Thanks for that, and good evening, everyone. I welcome our shareholders, analysts, and other stakeholders to our Q4 F iscal 25 Earnings Call. The past few weeks have been very challenging for our entire nation, and we need to be mindful of the environment as we navigate the coming quarter. Minor turbulence is part of the journey, but our view about the long term remains intact. Boeing continues to forecast India's air traffic to grow over 7.9% annually through 2043. Indian and South Asian Airlines will add over 2,800 commercial aircraft to their fleet by 2043, of which 90% will come from the Indian Airlines. Echoing the sentiment, Netherlands' flag carrier, KLM, is expanding its operations by starting flights to Hyderabad in September. Malaysia Airlines also affirmed that the Indian market has emerged as a cornerstone for Malaysia Airlines, ranking among the largest and fastest-growing markets in its network, expecting a 14% growth in its passenger traffic flow to and from India in 2025. Efforts are also underway to establish India as a global transit hub. Air India's VR campaign aims to attract foreign travelers by offering enhanced connectivity between the U.K., Europe, Australia, and Southeast Asia through India, with connection times reduced to up to an hour. Many of these connections will be serviced by Delhi Airport, which also serves as IndiGo Airlines' largest base with 250 Delhi departures. Airports operated by GMR continue to receive multiple rewards and recognitions globally, showcasing how we consistently improve our services while adapting to changes. Delhi Airport, which is the ninth busiest airport in the world as per ACI, was awarded the best airport in India and South Asia by Skytrax, with its global ranking improving to 32 in 2025 from 36 in 2024. Skytrax also awarded Hyderabad with the best airport staff in India and South Asia for the fourth time, with global rank improving to 56 in 2025 from 61 in 2024, while Goa Airport's rank improved to 80 from 92. Delhi and Hyderabad Airports have also been winning the ACI ASQ award for the best airport in Asia-Pacific with their respective passenger categories in multiple consecutive years. On that note, let me now delve into our Q4 2025 performance. Momentum in total income continued with Q4, F iscal 2025, at INR 29.8 billion, up 16% year-on-year, driven by traffic and growth in non-aero revenues, translating to an EBITDA growth of 19% year-on-year, with INR 11.2 billion. In Fiscal 2025, the total income was up 18% year-on-year to INR 108 billion, and EBITDA increased 22.5% year-on-year to INR 42 billion. EBITDA margin for the quarter was 51% in Q4, Fiscal 2025, versus 48% in Q4, Fiscal 2024. Loss from continuing operations for the quarter was INR 2.9 billion, versus loss of INR 2.1 billion in Q4, Fiscal 2024, and that for fiscal year 2025 was a loss of INR 8.2 billion, almost unchanged year-on-year. This is despite a 27% increase in interest expenses for Fiscal 2025 and 30% increase in depreciation, both resulting from capitalization of expansion projects already incurred. At the final tariff Delhi Airport issued by AERA, the results were looking substantially better. Looking ahead, given the expected traffic increase and tariff revisions, our position will only improve from here. Consolidated net debt, excluding the FCCBs of INR 24 billion, which are deep in money, stood at INR 315 billion, increasing by INR 18 billion versus Q3, Fiscal 2025. GAL had raised INR 15 billion in the form of three-year non-convertible bonds, primarily to purchase the 10% equity stake in Delhi Airport from Fraport, while Bhogapuram availed a subordinated tech facility of INR 3.5 billion for its greenfield project, which is already in an advanced stage of completion. On the operational front, traffic continues to grow 9% year-on-year and 1% Q&Q growth in Q4, Fiscal 2025, reaching 31.5 million passengers. This is a number which excludes SIM. Domestic passenger traffic grew 9% year-on-year, while international traffic grew 11% year-on-year in Q4, Fiscal 25. International passenger traffic share for the quarter was 25%. Fiscal 25 passenger traffic increased 9% year-on-year to 120.5 million for the group. With respect to specific airports, during Q4, Fiscal 25, passenger traffic activity rose 7.5% year-on-year to 20.6 million and rose 7.6% year-on-year to 29.3 million for the full Fiscal 25. Hyderabad traffic was up 21% year-on-year to 7.8 million for Q4, Fiscal 25, and up 18% year-on-year to 29.5 million for Fiscal 25. Both these airports handled the highest quarterly passengers in Q4, Fiscal 25. Goa traffic for the quarter declined 5% year-on-year to 1.27 million passengers. However, international passengers more than doubled versus last year. For Goa in Fiscal 25, traffic rose 7.7% year-on-year to 4.7 million passengers. As new aircraft deliveries gather pace, we expect strong growth in international traffic, as there is latent demand for international travel. Total income of Delhi Airport rose 24% year-on-year to INR 16.4 billion, driven by traffic growth, increase in non-air income, as well as income from commercial property development, with EBITDA increasing 52% year-on-year to INR 5.3 billion. For Hyderabad, total income was INR 5.9 billion, up 7% year-on-year, with traffic driving this growth. EBITDA was up 9% year-on-year to INR 3.6 billion. Mopa, or Goa Airport, reported a total income of INR 1,201 million, almost unchanged year-on-year, as Q4, CY 2024 had some CPD income rising from signing hotel agreements. The airport continues to report positive EBITDA in its initial years of operation, in Q4, CY 2025, at 253 million, despite a full quarter impact of revenue share kicking in. Notable achievements during the quarter are non-air revenue at all airports was stronger in the quarter. Combined non-air revenues at Delhi, Hyderabad, and Goa Airports rose 13% year-on-year, both in Q4 and for the full FY 2025. Duty-free SPP at Delhi increased to INR 1,010 in Fiscal 2025 from 997 in Fiscal 2024, while Hyderabad SPP was INR 727 in Fiscal 2025, up from 683 in Fiscal 2024. The traffic order for control period four for Delhi Airport was issued by GMR, and new tariffs have been effective from 16 April 2025. With this, the aero yield per pax on YPP should now be close to INR 360 versus 145 prior to the order. This also should drive a significant improvement in aero revenue, overall profitability, and cash flow generation at Delhi Airport during the current fiscal year. The share purchase agreement with Fraport towards the acquisition of Fraport's minority 10% equity stake in Delhi was concluded in the quarter. They are increasing GAL stake in Delhi to 74% from earlier 64%. This was done at a deep discount to what analysts have been valuing Delhi Airport. Moving forward in its strategy towards consolidation of stakes in existing assets, Hyderabad Airport entered into a share purchase agreement to acquire 70% stake in ESR GMR Logistics Corp from other shareholders at a consideration of INR 213 million. The airport's wholly owned subsidiary, GMR Hyderabad Aerotropolis Ltd., already holds 30% stake in EGL PPL, and with this transaction, EGL PPL will become a wholly owned subsidiary of the airport. Progress on developing the airport efficiency business continues. We are steadfast in the long-term strategy of converting GAL into a consumer business with the underpinnings of a utility company. GAL will start operating the Delhi duty-free concession from July 25 and will also take over the operations of the duty-free at Hyderabad Airport in Q2 of Fiscal 2026. Very recently, GAL has been granted the concession to operate, maintain, and manage the existing cargo terminal at Delhi Airport on similar terms to ensure continuity of operations post the termination of security clearance of one of the cargo operators, resulting in cancellation of that concession. Overnight, GAL had to take over this concession, thereby ensuring seamless transition and no disruption of services to customers. Construction of multiple airport land development projects is underway at all airports. As of March in Bhogapuram, 69% of physical progress is completed, and we expect the airport construction to be completed by December 2026. At Crete, 58% has been achieved, with our target completion date being February 2027. Credit ratings of Delhi Airport were upgraded by Standard & Poor's to BB from BB-, with Fitch to BB+ from BB-, and with ICRA to AA from AA-. The expected improvement of financials in FY 2026 will further improve in ratings and costs further. At Hyderabad too, Moody's upgraded the credit ratings from BA1 to BA2. At GMR, we firmly believe that integrating ESG principles is crucial for airport operators to build resilient operations, mitigate risks, and secure a license to grow within evolving regulatory and community expectations. Delhi Airport released its Sustainability Report 2024, a comprehensive disclosure that sets a new benchmark for climate action, innovation, and social impact in the Indian aviation industry. The report outlines the airport's transformation journey in embedding sustainability to the heart of its operations, making not just India's busiest airport, but also its greenest. Key highlights of the report are: Delhi Airport became Asia's first level 5 carbon hybrid airport with over 40 million passengers per annum category. Delhi Airport continues to operate entirely on net renewable energy. Over the last four years, the airport achieved a 52% absolute reduction in carbon dioxide emissions and a 36% in carbon dioxide emissions per passenger. Infrastructure projects like Eastern Cross Taxiway and deployment of taxi bots and 22 new bridge-mounted equipment have dramatically cut aircraft taxiing time, fuel usage, and greenhouse gas emissions. Delhi Airport is on track to become a water-positive airport. Through the GMR Varalakshmi Foundation, Delhi Airport is actively uplifting the underprivileged communities across the National Capital Region. It has recently implemented a hidden disability sunflower program, making Indira Gandhi International Airport a sunflower-friendly airport with personalized support for persons with non-visible disabilities. The report is available on Delhi Airport's website, and I would encourage you to read the report to appreciate Delhi Airport's initiatives and actions on the ESG front. Hyderabad Airport achieved a level 5 carbon accreditation under the globally recognized Airport Carbon Accreditation (ACA) program, placing the airport among the top four airports in ACI, Asia-Pacific, and Middle East region. Goa Airport won Build India Infra Awards in 2025 for sustainability in the civil aviation sector. Our IR presentation with all the financial numbers is already available with you. If not, you can download it from our Investor Relations 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 can be addressed by my colleagues in the corporate and the business teams. Thank you so much. Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. Anyone who wishes to ask a question may press Star or One on their touchstone telephone. If you wish to remove yourself from the question queue, you may press Star and Two. Participants are requested to use their handsets while asking a question. Ladies and gentlemen, we will wait for a moment for the question queue assembles. The first question comes from the line of Mohit Kumar from ICICI Securities. Please go ahead. Thank you, sir, and thanks for the opportunity. My first question is, could you please explain the impact of Delhi's tariff order on the annual revenues of the government? Mohit, we don't give board guidances on revenues. Obviously, the new tariff order—the new tariff order, we can talk specifics on that aspect of it. Yes, we can. Yeah. The current tariff was INR 145 yield per pax. Now, the revised tariff, which is now implemented from 16 April 2025, is INR 360 yield per pax. That means there is an increase of INR 215 yield per pax. Basically, now that you can do the calculation, if it is 80 million passengers, it's about INR 1,600 crores to off. Understood, sir. My second question is on the sooner depreciation phase of all these nationals in Asia: Please Y-o-Y and Q-o-Q. Is this 9 billion number, one billion number? Is this a number, 9 or 10 billion number? That's the number which you should work with for the FX. Is it a fair assumption? It is an investment depreciation. It is on capitalization, which has been calculated last year. This is on a yearly basis. This will be more or less the final depreciation and investment cost. If this goes to the best cost as we go forward, this looks to be the inside of the side. So there will be some correction in the investment cost because in case of Delhi, there is one of about INR 800,000,000 that's charged because of the cancellation of the hedges, and that will not be there going forward. Further, since we have refinanced nearly INR 2,500,000,000 in case of Delhi, about 12% reduction just to INR 950,000,000. So there will be some more saving. So going forward, there will be some reduction in case of the investment cost. Understood, sir. Thank you and all the best. Thank you. Thank you. The next question is from the line of Karthik Chellappa from Industry Advisors. Please go ahead. Yeah. Hi. Good evening, sir. Thank you very much for the opportunity. Three questions from my side. The first one is on Delhi Airport. If we look at the CPD rentals this quarter. Can you speak? Sorry. Can you come closer to the mic, please? We can't hear you very well. There's a little disturbance also now in the —How is this one, sir? Is this any— Yeah, this is much better. Much better. Much better. Excellent. Thank you for the opportunity, sir. I have three questions. The first question is, if I were to look at our CPD rental income for Delhi Airport, it's a run rate of about INR 200 crore for several quarters. This quarter, we have seen a sizable bump up to INR 383 crore. What has actually driven that, and what is the steady-state kind of CPD rental that we can actually expect going forward? Okay. This quarter, one of the assets which has been released now in case of the CPD land, all the CPs have been completed. Hence, India's 116 release financing has quit running. We have to equalize all the MMGs which have been receivable over a period of the next 46 years. As a result, there is a bump of about INR 1.88 billion-INR 1.9 billion this quarter. Going forward, on a yearly basis, there will be an increase to the section of about INR 1.2 billion going forward. Okay. From here on, the steady-state should be somewhere about INR 3 billion-INR 3.2 billion per quarter. No, no. INR 120 crore increase going forward on a yearly basis. Okay. INR 1 billion-INR 2 billion increase on a yearly basis. Okay. Great. Thank you. My second question, sir, is now the FY 2026 will see the first year of the full effect of the new YPP. I do not mean it in the form of guidance, but if I were to just do a basic math of keeping all other things equal, our aero revenues will now more than double, and if I keep our interest, depreciation, everything constant, is it reasonable to assume that FY 26 Delhi Airport should be able to break even? I think that would again allude to guidance. I really do not want to give that forecast to you. There is a significant improvement. If you look at the Delhi Airport's P&L and if you impute the numbers that you are articulating, I think the results will be quite obvious over there. Okay. Great. My last question, sir, is on Hyderabad Airport. What we have seen is this quarter, there has been a sequential softness in the EBIDTA margins for the Hyderabad Airport, and the effective tax rate this quarter has also been very high, almost about 44%-45%. Could you please clarify what led to the sequential softness and also the effective tax rate? Just one question. Just one minute, please. Sure. Karthik, if you adjust this with restricted grocery income, you will see an improvement in EBITDA margin. It is mainly because in Q4, the grocery income is lower compared to Q3. That is the main reason. Okay. Even if I adjust the other income, even if I exclude it, there seems to be a reduction. That was why I was curious to see whether there was anything else apart from other income. No, there could be some year-end expenses. Year-end expenses have been booked. Some of the expenses which have come around INR 10 crore extra, which have been accounted for. As far as the taxes are concerned, it is only in a book entry, and we actually take matched credit back into the books. Hyderabad Airport is not paying any taxes as of now. Okay. This means that the steady-state tax rate, I mean, it's not paying any taxes for the steady-state tax. It should continue to be about 33%-34%, right? No, no. This is actually what we have accounted for, it is only a match. It is not full tax. We are under match because we have carry-forward losses available for income tax. Just one follow-up, sir, if I may. Your earlier comments that you made at the beginning that the economic environment had been a bit volatile in the first two months because of the developments recently, has that had any impact on your volumes or your forward bookings in the short term? If yes, how long do you expect that to last, whether it is in Delhi or in Hyderabad? Basically, you're talking about the India-Pakistan, India-Pakistani, and the impact on the traffic. Honestly, it's a very minimal impact on traffic. It was only certain airports or things we shut down during those operations, during those 17 days. Minimal impact in the size of operations at Delhi. Hyderabad, almost no impact. Now we see a comeback even in those stations. Okay. My sir, thank you very much and wish the management team all the very best for FY2026. Thank you. Question from the line of Prateek Kumar. Jefferies, please go ahead. Hi. Giving you my question firstly on CPD income jump. So we are inclined that annual CPD income at Delhi will come from around INR 8.00 billion to INR 9.90 billion going forward annually. The right assessment. Also, related question, what is the timeline of other projects going to commission, including multi-reality, starting to give you these rental and other projects, including the restriction mall which they are building in that location? Yeah. Prateek, I have here Aman Kapoor, who heads our CPD business over here. So he will guide you on developments in that business. Aman. So we get to Bharti in the first phase of the 10 million sq ft area that was granted. Almost 55% will get ready and commissioned by third quarter of this calendar year. It has no impact on revenue turnover because there is no revenue share, and planned rentals are simply going to be paid. It has no necessarily an economic impact. With respect to the shopping center, it is expected in the first quarter of 2028 to start operations. From this financial year onwards, the minimum guaranteed rent has kicked in, and that will continue to be paid irrespective of whether the project is completed or not. That is what the straightlining which GRK Garu had highlighted and explained earlier. The Bharti Phase two, when is that to come in picture in terms of rentals in addition to the shopping mall? Right. We have a right to choose up until end of financial year. I think it is year 2027. We have a right to exercise that option. From FY 2028 onwards, we should be in the—yes, FY 2028 is that option. Correct. The rentals will start kicking in. My other question was regarding Delhi duty-free. We have seen this data on annual numbers for the Delhi duty-free,cargo, etc. That shows that EBITDA and PAT for the financials have a small exponent when it is head crores. That seemed to be a very strong growth year on year, like basically 2% of margins and almost a decline in PAT. Why does the trend seem to be growing well? Why that? This is basically, if you look at the 2023-2024 financial year compared to 2024-2025, you are looking at it. In the 2023-2024 financial year, FY2024 ending, the duty-free was getting the refund of ITC on both arrival and departure stores. The benefit went up to INR 260 crore. As the government has withdrawn on arrival store and they are allowing only out-of-dispatched stores, the ITC credit going forward from October 2023 onwards. As a result, if you compare 2024 and versus 2025, even though the power has gone up, because of that, ITC credit is not available in 2024-2025. It is just a 4% impact. 4%. It is a sustained impact. Is it below EBITDA or below EBITDA? That was above EBITDA. Okay. Your sustained EBITDA quantity, sustained EBITDA has been 3% and lateral declined by around 10% in FY2025 in this segment. That is why the question was there. I am not sure if you could just completely explain. They are like line items below EBITDA also explaining the PAT performance. Below EBITDA, there are no issues. The below EBITDA is basically the last year profit versus this year profit. Profit has come down mainly because of the ITC refunds, which they used to book less cost in 2023-2024, whereas 100% cost has been accounted for in 2024-2025. This is the reason why the EBITDA level has come down compared to 2024-2025. Going forward, that will be defined. Prateek, your EBITDA margins in your duty-free business will be about 15-17% going forward. Going forward, taking into account this one-time adjustment of the roll order from the government, this was as against the 20% EBITDA margin earlier. From your modeling perspective, you should assume about 17% EBITDA margin this. Sure. Looking on Net Debt, it's like now it's INR 7,400 crore this year. How do you see Net Debt in effect from here? What is the cashing effect in effect in the overall position? There will be addition because the Bhogapuram construction is happening. If you look at the INR 31,000 crores, the Bhogapuram is accounted for only INR 1,400 crores, INR 1,500 crores. We will be drawing additional INR 1,700 crores in this 2025-2026. To that extent, the EBIT can go up further. At GAL level also, we have raised INR 400 crores in Hebdal, and we may likely to raise another INR 200-300 crores in this financial year. About INR 700 crores also at GAL level go up. Total about INR 1,700 plus INR 17,400 crores can go up. This is a cost check. Net Debt will also increase significantly because of tariffs in Delhi. Net debt continues to go up for like the next half year and FY2025 and? Net debt will also go up slightly, but not as much as the gross growth will because of the cash accruals because of the intense tariff we have now in place. DIAL will throw a good amount of cash because of implementation of the tariffs. That cash accrual will be there. The gross debt may go up by around INR 2,500 crore, but net debt may not go up that much. Sure. Thank you. Next question comes from the line of Dario Maglione from BNP Paribas. Please go ahead. Hi. Good afternoon. Thanks for allowing me to ask you some questions. I have two, if I may. One is on the noise that airports are closed outside Delhi. It should open in the next few months. Are you seeing any impact on airline schedules, capacity for the airport? Question number two is on actually Group ADP. As you know, the CEO has changed at the beginning of the year, and the full year is now called. The CEO mentioned that one of the pillars of his strategy is to get basically dividends from international assets, including GMR Airports. However, he also mentioned previously that there's a lot of opportunities to destiny. Within this context, when do you think that GMR Airports will pay dividends? Thanks. Yeah. On Jewar, honestly speaking, the opening of that airport is quite complementary to our Delhi Airport. Delhi Airport, as you know, we have expanded our capacity to about 100 million passengers. There will be some we would actually encourage some of the low-yielding traffic. When I say low-yielding traffic, it is the ATRs and domestic traffic, which does not spend too much at my airport to move over the next three to four years. It's not going to happen immediately. The next three to four years is what we expect that to happen, which is beneficial because my international traffic is growing quite robustly. It will reduce the capacity at the airport on the air side of it for the aircraft movements. It is very complementary for us that Jewar will open. The market itself is growing almost 8%-10% every year. There is enough for everybody. From a comparative competitive scenario, Jewar Airport is almost 70-80 kms from. Ladies and gentlemen, we have lost the line of the management. Please stay connected while I reconnect the management. Ladies and gentlemen, we have the management reconnected. Dario, please repeat your question. Thank you. Yes. Hi. Yes. I think to answer the question on noise, you were mentioning that Jewar, noise airport is 70-80 kms away. I guess to the central city. Yes. Purely from a distance perspective, it does not serve the main Delhi and Gurgeon clientele. Even Noida clientele, it does not service. It does service the greater Noida, and the distance area for that is mostly Agra and Aligarh areas, which are from an economic standpoint not lower than the high-yielding passenger traffic that we have from Delhi, Gurgeon, and also other northern parts of India. We expect that as time goes by and over the next two to three years, as our traffic also starts to reach about 100 million passengers, we expect some of the low-yielding passengers to continue to move from Delhi Airport and deconcentrate on the high-yielding passengers, which are usually the international traffic and full-service airlines. That is the strategy. In a nutshell, Jewar is very complementary to our business model. As we go forward, we will continue to work with airlines to facilitate their slots over here at Delhi Airport. I just want to highlight one aspect that airlines do not give up slots. Once they get hold of slots, they hold them very, very clearly. Yet, on the low-yielding ones, we would encourage these airlines to move to Jewar. On ADP—sorry. Oh, makes sense. On ADP, I just want to again highlight Philippe Pascal has taken over as the Chairman and Managing Director of ADP. Philippe was the CFO when we did the transaction and the handling, and he was one of the persons who negotiated with us. He understands the spirit behind their investment in GMR Airports. We have a very strong relationship with the current senior management. Many of them have also worked for a brief period of time at GMR Airports here in New Delhi. From a transition perspective, we do not expect any turbulence. There is total alignment of strategy and of business between Groupe ADP and GMR, as well as the GMR Airports business at this time. With respect to dividend outlook, we have always highlighted that we should be achieving on a consolidated level at GAL, pre-cash, pre-FCFE positive status by FY 2028. The prerogative of giving dividend exposures is with the board of directors, I really cannot speak for them. All I can highlight to you is that purely from a cash flow perspective, going forward from FY 2028, GAL would be in a position to give dividends as it goes forward. We will, of course, guide the markets as we reach that milestone, but that is what our thought process is. GAL should be a dividend-paying entity for its shareholders, as we would have seen during last fiscal year. Hyderabad Airport has already declared two dividends that come to GAL with a new credit order. Delhi should also start giving dividends after three years, and hence, we believe that also by that time, the transition of the non-aero businesses into GAL would be mature enough. Enough cash flow generation would have happened and would have started to happen at GAL, facilitating any outflow of dividends from fiscal 2028 onward. That's my guidance. Thank you very much. Thank you. Thank you. Next question comes from the line of Nidhi Shah from ICICI Securities. Please go ahead. Thank you so much for taking my question. My first question is, of the speculation of the Celebi in Delhi, who is managing it? Is it DIAL or is it GAL? What are the revenues on that? Or what are the revenues on that for FY2025, and what can we expect for FY2026? Yeah. This is being managed by GAL now in terms of concessions taken over by GAL. In terms of the revenues for FY2025, they cross about INR 780 crore and with a tag of INR 120 crore. For FY2026, that is relatively a forward-looking number, so I'll not talk about that, but you can reasonably go towards numbers that are just. The Delhi duty-free, do you see any of the revenues in that as FY2025, as you mentioned before? Delhi duty-free, FY2025, crosses the value of INR 2,200 crore, which is right above INR 210 crore. The last question, please. Just to see Hyderabad Airport, they have moved from GMR Hospitality and reached GAL? It will, yes, start moving into GAL. The operations will start with GAL from July 25. All right. Thank you so much. Thank you. Ladies and gentlemen, if you wish to ask a question, please press star on the bottom. Next question comes from the line of Aditya Mongia from Kotak Securities. Please go ahead. Good evening, everyone, and thank you for the opportunity. My first question links to growth we've seen in recent months in this airport. It started becoming more of an outsourcing kind of trend. To what extent why growth appears to be slowing down in these months and March and April? Because I would want to assume that the likelihood of our capacity is going to be expanding. Give us a sense of what is kind of the reason to a diversion growth happening in Delhi. In particular, Delhi, I think March has blocked a little bit since the rate is very high. In Delhi, always the growth is within 5%-6%, 5%-7%. When it comes to Hyderabad, the rate is very low, which is 34 million is relative to 9 million, which is 17%. As far as capacity is concerned, Hyderabad has been built for 34 million capacity, and it has grown to 29 million this year. Next year, we are expecting to be at about 32% this year. I think Delhi should be on this residual 5%-6% growth continuing from Jewar to higher cluster. The 6%-8% is the growth we can assume at Delhi Airport. Given the fact that Delhi Airport is doing almost 80 million passengers, it is so high. Yeah. I think the capacity issue right now is just the reasonable planning of the recent months and things in the midstream. I think that's why I was asking. No, no. I was going to say that the capacity is already gone. The airside capacity is incomplete. It's actually we don't have to put any new caps to increase airside capacity. The airside capacity will only now increase due to technological improvements for better ATM management. Okay? It can go up to almost 150 million. Okay? For that, you have to continuously work with the regulator, which is the DGCA, to improve the software and other development over there. On the city side is where we have 11 million terminal capacity as of date. We can spread these assets to make it to about 120 million. If we reach that level, it's good news for all of us. If we need to confirm aspects to enhance the terminal capacity, we will do it at that point of time. Now it is only a question of a passenger outlook, and for that, the best guidance we will get, at least in the listed space, is from IndiGo. I think I read today some news reports from Indigo that almost 50 aircraft, which were grounded, are coming back over the next six months as they are traveling with the engine issues getting resolved. As the aircraft supply increases, the supply side will get de-bottlenecked, and obviously, Delhi being almost 30%-40% market share of India, that will also flow through Delhi. Last but not least, it will have a positive impact on fares, which will again have some tailwind on the demand for flying. Thank you for clarifying. The second question that I had was that I think you're very up to speed too. You mentioned there's a non-aero growth in the fiscal and about. And Delhi is working to improve in that count. It's about 1.3x what is happening. In terms of growth and public inflation and inflation, it doesn't seem as beyond inflation. Any other meaningful factors such as the driver performance, inflation, premiumization, so on and so forth, is something that's right now. How soon should we be expecting more than a 50% increase in non-aero revenue growth versus cash growth? What do you assess that to be? I would say that if you have seen even in the past, our growth of SPP, which is growth over the normal growth, has been in the range of about 5%. And that is like now with the available space and all that. As we move forward, and you would have seen in case of Hyderabad Airport Duty Free partners, the SPP growth has been significant. This was with the expanded area with the new office. Our focus is on three fronts. One, how do you get more space to better suit the additional. That is one. Within our given space, how are you bringing premiumization? What we are doing is like in Hyderabad, we have been doing the luxury to luxury segment. Business part of retail offering. Similarly, on the business side, we are bringing in Michelin star restaurants. All of these things are going to turn to bringing premiumization of the offerings, more space, and also basically bringing in the differential product offerings here. I think that's something which is now the focus, and this will be driving our further growth beyond what you generally call it as a Hindu rate of growth for SPP. Also, Aditya, I think you need to take into account as the transition, as the previous transition year was ending, obviously the focus was more on the transitioning aspect rather than on the growth aspect of it. As it comes back to GMR Airport fold, full efforts to be there to support the necessary investments, both from area space perspective, branch perspective, it will take two different years. Understood. The last question that I had was on the part beyond the three airports in terms of revenues and everything else. Thank you so much for providing time during the presentation because I can see that you have been very helpful. Today, I think through it, the additional reason for the three airports is coming from one of the very clear strategies of yours, Jewar, hotels, duty free, and Hyderabad happening in Delhi. The other half, I think, employees are GALs alone as of the time, but this is a fairly high margin with the SPP partners. Do you have a sense of and what is the drivers on how to increase to represent this with regards to the upcoming GAL group years? Basically, in terms of the GAL, the revenues are what we call it increases. One is basically the management fee of the SPP partners. The second one is the increasing from where they're from. The third one is the additional increase in non-aero to the three verticals, core verticals. One is the retail, the other one is the cargo, the other one is the car park, and fourth one is the SPG. All those things have started showing in the current financial year in GAL. It is likely to grow financially going forward. This is a little bit different where we are taking over the Delhi as well as Hyderabad duty-free, which will start operating from July 2025 onwards. In a nutshell, I think what we have been always highlighting to you at the time is this is mostly management fee, dividends earned from Hyderabad, and interest earned from so on and so forth. Loans extended towards Delhi, the SPG component had paid up to 100%. As the transition happens of the non-aero businesses, this component has relative to the growth of the other component will slowly come down, and operating income will substantially go. Operating income in the upcoming 2026 can go as much as up to 100% from the existing INR 299 crore that is there in the industry business. Now, just to kind of clarify, will you be adding in the next year Delhi duty-free to GAL? You will be adding Delhi cargo to GAL? Yes. Correct, sir. I'm just thinking of it. Yeah. Delhi duty-free, Hyderabad duty-free, both will be operated by GAL from July 2026, July 2026. If we take this current financial GAL as closed at more about INR 1,100 crore and INR 1,200 crore with a rate of INR 600 crore, it will substantially go up the next financial year because of the adding of the Duty Free. And this data also is substantial. In this case, it will also be counting in Delhi cargo and the Hyderabad warehousing ventures, Delhi duty-free, which will be over and above INR 200 crore. Aditya, sorry to intervene. We have a few other expense also in the queue. I would request if you can come again in the queue. Thank you so much for your response. Thank you. Thank you. Please, the next question from the line of Karthik Chellappa, the Indus Advisors. Please go ahead. Yes. Thank you for the intervention, sir. I just have one question. The comments that you had made earlier, you expect the gross going to go up by around INR 24 billion. Split between Bhogapuram, which will be another INR 17 billion, and another INR 6-7 billion at the holding company level. So am I right in factually? That's correct. That's right. Okay. Just one question on that. Number one is Bhogapuram is already 69% complete. In other words, almost more than two-thirds complete. If I look at the net debt on Bhogapuram, it's already about INR 17 billion. If we are borrowing another INR 17 billion, it's almost doubling the borrowing there for an additional 30%. How do I reconcile that? The physical progress we are showing, the building has not happened from the construction. We continue to pay them as and when the fees are going to be. There will always be a lag in terms of preemption for the growth to continue. This is not because we don't have the money, because they take more time to complete the construction. Number one. Number two, the total debt for Bhogapuram Airport is INR 22.5 billion. Since we have raised about INR 15 billion, another INR 17 billion we have to raise to complete the construction. We can pay all the way back. One last question, sir. On the holding company debt where you are raising another INR 6 billion-INR 7 billion, what would that be employed for? Basically, about INR 250 crore is the budget that we have been given to GAL for the construction. We also have to make the reinvestment in terms of the non-aero construction costs of INR 200 crore. And we also have to make another INR 110 crore reinvestment in terms of Bhogapuram. That's all the requirements. Okay. Thank you very much for the detailed clarification, sir. That's all from my side. Thank you. We take the next question from the line of Prateek Kumar, Jefferies. Please go ahead. Yeah. Just a question. I'll just ask a question. Quickly, because of the Pakistan airspace and the conversion of traffic routes because of that, has there been any instance of some airlines shifting traffic to maybe Mumbai or do you foresee happening? The second question is, did you see any ongoing new consistent like government has recently approved through new greenfield projects at Odisha, Kota and Chennai Part 2? How are you seeing any consistency coming up? Typically, I'll say that there is no movement of traffic from Delhi to other ai rports because the airspace has been shut by Pakistan. Now, actually, most of the foreign airlines are now operating or started to operate through Pakistan airspace. Indian-owned airlines are not, or Indian-flag airlines are not operating. There was no movement away from Delhi. That is one thing for that. On the part of new Chennai second airport and other facilities, these are projects which we look at to raise funds. As and when those processes are launched by the government, yes, we definitely have seen interest in all opportunities in India. That should be valued according to all the shareholders. Those will be evaluated and considered on the basis of the opportunity. Thank you so much. Very excited. Again, to take very simply for my today, I am about 120 million customers going at about 8%-10% every year. I want to make money on the investment we have already done. I am under no pressure, obligation, or obligatory reasons to have more airports that have been built. As a preference, we like to put more money to work in greenfield airports. Let's see what the terms and conditions come for these greenfield airports. We are hungry for returns. We are hungry for dividends. We will grow our current portfolio to whatever levels of capacity that we have created. That is the only guidance I would like to give to you. Thanks for the clarification, sir. Thank you. Ladies and gentlemen, we take that as the last question. This concludes the question and answer session. I now hand the questions over to Mr. Saurabh Chawla for his closing comments. Thank you. Thank you, friends, for joining us on this Q4 FY 2025 Annual Results Call. I hope we have been able to satisfy all your queries. In case you have any further questions, the IR team is available offline, both through email questions or by having a call with them. I urge you to contact them and clarify your questions. I look forward to meeting with you very soon. Thank you so much.