Ladies and gentlemen, good day and welcome to the Oberoi Realty Q4 FY2025 earnings conference call. We have Mr. Vikas Oberoi, the Chairman and Managing Director of the company, and Mr. Saumil Daru, Director of Finance of the company, with us for the call. Please note that this call will be for 30 minutes, and for the duration of this conference call, all participant lines will be in the listen-only mode, and this conference call is being recorded, and the transcript for the same may be put up on the website of the company. After the management discussion, there will be an opportunity for you to ask questions. Should anyone need assistance during the conference call, you may signal the operator by pressing star and zero on your touch-tone telephone. Before I hand the conference over to the management, I would like to remind you that certain statements made during the course of this call may not be based on historical information or facts and may be forward-looking statements, including those relating to general business statements, plans, strategy of the company, the future financial condition, and growth prospect. The forward-looking statements are based on expectations and projections and may involve a number of risks and uncertainties and other factors that could be caused by actual results, opportunities, and growth potential to differ materially from those suggested by such statements. I now hand over the conference call to Mr. Oberoi, the Chairman and Managing Director of the company. Thank you, and over to you, sir. Thank you. Good morning, good afternoon, good evening to all of you as for the time zone which you have logged in, and welcome to the conference call of Q4 FY2025 results and business updates. Thank you all for taking the time out for this call. Before I begin, I would like to share with you some of the quick business updates. I'm happy to announce that we have recorded our highest ever annual consolidated revenue of INR 5,286 crore and the highest ever annual booking value of over INR 5,281 crore. For Q4 FY2025, the quarter was driven by steady sustenance of residential sales. We also, especially the soft launch of Sky City Mall in Borivali, which we received an overwhelming response from both consumers and our retail partners. Our commercial portfolio, including Commerz III, continues to attract marquee tenants, reflecting robust office leasing demand. I-Ven Realty entered into a transaction for INR 12.50 billion of infusion by a private equity investor for 21.74% stake. Currently, we are gearing up for the upcoming Elysian Tower D launch, which happens to be tomorrow. The initial response based on the EOIs that we've received seems to be extremely robust. With this, I will now open the floor for questions and answers, and both Saumil and I will be very happy to take your questions. Thank you. 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 their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We'll take our first question from the line of Puneet from HSBC. Please go ahead. Hi, Puneet. Yes, thank you, sir. Hi, hi, good to have you for the opportunity and best wishes for your upcoming launch. Can you also talk about the other launches that you're planning for the year in terms of Borivali, Tower Edge, and other projects? What should one build in as expected timeline for those? Obviously, Borivali is likely to be launched this year. We are looking at more of the festive season to launch that. The next quarter pretty much is a washout because it's monsoon, and we personally don't prefer doing any launches around that quarter. It'll be in Diwali. So are other projects. Some of these are lined up in the second. What about Adarsh Nagar, if you can? Correct. They're all lined up in the second half of this year. There are many projects. We'll sequence them out. We have quite a few redevelopment projects in the city which we will line up, and they'll all, yeah. Okay. On the SkyCity soft launch, what is the trading occupancy now, and how do you expect it to ramp up in FY 2026? Firstly, it's absolutely a soft launch. We also wanted to get used to handling people, the traffic, the transportation, how the cars get in, cars get out, our security, all of that too. We've not done a single ad, not a single promotion. We just wanted the stores to start opening. Virtually four or five stores are opening pretty much every day like that. We have close to 300-400 to go. I feel we'll have a decent critical mass by June, and that's when we'll really start monitoring all this. The social media impact has been tremendous, I mean, unheard of. The demand from retailers has shot up like hell. I mean, now they are running after us for them to close these deals. It's really been a revelation, and we ourselves are surprised with the potential that the location has. It is not fully leased. I was under the assumption it would be fully leased. There is still some. We were very substantially leased, and we obviously want our numbers. We want to get a particular rental that we were expecting, and we are getting that much and more now. Our strategy was to show the product in its glory. Now once what people see, they really are very motivated. Can you talk about expected rentals both in place and what are you getting now? Different sizes, different floors, different. I mean, we have rentals up to INR 1,000 a sq ft on carpet area. I mean, between INR 400 crore and INR 1,000 crore something like that. It all depends on who's coming in. We've got a very nice Gold Souk kind of special area where we have all jewelers there. We've got very high-end watches in one segment. Very interesting. I mean, this is literally one of the best malls, I would say, in the country. The way it's designed and the feedback that we get, it's really, really nice. Okay. Yeah. Interesting. Great. That's all from my side. Thank you so much and all the best. Thank you, Puneet. Thank you. We'll take our next question from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. Hi, Parikshit. Hi, sir. Congratulations on a decent quarter. My first question is on the luxury demand. A large part of our portfolio resides in the luxury segment. What kind of footfalls are you seeing? Have you seen any slowdown in the Q4 quarter, and is it continuing in this quarter? If you can give some sense on the color on the demand and footfall and conversion, especially on 360 West and other permanent projects. I'll be very well positioned to answer this question tomorrow because Goregaon event, this is luxury only. It goes out for sale. Looking at the EOIs, it just doesn't look like. I mean, people, I am embarrassed to say that there's a queue of people waiting to book today for the launch tomorrow. I mean, we had people actually starting to line up today in the morning, and we had to tell them that it's not today, it's tomorrow. They're saying, "Yeah, we know it's tomorrow, but we still want to wait." Something like that. Having said that, you would have seen our results. Last quarter, we sold apartments for INR 2.00 billion plus in 360 West. Again, luxury is agnostic to the economy. I feel people who have the money have the money, and who want to live a particular lifestyle do not care for a single quarter going up or down as such. I do not see any slowdown at all. I mean, at least we do not even feel that in the luxury segment. Okay. Mr. Vikas, last time you mentioned that you looked to sell out 360 in two years. This year we did about INR 1,800 crore, and we still have at the current rate approximately INR 5,000 crore of unsold inventory. What timeframe are you looking to run this down? I have this joke. I tell everybody that when I took inventory of 360 West, we valued at an X price, and we have sold 50% of that, and still that remains to be X. It is not a bad position to be in, right? Right. Yeah, so that's it. Okay. Just. Yeah. It's today at INR 150,000 a sq ft on carpet, and our acquisition or whatever that cost. Got it. Because of the launches, I mean, you just briefly touched on that you're planning for H2 launches. If you can also quantify which ones will come in H2. One, we know that you opened this tower now in New Zealand. Beyond second quarter, nothing's happening. Third and fourth, if you put some numbers for which are the probable launches you're looking at, if you can specify, that would be helpful. The easiest to predict is our Borivali, the next tower. Again, these are large areas. That is one. Then we have three projects in the city. We line up that as well. We have Goregaon happening. We will do that also. A lot, I mean, very well laid out and things that we know we can easily achieve. Adarsh Nagar will happen this year, or it's most probably moving into next year? Only one project is out. Yes, it will happen this year. Okay. Just the last question on this land in Thane, which is the one which is opposite to the Jade Garden one. Anything will open up this year in the other part of the land parcel, which is a bigger land parcel of 60 acres plus, or is it? In the bigger land parcel, we'll start work on the mall. We'll start work on the hotel, and we'll start work on the school. What we did with Goregaon, we are going to build social infrastructure. There again, we've launched two towers. We've only launched two towers. We've got three more towers to launch, and we are looking at maybe some different configuration or different size. That itself is there for us to do. Like I said, on the other larger side, we will do the mall, the hotel, and the school to begin with. That is at least two years away, then in the larger land parcel for launch. Before you run down these three towers. Not really. I mean, it all depends on demand and flow, and we could probably do next year. It may not be two years. This year we'll just do these. We will launch rather one more tower based on the demand, and this is how things go. We'll launch one more tower. Got it. Thank you. Thank you, Vikas Oberoi, for the answers. Thank you. Thank you. We'll take our next question from the line of Rahul Jain from Elara Capital. Please go ahead. Hi, Rahul. Hi, sir. Thanks for the opportunity. A couple of questions. First one, sir, on the sales strategy. I mean, you closed the year at INR 5,300 crore with a solid growth of nearly +30%. I think given your product offerings and your brand positioning, you would have clearly done much more than that. How should we look at your sales strategy going forward, given the substantial number of pipeline projects coming through? Is it a conscious decision to stop at 25-30% for next year? See, firstly, let me tell you, I don't want to comment on other people, but our sales are backed by a lot of money that we ask for. I could very easily take 5%, 10%, and give them literally an option to buy and then pay me once I am at this level or once I'm at that level. That kind of sales, I personally don't even consider it as sales. A little whiff here and there, there are cancellations and all that happens. For us, we are very clear. We are not averse to volumes. Obviously, I'd love to go to INR 10,000 crore tomorrow, but I want them to be backed by the money that we ask for demand. Those things are very important for us, and profitability is very important for us. This is how we want to grow. Our focus is on building rent-yielding assets. Our focus is really on profitability and sustainability. We do not want to be like a fly-by-night company coming, just try to capture the market. Today, we are in an inflationary economy, so many uncertainties. Put all that together, I feel the way we cost our business versus the risk involved, I think we are doing a good job. Got it, sir. The second one, I think you have closed, I mean, you have built a substantial pipeline over the last three years in terms of BD. Are you seeing that kind of opportunities lately as well in terms of business development opportunities? If you can just give us some flavor on in terms of whether this would be more diversified. I mean, you've built a diversified pipeline, but are you seeing a new entry into new Micro markets or markets for that market? Thanks. Frankly, we always treat business development as a separate vertical in our office, and they are always and constantly looking at opportunity. We do not set a target and follow. We go and chase every deal, and whatever makes sense, we will close it. Really, we are so well capitalized that we can actually do a lot more. The idea is to make sure that we do deals that are profitable in nature. We just do not want to just go and buy for the heck of buying. That is why we have not been carried away by the market or whatever. We are very, very focused, very conscious of what we buy. Yeah, that is what we exactly want to continue to do. As far as Micro markets, like I said, we have put our foot in Goregaon, we want to see how this plays out. We want to first start development there, see how the market responses. We are in this for the next 100 years. I know we have enough time, and we want to do it the right way, and we want to understand, learn the market, whatever. We are not in any big hurry. We are looking at opportunities, and unless we get the right opportunity, we won't jump in. Got it, sir. Thanks. Thank you. Before we take the next question, we'd like to remind participants to press star and one to ask a question. The next question is from the line of Abhinav Sinha from Jefferies India. Please go ahead. Hi, Abhinav. Hi. Hi, sir. Hi. I have a couple of questions. One, the deal that you had on the I-Ven Oasis project in Worli, I just want to hear your thoughts on how we are thinking about the product timelines and also why will you seek out a PE while our own cash flows are pretty strong? Okay. Basically, we want to build a high-end shopping mall, an office building, and a hotel on top, a very small hotel on top. This is what we are going to build. Hopefully, we should build this within the next three, three and a half years. We want to build an iconic marquee building. The reason why we took private equity is we now have a third party between me and ORL because I'm also a small stakeholder in the company. I didn't want it to, I mean, so that sets the Arm's length rule also for all of us. We are three partners. Everybody puts in proportionately and all of that. That's really what I wanted to do. Again, Alpha Wave is a great partner. Very happy to associate with them. Yeah. Right. Will you look to exit in your own personal capacity later, or not thought about that yet? No, no, not at all. Not at all. Frankly, you are so right. Neither my company nor I need that kind of money. So we are okay to continue for now. Right. Second question on pricing. We had good price jumps taken last quarter in several of our projects. How are we looking at pricing now in the next, let's say, 12-odd months? How are you pricing Elysian Tower D also? You will know that tomorrow. It's very attractively priced, and it's a good product. Both C and D are identical in terms of they're like one or two floors behind each other. I don't know how many of you know, but we are on probably the 27th level at Tower D. This is one project where we are literally one, one and a half years from topping up, and yet this thing. It's great. I mean, this is where we are. Pricing otherwise? We literally manage our portfolio like how a revenue manager sits in his hotel and tries to sell his room. We want to be optimum, and we want to be sensitive to what the markets are, what the replacement costs are, and so on and so forth. That is how we price it. Our own input cost, all these things also matter. Right. The last question on the Goregaon idea bit. Are there any legal or approval challenges there that you foresee in the next six months before we can launch the product? No. What is the product you are thinking about also at this point? We are looking at high-end luxury, and it is very similar to what we are doing, maybe a smaller version of 360 West. It will start with 5,000 or so, and it will go up to 7,500-8,000. Yeah. Literally that sort of product. It is high-end, high quality, and it is very well designed. We really like it. Right. Approval-wise? Approval-wise, we constantly keep getting approvals, so there's really no challenge. We've got a few approvals in the past, maybe a few weeks ago, and the rest of them are also in place. We are on a good wicket there. Okay. So building plans are filed already? Yeah. They are being filed as we speak. We're taking our TOD. We are doing all of that. TOD, in principle, approval is in place. We got that approval. Now we are getting the final approval, so on and so forth. Okay. Okay. Thanks and all the best. Thank you. Thank you. We'll take our next question from the line of Murtuza Arsiwalla from Kotak Securities. Please go ahead. Yeah. Hi, sir. Just to check, would you like to put out a number in terms of a sales target that you would be looking for? Alternately, building blocks of the various projects, how much would you expect to put to launch out of some of the larger projects, Adarsh Nagar, Goregaon, etc.? Any building blocks for the sales number for next year that you would have a target that you would like to share? Murthuza, much that I would love to, I somehow do not feel comfortable because whenever a promoter says something, the market takes it really seriously, and there are many slips between the lip and the slip. I do not want to put a number. You guys are very good at all that, and you all are very close to the numbers that we end up achieving. I would leave that guesswork to you. I do not want to do that. I will work hard, and I will try and manage whatever I can. Sure. Saumil, just a question for you on the rental business, just something that I happened to be looking at. When you look at the operating margin, this is on slide eight of your presentation, it's 97% for a large part of last year versus 90%-ish in this year. Anything to read on that number? Is it ramping up, or how should one use that number? This is on the rental side, right? On the office side? Yeah, on the rental side. On the rental side. That's right. We just had the launch of Commerz III. Basically, whatever is the, what you can say, the CAM on the unleased area, that comes through as a hit. That's acting as a drag. Once the occupancy stabilizes, we should look at 95% plus once again. Correct. Correct. Correct. Thank you so much, Saumil. Thank you. Thank you. The next question is from the line of Kunal Lakhan from CLSA. Please go ahead. Hi, Kunal. Hi. Hi, Vikas. Thank you for taking the question. Vikas, any color on the Elysian launch? Designing in progress. Thank you for asking. I thought it's a small project. People don't remember, but yeah, yeah, having fun designing it. First cut is out, but still work in progress. Yeah, waiting for the right design to happen, and then we'll quickly get after it. Sure. This is more like an FY 2027 launch? It could be end of this year. A lot of work is happening in multiple ends, and you all will be surprised if we are finally working on many ends. Yeah, we would try to do it in maybe the second half of this year also. Here, we want to first do the sample villa. We want to do a restaurant. This is a Ritz-Carlton Hotel and Villas. We want to do a restaurant managed by Ritz and then do a show villa and then call people and all that, give them a complete feel and flavor of what they will be buying into. Sure. Sure. Understood. My second question was on in terms of Thane, right? I mean, we have seen the traction in Q4. How should we look at you bringing an incremental inventory? I understand the second and third parts that you launch maybe a few years out once you have the school, the mall, and the hotel ready, or rather up and running. In terms of timelines, right, how should one model in terms of the inventory that you'll bring to the market year after year? Frankly, we were very pleasantly surprised with the response we got from Jade Garden, and that was a huge positive. Work is happening at great speed. We now put in this social infrastructure in place. The entire, I would say, the infrastructure of Thane is really getting transformed with the way the metro and all of that is working. Roads have always been immaculate in Thane. Given all that, I feel Thane looks very promising. We are there for the long run. There's no doubt about that. You've seen how we have made a location out of every project that we've put, whether it's a 25-acre or a 100-acre. We're really good at it. The more time we get on any location, we can really transform the location and transform the pricing. Internally, we joke that we ideally would love to take Thane the Goregaon way. Imagine the growth that Goregaon saw in terms of pricing and profit. We would love to take Thane that way. I may not be out of place to say that we genuinely see potential. With the linkage that Thane now has from Borivali and Goregaon, it will really transform. You will be really surprised to see all of that. The infrastructure in Thane, it is transformational. We feel our bets are in the right place. Sure. Sure. My second question was on your, you had taken an approval for the equity raise of INR 6,000 crore. I mean, I understand you take enabling resolution every year, but going by what your peers have been doing in terms of raising equity and buying land, would you be, this time around, you'd be seriously considering the raise of equity, or it'll be like how it's been in the previous years? Frankly, very opportunity-driven. We are always open. I mean, whenever we feel we need the money, we'll be a right mix of debt and equity, and we will use every opportunity to take advantage of the enabling resolution we've taken. Understood. Thank you and all the best, Vikas. Thank you. Thank you. Thank you. Next question is from the line of Praveen Chaudhary from Morgan Stanley. Please go ahead. Hi, Praveen. Thank you. Hi, Vikas. Hi, Saumil. Thank you for taking my question. Hi, Saumil. Most of the questions that are actually asked before my turn came. I am just going to add a nuanced question if it is okay with you. One was of a TYP outlook where you were thinking of a lot of land acquisitions. Can you talk a little bit about your outlook towards that? I can see that you are doing a lot of projects at the same time, development, etc., which is extremely good, and launches in the next one year is very good. In terms of backfilling that business development, business strategy, that will be great. The second question, if I may, is on 360 West. Every quarter, we are getting two, three, and at very good price, so it is extremely helpful. Is the demand enough to make it going towards four, five a quarter, six, seven a quarter? I know that you can't predict it, but I'm just wondering, what are you seeing from a demand perspective? Thank you. Okay. I'll take your second question first. The good thing about 360 West is that today, it's become a community. It's no more just a fancy, good, well-designed, well-executed project. Today, you have people living in there, and that's the game changer, I feel. Really, people don't understand that, but I clearly see the power of that project is not what we built, for the initial attraction, but today, people want to go where people have already gone. It's become a cult product by itself, and that people have taken it. I should really be thankful to all the people who live there. Most of the people want to be there because these other people live there. Very powerful tool for us. That gives me the confidence that the numbers will continue to increase, and we will obviously be done with our sales. We will also benefit because we have another project in the close vicinity of this project. Our endeavor is to take all the learnings of this project and make that a 2.0 version of 360 West. We bring something new. We bring things that are done well, all our learnings, and introduce that project. As far as demand for luxury, there is super appetite. Suddenly, people are consuming more square feet per person than what people did earlier. I mean, it's heartening to see very large bathrooms, wardrobe spaces, bedrooms. Per person consumption per square foot has gone up like big time. That's a great thing for us. Like I said, given the community that has gotten into that building, it's a big attraction. On the land acquisition, we continue to be very hungry, and we are looking at opportunity where we require to put in big money. We would love to leverage our strong balance sheet. Our own promoter holding is high, so one can really bring in money into the company and into the QIP and really go in for large acquisitions. I think that opportunity could be this year. We continue to be on top of this as well. Very, very helpful, Kaler. If I could just follow up with one more question, which is a bit more bigger picture. We saw some sentiment changing around the early part of this year as macro was slightly weaker than today. We are not out of the woods globally with U.S., China, U.S., India, all the tariff situations. What's your general view? It's not a property question. It's just a general India situation and macro situation because we are also intertwined. Thank you. That's it for me. I feel that India is well placed. It's not just me. In fact, everybody in the world says that India has only to gain from this. We are led by such an able prime minister who's really playing his cards well, and our positioning in the world has only continued to improve. I feel that India will net-net be a beneficiary to whatever happens. If you really see the amount of export we do, if you really see the dependency India has on other countries, barring oil, we are an inward economy. I think we very smartly outplayed everybody, we really played that well. I don't see any strong headwinds when it comes to India. Yes, the world is very intertwined, and things happening in the U.S. or China will matter a little, but they won't be destabilizing India. In the long run, I'd say, in fact, even in the medium long run, I see India go very, very strong. This is the time for us to all really, the manufacturing industry needs to manufacture. The service industry needs to be on top of its game. We as a real estate company are so locally driven that we will benefit out of all these other economies growing well within the country. That's again very, very good, helpful answer, Vikas. All the best for tomorrow and also for the year other launches. Thank you, Praveen. Thank you. Thank you. Ladies and gentlemen, we'll take that as the last question for today. I would now like to hand over the conference call over to Mr. Oberoi for closing comments. Over to you, sir. Thank you all for taking time out for this call. We look forward to hearing from you on an ongoing basis. Please feel free to reach out to me or our investor relationship team or Saumil for any questions that you have. Thank you again. Thank you. On behalf of Oberoi Realty, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.