Q1 2022 Prestige Estates Projects Ltd Earnings Call Hosted by AXIS Capital Holdings Ltd
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Ltd Q1 of them fine.
Our next conference call hosted by Axis capital.
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Sure.
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Ladies and gentlemen.
Good day and welcome to the fifth streets predict the imaging.
Earnings Conference call hosted by Axis capital.
As a reminder on fire.
On the shipping lines will be in the listen only mode.
And that will be an opportunity for you to ask questions. After the presentation.
Should you need assistance during the conference call Lisa Melano Pretzel.
Thanks, John.
On you touched on the phone.
Please note that this conference is being recorded.
I now hand, the conference over to Mr. Sadler.
From Axis capital limited. Thank you know what is the.
Yep, Thanks, Monica and good afternoon they'd be what the.
Good day I can't get it presented by the senior management of 50 States project.
Instead of the talk the chairman and managing director, Thank God and make most of the CFO.
The kinetic question instead of just sort of initial comments please.
Oh hi.
Scott.
Hi, everyone I think they've got a lot of people on the call.
Alright, so once again the place you have to be on this call on you might give us insights on the last quarters performance.
You've seen the numbers I think we've got two two months plus locked on the teams have done an amazing job to see the seems that you did the apathy pleased with it because of so well.
That's the big virtual meetings on everything else, we manage the clock 755 gross even the collections on so Oh, we had from and all of our own independent adults the exhaust the thousand crore embark on.
But the good part is that the.
In spite of the lockdown and the opening up I think the because I didn't quite the all of sudden the fraction of the picked up the pumps, even on the businesses come back to us and that's on the the March quarter numbers on 19th of me I'm looking at something very positive and I think even on the leasing side are the this Monday.
Been a lot of traction on.
We are closing the is it just started about the discussion of the what the what you'd find in the why is the assigned Oh sorry.
Our agreements and so that's giving us a lot of tonnage.
I think all in all of them, we had on focus city focus to keep doing our job on.
Yeah on a lot of lunches and the pipeline apart from getting a lot of dumping and of course, then the non launches and the completions on somebody just completed the dog.
The two small projects and those of most of them buying low and many more on.
The pipeline for completion, so I think of that.
Even have worked hard to fight against all odds of the only disclaim on that if I can do is that you can't see that tells me volume against the idea.
More on Lockdowns, which affect the business.
The way, it's taking on even.
The win in this country I think that has with the goal you wouldn't hospitality has picked up.
The Green shoots you can see people are already having the events and everything else and all tickets. He lost the old are you guys.
I don't know, there's no international the Thailand, which will take some more time, but on the way even there there is no cash loss at the moment in the month of June and July are more of the July rather than the June so things are good and see how things Pan out as we go on them.
And I think that one of the country.
One of the comments he wants to.
Thank you so on.
The well.
The commodity one to two post results conference call.
The quicker if we take the through the operational highlights and I saw on asking the although the significant important things that we have done during the quarter.
As the.
Chairman was mentioning.
The operational highlights we had bought on low it yourself.
It's the one of them said before close of <unk>.
From getting this quarter.
That's the most of the having been in spite of zone lockdown on buildings.
The Chilean directly with the customer.
Oh 1000, gross one of them the kony the growth.
So if you look at it.
On the mix of cookies.
The guest long struggling.
The lunch in the last six months of gave up on the six foot print of the Newbuild I'm going to a history of solar in terms of it depends what the 1% of the pre sales have come from the completed projects.
And in terms of of geography flip the close to the 80% of come from Oh Bang looks on that at some of that that'd be agenda to be operating.
I did about the what she and the kidney.
Going forward for Q3, we have a long just lined up in other regions other than the protein and the journey that we ended up at the right.
No that is the Mumbai, we will look at launching in Q3.
The thing is the simple I think studies on bipolar.
The Napa.
I'm a bit of speech Cosmos <unk> from one of them.
These three projects are on the.
Finally got the pillar and the conquering the Q3, Oh subject of know loved ones being that we'll be able to lunch. That's like I think of you would get the repeat two out of the business Likewise.
Likewise the prestige.
Well, then regardless of the weekend.
And eventually that went up a bunch of you get the length of pay of familiar.
It also would love to think about brewing on we should be able to learn the topic. That's really true. So do you see the these two new regions will get added the last fall's broadly in terms of.
The visit engine outside of the Philippines, yet bye bye to peak.
And the major targeting the contemplated from the field side of it up the proceeds from that I follow.
Let's see what afford because he's been very buck on pause his golf clubs in the United States.
But I couldn't kind of about a dozen there could be a cause I'm going for the from the non garden.
That's helpful.
Also in all of them.
Forgive me one more of them, but I'm gonna doesn't get sick. The the sales have come from 75% of the sales have come from the unit price.
Think of units costing that then a close eye on.
The going to 1% of the teams have come from.
One called the book growth on the.
The rest of them out of both of those.
Moving on from operating highlights to two financial highlights.
Hi, Lee.
During the quarter of you had total revenue of one of those important in 73 gross EBITDA of four 400, I'm pretty close on backup for the main coupons quite cool.
On the revenue with the commissions have come from.
It is probably just to name a significant one that is the wife meadows.
Neither of us getting paid.
On the golfs right to the computer bucket.
One piece of the feel of commercial building that we had done which is to adobe, but these contributed to the I don't know the revenue the commission.
All of them.
And.
In terms of construction spending.
Oh.
If you look on all of collection.
That's great during the quarter.
Oh, but at the towards the.
There's it didn't kill projects in commercial properties that are the main cause it goes from six one of them.
We had the towards commercial keep ex projects won 51 gross the retail projects that the ongoing 71 closing of the hospitality.
The flip to seven of course all of the.
The spring during the quarter on construction.
11 gross.
So this is a brief about the the appreciate the Vietnam.
Similarly on the financial update.
Commission.
The decision.
During the quarter I'm. The review, we conclude the transaction back to your sort of thing you didn't hear the P. Eight.
The aid money and taken the position that is.
But I'll get a balloon.
The which is named US the speech Oh Cosmos.
The decrease.
The open the forum for the question of Memphis.
Thank you very much.
On the question and answer session.
Anyone who wishes to ask a question.
One on the touched on that.
The phone.
If you wish.
On the question queue.
Got it.
Participants on the question.
I'm just kind of loss.
Ladies and gentlemen.
One of the question.
Okay.
Okay.
The first question is from the line of.
Sure.
Please go ahead.
Well, that's the only one honeywell.
On the opportunity.
Now ill turn the business.
The next question what part of me, if I am referring to your business.
Slide on with financing.
The thought for Glenn on the.
I'm going to the next day number has one of the problem.
Please go ahead of that closed in Q1, most of all the close now.
Okay.
So pretty simple one I'm just trying to move the product that's possibly the acquisition closings we did not.
Right.
Yeah.
Uh huh.
Yeah.
One second the pick of the flying.
Oh yeah.
Should I think about the same.
Finally, the mobile yes, that's signed up for free.
The first of all with just the nice capital employing the.
Excludes the amount spent on the weekend.
Got it.
The logging on.
My number of things.
3273.
Yeah on they're fighting to three to seven three.
On slide 547 typhoon.
Hi.
Uh-huh capital employed to exclude the amount spent on the ongoing capex projects underneath it.
Of course that on phase two four and live on one or two 4 million respectively.
Please.
Those are basically most of the that's good for the.
Moving towards this ICD.
Why do you kind of do you see moving.
Hello.
Oh, no actually I think the says that's the game of future. They think this is actually the offerings of what they want is the meeting blind. The first lane on the at least the need that Loftland your dog.
The bank country and explain the apart from whatever we have mentioned in the office segment.
The adjusted the ongoing projects.
Oh did you have you been yeah, yeah, and I couldn't hear you well of the monies back the outspend towards the Aussie on those projects are not yet yielding projects.
Yeah.
My name of might be true.
Oh, sorry go ahead to close on the market.
Not to be it could be from.
On why it could be some oh 10 projects in the office and hotel project in the D.
But it's the combination of you've been and based on what I'll tell you.
The leading 50 close to this landmark Oh, sorry on the new.
The issue of a whole lot of things, which you all know working progress.
Those of us coming for construction of.
Maybe in the next two quarters.
Okay. Okay.
On this one up on that upcoming budget. So they don't they're not taking them. The yes exactly the same.
Net interest spend on them.
The closing of money.
The form it takes the list all of them.
Got it.
So cash at this Kevin is coming from the.
Yeah, Yeah, yeah yeah.
I can hear you Kelly.
Yeah.
There's an article of media of Colombia.
Do you have a medical all of this for animal my call myself on yes.
Or was that for the three storey tower and be Casey on 60. Please read out in the Mahalakshmi sort of what are you guys doing some kind of have their DUC balance been finalized on do we have the height of sort of what kind of that off the.
The listen piece of wood that for the mileage humana the because he how much of his budget. Thank you.
Hello.
The disconnect.
Sure.
Yeah.
[music].
Ladies and gentlemen.
Thank you.
Yeah, I know I guess, how do we got the cut off yeah I shouldn't that you asked was 3500 close the rent doesn't need that at book.
No. That's the overall spend that is that over the next five to six years, it's not one of the spend to the tenants.
Because we are doing the liberty tablets at a 117 of Utah building one by one of them do you have that has shot up the two tablets that end of what all of them walked through part of full coupon of 5 million square feet off of these the building blocks of available the idea.
Then the other is in the UK T. A one and two that's causing the prestige of I know one and there again, we have about four 4 million plus you've got the phase one phase two so this media reported as to say that if everything all of that is completed and it's not going to get completed the overnight.
So that's the overall spending that is required to be done on that spend will go off of more than five years, maybe six or even five on yes. That's the whole of the things the spend on average spend per year, but it'll be a bunch of 500 gross okay.
Okay.
But all of it but just a bookkeeping question of Lumpiness of Lam on the Mr didn't get off all of the heaps.
<unk> monitor capital.
But I'll kind of I think Frank I'd kind of share. It with you are we what's happened is of the Alex you asked me the watches it might come at the point of my commitment in and in the interest that is in the Liberty tablets is the 500 Crosby Fundable deposit I didn't catch the refund and that didn't come on we'll get the extra space.
I had my commitment in Dkc. One is 300 for phase one of 325 to four phase II that does that non refund of them, but this is Mike Amick man I didn't catch the data and he had the payment type of off from that.
The more towards the acquiring.
Quieting some stay in fact of a certain number which is beneficial to the company in the long term between now became the one on <unk>.
All of the policy because we have invested close to 70 net goes off of them.
700 of course, well get put on from back in the in Panama.
And on the.
Thank you.
Ladies and gentlemen.
Participants should you have a follow up question.
The next question is from the line of Puneet.
Yes.
Please go ahead.
Yeah. Thank you so much some of my first question is on the.
Premium interest coming from what I said excuse me would you be able to make use of Bachelor New York's Wednesday.
First off on.
Do you think you'll be relieved by the excellently.
Oh, that's a very good question as far as if I remember the reduction of.
For both the office project, that's the because he admirer of likes me is the responsibility of the landowner so whatever benefit that comes with a proof of that but.
I have three other projects, which you are doing which is cosmos, we test that's done classic as well as the therefore, the this ease of the theater. If you didn't do the projects, they're taking the poorly benefit off the reduction in the premium.
Okay.
And any color on bi.
Net cash grain basketball now on that.
Well at Grasberg the tissue.
But I must be because all four.
The guys right in the correct way to new projects.
Number one the majors.
The agreement that we had on the new brands.
Uh huh.
Oh that is none of them that's the pitch cosmos close to agree on an uncertainty.
We got it on 70 close on money has gone to the work that on the revenue like Atlanta acquisition that we have been and.
Our bank book.
Oh, let's get started on the student landmark on the hepatitis B.
We have.
And Richard and then Boston the cause.
The.
I'll just pick up on like the Fox.
Towards the.
Great and we have invested so.
So a bunch of the 90 day in a couple of hundred development on which is going to be launched the soon because he's not equal here.
And then the juice.
The projects the bureau tied up with the existing names on them.
Oh. The these are the projects mostly towards the equity new projects is where the money is gone.
I mean, that's the major payment as the almost close to half of it is the word the feed costs, what's the number on vitamins.
And what is the non Seinfeld.
Oh on the three buckets of instead of Douglas mentioned, that's now all of the simple opinions that leads per se than plastic by cooler.
The athletes can do synthesis cosmos that Poland, all three would be to free lunches.
And part of it seems like Bangalore.
I know that some of these projects will get launched a totally of them will be the by Q4.
Okay.
Especially when you flow that they didn't do it wouldn't be yes.
That's really interest thank you.
Thank you.
Thank you.
The next question is from the lineup from.
Please go ahead.
Yeah, Hi, good afternoon.
My first question was on that at all but the sales guidance of low 6500 cool in front of FY 'twenty two of not how much of this is dependent on the mobile launches.
Oh.
Okay.
We are looking at at least the when people some of the sales to come from a computer go on to a different from bi.
And claims the outbreak.
Considering that the when it goes and we've got a lot of longevity and the Bengal the.
As the chairman was mentioning to you.
The code no loved on being dead, we believe the the topic.
So it is locked down the new hurdles.
On the but have you end up the worksite.
Well the parameter.
And then the alcohol ways to get all of them on state laws.
A couple of plants most of them on the alphabet the data.
That's the only thing.
Okay.
My second question was on the on the commercial side again.
So the two of these two projects to get out what does the Capex again, if you can remind us totally 3500 crores of across these two and how much it would be us yet again.
So the entirety of the construction costs moving up.
Okay.
So broadly.
Yeah. So the broadly the construction coffee doesn't printed books the across the three topics.
And we would also people from mistaken both of these rates.
Many of them quite a bit the millions type of belongs to us.
Okay got it got it and how do you one last question from I think also on the average.
So the.
The $3.7 billion get paid so far and Oh, what does the balance the manger and again, if you can replace them on the on the deal 6 million square feet on the total saleable <unk> and about one of the million square feet of something that you have to handle what the the deadly and there's some the mental switch part.
We have done people on 70 million is that correct yeah.
Yeah, So the beat on canal.
The gasoline.
We entered into on the cross all of Pennsylvania.
And the Eaton.
And then put it all of them Oh come.
Commercial area, but exactly how it could be given to see what he needs to.
All of that is going to go through of beef the remaining guests every day.
We'll then you would have cool Oh.
The conjunction of Quaker.
Are there the number of many of the exiting of Bolivia.
And there is low for the cash payment of 370 crores of all the cash payment.
That sounds like there's no further cash.
Okay, great. Thank you so much.
Okay.
Thank you. The next question is from the line of.
Please go ahead.
So a lot of my questions that'd be one sort of just a couple of it.
One of them, but could you just give us the status on the grain do you see sort of project execution of stopping across the East project I understand we've been pushed by the prior quarter, but generally if you could give us a color on project execution and just to clarify the almost of about 900 crore of quarter on quarter. The increase in net debt would be largely attribute the there too.
Oh Cosmos and the remainder would be like what pieces of real estate.
Ah, Yes is the Linkedin closer from people sent off of towards caused most of the balance as to what the beauty of the debt.
I'm going to be a bunch of the argument I think the book.
And as far as the Mumbai projects are concerned six of them three of the mother's day, which we spoke of kids eat the lunch in that let's see just simple I think what cause the on really come in.
Hum you know so the other three are adults we have started the rehab doubled already on.
That's what I was the because he phase one project is concerned the law.
Under the lander.
The land is cleaned up we are waiting for the out but it was phase two will start maybe by Q4 of that next year.
Hello.
Yeah.
They see the jobs of both the all of the jobs of the child and all construction even cosmos, it's been 90 of the water and then T E.
He doesn't classic has also been done day in N T.
All of the work is going on pretty good execution of items I think of you've done well.
We're just waiting for a commander of the deep will happen before me. They just start from the 10 four data on that.
It'll happen sometime this week once that's done and we had an equal ones on it on a bunch of people do they need to stop marketing back into the.
The baffled at the intruding Cosmos.
I think by next quarter, we'll be having a lot of projects.
The projects in Mumbai to market.
Thank you from.
Okay.
Yes.
Hello.
On that.
Hello.
Please go ahead with your question yes.
Yeah. Thanks, I missed that so good afternoon, everyone.
The bankers.
The double check.
Mentioned that your net gearing upper limit is going to be zero point in sight.
Is there any change to that.
When all of the.
Business development, that's going on in the upcoming campaigns and no Jamie.
Perfect.
We'll stick to what we have of Baker.
Okay, Great and second question the atmosphere of Oh, yeah.
Any update on the phase two O D b.
Deep.
Phase two will get completed the squad.
Okay and that book.
That could mean 16 of Henry causal enterprise value from St.
I think we have Oh, we may not be doing it not one fifth of PS.
The big ticket because they can out of the transaction.
That takes some of the reduced.
Oh not the other.
For the on the prototypes will be part of the transaction.
So what's the deal value now.
<unk> thousand three and of course.
Okay, Okay, great and.
Just one or two more if I may.
Any thoughts on.
Unlocking value in two of your larger land parcels blending the that'd be India the input.
Currently we are not thinking about any of those would it be will be the Atlanta pattern has the moorhead because.
Angela for banks of connectivity become of the ATM growth.
So you know that hopefully become of project from the mix with the cause.
Golar there is some non related issues that yet I'm talking of course, which we will good development.
Okay, great. Thanks, one final if I may and that is on the housing demand in general is what I'm, saying if.
You can go to all of it means about you know the strength in data mining is continuing to take important so just kind of a.
Taking a broader view maybe of yoga, we Oh, it's just the next day is this the new big expansion of cycle that's coming.
So what sorts of on that.
What's driving this and all of you wanted to capitalize on it.
Some of the up cycle has already come on the.
There's a lot of momentum.
But along with that there is also consolidation that's happening it's not that everybody is doing well out of anybody's doing bad people on the web consistently deliver the other people who are selling today and the Fortunately they have on all of those on.
And.
As far as I see this demand when the sustain if you keep growing on.
And the tends to be brought on newer markets I believe the revenues will keep going up and that's the revenues that means here because of COVID-19. It when he was going to be booked on the on completion of that study of accounting standard extra day.
All in all of our Oh, yeah.
We have not all of it are you getting ready to launch on the very large development in big New carloads of heats, the tea and there's a huge traction until they're huge interest for it they're just waiting for that are on a bus and then lifting from the right timing items.
In defense.
Everything together and make a big Bang on the lunch.
Even in a doubling of just waiting for them, but the ones I think the more once we get that we brought on the auto Oh interest even bed.
Do you have any positive. According to me there is a lot of interest.
Interest now see even behind the project of which we just completed the bulk of you Gotta go with just the 15th of May excited that Mcdonalds, which of 3500 homes of 272, we love everything is sold it got completed last year what type of thing.
Entry that has lots of the meaning of the desk and that's the same sort of it.
Lucky with one single unit of available for the project of that scale into N from Greenfield to completion, we took not more than four and a half yes, and then probably another of the maximum of yeah. So the back the it's all done and dusted most of the money is almost collected in the out of the project so that gives us the.
To do projects of the scale and people also like projects of scared because they're getting that much more open space that's much more facilities.
And there of getting a very what I would call. It the environment, which is an enclosed and the clean environment, especially now in these uncertain times of Covid.
So they have a very protected environment, which is the I T. The order of the day the.
All of our buildings will always have a bit of a problem even out.
Judy.
On the prestige of godchild.
We had a bit of a stress in between the even that has the selling off of it and I think of the next two quarters. It would be fully sold out the wouldn't be a single unit and then what about his book will be the they've never seen it because there'll be a pleasure on the price the demand is growing quite that might be at the end.
Okay, great. Thank you so much.
Yeah.
Thank you.
The next question is from the line of coupons from the.
Please go ahead.
Oh, hi, Thank you for the opportunity.
Just one big of Penn problem more of when do you flagged the launch of Mark in Bangalore and highlight in the kidney.
See that's not what's called the 50.50 with the golf the name of smart because of the smart money is being used very loosely.
Just calling it the deepest feats of D. I'm, just waiting for them to earn on bumpy of a place for it but as I said as soon as we get that there's a huge traction because it's got some three components one of the plotted component than does the the lock component and then you also have the the apartments and apart from that we also have D. A.
On the detailed in the model of course, the mauldin stopped construction simultaneously to get ready in the next to the.
But the all approvals are in place everything is in place infrastructure work on site is going on in full swing. So if everything falls in place by the team either this month and all of the first week of September we should launch it.
Got it and one of those high 90 and Kimi.
I know you said now you just got the laughter all the stuff.
Approval of that needed to cover some shifting of some guideline on things like that so that the Windows also debuted on the plant since it was the big lag between the Denton Nowadays of getting some of the thinking that that's happened. So we agreed on all of the plant.
We've cleared the plans of no I think because of getting tweaked a big slug of it in the architects have to do their job.
<unk> been in about a week or 10 days into the M D. It and it depends on how the assumed the approvals coming on even that project be odd.
No I think the fighting us all to the right even the 10 day market. The stop there's no new of Big project into a nice low this wouldn't be quite the welcoming one such a thing.
It's about the and I missed it I think of what is the size of the Applebee's project in Hollywood.
Therefore, this is a very small it's a tiny project, but of course of the I lose up at the very high because of the selling price is much higher the Ed.
Overall, I think the you'll have about a third of Teekay square feet defense.
Plenty of two of our Bachman.
You can see about 50000 square feet relapses and put into a box inside of it and I think it's about 50 K square feet on 55000 square feet of 58000, that's what the.
Got it.
So that's why I'm moving up to it but that's also the approval everything is bad we've already paid the fees for the the doesn't use the charges a and b of JD able be fading into the next day or so so it's all of all of them all on track.
Sure sure. Thank you very much and all of it.
Yeah.
Thank you.
The next question is from the line of Fisher from.
Thank you.
Go ahead.
Hi, congratulations on the really good set of numbers, especially considering the circumstances.
Just one question in the upper.
That's the danger segment's cash flow slide.
We have increased that estimated value of quote unquote touch on 16, and I hopped on some crews through the month of NTT doesn't close and low.
Assuming this is because cosmos came on line. However, the cost of development Hasnt changed sort of just still at about 10006 hundred cold and so I just wanted to get a sense on why that just thanks.
[laughter].
Saying that of engine.
The segments play Youre talking about.
But as people talk here it doesn't close on the balance of financing.
I know on the upcoming slides slide number nine on the cost of development is the same as last quarter.
However, the value has gone up by about seven odd thousand calls.
So just wanted to understand why is the cost of development just doing the same.
Of course, I think it's been that day by day.
So therefore, the budgeted cost is not forgetting it.
So what would be the approximate cost of development that cosmos.
Approximately 4000 lots of the need of golf portfolio.
Great.
All right.
Alright and growth.
The 2007 of them of course.
Got it okay. Okay. Okay. Thank you.
Thank you.
The next question is from the line of.
From Dougherty. Please go ahead.
Yeah.
Hi, Thanks for the time.
The more clarity on your balance sheet.
So when you see the approval is in progress and are you waiting main day survey could you exactly.
See what could if let's say you have no idea.
You'll see what would have been the visa.
What is the biggest risk.
On the projects bumping box you can.
Betsy the plan.
Who wants to launch in Q3 on me. So that's how we have been planning. So therefore, you're pretty much on target to launch the structure.
Right.
Are you.
From judge of Q3.
The long time of wages.
So yes.
Some of these and it's basically the late what are the main risks that you foresee that it might happen.
The Q3 happened in Q4, we are very confident that lapping two of three there's no major part of any of these.
Got it.
So you know the out of reading.
Is it really just goes down yet the hidden benefit which means the all planned submissions of extended I have to go buy might be that's all of it.
All will be submitted we are confident that we'll get it up towards the little Beaver. Good lunch. So the only this could be for them the income to get pushed not just from the preclinical work.
Yeah.
I'm from the market perspective, given that you've said gee fairly large projects to be launched in the short period of time in Mumbai.
The they've left Albert.
Net book goes.
You know of marketing.
China's in Mumbai, which is a new market for us.
I mean, the reason we read the thing this is something that you've been doing Orlando.
Well, it's really from Bangalore from decided yet what are the deals we did when we extended the journey. We have we have a profit since the housing system a rebuild of strong 15, we all sort of network with the country partners. We also look at what might the good fragmented market we look on.
That's the region, that's quite a lot of micro market, who are out of the the past the people who have to partner with our channel partners, who have a better of each who can.
So all of this work has been done and we're bidding on.
The expanded the lead.
The good about the weekend, maybe what you need to do we have done is of course when weighted larger we've got a game plan, we got out of it I think the.
Maybe you can get mixed up a standard but not all of it.
See vivo tore down a lot of good deem from Mumbai, the all in place and as soon as some of these C. It's not like the old days of May you could start filling the doctor. It on so now everything has to be in place and eight on them, but it has to be the case.
So even particularly the suggests that'd be delayed of are you taking the lead on number of purposely because we said, let the southern conference coming in the in the buyout of the mindset of new play out of it you said that some pantry stocking of Ping Pong Oh the.
Foundations have happened for both of the block and that Oh, if he'd like.
Just on all of that and fill that non people will have confidence and definitely we can finish the.
Cosmos is the project, which of the already started of course, the tag of approvals in place I know it has to be on the new venues and the necessity of premiums have to be paid in fact in the earlier days do you use to pay to the nimble agile built now since the day the rebates being allowed the of paying the flu three amendment, taking the benefit of the discount.
Half of it so that's the big benefit so the opinion it upfront. So there's no more question marks on back and I believe even that project will pick up almost immediately we've got a good bandwidth and a lot of good team and I don't see any reason why there should be of any stressing the system to market.
Okay, and you know the Blackstone project, let's say of phase two.
It had been delayed I mean do you expect your day.
India now.
It's still not done.
What's the.
The issue that and now you're saying what are they telling me the locked down the chute subs and the other day.
They're not working the government offices, they're not working because the C. When you want the due diligence process that happens, especially for that there's a whole lot of income.
The income but in fact, if he gets them certified copies of AD caught the eyes of all of those things that you have to apply for it and get from the behavior of the apartments.
Everything was on the snow mode. Yeah also including the law, yes, it took a little longer but I I didn't see that this quarter. This current quarter that deal should get closed in its entirety and I don't see any doubts on the back and that.
That could be the you must sort of a beginning of a new wave of of Blackstone, because youre doing some of that kind of functions our deals with them, which they will be a 50 per cent channel does and that'll also give us the juge Oh you're not.
Boost in two of the system and it'll help us to do it quickly and the go to the next day.
The last question from me.
One of that since you are not transferring they're.
Absolutely, but Jane the gross book, if you could give some kind of low.
And we're kind of looking on that and that's true.
You know lots of new first to introduce the day you'd mentioned that there's the potential upside it's sort of back thousand crores of certain things to happen could you give us an update on baby.
It shouldn't be that are not part of that some of the concern the increase of two one is the smaller pit called polygon in Sydney.
On the Colorado.
The Pacifica, which isn't operating ROE of the Vanguard, which were originally contemplated the week because part of the true transaction or whatnot.
Singles, the wanting to keep those items.
And the second question of you mentioned the.
I didn't quite follow do you mind repeating it.
How does the potential upside to the deal value if certain of.
Conditions to be met you know the was it makes us not I forget the details in terms of Theres, some excess land and some of the project.
Or something like that which you said if the bad happened in the day.
Oh no no no there's nothing on the chart heaps of transactions per day.
Phase, one, which we completed in March which is almost easier to put another dollar of transaction value I'm just the phase two that we're talking about right now Oh, Florida.
There's nothing like that.
Well you know a bit the recent variable number that there had been no.
No nothing that I can think of it so.
It's the same day.
Films, which is even shared with everybody if I look to be the bring.
Accordingly, the according according to the plan.
Alright, thank you very much industry benchmark.
Thank you.
The next question is from the line of.
Please go ahead.
So my first question is on.
You mentioned that you have the message.
Some of the market.
I'm just kind of one.
You bet on the segment.
Or is the business.
They'll be on letting me, how bad the loss picks and we're hoping but I've got the.
It's called the model.
Now in addition to that we have picked up two new land bucket on.
The different parts of the city one is towards the place called the bus weighted towards smaller of the game.
So you know one we decided in the one is in the design stage you acquired in the other one is the if I'm hearing that we shouldn't profit from it.
We will have a low three five I guess to get used to.
Again the potential.
To explore the opportunities and the.
Logistics of it helps them to the initial box.
And how big of a little boost the demand.
Some of my notes.
Yes.
Because this is on the textbooks.
Good day holiday.
Yeah.
Obviously, you've put together.
The non buffers on all of them.
And on the litigation.
Give me a moment.
Yeah.
Most of 100 book.
Uh huh.
In terms of billings growth.
Of this.
Yeah.
Yes.
Yeah.
Uh huh.
One of them.
No.
The second question is on the volume for the next one small piece of it.
So just hold on.
He was setting up about eight 5 million square feet.
I need the work.
No that's fine.
Gross.
How much of the thanks.
And some of them.
I told him the peanuts.
Which one cough.
You said you will find the names correctly at the convention.
So how much of it was being done.
On Florida, how Ford from Fortinet plays on the biggest going from.
Okay.
The zone.
The liability the need that you have of getting done.
All of them.
The balance.
The feature.
All of them.
No.
And all the lines.
On the measurement and normal.
The.
Bank.
Now all the way.
All of the northern liabilities.
Just lastly on the balloon loans.
Most of you saw the large.
Yes.
Suddenly.
Yeah.
People in the coming year completion of a one third the budget.
So the now so it's the one thing on differentiation will continue on the small states. So that it can be volume that's on the phone today is almost how many stuff.
People on what can be a differentiation so that you didn't benefit from income.
So in the smoking.
Okay.
Right now the crosswalk that cause the morning project Heck of a lot happened is we've got two buildings calls here, but then the south he has done but ends up these off the top of it have been partly for the sort of I'll focus on the two big These two towers up compete at hand, and what is the remaining stock and on time or whatnot talked to.
The existing cost come on.
Mm 300 odd growth, maybe around 400 odd growth with the collectible from the existing customer apart from this the does that 36 months of deadline for us to build that 800000 square feet of office building for the C. O P. There the second tier three which will give us quite a lot of square footage, which is the more.
Interesting and the best located with the phasing the Hilton afforded you already designed it but we do not want to launch that ethanol.
The fact that our phase two walk me was the woods will complete the two towers, bringing them the confidence in the market for the.
The type of look feel quantity that you bought them and then and the only that we look at phase II, but if there's a good response.
I will get the approval soon and that's the only fears that the if not even apply for the approval of the phase one approval the in place as well as for the E. Commerce on the hospitals at least this is where the construction Woodstock that'd be enough cash flow in the system not only to complete the these buildings and also there'll be a lot of collection.
The coming from the existing customers, we don't meet either of bottle, maybe there'll be some seed money the cleanup, who did a little bit to feedback the refund of the construction initially on the rest of it will come from presale on some of the existing customer. That's all of you on the Malone and I'm quite positive about it.
This is Mike Palmer.
In the Bay area.
Yes, I think I think low.
When you're getting from the whole project.
This is one of them.
We're going to open the well see as much of it.
I'm going to open up.
It's been open now.
It's the local knowledge, we had on the free financing.
Hum.
Awesome.
Thank you.
The next question is from the line of.
Please go ahead.
Hi.
Thanks for taking my question so.
Couple of things one in Mumbai, and all of it 700, plus the Easter when people call Smart thing individually they protect us from.
Hum development to address the cultural fit is that total investment of most of the 2000 gross is that a fair number.
Okay.
I think probably one of them.
<unk> thousand 500, okay.
But this is enough for the launches right that's been going on.
Pick on them, but we win per day, and they would be October timeframe of when they're looking for the.
Oh, sorry on behalf of.
Between now and when we get there, but you're not starting the cared for at least the project. There is no significant investment the acquired anymore.
Got it okay.
No no no.
Okay, and then secondly, you've reported to Blackstone pick income speak and maybe what you're referring to you being in advanced off before the.
Sort of baked in and interest.
And is it possible.
You really.
Based on some stake in the book, where you come into the project beforehand.
No.
Good luck for numbers on.
With anyone.
Well the remember you on.
[laughter], so that's kind of usually.
The everything.
I mean, you gave us the.
I think barak and bring deep entered the play you had also done a lot of these.
These plays with the export and stuff. So I'm just wondering if something like that is on the table. The next great.
Having an eye on the balance sheet knock increase of that make sure that.
And both of them you know all the way, we'd like to play with pre fans with equity rather than on getting more and more of that doesn't get didn't stop with the whole idea is to see the the ship sales of safely and not get too well what are the funds you have to kind of keep on taking that the cost to the end of bankers are willing to give me as much.
Money out of that one.
The I have two momentum talk on what could make money quite and whatnot with the money.
Paul.
Okay, I think everything is on it yet.
But the viewpoint.
And then finally of the yards I meant I mean, it'll be good remark that the even somebody said it was moving up now than the detail that a bit are we at the end of the that you've been making you think the are you seeing improvement in there.
Thank you.
It's actually that's a nice question everybody is kind of fun, how much of the office space would take after the happened now the team equal the there's more business coming to the country. There's no doubt about it if you've seen the results of the <unk> deal.
The tech companies, it's not booming program and they're all getting more and more work on the economy sitting on the home at home on going walk I think mostly we are thought of a hybrid version, but I think if you asked me the street other new leasing happening of the new demand on the new Rfps in the market the answer of the big yet.
Fee income spaces are in radius project. There on there is a good demand from new campuses also and the it suddenly on line.
From a fine.
Now even better I love, we had the least out some spaces, where the tenant hadn't started the picked out of the started with adults.
I'm pretty sure that there will be more and more demand coming in as of today. Yes. There is some softness there is some even give up on the spirit of the vacancy levels not knock the as much as the third.
The two why do you up and I'm confident of this market as long as we have a good location good product that interest all sort of has not dropped at the out into the middle of the rock, but youre looking at the end of the going up not dropping all of that period of time as long as they give us the location and a good product, but all of it.
And of the Aussie and I think we'd be without substantially even in these times of that.
That gives us the confidence.
Okay.
Okay banked on all of it.
No.
Thank you.
Yeah.
The next question is from the line.
From.
Please go ahead.
Yeah. Thanks for the opportunity most of the questions I've been I'm, sorry, that's gone on stream from my saying Oh no no.
You mentioned portfolio walks of it would be a non target.
We've seen a.
Nature of two years out and what kind of contribution do you see non Bangalore and particularly at the moment in NCI.
So I understand part of FY 'twenty due to that number is on 20% from money do you see that number of sustaining the growth.
Oh, yes.
So now we look at 10000 growth of prepaid.
The non vascular contributes towards what people think.
50 per cent.
Okay.
And so my second question is would be of any update on the DRAM that on a go project any broken this day in terms of and when do we see all of.
Possible launch day, well, it's kind of in a lot of work the beautiful, but then before between of the site. So this will be most likely your Fi 24.
Lunch.
Okay. Okay sure. Thanks, a lot that's on from my side.
Yeah.
Thank you.
The next question is from the line.
Please go ahead.
Thank you same things going on.
<unk> got a great execution.
And you didn't get extremely positive feedback about the you want me to put a bunch of in Mumbai. Two questions here. The one you didn't calculate location in terms of residential and commercial.
So in case, you see the commercial it's filling the vacancy rates are now turning the corner.
I do flexible doing the could you just capital allocation towards.
If you don't you think that is the first question.
And secondly in terms of margin you have guided O'neil.
As the mix changes than what I think of.
Shifts towards 'twenty, two type of thing because some of them.
Okay.
Does the guidance teething things do you know when do you think those Jacob starts keeping.
Duffy on that thank you.
You know that's part of the offense is concerned what day, what we've committed the odd going to execute that on the I think are there wouldn't be enough day goes for it.
Suddenly what happened the.
We always have to buck the trend in the sense that.
No and so honestly are different the Marpol psychology, when somebody says the office is not doing lens on it.
Everybody has jumped on the projects into residential when they say office is doing well there and work the residential too often but I think that's not the right way to work what do you need to do it every block of redevelopment and habits. They live in and we need to know what the man I couldn't get the residential and advocacy.
I don't want to build the residential and stuff in fact, many people came and told me why are you doing this the way I don't ask me that gives the laboratory type of why don't you kind of Arctic two of ethylene chicken, but kind of if you like.
It shouldn't per square foot blah, blah blah, but by the.
We changed the plants do everything the market will be turning towards the office of it. So I think they have to be of focus on what products do you want to do it and that's how we've been operating and that's how we've been successful.
We'll not go with the tie in the 10th of Okay. The at some time Ah if you feel that there's too much supply coming into the system.
For the demand from come and then continue with the construction of that getting back north of the Green one big thick book, We said, okay, let's build one one building in the rest of it in the real we'll do it at the office does not pay zone because it's the language has been bought on so it's it's a it's a it's something that we need to strategize. The aggregate go along as you rightfully said cash.
Working from one asset class of the other Catholic class in that low.
Cash and which may not many of it tends to do that kind of asset classes not the right way to do it on.
And I don't know what the second question actually on for Us.
But it wasn't my brain, sometimes having to fight off the market.
I think we are focused on margin on leasing as of yet trying hard to bring in efficiency in the construction at the same type of feedback the price doesn't increase or higher is that the customer can't afford it sounds like you're trying to balance the needs with our greed and fear of trying to see that the the company gets its margins.
Because it is required to get on with all of the risk that we take at the same time on C that the product comes out nicely in the the efficiencies of the system because even the leave it for ease of use.
That was the handful of D. C. One of them. So they wouldnt behind each of the whole thing for the managing the themes of having workshops for the whole focus is to see how the product has been well be we didn't need the timeline and T. Within the cost. So that is the that's the challenge that keeps happening you haven't efficient people walking in fact cutting of budgets I think things.
When.
Fall within that.
And that creates the most of it finally and.
On Global English day, as we are looking at from ESG Dream book coming from the management can we expect something on E D.
The medium term to come true.
Yes, the it gets to be triggered the profit.
Really are we.
We will probably can put it in Mexico due to the quarter.
Thank you so on and all of the best.
Okay.
Thank you.
Yeah.
The next question is from the line.
Yeah.
Now from Morgan Stanley. Please go ahead.
Yeah. Thanks for the follow up just a couple of questions. One is on the balloon I understood. The 30 acre of land Boston.
The completely clean and care of line or are there some slum so some of their habitation which needs to be removed.
How many of the team.
A lot of the insisted on that is tactically of course.
But yes, we do need to do some of you happen to different components to the boost in two separate parts of the property on.
On one comes in the phase two and one is in the phase one that would be since the near the commercial lock so that but the way we are building that all of them not paying them on it it's clean line items.
The kind of starts construction I mean, we've already started kind of function of previously that went up the hotspots that you have to continue with that kind of data on it.
Okay, Okay great.
The second question is on the ongoing commercial office of block So I think the.
Yorkshire is a piece of $14.4 million square feet, So think of it.
I mean, how do we see the the wrenches scale up as you go forward and maybe in the appendix maybe you can start adding the ear of completion. If you meet them. So how do we see two years' fees sort of ranges of Spike Oh with it.
I think the use of great day, because of all of these total portfolio is not the one off of them close ongoing as well in the upcoming on the retail should give us the three.
301, it goes on the rental income so I thought you said you'll.
We will start giving now like the revenue used to give out here. The estimated he gets a completely predictable income.
Yeah that would be great and then final question Oh, it's sort of what's the outlook on the on the residential pricing in Bangalore I mean the.
We do hear that NCR and goes on there have been some price increase maybe a little bit in Bombay may happen, so any thoughts on bandwidth on pricing going forward.
I'll address the regulations that are on 6000 calendar.
But because of mix of what we're offering.
The outskirts of all of them.
Substantially gone up on Covid, no, but the debt in the range of that.
The 250 fixed financing.
Seven so the.
The range instead of operating but nothing beyond the instead of.
From the company.
And you don't plan to increase it over the next whatever the foreseeable future.
No unless the market there.
Some of you know the really book so when we launch it separately on the pricing so that'd be getting velocity to get the cash flow, but the thing on projects towards the end.
Of the completion of the completion, if you look at that would be substantially I guess, it maybe 30%, but it was looking like they could get a bulk of the bulk of them to be.
Belongs at the five five.
Now what are the little net we of course.
We have eliminated.
Okay got it thank you.
Thank you Sam.
Thank you.
The next question is from the line of Brennan from.
Please go ahead.
So that's part of that if it gets hung you said that the act we are expecting the southern part of it cut off of kind of a presale in FY 'twenty two that is our target and out of it.
90% of we are expecting from Mumbai. So this is from all four of project that we are launching.
We brought it clips one mcf per day, so that makes it fun.
But even more money on in Seattle waterfront together from going live with them.
Okay, and 30 per cent out of this.
Okay. Thank you thank.
Thank you.
Thank you.
Ladies and gentlemen, this on the last question for today.
The conference.
Okay.
Thank you everyone for taking time out of your.
Of course, the conference call of it.
So the very interactive session.
Thank you for the you know.
The question because there's lots of interest picked on Directionally look on where to be exiting our planned growth.
You know the answer.
The British like always we are committed to deliver on the great great interest that we've been giving in the cause and the working hard to ensure that the book you would give you the feedback that I didn't go the portfolio.
You know with that not to be like the way I did about getting the word we had agree the pretty significantly the Arab.
Two out of the portfolio of being in terms of residential office and retail.
We believe that the next three years of going to be busy.
The thing that existing base and realistic of the colon, but.
Specifically part of it but the figure of two thank you. Thank.
Thank you again for all of the Oregon insightful questions we have.
Please see a doctor and the real day, because with the feedback as we go on all the teams are working hard on hundred per cent sure. They will do the work and I mean, we're doing as well.
Go along a lot of awesome.
A number of things to keep increasing on the vintage.
It is a focus on it.
Thank you.
Thank you.
On behalf of.
That concludes this conference. Thank you for the Euro.
You may now disconnect.