Ladies and gentlemen, good day and welcome to the Oberoi Realty Q1 FY 2027 earnings conference call. We have Mr. 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. For this duration of the call, all participant lines will be in the listen-only mode, and this conference call is being recorded. The transcript for the same may be put up on the website of the company. After the management's discussion, there will be an opportunity for you to ask questions. Should you need anyone's assistance during the conference call, you may signal the operator by pressing star then zero on your touchtone 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 the 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 the expectations and projections and may involve a number of risks and uncertainties and other factors that could cause actual results, opportunities, and growth potential to differ materially from those suggested by such statements. I now hand the conference over to Mr. Oberoi, the Chairman and Managing Director. Thank you, over to you, sir. Thank you. Thank you again. Good morning, good afternoon, good evening to all of you as per the time zones from which you have logged in. Welcome to the conference call Q1 FY 2027 results and business update. Firstly, thank you all for taking time out to attend this call. A few business updates. We continue to invest in all upcoming projects just to ensure that we have smooth execution and we progress on our project pipeline. Our annuity portfolio continues to perform well with a near 100% occupancy rate together for Commerz I, II, and III, as well as Oberoi Mall. Sky City Mall, which just completed its first year, achieved an occupancy of 82%, and hopefully going forward, within this year, we should also reach near 100%. We've started our journey outside MMR with our project in NCR by launching 360 North. This marks an important milestone in our growth journey. We are confident and excited about the opportunity that lies before us. With this, I now open the floor for question and answers, and both Saumil and I will be happy to take your questions. Thank you. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Praveen with Morgan Stanley. Please go ahead. Thank you very much. First of all, big congratulations, Vikas and Saumil, on your success with 360 North. My one question is about the sustainability of sales. The way I think about it, if you do phase II next year, at least in FY 2027 and 2028, you should be running at INR 100 billion-INR 120 billion of sales easily. We had earlier expected probably INR 60 billion-INR 70 billion. The question is mainly the sustainability of this kind of business volume at a very high margin or without sacrificing margin of 50%+ that you have been generating for so many years. Can it be achieved, or there are some considerations? Also wanted to check related to that question is, will you sell the phase II of 360 North like phase I, or would you sell it slowly, like Three Sixty West to optimize the pricing? Thank you so much. Hi, Praveen. Thank you for your kind words. Firstly, for 360 North, our strategy was that we wanted to get into a new market, obviously we ourselves were overwhelmed with the kind of response we got. We were frankly not expecting, we simply decided that we will honor each and every customer that comes into play. Whatever we had in terms of offerings, we opened the entire booking and let people have that. The next phase, strategically, will be launched only next year. There are multiple reasons. If you see the value that we've sold is good enough to take care of our entire construction. In fact, more than that. Much more than that. This project, as far as financial closure goes, is complete. Next phase, how we launch, when we launch, and at what price we launch, we still want to discuss that internally. Your assumption about NCR added to Mumbai, those numbers obviously will go to whatever you're presuming or maybe even beyond that. See, margins have got nothing to do with how much you sell. It's how you strategize your product. Firstly, it begins with how you buy your land, how you strategize your product, and how you approach the market. We are very confident that our margins will continue going forward. Yeah. Did I miss out on any of your question? I broadly got it. I just wanted to understand if a very high level of sales that we are achieving in FY 2027 will be maintained and can be done in terms of execution, in terms of construction, and so on, or there are some constraints. In fact, Praveen, we believe that we have cracked the code as far as volume and quality is concerned. As a company, we feel we can build more, and we can build better than what we did. The way we've built our entire team of contractors who we outsource is really solid. We are very ready to be doing volume and at a very good quality. Thank you. That's all from me. Thank you. Thanks. The next question comes from the line of Puneet Gulati with HSBC Bank. Please go ahead. Yeah, thank you so much, then congrats on a fantastic launch in Gurugram. My first question is with respect to the litigation which has now emerged. What is the progress there? Are you seeing any signs of customers asking for their money back as yet? Again, I don't want to talk about the litigation because it's sub judice. There is absolutely we have customers who refuse to take a refund of the deposit that they've given- EOI deposit. EOI deposit that they've given us. They want to wait, if there's any cancellation, please give us and all. Here we are pushing them to take their monies back because we have no flats to offer. People, on the contrary, are waiting. Very humbling, I would say very thankful to God with the way all this has panned out. That's very nice to hear. Secondly, if you can talk a bit about where are you in terms of approvals for Adarsh Nagar, and what should one presume as a potential timeline of launch? Adarsh Nagar continues to be, we are hoping a Q3 launch. We had last time said it'll be anywhere between Q2, Q3. We are hoping for a Q3 launch. We so wanted even 360 North to be the Q1 launch, but missed them by a few days. Given how our industry works, I always keep a cushion of a quarter here and there, but looks like Q3 is when we will launch Adarsh Nagar. What approvals still to take from your perspective? Some, like how we want to build as build approvals, the typical IODs and all of that. Okay. Lastly on Ritz-Carlton, what's the timeline for that? I think we said that either within the end of this financial year we should be ready. I would say 80%, 90% of interior work is done. It's just the last mile that we are finishing. Great. That's it. Thank you so much and all the best. Thank you, Puneet. The next question comes from the line of Gaurav Khandelwal with JP Morgan. Please go ahead. Hi, good evening, gents. Thanks for taking my questions. Most of my questions are answered. The new disclosure is really helpful. For the INR 786 crore, which we've paid towards upcoming development properties, are these mostly for 360 North? Also for context, can you tell us what was the QoQ and YoY number? Hi, Gaurav. I think I'll let Saumil answer this. Yeah. Hi, Gaurav. As far as NCR is concerned, out of the INR 786 crore, it was only about close to INR 200 crore that related to NCR. The balance didn't. The QoQ and the YoY number, we can work on that and we can discuss that with people separately. As far as NCR is concerned, that's only INR 200 crore out of the INR 800 crore. Got it. Thanks for that. Just another question. When I look at the residential operating margins for this quarter, that's closer to 51%-52% compared to 55% in last three quarters. What is driving this low margin? Is this cost impact due to higher commodity prices? What is it that is driving a lower margin? Typically what happens, Gaurav, is my overall margin will always depend on what the overall mix of the projects that are coming in through Rev Rec. Not all projects, as you would appreciate, work at the same margin. They are all high margins, but not everybody works at the same margin. For example, if I have anything from Three Sixty West coming in, then that comes in with a really good number, with a really good margin. It all depends on which projects are there within that, some will be lesser, some will be higher. We have project margins ranging from about 43%-44% to odd-65%. Depending on the mix which comes in, that's where that number goes up or down. Nothing extra in terms of cost or on account of cost impact or anything, because those budgets are always there. If you will see, we use estimates for the purposes of our percentage accounting method. You have contingencies which are built into the budget, so those don't really impact as much. Got it. It's purely a function of sales mix then, in that case. Correct. Cool. Thank you so much. Appreciate this. Thank you so much. The next question comes from the line of Pritesh Sheth with Axis Capital. Please go ahead. Yeah, hi. Thanks for taking my question. Largely on NCR. Firstly, in terms of the size of the project, I think when we had announced, we announced that the potential to be 2.6 million sq ft on carpet area. Right now, we have sold 1.4 approx. Does the size remain same, 2.6 million sq ft? Has there been any change since this was acquired two years back? Is all this area RERA approved or some of this area will also come from the higher floors which we are planning to build there? Correct. You are very right, Pritesh. In fact, you have also answered that in your own question. Even prior to this, somebody asked about a phase II. Yeah. There is obviously going to be a phase II for this, and that is the balance area. That will come in later. In the current phase, as much as we had gotten RERA approval for, we launched, and when we get the RERA approval for the balance phase, we will bring that also. Okay. The size remains same, 2.6 million sq ft on carpet. Yes. Correct. Okay. Fair enough. Some of the sales were also for older Ireo customers. What would be the cash flows that we would be getting from them? No. Pritesh, the 2.6 million sq ft basically is the net effective area available to us. This does not cover the [Ireo customers]. Sure. Even the number which we announced of 1.4 million sq ft, that does not cover the Ireo customers. Okay, fair enough. In terms of the pipeline now, sustaining this INR 8,000 crore, obviously, we have a balance phase here, otherwise, how should we think about the future pipeline? Have you already started evaluating proposals now that we have almost sold half of the project and probably we would need a pipeline for sustaining the sales in future? How should we think about business development in NCR from here on? Would it be this year or probably next year we'll probably close something in NCR? Pritesh, hi, this is Vikas. Business development- Yeah. for us is a everyday job. What we really did back then, of course, again, like I say, that it was not expected. All we want to tell is that we also know how to play this volume game, and we know how to build in quantity and build quality as well. Obviously, we've enjoyed this ride, and we will continue to do that. For us, like I said, business development is an everyday job, and you'll see similar action in many other projects of ours. Sure. That's helpful. That's it from my side. All the best. Thank you. Thanks. Thank you, Pritesh Sheth. The next question comes from the line of Akash Gupta with Nomura Holdings. Please go ahead. Hi. Am I audible? Yes, Akash. Hi. Hi, sir. Congratulations on a great performance for 360 North. My question was on the launch pipeline that we have for the balance part of the year. In addition to Adarsh Nagar, how are we thinking about the other projects in terms of launches and approvals for the balance part of the year? Again, we spoke about all our projects. Today, we have Aurelius, which is on Peddar Road. We'll be launching that. We have two towers, one each in Pokhran Road and Kolshet, which we will launch within this year itself. We have a project in Alibaug that we will launch. A lot in the pipeline, again. Understood. My second question is on the Three Sixty West. The off take has been slowing down since the past three quarters. We sold four units in the second quarter of FY 2026, now we're down to one unit. We are also bringing new Adarsh Nagar inventory this year. How should we think about the off take in Three Sixty West, and by when are we planning to consummate the entire inventory? Again, a lot of resale has happened, or rather, I wouldn't call it resale. Sales by our erstwhile landowner/partner in Three Sixty West. The flats are selling. It's just that now we are the only ones left with inventory, so you will see some momentum there also. Just a final question on the revenue recognition on the residential front. It's slightly lower than the past three quarters, roughly INR 8.8 billion versus the last three quarter rate of INR 14 billion-INR 13 billion. Can I know what's the reason behind the drop in 1Q of FY 2027? Yeah. Hi, Akash. Saumil. Depends on two things. For example, where we are selling finished units, like in the case of 360 or in the case of Mulund, there the revenue recognition will happen once the final payments from the customers are received and the possession is handed over. As far as the other projects are concerned, there the revenue recognition happens on the basis of percentage of work done. That's the only dichotomy which is there. At times, for example, in Mulund, if somebody pays you on 5th of July instead of 30th of June, then that recognition gets deferred to the next quarter. It's only a question of. Basically, the order book is there. The only thing is how it flows through the P&L. That's all. Understood. That's all the question I had. Thank you so much. Thank you. The next question comes from the line of Rahul Jain with Elara Capital. Please go ahead. Hi, sir. Just a quick clarification on 360 North. The gross bookings of INR 80+ billion. All the allotments related to these bookings are done or are there any pending allotments that are there? In the sense of, allotments are, I mean. Allocations. Allocations are all done. Yeah, allocations. Yeah, all done. Okay. it's completely encashed from the code routing in a way. Yeah. Okay. Thank you. Thank you. A reminder to all participants, you may press star and one to ask a question. The next question comes from the line of Karan Khanna with Ambit Capital. Please go ahead. Yeah, hi. Hi, Karan. Thanks, Vikas. Hi, Vikas. Congrats on the good from my side. Firstly, given the success that you've seen in Gurugram, in a recent interview, you also mentioned you would like Gurugram to become a bigger market than Mumbai. Given that context, what kind of discussions are you having with landowners in the market in terms of BD, and perhaps what kind of partnerships are you evaluating in the market? If you can talk a bit about how are you looking at the opportunities in Delhi and Noida as well, and price points or segment that you'd like to operate into in the entire NCR market over the long term. Karan, like I said earlier, that business development is literally an everyday job for us. Our focus has increased, and we have now started including NCR, both Noida and Gurugram, for that. We continue to get offers, but we are mindful on what we want to do, how we want to do for us. Land, location, everything is really important. I can only answer it in this many words. Can't tell you specifically what BD project we are pursuing. We do it all the time, and you'll hear over time. In terms of markets, we work in a market like Thane where sale prices are anywhere between INR 20,000 and INR 25,000 on carpet. We are happy to work within those markets. If you have a market like that, we want to ensure that these are growing markets, and there's a large enough land parcel for us to monetize over time. That's exactly what we will do when we go to either Noida or Gurugram. What I like about that market and what prompted me to say that was, that I feel that that market has both width and depth, and we really want to play that market. That's about it. Sure. Secondly, on the price hikes, can you talk about the quantum of price hikes that you have taken in the past few months to absorb any inflationary impact owing to the input cost inflation, and how is the absorption of the price hikes in the market? A follow-up, if you look at Eternia, where your realizations have actually crossed Enigma during the quarter. Given that you have more launches planned in Mulund, what kind of price points are you looking at in terms of future launches in this market? Karan, our strategy is always to be proactive when it comes to pricing. If you see what we've done in both Goregaon and Borivali, we increased our price. In fact, I must say that the markets have helped us. All the apartments that are being resold in Borivali and Goregaon continue to sell at higher prices. Buildings that have been complete are actually setting new benchmarks. I must say that my customers know how to sell my apartment better than I do because they literally lead the price increase. For us, it's not like we wait for any external factor. We ensure that there's a constant price hike, that's why there's no knee-jerk reaction on increasing a price just because external factors are not favorable or anything like that. It's all planned. We always have a contingency also planned. We have price increase planned, we exactly know when to increase the price, all of that. We do that. Great. Thank you, Vikas. That's it from my side. Thank you. The next question comes from the line of Harsh Pathak with Motilal Oswal Financial Services. Please go ahead. Yes. Hi, good afternoon, Vikas and Saumil. Hi, good afternoon. Yeah. First of all, many congratulations on the NCR performance. My first question is on the launch pipeline. Vikas, you just mentioned that we have the Peddar Road project, the new phases at both the Thane projects, the Alibaug, and I think Dadar is also in the pipeline. Which of these projects will come up in FY 2027 and which would get launched in FY 2028? Is there a possibility that this Nirmal Lifestyle project in Mulund will get launched in the FY 2028 pipeline as well? The projects that I named, all of them are in FY 2027. There's a good possibility that we might bring in Mulund also within FY 2027, because now we don't have any project in Mulund other than these two that are continuing to sell, and they are ready. We are ready as far as designs are concerned. We are already on approval stage. Even if, let's say, we get our approvals within the next three or four months, we can still look at a launch in the last quarter. We play that out, but we have enough and more happening in FY 2027. Not thought of FY 2028 as yet. Or at least don't want to announce FY 2028. It's too far-fetched. Understood. Regarding the NCR balance inventory, I think in one of the media interviews you mentioned that INR 16,000 crore is the total GDV of the project. Are we thinking to launch the entire inventory in one go next year, or maybe we might launch in a staggered manner? Harsh, I really hope you are right in INR 16,000 crore, but I mentioned INR 14,000 crore. I'll still try to get INR 16,000 crore now that you've told me. Set a new target for us. Sorry, what exactly was your question? I got a little fluxed in your INR 16,000 crore versus my INR 14,000 crore. Yeah, my question was, are we thinking to launch the entire balance inventory in one go next year, or we would be doing in more staggered manner over the next two, three years? Honestly, we have not thought. We will think through and we'll see how we play that out. We've really not thought through. It will depend on multiple factors. Where are we in terms of our construction? At what phase are we? Now our first objective is to get the show apartment ready. We know we are doing something really special. Once that apartment is ready, I'm sure people will appreciate what we've done. We'll look at that reaction and then decide. It's there in the offing for the next year, for sure. How much, what price? I can't say that today. Sure, Vikas. Thanks a lot for taking my questions. Thank you. The next question comes from the line of Abhishek Lodhiya with Antique Stock Broking. Please go ahead. Yeah. Hi, Vikas and Saumil. Just one question. Basically, we kept on harping about the execution challenges, right? Now we are talking about value with volumes. How we are planning about the execution, the contractor side, the labor side and all. That's what I think I want to understand. Like I've been telling people, that we believe that we now have cracked the code as far as execution is concerned. We can build volume with quality, that's exactly what we intend to do. We have our systems in place. We've been in the business for too long now, we know how to build quality, at a decent speed. This is what we've been working on. If you really see, we are probably amongst the few developers who are, as we speak, constructing almost 18 towers, which are anywhere between 60 and 65 floors, at various levels of construction. Again, we already are doing volume, now it's just a case of replicating. We have an excellent team in place. We have our external partners, that's it. We are at that stage today. I would say we've hit some sort of a tipping point where we can now really go into our next phase of expansion. Again, our brand is helping us. The way we were received in NCR, I feel confident now that Yeah. Just one question, Saumil, on our Sky City Mall. The occupancy has increased, and I think the revenue has not been in sync with that. Anything to read on that? No. What had happened was in Q4 of last year, there was a lot of true-up which we did for all the retailers who had come in since launch. That is why there was a little bit of a bump up in that quarter because of that. That is why that number, despite a lower occupancy, might look to be higher than what the revenue for this quarter was. I don't want to read anything more than that. That would have been a one-time thing which has played out. From here onwards, I think you can consider this as a base. Even this, I will not consider it as a base because what happens is, when we say this is the occupancy for the quarter, this is typically the occupancy at the end. There are many retailers who, for all the new things which have started during the quarter, some will be for three months, some will be for two months, some will be for one month. If you look at our numbers for Commerz I or you look at our numbers for Oberoi Mall, which is a more comparable asset, there they don't move around as much. That's where once you hit steady state, it works slightly differently. Maybe give it a few more quarters for the mall to reach steady state. I think you will get a fair estimate of how much that mall will make every quarter. Thank you. All the best for the coming quarters. Yeah. Thank you. Thank you. Thank you. Ladies and gentlemen, we would take that as the last question for today. I would now like to hand the conference over to Mr. Oberoi for the closing remarks. Thank you all for taking time to take this call. We look forward to hearing from you on an ongoing basis. Please feel free to reach out to us or our investor relation team as and when you have any questions. Thank you again. Thank you all for your continued support. Thank you, sir. Ladies and gentlemen, on behalf of Oberoi Realty, that concludes this conference call. Thank you for joining us and you may now disconnect your lines.