Ladies and gentlemen, good day and Welcome to Godrej Properties Q1 FY 2026 conference call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and zero on your touch tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Kshitij Jain. Thank you, and over to you, sir. Thank you. Good afternoon everyone and thank you for joining us on Godrej Properties Q1 FY 2026 results conference call. We have with us Mr. Pirojsha Godrej, Executive Chairperson, Mr. Gaurav Pandey, Managing Director and CEO, and Mr. Arvind Khetawat, CFO of the company. Before we begin this call, I would. like to point out that some statements. Made in today's call may be forward looking in nature. The forward looking statements are based on expectations and may involve risks. The outcomes may differ materially from those suggested by such statements, and a disclaimer to this effect has been included in the result presentation. I would now like to invite Mr. Godrej to make his opening remarks. Now over to you, sir. Good afternoon everyone. Thank you for joining us for Godrej. Properties first quarter financial year 2026 conference call. I'll begin by discussing the highlights of the quarter, and we then look forward to taking your questions and suggestions. Godrej Properties delivered another solid quarter, registering continued momentum in bookings, cash flows, and earnings. We have delivered our highest ever quarterly net profit of INR 600 crore in the first quarter, a growth of 15% year- on- year. The residential real estate sector in India. Has been strong over the past four years, and we believe the demand conditions remain favorable. Our business development additions with a future booking value of over INR 90,000 crore since financial year 2023 at favorable terms continue. To allow us to scale our bookings. Over time our earnings. On the booking front, GPL. achieved a. Booking value of INR 7,082 crore from the sale of 4,231 homes with a total area of 6.17 million square feet. The booking value showed a decline of 18% year- on- year but actually represented a two year c ompound annual growth rate of 77%. This is the eighth consecutive quarter in which Godrej Properties has exceeded INR 5,000 crore of booking value. The sales in the first quarter were driven by strong demand in several new project launches including Godrej MSR City in Bengaluru which achieved a booking value of INR 2,426 crore, Godrej Majesty in Greater Noida which achieved a booking value of just under INR 1,000 crore, and Godrej Tiara in Bengaluru which achieved a booking value of INR 470 crore. Bengaluru contributed more than INR 3,000 crore followed by Mumbai and NCR, both of which contributed over INR 1,600 crore to our sale. There were six new projects and phases. Launches during the quarter across four cities with a total sales potential of INR 8,500 crore. Collections in the first quarter grew by 22% to INR 3,000 million, and operating cash flow slightly declined. By 4% to INR 947 crore, largely on account of the relatively low deliveries we had during the quarter, under 1 million square feet against a full year target of at least 10 million square feet. In terms of business development, we started the year on a strong note. Adding five new projects, an estimated scalable area of approximately 9.24 million square feet, and an expected booking value of INR 11,400 crore. With this, Godrej Properties has achieved 67% of its annual guidance for business development for the full year in the first quarter itself. In the first quarter, our total income. Decreased by 3% to INR 1,593 crore, EBITDA grew by 18% to INR 915 crore, and net profit grew by 50% to INR 600 crore. With a robust launch pipeline, strong balance sheet, and resilient demand, we are on track to achieve our bookings target of INR 32,500 crore in FY 2026 and are also on track to meet our guidance across all other operating parameters. On that note, I conclude my remarks. Thanks again for joining us on the call. We're now happy to discuss any questions. Comments and suggestions you may have. 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 touchtone telephone. If you wish to remove yourself from the question queue, you may press Star and two. Participants, I request that you use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The first question is from the line of Puneet Gulati from HSBC. Please go ahead. Thank you so much and congratulations on. A good start to the first quarter. My first question is if you can talk a bit about the new launches, what% have you been able to sell, and in your total sales, what would be the share attributable to you? Thanks Puneet for the question. Essentially, if you see, most of our big launches have been in Bengaluru. We launched this project by the name of Godrej MSR City in North Bengaluru and we were able to sell close to about INR 2,400 crore plus, I think INR 2,426 crore in the previous quarter. If my memory serves me right, in the first days that we had opened up with some inventory we had logged, the total available was about INR 2,600-INR 2,700 crore, of which maybe about INR 100-INR 150 crore we had sort of blocked to do it at a slightly higher pricing. The next one was another project in Greater Noida by the name of Godrej Majesty. In this one, in the previous quarter we've sold about INR 925 crore and I think even in this quarter we've already sold, and this is INR 75 crore. This is part of some towers that we have launched and it's going very well on track. The third big launch that we had is in Yeshwanthpur. Yeshwanthpur approval actually came a little later. I mean, we got this approval close to three weeks before the quarter ended and we sold more than INR 400 crore. If I'm not, I'm probably INR 470 crore in the previous quarter and it is continuing to sell as aggressive as that. If my memory serves me right, we would have crossed almost a similar number already in this particular last month itself. Again, going well on track and then remaining are more or less like phase activations and all. Whatever the opening soft between the towers that we open or the floor we open, give or take between 70%- 90% is what we are selling. We will be holding some very, very prime inventory so that we can rise to some amount of pricing uptake. We are seeing very strong demand. Yeah, okay. And. GPL share this quarter was a little bit lower than last year because. Of the large sales in Bengaluru in a joint venture project, that was 78% for the quarter. 78%. Secondly, if you can talk a bit about the environment in terms of deliveries, the delivery was 0.8 million square feet. Are you seeing any challenges in terms of availability of labor, contractors, etc.? Is there a risk for any account or slight pushback in terms of project completions and collections? That's a great question. If I were to give you a sense of the execution piece, I'm delighted to share with you. In the quarter one, we were able to increase our CoC run rate just to give a sense. CoC in Q1 of the previous financial year was about INR 750 crore, and the quarter one CoC was about INR 1,170 crore. We are seeing a very strong execution uptake. Yes, you are right, there have been historical challenges on the labor side, but for the last nine months we've been working on a complete execution turn on strategy and we've worked on kind of bringing our laborers into a digital infrastructure system, creating a sort of roadmap to engage them better. We also relooked at some of our contractor base, and through these initiatives today, our sites are able to consistently mont- on -month exceed the targets that we are setting for them from a labor point of view. There might be some pockets of opportunities of major improvements still. I think, give or take, in this quarter we should be able to ensure that any gap on some project from a labor spend also gets picked up. I think we might be an outlier. If we continue on the drive that we're doing, in the next one and a half- two years, we will almost automate the engine. We're also integrating a lot of tech initiatives to strengthen this overall execution. Phase, should it not show up in your construction-related outflows, which was INR 1,800 crore in Q4 and INR 1,460 crore this quarter. I think typically, I'll explain to you, typically our business has, if you see our historical numbers as well, typically quarter four has a lot of OCs that technically kind of come in quarter one. We just had 0.8 million square feet of OCs and we did a lot of launches in quarter four equivalent recollect, which in the initial days of construction, mostly about excavation and piling work, which are not from a COC spend a very huge item, but from a labor intensity and activity, so the materials don't get pumped in like steel. Cement doesn't get too much into excavation, but labor movement, truck movement is fairly high. I think you would see that uptake in the coming quarters. We remain very confident of the guidance. Both on collections and deliveries quarter to quarter. Of course, there can be some fluctuations. Fair enough. Secondly, on your business development front, you've been doing quite aggressively. If you can quantify balance to spend on what you've already acquired in terms of land payment dues, how are you thinking about future run rates? Okay, I'll take the first part. Puneet for the deals which we have signed in this year. Balance to spend is around INR 900 crore and around INR 1,000 or 1,200 crore for the earlier deals which we have signed in 2025 and 2024, which are milestone-linked payments. Okay. This includes the 1,200, includes [Ashok] Vyas as well. That includes one installment of [Ashok Vyas] which will get due for this financial year. I think your second question was on the future business development. Is that the question? Yes, yes. I think we remain very optimistic on the deal pipeline. We endeavor to add projects especially in cities like Bengaluru and Mumbai and also to some extent even in Pune and NCR, acquiring few projects mostly on the plotted side like Pandikat. You would have recently seen an acquisition and we've been very selective currently on the NCR acquisition unless we find the valuation very attractive. You would see definitely very strong business development growth, but more calibrated, more about where the take up rate can be very fast from buyout opportunity to launch and churn. That's very helpful. Thank you so much, and all the best. Thank you. Thank you. The next question is from the line of Abhinav Sinha from Jefferies India. Please go ahead. Hi sir, my first question is to you. In the opening comment you have mentioned that demand conditions are very strong, and I guess even your sales should be higher this year. We have seen some other developers who report very strong numbers in the first quarter. However, the industry data seems to be flattish to down. How do we square these two things? I think the demand conditions do remain quite strong in our view. Comparing it to a time where perhaps the demand conditions are quite euphoric may not actually give the best picture. I think we're following so far pretty much exactly what one would expect to. See, in a typical real estate cycle, assuming this is kind of year four, year five of that cycle, which is. You do have a couple of years of kind of extraordinarily fast pricing growth. You know we've seen some of our launches. People have been lining up at one oclock in the morning. as though it's a music concert or something like that. I think those are not conditions that are going to sustain indefinitely, nor. Probably should they sustain indefinitely. I think we've now entered a period where prices have reset to a. Higher and quite attractive level. We're continuing to see strong demand. These levels, I don't think at. This stage of the cycle we're going. To see very sharp pricing increases or volume jumps from here, I think it's more about steady growth from here. That seems to be playing out. Most of the numbers we're looking at, I think as of now certainly we're quite happy with the response we're continuing to see across the country in all our new project launches. Okay. Secondly, on the business development side, I noticed that this quarter you've done a couple of area share agreements, and this sort of comes after a while. Right. When you were earlier doing almost all projects as buyouts, is this like a conscious shift in strategy? I think yes and no. I think as we get closer towards the middle end stages of dark cycle, I think rebalancing a little bit towards joint ventures will make sense. I think these frankly were more driven by kind of deal specific requirements. Of the landowners, which are always a factor in deal structures and where we're seeing continued opportunities for outright purchases, I think this year again most of our acquisitions are likely to be outright. In fact, if you see the transaction like the Panipat, it is a completely 100% buyout transaction, and the pipeline that we currently have is a mix of both JV structures, but a lot of outright transactions. I think it will be very opportunistic basis. The interesting part is whatever we acquire, the agnostic structure, a return metric for intact. This means that the PAT margin that we always target as the main metric, and of course IRR, is exactly the same threshold that we maintain for any reconstruct. Gaurav, can you help us with some of the large launches to expect in the next couple of quarters? Actually we have a crazy launch pipeline. Depends on how much you actually can squeeze in. Just to give you a flavor of a launch pipeline, we will be very soon having a launch in Gurgaon, 3.6 acres of land in Sector 53, and a very exciting project developed on a sort of a gathering scene. We will be launching a first time retail product, a new asset class and a very sizable one in Greater Noida. This is part of a very successful project of ours called—we endeavor to launch maybe within the next three months. It could be within this quarter or early next quarter. It is a Worli launch. Things are going very strong on that. Approvals are more or less on track and hope to secure that one very soon on the Versova. This is the acquisition we did last quarter, the righteous share. This will hit this quarter as a launch, one of the fastest turnarounds for us in Mumbai Zone. We are also looking at finally launching one of our acquisitions of Indore. There is a lot of excitement in Indore market for Godrej Properties entry and this should be a blockbuster within this quarter. We have some launches being planned in Panvel City. We are also opportunistically looking during the year at something in Sanpada. We will hit a very big launch in Main Street in Hyderabad. This was an acquisition we did in a very interesting market like Rajendra Nagar and this has a very large booking value potential. We'll be launching one large phase within this quarter and it will be a very sizable number. In Pune we will look at launching Keshavnagar. After a long time we're going to re-enter that micro market. We have some launches here and there in Pune like Mahanijay. In Bengaluru we have a launch in, you know, Blightly, if not this quarter then next quarter in Khani Chandra and further from there on likely we will be able to launch either the next quarter or the quarter after the Panipat recent acquisition of previous quarter. The approvals are going very fast. It is planned for Q4 but I won't be surprised if it hits even Q3. We have a 7.5 acre plant parcel in Gurwa which should also hit within this year. We have a Greater Noida parcel that we had done acquisition that is going very well on design and approval stage now. That should also happen within this year. We have a cargo acquisition if members bought from in auction that will hit this year then we might be able to pull off. I mean very early to say, but there are two Upper Kharani transactions we did which had a cumulative booking value logged in of INR 7,300 crore. We would endeavor to at least try and launch one of the phases of one of the land parcels. We have a launch coming up in Evergreen Square during the year, something right where they started developing it. We are trying internally to push it for a Q4 launch, and hopefully also within the year you'll see the Ahmedabad launch. We have some residential opportunities in GGL next to the retail plot. Opportunistically, we might even launch more phases of Banagatta, which we'll enter. Banagatta, but the Godrej MSR City might open. As you can see, it's a humongous pipeline that we built for ourselves, which gives me a sense that we should, if we hit most of them well, you should comfortably exceed our guidance. If you're able to get more of this, like the pipeline mentioned, then we might be for a good surprise. Great. Word of thanks and all the best. Thanks. Thank you. Ladies and gentlemen, to ask a question you may press Star and one at this time. The next question is from the line of Girish Choudhary from [Aventus Park]. Please go ahead. Hi, good evening. My first question is on the business development. Now that you're running ahead of your guidance for the quarter, I was more interested to know on the land spend this quarter. You did around INR 2,000 crore of land spend. How should we look at this number for the year as a whole? I mean last year we spent close to INR 9,000 crore. Also, how should we look at the debt numbers for the year? Actually, to be very frank, it is very—the strategy on the business development side is, as we mentioned, even when we are leaving, the right time guidance is not really driven by a targeted must-have guidance. Right. It just happens that the deals need a metric, and we're very confident of them being available for immediate launch in a, say, immediate dealing. Next six- twelve months is when we typically go about it. As a rule of thumb, if I were to say that for every INR 1,000 crore worth of inventory, you can assume between 50%- 25% is your land exposition cost in an outright, and it can be far lower if you do an area share, revenue share. It depends on the deal construct, it depends upon the type of opportunities we get to see during the year. This could be a number which for a quarter you may not see friendly or transactions like Q1 is for a lot of transactions. Really difficult to predict an absolute number because for us, having them is not necessarily critical to maintain booking value growth. As you know, we've acquired a series of projects. I'm delighted to share with you that in the last three years or so of BD that we've logged in, we still have close to INR 60,000 crore worth of inventory to sell. From a historical inventory, we are close to INR 1,14,000 crore of inventory. BD logically, what we're looking at is more about opportunistic fast turnaround and in micro markets where we see a huge potential and debt. This will essentially rise, and most of it because we have a very strong operating cash flow pool. Even in this quarter, you see what we had on, like, INR 947 crore operating cash flows in spite of almost INR 400 crore of extra CoC spend. When I compare YoY, this is going to fuel a future growth in the coming quarter. Difficult to put a number if I want to be very specific, but yes, we will acquire a lot of opportunity but based on very strong deal. Electric on the debt. How are you looking at the debt from the. I think again it will depend a little bit on the quantum of business development we've done. I think if you look at it, last year we did about INR 7,500 million. crore of operating cash flow on collections of about INR 17,000 crore. We've guided this year for INR 21,000 crore of collections. Hope to see operating cash flows also at a very healthy level this year. I think a lot of the. Business development should be funded by that. From a debt perspective, we've laid out an absolute gap that we'd like to. Look at for net debt of INR 10,000 crore. We do have a fair amount. Of room, and even that would only. Take us to about 0.5, a little bit above that year end. I think that there is more than enough sources of cash both between. Operating cash flow and room to borrow a little bit if we see the need to in the short term. I think the decide of exactly. Where that ends this year will be. How much beyond this INR 20,000 crore guidance we are able to do on business development. That is honestly something that we don't have. It's not that internally we have to do at least 30,000. I think broadly we'd like to see again a replacement value business development roughly in line with our sales, and I think operating cash flow should be able to fund most of that. Sure. The second question is on the construction outflow and rates, like you already mentioned that you're running ahead of the CoC run rate. Based on your expected cost to complete, what can we assume the run rate for? Let's say for fiscal 2026 and 2027, last year you had spent close to INR 5,500 crore. Yeah, I mean I would say that probably last year CoC spent about INR 3,500 crore, INR 3,700 crore or something like if my memory serves me right, I think we should hit between, again depends on how efficient we are able to capitalize on some of the start of succession. Because you know when we do an estimation for the year it also kind of picks up our approvals coming for H2 launches. Right. Depending on how quickly we can get those approvals on track, we will take INR 5,500- INR 6,500 crore. Last year was around, I'm talking this. Last year was higher, around 55%. This includes all the development costs or just the CoC spend, [all the cocaine]. Give or take 30% - 40% growth on the base value we should have. Sure, thanks so much. Thank you. Ladies and gentlemen, before we take the next question, we would like to remind participants that you may press Star one to ask a question. The next question is from the line of Parvez Qazi from the Nuvama Group. Please go ahead. Hi, good afternoon and thanks for taking my question. My first question is on the pricing front. You did mention that demand remains strong. We are able to sell [70-80%] of our launch inventory pretty soon. What would have been, let's say, the like-to-like price increase that you would have taken in Q1? In most markets, and of course there are some exceptions of some project where we may not have increased prices, but most projects in north we've been able to increase price between 2%- 3%. We've been able to increase between 1%- 2% in Mumbai, marginally, basically less than 1% in Pune market, and about 2%- 3% in south market. This one I'm saying like to like project, project which had already been launched and we were doing sustenance sales, and our sustenance sales as you would know is about close to INR 2,750 crore in the last quarter. Sure. The second question is, I mean over the last few years obviously demand has been pretty good. We have seen an increase both in land prices as well as the price realization on the various projects. In your estimation, I mean an IRR for a project acquired recently, how will it compare with let's say a [BB] deal that you would have done three or four years earlier? Is the IRR the same, higher, or lower? Just want to get your views. I think the project that we had acquired in the initial stage of the cycle, so let me clarify. The underwriting standards in the cycle was starting up to its peak as well, were exactly the same that we had even in pre-COVID. We were always underwriting in a conservative sort of basis that seems more like a governance principle that we set when we buy land. Those have, of course, seen a very dramatic uptick both from an IRR perspective overall ad profile and even PAT margins, and the deals that we acquired even in the six months at the moment, more or less most of the deals, we are seeing an uptick in IRR. Now, the deal that we will continue to acquire, the endeavor is going to be that whatever we've been underwriting, agnostic to market cycle, we should maintain and improve upon that. To put it very simply, when we look at a deal, we don't really go aggressive and underwrite basis aspirational life cycle numbers. We do what is like a launch scenario, as we call it, is basically today rate. If this rate does not increase for next few years, what is the margin profile, IRR looking at? That's how you underwrite, and if the market supports you, improve upon it. If the market doesn't support you, you at least for the very minimum try and maintain those margins to whatever extent possible. Sure. Thanks, and all the best. Thank you. Thank you. Participants who wish to ask a question may press Star one on the telephone. The next question is from the line of Ashish Mehdikar from JP Morgan. Please go ahead. Yeah, hi, thank you for the call Sorry to interrupt. May I request you to use a headset to ask a question? Is this any better? Yes, please go ahead. Yeah, understand the competition project, please. FY 2023. Shall I ask all the questions in one go or go anywhere? Your line is not clear, maybe Did you ask for. Completion for this year? Is that your question? Sorry, The line is not clear at all. Hello. Is this any better? Yes. Yes. Okay. Was looking at just a number, but what would going ahead? The questionnaire is. Sorry. I'll take it offline. Yeah. Okay. Thank you. Thank you. Thank you. The next question is from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. Yeah. Hi team. My question is on the NCR market, the last few, INR 10,000 crores of sales in this quarter, INR 1,650. So. Gaurav, I think you sounded really cautious on the NCR market on new business development. I could sense that you're saying there are not many attractive deals available. In terms of growth this year for pesos in NCR and on business development, how are we thinking? I think fortunately we do have a very strong pipeline in the NCR market and a fairly diverse pipeline. We have a very strong presence, especially in the Golf Course Road micro market, the main Ecuador market for Gurgaon. We have a very spread out project and probably bigger numbers, and we have a lot of projects in the Noida, Greater Noida market. I think we have enough and more to kind of sustain the growth for the next 18- 24 months. Of course, not that I am in any way discounting the opportunity that the LPI market will present us. In fact, there is one deal which is in a fairly advanced stage. We are negotiating. When you run sort of a principle of risk-adjusted data, you don't really get very emotional about the investment. Right. I mean you just see that if you have big pipeline and a headway to deliver great growth for next one, two to two years, you kind of sit back and wait for the valuations to come at a level, and sometimes it takes two, three months, sometimes it can take six- nine months. When it does, we do go very aggressive. You see about two years back it was exactly similar, then we started acquiring. In a matter of months we did four or five acquisitions. I think right now there is a sort of opportunity where we want to negotiate it smartly and get those deals to our terms. Thanks to the good work of the teams in previous four- six quarters, we have been up and more to sustain the growth. Again, in terms of like what will this bring down, the negotiation? The price. Sorry. You said that you will look for more attractive deals. What will bring the deals more attractive? I'm going to raise the last part question. I think what we're saying is that we have a strong pipeline, and even on the INR 10,000 crore base we've had for the last. Two years, we expect to show growth on that this year. I think Gaurav's point is we don't feel the need to be chasing deals if we're finding the valuations unrealistic. There's no challenge to just not doing deals for a few months until the right opportunities come. Certainly, NCR is among the markets that we will look at new business development this year, and we do have a plan to ensure strong growth in NCR this year. Last question on Delhi. Any update on how over midterm, how is the Delhi market now looking at? I know there are new development plans that are being discussed and drawn out. By far medium to long term, do you think that Delhi can become an equally lucrative market for GPL? Yes, of course. I mean we're quite excited about the Delhi opportunity and there is definitely a strong supply constraint in the entire Delhi because of the complexity of the regulations, the land market, how that operates, and I feel that bringing Ashok PR to the market, which has been going a little slow historically from an approval point of view, is important. There is a very strong opportunity for us to unlock a massive amount of upside in that particular project. We should be able to re-rate the entire Delhi, but Delhi, if you price it. Lastly, from a show agnostic to if I remove this transaction per se. Delhi always has a huge land function, which is why the Gurgaon property market kind of had the uptake otherwise the Gurgaon. Market would have not existed. It was essentially people migrating from Delhi in search for better high quality development. As and when we are able to bring [Ashok Priya], I feel we'll be able to get a very significant price premium once we launch that project. Okay, I just want to update on [Ashokriya]. What are the launch timelines now? I mean you've been making the payments in terms of launches. What is the stage of approval and clearances? As frustrating as the honest and candid answer is, it's a bit of a frustration for us that we've not been able to launch this project for a while. I think we in fact mentioned very candidly in the previous earnings call as well that there has been a set of approval authority issues in the government setup on which department grants approval, where and how. There have been some views from the court also on the overall tree cutting policy of Delhi. It is difficult to predict how exactly the court will decide and how exactly the authorities will sort of move forward. If I were to give you a sense of what the feeling on the ground was, what was happening about six months back when the government was not really aligned, I see there is a good positive movement. We see a good amount of clarity coming at least from the department to begin with. There has to be some movement of the court bank, which is frankly not really in anyone's control. Fingers crossed. If things continue the way they are, we remain very, very positive for a launch. I don't think at the current state of data that I get to see I'll be able to give you a very, very accurate timeline for a launch. If I were to give a sense of relative about a year back, things were looking much more difficult and things are looking much more positive. Now this is one last question on the launches this year. If you can help us quantify what quantum of your launches are impacted by the NDT issue which is currently under hearing and final judgment awaited. How much of you would have got over the [Sanjay National Park] issue and currently that issue has impacted Mumbai and basically approvals on the economic. This environmental clearance as the state will do a center in that issue I'm talking about. Any update on the graph. INR 40,000 Crore launch categories given for the year is meant to be a number that. We should be able to deliver even if there are a few setbacks on the approval side. We remain confident of that INR 40,000 crore number. In the first quarter, we did about INR 8,500 crore. Okay. Even on Bengaluru, there's a ground rent issue which is going on. Charges have to be paid even on OC and on new launches. Any update on that, whether that will impact any of our Bengaluru launches? No, I think there's endless number of these kinds of issues in the sector. I think these have to be taken in trial, and project teams have to find solutions. The number we try to provide. From a guidance perspective, is one which. We think has adequate buffers that we can absorb some of these delays and hits and still achieve the number we've provided. Sure. Thank you. Thank you, Gaurav. Thank you. Thank you. Thank you. The next question is from the line of Ashish Shah from HDFC Mutual Fund. Please go ahead. Thank you. Just wanted to get a sense on any recent trends that you can highlight on footfalls, conversion rates, or how long it is now taking to convert inquiries to sales. Let's say vis a vis where we were a quarter or so back in at least our key markets like Mumbai, Pune, Bengaluru, maybe NCR. Anything that we share on that front. I would say that with the exception of NCR about nine months back, the convergence and the excitement, euphoria was more or less almost similar in all markets that we were operating. I mean, there was never a crazy uptake, neither a sort of a compression of any sort of either walk-ins or conversion. I think there was a sense of media narrative, if I were to put it, about nine months back on NCR, and we just became a little bit cautious from our own end to just revalidate. We never saw any sort of a dip in any sort of either the walk-ins or conversion issue. If you look at the most recent example, the launch that we've done in Greater Noida, if you see and understand the location, it used to be historically priced at around INR 7,000, INR 8,000, or INR 9,000 at max, sort of a location. There has been a huge supply constraint in the Greater Noida market because it's heavily controlled by the government. The supply comes from auctions only. We were able to secure a project and launch and sell INR 925 crore at a INR 14,000+ rate, if I'm not wrong, probably INR 14,500 because the realized price. We had fantastic walk-ins, fantastic conversions, and we still see walk-ins happening in that site. I think the real challenge for any market is not really the sentiment right now. I think it's very positive. There was some amount of narrative, I would say, was holding till January, but especially after the government doing certain changes of fiscal policy, the environment started looking more positive. The interest rate reduction again, frankly, doesn't really impact our segment per se, but just kind of removed any negativity that certain corners were making. I would say similar conversion ratios, similar walk-ins. In fact, in some projects we are breaking record walk-ins. If you go to Bengaluru, the organic walk-in that we've seen in that site, it's one of the best ever numbers we've seen in each project across India. There are some new benchmarks we're trying to create within the company as well. I don't see any change. Especially, let's say in case of Bengaluru, this hasn't changed much in the last month or so because there has been some concern of IT services related slowdown, etc. Have you seen anything particularly in markets like Bengaluru which probably get more affected by IT services, any sort of slowdown in that? I think on the contrary, I mean, when you launch a project, there is a typical dip in sales after the first few weeks of login. Right. The Yeshwanthpur launch, Godrej Tiara, which has continued its sales after INR 450 crore in Q1, is kind of hitting a similar number already as we speak. I don't see that. I just want to caution one thing, that the news we hear about one or two companies doing a reset, their trend is mostly on a very different job segment versus the Bengaluru story. There's a lot of growth if you see on the office leasing side over the last 12 months, and in fact, if I'm not wrong, last year was the best ever leasing record for Bengaluru and overall for India. Yes, there are profits of companies and segments which won't get affected, but they're equally being offset by higher paying jobs from global capability centers and the like. Nothing really felt. In fact, we are seeing very strong demand for our products and I think. Our bank last quarter, of course, was. The highest of anywhere in the country. I think maybe the highest for any developer in Bengaluru. Just one last thing, we did talk about strengthening our execution capabilities. If you can share a little bit more into how we are either externally or internally in terms of our own execution teams, any concrete measures that you could highlight. I think we are now embarking on a level of scale which may need much better execution ability than in the past. Absolutely. Nine months back we had created an internal program which focused upon complete ramp up of execution capabilities and deliveries through that module. There was a specialized team working on IT for about six- nine months on that particular project. We identified 15 modules, as we call it, which were areas of opportunities to strengthen for us to even sort of accelerate some of the good work we've been doing. Just to give you some idea into the depth of it, we've worked on the labor strategy very exhaustively. We realized that in India labor is a very, very seasonal thing. There is a very huge attrition issue. We identified after meeting about 800+ laborers, our teams went on the ground with 800 laborers per site to kind of decode the problem statements of their life. Why don't they like to work for a longer time? Some of the very superficial understanding that industry has, which is money, were not really the root causes of why attrition is very high in the labor market. We could curate certain programs. I'm delighted to share, but these are very early days for me to say that this exactly works like that. For example, in Holi we made some very specific interventions on a site and normally in Holi we get to see a dip in labor percentage from say X to about 70% and sometimes 65% of that. For the first time, in spite of Holi, we stopped 3 and 4 Holi number and 98.7% which was extremely heartening. We've seen month on month growth in our labor volume. We in fact worked on creating a digital infrastructure to bring our laborers on board. We have created a series of schemes to help them get people more engaged and at place. We've expanded the contractor landscape in a big way. We onboarded a lot of tier one contractors. Whether it is [Laken] working in the [Koto Reserve project], KEC working in the Aristocrat project, [Alu Aliya] working in other projects, a series of large contractors who were not operating in our ecosystem have been added. Contractors who were working very well in our system have been strengthened by giving them cash flow support, giving them very timely payments by tracking it centrally from here, so that there are no sometimes bureaucratic hurdles that come in the road of execution. Empowering teams, spending, audit control, but at the same time creating autonomy and requirement to take certain decisions on the ground and centralizing and procuring items at bulk. Now we have lifts that we buy at bulk, we buy tiles at bulk, we buy paints at bulk. In fact, we have segment by segment analysis how much we want to buy for the next six- twelve months. I think these are just three, four things I've talked about. I mean it's a category itself. Yes, we worked a lot on changing our execution capabilities. In fact, restructuring some of our teams. We have increased pay grades of certain specialized coordinator pad blocking is very high and I think combination of these has been giving us some very early wins. Yes, this is one part of the value chain. You can't be complicit and you need to be always on top of it, always innovating and always push the edge. If we continue on the road that we are now sort of got into with some reasonable confidence, I can say we might create some benchmarks in the industry. Thank you. Thank you very much, sir. Thank you. Thank you. The next question is from the line of Puneet from HSBC. Please go ahead. Thank you so much. I don't really want to put you on a spot, but if you want to look at your share price versus the opportunity in the market, where would you want to deploy money? Promoter shares any less than 50%? Would you like to comment on how would you be thinking? Yeah, thanks Puneet. I think we think, maybe it's because of where we sit, but we clearly think the share price is at. A kind of upside level given the kind of growth and overall operational momentum we've delivered. The promoters have actually bought back some shares on the market over the last six months, and if this weakness continues, may use it as an opportunity to continue to do that. I think certainly I've never felt better about the current position of the company and the overall direction both in terms of an absolute basis and how we're performing. These are the RPA. I think it looks to us like a good buying opportunity. We have acted on it over the last few months and may do some more of that if this weakness persists. Buyback versus business development opportunity, which one do you think is more remunerated? I think we have so much opportunity as a company that I think buyback to my view more. Something to consider if you're throwing up huge amounts of cash, don't see great deployment opportunities for it. If we can continue to deploy at 20%+ IRR as we seem to be continuing to have opportunities to do, I think it would be more sensible to deploy that. I think these share price movements can. Correct quite the deal with not that long ago that we were at a very significant premium to where we are now. Sure we'll get back there. If it gets much bigger than this, it might be something that we. Would have to consider seriously. For now I think we'd like. To deploy all the capital for operational growth and performance. Thank you so much, and all the best. Thank you. The next question is from the line of Varun Julasaria from B&K Securities. Please go ahead. Yes sir. Thank you for the opportunity. I just wanted to check what it is. The kind of unsold inventory that we have in the book currently is split between ready to move and ongoing. When you say total inventory, you want to say. That launch, but unsold launched and unsold. About INR 27,000 crore. Okay, so I just wanted to get your thoughts on the suction and sale. Like this quarter, 65% of the sale seen from new launch and we just did around INR 3,500 million from sustainance. What is the expectation going forward? I think we are 39% if I'm not wrong, 39% at INR 27 crore plus of sustain sales. I think, you know, generally what happened is it's very project specific, right? In some of our launches we've done a complete sold out, right? If you look at Tropical Island, Gardenia, these are sort of sold out projects, so they don't really happen at all. There are some projects that held some inventory to kind of max out the pricing opportunity, so those keep on being available in the market. Then there are some had a potential to do only 70%, 80%, they will continue to sustenance. I think we have a very healthy sustenance ratio. It sometimes may look percentage wise a little weaker because if we get launch approvals on time, then the launch volume is so massive that they don't look very big. From an absolute perspective, we've been consistently doing very well on these sustenance in projects wherever the inventory is actually available. I think we keep a regular track of things like unsold inventory as a. Percentage of total inventory, unsold inventory as a% of expected sales, months, etc. I think we see all of those data looking very healthy at the moment. Just to give you one line example, in Godrej project, we did a launch in Godrej [Majesty], the first phase where we did about INR 497 crore at the launch. In the last six months, that INR 497 crore number has now become INR 778 crore. This was a very conscious strategy to sort of hold some inventory. There was another example by the name of Lakeside Orchard, which did INR 268 crore on launch. Again, we continue to get about another INR 100 crore each quarter, and today the cumulative sales stand at INR 1,370 crore. I think it's a very project-specific intervention that we tend to take a call on, based on risk and reward, and then whichever inventory is available, they do very well in the subsidiaries where you decide to hold. Okay sir, thank you. Just one last question. What is the amount of collection yet to be collected based on the sales which we have done in the past couple of years? Spending to be collected, you know the revenue, but you know spending to be collected is around INR 51,000 crore. Collection is pending to be collected. How much would be the cost to be incurred on construction for those projects? We'll have to do a project by project math. The indicator would be to look into our pro forma. I think there you get some indication on the cost, and if you do some indication, because every project will have a different cost structure. Okay, sure. That's it from there. Thank you. Thank you, ladies and gentlemen. We'll take the last question of the day. I now hand the conference over to the management for closing comments. I hope you've been able to answer all your questions. If you have any further questions or would like any additional information, be happy. To be able to send. On behalf of the management, thanks once. you for taking the time to join us today. Thank you. On behalf of Godrej Properties Ltd., that concludes this conference. Thank you for joining us. You may now disconnect your lines.