Ladies and gentlemen, good day, and welcome to GMR Airports Limited Conference Call to discuss Q3 FY 2026 results. As a reminder, all participants' lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this 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 this 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 over the conference to Mr. Saurabh Chawla for opening remarks. Thank you, and over to you, sir. Thank you, and good morning, everyone. I welcome our shareholders, analysts, and other stakeholders to our quarter 3 fiscal 2026 earnings call. Before I move into our performance and outlook, I would like to place our results in the context of the broader global and domestic aviation environment. The year-to-date for the aviation sector has been a testing one, with multiple events trying to disrupt the momentum seen in the air travel. Yet I'm encouraged by the efforts taken by every stakeholder, especially the employees, and the resilience seen in the passenger traffic. Global demand remains resilient into 2026 despite supply bottlenecks, and India remains one of the aviation's strongest structural growth markets. IATA projects airlines will deliver about $41 billion of net profit in 2026 on record load factors of 83.8%, while ACI World expects global passenger traffic to exceed 10.2 billion in 2026. Growth will be led by Asia-Pacific, where IATA projects traffic growth of 7.3% YoY, and within Asia-Pacific, China, India, and Vietnam will be the key growth markets. The supply side is looking to be even more encouraging for 2026. Boeing estimates that aircraft deliveries to its Indian customers, including Air India Group and Akasa Air, will average two planes a month in 2026. In fact, Akasa Air has resumed hiring pilots after an 18-month pause, aiming to expand its fleet with upcoming Boeing deliveries. Similarly, this year, Air India has unveiled a brand new Boeing 787 aircraft, and by the end of 2026, nearly 65% of the airline's wide-body fleet and over 50% of its international services will feature modern, top-of-the-line cabins, as per Air India's Chief Commercial Officer. IndiGo also expects delivery of nine A321XLRs in 2026, giving IndiGo the advantage, the range to operate up to 8,700 km, opening long-haul opportunities previously out of reach for single-aisle aircraft. IndiGo aims to increase international capacity to 40% of its total capacity by fiscal 2030 from current 28%. Thai Airways is also deploying its latest Airbus 321neo aircraft to cities in India as part of its ambitious expansion plan. In a nutshell, 2026 demand is resilient and supply is normalizing. On that note, let me delve into our quarter three fiscal 2026 performance, which mark achievements of multiple milestones. I'm happy to share that Hyderabad Airport has again declared an interim dividend of INR 7.5 per share at the recently concluded board meeting. This translates into INR 2.1 billion for GAL's 74% stake. Momentum in total income continued, with quarter three at INR 40.8 billion, up 49% YoY. These results underline the strength of our core assets and the success of tariff revisions and the growing contribution of Non-Aeronautical and Adjacency businesses. EBITDA grew 65% YoY to INR 17.9 billion, with EBITDA margins for the quarter improving to 55% in quarter three. EBITDA continues to break previous records, achieving new highs each quarter. GAL reported a profit for the quarter of INR 1.7 billion versus INR 2 billion in quarter 3 2025. Importantly, reported PAT, excluded the impact of exceptional items, was INR 3.6 billion for quarter 3 fiscal 2026 versus INR 2.1 billion loss in Q3 2025. This was the first positive and highest profit seen since the merger. Consolidated net debt, excluding FCCBs of INR 27.7 billion, which are deep in the money and shall convert into equity on its due date, stood at INR 345 billion, increasing by INR 5 billion versus quarter 2 fiscal 2026. Net debt at Bhogapuram increased by INR 1.8 billion. Net Debt at GMR Cargo and Logistics Limited, entity developing the cargo city in Delhi, increased by INR 1.1 billion. GMR Logistics Parks Private Limited, Hyderabad Airport's wholly owned subsidiary, also refinanced its existing debt, resulting in increase of about INR 1.5 billion in net debt. More importantly, despite debt slightly increasing, our interest cost for the quarter is lower versus quarter two fiscal 2026, a trend which had been communicating as our ratings continue to improve, which enables us to refinance debt at lower costs. On the operational front, traffic at GAL operated airports rose 2.5% YoY in quarter three, reaching 31.9 million passengers, and this excludes the Cebu Airport in Philippines. This is the highest quarterly traffic handled on record, despite the disruptions in early December. Delhi Airport handled record quarterly traffic of 20.8 million passengers, reaffirming its position as India's primary global gateway, and Mopa, the Goa airport, also handled a record 1.5 million passengers for the quarter. Total income of Delhi Airport rose 41% YoY to INR 20.2 billion. While growth in Non-Aero and CPD income was healthy, the primary driver of the sharp increase in total income was Aero revenues, which rose 173% YoY, driven by the implementation of revised tariffs. As a result, quarterly EBITDA reported was the highest on record, increasing 89% YoY to INR 8.2 billion. With this, the airport has reported a profit of INR 2.3 billion for quarter three, 2026, and even excluding exceptional gain, the PAT for the quarter remains positive. At Hyderabad, total income was INR 6.6 billion, up 8% YoY. Non-Aero revenues were particularly strong, up 24% YoY. EBITDA was up 11% YoY to INR 4.3 billion. Quarterly EBITDA continues to be at near record highs for the airport, and airport has also continued to be PAT positive. Mopa Airport reported a total income of INR 1,061 million, down 15% YoY. While Aero revenues declined 16% YoY due to special initiative program to attract airlines, the impact of which is already visible on the traffic, which rose 21.6% YoY, and Non-Aero revenues, which saw a 30% YoY growth. Also, do note that during quarter three of last fiscal 2025, CPD income saw a bump as airport signed deals for the hotel, and as a result, CPD for quarter three fiscal 2026 cannot be compared with the last year. The airport continues to report positive EBITDA, with quarter three fiscal 2026 at INR 418 million. Notable achievements during the quarter are combined Aero Yield Per Pax, or YPP, in quarter three, 2026, was INR 430 for Delhi, Hyderabad, and Mopa, and the Non-Aero income per pax was INR 666. This includes all revenues from Non-Aero businesses, adjusted for revenue share paid to airports, as well as Non-Aero revenues reported by Delhi, Hyderabad, and Mopa airports. Progress on scaling the airport and adjacency business is gathering pace. We continue to execute on our long-term vision of evolving GAL into a scaled consumer platform, anchored by the reliability and discipline of a utility business. GAL financials are now truly reflecting the upsides from the takeover of duty-free operations at Delhi and Hyderabad airports. In fact, at both these airports, duty-free achieved the highest monthly sales in December 2025. Hyderabad duty-free operationalized a new departure store in January 2026, with entire operationalization in next 2-3 months. This will significantly enhance the departure total store area from 350 sq m to 1,200 sq m. Moving to cargo, the Delhi cargo terminal handled the highest ever monthly cargo tonnage in December 2025. On F&B at Hyderabad, phase-wise openings of F&B outlets is ongoing, and all major outlets are expected to open by quarter four or end of this quarter of fiscal 2026. Coming to refinancing and fundraising activities, during the quarter, Hyderabad Airport raised INR 21 billion in the form of non-convertible debentures and used the proceeds to refinance an existing USD-denominated debt. The NCDs carry a coupon of 7.6% per annum and will lead to savings in interest costs of more than 150 basis points. Crisil Ratings revised its outlook for Hyderabad Airport to positive from stable, while reaffirming the rating at Crisil AA+. GMR Cargo and Logistics Limited, a wholly owned subsidiary of GAL, availed rupee term loan facility of INR 7.5 billion to enable it to meet a part of its estimated project cost towards developing the cargo city in Delhi International Airport. Construction on multiple airport land development projects is underway at all airports, details of which are available in the results presentation. At Hyderabad, the build to suit MRO facility of about 500,000 sq ft for Safran was completed and inaugurated by the Honorable Prime Minister, Shri Narendra Modi. Work on new airport construction is steadily progressing. At Bhogapuram, 95.8% of physical progress has been achieved as of December 25, and we aim to operationalize the airport in quarter two, fiscal 2027, much ahead of our original target of December 2026. At Crete, 65% progress has been achieved. As a responsible airport operator, GAL is deeply committed to the environmental, social, and governance principles. GAL recently published its sustainability report for fiscal 2025, and it is available to be downloaded from our website. The IR presentation contains key highlights of the report, and we invite you to explore our detailed ESG progress and initiatives outlined in the report. Our initiatives are resulted in significant improvement in ESG ratings across S&P Corporate Sustainability Assessment or CSA, Sustainalytics, ESG risk ratings, and MSCI ESG ratings. GAL also became a member of the FTSE4Good Index Series. GMR-operated airports and subsidiaries continue to set new benchmarks globally, earning prestigious accolades that reflect our relentless pursuit of excellence and innovation. These milestones underscore our commitment to deliver world-class infrastructure and enhance long-term shareholder value. In closing, quarter 3 fiscal 2026 represents another important milestone of GMR Airports transformation into a global, diversified, future-ready, and profitable infrastructure platform. Our performance reflects the strength of our core assets, the success of our platform strategy, the dedication of our employees, and the trust of our stakeholders. 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 to the queries that will be addressed by myself and my colleagues from the corporate and business teams. Thank you. Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Aditya Mongia from Kotak Securities. Please proceed. Thank you for the opportunity and, congratulations to you sir and the team for the last five years of goodness that have happened for GMR. Numbers are going through very well. With that being said, a few questions from my side. The first question was more linked to the uptick that is happening from a retail perspective and a Non-Aero perspective in Hyderabad. Just trying to gauge it from you, whether while new equities will keep on happening, is there a case for this good growth rate on Non-Aero perhaps further sustaining in the further months into 2027? The related question over here in Delhi, how do you think through the prospects of any developments that can increase Non-Aero from a from the perspective of FY 2027? Aditya, I'll ask my colleague, Rajesh, to answer your queries. He leads the business of Non-Aero in GMR. Rajesh? So, Aditya, you know, I think your line was wobbling in between, but if I've understood your question right, one was on the growth in Hyderabad, the Non-Aero and SPP, and the second was on how do we see this in Delhi? Okay. So let me first take up Hyderabad. See, as you know, we were in the process of expanding Hyderabad terminal, and that happened in the last year. The existing part of the terminal was also the Non-Aero part, was undergoing a revamp. So now with the stores opening up, more area is available, like F&B, we also talked about that. So with all that, what you see is the growth in the current quarter and the current nine months of period. So that has been the underlying reason for a good significant growth in Non-Aero in Hyderabad. Delhi, as T1 was opened last year, and even within T1, all the stores are now also becoming operational. Some of our stores underwent, you know, re-concessioning. So again, the result of that we'll start seeing it in the coming quarters. For us, as we have been communicating in the past, a more sustainable growth, we look at all our Non-Aero businesses to grow, say, in and around 15% kind of thing, which we are targeting. Whilst there could be some uptick in between as and when the new area is open, but on a long-term basis, this is more like 15% plus kind of growth. Understood. The second question that I had was more on just a clarification. Somewhere it seems like the revenue share implied, but Delhi has seen a dip this quarter. Wanted to check whether there is something to read over here, or this is just a one-off and it reverses over time? Aditya, GRK Babu will answer this question of yours. Hi, Aditya. It's basically, as you know, in case of Delhi, we have certain exclusions which are to be done, and during this quarter, we have done certain exclusions which are permitted under the OMDA. That is the reason why the revenue share has come up. This is as per the OMDA provision. Aditya, from your modeling perspective, you should assume what the headline number of revenue share is. There could be some slight ups and downs that may happen because of inclusions or exclusions under the OMDA, but purely from a modeling perspective- We continue. -you just continue with the 46%, headline number. Understood. From the perspective of the balance sheet, the debt numbers are slowly rising up, but with Bhogapuram there it is in terms of completion. Should it be a fair assumption that net debt starts declining somewhere in fiscal 2027, and then the momentum kind of of decline increases starting fiscal 2028? You're absolutely correct, Aditya. Debt, I like—I think in the last quarterly call also, I said that during this fiscal year, debt will peak as Bhogapuram reaches its, what I call a finality from a construction perspective. And in fiscal 2027, we will see, you know, debt to start come off. It's important to also understand that, you know, Non-Aero, as it grows, will continue to, you know, decrease this net debt number over a period of time. So momentum will surely come from there. From a concession perspective, you know, our concession agreements allow, you know, debt, to continue because that allows us in our tariff determination and cost, and reduce the cost of capital. So... But we are in a very good spot. You can see Hyderabad as AA+. You know, Delhi, I think in a very short period of time, should go to AA, to AA-. AA+. AA+, sorry. And GAL is something, again, we are watching. A+ to A. Yeah, A+ to A. AA-. To AA-. I think that's the journey we should see over the next 12-18 months. From a pure strategy perspective, the way we look at it, in 2 years' time, we would like our businesses to be all AAA, okay? And we will have the debt where we get the rating of AAA, we get the least amount of debt cost on our books, and the balance cash is something that gets upstreamed, whether to GAL or eventually as GAL starts to give dividend to its shareholders. That's a very simple strategy that we are following, because bulk of the hard work is already behind us. Just a final question, and I'll get back to the queue. On your last point, do you think of a certain net debt to EBITDA or interest coverage wherein dividend starts becoming a possible, a possibility for the shareholders? And any sense that this is, an FY 2028, FY 2029 time frame, or how do you think so? Those were my last questions, yeah. Thank you. So theoretically speaking, Aditya, number of, you know, a multiple of 3-3.5 is reasonable to look at. We are a capital-intensive business, and there could be opportunities of new airports coming on board. But if, in the current portfolio, the way we look at it, between 3-3.5, net debt multiple, the trigger to start upstreaming dividends, will surely begin. Thank you so much, and I'll get back with you. Thank you. Thank you, sir. The next question is from the line of Mohit Kumar from ICICI Securities. Please proceed. Yeah. Good morning, sir, and thanks for the opportunity, and congratulations on a very good set of numbers. My first question is, the traffic growth has been benign for the last nine months, right? Do you think traffic was impacted also due to supply side constraints? And can, do we have some kind of number, what is the aircraft stock right now, and what is the addition you expect in the near term, if you have the data available here? Yeah, yeah, GRK, please. See, currently the traffic has been a little flattened due to the aircraft issue and also the Air India crash and all other issues. But it has started showing the good improvement from December onwards. So next year we're expecting the total deliveries as per the discussion we had with the airlines. So Air India will be taking about almost 20-30 aircrafts, and IndiGo will be about 30-40 aircrafts, and Akasa also will get about 10-12 aircrafts. So there will be a net increase even after grounding of certain aircrafts, maybe around 50 aircrafts in the next year. So that will certainly improve the traffic going forward. And the signs of improvement has already come in the month of January. We have seen a substantial growth in the traffic. Understood. My second question is: Can you help us with the base number for Delhi duty-free in GAL, so that we can have, we can compare comparison? Of course, the Delhi duty-free has done pretty well. Is there any one-off also in this quarter, in the duty-free? Mohit, can you just repeat your question on the, the- Two-part question. One is, I want the base number for Delhi duty-free for Q3 and nine months. And the second question is: Was there any one-off in the Delhi duty-free in this quarter? Yeah. Okay. Let me so Mohit, as you know, Delhi Duty Free was earlier a joint venture, and that's the structure it followed till 27th of July. Effective 27th of July, midnight, it has become part of GAL's direct business. In terms of its performance, it has been a steady 6%-8% kind of growth, what we have been seeing quarter-on-quarter. So there is no one-off kind of thing in the financial performance of duty-free. Also, Mohit, Slide 22, we have given all these details in our IR presentation, Slide 22. Yes, sir, I've seen that, but is there a base number, the last key? Is there any way to compare the revenue number for duty-free last year compared to this year? Is there any way we have the number otherwise? No, like mentioned, because this duty-free is transited to the listed level recently, hence the base number is not comparable. It's not available in the presentation. But you can... But that can be shared with you. Mohit, that can be shared with you offline, you know, on a comparative basis. Understood. The third thing that you've done a fabulous job on the interest cost and the debt. Do you think there is a scope for further reduction in the interest rate, and the interest cost should see a some kind of moderation as we go forward? Absolutely, Mohit. You will see, over fiscal 2027, as many of the refinancings happen, both at Delhi Airport and also at GAL, you will see reduction of interest rates, as we go forward. That is a key focus of the finance team, and, we are very confident that, these numbers will only come down. Understood, sir. Thank you. Understood, sir. Thank you. Thank you. The next question is from the line of Nathan Gee from Bank of America. Please proceed. Good sir. Thank you for the call. Maybe two questions from me. Firstly, is there any update in terms of timing of real estate asset monetization, either Delhi or Hyderabad? So that's the first question. Second question is on regulation. So any update either in terms of the Control Period Hyderabad decision, alternatively, hypothetical round. Thank you. One second, Nathan, because your line was very clear. I'm just trying to, Can you repeat please? Can you repeat the first part of the question? Second is, I think you're talking about the update on HRAB, we'll give you that. But if you can just repeat on the first, on the asset monetization, what would you like to know? Because, you know, the last... Yeah, sure. Please go ahead. Whether there's any update in terms of the monetization, either in terms of the self-development project at Delhi or Hyderabad? Thank you. Yeah. Okay. No, at this stage, you know, these projects are still under development, and, at least, for the next, 12 odd months, 12-18 months, we are not looking at any monetization of these self-development projects. As you are aware, you know, you get the best value when the rents have actually stabilized. So that will be more of a phenomenon, maybe 18-24 months down the road. On HRAB, I think, GRK Babu, why don't you give a- The HRAB, as you know, the matter is pending before the Supreme Court. The hearings are going on, and the next date of hearing is in the month of February. So we are just waiting for the outcome from the Supreme Court. Thank you. Thank you very much. Thank you. The next question is from the line of Karthik from Indus Capital Advisors Limited. Please proceed. ... Yeah, thank you for the opportunity. Hope I'm audible. Congrats on the quarter. I have two questions. The first one is, I know you don't give guidance, but I just want to get a sense of how you're thinking about this. Let's say this quarter, our exit EBITDA is somewhere around INR 18 billion. So given that, barring the IndiGo disruption, most of the metrics were in a steady state, is it reasonable to infer that this INR 18 billion can be some sort of a base EBITDA for us on a quarterly basis, and we should be able to grow on this as a base EBITDA? Related to that, to your comment that interest costs will continue to come down over a period of time, can we assume that a significant portion of the EBITDA growth that we generate from here on will flow through to the ultimate profit? So, Karthik, you're absolutely right on your comments over here. You can assume the INR 1,800 crore EBITDA base or exit as a base, and we expect the EBITDA to grow, you know, at a much better momentum. Of course, I would still put the disclaimer, provided all environmental and geopolitical issues are, you know, remain abated. The second aspect of interest cost, as they come off, most of the EBITDA will flow down to the PBT levels. Obviously, each airport is a separate legal entity, and will have to do its own tax planning. The good part is at least there are, you know, accumulated losses, which will be first set off for any tax payments. But, I think in a nutshell, what I would say is that it's a takeoff stage for the business. Excellent. Excellent. That's great color. My last question is a minor housekeeping question. If I look at this quarter, if I take the Aero revenue for Delhi Airport and then divide it just by the passenger throughput of about 20.8 billion, 20.8 million, the Aero revenue per pax comes to somewhere close or slightly below INR 400, which is lower than what we are entitled to under the control period. Now, I know the control period, the tariffs will grow over a period of time, and we are only looking at the average. But I'm just curious to see whether there were any aberrations this quarter which caused that number to slip below INR 400. Let's say, going to FY 2027, we should be able to earn more or less close to what the Control Period tariff actually guaranteed to us. The question is that as per the tariff order of the Delhi airport, the Yield Per Pax is actually INR 364. It is not INR 400. You can look at the tariff order. So we actually have achieved better than the yield provided by the regulator. Actually, we have touched about INR 385 to around INR 400, mainly because in case of the parking charges, we have revised the rates. Because of the revision in the rates, so we have got a better income. So going forward, you should consider the tariff provided by the regulator INR 364, but you can at the most assume INR 375 as the Yield Per Pax. Got it. Okay, this is very clear. That's all from my side. Wish the management all the very best for the remaining quarters. Thank you very much. Thank you. Thank you, sir. The next question is from the line of [ksidith] from Citi. Please proceed. Hi, management, [Ksidith], from Citi here. Congratulations for such strong results. Just two things. Number one on Delhi, material jump in Non-Aero revenues. It would be great if you can share with perhaps by email, what would be the like-for-like increase in spending? It looks very encouraging. And second point, given that the Bhogapuram should start operation around second quarter FY 2027, which is, what? Like September this year, right? What would be the incremental depreciation and interest expense that have been capitalized during construction, that will kick in on an annual basis? Thank you. On Non-Aero, I think Rajesh will just give you a better color. So, Delhi duty-free, SPP, I think we've already given as part of the presentation, but just to talk about the numbers. The duty-free SPP has increased to INR 1,073 from INR 1,026. I'm talking about the nine months period, this year versus last year. So that's the on the duty-free side. All SPP of a pure Non-Aero commercial businesses has grown something close to about 7.7%+. That is the growth in the SPP, I know if you're looking for that. As far as Bhogapuram is concerned, it has already been clarified that 100% work is completed on the air side and 95% on the, on the side. We are expected to, between the. So we are just waiting for the, three certain clearances. Otherwise, we are more or less ready. ... Thank you. And I understand that once the airport commence operation, there should be depreciation and interest expense kicks in, that previously have been capitalized. Is my understanding correct? And if yes, what would be the incremental amount per year? Thank you. No. Yes, you are absolutely right. For the next financial year, it will be for 8-9 months operations. So to that extent, the interest as well as the depreciation will come into picture. If you take the average, about 4% depreciation on the assets of about INR 4,000 crore, about INR 160 crore per annum, then three-fourths is about INR 120 crore can be the depreciation. And interest cost is currently INR 3,200 crore is the debt, around 9%, for 9 months, you can calculate. Is this clear? Thank you very much. Thank you. Thank you. The next question is from the line of [Priyanka] from JM Financial. Please proceed. Yeah, hi. Congratulations on the great set of results, I would say. First of all, I see that you have done quite well in Goa Airport from what it has been doing, let's say, in the past few quarters. So can you explain whether these EBITDA margins that we see at the Goa Airport are sustainable, and what has caused the other expenses level to fall off there? So that's my first question. Goa Airport EBITDA, whatever have declined, is absolutely sustainable. Actually, we are trying to improve upon it. The costs are under total control, and we are expecting them by year-end. We improve on the EBITDA level. So you see further scope for an EBITDA margin expansion from the 36%, that you have reported maybe in 4Q or 1Q. So would that be a correct understanding? Q4, this year-end, we may maintain more or less same, but next year onwards, absolutely, it will certainly go up. Because of the increase in the traffic and also, certain incentives, everything, we are under controlling them. Okay. Sir, if you can also share with us, like, what should be the CapEx pipeline for the next few years? The reason why I ask this question is, we have come across, let's say, articles that eventually there would be some large Hyderabad expansion, airport expansion in the next control period. I'm sure you would have submitted your traffic assessments to AERA for the next control period discussion, taking this CapEx into consideration. So if you can give us some guidelines, like, how should we see the CapEx numbers, let's say, in the next, let's say, from FY 2026 to 2028, like, for individual years? As far as Hyderabad is concerned, you are right. You are absolutely right that we have applied to the regulator for an expansion. But the expenditure expected to start kicking only FY 2027-2028 onwards, latter 2028. Because the master plan is going on, the EPC contract has to be onboarded. It will take time, almost a year or so. So the actual expenditure will start kicking only FY 2028. So then, still, can you give us a sense, like, on an overall GMR basis, like, what would you expect your CapEx levels to be like, let's say, in FY 2027 and 2028? Like, FY 2028, you may have some terminal, like the beginning CapEx from Hyderabad. So what should we be factoring in, like, FY 2027 at the overall levels? Honestly, as Bhogapuram is now getting completed, there is, there is no CapEx that is happening of anything- Other than Bhogapuram. Other than Bhogapuram. Once that is... when that goes live, there is no CapEx happening at any of the airports. Any significant CapEx will only begin in Hyderabad, where, which is like, GRK. Babu was told about, is in fiscal 2028, once the plans, the master plans are fully approved, and we have a better understanding of what the CapEx numbers would be. So it is a fiscal 2028 target as of now. Nothing for the next 12-18 months. Would it be right to say that, for the large scale expansion at Hyderabad, the cost could be anything like INR 13,000 crore-INR 15,000 crore? I mean, given the scale that you are planning. It will be around INR 12,000 crore-INR 13,000 crore. It will be spent over a period of 4 years. This is basically, we are contemplating to go for a new terminal, because Hyderabad itself is already reaching 34 million, which is current terminal is also meant for 34 million. But we will, we will try to, sweat it for 1 or 2 more years, then we'll start the expansion. The maximum, I mean, CapEx is expected to be around the INR 12,000 crore-INR 13,000 crore. And- which includes a new runway, new terminal, and cross taxiways and everything. Just for... You know, just because, you know, Hyderabad just has 4% revenue share, you know, the- Cash flows. Everything else is passed through, so the margins really don't get impacted. You start to generate free cash very quickly... at Hyderabad Airport, even on the expanded regulated base. Yes. Sorry, if I may squeeze one last question. So like, as it stands today, what would be your total accumulated losses at the consolidated level? So, like, which you can use as a tax offset, probably. You will have to look at entity by entity. Delhi- For tax purpose. For tax purposes, Delhi will be separate, Hyderabad will be separate. You can't, unlike in the U.S., where you can combine these accumulated losses, in India, it has to be entity by entity basis. So we can take that offline. I think the team can tell you- Sure, sure. To each asset, what is the accumulated losses, and what the tax planning would be, on those specific assets? Okay, sir. That's all from my side. Thank you so much. Yeah, just to add one, one comment over here is that the tariff submission at Hyderabad factors in the expansion. Yeah, we have already included the CapEx, what I've explained as part of our application for CP4. So we will certainly get some amount in the form of tariff, even for the expansion. That is what we are expecting. Thank you, sir. The next question is on the line of Nidhi Shah from ICICI Securities. Please proceed. Yes. Thank you so much for taking my question. My first question is on asset monetization. Have you heard anything from the government, especially anything on Chennai? You're talking about Chennai greenfield? Greenfield. No, right now... Sorry? No, no, no. No, no, no, no. New greenfield project in Chennai? No, nothing right now. The land is acquired. I think the land is still being acquired, but that will be an asset that, on a greenfield basis, GMR would be definitely interested at looking at very closely. As a, as a group, we like greenfield projects because we can pace our, our development, on greenfield. So Chennai greenfield project, as and when the bids come out, we will surely look at that very closely. Same would be in Pune. Again, that's a city that desperately requires a new international airport. So we would look at also as, very, very carefully. And anything on asset monetization, especially from the airports that were named in the national monetization plan? So Nidhi, you would have also seen in newspaper recently, this 11 airports, you know, a combination of 5 plus 6. The privatization process is likely to kick in, and if we go by the, the latest, reports, they are likely to start the process in the first quarter of, coming financial year. That's the, that's the news we also have. We are waiting to get more details on that, but that's what is there in the public domain. Lastly, in the results, note number 11 calls out INR 113 crore exceptional amount. Could you please explain this exceptional liability? Basically, in case of the Delhi International Limited, as you know, the Celebi was the cargo contractor, and, their security has been withdrawn, and their contract has been terminated. So amount of deposit, which we have taken, and also the, lease rentals on the land equalization, both, which are amortized over a period of the entire period, has to be reversed for the balance period, which is up to 2024. So that's what has happened. It is a non-cash item. All right. Thank you so much. Thank you. Ladies and gentlemen, anyone who wishes to ask a question, please press star and one now. Ladies and gentlemen, anyone who wishes to ask a question, please press star and one now. As there are no further questions from the participants, I now hand over the floor to Mr. Saurabh, sir, for closing comments. Over to you, sir. Thank you, and thank you, everybody, for participating in our quarterly call on a Saturday morning. I appreciate your participation. From our side, the group, the airport entity is now very well positioned to capture the growth as we go forward. All our CapEx plans are behind us. Even Bhogapuram, more or less, is now behind us, so we need to just capture the traffic, grow the Aero revenues, and the most important part, of course, is the Non-Aero side of it. But last but not the least is something where from a longer-term strategy perspective, how we now monetize our real estate through self-development. I think that is something that we are working on, and hopefully in next 3-6 months, we will be able to guide our new strategy in real estate monetizations on all our 3 airports, which are currently live. Last but not the least, we had guided the markets that you know, GAL will be profitable in fiscal 2026. And we are profitable. We will continue to be profitable for the end of this year and going forward. So our strategy of medium term of GAL starting to distribute dividends is also on track. Thank you so much, and I look forward talking to you offline. Thank you. Bye-bye. Thank you, sir. On behalf of GMR Airports Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.