Ladies and gentlemen, good day and welcome to GMR Airports Limited, formerly GMR Airports Infrastructure Conference Call to discuss Q1 FY2026 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 Conference Call, please signal an operator by pressing star then zero on your touchstone phone. Please note that this call 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 risk and uncertainties. Also, recording or transcribing of this call without prior permission of the management is strictly prohibited. With this, I now hand the conference over to Mr. Saurabh Chawla for opening remarks. Thank you, and over to you, sir. Thank you, and good evening, everyone. Actually, good afternoon, everyone. I welcome our shareholders, analysts, and other stakeholders to our Q1 FY26 earnings call. Despite global disruptions, the demand for air travel remains resilient and is accelerating. For the past decade, the real cost of flying has dropped by 40%. Hello? Sorry, sir? We are lost. We can't hear you. Are you able to hear me? Yes, sir. Good. We are not able to hear them. No, no. I am able to hear you, but I'm not able to hear them. That's okay. I think they got lost. They were disconnected. Just check up again. Yeah, right. Hello? Hello? No, I'm not able to hear them. Yes, same, sir. You are the ANC, no? I'm checking, sir. Just give me a moment. Ladies and gentlemen, the line for the management has been disconnected. I request you to stay connected while we rejoin them. Hello? Hello? Sir, now we are able to hear you. Okay. Shall I go ahead? You have to start fresh, sir, because we did not hear you anything. From right. From the. Start itself. Yes. Okay. You said good afternoon. That's very good. Okay. Good afternoon, everybody. Welcome to our shareholders, analysts, and other stakeholders for our Q1 FY2026 earnings call. Despite global disruptions, the demand for air travel remains resilient and accelerating. Over the past decade, the real cost of flying has dropped by about 40%, as per sources in IATA, making air travel more accessible to millions even amid rising operational costs and taxes. The challenge today lies not in demand but in supply. Aircraft production delays have constrained fleet expansions. As Air India's CEO noted, available capacity has been nearly exhausted. IndiGo's recent MOU with Airbus for 30 additional Airbus A350, with options for 40 more, signals strong long-haul ambitions. Encouragingly, Airbus is now seeing initial signs of stabilization in its supply chain and aims to ramp up Airbus A320 production to 75 aircraft per month by 2027, up from a current 60. For us as airport operators, this translates into sustained traffic growth, increased route connectivity, and greater infrastructure demand. We are strategically positioned to capitalize on this momentum with investments already undertaken in capacity expansion, digitization, and passenger experience. In conclusion, despite short-term disruptions, the long-term fundamentals of air travel in India remain exceptionally strong. We are confident in the sector's trajectory and committed to delivering value through operational excellence and strategic foresight. On that note, let me delve in our Q1 FY2026 performance. Momentum in total income continued with Q1 FY2026 at INR 32.2 billion, up 33% Year-on-Year, driven by growth in revenues across all business segments, especially due to the revised tariffs at Delhi Airport, which have been effective from mid-April. This has translated into an EBITDA growth of 26% Year-on-Year to INR 12.8 billion. EBITDA margin for the quarter was stable at 51% in Q1 despite a forex loss hit of INR 1.4 billion in Q1 FY2026 as the Euro INR rate reached 100 in June from 92 in March, which led to a non-cash Mark-to-Market impact on our soft and soft statement. At this stage, I would like to highlight that this is a notional loss as the FCCB strike price is at 43.50, and no holder will ask for redemption given that the instrument is deep into money given the current stock price. Hence, logically, it should be treated as equity and not debt. Due to the country's accounting standards, we still recognize it as debt in our books. It may also be noted that once these FCCBs convert into equity, all these provisions will be written back as one-time profits. This aspect must be taken into account for financial performance. Loss from continuing operations for the quarter was INR 1.4 billion versus loss of INR 3.4 billion in Q1. If not for the forex hit, GAL would have been at near break-even point at the profit at the PAT level. Consolidated net debt, excluding FCCBs of INR 26.2 billion, which are deep into money, stood at INR 325 billion, increasing by INR 14 billion versus Q4 FY2025. GAL had raised INR 15 billion in the form of three-year non-convertible bonds in Q4 FY2025, mainly for financing the purchase of SAPP 10% stake in GAL, of which the balance INR 4 billion was received during Q1. Net debt at Bhogapuram increased at INR 3.2 billion, which is going towards the Greenfield project construction costs. Net debt also increased by INR 2.6 billion due to the impact of consolidation of ESR GMR Logistics Parks Private Limited, which is now a wholly owned subsidiary post-reacquisition. On the operational front, traffic growth at GAL-operated airports continues with a total traffic of 4% Year-on-Year in Q1, reaching 30.1 million passengers, and this excludes Cebu because we have already sold our equity in Cebu. Hyderabad Airport handled the highest-ever quarterly traffic of 8.1 million passengers in Q1. Despite the temporary disruption of traffic in Delhi due to the India-Pak and Israel-Iran conflicts, total income at Delhi Airport rose 37% Year-on-Year to INR 17.7 billion. While growth in non-aero and CPT income was healthy, the primary driver for the sharp increase in total income was the aero revenues, which rose 127% Year-on-Year as the revised tariffs were implemented from mid-April onwards. As a result, quarterly EBITDA reported was the highest in four years, increasing 62% Year-on-Year to INR 6.3 billion. With this, the airport has begun its journey towards profitability. At Hyderabad, total income was INR 6.2 billion, up 8% Year-on-Year, with traffic driving its growth. EBITDA was up 8% Year-on-Year to INR 3.9 billion. This is the highest quarterly EBITDA on record for Hyderabad Airport, and the airport has continued to be PAT positive. Mopa, which is the Goa Airport, reported a total income of INR 1,024 million, up 8% Year-on-Year. The airport continues to report a positive EBITDA, with Q1 FY2026 EBITDA number of INR 232 million despite the impact of revenue share. Notable achievements during the quarter are. Non-aero revenue at all our airports was strong in the quarter. Combined non-aero revenues at Delhi, Hyderabad, and Goa Airports rose 15% Year-on-Year in Q1. UTC SPP at Delhi increased to INR 1,033 in Q1, up from INR 1,019 in Q1 FY25. While at Hyderabad, SPP was INR 769 in Q1 FY26, up from INR 715 in Q1 FY25. Earlier during the month, the TDSAT, which is the Telecom Disputes Settlement and Appellate Tribunal, quashed and set aside the calculation of HRAB, which is Hypothetical Regulatory Asset Base, by AERA, Airports Economic Regulatory Authority of India, for Delhi Airport. TDSAT has now directed AERA to include both aeronautical as well as non-aeronautical revenues and costs for fiscal year 2008-2009 while arriving at the calculation of HRAB and has given it 12 weeks to complete the revised calculation. This 12 weeks starts from July 1 onwards. This sets the stage for GAL for Delhi Airport to claim under-recovery in aero revenue since control period one, and we have a high, high degree of confidence of attaining and getting this implemented. Hyderabad Airport declared a second dividend of INR 2.5 per share for fiscal 2025, taking the total dividend for fiscal 2025 to INR 10 per share or INR 3.8 billion, of which GAL's share amounts to INR 2.8 billion. Moving forward in its strategy towards consolidation of stakes and existing assets, Hyderabad Airport concluded the share purchase agreement to acquire 70% stake in the ESR GMR Logistics Parks Private Limited from other shareholders at a consideration of INR 413 million. With this transaction, ESR GMR Logistics Parks Private Limited has now become a wholly owned subsidiary of Hyderabad Airport. This transaction is highly value-accretive to GAL, with IRRs expected to be in high teens while the cost of debt is in single digits. This acquisition will further strengthen airport-based industrial and warehousing portfolio. Progress on developing the airport adjacency business is gathering pace. We are steadfast in our long-term strategy of converting GAL into a consumer business with the underpinnings of a utility company. GAL has recently completed the takeover of Delhi Duty Free Concession and will also take over the operations of Duty Free at Hyderabad Airport in Q2 FY26 as per our earlier guidance. As you know, GAL has been granted a concession to operate, maintain, and manage the existing cargo terminal at Delhi Airport on similar terms to ensure continuity of operations. Post-termination of security clearance of one of the cargo operating companies resulting in the cancellation of the concession. GAL financials have already started reflecting the upside from these transactions as cargo was operated by GAL for one and a half months and has started operating heavy duty free from 28th of July. Construction on multiple airport land development projects is underway at all airports. Delhi Airport signed an agreement with Hilton Hotels and Resorts for development of hotels under the Waldorf brand and Hilton brands. Waldorf is a 150-room and Hilton is a 350-room projects. At Hyderabad, an operator agreement has been signed with IHCL for a 170-key hotel project under the Taj Vivanta brand. Construction is steadily progressing on all airports on multiple projects, details of which are available in our results presentation. Credit rating of GAL, the listed entity, was upgraded recently by CRISIL, which has signed A-plus stable rating for the proposed INR 6,000 million or INR 660 billion non-convertible debentures to be issued by GAL. CARE also upgraded the rating of GAL's rupee-denominated rated and listed entities to CARE A from CARE BBB Plus. As we have been alluding to in the past, this was an expected event given our strategy and outlook for the LISCO, which is GMR Airports Limited. Additionally, India Ratings and Research upgraded Delhi Airport's debt instruments to AA from AA- with stable outlook. MRO operations at Hyderabad Airport signed a three-year agreement with Akasa Air for base maintenance and support for its Boeing 737 MAX fleet. The current fleet size is about 30 aircraft. Work on the new airport construction is steadily progressing. At Bhogapuram, 80% of the physical construction has been achieved as of June 25, while at Crete, 54% has been achieved. Airports operated by GMR continue to receive multiple awards and recognitions globally, showcasing how we consistently improve our services while adapting to changes. As we expand our airport operations, we remain deeply committed to the ESG principles. Sustainability, inclusivity, and strong governance are integral to how we design, build, and manage our businesses and infrastructure. GAL witnessed significant improvement in ESG ratings across both Standard & Poor's corporate sustainability assessments and Sustainalytics ESG risk ratings, driven by focused ESG initiatives, enhanced transparency, and public disclosures. More details are available in our IR presentation. The presentation with all financial numbers are already available with you. If not, you can download it from the 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 will be addressed by my colleagues from corporate and 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 the touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The first question comes from the line of Mohit from ICICI Securities. Please go ahead. Yeah. Good afternoon and thanks for the opportunity. My first question is on the hypothetical RAB. Of course, we received a very positive order from the Supreme Court and the TDSAT. My question is, once listed, this RAB gets digitalized, right? Do you think this will get implemented in near time, or do you think this will get implemented in the next control period? Okay. Shall I answer? Yeah. Just one second. Maybe just a while while I take this. Okay. So honestly speaking. As a commercial organization, we would like it to be implemented immediately. But there is a process of law and there is a regulator, so. Really, actually, we can't guide you as to when it will get implemented. At first stage, I think the AERA has to compute the numbers and represent it back to the Supreme Court, and the process will go from there on. Yeah, KR, you can add now. Yes, sir. I think the TDSAT order is very clear that the HRAB has to be recomputed, and whatever the earlier computation done by the AERA has been trashed. So the order says that in 12 weeks, they have to compute and implement it. But as you know, the law takes its own course, that AERA has got an opportunity that they can appeal. So. It will be very difficult to say that it will be implemented immediately. Understood. My second question is on the INR 142 crore of loss which has been booked in the foreign shares. This entire thing is linked to the MTM impact on FCCB? Is that understanding right? So it is the forex loss which is booked on an MTM basis on the FCCB interest. So now that instrument itself is well into money, and that's what I had highlighted in my opening remarks. There is no possibility of that being treated as debt. Most of the analysts, of course, treat it as equity anyways. Even in our representation on our debt, we exclude the FCCBs over there. It is purely following the accounting standards of the country. We expect that once these are converted into equity, all these notional provisions that are being done on a quarterly basis will all be written back as profits, as exceptional profits at the time of that conversion. Understood. My question was that INR 142 crore, what is booked entirely is linked to FCCB. Is that understanding right? Correct. Correct. Correct. My third question is, how is the Delhi Duty Free growing Q1 FY2026 compared to last year? Do you think there was an underinvestment in the asset because of transition? I'll ask Rajesh to respond to this. Yeah. So Mohit, this Delhi Duty Free transition is only happening now, 27th of July. The first quarter is purely as-is business as usual. There is no impact of the transition over there. In terms of its growth, in the Duty Free revenue, the overall revenue grew by almost 7%. Just give me a second. I'll just pull out. The non-aero revenue for Duty Free has gone by about 4%. Understood. My question was, was there any underinvestment in the recent past because of the transition? Because there was no, because you were taking over, the other guy was not interested in investing in the asset? No. Primarily, there are two things which are there for running the business. Is the shop, the way you do the fit-out in the shop and the inventory. The business was being run because we were also a joint venture partner in that. There was no such thing where we had cut down the investment requirement over there. No impact because of that. Understood. Understood. Thank you, Rajesh. Thank you. Thank you. The next question comes from the line of Neerav Shah from GC Holdings. Please go ahead. Yeah. Good afternoon, Saurabh. Congrats on a solid set of performance. Just a few questions. Firstly, on our Hyderabad cargo and MRO business. Last full year, we did a net bid of INR 275 crore, and this quarter itself, we did around INR 98 crore. Now, you've mentioned in your opening remarks about a three-year contract with Akasa. From here on, what can the kind of quarterly revenue expect? Because it's a pretty strong number that we have reported at this segment. So Neerav, I'll, of course, ask Rajesh to respond, but we really don't give guidances on. Any future outlook. All that we can say is that it is a robust business. With increasing aircraft coming into the country, the outlook is very positive on the MRO business of ours. Rajesh, I'll leave it to you to talk more about it . No, thank you. Saurabh, you already covered it well. In terms of the MRO business per sale, in terms of its growth potential, Saurabh has already talked about this, the kind of order book we have in terms of maintenance and the order book airlines have placed. It is on a real good growth trajectory. We'll leave it there without giving any guidance on the numbers going forward. Okay. Just the utilization of our assets over there, I mean, the area, was it optimum or is there still room to grow? There is some room to grow. We are also looking at the expansion of the capacity. That's, again, need-based depending upon the order book we will have. Yes, as you know, it does not require a very significant investment in terms of handlers and all that. We are evaluating the possible options of expansion. Sorry. The second question is on our Delhi Duty Free. In the last call, we did mention that from this year onwards, the margin should be somewhere around the 17% range. We have reported around 14%. Is it something like this is just seasonality, or should we revert to 17% on an annualized basis? Yeah. We are still targeting our margins in the range of 17%. It could be some impact of seasonality here. Plus, as we go, we are also looking at some efficiency coming in our procurement processes. That will further add to our margins. All right. Just quickly on the proposal. This INR 6,000 crore of non-convertible bond, that will be used to refinance the Holdco debt. Am I correct? Yes, Neerav, you're correct. What is the current blended interest cost, or what is the savings that we can expect once this process is completed? By when will we raise this convertible bond? What's the plan over there? G.R.K. Rao, you want to comment here? Yes. The blended cost currently is around 14%, and we are looking for a substantial reduction in interest cost. Number two, we are trying to see, and we have been discussing with the bankers and everybody, we are trying to complete the transaction by second week or third week of August. Got it. Great. Great. That's the DIAL hearting. Thank you for all the best. Thank you. The next question comes from the line of Karthik Chivukula from Indus Capital Advisors. Please go ahead. Yeah. Thank you for the opportunity, sir. I have three questions. The first one is, if I were to look at Delhi Airport. This quarter, if I exclude the exceptional item of about INR 910 million of gain, there is still a loss of about INR 420 million, although it is down significantly year on year. Now, assuming that given that the air tariff change has already been, if we were to see a traffic revival in the remaining quarters, can we reasonably assume that Delhi Airport will be churning out a profit? Yes, Karthik. You can read one. Yes, Karthik, we can reasonably assume that. G.R.K., please go ahead. Okay. Yes, sir. I think in the first quarter, the tariffs have been implemented only from 16th April onwards. That too only for the tickets sold from 16th. Only we have got the revised tariffs. As Saurabh has rightly pointed out, in the second quarter, we can reasonably assume that. We should be making green our profit in the second quarter. Okay. Excellent. My second question, sir, is if I were to look at Hyderabad Airport, I mean, this quarter, the non-aero revenues grew more or less in line with the passenger traffic, which means the non-aero revenue per pax was very, very soft. This is a trend which we have seen, I think, in the last few quarters as well. What do you think is the hindrance to actually getting a non-aero revenue per pax growth? I think we were targeting at least about 5-6% in the past, but this seems to be softer than that. Rajesh, please go ahead. See, when you look at the non-aero revenues, it has got two components. One is the non-aero commercial revenue, and then there are certain fixed revenues in nature. Non-aero commercial revenues have grown by almost 23%. As against a pax growth of 17%, which means the SPP growth is about 6%. When you combine their rentals and other things which are in the fixed nature, that is where it looks like that these have not grown in line with the traffic growth or maybe only in line with the traffic growth. Okay. We are seeing fixed growth. Karthik, just one second. Karthik, also if you were to look at the mix of the growth, there is more growth on the domestic side. When we look at the weighted average growth of 17%. That domestic growth is about 19%, whereas the international is slightly lower. So this mix also plays a role in the SPP growth, which should reverse as we move forward. Okay. The way I should understand it is, just keeping aside the domestic versus international, if I look at non-aero, the non-commercial revenues grew faster than the commercial this quarter. That is why on a blended basis, the pax growth seems to be a bit low. Is that how I should understand it? No, no. It is the other way, what I was clarifying. The non-aero commercial revenues have grown at about 23% as against a pax growth of 17%. Okay. Then there are certain rentals. Those are of the fixed nature. Those will go at a rate of about 4-5% or 7% kind of thing. When you take a mix of these two, overall non-aero revenue will look like they are at par with the traffic growth. If you segregate the commercial revenues, which are directly linked to pax, that is what has grown at a pace faster than the traffic growth. In a nutshell, the spend by the passengers is significantly higher from a passenger throughput perspective. Yeah. Excellent. My last question, sir, is if I were to look at our cash and cash equivalents, fourth quarter of last year, we were at about INR 38 billion, and now today at about INR 34 billion. I presume there has been—I mean, the free cash flow generation has not been there yet. With the expectation of Delhi Airport turning a profit next quarter and Hyderabad growing at the rate that it is, and with most of the CapEx already done, can we expect that this year we should be able to generate free cash flow at a consolidated level? I mean, we still have to complete our investment in CapEx for the Bhogapuram Airport. Also, there is a possibility, high degree of possibility, of us taking over Nagpur. I think we need to put that into play. For the existing assets that we have right now, your outlook is correct. Excellent. Okay. That is all from my side. Wish you and the team all the very best for the remainder of the year, sir. Thank you. Thank you, Karthik. Thank you. Thank you. The next question comes from the line of Kasidit from Citigroup. Please go ahead. Hi. Congratulations, Management. Just two questions from me and apologies for my newness to the market. Number one, on Delhi's potential under-recovery, right? What I am seeing now is the RAB size of Delhi Airport is about INR 140 billion, right? What would be the amount of the under-recovery that can be recognized either immediately or in the next control period? That's question number one. Question number two, please help me understand what's the upside from taking back unitary operation at Delhi and Hyderabad? How could you make it better and drive a spending, for example, and profitability? Thank you very much. I'll allow Rajesh to first answer on the duty-free side of it, and then we actually can pick up on the RAB. Yeah. On the duty-free side, as I mentioned in one of the earlier questions which was asked, as we are now getting into a platform play with consolidation of Delhi, Hyderabad, Kannur, Bhogapuram, and Goa, this will also bring in a good amount of efficiency in our procurement processes, which will be further adding to the overall profitability and value creation in our duty-free business. That's one. Secondly, even in terms of certain marketing and sales activities being driven through a platform now should also add to the overall value. These are the two clear advantages which will start coming in from the next quarter onwards as we consolidate these businesses under one umbrella. Regarding the DIAL—if I understand your question—the additional RAB which has gone into the tariff determination, that is what you are asking for? That is correct. My understanding with the court case is still that Delhi and Mumbai had potentially under-recouped your investment since, let's say, about a decade ago, right? I'm trying to estimate what would be the potential upside to the RAB side that can be added back. Thank you. No, this is basing on the TDSAT judgment that you are referring to. Yep. Yep. Yep. Yep. G.R.K Rao, that's what he's referring to. As far as the TDSAT judgment is concerned, of course, originally the HRAB has already been added to our RAB by the regulator, which has now been revised by the TDSAT, saying that that is not the right amount. They have asked us to recompute by the regulator and then add back to the RAB. That working has to be done by the regulator over a period of next 12 weeks, and then they will have to do it. Also, they have a right to appeal to the Supreme Court. We are still waiting for the final numbers to be computed by the regulator. Any guidance on what would be the rough size that you can add on top? Thank you. It will be very difficult to see the numbers because it is both airports different. And. The existing, they have added originally about INR 470 crore was there in the first control period. They have added for HRAB. It should go up substantially. That is what our guess is. Got it. That is very clear. Thank you. Just last questions on duty-free, right? I just looked through the available resources, and if my understanding is correct, the duty-free operation at Delhi previously, the company has been bought by Adani Group. Is that correct? And by taking back the operation, that should help bringing back the in-house customer database, for example, to be kept within GMR. Would that be a fair comment? Thank you. No. So first of all, the existing concession was not being run by Adani Group or was bought by Adani Group. It was a concession which was done by a joint venture consisting of Adani Group, Delhi Airport, and GMR Airports. That concession came to an end on 27th of July. That is where GMR Airports got this concession through a competitive bidding and have started operating it as a wholly owned business of GMR Airports. Got it. That is very clear. Thank you. Yes, indeed. Just want to come back on the HRAB issue. All I can say is that the option value has just got crystallized. I do not want to put out my number because that will be shooting myself in my own feet, right? Let the regulator come out with a number, and then we will see how it works out from there. Okay. All the best looking forward. Thank you. Thank you so much. Thank you. Before we proceed to the next participants, a reminder to all participants, you may press star and one to ask a question. Thank you. The next question comes from the line of Meera Shah from GC Holdings. Please go ahead. Yeah. Just one follow-up. In Delhi Airport financials, if I look at our incremental revenues on a sequential basis, it is somewhere around INR 140 crore. This is post-revenue share, excluding other income. If I look at the incremental operating profit, again, without other income, it is around INR 160 crore. So our incremental EBITDA is actually around 10% of our incremental revenues. Do I believe that we benefited from implementation of CP4? Any particular reason you would like to throw—I mean, share some clarity on this? I am ready for quite a few answers, please. If you look at your delta between the things, you have to also look at the expenditure. There is a reduction in the expenditure which is there between Q4 and Q1 this year. If you adjust for that, the numbers will make more logical sense. It's not only revenue which you have to look at. You have to look at the expenditure reduction. Once you take the full benefit of that additional 15-30 days of YPP in Q2, you will get normalized margins, which should be upward of this. That's a sustainable number. Yes. Yes. Perfect. Got it. Great. Great. Thanks. That's from my side. Thank you. The next question comes from the line of Nidhi from ICICI Securities. Please go ahead. Thank you for taking my question. My first question is, why was the CBD revenue decline through Q4 for Delhi Airport this quarter? In case of the CBD. CBD. Okay. Sorry. Go ahead, G.R.K. I'm sorry. Last quarter, we have booked the NCDs lease accounting, which has been done for one of the assets, which has now come under operational, and which was almost about INR 1.8 billion has been accounted for in the last quarter. That is for the entire period of about one and a half years, entire amount has been accounted in the last quarter. This quarter, it is only for one quarter amount has been accounted. The difference between the last quarter and this quarter is significant. Got it. Is there any advantage to— My second question would be, is there any advantage to the Delhi Airport moving from—sorry, the Delhi duty-free moving to GMR Airports Limited? Or is it better with consolidating assets? Thank you, Rajesh. Yeah. Delhi duty-free earlier was more like about 67% held by GMR. 33% was with the joint venture partner. Now it becomes 100% owned by GMR Airports. Naturally, the 33% portion which was earlier going to a joint venture partner will fully flow to GMR Airports. Got it. Some questions on the Delhi duty-free. Now that we've seen that traffic at Delhi Airport is growing moderately, where are we expecting the growth in Delhi duty-free revenues and EBITDA to come from? That's the first thing on Delhi duty-free. The second thing is that currently, what is the rental that Delhi duty-free is paying to DIAL under the new concession? Yeah. Let me first take up the first point on the traffic. The traffic during this quarter, as all of us know, there have been geopolitical issues in the first quarter of this year. That has impacted the traffic, and more so the international traffic during this period. With the geopolitical issues getting resolved, we expect the traffic growth to come back. That's point number one. Accordingly, and with the international traffic directly linked to that, duty-free, the sales and growth of that will get aligned to the growth in the traffic. That is on the duty-free, how that duty-free revenue and growth will look like as we go along. The rentals, which we call a concession fee. In the current concession versus a new concession, there is no significant increase. It is more or less in the range of what it used to be in the old concession. This being, the percentage number is commercially sensitive in nature, so I am not sharing that with you, but in terms of the rentals, it is more or less the same as it used to be earlier. Got it. Lastly, on DIAL, we are seeing an exceptional amount of about INR 90 crore. What is that exactly? Yeah. Go ahead, G.R.K. Rao. It consists of two components. Basically, number one is, the Delhi duty-free has bought back 25% of its equity. Basing on that, the DIAL has also surrendered its 25% stake in the Delhi duty-free, and they have got a capital gain of about INR 53 crore, which is an exceptional item. Number two, earlier, they have made a provision for one of our joint ventures, Majori Holi, and now it is no more required. To the extent of about INR 37-38 crore has been reversed. Both put together is about INR 91 crore as the exceptional item. All right. Thank you so much. Those were my questions. Thank you. Ladies and gentlemen, we will take this as the last question for today. I would now like to hand the conference over to the management for closing comments. Thank you. Thank you, everybody, for joining this call. The teams are, of course, available offline or through email to answer any of your queries and further details. Appreciate your participation today. Thank you so much. Thank you. On behalf of GMR Airports Limited, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines.