Welcome to the first quarter earning calls for financial year 2025-2026. I'll just start with the key highlights before we start our question- and- answer session. Our overall sales booking for the development business stood at INR 11,435 crore, which reflects a year-over-year growth of almost 78%. This was led by another successful launch in our DLF Privana ecosystem. This reaffirms the sustained demand of high-quality products which are backed by DLF as a brand and also reaffirms the strength of our core market. The embedded margin from the sales made in the first quarter was close to INR 4,500 crore. The overall collections for the quarter were INR 2,794 crore, generating a net cash surplus of over INR 1,100 crore. We reduced debt by INR 1,364 crore in the current quarter, reflecting the strength of our balance sheet. We'd like to reiterate the key KPIs that we monitor remain to be net cash generation and gross margin. The gross margin potential for the sales already made stood at almost INR 24,500 crore, and for the products launched including the inventory is over INR 40,000 crore. The cash potential from this entire product launch over the period of time is over INR 46,000 crore. We believe that these metrics enable us to be a very strong and distinguished player in the market and it speaks of the embedded margin potential of the business which will be reflected in our financials during period of time. Revenue for the quarter was slightly short of INR 3,000 crore, INR 2,981 crore, with a gross margin of 28%. We would like to highlight that the gross margin is a reflection of the product mix, and with Camellias and the DLF City floors going down has led to a lower number. Operationally our embedded margin s tands to be Very healthy, which is reflected in the future potential which has been talked about, and this will get reflected in our reported financials as and when the new Edge projects start to come into fruition. Overall EBITDA stood at INR 628 crore and PAT at INR 766 crore, reflecting a year-over-year growth of 19%. On our annuity side, we have an operating portfolio of 46 million square feet with industry standard occupancy of 94%. Downtown Chennai received the occupancy certificate in the current quarter, and it's already leased over 99%. We also received the occupancy certificate for Midtown Plaza, which also has an over 80% released at the moment. The occupancy certificate is expected in the current quarter. The reported rental for the current quarter for DLF Cyber City Developers Limited grew at almost 15% year-over-year and almost 12% sequentially. PAT has had a very, very healthy robust growth year-over-year, reflecting at 26%. With this, I'll open for question and answers. Thank you very much. We now begin the question- and- answer session. Anyone who wishes to ask a question on the audio bridge may press Star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants on the webcast can click on the Ask a Question tab on the webcast screen and follow the instructions and join the Zoom meet and click on the raise hand icon in the bottom of the Zoom window. First question is from the line of Akash Gupta. Kindly introduce yourself and your firm name and proceed with your question. Hi sir, this is Akash from Nomura. Congratulations on the great sales performance for both Privana and the Bombay project. Sir, my first question is on your launch pipeline. What's your thought on the launch pipeline for the Goa project? Second, when are we bringing the next phase of Dahlias and what would be the size of that project and when are we bringing the phase II for the Bombay project? That's my first question. The second question is with respect to your collections. Collections for this quarter were slightly on the flattish side. What's your thought on that? Thank you so much, sir. Thank you. Goa, as you've seen when we mentioned and talked about Bombay, Goa as, and when the approvals come by, we will get down to Goa, which we're hoping they come by in the near future, Goa will work on that. With regard to the next phase of Mumbai, we've just about come out of the first phase. In fact, I was complaining right now that Mr. Tyagi has not even congratulated me. You know, at least let me take a breather here. Mumbai, we're excited. I think that we changed the discourse there and are very grateful for the support we got in Mumbai. You all are aware that we did what we did in record time, and we were oversubscribed i n our whole, i n the entire process, hopefully, even if we prepone and do whatever, the next phase will take until next year because of the SRA regulations, as you are aware. Mumbai has given us great belief and things, so we will come to Mumbai as soon as we get all our approvals. That's for the second phase. Dahlias, t he main launch in Dahlias is sometime in March, April. The main launch with the experience center and everything. That doesn't stop us from doing. We are still in demand. We will, we are taking this call. We had completely got out of the market. I, you know, references that are coming for Dahlias and I think our approach will be to kind of meet them and take this forward for Dahlias as well. I think as far as sales is concerned, this is what, how we're going to be approaching quarter, let's say three and four. As far as the collections are concerned, be rest assured, you know, there was some delays in, you know, construction, construction and therefore, I mean because of actually weather conditions and all that. Some demands couldn't go out. Let me just tell you, most of these demands or the monies are in the tune of almost about 80 to 90% received. Maybe just about 10% demands which, which got withheld because of certain conditions which are going in or are in the process of being sent right now. That will then take care of that particular team also. Got it sir. Thank you. My next question is on the DCCDL. DCCDL rental income was up by 15% in the quarter. I just wanted to know your thoughts. What drove the DCCDL rental income growth this quarter? The rental income growth, if you please allow me to explain to you on an annual basis, that will probably be a little easier. See, from the existing portfolio, the rental growth is between 7%- 8%, 8.5% or so. We have put in a framework in place where we want the growth to be in the mid-teens year after year. For that, the balance growth from 7%, 8% to the mid-teens comes from the new assets that come into play. The total growth will be, if you look at year to year, of about 15% or so. There will obviously be variances from quarter to quarter depending on which assets got completed and where the rentals commenced in a particular quarter. This quarter, we had the benefit of the last quarter we had the occupancy certificate of Downtown 4 Gurgaon. This quarter, we had the occupancy for Downtown 3 Chennai. The rentals for both these will commence sometime from September, October. I see. Got it, sir. Thank you so much, and best of luck. Thank you. Thank you. Next question is from the line of Puneet. Kindly provide your company name and proceed further with your question. Hi, this is Puneet from HSBC. My first question is with respect to the income recognition. Can you talk about what all projects were recognized in this quarter? Yeah, Puneet the OMT project in Delhi and the Garden City Enclave in Neo Gurgaon, they were the two main projects which were recognized in the current. Primarily the OMT is responsible for lower margin. Is that how one should look at it? Yeah. Yes. If I look at the consolidated sales number for ONE Midtown, it seems to be a negative number. Is there a cancellation here? You see ONE Midtown. What happened? It's not cancellation, but what has happened in ONE Midtown is that people have upgraded from two bedrooms to three bedrooms and three bedrooms to four bedrooms. The variance right now that you see is because of that. What you do is generally when, let's say, a couple of people, not couple, a lot of people had taken two apartments and they have now upgraded to one large apartment. The other one has come back to us, but that will be sold at the present premium, whereas at that point in time, these were three, four, about almost three years back. We've got a very healthy margin in each one of these. They're not cancellations, they're upgrades. When you look at the cumulative gross sales last quarter, it was INR 4,112 crore. This quarter it is INR 3,980 crore, so a -INR 132 crore. That's what I was wondering. What happens here is that because people had upgraded, we'd given them the option. Area to area, they had the same value. It's only the additional area that they paid for. This has been our practice since the Camellias times and all. There's nothing. Puneet, just to refurbish what Aakash is saying, people upgraded from, you know, they've taken two, three bedrooms, they upgrade to say a four bedroom and in the process releasing. I think about 25 odd apartments have gotten released, reflecting in the negative sales in this partner OMT. This I'm sure with the demand should be more or less done in the, hopefully the following quarter, if not latest in the next quarter. Okay, fair enough. Second, on the construction run rate, while you did talk about environmental related issues, weather related issues, what is the level of construction spend one should pencil in for DLF residential business? So Puneet, we had almost INR 742 crore, INR 750 crore odd spend, which was almost the same or slightly higher than what we possibly spent in the last quarter, which is always the peak. I think you can safely assume the number is slightly going up over the next two, three quarters or so. Okay, collections should primarily follow with those construction spends. That's correct. Lastly, there is also some bit of Vivad Se Vishwas recognition. Is there more to go or is it just for? This was the same one that was declared last in the Q4 of last year. One particular form, by the time it w as delivered to us. It was the f irst week of April. It was actually the money was paid in the first week of April even though all our applications had been done I think in January or whenever they were done. It is the same family of Vivad Se Vishwas which we have disclosed last quarter. Cash flow wise, one cash flow overflow into April. That's it. Lastly, on just DCCDL, when I look at the cash flow statement, the finance cost has gone up while your net debt has gone down on a Q-on-Q basis. I think it's got to do with the capitalization of assets. Since Downtown 4 Gurgaon and Downtown 3 Chennai got capitalized, one in March and one in April or early May, the interest then goes to the debit. If you observe, please observe, our net debt levels have gone down. Yes. I can see no material change in the finance costs as per P&L, but an increase in finance costs as per cash flows. Absolutely. I must say that last quarter we were graded AAA by ICRA, and if you may recall, we are already graded AAA by CRISIL. We were able to bring down our borrowing cost on the portfolio, which at an exit level is at 7.7% now, and we plan to continuously keep improving upon it. Okay, that's helpful. Thank you so much and all the best. Thank you. Participants may click on the raise hand icon to ask a question. Next question is from line of Praveen Chaudhary. Kindly provide your company name and proceed with your question. Thank you. My name is Praveen Chaudhary from Morgan Stanley. Hello Kumar Tyagi, Aakash ji and Badal ji, congratulations on a great quarter for pre-sales of Privana as well as the Mumbai launch and also big growth of 26% in t he rental business profit. Very good quarter. I have the same question that I always ask, which is what's the use of so much cash that you're generating? If Badal can provide us in t he next three years, how much cash are we expecting from DP business? If anyone else can tell w here will we use this cash? Because my calculation of dividend growth is n ot enough to use all the cash. That's the first question and I. second question on Mumbai project. The fact that it has been very successful and obviously we will do phase II as well. When should I expect or investors expect you to announce another project in Mumbai, if ever? Thank you so much. Hi Praveen. If you look at it, I think our overall cash balance is around INR 10,500 crore, of which almost INR 8,000 crore is sitting in the RERA account, which cannot be taken out per se and it's not free for use. INR 2,500 crore is sitting as cash balance right now, where there is a significant amount of dividend payout which is going to happen in the month of August itself. While technically at this particular time, I don't think we have significant surplus cash. Yes, the way the projects are being kind of envisaged and the way it's planned over a period of time, the company is going to generate a fair amount of cash. You'll have to appreciate that a significant amount of that portion will always be locked into the RERA account till the time this is completed. I think for the next 1-1.5 years or so, it may be premature for us to think of extreme surplus cash available for any other alternate use as an organization. While as an embedded margin, the cash will be available to us as and when the project is going to get consumed. Secondly, on the dividend, I feel that we have a very positive trajectory. Over the last five years, we have continuously increased the dividend, and as and when more cash is available, this trajectory may change. I would say that next 1-1.5 years or so, we'll have clear position on the excess cash available which is available for alternate use. I think we should be at that particular point in time. Praveen, really it will only be, I'd say about 24 months from now when Arbour sort of hopefully hits completion that this entire cycle of the inflated RERA balances will start significantly moderating. That's where the book cash will actually become actual usable cash. That's where, frankly, we'll have like what, 24 months to figure out what to truly do with the real big quantums of cash that could be available from then on in that sense, and Taptak obviously the dividend will keep on increasing. Secondly, as you know, dividend is a function of two things. One is the cash available and B obviously is the DevCo profit recognition. Frankly, I'd say for the next 18- 24 months, till the new generation of high rise projects hits the revenue recognition mode, the growth in dividend will be there and I think it's been a very impressive growth and it will continue at a very good pace. Possibly two years later, I think these paradigms could shift significantly. There was a question on Mumbai project. Mumbai, look, the phase I is done. The follow phase II, we are commencing the slum rehab construction now, and I think hopefully in the next 12 odd months we should have the approval level for the next phase of 1.2 odd million sq f to be made available to Aakash. This will keep on chugging along at the rate hopefully of a million odd square feet every 15 months or so. This is our projection. To your second question, would there be a second project in Mumbai? If ever, I think, I mean clearly we are open to a second project in Mumbai. We'll just have to figure out the right project and everything. As you have mentioned in the last many quarters, this was our first tentative return to Mumbai, and I think touchwood, the phase I has gone off very well. I think it clearly gives us more confidence. Hopefully in the next 12- 18 months we should get even greater confidence of Mumbai. We also settled our one old dispute that we had in Mumbai. I think clearly, hopefully Mumbai the geography should grow, but just be slightly patient with that. Thank you very much, and congratulations again. Thank you. Thank you. Thank you. Next question is from the line of Kunal. Kindly provide your company name and proceed with your question. Kunal, unmute your line and proceed with your question. If there is no response, we move to the next participant. Next question is from the line of Pritesh Sheth from Axis Capital. Please go ahead. Yeah, am I audible? I think I am. Yeah. Thanks and congratulations for the great quarter. First question, in terms of launch plans, you know, planned in DLF City, that is probably Hamilton Phase II, IREO, or all of these projects would largely be FY 2027. That's my first question. Yeah. Right now we are working towards whatever guidance we've given you all. I think we're first working towards that launches take. As you know, in DLF there's a lot of planning, especially on product, and I think that is what takes time. I don't think we'd like to compromise or circumvent that procedure. As far as the projects that you mentioned, they are slated for FY 2027. I think we will stick to that unless something changes or things are done. As per plan, right now we've g ot whatever we have committed. Itself is, as you know, a INR 40,000 crore turnover. A lot of work and effort and think time is going into that. Of course, whatever else that we've done, committed, we'll be finishing that for this year. Sure. I guess congrats for, you know, great response on the Mumbai launch. If you can highlight on the d emand w hich facets of the geography segment this demand came from and how do you see this panning out for the second or future phases? Any change in mix from what we saw in the first phase to second phase and we research for our Mumbai launch? Thanks Pritesh. Yeah, Mumbai, I think business came from all over. In fact, I was told that Mumbai doesn't even shift pin codes. We had business from south, we had business from all over. We had a massive, massive broker support in Mumbai who kind of brought in business from everywhere. The DLF brand prevailed. The product itself. I'd done an analyst meeting there at site. Most of you had come there. You know how good the product is. 50,000 sq ft is just the clubhouse. With DLF's track record of service and hospitality, most of the customers were thrilled to have a facility like this. I think what prevailed there was definitely a very solid futuristic product, very, very thought after. People love the balconies, people loved every attribute of what we had to perform, what we had to present there. That was very heartening to see. I was also told that Mumbai takes time in selling and it's flow wise and everything else. That confidence that the public at large and the customers gave really gave us a lot of strength. Our centers almost literally used to pack up late at night and get back there early in the morning to kind of get everything going. Great response in Mumbai with regard to, I mean the other demographics are all CXOs, CEOs, entrepreneurs. We got 20% of our business come from INR which is our regular trend in any of our launches that you may be tracking and seeing. These are the Mumbai NRIs we're talking about. Also, some of the other brokers all across the country contributed but they brought in people from Mumbai and around. I think the Maharashtra business prevailed. It was in 80: 20 and that's where we were, Pritesh. Got it. Just one question for Sriram sir on the SEZ occupancy, which is 87%. I think big opportunity for us to improve this going ahead and have a scale up in terms of our rental portfolio. How we expect the trajectory to be in terms of the SEZ occupancy? Okay, so let me first put the opportunity in perspective. You would have seen that we have an overall vacancy of about 6% in volume terms. In value terms, the vacancy would contribute only to 4% of total income. That's one part. The second part is in an SEZ. As you know, the SEZs are going through a transition at the moment where the government has allowed a certain portion of the SEZs to be converted into non-processing areas and then leased out as normal commercial space as per the license allotted to that particular plot. We are in the process of doing that and we believe that this 13% will slowly come down. I do not think it will come down in the next quarter or two. It will take a few quarters for it to come down. The process itself with the government, where you have to get the approval from the Unit Area Commissioner going right up to the Board of Approvals in the Ministry of Commerce, is a four to five month affair. Having said that, we have seen one more trend that the non-processing areas which are converted in North India seem to be getting better rentals compared to the SEZ areas. In the southern SEZs, we are not seeing that; the rentals typically remain the same for SEZ and non-SEZ areas. That's helpful and that answers my question. Thank you and all the best. Thank you very much. Next question is from Abhinav Sinha from Jefferies India. Please go ahead. Hi, congrats to the team on a strong set of numbers. Sriram sir, just a follow-up. I understand that straight lining for the Block 4 Gurgaon Downtown would have started last quarter. Did we start for Chennai this quarter or is it in Q2? The OC for Downtown 4 Gurgaon came in the month of February, and the spaces were handed over to the tenants. I expect the rentals to commence from next month and then right up to November, December when the full 100% rentals will start coming. The OC for Downtown 3 in Chennai came on May 4th. However, we have worked out with the largest tenant there, which out of 1 million had taken about 740,000 sq ft to start the fit outs after the fire. NOC came in November, and the good news is that the rental for that 740,000 odd will start from August 5, which happens to be today. The balance 400,000 odd, the fit outs are going on, and the rental for that should start sometime in November, December. Okay. Also, for Atrium, how do you look at this ramp up? Sorry. Atrium Place is. Yeah, Atrium Place is, you know, nearly fully leased. I think about 150,000 sq fet from 3.1 million is left. In fact, the entire amenities and retail area is also now going to be fully leased by the end of this month. We expect the OC for the first three blocks totaling to 2.1 million to come in by later part of this month. Three tenants have already started the fit outs and the balance will start the fit outs after that. As we see today, the rentals will come in sometime in January, December, January. Okay sir. Thanks. Aakash. A couple of questions on the resi side. On Dahlias, I understand earlier plan was to open the Experience Center in third quarter. Is it March, April now? Is there some reason for that or just taking some time for the product itself? No, it's just, you know, it's too grand a product and the experience center itself is going to be quite an experience. You know, especially when you have foreign consultants, you have equipment coming from all over the world, certain design related issues keep going back and forth. That is what it is. As I mentioned sometime back, sales, we are not going to stop sales. Sales we will continue. We got, as you know, 50% of Dahlias is sold and therefore, and you know, with super luxury it's always a valuation game Every sale p lease understand that in the entire Golf Links complex we have nothing. If somebody wants to actually now buy, we don't have stock. Retrade is something that we're concentrating on. We're trying to make sure that values are even further strengthened for all our customers, not even Dahlias, but Aralias, Magnolias, and Camellias. That's what we're doing both from the rental point of view and retrade and sale point of view. We are making sure that there's enough support given to our existing customers. Therefore, that is today. If people want, have that time, and are okay to wait it out for four years, then it daily has the pre auction. Otherwise, there is a constant and robust demand for Golf Links in general. I think that's what it is, also mostly. Mostly the. Mostly. Also, mostly the show and tell is, you know, the Camellias, existing Camellias, which is already ready. No matter what I do in our experience center, the proof in the pudding is in its eating and the kind of endorsement that I have of people who live there and who made good amount of money. Even, you know, they can say they've lived there. It's not money, but still it's great appreciation to their properties and, of course, their experiences that they go through. That's our biggest support to date. Right. On the launches for the year from the premium bucket, can we expect something? Premium bucket, yeah. We've got some of these things that are coming in. Our Arbor is more luxury. I think right now. At this point in time, I think we'll be concentrating on this and some restoration. I think that is what we'll be concentrating on for the next two quarters. Okay, sure. So Tyagi sir, maybe if you can help me with one. I mean, just wanted to understand how you're seeing the movement on approvals for, say, the next set of One Midtown. Are things better in Delhi on that front, or it's still more than a year or two years out? One Midtown then. I mean, not one Midtown, but basically that Midtown project. The next phase, I think in all fairness, is a couple of years down the line. Obviously, the approval processes and all have begun. The EWS is, you know, we constructed that. I think by the time launch ready Hoga, you could be talking of two years. Clearly, it should be fiscal 2027-2028. I don't think it's going to happen in the fiscal 2026-2027, the way things look right now. Is it still the same issues or have they sort of changed? I am honestly not as prudent into the ministry of the approval policies. I think obviously the Delhi may, because the quantum of high rises that come up for approval is far lower than a Gurgaon or a Mumbai or a Chennai. The process is slightly slower than what it is in these cities where this is almost down to a process. I don't foresee any fundamental challenge except the general pace is just a trifle more complicated or slower in a place like Delhi than it is in Gurgaon or Mumbai. It's also the multiplicity of authorities and the way the city is governed. I think all of those things just add to that challenge. Thank you. Next question is from line of Girish Chaudhary from Avendus Spark. Please go ahead. Yeah. Hi. Good evening. Congratulations on the successful launches. Firstly, if you could help us understand the embedded gross margins which, if I refer to slide number 10, this quarter was around 39%. It is lower than FY 2025. I understand that. Why should this be lower than fiscal 2024? We have seen a meaningful price increase for Ivana over the last two launches. That's the first question. Right? Girish, embedded margin for the sales done for the quarter is coming at 40%. The margin for our projects, as you would appreciate, when we drop a project budget, there's a fair amount of contingencies and escalations which are built in the project line itself. As an organization, we always continue to be slightly on the conservative side. 40% margin for P1 or not is, I would say, still fairly reasonable. This is in line with our guidance of almost, on a product portfolio perspective, a weighted average margin of 45%. The INR 4,500 crores over INR 1,100 crores kind of reflects 40% margin. It's the improvement on the 36%, 37% in that case. Second, if you can guide us. Girish, sorry to interrupt. Can you please speak through the handset? Sorry sir, there was hold music from Unisha's line. We'll move on to the next participant. Next question is from the line of Kunal. Kindly introduce your company name and proceed with your question. Yeah, hi, this is Kunal from CLSA. Just on the cash utilization side, r ight? You did mention that there's a lot of completion coming in the next few years, and that will unlock a lot of cash i s sitting in the RERA accounts. At what level of cash w ould you be compelled o r for that matter, like you would l ook at deploying that cash into growth capital vis-à-vis keeping it in banks? Please understand, the preferred utilization of free cash is growth or shareholder return. Honestly, obviously if we have cash more than what those two can absorb, then it goes into earning financial income. There also, I think over time as those quantums swell, you will have to figure out more efficient uses of improving the financial income. Clearly, there's no threshold as such; we'll begin hunting like we purchased, did one deal last year. If there are opportunistic transactions that come our way, we'll be more than happy to look at them. In the last two years or so, we did about INR 1,100 crore odd in that Sector 61 transactions, we have spent a few hundred crores in the Mumbai investment. Clearly, we continue to invest, in fact even in the lighted land acquisitions through the year. I think it's a number which almost approaches INR 800 crore-INR 1,000 crore through the year. Four acres here, three acres consolidations there, Horizon Center, TDR land, all of those things. I think we are keeping our machinery busy. If you're looking at a big bang land acquisition, I think A, it will depend on one that is available to our risk appetite, and our risk appetite in all fairness might be lower than what some of our competitors may have. B, I think obviously the cash is there even today. Access to cash is the least of our problems right now, frankly. B is that given that we have already a land bank of more than 20 odd years, it has to be a very, very tempting opportunity for us to be tempted into it. Sure, sure. Just to follow up on that, having seen the kind of response t hat you got in, in Mumbai and the success that you received, are you now going to start, will you look at other geographies also besides Mumbai just to, you know, see how the brand is perceived and, you know, what kind of response you can get in these new markets? Honestly, outside NCR and Chandigarh, Tri- City where we have vast land potential, I think Mumbai is our only location where we are potentially looking to execute and hopefully over time invest because it is the country's biggest real estate market. We were not present for such a long time. This is our first very controlled entry experiment and hopefully if this clicks and if this does well for us and for our customers, there could be both opportunities there. Kunal, respectfully, I just want to say that you send me also on a wild goose chase. The point is that share value with the Banachi, so that's how we go back. When we go back and talk to the management, they say every other parameter has been met, everything has been done and you got margins. Basically, what happens is first I was told, oh Mumbai, tough market. Three years we've been talking, press, you guys, everybody told us this. Now that resounding success, the day of the success, actually that morning the shares dropped by 2%. I don't know what the parameters or where the motivation lies, actually. Honestly, we keep going down circles. The point is that if you are talking about our ability to go to any place in the country and do whatever we are, and I'm saying this very humbly as our, you know, we, we have that, we've got land banks that we have to monetize here and elsewhere and we will do that in good time. I also recall that conversation in 2018 where we were termed as, you know, an elephant and not agile. I've been through all those cycles, you know, now that we are doing whatever we're doing and demonstrating it, I think somewhere down the line someone in the system is not convinced of what is happening. Fine, I think one step at a time. Whether it is Gurgaon or Mumbai or Panchkula or Chennai or Bangalore, I can assure you wherever we go, there's a certain way we operate. There is, you know, thankfully a good customer base that continues to have faith in us and support us. I think right now what DLF is doing is not on that treadmill. DLF is also being very conscious of two things: one, responsible pricing and second, execution. I think that's where we are. None of this should be misconstrued to be any weakness or our ability to do INR 50,000 crore a year or anything. This is where we are right now and this is where we'd like to keep it. Thanks Aakash. Just reconfirming a few launch timelines. You did say that you'll open Dahlias for sales even during the festive season, despite the formal launch in March and April 2026 s o that, t hat will continue right from the festive season? Yeah, that we will have to continue because thankfully, as I said, 50% of Dahlias are sold. Now I'm under pressure from friends and family, you know, but all that is going to come at an incremental value, I mean valuation. I can assure you that whatever has been done has been done. The new sales or the new, not even, I'd say if I can call this pre-launch, I'll be pre t hat was pre-launch. Now this is pre-launch and then there'll be launch. Even now the valuations have kind of gone up in D. And then o n the couple of projects we had l ined up, even in DLF City, I suppose in this fiscal, w ould that also come i n the second half? No, they were not in this fiscal, they were always in the next fiscal. There are some very exciting projects that are on the annual and you will see them. Lastly, on Goa, Goa launch, did you say FY 2026 or FY 2027? No. As soon as we get, like, you know, all these new regions, whether it's Mumbai or Goa, they come with their own complexities and also their approval processes. I think Mumbai took program. Thankfully, all's well that ends well. Goa will also, it's in the last stages of approval. I think as soon as that is done, we will be in the market. Sure. My last question was to Mr. Kakarji sir, one of your peers recently bought o ur stake from its partners, which was i nitiated by its partner in one of the rental platforms. Are you hearing anything from GIC in terms of, like, you know, potential exits or anything of that sort? In DCCDL? Yes, in DCCDL? Yes. So t he answer is a very straight no. They have been invested in us from the later part of 2017. It's nearly eight years now. They're very credible and it appears they are quite happy with the way their investment and the progress that DCCDL is making. Between Ashok and me, we have not heard anything from them in terms of their wanting to exit. However, on the other hand, they are always looking at seeing how they can invest more with us. Yeah, very clear, sir. Thank you. You should check with them. Thanks. Thank you very much. Next follow-up question is from Girish Chaudhary from Avendus Spark. Please go ahead. Yeah, thanks for the follow-up. Couple of housekeeping questions. Firstly, if you can guide us on the CapEx budgets, both DLF's and DCCDL for FY 2026 and FY 2027. I'll probably answer DCCDL and rent co assets which are either in DLF, DCCDL, or say the Atrium Place investment. We will be investing in the ballpark of INR 5,000 crore this year and INR 5,000 crore in 2026, 2027. Okay, got it. In terms of any updates on the exit rental at DCCDL for fiscal 2026. I think the exit rentals for March 2026 for DLF as a whole will be INR 6,700 crore, out of which INR 5,900 crore will be DCCDL and the balance INR 700 crore, INR 750 crore will be between DLF and Atrium Place. See DLF is now going to get three new malls for $1.3 million in Moti Nagar, Summit Plaza in DLF Phase 5, and Goa. It will have the benefit of one data center in Noida and the Atrium Place rentals kicking in. Whilst you will see that the rentals commence this year, the actual full year benefit will come in FY 2026, FY 2027. Got it. That's very clear. Thank you. Thank you. Next question is from Vasudev Ganatra. Can you introduce your company name and proceed with your question? Yeah. Hi. Thank you for the opportunity. I'm Vasudev from Nuvama and congratulations on the super quarter. Just on the 1.3 million sq ft of malls which you just said. Just wanted to know where are we i n terms of leasing and completions for these assets, I'll start with the three malls. The first is what we call a High Street Plaza which is near the Midtown Plaza projects in Moti Nagar. That mall is now 85% leased. It got its occupancy certificate about three months back. The tenant fit out is commencing, you know, because of the rains there was a little disruption, but i t is commencing now and we expect that by December the rentals will start. Summit Plaza, which is in DLF Phase 5, for that the OC application is being submitted during the course of this week. It typically takes 60- 75 days for the OC to come and the fit out starts around the time of the OC with most players other than some of the anchors. Therefore, we believe that should also start generating the first round of rentals from Q4, FY 2026. Goa Promenade, Goa, which is the biggest out of these three, the construction is delayed by about a quarter primarily because of the slowness in the labor markets in Goa. We expect the mall to be completed by January and the fit outs to start thereafter. I was in Goa recently and I dare say that the design of that mall and the way it is coming up, it will be an excellent example of how a mid-size mall should be designed and created. We will surely have the first mover advantage in Goa. Yeah, sure, sir. Thank you. Just one number about gross leasing that we did in this quarter. This year our target gross leasing is like last year, between 8 million sq ft- 9 million sq ft in offices and between 1 million sq ft- 1.4 million sq ft, leasing 1.5 million sq ft in the malls in the retail space. Okay, sure. Thank you. That's it from my side. Thank you. Next question is from the line of Akash Gupta. Kindly provide your company name and proceed with your question. Hi Sir Aakash, sir, in FY 2025 we did a pre-sale of roughly INR 210 billion crore. During the Investor day we were thinking that the pre-sales for this year would be also at a similar level. Now the experience center for Dahlias, we a re bringing in March and April. Do you think there's a risk to this number or FY 2026? No, there is hopefully no risk to this number. I think if you see we have already done INR 11.5 billion crore in the first quarter. Uske baad Mumbai has already happened. I think we will already be sitting at about INR 14 billion crore. I think that this number of INR 20 billion crore-INR 22 billion crore that we had said last time is completely secure, you know. I think let's just see how the balance pieces fall into play. I don't think we have a challenge on this, on the sales guidance that we had given you. The second piece I'd like to, which I thought was a part of my closing comment, but I put it here also, is that much as it will break your hearts, pre-sales is not a metric that we track. We track margins and cash flows, and pre-sales is a necessary fuel for that. Because, you know, we do INR 30,000 crore or INR 20,000 crore or INR 18,000 crore. As long as I'm generating the same quantum of embedded margins and the same quantum of current and future cash flows, those are the metrics that we are looking for. Frankly, not just pre-sale. I mean, the INR 20,000 crore pre-sale this year will have the entire Privana piece. We'll have hopefully a healthy sprinkling of Dahlias. We'll have Mumbai, we'll have some of Tri- City, Chandigarh. Last year the pre-sale of INR 21,000 crore had a huge INR 13,000 crore of Dahlias. I think it's what constitutes that pre-sale, which is the number that, frankly, you know, we are focused on versus just the pre-sale number by Excel, really. Also. Understood, sir. Thank you so much. Thank you very much, ladies and gentlemen. That was the last question. I now hand the conference over to Mr. Ashok Kumar Tyagi for closing comments. Thank you so much, all of you, for taking time out on this Tuesday afternoon. Yes, we had a decent quarter. Obviously, we need to continue sustaining this. As I mentioned just now, our primary driver continues to be to strengthen our embedded margins, to strengthen our operating cash flows, and to strengthen and grow our rental business. I think on all the three parameters, we continue to work in a reasonably strong pace. Mumbai this quarter was a first for us in that sense, and we are happy that Aakash pulled it off. Previous quarter, the entire Privana North sales was also an absolutely fantastic experience. INR 11,000 crore of sales. I think whatever steps we had outlined for ourselves, whatever objectives we had shared with most of you who came in on the analyst day, we continue to relentlessly pursue that path without necessarily getting distracted into anything else. Hopefully, the next few quarters will continue to be an ongoing journey down that road. I think we'll continue sharing the good news, hopefully with you, quarter on quarter. Thank you. Thank you. Thank you very much on behalf of DLF Limited. That concludes this conference. Thank you for joining us. You may now disconnect your lines. Thank you.