Ladies and gentlemen, good day and welcome to the Brookfield India Real Estate Trust Q1 FY26 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then 0 on your touch-tone phone. On this call, we have with us today Mr. Alok Aggarwal, CEO and MD. Mr. Rajeev Kothari, Non-Executive Director. Mr. Amit Jain, CFO of Brookprop Management Services Private Limited. Mr. Shailendra Subnani from Brookfield. I now hand the conference over to the management for opening comments. Over to you. Yeah. Good afternoon, everyone. This is Alok. On behalf of Brookfield India Real Estate Trust, I extend a warm welcome to all participants joining us for today's Q1 Financial Year 2026 earnings call. Let me begin by sharing some insights on India's Macroeconomic Environment and its continued relevance to the office real estate sector. India's economic outlook remains strong, and India is projected to remain one of the fastest-growing large economies, reaffirming its dominance in the global economic landscape. Stabilizing inflation trends have enabled the Reserve Bank of India to cut the repo rate twice in 2025, a total of 100 basis points reduction, and this would help boost liquidity for the business. The Indian office market witnessed record-breaking leasing performance in 2024 and is poised for sustained momentum in 2025 as well, cementing India's reputation as an office hub. As per industry reports, office leasing momentum remains healthy, with gross absorption exceeding 40 million sq ft in H1 CY 2025, and on a yearly basis, we expect this to cross 90 million sq ft. We're starting to note that from the last two years, we have been crossing all-time high leasing year on year. Space take-up by GCCs played a key role in strengthening office absorption, with GCCs contributing a share of over one-third in the overall office space leasing in H1 of calendar year 2025, followed by BFSI and tech companies. India's abundant skilled talent pool continues to attract MNCs seeking to establish or expand their GCCs, coupled with a combination of stable inflation, improving interest rate outlook, and sustained corporate growth, all as well for increased demand for space take-up in 2025, 2026, and later years as well. Brookfield India Real Estate Trust remains well-positioned to capitalize on this demand with high-quality, future-ready campuses in top 3 cities. Turning to Brookfield India Real Estate Trust, I'm delighted to report a good last quarter. We achieved gross leasing of 650,000 sq ft in Q1 FY 2026, of which 61% was with GCCs. The re-leasing spread stood at 22%, one of the highest in recent quarters. It is interesting to note that of the total leasing that happened this quarter, over 78%, that is, over 500,000 sq ft gross leasing, was across our SEZ properties. This included SEZ space as well as non-SEZ space. Post-SEZ reforms in December 2023, we have achieved gross leasing of about 4.6 million sq ft across our portfolio. This leasing was spread across SEZ, IT commercial, and NPA areas, with the former two taking roughly 40% share each, and NPA areas contributing over 20%. It's interesting to note that GCCs contributed 40% of this total gross leasing during this 18-month period, which is roughly over 1.8 million sq ft, showing continued demand from GCCs. There's a strong demand revival in our SEZ portfolio, with occupancies growing by over 11% in the past 18 months. SEZ properties K1 and Downtown Powai SEZ are already at over 95% occupancy, and G1 and G2 are at mid-80s and moving towards 90% occupancies. We continue to have a strong pipeline across our SEZ properties, and we expect occupancies to improve across all of our SEZ properties in quarters to come. At portfolio level, we look at our occupancy track record for past six quarters. We have been able to consistently increase our occupancy quarter on quarter. With over 9% occupancy growth in past six quarters, our committed occupancy for the REIT portfolio today stands at 89%. Our board has approved a preferential issue of INR 1,000 crore at an issue price of INR 310 to new investors. Of course, this is subject to unit holders' approval. This would help create capacity to pursue future growth opportunities. We are in conversation with our sponsor group to evaluate acquisition opportunities in Bengaluru and Chennai. On the ESG front, we continue to make significant strides towards our net zero carbon goals by 2040 or sooner. Currently, 44% of the total energy requirement at our Delhi NCR campuses is sourced from renewable energy, and we are on track to achieve 100% green power across all our campuses by 2027. We have also achieved 44% reduction in carbon emissions against the 50% target by 2030. On the resource utilization side, we have reduced water consumption by 27% and achieved 58% recycling of water across our portfolio. With the completion of our efforts on the ESG front, we received many applause and awards. From EDGE, which is excellence in design for greater efficiencies, certification by IFC, which is part of World Bank Group, in recognition of achieving over 20% savings in energy, water, and embodied energy in Downtown Powai. G1, G2, N1, N2, and K1 have successfully been recertified under the ISO 50001 Energy Management System Standard, reaffirming their continued commitment to energy efficiency and sustainable operation practices. We also received CII Kaizen Award for the best sustainability practice for Downtown Powai, both SEZ and IT commercial asset and Airtel Center, demonstrating our strong focus on ESG initiatives. Looking ahead, we expect leasing momentum to remain strong in the rest of the year. With high-quality, future-ready campuses offering both SEZ, NPA, and IT local commercial space, we are well-positioned to attract a diverse tenant base and accelerate our journey towards higher occupancy and growth. Let me invite Amit to take you through the financial updates. Yeah, thank you, Alok. Good afternoon, everyone. We continue to grow organically. With sequence of occupancy improvement, contractual escalation, as well as the spreads achieved on re-leasing and renewal, our operating lease rentals have grown to INR 458 crore in Q1 FY 2026, 9% higher YOY compared to INR 420 crore in the same period last year. The NOI for Q1 FY 2026 is at INR 499 crore, 13% higher YOY compared to INR 440 crore in the same period last year. On the distribution front, we are distributing INR 5.25 per unit this quarter, translating to a total distribution of INR 319 crore. This is an increase of 17% YOY compared to Q1 FY 2025. Our REIT is well-positioned to benefit from the reducing interest rate environment backed by robust credit rating and predominantly resource-linked borrowing. As you are aware, RBI has reported consistent repo cuts for three times since calendar year 2025, reducing the benchmark interest by 100 basis points. Our portfolio has 88% of our loans linked to repo rate, and this interest rate cut shall translate to savings and hence increase distributions for us. We have already achieved 35 basis points reduction in our portfolio interest rate in Q1 FY 2026, and the remaining 55 basis points reduction in our portfolio interest rate shall come into effect in Q2 FY 2026. This would lead to additional interest savings of INR 61 crore per annum. We continue to maintain a dual triple-A rating from ICRA and CRISIL on the back of our strong balance sheet, a long-dated maturity profile, and limited amortizations over the next few years. Our outlook for future growth of NOI and distribution in our current portfolio is very healthy. Once our current portfolio achieves stabilization at 97.5% occupancy, we would realize growth of 13% in NOI and 23% in our distribution. In terms of numbers, this would mean our distribution per unit on a stabilized basis would become INR 26 plus. This is without accounting for any impact on account of contractual escalation, MTM, and any future changes in the interest rate. With that, I would request the moderator to open the floor for Q&A. Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. A reminder to all participants, if you wish to ask any questions, you may press star and one. We have a first question from the line of Puneet from HSBC. Please go ahead. Yeah, thank you so much. My first question is on the change in working capital and index adjustment of INR 375 million. If you can talk a bit about how much of it is coming from tenant deposits and which assets in particular it will be behind? Puneet, this is primarily related to the vendor payments, I would say. Now in Q1, there are manpower vendors who are typically paid in a time lag of two to three months. But for Q1, because of the year-end cycle, that lag is reduced to, say, a month period, right? But now in June, coming in June, so there is a time lag of, say, two to three months in making the vendor payment. So I would say the major movement in the working capital is because of this change in the cycle for the vendor payments, especially the manpower vendors. This is a positive number for you, right? Yeah, that's correct. In the current quarter, we have made lesser payments, and thereby, yeah, that's correct. Okay. Secondly, on your CAM and other revenue, if I look at CAM as a percentage of income from operating lease rentals, that has gone up to almost 40% compared to 34%-35% what it used to be. How should we read that? See, this is driven by increase in occupancy levels as well, Puneet. Our occupancy levels have grown by 9% in the last 18 months, right? And even in quarter on quarter, if you see occupancy is growing. So that means, and obviously, the operating expenses, the CAM expenses don't grow in the same ratio while our CAM revenues grow as our occupancy increases. So that is a broad impact and a reason for improvement in the CAM margins overall. But between the Q4, 25, and fifth, and the current quarter, where I think your occupancies have gone up marginally, the jump seems to have been quite sharp. That's what I'm trying to understand. There are two or three reasons there. I would say there is a contribution from MIOP as well. MIOP was acquired in the REIT portfolio in Q1. There is a profit margin which MIOP has for providing property management services to G1. That is one factor. As you see, the expenses have also increased, right, quarter on quarter. That translates into the increase in revenue as well. Occupancy growth is the third reason. Then if you see the NOI margins for our Kairos portfolio have improved because we have been able to recover higher costs as CAM revenue in that particular portfolio. I would say that these three, four are the primary reasons for a major increase in CAM revenue quarter on quarter. Okay, that's helpful. Thank you. And lastly, if you can talk about. Yeah, the last part of leasing that we had done six months back has started generating income only this quarter. So some amount of impact is on account of that as well. Yeah, no, I'm seeing I think on a Q on Q basis, your income from operating lease has been flat, but it's the CAM increase which is driving the growth on the NOI side. So hence the question here. Yeah, that's right. Lastly, on the preferential issue, how should we think about that versus a QIP? Why go for preferential issue and not a QIP? Yeah, so the reason we decided to raise a preferential issue as a manner of fundraising was really because there was a lot of interest in the market from non-institutions as well, which we were receiving at the same point in time in a QIP. A lot of, I would say, corporates who don't have QIB licenses or high net worth clients or family offices cannot participate. So this is the only way we can make them participate in the company's growth. So we decided to tap into the opportunity and raise funds. As you're already aware, we are in conversations with the sponsor group to enable a large entry into Bengaluru and Chennai. In many ways, this INR 1,000 crore, if this gets approved by the unit holders, will add to the INR 3,500 crore that we raised in Q4, not Q4, Q3 of last financial year and give us about INR 4,500 crore-INR 5,000 crore of dry powder, which will help us buy assets worth INR 7,000 crore-INR 7,500 crore. We believe we are in a good spot, and this fundraiser will help us only spend it. That's helpful. And lastly, on the ROFO part, what should one think about in the timeline for evaluating that ROFO, Equinox? Yeah, so I think the current focus for the REIT is to grow into markets that it's not present in. So I think the focus is Bengaluru and Chennai right now. And I think in terms of timing, of course, management wants to do it as soon as possible. We continue to work with the sponsor group, but we'll, of course, announce it as soon as we can. Okay, so my reading was this is they are also looking to sell to third party. So it's unlikely to come to REIT. That's how one should read it? Oh, you're talking about the right of first offers? Yeah, for Equinox, yeah. Yeah, so I think the seller has found a better price in the private market for that asset, and it's likely that it goes through there, but if it does not, then REIT ROFO comes back after three months, so REIT debt may come up because the seller got a better price in the market. Understood. That's helpful. Thank you so much. And all the best. Thank you. A reminder to all participants, if you wish to ask any questions, you may press star and one. Anyone who wishes to ask a question, you may press star and one now. We have our next question from the line of. Please state from Axis Capital. Please go ahead. Yeah, thanks for the opportunity. First is on leasing. So I think good traction this quarter on G1, G2, and N2 specifically. How is the pipeline sort of looking like now? Can we extrapolate this run rate in terms of leasing what we have seen in this quarter for the full year? And what would be our occupancy target for these three assets for this year considering the start that we have got? And second, on the exit that we saw in our considering the non-SEZ portfolio, likely was CRISIL. By when can we backfill the space? And what sort of rental expectations that we would be having? So first two questions on leasing. Yeah, so there are multiple questions, so let me take one by one. In terms of CRISIL, we all knew that it's going to get vacated. We are in a very advanced position with a global MNC to take up the space. And we are very confident that it should close. It should close this month itself. So the leasing of the same is secured. It will happen at market rentals. That's what's going on. So that's something we are comfortable. No challenges in that. So that's one. Then you talked about the pipeline. The pipeline is strong, and it is across the assets. We have a 5 million sq ft kind of a pipeline as of today, which is spread across SEZ, NPA, and commercial and non-IT assets. And, of course, pipeline doesn't mean that everything would get converted, but we have seen in past strong conversion to the pipelines what we have. Some of them are advanced decisions. So leasing is something we are comfortable with, and we have been maintaining that leasing momentum is there, and it will continue to kind of roll out. But also just talk a bit about individual assets. It will give some comfort when we talk about G1. We already at 84% good pipeline for SEZ as well as NPA flows. So that momentum is continuing. K1, we are already at about 97%. So pushing for the little leftover stuff. N2 is something, again, work in progress. I think G2 is something I would like to talk about because I think last call, some concerns were raised about G2, but we have maintained that G2 also probably will get resolved with the flag. We have seen two new tenants taking space in G2 last quarter, and both of the tenants are from our existing portfolio. They have preferred G2. They have been looking at G2. So this again validates that G2 also is gaining momentum, and please also keep in mind that in G2, while we have a strong discussion on NPA, we have not closed leases as such, but we are very confident that in the next few months, we should also do that. So again, I'm saying there was always some concerns of G2, but as we have maintained, we are getting strong momentum in G2 as well. Considering what we have given up, our leasing guidance said early 90s, 92%, around that 100 basis points, 200 basis points, we should be able to continue to keep making progress in leasing. Rentals also kind of are moving up. Tenants are closing leases faster. Not a lot of news is happening. Just seen 60% is by GCCs in our portfolio. Good positive momentum in leasing across sectors with, I would say, kind of a rentals also firming up gradually across assets. I'll just add to what Alok said. We have about 1.7 million sq ft of non-processing areas in our portfolio, of which 700,000 sq ft is yet to be leased because some of that conversion has happened very recently. If only that portion gets leased, we'll pick up 3% in occupancy. There's a much wider pipeline for that area today. So we feel very comfortable about the ability to prorate this run rate into the rest of the year and end at about 93%, as Alok described. For experience, so thanks for the detailed answer. Second, I think on our largest tenant, which is TCS, of late, we all have come across news about the layoff. Any sort of discussion that you guys are having with them in terms of any space which can come out, which is currently occupied, and they want to exit because of this layoff in employee count? That's an interesting question, but let me tell you, without taking names, we have not rented in the space in the last five years, and I don't know. I mean, so my team told me they want more space in one of our assets. So I would just say that. But I think my sense here is let's not get kind of unnerved by a noise here and there some of the companies go through this cycle. But let me just give you one while you have heard about one small, I don't know, negative or whatever it is. But large tech companies, they have decided to increase their back to office from two days to three days. Now, that company wants to establish in Noida, Gurugram, Kolkata. So, what the point I'm saying is some noise here and there will keep happening, but the momentum in India for leasing is very strong, whether it's to GCCs, whether it's back to office, whether it's to SEZ spaces getting converted into NPA, whether it's Indian companies in IT case, which can take IT space in SEZ campuses, which they were never able to take. And so one, you saying that doesn't affect us and is more effective on the ground, that's a point I'll give. Sure. Sure. Thanks for clarifying that. And just one last on the interest rate reduction part. So some of it we have already realized. Some of it is yet to. Overall, how much does it add to our current DPU run rate if the rest 50 to 5 basis points gets translated to us over the next couple of months? I mean, over the next, yeah, couple of months, if you think that we are going to benefit fully from whatever is already cut by the RBI? Yeah. So Amit says, so overall at the portfolio level, the benefit of 55 basis points rate cut that will come to us over the next one or two months would be in the range of around INR 60 crore. Out of which, REIT share would be, say, around INR 37 crore because taking the economic interest that REIT has in certain assets like NPA, G1, and Kairos. And on an annualized basis, going forward, I would say the overall benefit that would accrue to REIT would be in the range of INR 60 crores, which would translate into INR 1 per unit of distribution. Got it. That's helpful. Thank you. That's it from my side and all the best. Thank you. We have our next question from the line of Abhinav Sinha from Jefferies India. Please go ahead. Hi. So just a couple of questions on what you're seeing in terms of leasing trends on ground. So you have already elaborated a bit. But between the assets which we see in CBD versus outside CBD, how are you seeing rental uptick specifically? And also on the occupancy side, if you can talk a bit about that. No, so see, the leasing momentum is across kind of a micro market. CBD as well as, I would say, non-CBD properties. Leasing momentum is there. Rental increase, which is happening slowly and steadily, is also across all micro markets. Of course, at one quarter, a particular micro market can do better than other micro markets. That's always the main. But unless there's specific questions, I would say leasing momentum is across assets, across micro markets, CBD as well as non-CBD properties. On rental itself? Yes. See, it's very obvious when your occupancies move from 80% to 90%. When your leasing in top eight cities in country has been touching all-time highs from the last two years. It's expected to be 90 million sq ft this year. It was close to 90 million sq ft last year. Not many new properties are coming up. So of course, the spending of tenants and tenants also know that they have to, if they want space, they have to close space fast. Otherwise, as occupancies are moving up, they will not get a place of their choice if they delayed by 6-9 months or 10 months. So now that kind of an option is not there, then you can wait for some time and the property would still be available. And then this SEZ reform makes sure that some of the large companies, and I can't name them but from telecom sector, from automobile sector, they are looking at our campuses and other campuses as well. I mean, not only us, but even for other top-notch developers. So I would say the pool of tenants has opened up, actually. So that's given a lot of positive traction. And I'll just add one point to this. With the residential cycle doing so well, land prices generally in insulated locations have gone up. And what that really does is for any incremental supply to come, they have to charge a higher rental than those prevailing in the market, and definitely the buildings that are already leased. And that creates a good spread for properties like ours to capture that or at least grow at inflationary rates going forward. So on the rental growth, as Alok said, I think we feel very good because generally everything around either is coming in a project who had to pay a little bit above market for the land to secure it while residential was doing well, or there is no supply coming online because land has become too expensive. Both points put together actually create a very good demand-supply dynamic for properties like ours. Right. So second question on the acquisition pipeline that you have presented. So fair to assume that we will be looking to acquire this over a few years, I mean, in chunks rather than all at one go? Yeah. I mean, the sponsor group has a lot of properties, so it's difficult to acquire everything in one go. But as I described earlier, with INR 4,500-5,000 crores of dry powder in equity terms between the QIP and the preferential allotment, if this goes successfully, we will be able to buy almost INR 7,000-7,500 crores of asset value. Now, there are two ways to do it. Either we buy 100% of INR 7,500 crores or we buy 50% stake in INR 15,000 crores. So there are both ways to do it. But the sponsor group has more assets beyond it. So we expect that activity like this will keep happening every year with the REIT trying to scout for acquisition opportunities from third parties as well as the sponsor as we move along. Right. And also in tandem, how low is Brookfield willing to go down on the stake part? I would think percentage terms, I think, will still be the single largest shareholder in the REIT after this preferential allotment and far, far higher than the second largest unit holder in the REIT, and there are plenty of them. But again, I mean, I think stake percentages start becoming slightly less relevant when you see the absolute amount of money put into the market. Today, if Brookfield owns 25% of INR 20,000 crore market cap, it's INR 5,000 crores of money at work, while the regulatory minimum is just INR 500 crores. So it's very, very significant. I'll judge it less by the percentage, but more by the amount of investment that Brookfield has in this vehicle going forward. The number can be anywhere between 15% to 25%, but the absolute amount matters a lot more in our opinion. Great and thanks and all the best to the team. Thank you. We have our next question from the line of Dhiraj Dave from Samvad Financial Services. Please go ahead. Can you hear me? Yes, we can. Thanks for giving me the opportunity. My question related on slide 9. We had been given an indicative performer leasing DPU of around INR 25.7. So are we giving any guidance or in view of these new issues we tend to reserve? And if it is, basically, would it make sense to give us guidance rather than a performer kind of it? Because if it is, then in how many years' time do we expect to reach that 25.7, assuming the same portfolio, no changing issues? It's such an assumption. Yeah. So for this year, we have not given a DPU guidance, but we have distributed 5.25 last quarter. This quarter also, we are distributing 5.25. But for this year, we're not giving guidance. Now, this 25.7 is something, I would say. Let's say it's probably around two years' time frame, I would say, two months here and there. It could be earlier. It could be later. But this is an indicative number which does not capture, which only talks about if on today's rental, the properties get leased. It's not capturing the escalations which can happen over two years. This is an indicative number to show the headroom, and this should not serve as the guidance. Yeah. I understand. And I understand that part, but with such an assumption, assuming same kind of portfolio, means obviously if the things underlying it have changed considerably as you are exploring some acquisition, then definitely there would be change. But wouldn't it make sense because you had been giving guidance in the past? And all the REIT players, most of the prominent ones also give indicative guidance. So it makes sense. And among the peer group, it becomes relatively better to compare. So just one submission from our side or my side, please consider giving guidance. You may put all the essential assumptions, not because in the past you had been giving guidance, and you have done significant acquisition after that as well. So just one suggestion because just this performance doesn't help us to, as you correctly said, this will happen over two years' time. So we don't know when exactly we should. So if management gives a formal guidance, that would be helpful. So just one feedback. Second thought, we see significant distribution, or at least we see there is a shift in distribution, which is increasingly interest portion is getting less or taxable portion is getting less. So how should one see direction over one, two years' time? Do we see further reduction in the taxable portion in distribution? Right. So if you see our current ratio of dividend component and capital distribution component is around 60%-62%, dividend in the range of 10%-12%. We expect that dividend component of the distribution will increase over the next few quarters, thereby reduction in the interest component. So yes, we are targeting to reach a dividend composition of, say, 15%-20% over the next few quarters. In how many quarters of a year, if you can? But say, let us say March 2026, what would be expected dividend component in distribution? So hard to give a number as of now, but as I said, over the next few quarters, there should be growth in the dividend component. Maybe we can come back with a specific details around that. Yeah and humble request, please give us guidance with assumptions. No, definitely, but whatever because that helps us to compare all the risks. Thanks a lot. Wish you all the best. Thank you. Thank you. We have our next question from the line of Pradyumna Choudhary from JM Financial. Please go ahead. Yeah. Hi. Just a couple of questions. One, as a follow-up to the previous participant, is there any particular reason why we're not giving the DPU guidance? Is it with the acquisition that we're planning or any other reason as well? Yeah. I wouldn't say we haven't given any guidance. We have basically charted out the path for the distribution profile of the REIT itself. Of course, in view of the management, it can take, as Alok always describes, about eight quarters for us to reach those numbers. So in a way, you can prorate the INR 21-INR 26 into two branches where you say every 5% of occupancy will give you about INR 3. There's some rules. So we have given it in a way because we have given you the 93% occupancy guidance, but there's no specific reason for it. I think we are in an environment where interest rates are dropping as well. It's difficult for us to put that into our forecast. We can only talk about leasing, which we have spoken about as a part of our material. Any indication on these acquisitions, whether they'd be DPU accretive from first year or not? Yeah. I mean, that's the intention. In the past, whatever we have done, those acquisitions have been from modestly to very well. It has been as low as 2% in some acquisitions, but as high as 10% incrementally in the most recent acquisitions. So our intention will be to have a DPU accretion right from the Q1, not even the first year. Understood. Thank you. And all the best. Thank you. We have our next question from line of Kunal from Bank of America. Please go ahead. Great. Thank you. My first question was around your financing structure. Your exposure to floating rates is serving you very well in market conditions like these. But given that sooner than later, we should be headed to the bottom of the rate curve, are you thinking along the lines of increasingly shifting in favor of fixed? And I'm asking particularly because given that you have upcoming acquisitions, does it help by sort of locking in rates at a low absolute level? Yeah. Sure, Kunal. Sharon Weir. It does make sense to think about fixed-rate bonds with where we are in terms of the cycle, so as we look to raise incremental debt for relevering what we've historically raised as equity, a bond structure definitely looks far better today. We obviously look to balance between long-term maturity and on one side, pricing on the other side, and it's the right balance so that we're also not exposing the REIT to refinancing risk on an incremental basis, but yes, I think we constantly keep watching the bank loan and capital markets, and going forward, you should continue to see some amount of bond issuances that will give us a fixed rate and a floating rate structure to our capital mix. Got it. Okay. And then just to follow up on the rental rates in the market, a lot of the listed companies from where we have the data are essentially confident of path to early 90s, mid-90s in terms of occupancy. So I think based on past behavior, would you say a 90% sort of occupancy level is enough for you to start seeing those upward revisions to rental rates, or will it have to be more like mid-90s or late 90s to increasingly get there? So Kunal, rate revisions keep happening from asset to asset and from quarter to quarter. Of course, it's a function of so many things. We try to kind of subtract everything, but if you recollect, in Kolkata, it was interpolated almost by, I would say, almost 35%-40% when we have a large lease or a large lease coming out, and we did our top lease. We did from SEZ to NPA. So I would say as occupancies are moving upward, we are already seeing rate revisions. And as occupancies move from early 90s to mid-90s and across mid-90s, these assets have seen much higher occupancies in the past pre-COVID. And that also will happen. We have seen some assets achieving those occupancies late 90s, some assets suburban progress. Rate revisions are a continuous process, and we'll see continuous rate revisions. Got it. And then the final one, just again, a follow-up on IT services bit. Given this tedious news flow, there'll be quite a bit of debate around what's coming here in the next few years. And I just want to understand that if you think about this part of your tenant base, what proportion of the tenants are sort of back in office, maybe once or twice a week versus those that are back more regularly? Probably helps us draw a line to thinking as to as more of these companies have a return to office, how much of a question that could serve? I think that's a good question, and if you really see from last five years and over the next, I would say, two to five years, you will see tenant profile kind of getting reoriented. If you see our portfolio itself, we had 61% GCCs taking space. Their share in our portfolio is about mid-30s, about 35%. So gradually, the share of GCCs would inch up. It's good to say finally what it would look like. And then we can also see a lot of, as I said, maybe some of Telecom companies, some of the Indian companies, domestic companies taking space across our properties. Even SEZ, across non-SEZ, already have been taking space. So that would happen. The percentage of IT services companies will go down, has been going down. So that would happen. But we are not really worried because these companies also one company, one news doesn't define the sector. We have seen companies continuously taking space, even IT, IT services as well. And please keep in mind, most of these IT, IT services companies already, their portfolio is down to, I would say, 60%-70% pre-COVID. And their manpower is anything between 50%-60% up. So today, whenever they need space, they need on an as-yesterday basis. We have seen these companies come and they say, "We need to close today, not yesterday. I mean, not tomorrow. We need today. We want to start our occupations today." That's still happening, actually. So I think one company, one news, and that also 2% workforce, it doesn't worry us. We have seen that in the past. Really doesn't worry us at all. Makes sense. Okay. Thanks so much. Thank you. A reminder to all participants, if you wish to ask any questions, you may press star and one. As there are no further questions from the participants, I now hand the conference over to the management for closing comments. Yeah. So thank you, everyone, for joining today's call. We look forward to connecting with you next quarter. Thank you. Thank you. On behalf of Brookfield India Real Estate Trust Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.