Good afternoon, ladies and gentlemen, and welcome to the Mindspace Business Parks REIT's earnings conference call for financial results for the quarter and six months ended September 30, 2021. As a reminder, all participant lines will be in the listen-only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Kedar Kulkarni. Thank you, and over to you, Mr. Kulkarni. Thank you, and good afternoon, everyone. Welcome to the Q2 of financial year 2022 earnings call for Mindspace Business Parks REIT. At this point, we would like to highlight that the management may make certain statements that may constitute forward-looking statements. Please be advised that our actual results may differ materially from these statements. Mindspace REIT does not guarantee these statements or results and is not obliged to update them at any time. We would like to reiterate that the acquisition of Asset SPVs by Mindspace REIT was effected on July 30, 2020. Consequently, consolidation of financials of these Asset SPVs with Mindspace REIT has been done effective August 1, 2020, and then consolidated H1 and full year 2021 numbers therefore reflect two months and eight months financial performance of these Asset SPVs. However, for the purpose of comparison in the earnings presentation and for the purpose of this call, we have provided pro forma revenue from operations and net operating income for Q2 and H1 FY 2021. I would now like to welcome Vinod Rohira, CEO, and Preeti Chheda, our CFO. Vinod will share the business update and his views on the commercial real estate. Preeti will further share an update on the financial performance. We will then open the call to Q&A. I now hand over the call to Vinod. Over to you, Vinod. Thank you, Kedar. Good afternoon to all participants. Hope you enjoyed the festive season. Thank you for joining Mindspace REIT's earnings call. As envisaged during the last quarter earnings, the sectoral tailwinds have further grown stronger during this quarter. The restrictions enforced during the second wave have been relaxed across states. Further, India is now at the forefront of its vaccination drive, having already administered over 1.1 billion doses. With a monthly production capacity of over 300 million doses, the entire eligible population of our country will hopefully be fully vaccinated in the next few quarters. Post vaccinations, we are witnessing a substantial shift in the mindset from work from home towards work from office. This is in line with the trend observed globally. Recent reports indicate over 95% of the workforce is back in office in China, while in the U.S. and the E.U., almost 40% of the employees are back in offices, resulting in resumption in demand for office spaces. Even in India, the return to office plans have gathered momentum, and we are seeing clients gear up for increased physical occupancy in the coming quarters. We are seeing encouraging signs across our parks as physical occupancy currently stands at 75%. As global markets move towards return to office, the same will follow suit in India. Economic indicators and the robust tax collections in India are indicating a strong economic recovery. Technology companies in India have reported further improvement in business fundamentals in their latest quarterly results, and their hiring numbers have been revised upwards as compared to the numbers announced during the past quarters. NASSCOM report suggests that GCC headcount is expected to increase by 11%-12% CAGR to touch 2 million by 2025. At present, only 15% of Forbes Global 2000 companies and 26% of the Fortune 500 companies have set up GCCs in India. This underscores the immense potential of GCC's expansion in India, considering the talent pool the country offers. All these positive trends augur well for the demand for Grade A office spaces in the coming quarters. As we had highlighted in the past quarters, the new Grade A supply in most micro markets will not be able to keep pace with the uptake in demand. On ground, we continue to see increased activity for evaluation and assessment of new and existing consolidation needs of large technology companies. We are excited to see strong tenant engagement on space take up across our markets. Micro-markets of Hyderabad are expected to witness recovery in demand as pre-commitments and additional space take up from GCCs are expected to keep the absorption momentum high from 2022 onwards. In the Mumbai region, Thane Belapur Road micro-market is expected to witness three-dimensional demand driven by Fintech, support activities of MNCs and data centers. Many new RFPs have started floating across micro-markets, and we will continue to see this activity take greater momentum in the coming quarters. We expect the SEZ policies to be suitably reformed to accommodate the changing demand dynamics of technology footprint in India, allowing for inclusive participation of domestic businesses within the modified SEZ framework. Our proactive efforts of utilizing the downtime to upgrade our offerings and implementation of health and safety protocols across all our parks have enabled tenants to scale up their return to office plans. This has not only helped us retain existing tenants within our parks, but ensured that they choose us as their preferred partners for their expansion plans. 92% of leasing during the quarter was with our existing tenants, which is a testament to this. The leasing momentum that we have witnessed across our parks in this quarter is in tandem with the growth of technology companies, and we expect them to continue their footprint expansion in the coming quarters. We have achieved a gross leasing of 2.1 million sq ft within the portfolio in the H1 of this financial year, of which 0.9 million sq ft was in quarter two financial year 2022. We have achieved a re-leasing spread of 21.6% in this quarter. We would like to highlight some of our key transactions. Our BKC asset is now fully leased with the addition of a marquee BFSI tenant. On the ROFO side, in addition to the pre-leasing of circa 1.8 million sq ft during the last quarter at Mindspace Madhapur in Hyderabad, this quarter saw pre-leasing activity at our other ROFO asset, Mindspace Juinagar, located in the Mumbai region, where we successfully concluded another build-to-suit lease deal of 0.5 million sq ft with an IT tenant. Our net operating income for the quarter stood at INR 3.6 billion, up by 6.7% year-on-year basis. Our collections have remained strong at over 99% throughout the pandemic, as we continue to focus on having high quality tenants in our portfolio. Our distributions stood at INR 2.7 billion, or INR 2.6 per unit. Our net asset value has increased to INR 357.8 per unit, representing an increase of 3.6% over March 2021. Reduced interest rates and low gearing of our portfolio provides us with the room to pursue asset enhancements and other growth opportunities at our parks with our long-term value accretive to our unit holders. I would now like to take you through the specific operational updates for the Q2. We achieved a gross leasing of 0.9 million sq ft for the quarter ending September 30, 2021. Of this, 0.6 million sq ft was on account of re-leasing, and 0.3 million sq ft was from new area leasing. In the H1 of this financial year, we have achieved leasing of 2.1 million sq ft across our REIT portfolio. We are happy to announce that our BKC asset is now fully leased. Committed occupancy is at circa 85% for the September quarter. Average rent realized on this 0.9 million sq ft of leasing was INR 88 per sq ft per month. We achieved a re-leasing spread of 21.6% on the 0.6 million sq ft area re-leased. The in-place rent in our portfolio has grown from INR 57.1 per sq ft in the previous quarter to INR 58 per sq ft. 92% of the leasing during the quarter was to existing tenants, while balance was to new tenants. Our ROFO asset at Mindspace Juinagar in Mumbai has witnessed pre-leasing of 0.5 million sq ft. Of the total leasable area, our portfolio has 23.9 million sq ft of completed area constituting circa 91% of our portfolio value. 1.8 million sq ft is currently under construction, and we have another 5.6 million sq ft available in the portfolio for future development. Our portfolio is leased to more than 170+ marquee clients with an average in-place rent of INR 58 per sq ft and a weighted average lease expiry of 6.7 years. Our REIT was awarded the prestigious National Builder winner, and our project, Gera Commerzone Kharadi, has won Noteworthy Project Award at the Construction World Architect and Builder Awards 2021. Mindspace Madhapur SEZ also won various awards, including Highest Exports, Highest Number of Women Employees, and Regional Growth Drivers at Annual Exports Awards organized by Export Promotion Council for EOUs and SEZs at Visakhapatnam Special Economic Zone Authority. As of September 30, 2021, we facilitated over 95,000 vaccinations at our parks, which included family members of the leaders and employees who are working for us, as well as our tenants. As part of our CSR initiative, we constructed an additional floor at a hospital at Kondapur, Hyderabad, resulting in addition of 120 new beds, and handed it over to the government. At Mindspace REIT, our endeavor to emerge as a responsible organization motivates us to implement sustainable business practices across our operations. At this point, I will now hand over to Preeti to walk you through our financial highlights of the quarter and full year. Thank you, Vinod. Good afternoon, everyone. On the financial performance, we closed the Q2 of the financial year 2022 with a revenue from operations of INR 4.2 billion. Our net operating income for Q2 FY 2022 stood at INR 3.6 billion, which is a 6.7% increase over NOI for Q2 FY 2021. Cost optimization measures helped achieve this NOI. We continue to maintain NOI margin at 80%+. We announced a distribution of approximately 2.7 billion, that is INR 4.6 per unit, for the quarter ended September 30, 2021. This distribution comprises approximately 93%, which is INR 4.28 per unit of dividend, which is not subject to tax in the hands of unit holders, and approximately 7%, which is INR 0.32 per unit of interest. This translates to an annualized distribution yield of 6.7% on the issue size. With this, the total distribution for H1 FY 2022 is approximately INR 5.5 billion. This is INR 9.2 per unit, which translates to an annualized yield of 6.7% on the issue size. On the funding side, our leverage on the portfolio on a consolidated basis stood at 14.9%. Our net debt as on September 30, 2021, was INR 38.5 billion. We continue to have undrawn committed lines of INR 4.6 billion from various financial institutions. Given our low leverage levels and the strength of our balance sheet, we have considerable headroom available in the portfolio to raise further debt for our portfolio expansion and inorganic growth opportunities. During the quarter, we raised INR 4 billion through issuance of listed non-convertible debentures at an attractive coupon of 6.1% per annum. With this, our average cost of debt stood at 6.9% as of September 30, 2021. We have achieved a substantial reduction of approximately 225 basis points in our average cost of borrowing over the last 18 months. We continue to pursue opportunities to further reduce our borrowing cost. Also, during the quarter, we had certain regulatory amendments, like reduction in trading lot size, FPIs being permitted to invest in debt securities of REITs, which are very encouraging and would bring in wider investor participation in REITs, leading to enhanced depth and liquidity for the instrument. Post the reduction in trading lot size, we have seen the number of unit holders in our portfolio grow over 30%. We expect the move to allow FPIs to invest in debt securities of REITs to help provide long-term capital and open up avenues of fundraising for REITs. The gross value of our portfolio as valued by the independent valuer stood at INR 257 billion as at September 30, 2021. A 2.4% increase over the value as of March 31, 2021. Our net asset value per unit has increased to INR 357.8 per unit as of September 30, 2021 from INR 345.2 per unit as at March 31, 2021. With this, I now hand over the call to Vinod for his concluding remarks. Over to you, Vinod. Thank you, Preeti. As anticipated in our previous quarterly earnings call, we are beginning to see strong leasing inquiries across our portfolio. We remain increasingly confident of the commercial market outlook driven by the corporate hiring and growth. Aggressive administration of the vaccinations across the country and higher end economic activity is expected to lead towards a robust demand cycle in the coming quarters as companies accelerate their transition from work from home to work from office. I thank you all for the patient hearing. I request the operator to now open the floor for questions and answers. Thank you very much. We will now begin the question and answer session. The first question is from the line of Adhidev Chattopadhyay from ICICI Securities. Please go ahead. Yeah, good evening, everyone. Thank you for the opportunity. The first question is for 0.9 million sq ft of expiries in the H2 of this year. Do we now see the vacancies bottoming out? Would you like to share in terms of by when do you see our occupancies moving back to sort of a pre-COVID level? I know it's little early days, but if you could share any insights on what is your own internal estimate for that. Thank you. The activities have certainly become really strong. We see demand coming back, and we are seeing stickiness of tenants who want to retain and continue to re-lease and continue to occupy, and you will see physical occupancy start rising starting Q1 next year. We continue to see that trend because most tenants are discussing coming back to office in an eager fashion. You will see occupancies rise, and you will see vacancies reduce in the coming quarters. This 0.9 million sq ft, do you expect that, I mean, this would remain flat, or it may go up, means our occupancy in the H2 of this year? Or do you anticipate some further overall portfolio vacancy going up marginally during this period? If you see the 2.4 million, which we had looked at at the beginning of the year, including early expiries and vacancies, it turned out that about 800,000-900,000 had been leased. Additionally, we've already re-leased 800,000, and we have high visibility of another 400,000. When you combine all of these together, predominantly most of that vacancy picture is clear. Okay. If my understanding is correct, out of this 0.9, 0.4 is high visibility. Another 0.5 is touch and go, depending on when discussions are concluded, right? Is that understanding correct? 4.4 we've already initiated discussions moving forward. Additionally, once discussions engage, we'll get there. Sure. Just finally, for all these new leases, especially for The Square and these other assets where you have done the leasing, what is sort of rent fit-out period or the rent-free period which will be there for the tenants? By when do we see these rents starting to accrue to the REITs? This particular asset BKC rent starts first April. Okay. Any forward leases also would be of similar nature means. Similar nature. Depends on size. If it's a large size tenant, they require a larger period of time to fit out. Smaller size require reasonably the same time as we've been researching. Okay. Around 4-6 months across the board is a fair. That's right. Okay. Fine. That's it from my side. I'll come in with any other things I have. Thank you very much. Thank you. The next question is from the line of Manish Agrawal from JM Financial. Please go ahead. Yeah. Hi, good afternoon. My first question would be pertaining to the Gera Commerzone phase two asset. By when is it expected to be ready, and when would the rental commencement start? How is collection shaping up for this asset particularly? I can't give you any forward-looking statements, Manish, but we want to bring the asset really quickly into the market, which is under construction, 700-odd thousand sq ft, which is under construction, targeted to complete by June of next year. We are seeing a good amount of RFPs in that micro market. We are quite confident of leasing that asset. Sure. Second question, you have indicated that there has been an exit withdrawal of 0.2 million sq ft. Some tenants seems to have canceled their exit plans. What exactly happened over there? Does it across the country? I'm very happy you raised that question, actually. Yes, it's a very strong indicator of the market dynamics. It was our tenant in New Bombay in one of our Mindspaces who had submitted the notice for exit. Within that six-month period, they realized business is coming back, need of space and physical occupancy is important. They put back the notice just before completion of that tenure. We are very happy to accommodate one of our major tenants. Sure. Third question would be pertaining to The Square, Nagar Road. The run rate over the past three, four quarters seems to have dipped, although the IRPT is occupying 100%. PS is occupied at 100%. What exactly is happening over there? We had mentioned earlier that we were adding 60,000-odd sq ft of additional construction area by retrofitting some part which was otherwise earlier leased to PVR Cinemas. That retrofit has got already part pre-leased. That's the activity that you're seeing. Rest of it is already pre-leased. Okay, the rentals haven't started. For this particular under construction, so once it completes, then the rent starts. Sure. It's a pre-lease for something that we were to build and start. That work is going on. Sure. Last question on the BKC rentals. What will be the rental perspective for starting April 1st? Essentially I can give you a broad heads-up on the gross revenue for the year. It's about INR 42 odd crores annually. Thank you. That's all from my side. I'll come back if required. Thank you. The next question is from the line of Kunal Tayal from Bank of America. Please go ahead. Mr. Kunal Tayal, your line is in talk mode. Please go ahead with your question. Okay, sure. Hope you can hear me now. My first question, Vinod, you were talking about strong upcoming demand. Would you care if you can just give us some color around what profile of tenants are you finding particularly active in the marketplace for the next set of leasing? Is there also a category which so far does not seem to be indicating, you know, any new activity from their perspective? I think there's activity across the technology spectrum companies, BFSI, Tech, all of those companies are active. The bank companies are also very active. Each micro market has a different demand trajectory, but all micro markets are picking up in terms of inquiries. I think this will convert to a strong demand for real estate in the coming quarters. Okay, sure. Got that. The second question was, you know, your own sense about the supply prospects. Pre-leases have come down last 18 months. Do you get a sense that these are projects that just got deferred because of the uncertainty, or have they moved out of the supply pipeline on a more permanent basis, that, like, the landlord no longer plans to construct an office as it comes in? It's a combination of both. In some micro markets where there was no overhang of underconstruction supply, there the new supply would have come from a combination of alternatives where they were trying to convert resi into commercial, for example, et cetera. Because resi has done equally and is continuing to do well, the attention has shifted back to doing residential versus planning residential earlier. That's kind of pushing out prospective probable commercial supply which would have come to those micro markets. As you know, product choices are very different now. Customers are looking at very specific products very closely and very sensitively through Grade A. That kind of further diminishes supply. In certain micro markets where the work had paused, we're still not seeing activity on the ground pick up, but no new supply is really coming. All right. Thanks a lot. Thank you. The next question is from the line of Mohit Agrawal from IIFL. Please go ahead. Yeah, thanks for the opportunity. My first question is, if we look at your NOI numbers, they've been flat last two quarters. Despite declining occupancy, you know, the escalations have ensured that the NOI numbers are flat. How do you see this going forward? And when do we start to see a sharp pickup? Will it follow a six-month lag, you know, from the start of the leasing pickup? That is connected to what is also our guidance for the H2, you know, if you can share some light on that. Yeah, hi, Mohit. Mohit, in terms of NOI, you know, as I had mentioned even earlier, because of the commencement of some of the rent start dates, you've seen, you know, marginal, you know, rise in the NOI. Going forward, in the next few quarters, as the rent starts coming in, for this year, which we've leased in the last two, three quarters, we should start seeing the uptick in the rent and the NOI consequently. That should be this fiscal or? It'll be over the next two, three quarters. We're not gonna have everything coming in this system. It depends on when the rent starts for those respective leases. Any guidance you want to give on distribution for 2022? Distribution, as I'd said, Mohit Agrawal, last time, obviously, you know, versus our projections which had come in through the OFD, because of these staggered rent starts, obviously, we would not be able to achieve all of that. As I said, a substantial part of that will be offset by the interest saving that we've achieved in this financial year. In terms of, I won't be able to give you a precise guidance. I would say a large part of that we should be able to recoup, but there'll of course be some residual impact. Okay, sure. My second question is on, you know, we've talked about the Airoli West portfolio, the process of denotification of SEZ. You have mentioned earlier about, you know, some policy changes from the government which had to come. Any updates around there? Yeah. I think it's progressing very, very well. We are very hopeful that the direction for amending and helping out with allowing for rupee billing and domestic businesses similar to the STPI footprint will be allowed to coexist in the SEZ. We are quite confident that's coming through. We are hoping for that to come in the next couple of months. Okay. That combined with the fact that now leasing will also pick up, do you expect this asset to be like any expectation in terms of when this asset could be leased out, like in couple of quarters or so? We are seeing the undercurrent for demand is getting stronger, and we are quite confident of being able to lease this asset. Okay. Sure. Thanks a lot. That's all from myself. Thank you. The next question is from the line of Vivek Ramakrishnan from DSP Mutual Fund. Please go ahead. Good afternoon. Thank you. I'm just following up on the previous question on Airoli West. Is the denotification important for the occupancy levels to go up significantly? I'll just ask you all the questions in one go. In the newer properties in Porur and the one in Hyderabad, what would drive them. In Porur you can already see that the occupancy has gone up. What will be the next big drivers for these two properties? Thank you. Denotification certainly will help because it allows for beyond just the SEZ occupiers to be able to lease and occupy these premises. It certainly helps in filling the vacancies up quicker. With respect to Porur, yes, it's a new asset, and we are seeing now, Chennai demand beginning to pick up. As that demand trajectory starts to grow, you will see occupancy pick up for that Porur asset as well. Sir, if you can ask for clarification, in Airoli West, the denotification is very important for the numbers from, you know, the company occupancy, which is currently close to 68.6% to jump significantly or you can do it even before the denotification happens? There are two parts to the product offering there. One part which we already denotified, which is under construction. We're already seeing demand trajectory move up for that non-SEZ building, and we are very confident of leasing that out quicker than what we had anticipated. Having said that, additionally, that allows for more room to bring in more denotified assets within that portfolio to offer for additional leasing. While some of those assets we've already applied for denotification, and that will come in as pipeline to bring in more supply, it will certainly help if we can offer non-SEZ occupiers additional space. Yes, it will help in the reducing of vacancies. Okay, thank you very much, and good luck. Thanks. Thank you. The next question is from the line of Shashank Savla from Somerset Capital Management. Please go ahead. Hi, thanks for taking my questions. First question is related to Airoli. If I look at the net operating income that reduced to around INR 40 million quarter from INR 390 to INR 350, is there any particular reason or what's driving that decrease? Airoli? Airoli West, the NOI. Yeah. Has declined from 390 to 350. Yeah, yeah. Let me take that. What happens is in Airoli West, we have certain buildings which have got completed. Definitely property tax assessment, you know, takes a while to complete. Now, since it's almost getting complete, we have better visibility in terms of what that tax would be. That's one provision of tax which has come in this quarter. That's why you see that there. Okay. Is that a one-off or is it like? It's a one-off. Ongoing one? It's a one-off. A one-off. Okay. The second is on the NDCF. If I look at the NDCF at the SPV level and distribution to REIT, there is a shortfall of around like INR 200 million from that. Is that from previous amount paid back at the SPV which were not distributed to the REIT? We had certain amounts which were lying in the escrow accounts because we have certain commitments for our debt covenants. Since that amount has now got freed up, we have distributed that amount. This difference is because of that. Okay. Am I trying to understand, going forward, would the NDCF at the SPV level be similar to the distribution to REIT, or is there some adjustments or which you make to smooth out the cash flow? No, there's nothing of that that happens. This is only a one-off case wherein we had some of these balances lying in the escrow accounts, which was restricted cash. Otherwise, broadly, whatever is the NDCF at the SPV, more than 90% of that we distribute. We're not gonna have this always. I'm also trying to understand how the CapEx spend and the debt which you raised impact the overall NDCF. Is there a case that if you borrow more, would you be able to pay out that as distribution? Generally for us, whatever CapEx we incur, we incur that out of debt. Generally CapEx doesn't affect our NDCF because that money comes in from debt. Generally that's the way most of the cash, most of the distributions which you're seeing at the SPV level and consequently as a REIT, largely coming out of your net operating cash flows. Technically your CapEx is essentially funded by debt. Right. Okay. More generally, I want to understand the trends in terms of space trends and incentives. Are you seeing any improvement in the terms of incentives you have to provide for new leasing? You know, predominantly, the landscape hasn't changed except for the fact that they slightly take longer now to do their fit outs and are wary of making sure that they can complete their offerings and interiors with all of the challenges they're facing with either equipment imports or labor not being available. There is a little extra time they ask for fit out. Otherwise it's business as usual. Finally on Chennai, which has around like 17% committed occupancy, so where do you see it like in a few quarters, or how much time would it take for you to reach your like 85% occupancy, which is across the rest of the assets? It should be comfortably leased out in that asset on or before the end of next financial year. Right. Okay. Thanks a lot. Thank you. Reminder to the participants, anyone who wishes to ask a question may press star then one. The next question is from the line of Satinder Singh Billi from EON Investments. Please go ahead. Yeah. Hi. Congratulations on a very stable set of numbers, and also for the very attractive fundraise, 6.1%, fixed I think is probably better than best in class. Congratulations for that. I got two small questions. One is, Vinod, if you could, starting with again Airoli West. Given the 20%+ deflation in occupancy between Airoli West and East, can you help us understand better in terms of what percentage of Airoli East, for example, is SEZ and non-SEZ, and how does it stack up on Airoli West? Because you come out earlier with a discussion that probably denotification is one big trigger so that would probably narrow this gap because finally the micro market is the same. Sure. Hi. Essentially Airoli East was an SEZ that was built much before Gigaplex. It had started much before Gigaplex. Which is why that entire park currently is, whatever is built is an SEZ. Gigaplex was built a little later. We started the project a little later, and in that we had some additional speculative SEZ supply, which unfortunately because of having passed through an 18-month COVID pandemic across the SEZ demand had slowed down in that zone because everyone was working from home at that point in time. Now, obviously the SEZ seeing a sunset, government realizes that the SEZs have created huge employment opportunities and they want to give a lot of boost to the SEZ to become an attractive place for further employment and technology footprint to grow. Which is why flexibilities around denotifying and allowing for domestic rupee billing, et cetera, to be participated in the SEZ. We have more opportunity in Gigaplex because most of Airoli East is pre-leased. Gigaplex automatically has some speculative space which we had built for SEZ demand, which now will get used for non-SEZ demand. Okay. What we are saying is East is otherwise fully SEZ. West is almost fully SEZ, but okay, by changing part of it to non-SEZ, we'll be able to fill it up. At the same time, when you get this, the legislative change that will happen, it'll allow us flexibility in all our SEZs, not just Airoli East or West. Anywhere we have SEZs, we'll be able to bring in rupee billing and domestic businesses to participate, which allows for more demand to come to the SEZ portion of our development. Yeah. It will be universally fortunate, probably giving benefit to all parks. Yeah. Thank you. That's very clear. One question for Preeti. Preeti, going back to the NDCF buildup. Okay. You explained the cash difference between NDCF at FFO level and FFO to REIT. Now we also discussed the CapEx and the debt drawdown. Now the debt drawdown is about INR 2,034. The CapEx, including the interest is INR 1,081. That leaves a difference of about INR 200. Then there's a working capital change of INR 170. Is part of this contributing to the distribution finally? Can you help us understand this please? Yeah, sure. You know, so as far as the CapEx goes, you know, as per the accounting reporting requirements, some of the fit out, which is generally CapEx for us, gets classified under working capital. If you add that, then broadly most of the CapEx is funded by the debt which we have raised. Now, in terms of the overall NDCF, all your working capital changes also are part of your operating cash flows because keeping the fit out costs aside, all the other things are largely your creditors, debt repayments and so on and so forth. Working capital is also part of your operating cash flows and therefore they do contribute to your NDCF. This 206 difference we draw down in the CapEx, it add to zero contributing to the NDCF fit-out? Yeah, it does because that is got drawn to fund the fit out costs which is sitting in working capital. Essentially most of our debt gets drawn for the purpose of CapEx. Here the difference which you see has gone to fund some of the working capital. Now of course, working capital is a number which you see has certain positives and negatives. The fit out cost which I'm talking about is one of the constituents of the working capital changes. If you take that in CapEx and broadly your net debt is taken to fund your CapEx plus fit out for the tenants. Okay. Okay, got it. Sure. I'll take this offline. Okay, maybe talk a little bit. Sure. Thank you. Thank you very much. Thank you, Vinod. Thank you. Thank you. The next question is from the line of Sameer Baisiwala from Morgan Stanley. Please go ahead. Yeah, thank you and, good evening, everyone. Just on the previous question, Preeti, your working capital is a positive INR 17 crore and to this, we should subtract minus 20 because of fit out. What is causing this, you know, plus 37 crore working capital on the gross? Sameer, as you know, I've always been telling this working capital changes are positive, negative quarter-on-quarter. This time there have been certain provisions which are made, cash flows have not happened. So those get added back because those have been reduced from your grant. Plus there have been certain positives, cash flows on the working capital side on the creditors. That also has helped get this working capital to positive. Okay. In real life, like which creditor has contributed positively? What happens is, any kind of increase in creditors or reduction in debtors, all of these add to your CapEx, because that's how this whole cash flows get reported. Any increase in your CapEx essentially gets added to that. Of course, there are provisions also which get added back because these are taken from your revenue from operations. Oh, I see. Okay. Yeah. Okay. That's fine. The second question related to this is, you know, as you know, you've got 1.7 million sq ft of new completions coming up next year, and plus your vacancies will go down. All of this new leasing will probably, you know, tie up a lot of deposits. How do you think about that? I mean, will that be for positive working capital? Will this all be used for DPU? Yeah. Generally everything which forms part of your, working capital movement, all of that becomes a part of NDCF. We've always had that, Sameer, because in some quarters you have positive, negatives on, security deposits also. Sure. Fair enough. I just wanted to Yeah. Understand whether you're gonna continue with that. Yes. Yes. We will. Okay. The second question is, how are you thinking about the new construction starts for brownfield expansion beyond this 1.7 which is just about nearing completion? Hi, Sameer. Great question. I think we are already firming up on our plans to start construction in each of our parks. We have an additional 1 million to build in Pune. We have a redevelopment opportunity in Hyderabad, which is 1.3 odd million. We are on track to bring those as envisaged into the market. Already, groundwork in terms of the design, detailing, approvals, all of that is in process. We should break ground really soon. Great. 2.3 million sq ft is what you will start in, say, 2022, and delivery by 2024. That's right. Okay. Any thoughts on Airoli West? We are seeing demand trajectory move up. Airoli West, we want to continue to position additionally for similar business suite opportunities to what we did in the past. We believe there is more scope to do both going forward in the future. Okay. Okay. My final question is on your Hyderabad ROFO asset. I know you mentioned that you would rather want to acquire closer to, you know, OC and fit out getting completed. But given the current low interest rate environment, and who knows what happens in one year, do you not want to lock it earlier than later? We are working in that direction, and we want to bring it in soon at the right and most appropriate time. We will take it up in the next couple of quarters. Okay. If you can confirm that would be, you know, yield accretive for the current shareholders. Sameer, at this stage, all I would say we will do whatever is the best in the interest of the unit holder, right? Whether it be yield or NAV or whatever other parameter. I'm sure we will be discussing with the board, as Vinod said, in the next few quarters. At an appropriate time, we will have this answered then. Okay. Thank you. Thank you. Participants, to ask a question, you may press star then one. The next question is from the line of Srikanth from Investor. Please go ahead. Hi. Thank you for the opportunity. Could you speak a bit about your data warehousing plans in any of the properties? You mean data centers? Yes. Data centers currently for India is primarily the build-to-suit space. In that, we have fortunately footprint in the Navi Mumbai region and the Hyderabad region where we can explore opportunities for build-to-suit. We are continuing to do that. We will see some demand continuing to be there for those micro markets for data center. I just wanted to double-check one of the indicative guidance you've given. For Porur, you'd expected the, I think the overall occupancy to reach, like full occupancy levels by the end of next fiscal, right? End of fiscal 2023. That's right. What is that occupancy? That's right. Okay. Thank you. Thank you. Reminder to the participants, anyone who wishes to ask a question may press star then one. Participants, to ask a question you may press star and one. The next question is from the line of Rahul Marathe from ICICI Prudential Pension Funds. Please go ahead. Thank you for the opportunity. Just a small bookkeeping question. Currently our net debt to market value is 14.9%. Where would we like to cap it? Like, what will be the maximum level where we would not exceed this? Technically as per the REIT regulations, we can go up to 49% LTV, but our comfort would be somewhere around 25-30%. Up to 25-30% I think we would be comfortable. If it goes beyond that and if we have some real lucrative opportunities, then we wouldn't mind going and doing further SPVs at that point in time. Okay. Thank you.