Q4 2021 Prestige Estates Projects Ltd Earnings Call Hosted by Axis Capital Holdings Ltd

Ladies and gentlemen.

And welcome to the best seats.

And the good Q4, FY 'twenty, 1 and that's just 1 for Scott.

And by Axis Capital limited.

I did and mine don't want biopsy from mines have been missing.

Listen only mode, and David and be an opportunity for you to ask questions.

And you can see.

Should you need assistance during the conference Barclays sickness, and I'll do my best and stopping Ddos only vegetable and phone.

And that that's a function and sustain the coffee.

I now hand, it off and so well done and she found myself I'm from Axis capital limited. Thank you and other T cell.

Okay.

Thank you Asher.

Good afternoon, everybody so all day.

Management, especially the streets projects. We haven't studied this line does that chairman and managing director Mr isn't good for Diana and cheaper.

Thanks for the disaster and Mr Selma and Mr. Amit mode and.

What we do instead is that for the initial comex. Thank you.

Thank you so much cash it's almost every 1 and for joining and the gone yes.

Yes, it's 1 more popular gone by.

You all would have seen.

And actually.

And that had been bolstered and and getting in and they want me to.

Exactly fight and backlogs for Txdot.

Third quarter.

Quarter, even in the March.

March quarter and also the themes could 1 day.

He would go bust and worked with.

I guess I'm just talking about in spite of Covid change coming up and.

And <unk>.

And you can treat at quarter, 2 and you had some good traction.

And it does keep talking from blips here.

Yes.

This is scott any quarter it for jewelry and indeed.

And and knocked down and I think the fourth quarter and that knocked down quarter.

And what happens at the end of human healthy.

And he has seen.

But I'm quite positive that there is demand and demand will come to you from.

And for me a question of how we adapt and adopt and continue with a knife.

So there is a pent up demand.

As far as the immediate task and working with.

That's all for yourself.

And.

And on hospitality and each 1 has its own pinpoint I'll pay for it.

Got it and paying off for that and can you walk.

90, 798 and connection.

And and who have signed up all day, and then seems like continuing to pay for it.

And it hasn't retain the same.

And he's going to often locked down and again to repeat all the swaps.

And not fading and Manhattan.

And then going to discuss.

And Pete.

You didn't need it and.

Hospitality and gaming spend and then.

But I can all rebound and can be bonding that'd be great.

But looking at that event.

So and you would have noticed also that the Blackstone deal.

Favorite affected right.

And Craig you still subjectify, there and have come down drastically and and gotten done for that was the conclusion of the chicken for Ya.

And then of course, and we are continuing to bring small they're continuing to the right.

And then.

Different baskets and you went out.

They didn't get it flattens off capital and.

And then Oh I didn't remember requirement coming to you have to do them set up and get that income.

Yeah, and blah blah blah.

For the entire scenario.

And 1 more thing that you and all notebooks and show them and nice day, there's a lot of consolidation.

And that has been going on and there's some that are getting stronger and of course for the daus, who are there for us now.

And I was trying to find people who can do they can shut off for golar.

Golar, but he's lived and.

And work with them too.

And yet their projects done.

And it's it's it's the week and I think that's.

And so they're going to be and the next few years and I believe it's a huge opportunity for them.

We have been doing things for fishing money and.

To see how things stand up again, but it came out and like I kept saying you and the previous 2 quarters.

And on how things Pan out and situation there and.

And well.

Hopefully now with vaccination.

The most of the population and having the opportunity to get vaccinated line.

I'll just I'll September I think everybody should have basic and dose and things should get back on track and then we have to be careful and you have to be major.

And you have 2 big cash.

And if he first thing is they get off the yes, you're.

You're all healthy and People's Health.

Golf and their families and then and the rest of it just didn't follow up you have to do a mix and match off book and react to it seems to have been going back and you also hinted a vaccination and banks to see all of our employees and not 90.

And I'm thinking back on Victoza and <unk>.

But right now vaccinated and what gets it and.

And I think that's for me that's going to be as you go along.

With these opening remarks, I hand over to income and will need more than happy for question and answers.

[noise], but often.

Thank you Sir.

Huh.

And good afternoon, everyone and thank you for joining the force.

But it does conference Carlos Garcia.

Oh, you know what I'm, saying.

And your families are safe and can be.

I know this had been getting price.

And I don't know maybe.

Let me give you a quick recap how far does that flow from us during the Q4 and frequent.

And B what.

And though and it runs and have opened for them for the Q&A.

Well Judy.

The Q.

Q4.

We have so in terms of operations from 1008, and then go pick it up.

And some new per hour.

I'll quickly 3 per cent, yet and yet.

And it's hard to pinpoint a 7 day and against what's from a video.

And the collection throughout and I guess.

During the quarter aren't for 1007 and then.

And then your growth.

And basically 2 for 10 year on year, we launched our 2 projects 1 is a commercial partner.

And if it didn't kill contract development or and for tens of millions, but it could give them the book.

A year ago.

So in terms of operations.

And it's turned the.

And I guess, they can save a lot and and auto operations.

And then.

5000 for a minute.

It's pretty close.

And it's brighter for the challenging times, and you know and all up here and I bet Oh, the economy has been going through the uncertainty.

FICA and 460 goes for oilfields and I've got myself.

Uh huh.

And the area of 8.16 million square foot ex the 6000.

And coming into 2 pieces.

Breakthroughs and didn't break.

Alex and throw out a pretty much in line with the theater.

And 5075 of our growth.

And because we had all put and get them differently.

Launch yourself for.

11, and bond paid per million squares.

A long day.

Across the video to do studies, the Bangalore go up and hybrid bonds and the chimney.

Our major projects that have come from people got flooded out sales.

Oh, you know and a new long day.

The tranquil in Hyderabad won't afford and Bangalore.

And.

And the ongoing projects and.

Mostly completed projects all for 5460 and.

For he was here he would tell them.

And again, putting people on the growth of sales have come from completed inventory.

And 1 thing I'm concerned and cooking and girlfriend come from and we think long term.

And the remaining 1200 and it may have come from.

And I'm going towards that and it does.

Oh, that's the mix and contribution.

Moving on to the.

Financial Division.

For the quarter and we had no revenue for 2000.

360 growth.

Oh and the EBITDA all for it.

Fortitude and back off book.

1360.

This backlog for includes though the.

That from and.

Our Blackstone transaction.

And that we can predict.

And that's what I forgot what they will do that.

1100 and unknown.

And difficult.

You don't have the holdings.

Correct.

Hello, Greg and you use that for a 7005 and there.

1 growth.

EBITDA for 2 doesn't do it and then 9 and.

And backup and goes and finding and could be too.

So I think that's going to be putting people on 6.9 for couldn't be because they're known.

I think for 10 and.

And then second opening remarks, though the transaction as we've been saying I don't know.

And.

And from.

Don.

And 164.

And 2.1.

1003, and looking for growth.

And by 84% or did they could be at a 0.019.

No.

[noise] zone.

And I forgot if you want to highlight is the change and Oh and the key might explain for me.

And we set it up and you'd be said mom who's been.

And that's associated with the company and the group companies and videophone and he's been with the organization for the blending and.

Yes.

And our CFO for the company for allowed for a 40 gig.

So from that position.

And 082.

And it's more a really chief financial officer for hope instead of the company.

And he has and always exceed and yourself experience they bring to the sort of citigroup.

But I don't and 7 years.

A brief we'd like to open the forum for that at all.

Question and answer.

And there are few other aspects, which are really covered a very long winded question.

And then for the projects that are competitive and near the commission and also.

Hum and long quite blend up you have how close are they net to beat I think.

And particularly non English and my thinking.

Thanks for letting me, even non begin the festival non so question and.

And who was supposed to last for about sending me I'll stop and go up.

And coming from.

And most of them on the phone from depression.

Kidney and then plus.

Bob.

Final question.

And its philosophy and last question.

Ladies and gentlemen, moving.

And mix and the question here.

[noise].

[noise]. My first question is from the line of L. B day Petabyte.

It's easy for Steve.

He can pull ahead.

Yeah, good afternoon, everyone and thanks for the opportunity and that's my first question, so and this phase 1 of their transactions.

And the Blackstone being completed just a few clarifications and up I think it shouldn't be a sturdy and our property management and we still have 5 'twenty close hopefully revenue per annum.

So this is Oscar de La Arena phase 2 this will blow to Blackstone and just wondering some clarification.

Thanks for.

And to do that.

Okay.

Yeah.

Good day remains for does that Oh, once we complete the phase 2 headwinds that maintenance stuff like that.

No Blackstone can take independent calls a day may engage and school manage the proper people to meet and get somebody else for many of them from.

And do it hard for them.

And lead the assets, which had been for.

For all to Blackstone.

And an option to manage it themselves on a 2.5 and you can.

Hey, Doug.

But let's talk about the wireless business and it has a fairly large top line. That's still continues to remain with deaths and the bottom line and whatnot and the top line and with the company.

There's no change to that.

Okay. So just to clarify if Blackstone, what well do it on day..1 day, you would have to put their stuff and just from you want.

And then it's not necessary.

He didn't per case, if there's enough for me they can I'll tell you and get some third party Oh, My maintenance agency and he told me for those 2 I think Dave Buck.

Access to our Texas, the office assets and credits hurting too and.

Good morning, Matt and his bank that since they've taken over all almost all of them all day, except 1.

And it doesn't mean that knocked 1 and I was told me and go that day.

And we're holding at least 15% up definitely could be monetized and I've been through it doesn't come into property management, that's a separate.

Oh entity that they have taken away and that's all good news and might have been.

We'll go with definitely left for them and then they have their own teams to pick it up it doesn't even kick off and all my team zone.

Okay.

And I did a follow up on this just and I'll be able to sit down and say you can speak for herself for exit rental income by March 'twenty 2.

So again this does not and you may need could I mentioned, and it's actually becoming operational during New York and Stephanie.

Oh, that's the igloo.

Why not pick and had goodbye and just got completed and a good thing.

Phoenix and I'm, the rent commencement, which has not happened even went out for a lot for up and.

And so I think.

Are there and we have already leased and at least I didn't come and when they start in July and August.

And some portion of operating from am I supposed to and D C.

Okay.

Okay, and I guess the last follow up on this and so they know they want simple turnkey, but they've got blue IP and know.

Oh officer, and Brent and the last 6 and know what is that Capex guidance for next year, Yeah. That's it from my chair and come back and that's really it.

Okay.

Sure.

Well, what I'll call, a with respect to onboard and the RP and.

And I'm glad you can go detail, what where it's been so what is the 1000 for 1 or 2.

And balanced expenses around the 3 program growth that is what is good at all.

Beautiful.

And this is also kind of income line isn't that funny.

And there's always some retail combined and we have from JV partners and someone else's basis.

And if you look at for new breast tissue and we hope to spend items 2014 for basics book value, So spend a little bit healthier for you.

Yeah.

Well he.

And then just a last question if I can squeeze in.

And since you're not at least I'm, saying your manganese and that's what he just standard anyway, and they can have fun zone.

From New York.

So we will we will share that oh separately and other reasons why you could not give you know a lot of Oh.

And we felt from Guardian opinion and dock is now that we have monetize some of that day.

And the capital and burned down.

Okay, and we have removed as of March.

And you got me, there and and financier for 11 months.

You know so when do you think men and without the capital employed being their income and good day, there and then most of the SKU and you wouldn't be able to understand and this is a non comparable number and therefore, you have and arguing and win but we'll continue to you and the next quarter and more okay.

For the hospitality is concerned and so what did that he wanted to know.

And Australia and specifically.

For like leasing and want them to be back offline and named Mcdonald's All day.

Business from dental deal and so.

And all that.

So that would have been and all or most of it and.

And I can't remember filling and the opening.

Opening remarks.

No.

Overall.

And you come off for them.

And we're not cool book.

And the definition of 146 growth I'm, giving you a broad broad and thorough and book new business.

What drove it and we do business and not the decision.

It shouldn't happen for 1 product at the growth.

And we had a negative 1.

Okay.

Interest and the interest off for you to be cool.

He is including interest.

Yes.

Right.

And that was negative.

Oh.

Okay. That's helpful. Thank you with my questions, Thank you 19, and including depreciation including interest.

Okay. Okay.

Thank you.

The next question is from the line up but it should have been.

And finally fun.

And can you. Please go ahead.

And I saw something escalation.

So my first question is on <unk>.

Sure.

Yes more than subject.

And just.

So for.

So for.

And instruments.

And so much.

And then.

[noise] doing for chip.

Give me a moment.

[noise] for the Mumbai pockets of concern.

But if so.

Just didn't and I think that that's the project and bipolar.

And we should be able to launch and building.

And we've got almost all of growth and literally minutes and be able to lunch and dinner and Q2.

Uh huh.

Cosmos is concerned and quite a few.

Do you.

And we'd be able for lunch.

And because he is a phase 1.

And so to speak and Norway.

And this easily but if there was a concern and for them.

And London for approval as soon as we get the outflows will be able to sandoz margin, most likely you'd like to be.

And so that's the you're talking about another project is concerned and I think that.

Exactly.

We've taken off and the next.

Uh huh.

[noise] hits from that once they get your line and it takes on the margin.

And we tell them themselves.

And you see them off for the sake.

1000.

Yeah I agree with you. So you know as soon as this project is concerned and this is all you lose your president.

We had enough product line.

Okay.

I think that's the way to the market, but this is all inclusive.

And whatever and it up like a good average.

But I just thought it would be so how are you doing to position.

And I think that the CBO.

And when we especially.

Especially for Linda.

And so there's no losses.

And then.

Hum for me.

And 2 months from them.

And.

And he says.

There's some light on that.

And then and medicines on the house.

And it was a particularly and you know that we need to have upfront.

Product differentiation.

And given a lot of execution capability for getting scale, we'll be able to complete and people segments make up the kind of quality, we can be created with projects and that we were taking longer for them too.

Consideration and presenting the broker.

Maybe you know and a month or 2 we'll be able to give you more details on this yet.

You know what.

And the fact that and say it breaks and steel market and he couldn't break and used to be attack free.

And you know on the projects also protocols are operating that's different from what it doesn't seem that market. So considering all this for designing and the bucket Oh and definitely we believe that AR and the price point at which we're going to launch and given the efficiencies.

And so that we're going to have and the budget because definitely have more traction.

And just 1 last question and I'm not so much and he.

And Mumbai.

With me and my money.

Yeah.

Yes.

And he did not hold back.

And you're going to keep it simple truth.

Oh.

At this time.

And he said.

Especially for exalt.

Yes, I Couldnt hear you.

And how much interest income.

And that there's only been promotion from some of them.

Just wanted to kill zone.

And.

And so have you thought at all.

And then.

And you should.

For some.

And.

Yes.

From a free market.

And most of them yourself and you shouldn't see.

Sure.

Yes.

And so.

And what you will see but and they're tested yet.

But do you think that'd be right now and.

To start off and put in and taking place we need to take off and we do you. Just started the book showed them a little bit on growth and that may be appropriate and you have frozen they didn't even know what the loss for Lindsay.

Well I mean, you can use and you know and if you look at the location that would be cool building I think those key locations.

And besides the landmark.

And therefore, given the and other products that capital.

And then given the location and we believe that and definitely detection for the leasing business I think we'll start it wouldn't be up and we begin net absorption.

Yes, and you picked up.

And as I, just told us from 'twenty, 1 like everybody else and.

[noise] once you start to book I think of the NAV.

And that's what we think the day is that and give you, but that's what it is because he is concerned they have been.

And quitting.

And that's all I'm all for students.

Yeah.

[noise].

So for next question is from the line of thought up from JP Morgan. Please go ahead.

Uh huh.

And.

1 is a big week Q4 growth.

Third quarter and fourth quarter, if you have a 7 day 100.

The 10 day, so and the Blackstone money would that be and how much was even on the sales side.

Well, it's definitely.

And tell them that they're getting people 3 and Q4.

Let me give me and send it for you and me.

And for Us.

[noise] Q3 was 8000.

And 400 growth okay.

And then Q4 is the 1311 and 14 growth.

Got it and.

Good evening.

And time on portfolio.

No day.

That's not in the garage to look and between 2 of them.

3300 per foot.

And that's up.

And I think is not coming in.

And.

Oh from loans, although the policy.

And our we have a cash line.

Yes.

And so I think that basically so we have 7100 and total decorate auction and D. E D. The portfolio. So I'll go back to them.

And it's about 8100 capital right.

And phase 1.

[noise] and its coming from exactly moving.

[noise].

[noise] Oh go to next question and thought Oh and yes.

Okay.

And there's a bunch of phase 2 is complete and I mean, what should be a stable state day and.

And that and obviously you gave line, but the balance sheet that should be how much.

And then we should have a surplus note for Oh.

Loan growth.

And then you'll also and.

And that's been a bit at that so I'm just wondering how much debt you would wonder.

Yeah I.

I mean.

Once they're done and they're getting.

And back then and so it should be I don't know.

And I believe unfair for us and we're going to the.

And we are there and not.

And you do and then there could be need to do.

Oh for 1000 growth now if at all for you or if you don't know where and go ahead and I Wonder woman and beat that.

And thanks to the commercial budget for that correctly, and because we have a commercial and retail.

And separately.

But having said that I don't think even if we're doing a build and complete them and I think for.

The day shall we move and he weighted beyond a boring for you all for I mean isn't that good.

And next 3 to for you.

Basketball.

And so your capex.

And if I get to about.

2500 crore with for years without maybe call it 9 outgrows the.

Yeah, I mean, your free cash flow from be it that he didn't kill there's no there shouldnt be and all doing.

Doing fine and growth here.

Property management would be 607, and outdoors and also appointed and blood.

I mean and bad debt.

And with what you are guiding for that.

Right.

And that's the build.

And not badly.

So 0.74 and 5 back equity between 3000 barrels a day and I believe on 7000 total net book.

So I mean, so given that you want and negative.

Yes.

Net debt after the transaction flow.

I'm just wondering because even if you do 9 net wells off Capex getting done and I look for those on the residential side it would be good enough to kind of support and most of them.

Oh.

This is the piece that I'm seeing and I'm, just giving you a day didn't seem that he didn't even come up with it and.

And I think we we didn't necessarily need for bottles.

And so much so we have positive cash flow coming from developed countries.

Okay, maybe I'll take this off line.

And second.

And I can understand the dockets that day I mean, if you look at your portfolio you have a business that you have I mean, where the cycle it falls and things such as the residential business.

And if you look at your EBITDA.

Since you are lower than the peer group you know and if you look at any of your bank Lumpier growth for you on.

Some of the national ones.

And this is that you know about it.

Gotcha and install the tape. So once you want to buy works capital away from commercial where the cycle is negative, but I'll just say we have seen what's happening.

We can see.

And then kind of and that's back and they see teas and kind of major margin catch up too.

And Mark which are mostly kept yogurt tends to operate that and would you be happy operating a district and 16 per se and kind of moving them.

You can look at things and that could be all of it so you're not per day.

He's been with the Blackstone, which for her first that has been kind of average which had been created over the last 15 years.

Similarly.

And I have to do and mix and match book.

And definitely focusing on our residential business, which is now slated for growth like you for see mining sales pick up this.

<unk> thousand and try and break clause and since August we've done and they'll come back.

And this is likely to go up much much more.

And he had to win work, they're doing and that's like a baseline we also need to create assay and.

You have to create meaningful for them.

And at that effect and the long term, which will pay.

Yeah, it's funny and multi force and.

Theory, and I'll say it.

5 per penny of scraping the assets and take 3 to 5 years and.

And then.

And that these assets mature and we'll take another 2 to 3 years Gordon and the next 5 to 10 years.

That grant and contract.

Alrighty.

For 2020.6.

And yet you have pet from tier 2.

2000, and any kind of and Turkey crossed that for 28000 and for Yanacocha.

And what is that for a decade and then.

Well, it's not that we are going to not have demand I'm not sure and Hooper shrunk that the demand for office for retail and.

Also for hospitality will continue yes, we will do a mix and match them and do a hybrid would get some for even with some oh it could be into this and it's not that all the money and when do we bet for all the money is going to be could be.

And Mac, but.

Since we have done this we've experienced it and I believe it.

And I guess, good quality assets and.

Great location, you cannot go wrong and.

And that Nokia also concentrating most claimed that they all want them and they lost kitties and so.

And all of these cities and in India are very ready and I live and Mumbai, whether it's a pull and there are there barriers for Hyderabad.

And of course.

And the fact and and office. So this will happen and retail will happen and then nothing for us to.

And we've just gotten to 1 segment of the business sales residential because that's giving me more of a margin.

Yes, and forgive me.

Margin, but then we see if you have it.

For the people of free.

1 rig and support Tiago Mello.

And how we've grown the business and I think that this doesn't work for visa factor D.

And also keep I, just thinking and amending our credit that'd be go along and keeping water or other headwinds that are there all the tailwind that we book.

As we go along but there has to be our vision.

For the reason is very clear.

And also from the market.

And to watch shipments and fifth is our adult it depends upon which projects are coming in for revenue recognition and a very good.

We do have a margin as we move forward and whatever we have launch just nice to Luca and the EBITDA margin I think it will definitely able to move.

And they're gonna look like that would be for 10 months.

And at that time.

And another thing walk for you decided it very clearly and we are not going to do business and I'm all for the sake of doing business only if it makes commercial sense well need for it.

We feel that there is a good upside only if the margin all being supported.

And so we're not looking at project from the then putting a hand and wherever there is not enough margin whenever it's a T V Rod and he created the brand and we do not want to again try to do the difficult for me.

Once a day with where there is money and where does that profit margin and we want to take it to that level and.

For.

And that position and we can be choosy.

And you got to get it back that market and so is that on the residential part will be that 25% less miles I think I can do that too.

Yeah.

Alright, thank you.

And going through and the argument but.

And as digital market and margin because.

And maybe after it has not come in.

And that's the answer.

Your first question Hum sort of respectful introduction and the non Blackstone transaction value.

Oh you do.

Phase 1 is a.

The production of 5000 and $600 and have taken place.

Our cash out kudos and credit goes up from there.

And if you're 100 and it has to come and bite and you'll get it and it's only 17 months of housing is that he conciliation and what I was looking back and.

That is accounting related okay lets wait and use our commercial number exact number if you look at our enterprise value I'll quote for he is 1 of the transaction.

And then.

Is the 7470.

Value is 2500 a.

That is the net production either and photos and another for people. This is exactly but there is a continuing impact on too.

Okay.

Transactional.

So if there is something that is coming in for consolidation that women JV partner comes and it goes to the JV accounting for any longer for consolidation.

Oh yeah.

Yeah.

Thank you.

Thank goodness from the line up.

And my Mom's shop, and keep samples and things go ahead.

Okay.

And going up and do so.

Uh huh.

And from my first question is on the.

And top beautiful games centre and.

Uh huh.

The next and 1 seems to have jeez. So is that any of these and all of the Oh you know ex.

And for all the student and.

Net.

A D.

And then there is and then our.

Coupons and didn't want to build on what can be the did you see 1 day and talk to you for.

And the lithium.

And why it will keep on changing.

And I Wonder if you haven't mentioned now and given.

The reason for Leer that'd be right and.

And sending them.

And.

So therefore.

And really we're looking at water because they can be maybe was that for another day.

And probably easily.

Turning to slide number 20, you probably wouldn't and not a quadrant and nobody would be.

Dupont and 3.4 million was co developed for Bulgaria.

What you have mentioned and I was just for them.

And so they didn't really easy for you do a play at any plus waterfront and up area that's simple.

And Saturday.

He wants and what are the key pieces, because he wanted and to what can be done because the 1 that Randy you havent by country, depending on what can be done because they believe and that he.

And he keeps you haven't given too.

Yeah Phase 1 is around 1.2.

Please also to tune them retrofitted.

And my second question is simple.

Did you I know that Oh, and you know you have that partner for Wesco.

But Oh boy, that's a you know duffy.

And Oh.

We'll take the next comes from adult getting back there, but just trying to understand and what kind of premium and needs to be gauged. Upon these 1.8 million.

Okay.

And 1 for a neat against you and pick for you.

For each brand and what kind of just trying to understand the ballpark 1 from across the street and committed partner.

Oh cool is around the 500 odd growth.

For each.

And then.

And then.

And this week.

And that is if you are paying by December.

Okay.

Each project.

So and even equal.

He'd be book by December.

And I don't.

And why don't you 500 growth.

If you don't need that 1 day.

And they've.

Yes.

Previously used for the Oakland and because.

Okay. Okay, and then if you think before December he keeps getting people and become okay. Okay. So thank you said and I'll come back and thank you Sir.

[noise] comfortable.

My next question is from the line up for me.

Got it.

Please go ahead.

Yeah, Yeah, good evening and thanks for the opportunity for us.

Moving on to the balance sheet from that.

And I look back and forth.

And that's about 14 to see it grows while the liabilities associated with their sales force and exactly 26.76.

So don't read that I think incrementally the value of and I said could be unethical.

Of course basically.

Thicknesses and take net cash for you.

And there are 2 okay exhort.

And for them.

Yeah.

And so it takes place.

Right.

Oh, sorry.

Sure.

So that is a and go down and.

What I'm, calling from both have been moving.

And for pain.

And on that right now and that would be my job and that's the reason we're in and looking.

Oh, sorry.

For the amounting to 14 and somebody had said Jose yes, yes.

But he and.

For the teacher associated and the higher number of 26 and this is true.

And I couldn't hear you sorry.

And so the liability associated with B Riley and interest.

So because that's a higher number than the.

And does it more book value thing or is it these are new.

And do the assistance with.

Yeah cause this line.

I believe you started and what Blackstone has paid does that day.

And there'll be much and they need them all day, but I didnt money from Michael was released and so ended up and let the liability what is gone and conducted for at least a fit for them.

So once a day module partners and complete next quarter, if you look and I think we'll leave it.

Okay.

Okay.

Good question is enough time.

What have you.

Because all considerably come down the borrowing cost has been in line and a 9.8%.

Do you see it.

Is it likely to go down and force it.

And also.

Butter and talk for a rental and Linda.

Think about the Lois that is what's bringing.

Average cost per bit.

Not all of you know they.

And they did primarily and the Beaumont and tea leaves and the non project.

And there are contractual upon them for that matter there.

For you find it and not yet I think there is room and to bring it down by finding and played to 1.1.

1 per cent loved.

And on that.

Okay.

Understood.

And you got nothing but there are now 2 parts 1 is the Boston company and cause a recipe.

And.

The office also how much is free.

For risk taking place and all the fees that we.

We have not gotten.

And Brian and body it could be that and this project right now we have assumed that it would be for people.

Okay and for them.

And Melinda and good luck with both physical and friction costs and their stake.

Yeah, So I think the specification and and now as we speak but the reason why the cost numbers have not been given the cadence laid will bring and the call center.

And over the next quarter.

If you wanted to know the Ranger, maybe around 4 to 5000 a piece for us what's.

For the Malone and around the 7006 per ton doesn't capital support for the Florida Bank group.

Understood.

Thank you so.

Until June.

Thank you.

The next question is from the line of from Hudson and vaccines Keith go ahead.

Yeah.

Okay.

And that's pretty small for us.

Uh huh.

And continued.

Our guide is that based on our next year for recent months it.

No, we did very well without giving guidance, but not as good.

[laughter], we talked about working for that's been part of the same thing.

And he said that John and there's a lot of uncertainty.

Yes.

And the market.

So therefore, we.

We don't know and we figure is going to open up for women and all those increments are going to be.

So we paid the and stay away from giving guidance and having said that we have or complete and millions was put up launches that are coming up as we speak.

And all of them and abated yourself for.

For those.

And we have a smart cities and largest project and Oh Bang for the coming up for lunch and learn and share 90, Hamburger and these items and Murdo and classic and embodies and Gartner.

A few other projects and Bangalore for we really look at lunch and dinner and political turbulence, but for purposes.

Aggregate and if you can get the same kind of it funded.

And this gets credit for the new launches.

And we do have a complete and inventory combination and looking back to cross and just getting them, but and and.

I think southern and coastal BC and people.

And because we're adding the 2 new markets.

For the future and I and sell lunches.

So for Loopnet Loopnet for sure maybe once things settle down and but it's certainly a piece of it but we'll see whether we can give.

And therefore, we're getting from exports.

So and.

And you also comment on.

How does that demand has been and looked at enough of the yard and Tampa.

And by line.

And are you sort of raised it can be mixed set of higher ticket housing it seems to be doing better.

I don't know I don't want to get to ex pig actually work will be delivered in a context with the ERM and capacity your policy for it.

And always did they did come housing back.

The growth Green, which will give us and maybe give us some margin, but then again as we sit here thinking up projects up and you're able to maximize our margin and order. The construction cost is also going up and the input costs like steel and cement for us.

They are working on ex to see that hold.

Martin and Philadelphia.

Optimize our cost for.

Selling price at ease and I believe it's good for the company at the same time for really attractive for the customer and they didn't come we'll always do it and the other houses.

Oh.

And I wanted to buy and large warehouses.

And we got all by and have bought it but it's not going to be a problem and so we need to have a path for product mix and the dogs getting very excited I believe 10% to 15% would come from these and other houses, but the maximum sales would come from the Marcellus and you Didnt come housing value.

Perfect.

I didn't and we can get that volume is also so it has to be a balancing act that and be on the back on these this catastrophe and mix.

Mix and match up for several things.

Okay, and then finally and me on you you know and he said he commented on the impact from FX.

Perfect got it right.

Just to get more granularity bear out of it in terms of labor and now how soon do you see a b site offices opening up for sales.

That's actually a very and 11th question.

Good news is even during lockdown.

And we have a government allowed us and especially across all cities the government and allowed us to continue and with construction.

And to fight.

But Boston and most of our sites and all doors and we could proximately continue without construction and back to where I do not think that any of our projects.

And get unduly delayed or delay and that's all.

So that's a positive.

But we heard about and Labour count between 70 to 80 per ton.

And as we go along we believe that they go for now as far as the sales office are concerned.

And we definitely price.

Next week, and new technology, and virtual walk throughs virtual meetings, but then ultimately when somebody is.

And investing large sums of money and they're life saving they'd also like perhaps that's attempting to.

Our product line.

Oh yeah.

That's all for everything.

Even though all of April and.

And even though part of June and that knocked down our sales team and have done well, but if I got the holdco tax and numbers that I touched and December quarter, and and they are for the March quarter.

And it could be the same story like last year.

And April to June was a problem.

And then.

And actually bounced back very quickly very very well.

And there'll be a similar problems, that's going to happen and actually this year. It for the June I believe will be far better than what we did and that first quarter last year and.

Book part is we've got some very nice projects lightened up where the approvals.

We are the locations a sofa and not on me and.

Apart from backlog and we've got for CCP.

And by.

We've got Hyderabad, we've got and I always I'll get them all lined up for launch for this.

It's going to be a lot of activity a lot of traction and 1 thing is a positive.

From a product a good product book location at the good prices available from our brand.

We can actually take advantage of the Boston wouldn't be so that we have done they've got hobbies and that'd be a short term pop.

But the business with you.

And it could have been.

And this thing because it's always good to be conservative and.

They love, our more rather than being too optimistic and then de lever.

And that's the way to go.

Joseph Bank tanks, and I'll live with it.

Okay.

Thank you for a minute.

Thank you.

Income from scratch almost from the line up and chips.

Hum and Sean.

And sometimes it's called the hub.

Hmm.

Uh huh.

Good afternoon and said.

So I suppose on this whole book.

And it's more important.

And that's going to be.

Oh.

The phase 2 for transaction is where you got the 1 retailer and gifts.

New commercial with it.

The total enterprise value for their.

For 1006 of net growth.

And it's got a competitor goes up for that and are causing.

And then let's call it something you can do that.

Because I'm Debbie.

We'll try and completed and and maybe a month or 2.

We would have probably brought into logical and unfortunately, given the lockdown and down a little bit.

And for the brands and being sure sticking.

Stickiness.

Good day.

And you come to conclude that transaction.

Like door offerings, and well keep you all also handicapped for want of the professionals coming into the job and doing it and government offices being locked up.

And hopefully with better Big Bank, we meet that deadline and see how we can finish it and I believe.

And maybe some nice for GW.

And just.

Okay.

And.

Okay.

That's fine.

And it's from the line of thing.

Huh.

And then I T T per head.

Thank you for taking my question, so for toothpaste and toothbrush and eventually.

And I look at the balance sheet now after this.

Stage, 1 off sales transaction.

Still and I'm sitting.

And sitting on a little and people and it would be good for cash and there'll be another announced because they're not growth.

And I'm thinking kind of from you would be at entry and net cash company.

So I understand and he tried to get even a bit and focus on the J D. Because I really want and maintain tons and Oh capital allocation and a real focus on capital and the location now given the fact that we have this kind of cash available will they make a change for me you approach a portfolio of them.

There's no new net additions could there be a situation, where and you try to benefit.

And that situation and for the dining go into litho, and J D and look for more liquidity level transactions.

So we really look at I mean, J D. J V O Brady is more outflows and what sorts of popular transaction, sometimes it's not.

And from.

The land donuts for them.

And.

So you know what is important but you know we have but it isn't the clubs with UCB and the continued momentum.

And Oh for the products, we charged with delivering for those market.

And then it should be a J E D V or as you are thinking that it fits and the market and we should be by outright.

And we would makes it up.

All of these options to grow the company for the next Kevin and I mean, it's not the.

It's not that they could work from lead to Judy you would do the transaction, we will like to go for cash to buy where it makes sense.

And partner debate about and we think he partnerships and sometimes also and I've ever been thinking and new market. When you are moving a large project.

And the reason and issues, we would like to have a landowner along with that so that we mitigate that risk Oh no not just for Nick actually its margin. So that you didn't produce and done the development because that who have a lender and that along with you for that.

And those can be used and daughters and.

Especially and who knows about this from the beginning of August and thinking to the new market. So we live and also the options.

True growth.

So and stay.

And was it actually on the need for nothing and I think he will give it happens and at the time.

And that was inaugurated kept expanding and fight when he says I need 1 and scale to them and their own T cells and I'd put it into income.

And I can play and he says.

And that.

That line.

And we've laid out and the people and to create a bit of capital you spoke about it and leave it at its current sales and you would keep on launching new baby, which is it can't picks number would keep on changing and and if that is the kids what could be the peak capex and anything liliana and monopolies lobbies and he said he thought there could you share my time and some of these assets and.

And they're talking to all of those are concrete and and and you don't see them.

And vote for 1.

On the.

Rental income and where it goes it also fixed on the Capex number that you're a quarter down and so correct and Doug we have been treated and English come and go to and I'll share. It comes through in terms of growth.

And also to get this oh that could be breached.

You know and making goes up and build our growth.

From developing free business.

Got it.

And quite as hard to borrow and also a bottleneck and discipline.

And what could be the peak capex. So for this game and then looking at around 910000, because there's 20 people and then we need to spend over the next 2 years plenty tired and launching these new pitch book could be the peak and anything linear.

The only for talking about might and I'm. These.

And these projects and leap.

2 little boutiques.

And like all of them, we wouldn't be a cubs and you get on point and corporate coupon and quite a bit and cooking.

And Jim.

And last from my and I mean is it supposed to make them being maintained and I think I havent had cold weather and a Monday and we were supposed to pay and paid at all and they don't put out a piece. So what does the timeline for the balance payment and a bunch of Yamato data and he was supposed to make some payments.

And so what security deposit refundable deposit.

And now we'd like to make these payments and how about Malone and other payments made and when did he did is it.

But let's look at first yourself, you have schools that others see.

C piece that needs to be completed.

Complaint to be completed by the landowner.

Uh huh.

The mood and go from 1 of them had been liquidity, but some of them are underway I think Mike and the Q2, we should be able to do all of that so data for the payment will be due come onto Facebook make and Pepsico.

And maybe by Q3, okay and.

The next 1 that you asked are these amounts and again as I mentioned that everybody loves it.

And it's been pushing this up and they're not for the piece that needs to be built from filled and that project as well and Oh closer and start maybe by.

And last quarter of this fiscal up and everybody.

And you get market and.

And that's 1 of the balloon is concerned.

This quarter is and we need to be kept in mind.

Shot and.

And the media reports that they need to pay and until say anybody is that the number is.

Moving to <unk>.

Sure. Thank you.

Yeah.

The next question is from the line and somebody something you can see car Ts and CS go ahead.

Hi, and congratulations on a great set of.

And remember it's just 2 questions from my side..1 is the audio calls that you had mentioned that say 'twenty 2 exits rentals and mix.

It'd be about 500 clause.

And in the presentation, you've mentioned that a slight and get to exit centered on data.

And from a picking assets would be like a steep so are we to understand there'll be some new launches, which would take us.

Close to 500 and won't be fine with it and I'll just see because of the first quarter and begin to complete lockdown and no new launches, but just wanted to get your sense. What is the same day right. Some of the project completions are being pushed to a.

And the deliberate 3 for months and those are pushed for next fiscal.

Projects like a per procedure.

Because and.

This is yet and and <unk>.

And yes, there's 1 more puts and takes about.

And that really leads to a million scripts each will be released in the next fiscal year, those centers and start coming and getting a book so.

If I can.

And can be free.

And that's the difference.

Okay. Okay understood and then my second question would be around and you don't you mentioned that you've the redesign to a commercial and the Capex and strategy and you would expect it to spend all.

And she just share them about 10000 close to leach.

And it goes up and you over the next 5 years out of which 50 per cent, you'll get peak net equity initiatives.

And I wouldn't disclose because she doesn't play in 1 day.

No.

We do understand that the balance sheet, southern and 500 courses that doesn't look towards that you were expecting from the residential piece over the next 5 to 6 years.

And she is partly correct also you should.

And that that their growth.

And also when you go up.

And so they know.

And they said that pointing day right now and it got it.

No it doesn't go away, which can and probably it could be 9000 growth.

Okay, So big that it would be.

And about 4000 to 4500 of course is that we didn't lose them to find other things with it.

For 2.5000 and says okay, okay and the ballot.

And she'll be it doesn't look rules that you get somebody developing business and some parts of the rig start growth.

Absolutely.

Okay. Thank you.

And next question is from the line up.

From a capital that line.

Please go ahead.

Yeah, good afternoon, and thanks for taking my question.

Couple of questions Firstly on the pricing.

And that he was going to take any price hikes are plugging them in 3 or they lost for good times and spend given the demand and sales, which you start.

And.

How do you see.

So because we are seeing and inventory levels can be ex or declining.

For the Oh.

And like into pesos for the ones that somebody so do you think and help us from people take for what they say Oh.

And our future.

And so you are coming from this.

And you have to classify it.

Okay.

Sorry, the line is from Congress and stuff.

[noise].

Yeah.

Ladies and gentlemen, and.

And then we have the mine is from just to make guesstimates and go ahead Pete.

And harder question on D C on video and it's safe to say so.

And so video and they could take any price hike so over.

Over the last 6 months, so I gave him the demand ex.

And I believe you had seen nothing but incrementally how big of a C diff.

And the reason is that we have seen a and b inventory levels and the markets are declining.

And I can be a burden, but overall demand and but if somebody for.

And so how do you see Oh price scenario.

And.

No.

There's no such thing and increasing the price for the takeoff for increasing the price, it's all up golf clubs and the small.

And then plus you know.

And so it and also how much for customer and big and the market situation I think with the study northward AR growth.

And that's because.

And honestly all input costs have gone up.

The only thing and that's probably even been and Costco for example, and rather clause for.

And I think Lee and then repeat and anything else and even the taxation lithium and for centers you have seen adult input credit and I'd be able to use to get that that's become path.

So the customer has.

And to keep saying that ex all the time.

And we have to make sure that we bring and what we're doing we're also protecting that margin.

And what they need any meaningfully price ex your book.

Okay.

E D.

That's a gradual thing it's not that I don't know.

And can see T V.

And closed out all those kind of thinking about things like we've got some inventory and properties like prestige godchild.

Obviously for lead and talked to yesterday, and even though and it doesn't demand the cash.

And the books and.

Really.

But then the selling price.

It has gone up so there's a huge upside there all of that.

Cause of the.

And I've heard of accounting the standard accounting with her for him off.

For handle a position of each unit.

And when I do that I started getting a book that revenue and there is a big market and keeping debt and.

And that will get.

The effective hard as we go long and even be.

This corporate and has helped us everybody and realize that they need fresh and good day and most of the high net worth and users off line and most of this project because almost getting sorted out from there.

Question is and it's the handover process that needs to get done some people.

For lots of something from a refurbishment.

There's a clock and we've done all of that takes a day to day, but then they can hit the books and very soon.

Pretty substantial.

And with the Boston and with it because the product like that and there will be created for this.

This keeps waiting on and it's an ongoing thing.

But I don't see it.

So that's going up for us at all just like that for the sake of increasing the price.

No.

[noise] sucking the question in fact, if I feel are coming for this let's say you have a very large deal.

Integrated chip stuff that's up for.

And I'll be up to speed get smart city, because I don't like a million for yourself.

And I think 1.

And location and.

And so that's true and.

And he came from that or we are on the subject and jumped up or be launches.

And also the price.

Among the <unk> and the initial phase of how much is this.

It is planned for launch.

Yeah.

Yeah.

Good day, and part of it and marketing strategy.

The thing that I can tell you and the good news is.

That's the plan right and all for me a pool.

And the Samsung and club and don't have a good come and go out and if it should come through and in the next week or for.

And with this and we can apply for Iraq.

Our teams are working.

Ron and different factors these health and monetize that could be a huge non bubble what day.

Oh, we didn't have to do a planned launch and so we'll have to see how we can monetize average go along and they're testing that and sponsor.

And just like alcohol and do it like we did the sales mix I'd have to talk 3000.

And at home and 272 Wheeler.

Everything is for free.

Could you talk and 500 or 3500 apartments household.

And in that area all for doctors actually went along and we kept on increasing prices and accompanying book.

Fairly decent margin.

Even though from 71, who knows right now.

That's about 7 or 8 weeks ago, we lost to be sold for.

And that's the type of confidence that we have electrical Venkat mentioned Falcon and even that is also for leasehold except for some and then I'll ask you own it.

So we have that confidence you have for that.

And here are they will.

B demand.

And it wouldn't be a good thing only time will tell.

But the capital right.

I don't want to sell them for everything but.

We are working on it.

Definitely positive for packaging food non food.

Okay.

Okay.

The increasing the price the long and there's a difference in.

And launch bank and the project for them as computed nearing completion for Falcon for people looking to launch the type I and maybe I said it really it doesn't really matter and that increased you ended up raising as and when the project is nearing completion.

And that price increase and it's always there and you reported.

And thank God.

Oh, okay.

Just 1 day and so that for all of our book.

And let me tackle it.

And that you'd be launched or come from.

Good.

Hi, guys belong to make for them.

Baltic book.

Thank you thank you for it.

Yeah.

The next question is.

From the lineup for <unk>.

And I come from CLSA. Please go ahead.

Yeah, Hi, good evening.

And sometimes like you mentioned back and I'll April to June quarter will be far better than last years same quarter and no country, Linda unlocking and mean happened a lot faster due to the vaccination.

And also like in.

Contributions from new and high value markets, such as and when they are starting to come through from that yet. So is it fair to assume that our sales could be significantly higher than they don't like them and I'll, probably be pulling back and you talked to last year.

And that's another part of this quote funnel for question was basically you know are moving beyond FY 'twenty 2.

And do you see.

And what kind of sales target.

And for the next day, 2.5 years and all kinds of embedded sales into medicine interest like in and new launches and new marketing that we plan to enter and all.

Similar to the target that you've given for your rental portfolio, what kind of targets do you have for your sales for the next day just like that.

And externally and to look at it.

And the fact that we had.

And I think a new market for us isn't it and also lunch and so I get from there is a market that we're on and do something you.

You should look at ER and trained up 8000 per 10000 growth.

And he says.

Well, what I paid it off net.

And actually yes, that's that.

The detection and which we wanted.

Want to hit.

Sure.

And right now correct.

If you look and prepaid from 5.5 and 1 of the biggest number with that.

New market being added for the business.

I don't know 8 to 10 doesn't cost us anything.

Sure sure.

And playing slightly because it'll be significantly higher than probably went out from them.

Alright, thank you so much and.

For months.

Thank you.

The next question is from the line of I think they might need from Citigroup. Please go ahead.

Yes.

And youre more money for their these 5 months so.

Tom do you mean, the construction cost are there is no one's on expenses for your account right.

No and and.

And what and where do you will period partner and so all of that move and they pay on is on the partner cycle.

Oh, Yeah, Yeah, I think we will see at least.

So and you had also yeah.

Okay, that's great.

Great to see.

And the old ones.

And that is with respect to for seizure.

And I did talk to you.

And so that's another thing to factor for country.

Sure.

Okay. So there you will.

Along with me.

We are getting.

My name is Roger we will wait for leap because that sounds like weighted.

I just don't know.

Okay and the orders are for these.

And these 2 per se for 1 of them because he and and then what can you tell us.

How much do you have to pay for your partners and not knowing how much needs to be paid subject to all the CP V zone.

Yes.

300, and quantify growth from there because he and the 500 close to book.

So what we have agreed to pay it.

And because it depends and entrepreneur.

And number of departments and that's why I Wonder if you can do for deposits.

These 2 and you wanted equate to for 1 of them.

Yes.

Oh, Okay, and I think.

Yeah.

Thank you.

Last question.

I would now like to hand, the conference and what does the management for closing comments.

Oh. Thank you once again to all for a very very active and participate this question.

Oh, very insightful questions and glad that Oh, you would have got a great idea off book, where do we get the company.

Thank God and not only the top line and 1 day die team and always working hard to see that create value for their shareholders.

And for the company and that could be the b.

And the trend going forward as we go along also and a very interesting conversation record outflows and democracy.

Hello, everyone and thanks for taking time out there to be and a conference call. Please feel free to rate was and if you need any further.

The information and clarifications et cetera.

Thank you for your support and and as part of these challenging times and.

There are entities and continued to grow and Kidman and.

Beams are focused and committed are we.

Look through expansions and new market.

And a bit.

3 years is going to be.

Blue Shield for us.

With the capital.

And last and that we have done.

And monetizing and Duke.

Portfolio.

And you know we've been people live and concerned about the rising debt levels and now that the tool set for them too.

Insignificant numbers.

<unk> will be conscious of how to grow this company and so that and that and we look for what do you what are the continued support.

Thank you very much please take it and with it.

And on behalf of Axis capital and minimal pumps and so that's 1 thing and.

So for signing off on human.

And 1 times.

Yeah.

Okay.