Ladies and gentlemen, good day and welcome to Sobha Limited Q2 FY25 earnings conference call, hosted by ICICI Securities Limited. As a reminder, all participants' 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, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Adhidev Chattopadhyay from ICICI Securities Limited. Thank you, and over to you, sir. Yeah, good evening, everyone. Thank you for joining us on the call today. From the management of Sobha Limited, as always, we have with us Mr. Jagadish Nangineni, the Managing Director, and Mr. Yogesh Bansal, the Chief Financial Officer. And now I'd like to hand over the call to the management for their opening remarks. Over to you, sir. Thank you. Thank you, Adhidev. Good evening, everyone, and thank you for taking part in this Q2 FY25 earnings call. Our team at Sobha will interact with you today. You can access the results and the quarterly presentation on our website, Sobha.com. In today's call, we'll briefly speak about our performance in Q2 and H1, and our perspective for the remainder of the year and beyond. Firstly, on the sales, in the first half of the year, our total real estate sales stands at about INR 3,052 crores, where Bengaluru has contributed to about 40% and the rest of India at about 60%, and the lion's share of that is by MMR, which is about 30%, Kerala about 19%, and the remaining from the rest of the locations, and in Q2 FY25, we achieved an overall sale of INR 1,179 crores. In this, Kerala has witnessed the best-ever quarterly sale of 0.3 million sq ft, with a sale value of INR 338 crores, recording their best quarterly performance and half-yearly performance. The average price realization has improved by 32% over the last year and 40% compared to the first half of the last year due to the contributions from projects in Gurugram and also price increases across the projects. In Q2 FY25, we have launched one project, Sobha Infinia in Bengaluru, with an area of 0.49 million sq ft. This launch takes the overall H1 FY25 launched area to 3.53 million sq ft for five projects. We have a very strong pipeline of 19.29 million sq ft of residential projects for 18 projects and eight cities, and a commercial pipeline of 1.19 million sq ft over four projects spread across all our cities, which can be done in the next six to eight quarters. In the second half of the year, we expect to launch an additional 5.5 million sq ft, taking the yearly launches to about 9 million sq ft across four projects in Bengaluru. Of the 19.29 million sq ft in FY26, also, we target to launch about 10 million sq ft. We are building a strong pipeline of our future NDOs from our existing land bank and transactions in our current operating cities and high-potential non-operating cities. The revenue yet to be recognized from the sales that have been done till date stands at about INR 14,500 crores, and the blended margin for this unrecognized revenue is over 33%, which would be recognized in the next four to five years. In our contractual and manufacturing segment, in the first half, we had a revenue of about INR 317 crores. Margin in the contractual and manufacturing projects and contract-based manufacturing projects continued to be under stress due to the resource mobilization issue and cost escalation issue, and hence, we expect this pressure to continue to reflect in our P&L for the next couple of quarters. With this, I hand over to our CFO, Yogesh Bansal, to take you through the financial numbers for this quarter and the half. Over to you, Yogesh. Good evening, everyone, and thank you for joining us today. I am pleased to share our financial performance for the first half and second quarter of financial year 2024-25 ending September 30, 2024. I will start with our Rights Issue. During the quarter, we have raised INR 19.99 billion through Rights Issue, and it was oversubscribed by 1.39 times, and we have received 50% of the funds as application money. These funds are earmarked for the repayment of certain borrowing, project-related expenses, achievement of CapEx, and strategic land acquisitions. Now, thanks to all of you for participating in Rights Issue. Now, coming to quarter performance, starting with cash flow for H1 FY25 year, we achieved a robust total operational cash inflow of INR 29.21 billion, reflecting a 4% increase from the same period last year. The real estate segment led this growth, with collection increasing by 8.6% to INR 26.14 billion. Contract and manufacturing business contributed INR 3.07 billion. The consistent higher inflows quartered and increased in project-related CapEx during the H1 2025 year incurred INR 848 million, which is 54.18% more as compared to the same period last year. For the quarter, it reached INR 441 million, double of Q2 FY24, enabling us to progress on key projects. Additionally, we have incurred INR 3.27 billion in land outflow for H1 compared to INR 1.12 billion in H1 FY24, aligned with our growth and expansion plan. As of September 30, 2024, the projected marginal cash flow from ongoing and forthcoming residential projects stands at INR 161.22 billion, indicating a strong visibility of cash flow. Unsold inventory across launched ongoing projects has a sale value of INR 125.44 billion. Due to rights issue proceeds this quarter, our net debt reduced by INR 9.08 billion, and as of September 30, it was down to INR 2.80 billion. Our net debt-to-equity ratio was 0.08. Average interest rate has remained steady in the recent quarter, holding at 9.4%. On the P&L side, for H1 FY2025, total revenue stood at INR 16.35 billion, with real estate contributing INR 12.56 billion and contractual and manufacturing segment generating INR 3.17 billion. EBITDA for H1 was INR 1.94 billion and EBITDA margin of 11.9%. Therefore, the half-year has improved by 19% over H1 FY2024. In Q2 FY25, our total revenue rose by 25% year-on-year to INR 9.65 billion. The real estate segment contributed INR 7.81 billion, representing 80.9% of total revenue. The revenue yet to be recognized from sales completed as of 30 September 2024 stands at INR 144.77 billion, which will be recognized over the period upon handover of the units. With this, we can now open the call for questions. Once again, thank you all for your participation. 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 touch-tone 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. Participants, you may press star and one to ask a question. The first question is from the line of Parikshit Kandpal from HDFC Securities Limited. Please go ahead. Yeah, hi, sir. My first question is on the pre-sales for the first half. So I just wanted to understand what went wrong. I mean, we had good launches. We had launches in GIFT City, we had launches in Gurugram, we had the Crystal Meadows launch, and these were sizable launches in excess of close to, I think, if I add up the total value, it would be close to about INR 8,000-9,000 crores. But the contribution coming in from these launches has been disappointing. So what are you doing? So what went wrong and how are you correcting it? And I understand these are high-value launches, but in the second half, in order to meet your guidance of INR 8,500 crores, what steps have been taken and what is the launch pipeline in the second half? Good evening, Parikshit. As you rightly pointed out, we have improved upon our launch timelines, and we have consistently been launching the projects across locations in the last year or so, and that has created a big pipeline, I mean, big inventory for us, which is available for sale for all our teams. Now, when we launched these projects across mainly Bengaluru and Gurugram, while inventory got created, 67% of our inventory right now is over 4 crores. And typically, the larger ticket size sales we have seen is the pace of sale is over the period of the project, and hence, it is an expected thing that we would be able to do the sales of these projects over the course of the project. And second is, in general, for Sobha being a premium player, unlike several of our other competitors, the pace of sale has always been during the course of the project, which is essentially what people call as sustenance sales, is the way we also have been doing all our sales over the last more than a decade. So that phenomenon continues, and hence, nothing as such is gone wrong as what the perception is. However, there are one or two projects where we think that we could relook at the project configuration, which we are actively looking, but otherwise, the rest of the inventory is in place. That's one. Second is, for the remaining period of the remaining five months, six months that we have in this financial year, the project that we are launching. They have products which are across the ticket sizes and which are typically our bread-and-butter business, which is one-bedroom, two-bedroom, three-bedroom, four-bedroom apartments. Once they come in, I think the skew which currently we have towards larger ticket size would go back to the usual split, and that should significantly improve our pace of sales. These two, I think with these, we should be in good stead going forward, Parikshit. On the guidance part, will you continue to maintain INR 8,500 crores for the year? So on the guidance, which is INR 8,500 crores, it entirely depends on our timing of the launches that we are expecting in the next five months. And we are really hopeful that things would gear up, and we will be able to still do it. But I mean, the clearer picture will emerge in the next two months as we launch these products. Okay. So we have been hearing of late that there has been issue in approvals in Bengaluru, and I think your peers have also alluded to that, that there has been issues and delays. So in light of that, how are we placed? So what is the launch pipeline in this quarter? Have you applied for which we have already applied RERA? So what is the visibility for November and December in terms of launches? We expect one project to be launched in November for which we have already received RERA, and another one, which is about 1.1 million sq ft. The other projects that we are expecting, those also are in advanced stages. We are hoping that we will be able to launch them very soon. The delay or the perception that there is a delay in the approvals whether it's in Bengaluru or any other location, these issues keep coming up every time. There will be some issue or the other that comes up, whether it is an election, whether it is a change in regulation, whether it is a change in the government appointments. These are, I think, routine matters, but we are expecting that things would significantly improve over the period, but somehow that's not the case yet. So we are in regular business of obtaining approvals and the timelines and the risks associated with it. So probably we'll have to live with it. But having said that, we are trying our best to quicken the whole approval process as much as possible by optimizing internally. External is something that is entirely sometimes not in our control, and those things are factored in when we are giving timelines to you in terms of launches as well. The business, so what are the launches? I mean, five and a half is the balance for the H2. So this quarter, you said 1.1 million one launch where you have got RERA approval. So what is the other launch in this quarter? The other what we are expecting to do is a Townpark, and there is one more project in Bengaluru that in South Bengaluru. So both these would also come in the next one to one and a half to three months. What is the timeline for the 5.5 million sq ft of the area? So, 5.5 million sq ft, which you expect to launch. What is the split in Q3 and Q4? Q3, we should be anywhere between one which we already approved, that is 1.1. If Townpark, which is over 3.5 million sq ft, that comes in this quarter, then that would be about over 3.5 million sq ft, and the project is about 0.7 million sq ft. Okay. So if all these approvals come in, so three plus 1.1 plus 0.7, so approximately 4.8 million should be able to launch in this quarter. That's right. In Q4? So Q4, we have another one more project which is about sustenance. And Pune one? Pune also will come in Q4? Sorry, Parikshit. Pune. Pune project will also come in Q4? The Pune or the Noida, I mean, any chance of these two projects coming in the fourth quarter? Pune or Noida also, we are working on the approval path. We are expecting to do it by the end of the quarter of Q4, but not completely sure on it because we are yet to reach an advanced stage there. Okay. Just one last question on the land banks. You have now disclosed the land banks and total 48 million sq ft of area and this 1878 acres of land banks. So when you say that it's under consolidation monitoring, self-used, so how much of this do you think can be out of 1878 brought in as an end product, and how much do you think you cannot develop and you will have to sell in the market? And what is the book value of this land? Yeah. We had put up a slide this time in the investor presentation on page 16, so wherein we have clearly marked out what the subsequent project plan is, which we think that we can develop about 26 million sq ft, and beyond that, the remaining land bank that we have, wherever we will be able to consolidate and add to the subsequent project plan, we will do over a period, and as and when we do that, we would put it up in this bucket as well. And so my question was, how much of this is developable? I mean, do you think one of the two portions, right? One is that which you cannot develop, I mean, you don't want to develop because they are very, very far away from development point of view. You'll not get that 10,000 minimum realization. So how much of that you will apportion to that, and how much do you think can be brought back to that table which you have shown of 48 million sq ft? In this, majority of the development that we can do from the remaining land bank would be from our Hoskote land, which we can probably add another 100 acres, right? In addition to that, if any of the other lands come in for even plotted development that we are looking at actively because some of the locations that we have these lands, earlier, they were quite in the outskirts of the cities, but now some of the locations have improved. Hence, we can look at plotted developments as well, provided we are able to have a contiguous land. Second, some of the land we are actually going to use close to about 100 acres for our self-use, where we can set up, increase our capacity of our manufacturing units as well. So that's still in the initial stages. So hence, as and when those events happen, we will keep updating you. Hoskote land was about 500 acres, or my understanding of it is close to about 500 acres. Hi, Parikshit. I request you to come back to follow up questions. Okay. Thank you. Ladies and gentlemen, you may press star and one to ask a question. The next question is from the line of Parvez Qazi from Nuvama Group. Please go ahead. Hi, good afternoon, and thanks for taking my question. So my question, I have two questions. First is, I mean, we keep hearing about your potential entry in Mumbai by doing the luxury project. So I wanted to get your views on our diversification beyond the existing cities, especially in Lower Mumbai and Noida. That's the first question. Second is with regards to the future business development. Now, after the rights issue, obviously, we have a substantial firepower. So while our land-related CapEx has already increased this year, but do we have certain targets in mind as to by when we would like to utilize most of the rights issue proceeds? Thank you. Good evening, Parvez. To answer your second question first, so the rights issue proceeds once we are calling for the remaining money also in December. And once we do that and we have the capital, we have a good visibility in terms of deployment of the capital from the existing opportunities itself because some of the funds would be utilized for the investment in getting the subsequent projects land into a project level. And in addition to that, we are actively working on building up the business development pipeline. And that, I think in the next two years, we should be able to deploy majority of the capital. And to answer your second question, which is diversification into new cities, you would have seen that Greater Noida, we have already one small parcel of land and marked our entry into a new city. That once we get a good sense of the entire cycle of the project, right from land acquisition to the launch of the project and initial sales of the project, then we would have a much better sense. And hence, we will actively pursue opportunities there as well. When it comes to other cities like Mumbai, like I have mentioned in my previous calls as well, the Mumbai opportunity is a big one, strategic one for us. We are evaluating multiple opportunities. We have a lot of opportunities that we have been evaluating, and we will surely start making transactions there too. In addition to these two cities, as of now, we are not looking at any other non-operating cities yet. We already are in 12 cities, and these two will be two more. The third city as such, if you have to add, that will be Hosur, where we already have a land bank, and that we are waiting for some conversion approvals. Once that is done, that will also be added to our portfolio of projects. And lastly, when we look at FY26 launches, did I get the number correct? You were talking about 10 million sq ft potential launches in FY26? That's right. That's right, Parvez. The overall, like you have seen, that it's about 19 million sq ft is what we have as of end of September. We should be able to do at least about another five and a half this remainder and about 10 million sq ft in the next financial year. Sure. Thanks, and all the best. Thank you. Thank you, Parvez. Thank you. The next question is from the line of Biplab Debbarma from Antique Stock Broking Limited. Please go ahead. Good afternoon, everyone. So my first question is on the Gurugram project. So we have been seeing Gurugram seeing slow absorption. So to compensate for that, because we have a lot of land parcels in Gurugram, do we intend to do more launches in Gurugram in, say, Q4? Because approval is also not an issue. Absorption is happening quite fast. And so just wondering whether is there any possibility of new launches in Gurugram? Good evening, Biplab. We have good inventory, like you mentioned, in Gurugram. In addition to what we have in order to increase the pace of sale, our own presence in Gurugram, we have three more projects in pipeline, and those would be done not in FY25, but in Q2, Q3 of FY26. Okay, so no new launches in this financial year? No. Okay. And sir, just to understand, so in that, thanks for giving us the table on land banks. So just trying to understand the terminology of this land banks. So basically, you are saying in addition to the forthcoming projects of 19.2 million sq ft, you have forthcoming project land banks, subsequent projects banks, and there is 1878 acres of land banks. So these are the additional land. So there's 228 plus 207 plus 1878. Is that correct, sir? I'm just trying to understand what does this mean. What is the meaning of forthcoming project land and subsequent project land and 1878 acres of land under various stages of consolidation? And amongst this land parcel, how much is Hoskote? Yeah. So Biplab, this is the pipeline that we typically say that we have forthcoming projects. That's the 19.29 plus some commercial space. All of that is about 228 acres, like the slide shows. And these are the ones which we are expecting to be launched. And these are the projects where we have already initiated an approval process. Design is mostly complete. And hence, we have taken them as forthcoming projects where we have a clear timeline for launches. And those, we believe that we should be able to do it in the next six to eight quarters. Beyond that, what we also wanted to show was that we have additional about 207 acres, which can bring in about 26 million sq ft. Those plans are also with us, and we have not yet started the approval process, but there are various, I mean, there are a couple of other activities that we are doing, which is any conversion activity or it's in the initial design phase activity. Once those are completed and we start applying for any of these approvals, then we would move them into the bucket of forthcoming projects. So hence, what we wanted to show is not just the visibility of this, about 20 million sq ft, but we have clear line of sight for about another 26 million sq ft, and the third one, which we have, is the bigger land bank of 1,878 acres. Those also, they are in a different stage where probably we'll have to do, in some cases, consolidation. And those areas we have clearly marked out saying that they are for monetization. So those are not yet. I mean, we are still making progress in terms of getting the right set of plans in shape to make sure that we can move into this subsequent project plan. So the objective of the developable land bank slide is to showcase what's there today and what's visible today and what's visible tomorrow. And beyond that, we will continue to work. Thank you, sir. This provides excellent clarity. Just trying to understand this 1878 acres, this is under your control. Yes, you may monetize it. You may use it self-use for some manufacturing, or you may acquire a few more land parcels to consolidate this 1878 acres. But it is under your control, right? That is right. Okay. Okay. And my final question is on the contractual and manufacturing. You mentioned about the poor margin. What kind of margin we have made in first half of FY25? And going forward, what will be the expected margin in this segment, sir? Only in the Contracts and Manufacturing? Yes. Contractual and Manufacturing, not real estate. Basically, non-real estate part, what is the margin that you have done in the first half of FY25? And what would be the new normal in terms of EBITDA margin? For the entire Contracts and Manufacturing in the first half, we would have done EBITDA margin of about 6%. This would be the new normal, sir? Or do you see improvement to 10% or 11%-12% going forward, or there is uncertainty kind of thing? I'll let Yogesh take this question. Yogesh. Biplab, this year, you will see similar margin, but next year, you will start improving our margin in comparison with manufacturing. Okay. That's good. Yeah. So in contracts, just to give a small color to that, the contracts and manufacturing, it comprises of various sub-manufacturing activities, which is we have glazing and metalwork, interiors, concrete products in manufacturing. And in contracts, we have civil, electrical, and plumbing. The main reduction of margins has been in civil and in glazing, which are contract-based. But the other, which are electrical, plumbing, and even interiors and concrete products, they are performing much better. And I think once the emphasis on the civil contracts and once we complete some of the older projects in glazing and metalworks, we should start seeing significant improvement in the margins there. And that's what Yogesh is also alluding to. Okay, sir. Thank you, sir. Thank you. Thank you. The next question is from the line of Akshay from Investec Capital. Please go ahead. Mr. Akshay, your line has been unmuted. Please go ahead with your question. Yeah. Am I audible? Sir, I request you to use the handset, please. Yeah. Yeah. Sure. Hello, Akshay? Yeah. Yeah. So am I audible? Yeah. Now it's better, Akshay. Hello. So I have two questions. Thank you for the opportunity first. So the first question is related to most of our launches recently launched in 2020 is in the high ticket size category. So how do you intend to sustain the sales movement from amid the potential market fluctuation in the Bengaluru or the Gurugram market going ahead? That is my first question. And second question is you already answered related to the margin and all. So what would be your overall guidance on overall EBITDA margin going ahead for FY25 to FY26? I know that you're already focusing on the contractual margin, contractual and manufacturing margin towards FY26. But any guidance on the overall EBITDA margin for going ahead for FY25 to FY26? Yeah. That's my second question. Okay. So I'll try to do the first question. See, the demand side from NCR and Gurugram seems to be very steady. And we see absence of issues till now, if you consider the leading indicators. So the only thing that we need to be more cognizant of is the product configuration that we have and the mix of the configuration that we have. So I'm in a kind of pyramid demand, sorry, pyramid demand structure where the size of the higher ticket size is smaller, and as you go down, the size of the market increases. And I think there is a big market for residential real estate, considering the economic growth and the migration that has taken place in the last few years. And even if you look at the commercial uptake in this year, apparently, it's going to be one of the highest. And that gives a lot of confidence in terms of the job creation that's happening in the country, and this is largely in the metros. And the biggest beneficiaries of this are cities like Bengaluru and Gurugram. Given that macro view and from a supply side, what we have seen from the ability to launch a project and deliver the project is also the supply is also very consistent with the kind of demand that we have seen. And hence, we see it can be a very stable environment in both these locations. Coming to your second question related to the guidance on the margins, our goal for our EBITDA margin is going in the medium to long term, which is probably I can will not be able to clearly guide you for the next year or in the next half or next year. But over a period of time, our aim is to take our EBITDA margins to over 20%. It seems like our current participant got disconnected. We'll take our next question from the line of Ankit Gupta from Bamboo Capital. Please go ahead. Thanks for the opportunity. So my question was on the overall demand on the luxury real estate side. Are we seeing some slowdown there over the past few months? Hello? Am I audible? Yes, sir. Hello. Sorry. Can you please repeat the question? Sure. I'll do that. So my question was on the overall market for the luxury real estate. Are we seeing some signs of slowdown over the past few months in the sales for, let's say, houses above INR 3-4 crore for us, as well as in overall industry? I mean, luxury housing demand is a function of, again, several factors, which is micro-market base, size, product type, and also the overall macroeconomic environment. But I think, given the complex mix of it, it cannot be just given at the same brush for products over a certain ticket size. For example, in Gurugram, even a ticket size of five crore is considered a good ticket size there, which sales can be good. Whereas in Bengaluru, any ticket size below three crores can be a very good ticket size there. The sales can be good. Considering both these, I think there is a steadiness in the market. Probably what we can anticipate is it's not that it's going to be how we have seen the increase in the sales volumes in the last couple of years. Probably we are reaching a steady state instead of continuous increase in terms of demand. Because I was coming to this point, referring to some indications of slowdown in sales of luxury items like cars as well over the past few months. So that was the point I was making. Are we also seeing some, let's say, reduction in demand or the growth that which was there over the past few quarters has seen a bit of reduction? Right, so a direct correlation. Some costs to houses and get to establish, but we will be able to sort of get the indicators and also actually how it's going to play out in the next few months. Once we have that clear, then we would be able to respond to that changing market conditions too. Okay. Okay. Thank you, Mr. Jagadish. Thank you. Thank you. Thank you. The next question is from the line of Aayush Saboo from Choice Equity Broking Private Limited. Please go ahead. Can you please guide us on the net debt figure that we're expecting to realize in the next one year? Sorry, Aayush, you are referring to net debt? Yes, Net Debt. Okay. So what's the question, sorry? Could you just guide over the what kind of range do you see the net debt sitting at in the next one to two years? Guidance on net debt after the recession is gone. Okay. So from a debt perspective, Aayush, the way we are thinking is, I mean, our gross debt is currently about INR 1,600 crore, right? And largely, we are comfortable having a gross debt of about this number. And going forward, our objective is to utilize the proceeds of the rights issue and cash flow that we generate from the operations, both those towards equity sorry, towards use as a growth capital. And given that objective, there would be fluctuations in the net debt in the next few quarters because we would receive these rights issue tranches, this next tranche. And there would be definitely a reduction in the whole net debt. In fact, it will become negative. And once that but post that, as we utilize it towards land, then again, the net debt would increase. But at a gross debt level, we would probably continue in the long term, we might be at an absolute level of about INR 1,500 crores. 1,600 crores, right? That's the gross that you're guiding for? Yeah. We're at INR 1,500 crores. Yes. Ayush, I hope this answered your question. Yes. Thank you. Thank you. Ladies and gentlemen, you may press star and one to ask a question. The next question is from the line of Parikshit Kandpal from HDFC Securities Limited. Please go ahead. Yes, sir. So you touched upon that you'll be calling the rights second tranche in December next month, right? Yeah. That's right, Parikshit. But sir, if the current price is almost INR 100 lower than the rights price, so you've seen that last time when the promoters came and filled up for the unsubscribed portion, so they will continue to do the same thing, right, as per the rights offer document? Sorry, Parikshit, we could not hear the question properly. Can you please repeat that? I was saying that as per the offer document, the unsubscribed portion of the rights will be taken up by the promoter. And since the current market price is lower than the rights price, do you think that we'll continue with the same direction, right? If there's some unsubscribed portion, the promoters will fill in? Yes. That is the limitation. Parikshit, already promoters subscribed unsubscribed portion. I think now we are calling only for rights money, first call. Okay. When we are going, if there is, we have to see what is the guidance. Yes, sir. It's the current price is lower than. No, no. Why? No, no. So my question was that if the current price is lower, the market, the other investors can buy from the market. So in case they don't subscribe to the rights issue, will that portion of the rights renunciation will be taken up by the promoters? That was I was asking. See, the rights, once you have subscribed to the rights, right, the ones who have already subscribed, they need to pay up. In case of any non-payment, I mean, the first is a tranche would be forfeited. And if those are available and we will have redistributed, the promoter would be willing to take up those. Okay. That is what I wanted to ask. Second question was, sir, on the land again. I could not get the answer last time. So out of this 1,800 acres which you have shown, so how much is the total Hoskote land and how much is the Hosur land in this? Okay. The Hoskote land will be another close to 300 acres and the entire land, and the Hosur is about 150 acres or so. Both of these, sort of INR 1,800 crores or INR 450 crores, so these are developable, right? I mean, these can a finished product can be done by you on these two land parcels over the next, say, seven, eight years? On the Hoskote land, yes, they can be developable over a longer term. Again, they are in various patches. And those large patches, as we consolidate, we will be able to bring it to development. In Hosur, some of the lands that I mean, these 150 acres of the lands that we are alluding to, those, based on I mean, again, they are in multiple locations in Hosur itself. And currently, given the locations, we do not think that they can be developed as plotted development. So we will need to if the location develops, we will be able to convert it. Otherwise, we will monetize it. Okay. And just this 1,870 acres, so if Yogesh can tell, what will be the book value of this land, sir, this 1,870 acres? Yeah. That we do not have the number exactly, but we will circle back and provide you that number. Okay. Okay. But okay. Sure, sure. Thank you. Thank you. Thank you. The next follow-up question is from the line of Biplab Debbarma from Antique Stock Broking Limited. Please go ahead. Thank you for the follow-up opportunity. So, sir, you have made foray in Greater Noida and most probably in MMR, Mumbai Metropolitan Region, if you're entering soon. So I'm just trying to understand what would be your strategy like? How do you want to play in this new market, especially MMR? Because MMR is a bit difficult market. And just trying to understand how you want to play, which micro-market you would target, or what kind of redevelopment, land purchase, JDA, what kind of you are targeting, and then premium luxury, what segment you are targeting. So because you would have something in mind, you might, I'm certain you have done a lot of research before making foray into MMR and Greater Noida. So just trying to understand the strategy. Yes. You are right that MMR, when we say MMR, there are multiple micro-markets or, let's say, large markets within MMR itself, South Bombay, Suburban Bombay, Thane, Navi Mumbai, and several others. And each market has its own availability of land, its own dynamics in terms of the market itself, including approvals and bylaws. So hence, we have been indeed studying the opportunities that we are looking at. And one of the things that we have seen is that the upfront investment in terms of approvals and in terms of whether it is TDR or premiums or FSI charges is significantly higher than any of the other markets that we have been operating in. So based on that, we would take a route of where the upfront capital is not as high as in some of the other markets. So hence, the current plan is to study the opportunities and spread ourselves in multiple locations so that we can have a presence over multiple geographies within MMR. So once we have clarity on that, I mean, on specific opportunities, we will be able to disclose those to you with us. But it's a little preliminary for us in terms of clearly spelling out the kind of strategy that we have because it is an ongoing process, and it will take a little bit of time before which we can close through opportunities and we start working towards them. And on Greater Noida, it is a fairly the land is largely the supplier is the government or people who have taken it from the government allotment. So I mean, since this is a very straightforward in terms of the supply, we will look for new opportunities based on how we are progressing in the first project. Once we get some comfort there, we would definitely like to expand because it's an interesting geography, Noida and Greater Noida. And we believe that there is a good opportunity there for us, considering that we have done well in Gurugam and we have good presence in Gurugram. The brand recognition and the understanding of the and probably the requirement of quality product is very high there. Okay. Great. Sir, I have two more clarifications I needed. You mentioned EBITDA margin long-term and medium-term, overall EBITDA margin to be 20% plus. Is it for the entire company or is it just for the real estate embedded EBITDA margin that you mentioned, 20%? Biplab, this is for the entire company. Okay. Real estate, what would be real estate segment EBITDA margin that you believe would be achievable in the medium to long-term? Real estate would also be slightly higher than I mean, it would be closer to about 22%. It might be between 22%- 25%. But even the contracts and manufacturing can be in a much better margin once we choose the right set of contractual projects or we choose to de-emphasize on some of the kind of contract that we are currently undertaking, like civil in nature. Okay. Okay. Great. Thank you, sir. Thank you, Biplab. Thank you. Ladies and gentlemen, we'll take this as the last question. I would now like to hand the conference over to the management for closing comments. Thank you. I express my sincere gratitude to all the participants in the call today. I hope we fielded all your questions, and if there are any further questions, please reach out to us through our investor relations, and thank you and have a wonderful evening. Thank you. On behalf of ICICI Securities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.