schemes, to help drive the sales? Some of your question was not clear, but I think you're asking if we're doing any specific kind of offer. Yes, yes. Other than the usual discount, which is sort of, you know, given just as a negotiation tool, we don't really have anything else going on right now. Potentially, in some cases, we might do interiors, things like that. Brigade doesn't do these 1090 subvention schemes or any kind of builder-led subvention. To your answer, no, we don't have that going on, and we will not be doing that. Okay, so there is no. Yeah, we don't feel the need to do these schemes to drive any demand per se. We feel demand is still very good on ground. Okay. My third question is on BBNP issue. We are hearing that restructuring of BBNP has caused some delay in approvals. Have you faced any, and do you anticipate, going forward, any challenges in getting approval from BBNP? There was some, I wouldn't say delays, but in terms of the new structure coming in, what is now called as GBA vis-à-vis the earlier BBNP, I think the restructuring took about a month's time, and now we are in the process of getting our approvals through. I don't see us having any major delays there. Okay, that's good. Thank you. Thank you. I'll come back in the queue. Thank you. Thank you, sir. Our next question comes from the line of Murtuza Arsiwala from Kotak Securities. Please go ahead. Hi, thank you for having me to ask the question. Two questions from my side. One is, you know, in terms of sales, we had a weakish, sort of first quarter. The second quarter is much improved, but still, on a run-rate basis, you would be lagging in terms of, you know, the full-year guidance where we would want to clock double-digit growth. Would we want to revisit that, or we're confident that we've got enough of a launch pipeline in the second half to be able to make good the softer first quarter? Any big projects that you would want to highlight which would help you make that sales come through? The second question is really on the residential EBITDA margin, and we see a number of about 12%, which is not the run rate per se. Anything you want to call out on that, or, you know, when we would see the margin sort of go back to maybe closer to a 20% mark? Hi. I will answer the first question, and Pradyumna will take the second one. In terms of the launch pipeline, as the previous person had asked, we have the visibility of H2, of around 7 million sq ft. Ideally, that number would have been a little bit more. That's also the reason why our sales numbers, while we are targeting the initial number of around INR 9,000 crore, a substantial amount of our H2 sales would be coming from launches. Therefore, we may not necessarily meet that number, but we'll be trying to do that as much as possible. The sales achievement in the first half of the year was around INR 3,000 crore. I would say typically, every year for the last few years, we've been seeing this, that the H2 generally is not exactly 50% of what you're going to achieve in the year. H2 generally is substantially more than the H1 sales achievement, and we expect the same to happen this year, mainly because of the contribution of launches. This first half also, about 60% of our overall sales was contributed by ongoing projects and 40% from new launches. In the second half of the year, we'll expect a larger number to come from new launches. As far as your second question, Murtuza, margins are lower this quarter. It's due to a mix of reasons. One is the type of projects that are being currently recognized. A couple of initiatives, especially on tech adoptions that we have taken forward, some additional sales and marketing costs that we have incurred due to, as Mr. Jaishankar also mentioned, some of our Brigade Showcase is going to another city, some of the additional initiatives that we've taken on the sales and marketing front. We have also taken a conservative approach on a ground rent issue in Bangalore as such, which has contributed to a lower margin. We expect in the next financial year our margins to go back to what normally is. Sir, thank you. Any large projects or any, you know, in that 7 million sq ft launch, any big-ticket project that, maybe a few hundred rupees per hour? Yeah, so I'm happy to say that about INR 1 million of the 7 is from the second phase of our Brigade Gateway, Hyderabad, in the Neopolis area of Hyderabad. That launch has already happened, and the sales are underway. We do have one large mixed-use development also that is currently in the design and approval stage in North Bangalore. That is potentially a Q4 launch. We have a couple of other larger multi-phase kind of projects coming up in East Bangalore that will also be ideally coming through in Q4. Thank you, sir. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on their touch-tone telephone. Our next question comes from the line of Pritesh Sheth from Axis Capital. Please go ahead. Yeah, thanks for the opportunity and seasonal greetings to everyone. First question is on this upcoming Hyderabad launch where sales are already underway. Just wanted to understand what would be our strategy in terms of sales there because first phase was completely sold out at launch. You know, looking at the demand, how do you think this project would pan out and whether you would want to, if at all demand persists, you would want to sell out this phase as well? Just wanted to understand your strategy there. Yeah, as you all know, the first phase did extremely well. We managed to sell that very quickly despite having a very aggressive price in the market. In the second phase, given the positioning of the product and how it is so unique, we were still able to take up the price substantially. We still want to maintain the kind of positioning for the product. That said, we also are looking to see how quickly we can move that. There has so far been very good appetite for this product even in the second phase and at a higher price. We're just evaluating that, and we'll see. We still have another, you know, in terms of the project, it really doesn't make a difference. If you're looking at the next six months, we can see how quickly this inventory will also move. Sure. Got it. I think last quarter you mentioned that North Bangalore project kind of looks like it would be next year, but you currently said that it might happen in Q4. That's probably one addition to our overall launch pipeline in this year. That's incrementally to what we were expecting. Yeah, I mean, see, we're trying to pull it up into Q4. Ideally, that's what we would like because we are getting ready on ground for all of that. Given that it's a brand new project, it's a complex mixed-use project, it could take time. We're naturally getting approvals for a very large phase of it. That's why it could potentially move into Q1, but we're pushing very hard to get it into Q4. It's a mixed use, so residential is only one part of that. Sure, got it. One last on the commercial part, I think we are already clocking a rental run rate of close to INR 1,400 crore, with 92% occupancy. What should we think about the steady state rental potential, assuming less than 95%, 96% is what we would operate at? What would be the steady state EBITDA potential for that? We've been showing some healthy growth rate as, while most of our portfolio is already leased, a small percentage is still remaining, which we hope to conclude in this fiscal year or at least the next six to nine months. We have a significant number of launches underway as well. We've already launched about 2.5 million sq ft of office space. This year in FY2026, we have launched about 1.2 million sq ft of office space. Even upcoming, we have a significant number of office buildings to be launched. We've mentioned about 4.2 million, but with the recent purchase of one large office building, it should go up to 6 million sq ft of what we plan to launch in the near future. With that, we plan to grow the portfolio very sizably. As and when the launches come and as and when the projects come post OC and we're able to rent it, it'll grow quite substantially. We plan to grow this portfolio. Right now, like you rightly said, if it's trending, this year I think about INR 800 crore-INR 850 crore of rental revenue is what we have projected. In the coming years, it'll substantially increase based on the projects we launch. Okay, okay. That's helpful. Thank you. That's it from my side. All the best. Thank you. Thank you. Our next question comes from the line of Girish Choudhary from Avendus Spark. Please go ahead. Yeah, hi. Good afternoon. Thanks for the opportunity. Firstly, you spoke about the pipeline. I mean, one is Hyderabad and Bangalore. What about your Chennai projects? If you can give us an update on the Perambur and the Vela Cherry projects. Hi, Girish. As far as Chennai goes, we should have the Velachery property come through, hopefully by Q4. That should come into the launch phase of it. The Perambur one might still take a couple of quarters. Okay. In terms of approvals, you're confident about Velachery coming in by Q4? Yeah, we are in advanced stages of receiving the approval. It's in the final leg, hence the confidence that we should be able to launch it in Q4. Sure, fair enough. Secondly, there was also a recent news about a certain NGO in Chennai alleging some illegal project approvals for your Brigade Morgan Heights project. How would you respond to that? Also, what's happening to the current sales in that project and the proposed launch for phase two? Yeah. As far as that goes, I think there's also been the government clarification that has come through day before yesterday. To be very, very clear, everything has gone by the book as usual. There is absolutely no deviation at all from our end. We've got all project-related approvals in the usual course following due process. We have the environment clearance. We have the pollution control board clearance. We have approvals from the PWD, the airport authority, from CMDA. The GEO is there. Someone has brought this up, and it's very, very clear. Just to make it again, Girish, it's been owned by the current landowner for more than 40 years now. There are previous owners to it. It is privately classified land. Patas are there. It is classified as a dry land. Even as per the CMDA master plan for the city, it is a residentially classified land. There's absolutely no question about any real issue from an approval point of view. I want to make that clear, Girish. No, just to add, there is a one-and-a-half-page clarification given by the government of Tamil Nadu that all approvals, all things are as per order. Now, it is not just our property. It is maybe a host of some 100, 200 properties that had wrongly, you know, classified by some consultant. That has been cleared by the government that it is a wrong report. That's good. It's useful. If you can talk about. Sorry? Yeah. Go ahead. Go ahead. Yeah, I was just asking if you can talk about the current sales progress in that project, because last time around, you were mentioning about the marketing office, which is expected to come up right and you will see a better sales traction. How's the overall progress in that project? Yes, definitely. After the marketing office opened, we saw a substantial spike, not just in walk-ins, but also conversions. We were happy with the progress so far. We do expect that to continue for the rest of the year and going forward. Naturally, the current issue and the press, etc., has called some questions amongst our existing customers. We've been communicating to them because there is a lot of clarity from our side. Naturally, we do have to communicate to them, and they're mostly fine with the answers that we've been able to provide. We are pretty confident we'll be able to continue in this manner. Sure, sure. Thank you. This was useful. Thank you. Thank you, sir. Our next question comes from the line of Rajesh Kumar from HDFC Security. Please go ahead. Sorry, it's Pradyumna Krishna Kumar. My first question is, in this quarter, Pavitra, what was the GDP of the launches and what was the contribution from new launches? Yeah. In this quarter, we launched 2 million sq ft. The GDP for that is around INR 2,200 crore. It's a combination of high-end and ultra-luxury inventory in Whitefield, Bangalore, a plotted project in East Bangalore. Actually, this quarter, all of it was from East Bangalore and a mid-segment project in a similar location as well. It's well distributed across all of the product. Sorry, I missed the second part of the question. What was the contribution to the sales from these new launches out of the INR 2,000 crore of sales which we did? How much was contributed from the new launches? In Q2, around 50% of what we did this quarter was from new launches. That's quite a healthy number. Almost 50%, so INR 1,100 crore from the new launches. The second question is on Chennai. When we dissect Chennai and Bangalore, and given the sequence of events which have happened, we have not seen the kind of velocity, which I mean, like from the first launch and all the launches. I just wanted to understand that the business development capital allocation to Chennai and the velocity in Chennai or growth in Chennai seems to be, as of now, the data we have, lagging what we have been doing in Bangalore. From a growth standpoint, this will decelerate the growth. How do we look at incremental capital allocation between the two cities, given that we are not going outside South right now? How does one look at it, and how does one look at the growth at a more broader level over the next few years then? Yeah. Chennai is a different market than Bangalore, the same way Hyderabad is a different market from Bangalore. Our launch strategies in all three are very different. The velocity that you're seeing is also based on the reality of what it is like to launch and sell there. For Chennai, we don't expect to sell and launch everything within the first year or even the first two years. In Chennai, our plan is to launch and sell during the lifecycle of the construction of the project. We've seen this happen in the past, and that's kind of how that market is geared. In Bangalore, over the last few years, we've seen that we were able to pull up the sales velocity while still achieving the lifecycle pricing that we wanted to. We would still see sellouts within one year, two years from the launch itself. Maybe others were doing it faster, but we didn't believe in that approach. In Hyderabad, for example, we were able to sell out, say, in a month or a quarter. That is not our intention to purposely do it in that manner, but I think we've adjusted our go-to-market based on each market and how it is different. We're able to tailor our strategy accordingly. In Chennai, yes, the inventory movement will be a little slower than Bangalore and Hyderabad, but that doesn't mean we have to revisit any capital allocation. It is still a very good market. Bangalore and Hyderabad are still markets of focus for us in business development. Out of the INR 8,000 crore-INR 8,300 crore of 7 million sq ft of new launches planned for H2, how much of this will be from Chennai? Just about a million square feet, which is the Vela Cherry project that the previous person asked about. That will be in upwards of INR 2,000 crore, and I mean, the rates would be like the INR 20,000+. The GDP will be close to about INR 2,500 crore. Around INR 2,000. Yeah, INR 2,000 to INR 2,250 crore. Yeah. For the rest of the launches, we could expect much better velocity, about INR 6,000 crore to be a decent velocity. Here, it could be something like over the life of the project. Understood. There are the high-end projects in Chennai, so we don't expect it to sell that fast. Okay. Now, coming to the business development, for the H1 and as a year as a whole, how much do you think you can add on the GDP? Out of that, how much will be the allocation towards Chennai? As far as H1 goes, we've acquired about 13 million sq ft, around INR 14,000 crore is the GDP, of which significantly it is in Bangalore, and also in Hyderabad. I would say about close to INR 8,000 crore is from Bangalore, INR 2,000 crore from Chennai, and INR 2,000 crore from Hyderabad. I think you will see us add more to Bangalore and Hyderabad in the second half of this year. We will now kind of like consolidate Chennai, and maybe the majority of the effort will go towards Bangalore, and then maybe second preference is Hyderabad, and then maybe Chennai. Right. Correct. Yeah. Okay. Just lastly, any plans now, I mean, given that this year we may touch INR 9,000 crore in sales, and then growing from that base from South may become slightly difficult. Any thought, initial thoughts as we started exploring markets outside the South now in MMR or in Pune or in NCR? Any thoughts there? We continue to keep our eyes on this. We haven't taken any calls naturally, but we continue to keep an eye, and at the appropriate time, we will take that call. Sure. Thank you. Those are my questions. Thank you. Thank you. Thank you so much. Ladies and gentlemen, in order to ensure that the management will be able to address questions from all the participants in the conference, kindly limit the question to two per participant. Should you have a follow-up question, please rejoin the queue. Our next question comes from the line of Biplab Debbarma. Please go ahead. My first question, or rather a clarification I want, is, ma'am, did you say you may have fallen short of your pre-sales guidance of INR 9,000 crore in May in FY 2026? Our pre-sales guidance, or our achievement, our sales achievement is extremely dependent on launches coming through. In the second half of the year, we are expecting another 7 million sq ft of launches. Depending on that, we'll be able to hit those numbers, but it is heavily dependent on the launches and approvals. If the launches happen, would you be more optimistic? If all the 7 million sq ft launches happen in the second half, that you will surpass INR 9,000 crore of pre-sales in FY2026? I'm definitely more optimistic that we'll be able to get close to that number. Okay. My second question is, in this first half, how do you see the residential segment performance? I mean, have you observed any new trends emerging in demand by profiles or any behavioral patterns in this first half compared to, say, what you have seen in FY2025 or so? Yeah. I think the market is still strong. In Bangalore specifically, I think there is a lot more demand in the mid-segment category. We are also looking at that, in terms of new projects when we are looking at design or land acquisition in terms of location of properties. That's a Bangalore-specific thing. In Hyderabad, we are still doing very well in the INR 5+ crore category. That said, there is still good demand in mid-segment as well. In Chennai, despite all the common cycles, velocity and things like that, it is still a very well-balanced market. We're able to sell in mid-segment, premium as well as high-end. We don't really see anything major changing in that sense. I think there is a lot of unmet demand in the mid-segment in Bangalore. What do you mean by mid-segment? How would you define mid-segment? In our portfolio, we classify mid-segment as INR 7.5 million- INR 15 million. Premium, we look at as INR 15 million- INR 30 million. Above that, we call as luxury, as the ultra-luxury. Okay, that's great. All the best to the team. Thank you, ma'am. Thank you. Our next question comes from the line of Samarth Agrawal from Ambit Capital. Please go ahead, sir. Hi. Thank you for this opportunity. I have a couple of questions. Firstly, what were the kind of price hikes across your existing projects, like with unaffordability being an issue in the Bangalore and Hyderabad market? Are you still comfortably able to take price hikes, or has there been some slowdown on that front? Yeah. There's no slowdown per se. We look at our price based on batching out our inventory. Since the inventory is moving well in all of the projects, we're just taking the price hikes according to that. On a like-to-like basis and on an annual basis, it'll be around 5%- 7% is what we're seeing. Understood. Just one more question on the Bangalore market. Almost all of the bigger names are either present in the Bangalore market or trying to expand into the markets which previously were core markets for, let's say, only three or four players, including yourself. Could you talk a bit about the competitive landscape there, especially given a little bit of a scare in terms of job losses or anything? Yeah. I think Bangalore seems like a favorable market, and that's why people are trying to enter here. Despite the conversations about job losses and so on, we are still seeing there is still a conversation about job creation in different parts of the economy as well. Net-net, I think Bangalore is still a winner in terms of overall job creation, and that's why we continue to see a lot of demand in the city. Every quarter, the absorption only continues to increase from a residential standpoint. Launches continue to happen here. We've been able to see the pricing increase substantially, doubling pretty much on an average over the last few years. I think it is still a very healthy market, able to absorb more competition from other players as well as a price increase. In general, we're confident of the market going forward. There anything on the competitive landscape? In terms of competitors are coming. That's really impacting our outlook on the market per se. Understood. That's all from my side. Thank you. Thank you so much. Ladies and gentlemen, as there are no further questions, I now hand the conference over to Ms. Pavitra Shankar, Managing Director. Thank you, and over to you, ma'am. Yeah, thank you. Before we wrap up, we'd like to share a few key highlights beyond our financial performance this quarter. We continue to contribute meaningfully to the community through the Brigade Foundation, our not-for-profit trust. On Gandhi Jayanti, we inaugurated the Freedom Fighters Memorial at Hosamane Circle in Sheikh Maghlure, a landmark tribute to India's freedom struggle and the countless martyrs who laid down their lives. We also launched a major tree planting initiative titled "From Saplings to a Sanctuary: Planting 1 Lakh Trees for a Greener Tomorrow." Rooted in Brigade Group's urban forest philosophy, this drive aims to transform landscapes in and around our KIATV project in Bangalore into thriving ecological reserves. The Indian Music Experience Museum hosted the Azadi Music Festival, a 10-day festival celebrating the diverse sounds, stories, and traditions of Indian music that explore the evolving meaning of freedom in modern India. Brigade REAP, our prop tech accelerator, welcomed four new startups into its 18th cohort focused on urban tech. This cohort continues our commitment to fostering innovation and shaping the future of urban living. Our facilities management business unit, formerly known as WTC Trades and Projects Private Limited, has been rebranded as OREA FM Services Private Limited. Today, OREA oversees integrated facilities management across 20+ properties spanning 16 million sq ft across all our cities of operations. A few noteworthy awards and recognitions. Brigade Group was named in the Forbes India Developers A-list 2025, a distinction reserved for leaders shaping the future of real estate through innovation, sustainability, luxury, and design excellence. Brigade was also recognized under two categories: India's Wealth Creators and Top Builders at the Construction World Architects and Builders Awards 2025. Brigade was recognized as one of India's Best Workplaces for Women 2025 by the Great Place to Work Institute. On 10th October, Brigade Group marked 39 successful years in the real estate sector. It's been a rewarding journey for us filled with milestones, and we look forward to continuing our legacy of impact and excellence. Thank you very much for joining us, and we will see you next time. Thank you so much. On behalf of Brigade Enterprises Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.