Ladies and gentlemen, good day. Welcome to Sunteck Realty's Earnings Conference Call for Q4 and full year FY23. We have with us today, Mr. Kamal Khetan, the Chairman and Managing Director of the company, Mr. Prashant Chaubey, the Chief Financial Officer, and Mr. Abhishek Shukla, the Vice President of Strategy and Investor Relations. Please note that this call will be for 30 minutes. For the duration of this conference call, all participant lines will be in the listen-only mode. This conference is being recorded. The transcript of 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. There is a Q&A session. We request you to keep questions to two per participant. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. 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 business statements, plans and strategy of the company, their future financial condition and growth prospects. These forward-looking statements are based on expectations and suggestions and may involve a number of risks, uncertainties, and other factors that could cause actual results, opportunities, and growth potential to differ materially, and those suggested by such statements. I will now turn the conference over to Mr. Khetan, the Chairman and Managing Director of the company. Thank you, and over to you, sir. Thank you for joining Sunteck Realty fourth quarter and full year earnings call for the financial year FY23. Hope the year gone has been prosperous for you and your family. In the year gone by, we have achieved a strong, sustained growth in both pre-sales and collections. In fact, on both the parameters, this is our best ever performance to date. We closed FY23 with INR 1,600 crores in pre-sales and INR 1,250 crores in collections. The strong operational performance has enabled us to generate more than INR 425 crores of surplus operating cash flow in FY23. Cumulatively, over the last 3 financial years, we have generated close to INR 950 crores of surplus operating cash flow. This has helped us to not only do aggressive acquisitions, but also enabled us to reduce our already negligible net debt-to-equity ratio in the last three years from 0.22 to 0.1. During the course of FY23, we have added two more new growth engines, namely Sunteck Beach Residences at Vasai West and Sunteck Sky Park at Mira Road. These two new big projects have received overwhelming response from the customers and the robust demand for recent launches, soon to be launched, existing and new projects, which enable us to go on sustained basis as we enthusiastically embark it on FY24. Along with residential, we are also now focusing on building a rental portfolio from our commercial projects. To mention, we have already pre-leased the entire project of Sunteck BKC 51 at BKC Junction for lease tenure of 29 years. Similarly, we are looking to pre-lease our second project, also at BKC Junction, namely Sunteck ICON. Over the now past several years, our team has put in tremendous effort to build the Sunteck brand. Our brand in the eye of our stakeholders is reflective of luxury living and the strong balance sheet with strong cash flows. We will continue to deliver on this promise and set new benchmarks. I would now like to hand over the call to Mr. Prashant Chaubey, our CFO, for his comments. Thereafter, I would be happy to answer your questions, if any. Over to you, Prashant. Thank you, sir. Good evening to one and all, and thank you once again for joining us today and taking out your valuable time for this conference call. The financial and operational numbers have already been published on the stock exchanges. I believe all of you must have gone through the same. Now, I would like to highlight the key financial and business performance numbers. Our pre-sales stood at INR 537 crores in quarter four of FY23, compared to INR 396 crores in quarter three of FY23, a growth of 56% on a quarter-on-quarter basis. Our full year FY23 pre-sales stood at INR 1,603 crores, compared to INR 1,303 crores in FY22, a growth of 23% year-on-year. We achieved collections of INR 330 crores in quarter four of FY23, compared to INR 306 crores in quarter three of FY23, a growth of 8% on a quarter-on-quarter basis. Our full year FY23 collections stood at INR 1,250 crore, compared to INR 1,052 crore for FY22, a growth of 19% year-on-year. Additionally to this, I'm happy to share that our pre-sales and collections CAGR for the last two years has increased in tandem to 25% and 27% respectively. With respect to the financial highlights, we have reported a consolidated revenue of INR 362 crore in FY23, and our surplus operating cash flow stands at INR 428 crore for FY23. We can now open the forum for questions from the participants. Thank you very much. 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 Ajit from ICICI Securities. Please go ahead. Good evening. Am I audible? Yes, you are. Yes, Ajit, you are audible. Yeah. Yeah. First of all, I have a question on the guidance for FY24. If you just help us understand what are the planned launches through the year, the approval status of the projects which you are planning, and also how would the collections trend in line with the pre-sales that you achieved in the last year? That's it from my side. Hi, Ajit. Guidance, I would only say that we are confident that we continue the last three years you have been seeing. We have been able to achieve a growth of sustained growth of 20%-30%, and that we are confident we will continue to do that. On the launch front, like last year, this in FY23, we already launched two big projects, which is Sunteck Beach Residences, we could launch in fact, the second project, which was in Q4, in fact, in the end of March, towards the end of March, 2023. Because of that, we could not take the full advantage of obviously, the new launch of Skypark, which is Vaibhav, the second project which we launched. We are confident this year we will be able to at least launch, this, looking at the approval what we have in place, Kalyan project, which we are very confident. With this and new launches of the existing projects, we are confident that we will be able to achieve this, growth of 20%-30% minimum. Okay. For sales for this department, those plus these are very achievable targets. Yeah. I'm just trying to correctly move forward. I think that should be achievable. Okay, sir. Yeah, that's it from my side. Yeah. Thank you. Thank you. Participants, you may press star and one to ask a question. The next question is from the line of Parvez Qazi from Nomura Group. Please go ahead. Hi, good afternoon, and thanks for taking my question. The first question is, the overall demand environment obviously remains good. What is the outcome of the pricing scenario had? Did we take any kind of price action expected from this in our project? Parvez, we are not very frankly looking at any price rise, but we are confident demand is strong, and it will continue to stay. We have not considered that any price rise, which we'll be looking at in FY24. If it comes, it is great, if the market gives us that price rise, and we feel we should be keep, we definitely look for it, but otherwise we have not considered that. Oh, okay. Sure. A question for Prashant. What would be our current inventory in the BKC and the Naigaon projects? yes, Parvez. Just give me one second. Yeah, you can answer it maybe a minute or later more. We can take the next question. Parvez, for ODC, we have three projects which are launched, SunteckCity Avenue 1, SunteckCity Avenue 2, and SunteckCity 4th Avenue. Very minimalistic inventory remaining in these three projects as of now because we have sold. Currently, we have balance inventory which is available to us in these three projects put together close to around INR 250 crores. That is the number. For Naigaon, at Naigaon, again, from the launch phases which is Sunteck WestWorld, Sunteck MaxXWorld, and Sunteck ONEWorld, these three projects together, we have close to around INR 400 crores of balance inventory to be sold. Which are, when I say balance inventory to be sold, this does not include the balance receivables service. These are basically the inventory levels. Also, just to clarify, not the phases to be launched. Yeah, yeah. In both the locations. Okay. Can I get a similar number from Sunteck also? Sure. beside only the launch portion I'm talking about today is again, in the launch portion we have close to around INR 600 crores of futures, future sales inventory, which is available with us. Sure. Okay. Great on the business question. Thank you. Thank you. Thank you. Participants, you may press star and 1 to ask the question. The next question is from the line of Altaf Sarkar from Axis Capital. Please go ahead. Thank you for taking my question. The first question is on the commercial side. You mentioned that. Sorry, your voice is not coming clear. Hello? Is it audible now? Slightly okay. Okay. In the commercial part, as you mentioned in your opening remarks, that you guys, you were able to seize the whole portion of 51. What is the plan for the rental for that? The rental was like 300 sq ft plus. Okay. Okay. What is status of the other commercial projects? Other commercial projects is also very close to completion, and we are already in talks, so we are looking to seize that also, which is the other BKC division, again, same as Sunteck BKC 51, that is Sunteck ICON. The name of that project is Sunteck ICON. Okay. That's in the key projects that we have, what is the status on that? Three commercial projects. Right. We are doing three other things. We are doing the things, like individual offices. We are selling those three projects. Okay. Got it. These 2 commercial projects. Got it. Thanks for that. Second one on, you know, breakup of fourth quarter sales number. A million sometime, just a breakup of what was between SBR and ODC. I'll take Prashant this side. I will provide this number separately to you. Okay. Okay, thank you. Presentation we have given, I will separately also talk to you about this. It's already there on the presentation also, I believe. Okay, I'll check it. That's it from my end. Okay, thank you. Thank you. Thank you. Participants, you may press star and one to ask the question. Ladies and gentlemen, you may press star and one to ask the question. The next question is from the line of Pritesh from Motilal Oswal. Please go ahead. Hi. Thanks for taking my question. First is on, you know, how much was the size of the launch that you had in Skylark? Sorry, Skylark quarter. In terms of Kalyan, which you're going to launch, you know, this year, what should be the launch size we would be looking at? Just one second, Pritesh. Pritesh, in Skylark, Mira Road, we had launched close to around INR 700 crores. Hello? Yeah, yeah. Yeah, very good. The total inventory launched in Mira Road was close to INR 700 crores. Of what we have sold, we have given the numbers in the presentation is obviously till March 31st, which was sold only in the March month. Sure. How much was that contribution, if you can just? That was close to approximately INR 260 crore. Exact numbers, I think, Prashant will be able to give you. After the call, if you want, we can separately get connected. It, total combination numbers must be there anyhow on the presentation. It is there. Yeah. Yep. Launch size that you're planning for Kalyan? Something similar, INR 500-600 crores. Okay. That would be like around 2 million sq ft, is it? We can easily look at that size. Okay. Just a follow-up on that, how should we look at, you know, monetization of, you know, such large project? I think, the Mira Road, it's around 3 million-4 million sq ft, if I'm not wrong, and, you know, Kalyan would, be similar, around, yeah, 10 million sq ft. If you are launching it, for the first phase at 0.5 million sq ft, how should we think about the monetization of these two large projects? Obviously we are looking all projects. These are huge projects. These are 50 acres, 40 acres. Sunteck is now not looking at taking small projects because we feel we like set up a growth engine or a factory production house there for next 7-8 years, 10 years. First launch, we are always looking at anything between 0.5-1 million sq ft. Maybe we launch 1 million sq ft also, but I don't want to overcommit you right now anything. Sure. That is how we want to go ahead and build locations where we can be there for seven to eight years and change the in that location, we command a premium. That's how we have gone and done. Now we have created almost six locations and six product house for us as Ghodbunger. We are looking at a manufacturing facility for us in that particular location, and that's how we want to go about in future acquisitions as well. Perfect. 7-8 years or 10 years should be the timeline that we should expect? Yeah. Yeah. because we don't want to... we can buy raw materials without putting too much money on it and wait for 10 years because without affecting the IRR and balance sheet, without putting the balance sheet money. I think it cannot be a better thing than this. Got it. Fair enough. that's, yeah. Thank you so much again. Thank you. Thank you. Thank you. Other questions, Just press star and one to ask a question. You can join. The next question is from the line of Abhinav Sinha from Jefferies India. Please go ahead. Hey. Hi. Just wanted to check a couple of things. On the affordable housing side of the business, how is demand looking like as compared to the overall? Hi, Abhinav. Abhinav, first thing, obviously, we should understand where we are in which segment, whether we call it affordable or lower middle income segment. Affordable means whatever we are talking, if we talk the lowest selling price of all our 6, which we are calling 6 growth, is what we have right now, 6 large projects, what we have. The lowest selling price is for Naigaon, which is almost like INR 11,000 per sq ft, which is more than an average selling price of any Bangalore developer or a Chennai developer or a Hyderabad developer, which is not affordable at all. Which we are now because the prices, price point when we launched, which was INR 6,000. Now what we are selling at is INR 11,000 per square. Now it is, I would put it in that, even that project, which is the lowest selling price, it's at a low middle income group segment. To answer your question, that even that, if you see, the sales are across all the segments, whether we now call lower middle income segment or upper middle income segment and the luxury segment. All three segments, we are doing extremely well and the projects are selling. If you see, the sales are proportionately almost divided, depending on the approval and what we have launched first or later. Right. sir, secondly, on, you know, when we are expecting like 25 odd% growth for FY24 on pre-sales, what are the new launches that we should expect to contribute to the same? New launches, Abhinav, is obviously one is Kalyan. We see the new launch, which we recently did in March 31st, our Sky Park launch, which is at Mira Road. Both these in itself should be sufficient to give us a minimum 20%-30% growth or 25%-30% growth. For us, for obviously all the other projects, we will continue to do some new launches or the other. Okay. Any other acquisition, new acquisition will obviously keep adding to this portfolio. Right. Where are we targeting these new acquisitions within which geographies? Definitely MMR region. Nothing. We think there is enough seeing in the Mumbai market, MMR market, and definitely we are looking something in more towards the city side now, in the urban luxury segment and middle income segment. Okay. Okay. Something closer to the town area, is that what you're looking at? Yes. Yes, yes. Okay, got it. finally, I mean, not, you know, sort of, dwelling on it, but generally want to check that last year we'd given a guidance of around 1,800 crores, but we are slightly, you know, short of it. What are the reasons you would say? You know, is it like approval delays were there and, is that the reason or you thought the demand was slightly lower than what you have expected it to be? No, you are absolutely right on, bang on. Abhinav, obviously, as I said, we were expecting this Skypark launch to be earlier than March. We were looking at Q3. Anyhow, we managed to launch in Q4, and that too, also towards the last month of Q4. I think that because of that, I think that that got that was sort of because of that, I think. The approval delays, obviously, which we were expecting in Q3, the approval came towards the end of Q4. Okay. Thank you and all the best. Thank you. Thank you, Abhinav. Thank you. Thank you. Press star and one to ask the question. I now hand the conference over to Mr. Chairman and Managing Director, Mr. Khetan, for closing comments. Thank you all for taking out the time from your busy schedule today. In case if any of your queries have been left unanswered, you can get in touch with me or my team. We look forward to your continued support. Thank you once again for joining us today. Thank you very much. On behalf of Systematix Global, that concludes this conference. Thank you for joining us. You may now disconnect your lines. Thank you.