Good evening, everyone. A warm welcome to all for Embassy REIT's fourth quarter FY 23 earnings conference call. Currently, all participants are in a listen-only mode. Our speakers will address your questions at the end of the presentation during the question and answer session. As a reminder, this conference call is being recorded. I now would like to introduce your host for today's conference, Mr. Abhishek Agarwal, Head of Investor Relations for Embassy REIT. Sir, you may begin. Thank you, operator. Welcome to the fourth quarter and full year FY 23 earnings call for Embassy REIT. Embassy REIT released its financial results for the quarter and financial year ended March 31, 2023, a short while back. As is our standard practice, we have placed our financial statements, earnings presentation discussing our performance, and a supplemental financial and operating data book in the investors section of our website at www.embassyofficeparks.com. As always, we would like to inform you that management may make certain comments on this call that one could deem forward-looking statements. Please be advised that the REIT's actual results may differ from these statements. Embassy REIT does not guarantee these statements or results and is not obliged to update them at any time. Specifically, any financial guidance and pro forma information that we will provide on this call are management estimates based on certain assumptions and have not been subjected to any audit, review, or examination procedures. You are cautioned not to place undue reliance on such information, and there can be no assurance that we will be able to achieve the same. Joining me today are Vikaash Khdloya, the CEO, Aravind Maiya, the CEO Designate, Abhishek S. Agrawal, the Deputy CFO, and Ritwik Bhattacharjee, the CIO. Vikaash will start off with business and industry overview, followed by Ritwik and Abhishek. We will open the floor to questions. Over to you, Vikaash. Thank you, Abhishek. Good evening, thank you all for joining us on the call today. We recently completed our fourth year since listing, continuing our strong business performance and accelerating our growth investments. While we will take you through the details shortly, I am pleased to report that we have once again delivered on our annual guidance. In the last fiscal, we added 44 new occupiers and leased a total of 5.1 million sq ft across a record 100 deals, including 2 million sq ft new leases at 17% re-leasing spreads. We activated 2.3 million sq ft new on-campus developments at highly accretive yields and announced an NAV accretive tuck-in acquisition in North Bengaluru. We generated healthy 11% net operating income growth ahead of our guidance. Moreover, despite the rising interest rates, we delivered on our distribution guidance of INR 21.7 per unit, marking our 16th consecutive quarter of 100% payout and taking our overall distributions since listing to over INR 78 billion. On the balance sheet front, we refinanced or renegotiated INR 53 billion debt at 101 basis points positive spreads, maintained low 28% leverage and a competitive 7.2% debt cost. A fantastic year overall, and we are pleased to deliver to our unit holders. On the macro front, though, global economic and capital market volatility continues with both inflation and interest rates at elevated levels. This has led to considerable stress in the global CRE market, resulting in widespread earnings declines. Amidst this overall cautionary backdrop, Indian REITs have remained resilient as India office remains a bright spot, given its dual structural advantages of abundant talent and low cost. Global companies are setting up and expanding their captive centers in India. Despite the layoff headlines, they continue to hire talent here, especially in critical business areas like R&D and product engineering. Although there might be near-term delays in office deals closures till the macro uncertainty abates, increased focus on costs and efficiencies by global corporates will eventually accelerate the India offshoring trend. At Embassy REIT, our conviction in the India office opportunity remains strong as ever, especially for institutionally managed Grade A properties. Our view is further corroborated by NASSCOM's recent industry report, which outlined that just last year, around 100 new captive centers were set up in India, and 500 more are planned over the next three years. We continue to capture demand from these global players through our premium wellness-oriented properties and focused investments in the most sought-after micro markets. On the regulatory side, the government and regulators have been very supportive of the REIT product, and they continue to improve the framework around management, operations, financing, and taxation of this emerging asset class. While the industry awaits further progress on the SEZ front, the recent amendments to the Finance Bill brought in much needed clarity on taxation of repayment of debt component of a REIT's distributions. Given the clear, stable, and tax-efficient framework, we are confident that REITs will continue to attract domestic and foreign capital. The recent launch of a REIT InvIT index by NSE further helps raise awareness as well as increase liquidity for our total return product. On the ESG front, just last month, we hosted our flagship event themed In It Together for a Better Tomorrow, where we collaborated with over 200 of our occupiers on sustainability strategies. We commissioned the first phase of our 20-megawatt solar rooftop project and announced plans to explore doubling of our existing captive solar capacity. Our industry-leading ESG program received several global recognitions during the year from GRESB, USGBC LEED, British Safety Council, and the WELL at scale certification from IWBI, and we continue to progress on our FY 25 ESG targets as well as our broader net zero 2040 goal. Our ESG leadership remains a key business differentiator and a driver of premium rents. Finally, I am pleased to confirm that the board today has approved the appointment of Aravind Maiya as CEO for Embassy REIT, effective first July 2023. Aravind is known to many of you as he has been part of our leadership team earlier, playing a pivotal role as the REIT's CFO. After an incredible 12-year journey with Embassy REIT and Blackstone earlier, I believe the time is right for me to pursue other interests and passions. It has been a privilege to lead Embassy REIT, and I'm proud of the team and the results we have achieved over the last four years since our listing. I will now pass it over to Aravind to say a few words. Thanks, Vikaash. Good evening, everyone. It's an absolute pleasure to be back, and I look forward to working with the team and interacting with all of you. Let me now hand it over to Ritwik to present our business and operating highlights for the year. Thank you, Aravind. Hello, everyone. Before I begin, I would like to say that it's been a privilege working with Vikaash over the last five years. He's been a driving force in bringing the REIT to where it is today. It's also a pleasure welcoming Aravind back into the fold, and I look forward to resuming our partnership at the REIT. Let me start with the business and growth highlights for the year. We leased 5.1 million sq ft across 100 deals, and we've surpassed our annual leasing guidance of 5 million sq ft. We've grown our active development pipeline to 7.9 million sq ft, over 90% of which is in Bengaluru, that's India's best-performing office market. We announced the tuck-in acquisition of the 1.4 million sq ft Embassy Business Hub park that further expands our strong presence in North Bengaluru. On our leasing performance. We've leased 5.1 million sq ft across 100 deals, which is comfortably the highest over the last 7 years, both in terms of the area leased and the number of deals. This includes 2 million sq ft of new leases at 17% re-leasing spreads and at a premium to market rents, as well as 1.8 million sq ft of end of tenure lease renewals at 16% renewal spreads. We've also secured 1.2 million sq ft of pre-commitments for our under-development projects, driven by the expansion of our existing banking and financial services captive occupiers. Factoring our 2.2 million sq ft of exits during the year, primarily from Indian IT services occupiers, our Q4 occupancy stood at 86%. It's instructive to note that our non-SEZ occupancy stands at a healthy 93% on a same-store basis. Both demand and supply trends increasingly point to a strong preference for non-SEZ office space. We're seeing some key trends in the market. First, Indian office demand continues to be led by global captives. Captives contributed around 70% of our FY 23 new and pre-leasing, and now accounts for over 55% of our annual rents. Second, corporates from sectors such as retail, insurance, and healthcare, all of which rely on technology and are increasingly embracing digital footprints, are also setting up and then rapidly scaling their India captive centers. In just the last year, we've added 44 new occupiers in these kinds of sectors, among others, across our properties, and we've successfully leased 1 million sq ft to them. Third, while large deals are currently scarce, most markets are witnessing some healthy traction for small to mid-size deals that range between 30,000-70,000 sq ft. Our highest ever deal count of 100 deals last fiscal year at an average deal size of 40,000 sq ft underscores this trend. We're also seeing occupiers who had earlier exited or reduced their office footprint now re-engage for new space requirements. We expect deal activity to pick up later this year, and we're well-positioned with over 800,000 sq ft of an active deal pipeline for our existing operation portfolio and an additional 1 million sq ft of pre-commitments for our under-development portfolio. On our development portfolio and our hotels. During the year, we continued to launch, build, and deliver state-of-the-art buildings to cater to the momentum we see in office demand in the years to come, particularly in Bengaluru. We delivered two projects across Pune and Bangalore, the 900,000 sq ft Hudson and Ganges blocks in Embassy TechZone, Pune, which has now been denotified as a non-SEZ block, and the 1 million sq ft M3 Block A in Embassy Manyata, for which denotification is underway, and the occupancy certificate is also expected next month. We launched 2.3 million sq ft in Bangalore across three new projects, including the first-of-its-kind D1, D2 redevelopment at Embassy Manyata and the new Helenium block in Embassy TechVillage, through which we've enhanced our FAR by 1.2 million sq ft. We've accelerated the 3.3 million sq ft in Bangalore and Noida across three ongoing projects. Of these, as we mentioned previously, the M3 Block B development is delayed due to the non-availability of transferable development rights, or TDR, and other related approvals. All efforts are on to meet the committed delivery timelines. Including Embassy Hub, our total development pipeline is now 7.9 million sq ft, most of which is either in the process of denotification or planned as non-SEZ at inception. These active developments will be delivered over the next four years at a INR 40 billion total committed CapEx, of which INR 28 billion is pending costs that is to be spent as of year-end. These projects are expected to add approximately INR 9 billion of annual NOI upon stabilization at attractive yields. By design, over 90% of the growth pipeline is in Bengaluru, which is the most attractive office market in India, both in terms of occupier demand and development economics. A fifth of our development pipeline is already pre-committed to leading global companies such as JPMorgan, ANZ Bank, and Philips. Additionally, we have around 1 million sq ft of an advanced deal pipeline from banks and other tech captives that specialize in cloud infrastructure and enterprise solutions. We're confident in stabilizing these properties within a year or so of their launch. As an example, with 162,000 sq ft of new pre-commitments in Q4 and an additional 325,000 sq ft of advanced discussions, M3 Block A is expected to be around 50% pre-committed at the time of delivery. A quick word on our hotels. As you might recall, we've launched 619 key dual-branded Hilton hotels at Embassy Manyata early last year. We achieved break-even levels within the very first month of their launch. Our overall hospitality business continues its strong rebound, with 50% occupancy, a 57% ADR growth, and an annual EBITDA of INR 982 million. That's over 2x our guidance. We continue to invest in the development of the 518 key dual-branded Hilton hotels at Embassy Tech Village. On our latest acquisition, last month we announced that the REIT would acquire Embassy Business Hub, a campus-style business park in North Bengaluru, for a total consideration of INR 3.3 billion. Close to both the airport and to the REIT's flagship Embassy Manyata property, Embassy Business Hub cements the REIT's dominant presence in North Bengaluru, a micro market that continues to witness an influx of global captives. Of the 1.4 million sq ft acquired, 0.4 million sq ft is nearing completion, and 93% pre-committed to Philips and provides stable cash flow visibility. The balance, 1 million sq ft, is in early stages of development. Additionally, we've secured a right of first offer for future phases of this property that totals 46 acres. This further extends the REIT's growth options. The REIT followed stringent related party safeguards and acquired Embassy sponsors affiliates' share of the 1.4 million sq ft of total leasable area in the property. This small acquisition, which accounts for less than 1% of the REIT's GAV, was priced at a 4.5% discount to the average of the 2 independent valuations. The NAV accretive acquisition was financed through debt, which we secured at an attractive 8.1%. We do continue to evaluate other acquisition opportunities while closely tracking the capital markets, which continue to remain challenging for raising new capital. As we stated previously, we're focused on ensuring that all acquisitions are strategic, follow relevant governance safeguards, and are value accretive to our unitholders. Over to Abhishek now for our financial updates. Thank you, Ritwik. Good evening, everyone. Let me start with our financial highlights for the year. We grew NOI by 11% year-on-year and surpassed our guidance by 2.3%. We delivered distributions of INR 21 billion, or INR 21.71 per unit, in line with our guidance. We refinanced, renegotiated over INR 53 billion debt at 101 basis point positive spreads, with our in-place debt cost at an attractive 7.2%. Let me take you through the details. First, an update on our full year financial year 2023 income performance and distributions. Revenue from operations grew by 15% year-on-year to INR 34 billion. This was mainly driven by new lease-up at attractive re-leasing spreads, contractual rent escalations, new deliveries, and a rebound in our hotel business. This was partially offset by the impact of exits in our office portfolio. NOI and EBITDA both grew by 11% year-on-year. This was primarily driven by the increase in revenue from operations, partially offset by increased hotel operating expenses corresponding to the ramp-up in our hotel business. Our NOI and EBITDA margins stood at 81% and 79% respectively and continue to be the best in class. In fact, for the commercial office segment, our NOI margins consistently remain around 86%, demonstrating our scale and efficiency. Net Distributable Cash Flows stood at INR 21 billion, in line with the previous year. The year-on-year increase in our NOI and EBITDA contributed positively to our distributions, which was primarily offset by an increase in interest costs. This incremental interest cost was mainly related to our recently delivered buildings, the INR 46 billion coupon-bearing debt raised to refinance our earlier zero-coupon bond, and rise in interest rates on our floating debt. Earlier today, our board of directors declared Q4 distributions of INR 5.3 billion, or INR 5.61 per unit. This brings our financial year 23 distributions to INR 21 billion or INR 21.71 per unit, which is in line with our guidance despite considerable rate hikes in the market. Moving to our balance sheet and other financial updates. We continue to maintain our fortress balance sheet with low leverage of 28%, attractive 7.2% in place debt cost, dual triple A stable credit rating, and a INR 104 billion pro forma debt headroom to finance growth. Further, in line with our ESG commitments, we have considerably grown our sustainable finance portfolio to INR 35 billion, which represents 24% of our total debt book. Our debt strategy remains focused on active capital management and interest cost optimization. During the last financial year, we raised a total of INR 41 billion debt at competitive 7.8% interest cost even amidst continued rate hikes. We refinanced or renegotiated over INR 53 billion debt at 101 basis point positive spreads, resulting in INR 537 million annualized pro forma interest cost savings. 61% of our INR 148 billion debt book now carries a fixed rate of 6.7% for an average maturity of 22 months. The balance 39% is floating debt, which carries a fixed interest rate for an average of five months. With this, while we are not fully immune, we remain relatively better placed, even as rising borrowing costs continue to impact the entire industry. Moving to an update on our year-end portfolio valuation. As per the independent valuer's assessment, our gross asset value increased by 4% year-on-year to INR 514 billion, and our net asset value remained in line at INR 394.88 per unit. This change was mainly driven by our new deliveries, ongoing development CapEx, improved hotel performance, and changes in leasing and property level stabilization assumptions. In conclusion, I would like to reiterate that we are conservatively financed, have access to diversified sources of capital, and are well-placed to navigate the current volatile macro and rate environment. At the same time, we remain well-positioned to invest and deliver on our growth in the coming years. Over to Vikaash for his concluding remarks. Thank you, Abhishek. Another very solid and encouraging year, marking our fourth year anniversary since listing in April 2019. Over the last four years, our team has accomplished a great deal. We raised the scale of our portfolio from 33 million sq ft at inception to a massive 45 million sq ft today. We leased a total of 11.4 million sq ft across 257 deals, achieving 22% leasing spreads and expanded our occupier base by a third to 230 corporates. We delivered 3.4 million sq ft of new office space and launched 7.9 million sq ft new developments, including the first Grade A office redevelopment at scale. We acquired a world-class business park in ETV totaling 9.1 million sq ft and raised over INR 36 billion of equity through India's first QIP buyer REIT. We refinanced or renegotiated around INR 143 billion debt in reducing our interest cost by around 204 basis points. We're the first to access long-term debt from NBFCs and insurers in the Indian REIT context. We also launched our industry-leading ESG framework and net zero 2040 commitment. Finally, we enhanced our NOI by 76% to INR 28 billion, delivered close to $1 billion in distributions, and expanded our investor base by 18x to over 75,000 today. Looking forward, we have a clear strategy to further solidify our business and execute accretive growth to cater to the continued offshoring demand for India's talent and thereby office needs. As long-term asset owners, we continue to enhance the scale, quality, and reach of our properties as well as our occupier base, which shall undoubtedly deliver value across business, market, and economic cycles. We have an excellent team of over 110 very talented professionals who are committed to execute this strategy and are driven by our ultimate goal of maximizing value for our unitholders. With this, let's now move to Q&A, please. Thank you very much, sir. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on your touchtone 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. We would wait for a moment while the question queue assembles to ask question. Please press star one now. We take our first question from the line of Murtuza Arsiwalla from Kotak Securities. Please go ahead. Yeah. Hi, good evening, gentlemen. A couple of questions from my side. You know, you've talked about in your presentation about how almost 70% of new leasing is coming from the GCC space. Could you give more outlook of what the year ahead looks like from this space? You know, we've been tracking some data on service exports, which also is indicating a lot of strength on the GCC. Second is I didn't seem to find any guidance for FY 24 in the earnings deck. Any specific reason for it, or you would like to sort of do all the numbers a quarter or two quarters out? How are we thinking about that? Third question is, you know, both sequentially between the third quarter and the fourth quarter, the hotel segment seems to have seen some NOI margin compression. Any specific reason for that? Even the sequential decline in NOI for the commercial, you know, the office business, which we've not seen before. Last but not least, thank you, Vikaash, for the long service that you provided, to the REIT, and welcome back, Aravind. Would you like to elaborate on, you know, what prompted the change or, you know, what's better that holds for you? Those are my four questions. Thank you, Murtuza. You know, quite a lot of questions there. Let's just get the big one out there first. You know, Murtuza, on the management change, you know, after an incredible 12-year journey, I believe the time is right for me to pursue other interests and passions. You know, it's been an excellent run, and by the way, we have a solid business and a great team in place. You know, with Aravind back, I think, you know, it'll be fantastic as we move forward. I think now the time is right for me to pursue some of my other competing priorities, which is family, new business interests, and fresh challenges. I think the business, the REIT business is in great shape. I think today, now is the right time. You know, again, I would say there's 110 professionals and experts in the company, it's all about the team and not a particular individual. I think the REIT and investors are in good hands. With that, you know, I'll just quickly move to the three other three questions. GCC, we completely agree with you. We are seeing a trend of lot of growth, both new GCCs who are setting up shop in India, 100 of those set up in CY 2022, as per NASSCOM report. Of the 100, 66 were new and 30 were new centers by existing GCC. Then, you know, we have the expectations that there'll be 500 more in the next couple of years. Even in our own portfolio, we see the same trends of a lot of captives wanting to set up shop, you know, small scale at first and then rapidly keep expanding. I think, in general, this is a great trend simply because with the recessionary trends, with the, you know, overall drive to optimize costs and efficiency, we'll see more and more work getting offshore to India. I think that bodes very well for, especially for high quality landlords like ourselves who are offering total business ecosystem product because, Murtuza, these GCCs are the guys who are ready to pay. They, you know, they want the best of ESG, they want the best of quality, and they do not mind paying premium rent. Again, it's still embarrassingly low rents of $1 a foot per month in India. I think we'll see more of that trend. In fact, even in our own portfolio, ITES, the IT services segment, which constituted about 25% of revenues at IPO, is now down to 15%. We have also consciously stuck to whether it's global captives or other high-quality occupiers who have growth potential. I think you'll see more of that trend, and I think it's a good thing, especially for higher-quality landlords with better product. If I may, Vikaash Khdloya, what would be GCCs in your overall portfolio? Just like you said, ITES would be around 15%. Yeah. GCCs would be about 55%. product tech, you know, sometimes product tech could also be, you know, considered GCC, there's an overlap. That would be around another that would be 15%. GCCs and product tech put together would be 70%, which I think is the two segments which will continue to see more offshoring and growth. Sure. I think on just on that, Murtuza, I think the key takeaway there as well is that, you know, IT services and particularly the Indian IT services is gonna dwindle, right? I think the way that we position the portfolio to a multinational base, a base that's increasingly looking beyond sort of just, you know, big tech or you look at some of the big financial companies, you know, as we sort of, you know, are out there trying to be a more of a manufacturing hub as we're moving, you know, trying to be sort of, you know, move market share away from China, you're gonna see sort of other sectors, you know, be a bigger part of this portfolio, and I think that's also the area that we're focusing on. Yeah, great. Murtuza, why don't I then quickly move to the guidance question? I think that's a great question. You know, Murtuza, as you are aware, you know, we've completed four years. We have consistently delivered on the guidance what we have laid out for our unit holders. For now, we are not giving any guidance for FY 24 simply because this continued volatility in the global macro environment as well as uncertainty around the SEZ regulation timelines. However, you know, we would be happy to give some building blocks to, you know, everyone on the call and you for FY 24. Can I request, Abhishek, if you could help take through some of the building blocks in respect of FY 24? Sure, Vikaash. Murtuza, let me give these building blocks through 2 points. First being on the leasing. We continue to have some short-term caution for larger deals, but we are seeing encouraging momentum with high growth tenants. As you saw during the current year, financial year 2023, we did some 44 deals across this high growth tenants. We expect some positive churns also. What we have seen is that most of our vacancy is SEZ related vacancy, and considering the expiries of the next year, we will have around 4.5 million vacancy of SEZ space, which is significant. The timeline, and the rentals at which we will be able to lease this also depends on the DESH Bill, which is expected or any changes in the SEZ and the amendment in the SEZ Act. We are positive about it, we have to be cautious and wait for that. As in when it comes, we'll be able to market this SEZ case better. That is one, which Vikaash was also talking about. Second, on the contracted escalations, what I would point out is that during the last year we had 8.2 million sq ft of leases where contracted escalations were up, and we were able to achieve the whole of them with 14% escalation. We are confident that for the next year, when 6.7 million sq ft comes up for escalation, across 78 deals, I think we will be able to meet that 14% escalation also. For the hotel business, which is my third point, if you remember, we had given a guidance for the hotel, and the actual performance has been almost double of that. We continue to see the same upward trend, and we expect that it will do even better. The last and one of the points is interest cost, obviously. Definitely that is dependent on the trajectory of the market rate movement, which is very volatile as of now. What I would want to give you as a building block is that we had delivered 0.9 million sq ft during the last year, and we expect to deliver around 2.1 million sq ft during this current financial year. The interest cost relating to this 3 million square foot, which was growing and getting capitalized in the financials now, it will go and hit the PNL while these deliveries will take some time to stabilize because the lease up will take some time. We also have around INR 4,100 crore of NCDs, which are currently at an average cost of 6.61%. That also comes up for refinance somewhere around later part of the year. Definitely you know that the interest rates have moved over the last 12, 15 months. It has moved by 250 basis points, so definitely it will reprice itself and hit the PNL. The last part that I would want to say on interest rate is that we again have around INR 57 billion of debt, which is at floating rate with an average maturity of five months, as I mentioned in my prepared remarks. Currently it is at 7.98% interest rate, but that also comes up for repricing within the next five months. Come July to August, that will also reprice. All of this will take a toll on the interest cost. Having said that, yes, the biggest point is the SEZ because the vacancy is significant. We expect, along with the expiries which is coming up, INR 4.5 million, which is there for the next year. There are, you know, we await some guidance from the, or amendment, so that's there. Lastly, I would say, I would reemphasize that we are running the business for long term, and we are committed to deliver our growth to the, to our unit holders. Great. Thank you, Abhishek. Would you wanna take the 4th question on the NOI sequentially down both for the hotels and the office again? Yeah. Murtuza, on the hotel part, if you see my NOI is actually down by INR 4 crores, which is 4% compared to the sequential quarter. This is largely because of the repairs and maintenance expense that we have done for our existing hotels. That we can gear up for the next year. On the commercial business, if you see the, there's a decline in the NOI. That is largely because, there were certain manpower costs which has come in the last quarter. The manpower cost in Bengaluru has increased a bit, which is a major reason. Also we had delivery of one of the asset that is HNG, and the property tax for that has increased. Murtuza, just generally, you know, quarter on quarter, I would guide you to seek more a full year basis because there are property tax which you pay in one quarter, with re-relating the full four month, four quarters. Again, CAM true-ups happen at the end of the quarter, at the end of the year. Sometimes there may be variability on a full year basis. You know, I don't think there's anything significantly different that's happened in Q4 compared to the full year if you look at it on a holistic basis. Sure. Sure. Fair enough. Thank you, gentlemen. Thank you. Thank you. Thank you. We take the next question from the line of Mohit Agrawal from IIFL. Please go ahead. Yeah, thanks. Best wishes, Vikaash, you know, for your future endeavors. Thanks for your contribution. Congratulations, Aravind. Good to have you back and elevated as the CEO. Thank you. Yeah. I had a couple of questions. Firstly, on the expiries bit. You know, last presentation showed that FY 24, it will be 0.9 million sq ft of expiries. That number has gone up to 2.5 million. Could we elaborate where the increase has happened, and is it SEZ, non-SEZ? Sure, Mohit. Would you want to ask the second question as well? Well, my second question is, actually on the SEZ bit. You know, last you've been talking about, you know, doing partial denotification. I guess, I know Ritwik talked about, you know, the Pune block already, being now a non-SEZ. I think the Noida was also under process. Could you explain, you know, with DESH Bill getting delayed, how is the progress on that partial denotification thing happening? Great. Thank you, Mohit. First, thank you for the wishes, and let me take both the questions. On expiries, I think, as you pointed, we had in the last presentation 0.9 million sq ft as expiries for FY 24. If you see, we've, you know, increased that number to 2.5 million sq ft in the latest presentation. What happened is, in this quarter we've received certain exit notices. Also, we have assessed likely exist based on our on ground conversations to the tune of 1.6 million sq ft. Again, this 1.6 million sq ft, to just break it up, has a 35% mark-to-market, and primarily this 1.6 million sq ft relates to 1 million sq ft of space at Manyata and 500,000 sq ft space at Galaxy, both of which on a combined basis is at a 38% mark-to-market. Overall, I think, you know, we have just said that these are expiries. We have not given a split between exits or renewals. I would just want to kind of, you know, make that comment that the 2.5 million sq ft are expiries. It will comprise both of exits and also of renewals. A major chunk of this is coming from IT services players. I'll come into what's happening as a trend on the IT services players. Also a large portion of this is SEZ. Let's tackle both IT services and SEZ. You know, IT services, these players have right now high focus on margin conservation simply given that, you know, they are anticipating a slowdown, and they want to be cost efficient, and also the hiring has slowed down. Our exposure in the portfolio is just 15%, but we do expect a positive churn as our occupier base pivots to GCCs or global captives who have higher paying propensity. Large chunk of this is IT services companies. Again, I would just wanna make a broad comment that we view churn as good for the business in the medium to long term. You know, you know, especially both at the Manyata and Galaxy, the additional notices or assessment that we have made on expiries, they are dense residential catchments, and hence we are very confident of achieving those 35%, 30% mark-to-market I mentioned earlier. This is on expiries. We think this is a continuation of the trend we have seen earlier, where the legacy leases and occupiers, especially IT services occupiers in SEZs, they are looking to both prune down space due to corporate housekeeping and consolidation. We have seen a lot of it the last two, three years. I think we are seeing a few additional of those in this quarter we saw. That's pretty much on the, on the expiries. In terms of, in terms of the SEZ, I think that's an interesting question. Let me break it down into what's happening in our portfolio today. We have about 4.9 million sq ft of vacant space as of the end of March. 3.3 million sq ft of that is SEZ, and 1.6 million sq ft is non-SEZ. Mohit, what's happened is against the 3.3 million sq ft of vacant available marketable space, there's very little industry. There's very little interest, not just for our property, across the industry for SEZ space. Because the occupiers have moved higher up the value chain, we are focusing on the captives and, you know, the total business ecosystem, higher propensity to pay, markets moved, matured to that occupier set. What that means is that all that I'm able to offer today, market today is the 1.6 million sq ft non-SEZ. This has become an industry-wide issue, and the numbers are staggering in terms of the total SEZ space at the industry, 180 million sq ft or 30 million sq ft of just today existing vacant space, right? That's one. Even as we look forward and clubbing your both the questions on SEZ and expiries of FY 24, the 1.1 million sq ft of the 2.4 expiries is SEZ. In total, at the end of FY 24, pro forma basis, assuming there's no new leasing, we'll have about 4.5 million sq ft of SEZ space. Non-SEZ, if you factor the new deliveries of 2.1 and the 1.3 of expiries, it'll be 5.1. Roughly end of the year we'll have half of our space which is ready for marketable, 4.5 as SEZ. The global captives are not looking at SEZ simply because they are looking at ease of operations. They can't pay higher rent. They're not looking at tax benefits, which most of them have anyways been phased out. I think SEZ regulation amendment, which allows for partial denotification, is a key for the industry. This is, as an industry, we have been in several conversations with both the Finance and the Commerce Ministries. I think today what's happening is even if I have a vacant space, the regulations do not allow me or permit us to do a partial floor-by-floor denotification. Let's say if I have a 400,000 sq ft block and 200,000 sq ft is vacated by an IT services company, I can't denotify that space and lease it to a global captive. The regulation only permits a full building denotification. That's the challenge. Anything which is partial SEZ and partial non-SEZ is not permitted. What we're doing in our portfolio is three things. One, of course, we are continuing the advocacy and our efforts with the regulators to ensure there is an amendment bill which helps us denotify on a partial, floor-by-floor basis. Apart from that, all our new developments, Mohit, are planned as non-SEZ. you know, all our new development, the 7.3 million sq ft, which is excludes the ANZ, the pre-commitment to ANZ, which they wanted SEZ, is all non-SEZ. there's no issue on our pre-commitment, marketability and activity. Obviously, all our non-SEZ spaces we are actively marketing, and we've seen pretty good results on that. You've seen it in the numbers. Third, what we're doing is buildings which are partially vacant or are going to get vacated, we are trying to explore if we can relocate some of those occupiers into other blocks and generate or engineer a fully vacant block and try to get that then SEZ denotified. Actually, we are in the process of that for a 400,000 sq ft building vacated by a legacy lease by an IT services company. This is block D3 Manyata, which is in advanced stages. I think we'll just have to be patient till the regulatory clarity comes in. Definitely, this is a challenge. Having said that, I would just want to highlight and wrap up on this point saying that we still would have about 3 million sq ft of existing non-SEZ spaces by the end of March 2024, including the current vacancies and the expiries for this year, and 2.1 million sq ft of new deliveries, the M3 block, the T1 block in Oxygen, and also the Embassy Hub block, which is also non-SEZ. We'll still have 5 million sq ft to offer, but whatever is SEZ, it's just pretty hard to build a pipeline on that. Sure. Thanks, Vikaash. Just couple of, you know, follow-up questions on this. Firstly on this government bit, you said that you've been advocating this, just wanted to understand what's the issue here. The government seems to be quick on reversing the tax bit that came in the Budget. On this, it's been a while that you've been talking to the government. If you could help us understand and how do you see this playing out in the long run? Because obviously all the listed peers and a lot of commercial real estate is SEZ. Just your thoughts here. Yeah, Mohit. I mean, I think that's a fair question, I think the simple answer, quick answer to that is this needs to be done, this needs to be done yesterday, by the government. What happened is the industry's ask is two things, which is one, coexistence of SEZ and non-SEZ occupiers in the same building, which what I mentioned is floor by floor denotification. Second, the request or the ask is an enabling regulatory framework which simplifies the process. Simply put, single window clearance and deemed permission, whereas today we have to follow a four- or five-month, three or four-month process, and only after approvals, we can kind of go back and market that space. I think what's happening at the government end is, there have been several discussions between the finance and the commerce ministries, and these are not the only ones privy to this, but it's been in the papers, is that they were not in sync on the way forward on this earlier. Having said that, commerce ministry has not taken it upon itself to figure out a holistic way forward. We understand that they're in the process of drafting an amendment, and I don't think it'll be DESH. It'll be just an SEZ amendment regulation which will allow floor by floor. Maybe all the asks of the industry, including the single window clearance and deemed permission, may not be factored in, but the floor by floor just needs to happen, and we're fully supportive of that. I think my personal estimate, I have no inside view, it is a quarter or two away, but many of the others in the industry are hopeful for an even faster turnaround. I think it's gonna take two quarters. That's my personal view. Yeah, let me just jump in there, Mohit. I think, you know, Vikaash is right, and I, y ou know, it's a bit difficult to draw parallels with the tax ask. I think, you know, they're two very different things. The tax ask, you know, when it came out in the budget, certainly, you know, had an impact on the industry stock price and, you know, we had to really sort of, you know, make sure that we represented that. That was really a, you know, very urgent ask because of the budget getting tabled and being passed into act. I think at this point in time, like, we've represented that this is important, this is critical across the industry. You know, particularly as we go into sort of a cycle, like I said, I mean, there are GCCs coming in. You know, the demand for the space is non-SEZ at this point. Yeah, we're hoping that, you know, with the confluence of everything happening midyear, you know, from India's taking on this whole G20, you know, position and the finance and the commerce ministry sort of syncing up, that it maybe might be a quarter or two away. Just to close this question, Mohit, on a positive note and a lighter note, we just successfully completed the denotification of the 9 lakh sq ft Hudson Ganges in TechZone. Hopefully more coming soon. Great. Just last follow-up on the Manyata. You mentioned that, 1 million sq ft expiry incrementally, and there's M3 Block 1 million. With the existing vacancy and this 2 million, new 1 million new supply and 1 million expiry, how do you look at Manyata leasing over FY 24? Yeah. Again, you know, this is my favorite question, Mohit, because I think Manyata contributes one-third of the REIT NOI. It's one-third of the REIT size, we are all super excited on Manyata. It has seen some churn, it has seen some transition happening. Let me break it down into two pieces. One, this year, we started with a vacancy in Manyata of 1.4 million sq ft. Excluding the pre-commitment on the existing available area, we have leased about 1.1 million sq ft in Manyata. We saw exits of 0.9 million sq ft. Net-net, you know, we ended the year in Manyata with a vacancy of 1.3 million sq ft, right? Additionally, we have guided to an additional 1.3 million sq ft of expiries. Not all of these will be exits, but let's say, you know, on a pro forma basis, we have marketable space of 2.6 million sq ft in Manyata as of the end of March 2024. Two things. One, last year if you see our net leasing has been positive in Manyata. Manyata spreads have been pretty impressive around 20-ish%. All the exits that happened last year and also this year are phenomenal mark-to-market simply because the legacy IT occupier space, we are much below market rent. We also added, Mohit, 18 new high-growth occupiers in Manyata last year, and we continue to see that momentum, especially since the Hilton Hotels we launched and also the BPO, the back office picked up. If you were to ask me, you know, we're pretty positive on Manyata. We are very, very excited, and that is the reason we are not only demolishing an existing building in B1, B2, and redeveloping it. In my memory, this is the largest scale, 1.2 million sq ft I can recollect in office segment, redevelopment of an existing building. We've also launched L4, which is a new early stage block 0.8 million sq ft, apart from M3 Block A and Block B, which totals 1.6 million. We have activated almost everything that we have in Manyata which could be constructed. That should just give you comfort and also flavor on how we see Manyata. In terms of pipeline, you know, on the under construction area, which is M3, we are discussing with a global captive cloud infrastructure company, and that's at advanced stages. This is for 235,000 sq ft. A leading Australian bank where we've already pre-committed a large chunk in M3 Block B, they want to exercise their growth option for another 135,000 sq ft. We also have another 65,000 sq ft of early discussions, which takes advanced discussions in the under construction portion of Manyata to 500,000 sq ft. On the completed portion, we have about 300,000 sq ft in advanced discussions. This 300 is out of the 800,000 sq ft that Ritwik mentioned in his prepared remarks. Just to give you a flavor on that, there's a leading, top 20 US healthcare company which is looking for 150,000 sq ft. We have a US insurer and investment manager, first time in India, that's looking at 100,000 sq ft. We have, again, another US insurance major and existing customer in Manyata looking to expand 50,000 sq ft. There are a couple of others, including a Swiss instrumentation engineering company. I think we are very positive. Yes, Manyata will see some churn. You know, there will be some, you know, 1 million sq ft additional expiries that we have mentioned simply because the earlier IT services occupiers, most of it SEZ, we'll continue to see them move out. They're healthy mark-to-market. We'll see these large global banks, captives come in. We are net-net positive, and we think we see acceleration of demand on larger sized deals towards the second half of this year. In the meantime, the mid and the small sized deals will continue. Okay. Understood. Thanks a lot, Vikaash. All the best. Thank you, Mohit. Thank you. We'll take the next question. Line of Saurabh from JP Morgan. Please go ahead. Hi. Congratulations, Vikaash and Aravind, for a busy opportunity win. Okay, I have two questions. One is on this tax. You know, in terms of the years before your, you know, the unit capital runs down. The understanding is fair that you have INR 28,000 crores of unit capital left, which can be used for this, you know, capital reduction. Out of that, the run rate currently which you're doing will be maybe about INR 800 odd crores. Is that understanding correct for this? Yes. Okay. Got it. Yeah. The understanding is correct. That's correct, Saurabh. Okay. Okay. Yes. The second is on this, you know, on the NDCF of Walkdown, there's a working capital release of approximately INR 110 odd crores. Can you just quantify as to what is that? Saurabh, see, generally our working capital has without rentals, security deposits, and there are other general items which are trade receivables, trade payables, and any one-off item. For this quarter, if you look at our working capital total is around INR 114 crore, out of which the major is INR 80 crore which are receivables of the previous two, three quarters, which has been received during the current quarter. The balance is without rentals of INR 13-14 crore and others are SD and trade payables. Okay. This is, I mean, I'm just trying to guess as to, you know, the creativity of this line. This should not ideally. I mean, because you have some blocks coming up in the next year also. How should we think about this line? Saurabh, what happens is, generally we look at this working capital component year-on-year. Because quarter-on-quarter there may be some timing differences of this. Which is like in this current quarter, it looks a bit lopsided because there were a couple of receivables of trade receivable and other receivables of the previous two, three quarters which came in in this current year. The way I would, or the management sees working capital is year-on-year basis. If you see during the current year, we have somewhere around INR 264 crores of working capital for the full year. You can, you can, a nd this is largely coming because of the security deposit, which is coming out of the 5.1 million sq ft leasing that we have done during the current year. That is the major driver. Going forward, I think you should look at this as a stabilized basis. Only mover is the leasing. If the leasing happens similar. This similar number would come in. Saurabh, what Abhishek is saying, in other words, is that if we see exits, let's say the expiries that we have indicated, and if there is a time lag on, you know, backfilling that space because we refurbish the space or we just take time to fill up the entire one, so there will be a negative drag to that extent on this working capital because we'll have to refund the security deposits. The inflow of a security deposit at higher numbers, higher end, may take the, whatever, two, six, you know, eight months. Yeah. That's just the difference. Okay. Just one last question. You know, your gross leasing has kind of improved this year, but you're also seeing expiries. It seems to me that the expiries are weighted towards the SEZ piece. How should we think about, you know, when should your expiry momentum kind of come down? At a portfolio basis, will this understanding be correct that the SEZ, non-SEZ mix is about 50/50 as we speak? Saurabh, why don't I take the first one and put the data for the second? First one, Saurabh, you know, again, hard to predict. It's some churn is business as usual. I would say, we've done with a large chunk of the IT services and SEZ, you know, both of these, combination of this set, we've done with a large chunk of those occupiers who are either consolidating, doing a corporate housekeeping of just pruning down space. Again, most of it is in Manyata. All the other parks usually have newer age occupiers. Manyata is the one which has seen over the last two or three years a lot of churn in terms of a lot of positive churn, I would say, in terms of occupiers. I think FY24 would be the year of consolidation in that sense. Hopefully we'll, you know, post that will be a little more stabilized state of affairs. Again, on a question on SEZ and non-SEZ, the portfolio today would be around 60/40 in terms of SEZ, non-SEZ. If you look at it from including the development portion, then it's an even split of 50/50. Okay. I know you gave the number for next year, the one and a half which you were assuming. What is the number over two years? Do you have it or I can take it offline? Yes. Yes. We have that. What, you know, just give us 30 seconds. The next two years, FY 25, we have indicated total expiry, Saurabh, of 1.8 million sq ft. 1.5 of that is SEZ at a 63% mark-to-market, and 0.3 is non-SEZ at 2% mark-to-market. That's on FY 25. We'll also share this offline with you, if it, you know, if it's too much of data points. FY 26, we've indicated 2.2 million sq ft total expiry. 1.3 million sq ft of that is SEZ at 52% mark-to-market, and 0.9 million sq ft is non-SEZ at 7% mark-to-market. Clearly, and I have the numbers for 27 as well, but clearly, Saurabh, if you look at it, you know, the large chunk of this is SEZ expiries, and these are the expiries which are the highest mark-to-markets. 63% in FY 25, and FY26, 1.3%. You know, majority of them, my guess would be is in Manyata. Yeah, just, I mean, if you look at the supplemental data book as well, we actually put this out. We don't break that out SEZ, non-SEZ, but I think if you look at, and Vikaash is right, you're looking at Manyata. I mean, I'll just give you an example, right? In FY26, if you're looking at roughly, you know, 1.7 million sq ft of expiry is Manyata, the mark-to-market opportunity there is around 88%-89%, right? If you just think about sort of the quality and why we are sort of doing the development we are at Manyata right now, it's to effectively make it ETV or, you know, GolfLinks, just new age, next gen that are running at, you know, 3% vacancy right now. Completely, we're pretty comfortable with that. Basically the Commerce Ministry notification to that extent is then super important to you because the expiries are largely related to SEZ. Uh- that should be. Saurabh, in general, yes. The good news is that we have got new delivery of M3 Block A, 1 million sq ft, of which we have visibility and have committed to around, let's say, 50%. We still have some product to offer, already usable non-SEZ space. You know, the more this get delayed, the more the problem of marketability of a non-SEZ contiguous available chunk becomes a challenge. I think till now it's still okay. Obviously, it's impacted. We could have done even better this year. If this gets delayed, you know, let's say, beyond a quarter or two, it's gonna definitely impact the marketability available offerings for marketing reasons. Thank you, Vikaash. That's very clear. Congratulations, Vikaash, for that. Thank you. Thank you, Saurabh. Thank you. We take the next question from the line of Pulkit Patni from Goldman Sachs. Please go ahead. Thanks for taking my questions. Congratulations, Aravind, and good luck, Vikaash, for future endeavors. Just one question left. If you look at the leases that you've signed this year, you know, clearly they are much smaller, and you mentioned also, I think it's about 40,000 on average. Does the nature of agreement change? Do these kind of tenants, you know, require, you know, different rent-free periods, et cetera? If you could just talk about, you know, how these smaller square feet leases are compared to the large ones that you typically sign. Thanks, Pulkit. Thanks for your wishes. On the question, I think you're absolutely right, the deal sizes are narrowing, simply because the large RFPs, while they are actively being discussed, there is caution on capex spend at headquarter levels globally. Hence, the decision-making is taking time, which is what we hope that gets accelerated in the second half of this year. This is a, you know, a little bit of a consensus view amongst the industry experts who are kind of discussing this with the occupiers. The focus today remains small and medium-sized deals. We're pretty happy with that. You know, it's a lot more hard work for the team, but, you know, it embeds a lot of growth into the portfolio. I'll tell you why. You know, these are not small occupiers. These are not startups. Just because the deal size is a 40,000 or 25,000, these are not startups. We are talking of some of the Fortune 500 companies who are taking 30,000, 40,000 square feet simply because they wanna tip the toe in the water in India and then start expanding. Clearly, that's what has happened with, let's say, an Australian bank who started very small in Manyata and now looking in the market for a 1.2 million square feet RFP just within two, three years, starting from 40,000 square feet. I think these are large companies we are speaking about. We think the deal sizes are small because it's tough to get capex spend approvals from headquarters and take large calls. You know, figuring it out on the macro volatility front. We are more than happy to have them in the portfolio because we know they will grow. In fact, this is an interesting statistic, Pulkit. Of the 44 new high growth occupiers, across 1 million sq ft new leasing that we added in FY23, almost half of them are already looking to grow their India footprint, which will further aid our leasing. I think, this trend will continue. In terms of what are the is there any difference on the lease terms, I think, you know, these are absolutely consistent. Only 2 difference. 1, we get even more premium rents because, these are captive centers. They're willing to pay extra rent. We do not fund the TIs or fit outs, you know, unless it's a global company. That's not a trend, you know, that we are doing more and more fit out financing. We don't do that. We do it on an exceptional basis. However, interestingly, while they're taking 30,000, 40,000, 50,000 sq ft, they increasingly ask us to have a growth option clause in the contract where they can grow into contiguous floors with a time period of three to six to 12 months. That just kind of goes to show they're tentative, they're waiting for approvals, but they definitely see business growing. I think it's a good trend. We continue to get more premium rent, and we embed more number of occupiers, diversify the base, and hopefully even half of them grows 3x, it really helps our portfolio. Sure. That's useful. Thank you. Thank you, Pulkit. Thank you. We'll take the next question from the line of Kunal Lakhan from CLSA. Please go ahead. Hi. Thanks. And thank you, Vikaash, for your contribution so far, and wish you all the best for your future endeavors. Also welcome back, Aravind. All the best wishes for you too. My question is actually on the guidance side again. Vikaash, you did highlight that, you know, by the year-end, you're expecting 4.5 million sq ft of SEZ vacant space. You know, if you build that in, and then of course, like, there are contractual escalations on 6.7 million sq ft, and then the interest repricing that you are expecting, is it that difficult to actually put out a number in terms of, guidance? If not the exact number, at least directionally, can you just point us out whether the distributions in FY 24 would be lower or higher than FY 23? Thank you, Kunal, for one, the wishes and the question. I'll tell you know, two or three things, and I, you know, I may be repeating some stuff. I know, 1, we've always delivered on the guidance we've read out. you know, it's a tough macro environment out there, you know, Kunal. It's not about India Office or about, you know, what are the factors that we control. I can easily tell you that we will have exceeded the leasing guidance we gave this year, by a even higher margin than we did, comfortably at least, you know, a double-digit margin. Just the signings got pushed out. It's that kind of an environment where we have visibility. There's, you know, handshakes or there are advanced discussions, but just corporates are not willing to sign. That's one. You know, very hard to estimate what the timelines on those would be, and the variability can be pretty huge, right? Let's say an occupier of 700,000 sq ft in Manyata vacates in November. The new guy, even if we have a handshake, but, you know, only signs in April 2024. Suddenly, in 2025. Suddenly for 2024, we have a huge gap, not only on the rental gap for those three to four months, but also a large chunk of security deposit, easily INR 100-150 crores. You know, from a management perspective, I think it's more prudent to kind of have more clarity on that. Second, you know, this was pointed out earlier by Mohit. At SEZ, I mean, this is something we just don't control. You know, today if you see, you know, just today, and we were discussing this earlier internally, on the SEZ front, we just have 1.6 million square feet of non-SEZ existing operating space. If you take out Hudson and Ganges, which just got denotified, and Pune, given it's slow. We just take that 800,000 square feet out. We have already leased 100,000 there. That makes it about just 8 lakh square feet. We have a portfolio of a scale of 45 million sq ft with about 35, 46 million sq ft operating, and with a headline available vacant space, which is 5.5 million sq ft. I just have 800,000 sq ft to market. In this context, we just think it's more prudent to wait for clarity on both of these things to emerge. You know, we have laid out all the building blocks on how this will pan out. On the interest rate, maybe I can give you more flavor on that. While Abhishek mentioned on the interest rates, both the buildings get completed, and there'll be interest costs which gets capitalized, get flowing to the PNL, and hence impact the distributions a bit, which is both for Hudson Ganges 0.9 msf last year and the 2.1 million square feet which will get delivered this year. You know, apart from that, I can just say that based on the current market rates, the broad estimate, we think the overall in-place debt cost, right? Both considering the fixed coupon, which comes up for repricing, as well as the floating and all the factors that Abhishek mentioned. You know, the interest rate, average rate will increase by about 90-100 basis points in place on the overall debt. I think that may help on modeling the interest cost. I think the others we would just like to, you know, We think it's a little early to take that call. We'll continue to evaluate the situation and revisit in a couple of quarters if that helps. Yeah. Let me just kind of reiterate on that, right? You know, we've hit guidance. We've, you know, in tough markets, we've been faced with, you know, whether it's the interest rate environment, whether it's a pandemic, I mean, I think you've got to keep it in perspective that, look, again, we delivered, you know, close to $1 billion in distributions, right? That's ultimately always sort of our goal to make sure that, you know, unitholders are obviously getting, you know, as much cash in the hand as possible, and then hopefully we can build the growth upside on top of that. You know, rest assured we're keeping an eye on it. Hopefully we come back to you. Kunal, I know that we've mentioned this before, and I understand that focus on the quarter results and the year results. Really, if you look at it, you know, the way we did it, the way we ran it, the way we mentioned and communicated, we are running this for the long term. We are taking the hard call, letting a 2 million sq ft occupied Manyata go in the middle of Delta variant, during COVID and hitting an occupancy where we would have been comfortably sitting in 92%-93%, compared to all the other REITs who are in the early 80s would have been an easy call to take. We took the call to let them go because they were not ready to pay the rents. We took the call to demolish one of those buildings and do a 1.2 million sq ft, utilizing the extra FAR, realizing a 22%-25% yield on cost and denotifying other block and re-leasing it at premium to market rents and at a healthy 25-30 basis points, healthy 25%-30% re-leasing spread. I just think in the overall context, we want to continue to focus on creating value, doing the right things. As and when, you know, the market situation changes in the 2 or 3 aspects on interest rates, on SEZ and on the overall global macro changes, you know, we'll take a call on guidance. Sure. Thanks, and all the best. Thank you, Kunal. Thank you. Ladies and gentlemen, due to time constraint, we take the last question from the line of Neel Mehta from Investec Capital. Please go ahead. Yeah, thanks for the opportunity. Best wishes to you, Vikaash, on the new innings and Sanjay Agarwal on taking over. Just two main questions from my side. Firstly, on the future MTM possibility in our portfolio, right? Except for Bangalore, where you stated that there's a 25% MTM possibility, the same metric for other cities is negative at this point, right? What could be the reason for this? Do we have any ability to charge slightly higher than market trends there, or is the decline inevitable? That's my first question. Second is of the 5 million- I'm sorry to interrupt, Mr. Mehta. You'll have to speak a little close to your mic and speak a little slower. Your audio is not very clear. Is it better now? No, it is not. Could you please use a handset if possible? Yeah. Hi. Is it better now? Much better. Please go ahead. What I was asking was the future MTM opportunity in our portfolio. We've stated that except for Bengaluru, for all the other cities, it's being showing negative, right? What is the reason for this? Would we have any ability to charge slightly higher than market trends, or is the decline going to be inevitable in these geographies? That's the first question. The second one is, of the 5 million sq ft leasing that we did during FY23, how much was it in SEZ? Yeah. Neil, thank you for both the questions. On the first one, you know, I'll just guide you to Slide 43 of our earnings deck, you know, which has the mark-to-market potential on all of our markets. It's not true that there's no positive mark-to-market opportunity except for Bengaluru. Yes, Pune, you know, one of the assets, because the existing in-place rents are higher than what we expect market to be, it's negative. At an overall basis, the market, you're right, is negative. Mumbai, I think it's marginal. Again, this is an assessment. Again, Noida, it's marginally positive. I think it all depends on how the markets pan out and in terms of way forward, both on the SEZ, on the back to work, and also the captives. In general, I would say Bengaluru has a higher propensity to attract more sophisticated occupiers and hence higher mark-to-markets. Also, Neil, please note that Bengaluru also has higher mark-to-market because Bengaluru is the core market for us, where we have parks like Manyata and Golf Links, existing since 2005, and hence the in-place rents on some of the leases are really, you know, really of 2005, 2010 vintage leases. That's the reason you would see a much higher mark-to-market in Bengaluru. In general, we have leased on an overall basis, the entire leasing that we did this year at a premium to these markets. Again, the premium would be low single digits, still it's a premium to the market rent that CBRE estimates, which already factors a premium for our property. I think I hope that answers your question. In general, we would look to do a higher mark-to-market, but Bengaluru because of just the legacy leases as well as, you know, really strong market, you see very healthy mark-to-market. In terms of your second question, on out of the 5.1 million sq ft, SEZ was interestingly about 40% because that includes renewals as well. Just on new lease basis, we have done only 0.6 million sq ft of the 5.1, which is SEZ. And we've done 1 million sq ft renewals. The split of the 1.6 SEZ that we've done out of 5.1 is 0.6 new leases and 1 million sq ft renewals, if that helps. Got it, Vikaash. Sure. Absolutely clear. Thanks a lot. Neel, thank you so much. Thank you. Ladies and gentlemen, we have reached the end of the question and answer session. I would now like to hand the conference back over to Mr. Abhishek Agarwal, Head of Investor Relations, for closing comments. Over to you, sir. Thank you so much for joining us on today's call and for your great questions. Most of the data points covered today can be found on our website and in the published materials, and we are always happy to engage further if any additional clarifications are required. Thank you so much. Thank you. Ladies and gentlemen, on behalf of Embassy Office Parks REIT, that concludes this conference. Thank you for joining with us. You may now disconnect your lines.