Ladies and gentlemen, good day, and welcome to GMR Airports Infrastructure Limited's conference call to discuss Q4 FY 2024 results. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. We have with us today Mr. Saurabh Chawla, Executive Director, Finance and Strategy. Before we begin, I would like to state that some of the statements made in today's discussion may be forward-looking in nature and may involve risks and uncertainties. Also, recording or transcribing of this call without prior permission of the management is strictly prohibited. I now hand the conference over to Mr. Saurabh Chawla for the opening remarks. Thank you, and over to you, sir. Good evening, everyone. I'm delighted to welcome our shareholders, analysts, and other stakeholders to our Q4 fiscal year 2024 earnings call. Some of us are traveling, so we may, you may have some hearing difficulty, but please let us know, and we'll make all efforts to ensure that your questions are well answered and you have clarity, in whatever we are saying, during this call. About a month ago, I read an article in Forbes regarding the Indian tourist. Among other things, the one sentence that I still remember is: it takes two British tourists to spend as much as one Indian traveler. The same article also stated that 62 countries now permit Indian travelers to visit without first obtaining a visa. That's 10 more than 2016. All the recent articles on travel and tourism are discussing the Indian traveler in depth. Industry forecasts are strong and sustainable. We are predicting or forecasting 11%-12% CAGR in India's outbound travel for the next 10 years. According to Skyscanner, 62% of Indians are planning to spend more on travel this year, the highest of any country. This just shows the potential opportunity available across travel value chain. Recent India's outlook reveals that by 2031, India is poised to be number three economy and an upper middle-income country, which has a very big positive implications on the domestic consumption, including travel. Industry players, including GMR, are already executing plans and strategies to capitalize on this. Recently, IndiGo also placed an order for wide-body aircraft, which will help them improve direct connectivity with India across the globe and also aid in making India an aviation hub. Talking about international flights from the country, we are seeing local airlines increasing their market share. Data shows that for calendar year 2023, Indian carriers captured about 44% market share of international passengers versus 38% pre-pandemic. Recent projections this year to be around 50% by 2027, 2028. IndiGo has already revealed that going forward, it will look to add more international routes and destinations versus domestic routes. As such, fiscal year 2024 was just the beginning of the growth journey, even for GMR Airports. Hello? We can hear you, sir. Okay. Delhi Airport joined the global 100 million passenger capacity club, as our Honorable Prime Minister Shri Narendra Modi inaugurated the expanded, integrated, state-of-the-art Terminal 1 at Delhi Airport. Hyderabad Airport's expansion to 34 million passenger capacity is almost ready, and Mopa, which is the new Goa Airport, completed 15 months of operations. Mopa Goa Airport is also enhancing its capacity to 7.7 million passengers, which should be completed this year itself. Alongside, work is also progressing on developing a GAL platform to foray into airport adjacency businesses. Delhi Airport was ranked as the tenth busiest airport in calendar year 2023 by ACI, and given our expanded capacity, capacity is already up and running, we should see it moving up the ranks. Delhi Airport retained its top position in ASQ rankings for the sixth consecutive year, as well as Hyderabad was top in the 15-35 million passenger category. All GMR airports are among the top 100 global airports as per Skytrax rankings, Delhi retaining the rank at 36, Hyderabad securing 61st, and our newly operational Goa Airport getting 92nd. Skytrax awarded Delhi Airport for the best airport in India and South Asia award for the sixth consecutive year, while Hyderabad Airport was adjudged the best airport staff in India and South Asia. There are many other accolades conferred upon our airports, showcasing how we consistently maintain our standards as we keep growing. A big thank you to all stakeholders of GMR for these achievements. On that note, let me dive deeper into our Q4 and fiscal year 2024 performance. Momentum in total income continued, with Q4 at INR 25.7 billion, up 29% year-on-year, driven by the traffic and tariff growth, translating into EBITDA growth of 160% year-on-year to INR 9.4 billion. EBITDA margins for the quarter were at 48% in Q4 fiscal 2024, versus 25% in the same quarter in the previous fiscal year, 2023. On the operational front, we continue to see growth in traffic. That is 11% year-on-year growth in Q4, reaching 31.4 million passengers. International passenger traffic share for the quarter was 25%. Coming to airports, Q4 fiscal 2024 passenger traffic at Delhi was 8.8% Y-o-Y, and 2% Q-o-Q to 19.2 million passengers. Hyderabad traffic was up 14% year-on-year and 2% quarter on quarter to 6.5 million. Both these airports handled the highest number of quarterly passengers ever in quarter four, fiscal 2024. Goa traffic grows 12% quarter-on-quarter to 1.3 million passengers. Goa Airport handled 4.4 million passengers during fiscal year 2024. We achieved a lot of milestones this quarter. Notable amongst these are: the merger of GMR Airports with GMR Airports Infrastructure Limited; the listing is progressing well. Joint motion application was heard by NCLT in May 2024, and the order is reserved. We expect the merger to be completed during this quarter one of fiscal year 2025. On the regulatory front, we had a couple of developments. AERA, which is the Airports Economic Regulatory Authority, has allowed Delhi Airport to extend existing tariff for further six months or till determination of control period four tariff, whichever is earlier. DIAL is expected to submit the tariff proposal for the fourth Control Period, and I'm told that tariff has already been now submitted. The tariff for the first April 2024 to 31 March 2029 in Q4 2025, Q1 2025. The expected tariff revisions will help offset the increased depreciation and increased interest costs arising from the recent expansion. For Delhi Airport, the Arbitral Tribunal passed an award excusing Delhi Airport from making payment for monthly annual fee, or MAF, for the period from March 19, 2020 to February 28, 2022, on account of occurrence of force majeure, that is the COVID-19 period. Delhi Airport was also granted an extension on the term of OMDA, that is the concession period for one year and 11 months. The award has been challenged by Airports Authority of India, and Delhi Airport will appeal to defend the matter. TDSAT, which is the Telecom Disputes Settlement and Appellate Tribunal, announced its order with respect to a claim filed by Hyderabad Airport, where some issues were upheld while some other were disallowed. You will find some additional details in our results presentation on those decisions. On the financing front, GMR Airports Limited, or GAL, raised about INR 22.5 billion in the form of senior unsecured bonds. With this round, all the debt of GAL has been refinanced. The gross debt at GAL was INR 49.7 billion as on March 31, 2024. DIAL itself raised INR 8 billion through ten-year bonds in March 2024. DIAL or Hyderabad Airport, raised about INR 5.4 billion by issuance of ten-year NCDs in March 2024, and used the proceeds to refinance- Sorry to interrupt. The line for the chairperson has been dropped. Please stay connected while we reconnect the line back. Ladies and gentlemen, thank you for holding the line. We have the line for Mr. Saurabh Chawla reconnected, sir, please continue. Well, for the Bhogapuram Airport also received INR 3.95 billion from NIIF, the National Investment and Infrastructure Fund.... in March 2024, in the form of compulsory convertible debentures. It has committed a total of INR 6.75 billion towards its investment. Progress in foraying into airport adjacencies business continues. GAL has been awarded the car park contract at Mopa Goa Airport after competitive bidding. The company also entered into a share purchase agreement to acquire 8.4% of equity shares of WAISL Limited, for a total consideration of INR 56.66. WAISL operates as an exclusive partner for IT services at airports, and this transaction strengthens the company's presence in all aspects of airport-related and airport adjacent businesses. On the ESG front, our endeavor is to reduce the impact our operations have on the surrounding environment by implementing best practice environmental controls. Environmental protection and sustainable development has always been our high priority. ESG scores at both Delhi and Hyderabad airports were maintained at five for the fiscal 2024. CSR spend for Q4 totaled about INR 92 million, while total beneficiaries of over 25,000 people. Delhi, Hyderabad and Goa airports achieved multiple goals and received awards, recognitions for the same, acknowledging the group's efforts on the ESG front. The presentation with all financial numbers is already available with you. If not, you can download it from our IR section of our website. We are available to respond to your questions on this call and offline after the call. Now, I would like to open the forum for queries that may be addressed by my colleagues from the corporate and the business teams. Thank you so much. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone phone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question is from the line of Mohit Kumar, from ICICI Securities. Please go ahead. Good evening, sir, and thanks for the opportunity. My first question is on the thematic monetization of the real estate. Can you please elaborate on that? How do you think about this will happen in the next few in the medium term? Well, in the medium term, you know, we continue to first allow the previous bids that had happened few years back, and which were won by the Bharti Realty in Delhi, to play it out. You know, you cannot put so much of development in a small area, which does impact the capital values, it impacts the rental values of commercial real estate. So, Bharti had won this bid, and they are implementing the first phase of five million development in Delhi. And, once they finish that, they have the option to opt for the next five million development also, which we will see as how it plays out before further monetizing real estate. So the way we look at real estate is like a winery, right? Where you have the resources, the wine is in the bottle, but you mature it to the right point, and then you sell that at price points which are attractive for us as a company and for our shareholders. Hyderabad is a little different strategy. Hyderabad has almost 1,900 acres of land, hence it has enough monetizable, you know, real estate available. And we continue to work on a variety of asset classes in Hyderabad. We have industrials in the form of an SEZ, where the focus is more on the aero, the airline businesses. So you have the Safran as one of the anchor tenants having their industry over there. And similarly, we have in the commercial space, we have an office complex, which is fully leased out. We have hospitality there, and that is getting expanded. And very recently, we did a financial closure to build out a retail strip mall over there. So Hyderabad would be a little longer play than Delhi. Delhi is in the center of Delhi now, so the monetization aspect will be a little quicker than what happens in Hyderabad. And last but not the least, what we have already done, you know, executed two bids for hotels at the Goa Airport. That is something which is just beginning, which will play out over the next five-seven years as development picks up pace. It takes about two and half-three years to put an asset on the ground. So about 5-7 years is a good time period, where we believe Aerocity, like development around Goa Airport, comes up in its full form. So that's the layout that we looked at in the real estate. It is a very important, you know, revenue stream, pillar of our revenue stream. It helps the airports to deliver itself quite aggressively, but it has to be nurtured before it is monetized. That would be my answer to your question. Understood, sir. My second question is on the how much of the CapEx has been capitalized in this fiscal? And how much is still to be left to capitalize? And if you can throw some light on the depreciation number post all the capitalization. So I will ask G.R.K. Babu to answer this question. It has to be done on an asset-by-asset basis, so maybe- Okay. -You know, what is happening in Delhi and Hyderabad. So G.R.K. Babu, please take it. Yes, sir. Yes, sir. I think as far as Delhi is concerned, and, out of about INR 12,600 crore, we have almost, completely capitalized to the extent of INR 12,000 crore in March. Around INR 500-600 crore will be done in the first or second quarter of the, this financial year. As far as Hyderabad is concerned, out of INR 6,700 crore, almost INR 6,000 crore is capitalized. Only INR 500-600 crore is yet to be capitalized. And overall, the depreciation, in case of the Goa, it has already been done last year itself. There is not further, only an expansion which is happening, about, INR 200 crore will be capitalized, in the current financial year. The work is going on. On a full-year basis, the depreciation in case of the Delhi will be more than around INR 800 crore. Hyderabad will be almost INR 600 crore. But they are the numbers. Understood, sir. My last question is, what are Delhi duty-free services revenues and EBITDA in this, in the entire fiscal? In this fiscal, Delhi, duty-free has done a total turnover of about INR 2,050 crores. It had an EBITDA of about almost 17%, about INR 340-380 crores EBITDA was there. Understood, sir. Thank you and all the best, sir. Thank you. Thank you. The next question is from the line of Prateek Kumar from Jefferies. Please go ahead. Yeah, good evening, sir. Thanks for good results. My first question is on the tariff, the new tariff you would, you have submitted. As you mentioned, you, you are looking to submit the application in first quarter 2025. Firstly, when are you looking to get probably update on in terms of implementation of the tariff? Secondly, what is the expected volume growth you are like sort of planning for DIAL airports, like over the next five years and control period four for this, for this tariff? The tariff application we just filed 1 day before, and the application has been filed, and we expect the entire process will take about a minimum 6 months for the consultant to give the report to the AERA. Then after, they will come out with the consultation paper. So we expect only in the last quarter of this financial year that we'll be able to get the new tariffs. Most probably, this will be over by March. That will be the timeline that it will take. Yes. What is the volume growth, or passenger growth you're expecting at Delhi airport over the next five years? Sorry, voice is breaking. What is the kind of volume, passenger growth which you are like sort of looking at, at DIAL airport, for this tariff, this- This tariff period, this year, DIAL has closed with 72.7 million. So this current financial year, we are expecting it will be around 77.5. So it will go by end of this, current, tariff period, we may touch about the 95 million traffic. Okay. My second question is on, we had a stable depreciation interest or flattish like in 4Q versus 3Q, as we capitalized most of the CapEx on both Delhi and Hyderabad. Why that number was like also sort of flattish? The capitalization has already been done, but since it's the last quarter, capitalization has been done mostly. You will able to see the full year depreciation only in the current financial year, when the report will be back. Okay, and there is an increase in debt in this quarter, like sequentially. So I guess it is related to the closure of, like, buyout of 11% stake at the Hyderabad Airport. Was this part of it attributable in Q3 also, or some part of it has got attributed in Q4? No, in case of the DIAL, we have raised about INR 800 crore, that is for an expansion purpose. That was the last bit we have raised. The debt expansion funding is completed. In case of Hyderabad, we have raised INR 530 crore of the money as on March 31, and that was for repayment of the, I mean, NCDs, the bond which was fallen due on April 4, and the entire INR 540 crore has been used for repayment of the bond which has fallen due, it's about $73 million. ... Also sequential increase of like 7%-8% and debt is largely due to debt increase at DIAL, you mean? Sorry, your question is not clear. Pratik, your understanding is right. The major increase in debt is mainly because of the Hyderabad stake what we have taken. That's the main, main reason for the increase in the debt. That is at the GMR Airports Limited. Right. And lastly, on Goa Airport, earlier this quarter, there was a media report which said that, Goa, Goa government's land lease extension near airport has raised some concerns regarding the hotel plots which have been given out for 60 years. Any comment, which—I mean, while the concession is for 40 + 20, but the hotels are given for 60 years sublease. Any comment of you, you can share here? No, there is not much concern because we've already given the concession, and the concession is already going on. It is 40 years, 40 years of concession, extendable 20 years it will get the extension. So it's likewise for the hotels which have been, like, sort of given out for lease, 40 + 20? Sure, okay. These are my questions. Thank you. Thank you very much. The next question is from the line of Aditya Mongia from Kotak Securities. Please go ahead. Thank you for the opportunity. I would just want to check if I'm audible to all? Very clear. Thank you. Yes, you are. Thank you for that. First off, congratulations on fairly decent results once again. The question that I had was more to start with on the debt of GAL at the standalone level, which has increased to INR 49 billion by the end of the year. A, could you give us a sense of the average cost of debt post all the financing that has happened? And B, could you give us a sense of how this number is going to move up, down or flat over the next 3-4 years? The debt at the GMR Airports Limited is now standing at March 31 is about INR 5,000 crore. It was increased by about INR 1,300 crore during the current and the last financial year, mainly for acquisition of the 11% stake in Hyderabad Airport. Plus, we have made an investment of nearly INR 350 crore in the Vizag Airport. That's the Bhogapuram Airport. With that, now the debt has been standing around INR 5,000 crore in case of the GMR Airports Limited as on March 31, 2024. The average debt cost will be around 13.5-14% will be interest cost on IRR basis, ex IRR basis. And going forward, we have an ability to raise a further debt of INR 3,000 crore. That is what is provided in our documents, for any acquisitions which will be coming in our way, especially airport acquisition DIAL or any other acquisition. So we have the ability to raise another INR 1,000 crore under the existing documents. So, um- As of now, Aditya, as of now, there is capacity on the balance sheet of GAL from the existing lenders to further raise debt, should there be a need. As you're aware, there are multiple airports which are coming up in the near term, hopefully when the new government comes into formation. For any equity investment that may be required in those airports, we have that capacity available. But the principle that we use is, you know, if I can raise, continuously raise the equity, which can be then subsequently refinanced through equity, and, and use that arbitrage to, to further enhance the, the shareholder value. So these are all very stable long-term debts that we have, and will get refinanced, either through further offerings that we may do at the asset level, or may get refinanced from the GMR existing businesses that have now started to flow into the hold co. So the likes of some which we have highlighted in our presentation. So, for example, the car park or duty-free and other businesses that have now been entered into at the holdco level, at GAL level, they will be able to sustain those businesses and continuously reduce that cost of debt and reduce that debt as such. That's the broad strategy that we have, as we go forward. There is no refinancing risk, nor there is any equity offering at the holdco. That is under plan. But yes, we will manage this portfolio as opportunities come by. The real question was, and I think you kind of spelled it out, as you aggregate more and more capabilities and the way the parking contract has happened, would you give us a sense of the kind of EBITDA that can be generated? And I'm just trying to get a sense whether that EBITDA can be meaningful as one sees through the requirement of both the increased cost and the principal repayments that will be required over INR 5,000 crore and from the closing number from here on? Aditya, I don't want to go down the path of forecasting EBITDA for you. We don't do that. As a matter of fact, I mean, even in an earlier question, there was that, "What is the volume growth expected?" In our presentation itself, we are talking about a volume growth of about 10%-11%, on a consolidated level. And hence, even in the adjacency businesses, if you look at the past financial data there, and they're all in the public domain, I think you can very easily carve out what these adjacency businesses can create as an EBITDA. I would leave it to you, maybe offline we can assist you, but we don't give forecasts or shadow forecasts for this. But just to give you a sense, when we did the last debt raise at GIA level, the debt cost of debt had compressed down to about 13.25. We expect that as we demonstrate cash flows coming into the holdco from these adjacent businesses, we should start tracking this cost of debt even further below, because you have the cash flows to support it. So we are targeting that in the next financings, whenever that happens, we are taking it down to below 13% to 12%. That's how we will continue to move forward as these cash flows emerge, which gives full confidence to the debt holders that they are not dependent on any event for refinancing. But the cash flows itself of the, of the entity are able to take care of the, of the principal payments, not only interest, but the principal payments also of that debt. That's how we are moving forward. It's early at that, cusp, I would say, because businesses are just starting to emerge. You'll have to wait for another 12-24 months to see for yourself as to what kind of EBITDA margins, these businesses, generate at the holdco level. It would just help maybe later on, if you can, because this is an imponderable that is also a value addition exercise that the company can do. It is, however, difficult for us to kind of think through the kind of EBITDA that you could be making. But if you could share- It's not difficult at all, Aditya. Aditya, it's all, your balance sheets of these entities are there in the, on the ROC website. You can see what the EBITDA margins are. These are all EBITDA margins, which is north of 30%. Mm. Right? So it's not imponderable. Yes, we can sit down and, and make it for you. No, that's fine. We, we'll probably- I won't give guidance to it. You want a guidance, I'm not gonna give a guidance to that. That's the only thing. Sure. The other question that I had was, obviously, well, it's a small thing, but a good thing to know. Goa actually earned about INR 20 crore, or so of, CPD income this quarter, which means it's in the fun part to become close to INR 100 crore if I annualize these numbers. This is a recent start at Goa. Are these numbers, kind of sustainable at INR 20 crore? And how much, acres have you monetized for this thing? This is lease income that I'm talking about. And if you could give a sense whether there's been a RFP, as a balance sheet impact also, is there, is there magnitude of this? You are right. In case of the Goa, INR 20 crore income has been taken, in the books, which is the upfront payment which has been received for about 4.5 acres of land. Whether the same, model will be continued in the future, we have not yet decided, but at the current 4.5 acres of the land which were monetized are two hotels. And nearly 50% of the amount has been received in advance, which is what upfront fee, which has been accounted as income. This is, this is not a lease income. No. This is, this is a one-time income. One-time income. In addition to what we have accounted for, INR 20 crore as income, this is upfront fee, we will also continue to get the lease rentals at the, at almost about 2-2.5 crore rupees every year from the 4.5 crore, from 4.5 acres. Understood. The last question from my side, and I'll get back into the queue, is that, if I see on... So, the way I understand airports business, the key point, imponderable is not the passenger count, because you will be choke up block at some point of time. So the growth of passengers matters less, but how much you're getting non-aero pax is the most important variable. In this context, Delhi and Hyderabad have seen the non-aero pax fare go up about 4%-5%. And I understand that, when you grow and you add passengers, it's difficult to grow your non-aero pax because the quality of incoming passengers could be worse off than your base business. But is there a case for this 4%-5% number for Delhi and Hyderabad to become a higher CAGR over the next couple of years? And if so, how to think through the drivers of this thing? I understand I'm asking for a guidance again, but I think it is something where if you can add more color, you can do better justice to the analysis. So, Aditya, the answer to your question actually reside in our presentation itself. If you look at the real cream for this non-aero businesses comes from the international business as such. That's the key driver. And our airports and actually the whole Indian aviation itself is gaining momentum with more and more international travel, which allows for greater spend at the airport. As Indian airports, especially Delhi and Hyderabad, become hubs, there is much more transfer traffic, there is more spend. The cannibalization that had happened on the Indian passenger demand to the Middle East, that gets stopped and that gets spent at the Indian airports, in Delhi Airport, in Hyderabad Airport, and of course, they are to come back. So just to give you a sense, I mean, we are not talking about, you know, spends happening on a month-to-month. There are increases that we see. Now, how sustainable they are, of course, that's a question mark. But we are seeing increasing spends at our airport by travelers, and as international travel continues to gain far greater traction, these spends will only go up. So our presentation has that, you know, data point for you as you see how international traffic is growing at both Delhi and at Hyderabad. There are no more questions, just a clarification. 17% duty-free margins, is this EBITDA margin before other income or after? That's it. Thank you. I hope the question was- Can you answer that? Your question was not very clear. Can you again? Is this a 17% EBITDA margin? Repeat your question. Yeah. So is it 17% EBITDA margin in Delhi duty-free business after accounting for other income or before other income? That's just a clarification I thought I would check with you. Delhi duty-free has got not much other income. It is basically its own income only. It is accounting for everything. Understood. Thank you. All the very best. Thank you. The next question is from the line of Shivank Chauhan from Barclays. Please go ahead. Hi, thank you very much, and congratulations for a good set of numbers. I have just quick one on, if you would be able to provide some, CapEx estimates for this year, for Delhi and Hyderabad Airport? Yeah, okay. You are there. Not just the CapEx, as far as the CapEx funding is, is already completed. CapEx that will be capitalized regarding the expansion the current financial year, in case of Delhi, will be around INR 600 crore. There's a balance CapEx, and in case of Hyderabad, it will be around INR 350-400 crore will be capitalized in the current financial 2024.4. Got it. Got it. And, I see that, Hyderabad airport expansion is, close to completion. Any timeline you could provide? Probably like first quarter next year or something like that. Your voice is not clear, sir. Mr. Chauhan, your line was not audible. If you are using the speaker mode, may we request you, to use, your handset mode, please? Hello? Is it audible now? Is it better? Much better, sir. Please go ahead. Yeah, just wanted to know the timeline for Hyderabad expansion to be completed. Yeah. It's already both airports expansions have been completed. In case of the Delhi, all the assets have been put to use, both runway, distant cross taxiway, apron, Terminal 3 expansion has been done. In case of Delhi, Terminal 1 is also inaugurated by the Prime Minister, and we are just waiting for the final clearance from the security team. The entire BCAS has already come and inspected the terminal, Terminal 1. Most probably, middle of June it will be operational in case of the Delhi is concerned. With that, everything is operationalized. Hyderabad, both eastern and western bulks have already been ready. Everything is completed. Capitalization is also completed. Only in the front side, a little more work is going on. Otherwise, all are operational in case of Hyderabad. Okay. That answers all my questions. Thank you. Thank you so much, and all the best. Thank you. Our next question is from the line of Dario Mariani from BNP Paribas Exane. Please go ahead. Good afternoon, everyone. I have four questions, if possible. The first one is on Delhi Airport. Aeronautical revenue per passenger was flat year-on-year in fiscal year 2024. What shall we expect for 2025 and 2026 once the regulator sets the new tariff, and why? That would be my first question. And, if you want, I can give you all the questions, otherwise I can just tell you one by one. As far as Delhi is concerned, for the current financial year, 2024-25, since we have filed application and this will take about minimum 8-9 months time, we expect the current existing tariff of this airport charge will continue. So the your aeronautical revenue will be more or less the same with a slight increase because of the traffic. But next financial year, we expect the entire tariff to be fully implemented. And at that time, since we have already filed an application, considering the entire CapEx of INR 12,600 crore, plus Supreme Court order of capital, I mean, corporate tax, which has been allowed to us, and also the CP and the tribunal on CP2, CP3, favorably, whatever orders have been considered have been issued. Everything has been included and application has been filed before the regulator. So we are expecting that in the next control period, I mean, the next year onwards, the increased tariffs will come into picture. It will be very difficult to guess what exact number will come into picture, and we can have offline discussion with the number. Okay. And for Hyderabad Airport, similar question. Hyderabad Airport expansion has already been completed, but its tariffs are valid up to March 2026. 2026-27 onwards, when the new tariffs will come. For that, the application for the new tariff will be filed maybe between 25-26, middle of 25-26 will be filed. So right now, 2024-25 and 2025-26, the current tariffs will continue in case of Hyderabad Airport, which are already having been sufficient in case of UDF is almost INR 800 plus INR 1,300, INR 1,500 for the information. The same will continue for 2024-25 and 2025-26 also. Okay, thanks. And, the other question is, just to understand, this, the main assets GMR owns, Delhi Airport, Hyderabad and Goa, accounted for around 80% of the group EBITDA in fiscal year 2024. What accounts for the rest, and what's the outlook for those businesses? I'm sorry, your question is not clear to me. So looking at P&L of GMR Airports- Mm-hmm. Delhi, Hyderabad and Goa accounted for 80% of group EBITDA in the last fiscal year. What accounts for the rest, 20% of group EBITDA? And what's the outlook for those businesses? Some of the revenues are basically with regard to the share of profits which have come from the joint ventures. Of course, this is not part of the data. GMR Airports Limited alone is also operating entity, which has got more than INR 700 crore of the revenue, with more than INR 300 crore of EBITDA, which is also gone inside the consolidated financials. What is the outlook for those businesses? Outlook? Outlook- Like time to grow and make revenue. Hello? The outlook is, let me put it this way, the outlook is quite positive and robust, given the tailwinds that we have. All these businesses are pretty much linked to the traffic growth, the passenger growth, so the outlook is quite robust. Okay. We don't give specific numbers on the growth aspect of it, but general guidance as to how the business is performing. Okay. If I may, the last question on capital allocation. When shall we expect GMR Airports to pay dividends to shareholders? Say, 5 years down the line, 10 years, 20 years? Just to get a sense. Well, let me put it this way, we are a growth company. We are in an emerging market, which is itself growing around 6%-7% every year on a real GDP growth basis, which is, you're talking a nominal growth of 11%-12%. In an economy like this, we have to... Our, our model is such that we have to continuously expand the infrastructure to capture that growth, and that is also part of our, of our concession agreements. Mm-hmm. Delhi has reached its almost peak level of expansion. We have completed the capacity expansion to about 100 million. There may be some expansion left, maybe few years down the road, to take it to about 120-130 million, but not beyond that. But Hyderabad is still some way to go, to go to a full capacity of about 80-90 million passengers. So, you know, we are in a continuous expansion mode, and in that mode, for us to give a very specific guidance as to which year we should start giving dividend becomes very difficult. But yes, we are focused on it. We are focused on creating free cash at the group level in next you know, 4-5 years. Asset level, already Hyderabad is free cash positive, so it should start giving dividends to its shareholder, which is the GAL. Whether the GAL can further give that dividend out to the shareholders, I think that's a question that you and I are just currently discussing. We believe that, once the new tariff order of Delhi comes out in its full form, and all the disputes are fully settled, Delhi will also start generating significant amount of free cash. But whether the entity itself, the GAL itself, will start giving dividend out or will it use the excess cash to further grow the airport platform, in different geographies within India or abroad? I think that is, that is something which we leave it for the board of, of the listco to decide on the capital allocation. So, currently we are focused on generating free cash from the asset level, which would start flowing into the listco level, and then the listco board to decide, what is the best use of that cash, whether it needs to further grow or whether paying out dividends is a far more valuable proposition to its shareholders. Okay. Thank you very much. Thank you. Thank you. The next follow-up question is from the line of Mohit Kumar from ICICI Securities. Please go ahead. Yes, sir. Only one clarification, sir. Now we have two TDSAT orders, right? Yeah. Are we for the Delhi one, where is it? Has it been challenged? If not challenged, have we included this favorable judgment in our petition with AERA? The application has been. Appeal has been filed against the DIAL CP2, CP3 TDSAT order in the Supreme Court. It is being heard. As far as the Hyderabad is concerned, no appeal has been filed till today by any of the stakeholders. When it comes to the DIAL, when we have filed the applications, since there is no stay or there is no any embargo by the Supreme Court, we have included all the favorable orders passed by the TDSAT in our application for the tariff determination. Understood, sir. What happens to the Hyderabad? Will it be filed as a part of a new tariff order, or you can ask for some interim rise in the tariff? Normally, the application is all has to be filed only once in five years, so any favorable order will be included in the next Control Period. Just like as in case of the Delhi, we have received a favorable order from Supreme Court in case of the corporate taxes. When we approached the regulator, he made it very clear it will be included in the next Control Period. So we see the regulators are always saying that any favorable orders passed by any other authority, which have not been challenged, will be included only in the next Control Period tariff determination. Understood, sir. Thank you and have a good day, sir. Thank you. Thank you. The next follow-up question is from the line of Aditya Mongia from Kotak Securities. Please go ahead. Yeah, thanks for the opportunity again. A few more questions from my side. The first one being, given the tariff, given the verdict of TDSAT Hyderabad, is there a case to be made that you can better up on your ROE in Hyderabad from the current INR 500 level in the next Control Period? Or should one in any way assume a lower number, the fact that you've already capitalized inside this Control Period? When the tariff determination was done for third Control Period, part of the CapEx of the Hyderabad airport was already considered. In the next Control Period, the balance part of the CapEx will be considered by the regulator, plus whatever the favorable order they have received from the TDSAT will also be included, and then application will be filed. That will all happen from 2026, 2027 onwards. Whether the tariffs will be more than the current tariffs, we'll have the need to work out, but we can't comment right now. Understood. The second question that I had was on the company's assessment that from a 73 million number of Delhi the next five-year growth should be probably 6 odd%. Any reason why one should be thinking through lower growth numbers versus what has been achieved in FY 2024? And is this just mainly the fact that Noida is going to come in or are there other imponderables over here? No, the base has increased from 73.7 to almost 79 million. The thing is, now, when we expect the tariff traffic growth, we always consider the number of aircraft available and also how the airlines are behaving. So this is the minimum expectation we have come, we have made it. As far as Jewar is concerned, Jewar may not start operation the current financial year 2024-25, so that has not been confirmed at all. No, I was also talking about the five-year Control Period, whether you are talking 95 million from 73, seems to be like a 6% growth, so maybe that's also conservative, as you are suggesting, and it can become better than that, eventually. When we go to all this- Aditya, Aditya, Aditya, you have to look at what my capacity in five years' time is, right? Mm-hmm. We are talking a little longer term in the capacity. Right now, we're talking about 100 million, right? Mm-hmm. It is only for that particular period that we are articulating. Understood. The traffic growth, we need to look at what we are giving as a guidance, both from the domestic and international side, which is about 10%-11% in composite form. Mm-hmm. That is the market traffic, not a regulated traffic as such. There are many strategies that play out in our regulatory tariff filing. ... I, I get that. Understood. The last question is more, just to get a better sense of numbers for the fourth quarter. See, if I see the change in EBITDA, I think Delhi and Hyderabad QoQ have not moved, any meaningfully, and there is some growth that has happened in Goa. But a large part of your QoQ growth in EBITDA is happening from assets, beyond Delhi, Hyderabad and Goa. My sense is two-thirds of the growth is happening from there. Could you give us a sense whether it is, GAL actually, or could you give us some more color as to what is, driving the QoQ EBITDA growth beyond the three assets? We are talking about the consolidated financials? That is true. So I think the consolidated financials suggest a growth of INR 150 crores or thereabouts on a Q1Q basis in EBITDA. Of which about, let's say, 30, 40, 50 crores is actually coming from Goa, which we can understand. But Delhi and Hyderabad are not showing much of a growth in EBITDA. So for the remaining 100 crores, if you could give us a sense on the drivers and the sustainability of the same. I think the other growth are coming from the duty free as well as the GAL and some of the car park businesses. Of course, we can share the details in subsequent, because it is very difficult to provide the minute details now. Aditya, the numbers have already been shared in the presentation. If you look at the Delhi, Hyderabad and Goa financials in the annexures in detail, you'll get the perspective. Delhi, from there you'll get the complete, complete perspective. The Delhi EBITDA is more or less constant, slightly it's going down, compensated by the high growth in Goa. Yeah. Fair, I'll take it offline. It seems as if, all three assets put together are accounting for the minority share of growth in EBITDA, Q1Q, as per my understanding. That's the question, but maybe I can take it later on with you guys. Sure. Thank you. Thank you. Thank you. Ladies and gentlemen, I would now like to hand the floor over to the management for closing comments. Yeah, thank you. Thank you, everybody, for joining this Q4 call. There'll be a few questions that I think have the answers in the annexures to the presentation. So Amit and his team are available to highlight those particular pages on which those answers are there. So please get in touch with Amit and his team, and they will be able to help you to reconcile the numbers. Thank you so much for your time, and I look forward to meeting with you very soon. Thank you so much. Thank you. On behalf of GMR Airports Infrastructure Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.