Q1 2027 Godrej Properties Ltd Earnings Call

Operator 2: Ladies and gentlemen, good day, welcome to Godrej Properties Q1 FY2027 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Kshitiz Jain from investor relations. Thank you, over to you, sir.

Speaker #1: Should you need assistance during the conference call, please signal an operator by pressing star, then zero, on your touch-tone phone. Please note that this conference is being recorded.

Speaker #1: I now hand the conference over to Mr. Shitej Jain from Investor Relations. Thank you, and over to you, sir.

Speaker #2: Thank you, Raghav. Good afternoon, everyone, and thank you for joining us on the Godrej Properties Q1 FY2027 results conference call. We have with us Mr. Pirojsha Godrej, Executive Chairperson; Mr. Gaurav Pandey, Managing Director and CEO; and Mr. Rajan Khetawat, CFO of the company.

Kshitij Jain: Thank you, Rajat. Good afternoon, everyone, thank you for joining us on Godrej Properties Q1 FY2027 results conference call. We have with us Mr. Pirojsha Godrej, Executive Chairperson, Mr. Gaurav Pandey, Managing Director and CEO, Mr. Rajendra Khetawat, CFO of the company. Before we begin this call, I would like to point out that some statements made in today's call may be forward-looking in nature. The forward-looking statements are based on expectations and may involve risk. The outcome may differ materially from those suggested by such statements, a disclaimer to this effect has been included in the results presentation. I would now like to invite Mr. Pirojsha Godrej to make his opening remarks. Over to you, Pirojsha.

Speaker #2: Before we begin this call, I would like to point out that some statements made in today's call may be forward-looking in nature. These forward-looking statements are based on expectations and may involve risk.

Speaker #2: The outcome may differ materially from those suggested by such statements, and a disclaimer to this effect has been included in the results presentation.

Speaker #2: I would now like to invite Mr. Pirojsha Godrej to make his opening remarks. Over to you, Pirojsha.

Speaker #3: Good afternoon, everyone. Thank you for joining us for Godrej Properties' first quarter financial year 2027 conference call. I'll begin by discussing the highlights of the quarter, and we then look forward to taking your questions and suggestions.

Pirojsha Godrej: Good afternoon, everyone. Thank you for joining us for Godrej Properties Q1 FY27 conference call. I'll begin by discussing the highlights of the quarter, we then look forward to taking your questions, suggestions. GPL achieved a booking value of INR 8,651 crore, a year-on-year growth of 22% from the sale of 3,738 homes with a total area of 6.2 million square feet. This is the sixth consecutive quarter in which GPL has exceeded INR 7,000 crore of booking value. Booking value in the first quarter was driven by strong demand in several of the project launches, including Godrej Vayandara, which had INR 3,237 crore of sales, Godrej Samaris in Gurugram, which had INR 1,248 crore of sales, Godrej Brooklyn Avenue in Hyderabad, which was launched right at the end of June, sold INR 300 odd crore in June, has sold a similar amount since then.

Speaker #3: GPI achieved a booking value of ₹8,651 crore, a year-on-year growth of 22%, from the sale of 3,738 homes with a total area of 6.2 million square feet.

Speaker #3: This is the sixth consecutive quarter in which GPL has exceeded ₹7,000 crore of booking value. Booking value for the first quarter was driven by strong demand in several new project launches, including Godrej Vananthra, which had ₹3,237 crore of sales; Godrej Samaris in Gurugram, which had ₹1,248 crore of sales; and Godrej Brooklyn Avenue in Hyderabad, which was launched right at the end of June and sold ₹300-odd crore in June, and has sold a similar amount since then.

Speaker #3: Incidentally, Godrej Vananthra is the third project in Bengaluru to achieve a booking value of more than ₹3,000 crore in the last three years.

Pirojsha Godrej: Incidentally, Godrej Vayandara is the third project in Bengaluru to achieve a booking value of more than INR 3,000 crore in the last three years. Bookings contributions were led by Bengaluru at 44%, followed by MMR at 21%, NCR at 18%, and Pune and Hyderabad at 11% and 5% respectively. GPL has thereby achieved 22% of its annual guidance for booking value for the financial year. Collections in Q1 stood at INR 4,338 crore, year-on-year growth of 18%. Operating cash flow in Q1 stood at INR 399 crore, a decline of 68%. Direct construction spend increased by 41% year-on-year in Q1. While OCF in Q1 was very weak, we expect our operating cash flow to meaningfully increase in the rest of the year and grow to approximately INR 9,000 crore for the full year.

Speaker #3: Booking contributions were led by Bengaluru at 44%, followed by MMR at 21%, NCR at 18%, and Pune and Hyderabad at 11.5% each. GPL has thereby achieved 22% of its annual guidance for booking value for the financial year.

Speaker #3: Collections in the first quarter stood at ₹4,348 crore, a year-on-year growth of 18%. Operating cash flow in the first quarter stood at ₹399 crore, a decline of 68%.

Speaker #3: Direct construction spend increased by 41% year-on-year in Q1. While OCF in Q1 was very weak, we expect our operating cash flow to meaningfully increase during the rest of the year, and grow to approximately Rs 9,000 crore for the full year.

Speaker #3: GPL added three new projects with an estimated saleable area of approximately 8 million square feet and an expected booking value of ₹9,500 crore. With this, we achieved 48% of our annual guidance for business development in the first quarter.

Pirojsha Godrej: GPL added three new projects with an estimated saleable area of approximately 8 million square feet and expected booking value of INR 9,500 crore. With this, we achieved 48% of annual guidance for business development in Q1. For Q1, the total income declined by 16% to INR 1,337 crore. EBITDA declined by 40% to INR 545 crore, and net profit declined by 42% to INR 350 crore. This is because we had only one project completion in Q1, and that was of a DM structure project. We remain on track for 13.5 million square feet of deliveries in the full year, and for achieving 20% ROE in FY28. With a robust launch pipeline and strong balance sheet, we're confident of delivering another strong year. On that note, I conclude my remarks. Thank you all for joining us on the call.

Speaker #3: For the first quarter, total income declined by 16% to ₹1,337 crore, EBITDA declined by 40% to ₹545 crore, and net profit declined by 42% to ₹350 crore.

Speaker #3: This was because we had only one project completion in Q1, and that was of a DM structure project. We remain on track for 13.5 million square feet of deliveries in the full year and for achieving 20% ROE in financial year 2028.

Speaker #3: With a robust launch pipeline and strong balance sheet, we are confident of delivering another strong year. On that note, I conclude my remarks. Thank you all for joining us on the call.

Speaker #3: We'll now be happy to discuss any questions, comments, or suggestions you may have.

Pirojsha Godrej: We'd now be happy to discuss any questions, comments, or suggestions you may have.

Speaker #1: Thank you very much. We will now begin with a question-and-answer session. Anyone who wishes to ask a question may press star and then one on their touch-tone phone.

Operator 2: Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and then one on their touchtone phone. If you wish to remove yourself from the question queue, you may press star and then two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Your first question comes from Puneet with HSBC. Please go ahead.

Speaker #1: If you wish to remove yourself from the question queue, you may press star, then two. Participants are requested to use handsets while asking a question.

Speaker #1: Ladies and gentlemen, we will wait for a moment while the question queue assembles. Your first question comes from Puneet with HSBC. Please go ahead.

Speaker #4: Yeah, thank you so much, and congrats on good sales bookings here. My first question is with respect to your view on the various markets that you operate in.

[Analyst] (HSBC): Yeah, thank you so much, and congrats on good sales bookings here. My first question is with respect to your view on the various markets that you operate in. Which markets do you feel more excited about? Where are you a bit worried, and how are you thinking about business development in those areas?

Speaker #4: Which markets do you feel more excited about? Where are you a bit worried? And how are you thinking about business development in those areas?

Speaker #3: Thanks for the question. You know, one of the interesting things we've seen from a data perspective at an aggregate level is that the first six months, or H1 performance, for overall Indian residential real estate has been very strong.

Gaurav Pandey: Thanks for the question. One of the interesting things we're seeing from a data perspective at an aggregate level, right, that the first 6 months H1 performance for overall Indian residential registered has been very strong. I think the only laggard in the game, from a Q1 perspective, pan-India, would be give or take Gurgaon, which also, I think, Q2 would see a good uptake because the supply has not hit in Gurgaon as much in Q1 than we expect in Q2. You'll be surprised that in many markets, the absorption has increased between 10% to 25% levels. This is quite a strong aberration. I think overall market seems to be quite strong. From a relative perspective, I would say Bangalore and Hyderabad and Noida clearly being exceedingly well as markets.

Speaker #3: I think the only laggard in the game from a Q1 perspective, Pan-India, would be, give or take, Gurgaon, which also I think Q2 would see a good uptake because the supply has not hit in Gurgaon as much in Q1 as we expect in Q2.

Speaker #3: But you'll be surprised that in many markets, the absorption has increased between 10% to 25% levels. This is quite a strong aberration. So, I think overall the market seems to be quite strong.

Speaker #3: From a relative perspective, I would say Bangalore, Hyderabad, and Noida are clearly doing exceedingly well as markets. I think Bombay—well, I would say poor Bombay, which is the western suburb.

Gaurav Pandey: I think Mumbai, it is, I would say, core Mumbai, which is western suburb, micro markets of South Mumbai, and Thane are doing very strong. These are, I would say, highly attractive markets, but early days even Pune is looking slightly better than what it was, say, in the last 2 odd years. I would say when we were entering the year, I was thinking that we would be an outlier. There could be a very different market. The year has started at a very strong note for the market in general and of course, for us.

Speaker #3: Micro-markets of South Bombay and Thane are doing very strong. These are, I would say, highly attractive markets, but early days. Even Pune is looking slightly better than what it was, say, in the last two-odd years.

Speaker #3: So, I would say when we were entering the year, I was thinking that we would be an outlier. There could be a very different market.

Speaker #3: But the year has started on a very strong note for the market in general, and of course for us.

Speaker #4: Understood. And on the cost side, have you been feeling any impact from cost increases, availability of labor, etc., given that you've now scaled up massively? There has been some chatter about minimum wages going up, etc.

[Analyst] (HSBC): Understood. On the cost side, have you been feeling any impact of cost increases, availability of labor, et cetera, given that you've now scaled up massively and there has been some chatter about minimum wages going up, et cetera?

Speaker #3: Yeah, there’s a 2.6% minimum wage or so from markets that have hit, but, you know, broadly nothing that was not planned for, because, you know, wage rate inflation is a very predictable event.

Gaurav Pandey: There's a 2.6% minimum wage or so some markets that have hit, broadly nothing that was not planned for because wage rate inflation is a very predictable event, when you buy land, especially in the model that we have, we do model the typical wage rate inflation. I think the entire Middle East crisis did have an impact. If you remember, we even discussed this point in the previous earnings call. I would say we were seeing a slightly strange scenario, a very secular strange scenario till about May end. From June now, I would say there is some amount of change happening, still early. Yes, relative to position of February, there is a cost inflation, but there are some very encouraging signs. The steel cost has give or take reduced by almost 12% in between, say, to even a February cost base.

Speaker #3: And when you buy land, especially in the model that we have, we do model the typical wage rate inflation. But I think the entire Middle East crisis did have an impact. If you remember, we even discussed this point in the previous earnings call.

Speaker #3: I would say we were seeing a slightly strange scenario—a very secular, strange scenario—till about May end. From June and now, I would say there is some amount of change happening. Still early.

Speaker #3: Yes, relative to, say, a position of February, there is a cost inflation. But there are some very encouraging signs, you know, like the steel cost has, give or take, reduced by almost 12% in between, say, to even a February cost base.

Speaker #3: Even items like lift systems have seen a marginal cost drop. But, you know, things like aluminum have shot up. Tile availability was a huge challenge in April and May.

Gaurav Pandey: Even items like lift systems have seen a marginal cost drop, things like aluminum have shot up. Tile availability was a huge challenge in April and May, and marble availability. That supply side issue has got resolved, there's some amount of price drop also we've seen both in marbles and tiles, relative to February, still inflated. I would say as and when we would see in the coming months, supply side getting more and more recognizing the supply side constraint getting over, I would say the cost drops will happen. Nothing really worrisome, I would say, about May if you ask me the same question, I would have been more worried on the trend, but now the trends have started reversing.

Speaker #3: And marble availability—that supply side issue has got resolved. But there was, and there's some amount of price drop also, we've seen, both in marbles and tiles.

Speaker #3: But relative to February, still inflated. So I would say, as and when we see in the coming months the supply side getting more and more recognized— you know, the supply side constraint getting over— I would say the cost drops will happen.

Speaker #3: But I mean, nothing really worrisome. I would say about May—if you had asked me the same question then—I would have been more worried about the trend.

Speaker #3: But now the trends have started reversing.

Speaker #4: Understood. And you have a significant amount of projects ready to get completed in FY28. What percentage of inventory would still be unsold for those projects?

[Analyst] (HSBC): Understood. You have a significant amount of projects ready to get completed in FY28. What percentage of inventory would still be unsold for those projects?

Speaker #3: I wouldn't know the aggregate number of files, but if you just see the specifics, it talks about the 16 projects. We have added a specific slide.

Gaurav Pandey: I wouldn't know the aggregate number, Often.

[Analyst] (HSBC): Broad estimate.

Gaurav Pandey: specifics talks about the 16 projects.

[Analyst] (HSBC): Yeah

Gaurav Pandey: We have added a slide. The INR 40,000 crore booking value that we said is more or less, is basically already sold out. It's not that we have a huge inventory because most of these are sell-up projects. Like Aristocrat, 98% is sold out. Reserve, we sold more than INR 6,000 crores of inventory. Even Emirates are sitting with.

Speaker #3: The ₹40,000 crore booking value that we mentioned is more or less already sold out. It's not that we have a huge inventory, because most of these are seller projects.

Speaker #3: Like Aristocrat, 98% is sold out. Reserve—we sold more than ₹6,000 crore of inventory. So, your MSR sitting presentation actually has all the details.

Pirojsha Godrej: The mixture of.

[Analyst] (HSBC): Yeah

Pirojsha Godrej: presentation actually has five projects.

Speaker #4: Five projects.

Speaker #3: Yeah.

Gaurav Pandey: Yeah.

Speaker #4: Understood. That's good. That's all from my side. Thank you so much, and all the best.

[Analyst] (HSBC): Understood. That's good. That's all from my side. Thank you so much, and all the best.

Speaker #3: Thank you. Thank you.

Gaurav Pandey: Thank you.

Pirojsha Godrej: Thank you.

Speaker #2: Thank you.

Speaker #1: Thank you. The next question comes from the line of Gaurav Khandelwal with JP Morgan. Please go ahead.

Operator 2: Thank you. The next question comes from the line of Gaurav Khandelwal with J.P. Morgan. Please go ahead.

Speaker #5: Hi, good evening. Thanks for taking my questions. My first question is on business development. We've done close to ₹9,500–₹10,000 crore in the first quarter itself.

Gaurav Khandelwal: Hi. Good evening. Thanks for taking my questions. My first question is on business development. We've done close to nine and a half, INR 10,000 crore in Q1 itself, and I'm assuming a lot of this would've been known by the time we had given FY2027 guidance of INR 20,000 crore. Do you think this year would again be one of those years where we meaningfully overshoot the BD development guidance? What is the kind of pipeline that we are looking for, at least in next one to two quarters, where you would have a more better visibility? That's my first question. I'll have one more follow-up after this. Thank you.

Speaker #5: And I'm assuming a lot of this would have been known by the time we had given FY27 guidance of ₹20,000 crore. So, do you think this year would again be one of those years where we meaningfully overshoot the BD development guidance?

Speaker #5: And what is the kind of pipeline that we are looking for, at least in the next one to two quarters, where you would have better visibility?

Speaker #5: That's my first question. I'll have one more follow-up after this. Thank you.

Speaker #2: Sure. On business development—actually, no, we didn't have any idea about this when we had our last, when we were issuing the guidance. Actually, the big contributor to this ₹9,500 crore was the ₹7,000 crore land in Noida, which we won in auction subsequent to that.

Pirojsha Godrej: Sure. On business development, actually, no, we didn't have any idea about these when we were issuing the guidance. Actually, the big contributor to this INR nine and a half thousand was a INR 7,000 crore land in Noida, which we won an auction subsequent to that. I think that was again the main contributor. I think we've said that on business development guidance, we've intentionally put out a fairly conservative number because we don't want to have any pressure or requirement to do business development just to meet any guidance. We've also said that, I think thinking about business development as more of a replacement to sales is probably roughly where we think a healthy level of business development would be. Our sales for this year guidance is of course a lot higher than business development.

Speaker #2: So, I think that was, again, the main contributor. I think we've said that, on business development guidance, we've intentionally put out a fairly conservative number because we don't want to have any pressure or requirement to do business development just to meet any guidance.

Speaker #2: We've also said that, you know, I think thinking about business development as more of a replacement for sales is probably roughly where we think a healthy level of business development would be.

Speaker #2: Our sales guidance for this year is, of course, a lot higher than business development. So, I think somewhere in that range is where we would expect to end.

Pirojsha Godrej: I think somewhere in that range is where we would expect to end, and Q1 is therefore quite in line with that.

Speaker #2: And Q1 is therefore quite in line with that.

Speaker #5: Got it. But just to understand this better, in that context, what are the key risks outside of business development to the FY28 positive FCF that you've mentioned in this quarter's presentation?

Gaurav Khandelwal: Got it. Just to understand this better, in that context, what are the key risks outside of business development to the FY28 +FCF that you mentioned in this quarter's presentation?

Speaker #2: I think that is, you know, I think that is the key risk, if you want to call it that. I'd say, obviously, waiting for only putting in capital when projects are going to generate higher than 20% IRRs.

Pirojsha Godrej: I think that is the key risk, if you want to call it that. I'd say obviously we think we're only putting in capital when projects are going to generate higher than 20% IRR. Generally, we feel adding a new project is very positive because we're meeting our regular kind of threshold. That to me would be the big risk if we did overshoot that. I think we're quite clear also both in terms of what stakeholders would like us to do, and we think that the operating cash flows will be strong enough to ensure very robust this business development plan from free cash flows next year. I think the only other risk is very substantial project plays or very huge kind of cost overruns because of the global situation worsening or things like that.

Speaker #2: But generally, we feel adding new projects is very positive because we're meeting our rigorous kind of thresholds. But, to me, that would be the big risk if we did overshoot that.

Speaker #2: But I think we're quite clear, also, both in terms of what stakeholders would like us to do. And we think that the operating cash flow will be strong enough to ensure very robust business development, plus strong free cash flows next year.

Speaker #2: I think the only other risk is very substantial project delays or, you know, very huge kind of cost overruns because of this global situation worsening or things like that.

Speaker #2: But those would be, I'd say, relatively small risks in our view.

Pirojsha Godrej: Those would be, I'd say, relatively small risks in our view.

Speaker #5: Thanks, that's very clear, Mike. Second question is, how are you looking at the activities of NRI customers coming back to the market? Have they come back to what the quantum of business activity with them was prior to the Middle East war, or do you still think these are still early days?

Gaurav Khandelwal: Thanks. That's very clear. My second question is, how are you looking at the activities of NRI customers coming back to the market? Have they come back to what the quantum of business activity with them was prior to the Middle East war, or do you still think these are still early days?

Gaurav Pandey: First of all, we have not modeled historically our sales on NRI per se. Give or take, we have a 10% sort of NRI sales. We were fairly insulated. It doesn't create either a major upside risk or a downside risk for us. That being said, I would say there is a structural shift we are seeing within NRI market, more specifically in the Middle East side. I would say previous to the crisis, right, India was more of an opportunity for NRI customers to look at an investment base for India. Give or take, their horizon of investment, say two years, three years, four years, was a typical way of them looking India, and I'm talking about the community. I think that is fundamentally getting changed.

Speaker #3: You know, at the first of all, you know, we have not modeled historically our sales on NRI per se, give or take. We have like a 10% sort of NRI sales.

Speaker #3: So, we were fairly insulated. It doesn't create either a major upside risk or a downside risk for us. That being said, I would say there is a structural shift we are seeing within the NRI market, most specifically on the Middle East side.

Speaker #3: I would say, previous to the crisis, right, India was more of an opportunity for NRI customers to look at as an investment base for India.

Speaker #3: And, you know, give or take, their horizon of investment—say, two years, three years, four years—was a typical way of them looking at India.

Speaker #3: And I'm talking about the bulk of the community. I think that is fundamentally getting changed. It's still very early, because a lot of people are now looking that, you know, maybe the Middle East is not the safest place anymore.

Gaurav Pandey: It's still very early because a lot of people are now looking that maybe Middle East is not the safest place anymore. Should they look back moving to India? What should they do? Certainly those conversations have happened. I think the closest parallel, I would say it's very premature to say that, but something like COVID, right? That the triggers to demand after COVID were largely psychological, and that totally shifted the demand pattern for the core property market. I think this is an interesting situation to sort of draw a parallel study that. I think it's very early, yeah, the quality of conversations has really shifted from the Middle East market. Barring Middle East market, I think it's pretty much business as usual.

Speaker #3: So should they look back at moving to India? What should they do outside? And those conversations have happened, and I think the closest parallel—and I would say it's very premature to say that—but something like COVID, right, that the triggers to demand after COVID were largely psychological.

Speaker #3: And that's totally shifted the demand patterns for the core property market. It's an interesting situation to sort of draw a parallel and study that. I think it's very early, but yeah, the quality of conversations has really shifted.

Speaker #3: From the Middle East market—barring the Middle East market—I think it's pretty much business as usual. A lot of people are looking at India as a good place to invest, purely from a long-term currency hedge.

Gaurav Pandey: A lot of people are looking India as a good place to invest, really from a long-term currency hedge. People want to buy property for their parents or come here back for retirement. That kind of is more or less similar.

Speaker #3: And people want to buy properties for their parents or come here back for retirement, so that is more or less similar.

Speaker #5: Got it. Thank you. And if I could just ask one more question—in terms of the KPIs for top management, what are the top two or top three things that have the highest weight on the scorecards?

Gaurav Khandelwal: Got it. Thank you. If I just can ask one more question. In terms of the KPI for top management, what are the top two, top three things which have the highest weight on the scorecards? Is it market cap? Is it free cash generation? Is it ROE? Just to get some sense.

Speaker #5: Is it market cap? Is it free cash generation? Is it ROE? Just to get some sense.

Speaker #2: Yeah, sure. We have four key metrics that we use for incentives for the team. The first of those is cash collection. So, we've purposely chosen collections instead of operating cash flow because we think collections encourage overall speed of delivery, which is good for customers and good for long-term health.

Pirojsha Godrej: Yeah, sure. We have four key metrics that we use for incentives to the team. The first of those is cash collection. We've purposely chosen collections instead of operating cash flow because we think collections encourages overall speed of delivery, which is good for customers, good for long-term health. Whereas OCF can also sometimes in the short term be achieved by cutting down on construction costs that are not necessarily in immediate collection. We think collections is a better cash metric, so that's the one we've used. We also have imputed profits, which incentivizes both bookings growth for the company as well as margin creation and margin enhancement. That imputed profit is multiplied by what we call our asset management factor, which either rewards or penalizes the teams based on enhancement or reduction in existing locked-in profits. That's the second bucket.

Speaker #2: Whereas OCF can also sometimes, in the short term, be achieved by cutting down on construction costs or on parts that are not completely needed—collections. So we think collections is the better cash metric.

Speaker #2: So that's the one we've used. We also have imputed profits, which incentivize both bookings growth for the company as well as margin creation and margin enhancement.

Speaker #2: That imputed profit is multiplied by what we call an asset management factor, which either rewards or penalizes the teams based on enhancement or reduction in existing locked-in profits.

Speaker #2: So that's the second bucket. The third is reported profits, where, you know, honestly, I think it was more to bring in discipline and focus on this mattering over the long term.

Pirojsha Godrej: The third is reported profits, where honestly, I think it was more to bring in the discipline and focus on this mattering over the long term. I think there's not very much teams can do other than project developments, et cetera, to move, and faster delivery to move in-year profits. We think helpful in creating that trajectory. The fourth is a Net Promoter Score where we measure directly from our customers' ratings of their experience with us, and that's, of course, to incentivize quality customer service and long-term brand enhancement.

Speaker #2: I think there's not very much teams can do other than, you know, plotted developments, etc., to move and faster delivery, to move India profits.

Speaker #2: But we think helpful in creating that trajectory. And the fourth is a net promoter score where we measure customers' ratings of directly from our customers' ratings of their experience with us.

Speaker #2: And that's, of course, to incentivize quality customer service and long-term brand enhancement.

Speaker #5: Got it, thanks. That's very helpful. And is there any discussion of switching to a percentage completion accounting from the PCM one currently?

Gaurav Khandelwal: Got it. Thanks. That's very helpful. Is there any discussions of switching to a percentage completion accounting from the PCM one currency?

Pirojsha Godrej: Sorry, shifting to percentage completion. No, we think it will be very complicated. Our view is that in certain jurisdictions like Haryana and Karnataka, the RERA rules don't support the use of percentage completion accounting. Maharashtra, of course, it is easier to do that. No, given our national business, we feel that we'd either probably have to maintain different types of accounting standards in different geographies, which we think would just add to the confusion. We of course, over the last couple of years, have introduced imputed profits, and are publishing those on an annual basis to help signal to markets what our operating numbers look like. Those are more in the direction of percentage completions versus project completions. Hopefully, investors can get a decent sense of where things are based with, one, operating cash flows, two, imputed profits.

Speaker #2: Sorry. Percentage shifting to percentage completion—no, we think it will be very complicated. Our view is that in certain jurisdictions, like Haryana and Karnataka, the RERA rules don't support the use of percentage completion accounting.

Speaker #2: Maharashtra, of course, the ABP is here to do that. So no, given our national business, we feel that we would either probably have to maintain different types of accounting standards in different geographies.

Speaker #2: But we think we'll just add to the confusion. We, of course, over the last couple of years have introduced imputed profits and have been publishing those on an annual basis.

Speaker #2: To help signal to markets what operating numbers look like. Those are, you know, more in the direction of percentage completion versus project completion. So, hopefully investors can get a decent sense of where things are based if one, operating cash flows to imputed profits, and hopefully, as some of the newer projects finally start reaching revenue recognition towards the end of this year and largely next year.

Pirojsha Godrej: Hopefully, as some of the newer projects finally start reaching revenue recognition towards the end of this year and largely next year, we will also get a sense of reported profits. No plans to switch senior accounting.

Speaker #2: We'll also get a sense of reported profits, so no plans to switch the accounting.

Speaker #5: Perfect. Thank you very much. Those were all my questions.

Gaurav Khandelwal: Perfect. Thank you very much. Those were all my questions.

Speaker #2: Thank you.

Pirojsha Godrej: Thank you.

Speaker #1: Thank you. The next question comes from the line of Avinav Senna with Jefferies. Please go ahead.

Operator 2: Thank you. The next question comes from the line of Abhinav Sinha with Jefferies. Please.

Speaker #5: Hi. So, first question on the construction outflow, which has scaled up now to around 2,250-odd crores. Where do you see this settling by the end of the year?

Abhinav Sinha: Hi. Sir, first question on the construction outflow, which has scaled up now around INR 20 to 50 odd crores. Where do you see this settling by the end of the year?

Speaker #3: Thanks, Avinav. You know, it's difficult to comment on the exact number, but if you look at it—I don't think we've published this number—but, give or take, the percentage that you saw last year, we will try and mimic something closer to that.

Gaurav Pandey: Thanks, Abhinav. Difficult to exactly comment on the exact numbers, I'm sorry, I don't think we've published this number, but give or take the percentage that you saw last year, we will try and limit something closer to that. I would say between 30% and 40% is the ideal range to almost ensure that next year PAT is certain. Of course, in certain projects, the outflow will be more on core engineershell. Certain projects could be more in finishing, and they both have very different outflow streams, right? I think fair to say, every quarter you'll see a base effect between 20% to 40% range of quarter-on-quarter, year-on-year sort of a growth. That's what we ideally would aspire to do all things remaining fair.

Speaker #3: I would say between 13 to 14 percent is the ideal range to almost ensure that next year PAT is certain. But of course, in certain projects, the outflow will be more on core and shell.

Speaker #3: Certain projects could be more on finishing, and they both have very different outflow streams, right? But I think it's fair to say, every quarter you'll see a base effect in the 20% to 40% range, quarter on quarter, year on year, sort of a growth.

Speaker #3: And that's what we ideally would aspire to do. All things remaining safe, I think NJT could be a period where, depending on how much the band period is, it is a sort of unpredictable POC line item for the year.

Gaurav Pandey: I think NGT could be a period where, depending on how much the ban period is a sort of unpredictable POC line item for the year. That aside, I'm very confident that we will see a very good spike on POC and also operating cash by the end of the year.

Speaker #3: But that aside, I'm very confident that we'll see a very good spike on POC and also operating cash by the end of the year.

Speaker #5: Okay, sir. Got a second question on sales—so, pre-sales basically. You have earlier said that you would like to have smoother sales across the quarter.

Abhinav Sinha: Okay, sir. Parag, second question on sales. Pre-sales, basically, you have earlier said that you would like to have smoother sales across the quarter. Now looking at the launch pipeline, how do you think this year is going?

Speaker #5: Now, looking at the launch pipeline, how do you think this year is going?

Speaker #3: I think Avinav started on a very good note. If you're very frank, Q1 is usually the slowest for us, purely because teams go above and beyond in Q4, and people, you know, as you know, their children have holidays, so people travel a lot.

Gaurav Pandey: We started at a very good note. To be very frank, Q1 is usually the slowest for us, purely because teams go above and beyond in Q4, and as you know, children have holidays, so people travel a lot. Approvals also, everybody tries to push as much for launches in Q4. I think this year, what we did fundamentally different in Q1 was to focus on sustenance really well. If you see, while the quarter overall number is quite exciting, especially from a peer group point of view, 41% or so came from sustenance sales. I think we have a good launch pipeline throughout the year. The big ones which are immediately coming are the Bandra launch which we've seen what Worli has done to our portfolio and to the city.

Speaker #3: So, in approvals also, everybody tries to push as much for launches in Q4. But I think this year, what we did fundamentally different in Q1 was to focus on sustenance really well.

Speaker #3: And if you see, while the overall quarterly number is quite exciting, especially from a peer group point of view, about 41 percent or so came from sustenance sales.

Speaker #3: So, I think we have a good launch pipeline throughout the year. The big ones which are immediately coming are, like, the Bandra launch, and we've seen what Worli has done to our portfolio and to the city.

Speaker #3: I have very high expectations from Bandra, and similarly, Golf Extension Road is a huge launch which will come in Gurgaon. Then there are a couple of launches in Bangalore, Hyderabad, and Pune.

Gaurav Pandey: I have very high expectations from Bandra. Similarly, Golf Course Extension Road is a huge launch which will come in Gurgaon. Then there are a couple of launches in Bangalore, Hyderabad, and Pune. To be very frank, sometimes it's extremely difficult to predict launch exact timelines. The controllables therefore become, there are some thresholds of timelines we define internally for RERA approvals. So there is a launch activation model that we follow. If those tend to get breached because of approval delays, we start shifting our focus more towards sustenance. There will be a degree of predictability on quarter-on-quarter performance. Yeah, there could be some quarters which, because of lumpy launches, could see an exponential jump, but there would be a minimum threshold we would like to maintain quarter-on-quarter. Something like we've done for the last maybe six quarters.

Speaker #3: But, to be very frank, sometimes it's extremely difficult to predict the exact timeline for a launch. So, the controllables therefore become — there are some thresholds of timelines we define internally for rarer approvals.

Speaker #3: And so, there is a launch activation model that we follow. But if those tend to get breached because of approval delays, we start shifting our focus more towards sustenance.

Speaker #3: So there will be a degree of predictability in quarter-on-quarter performance. But yeah, I mean, there could be some quarters which, because of lumpy launches, could see an exponential jump.

Speaker #3: But there would be a minimum threshold we would like to maintain quarter on quarter, something like we've done for the last maybe six quarters. We've delivered always ₹7,000 crore sort of a number.

Gaurav Pandey: We've delivered always INR 7,000 crore sort of a number. That's sort of almost like an internal bare minimum we always have. Endeavor is INR 8,000, INR 9,000, INR 10,000 sort of trajectory, then taking with launches maybe even further. That's the broad. I don't want to commit you a number for say right now. That's the thought process we model ourselves when we look at a quarter.

Speaker #3: That sort of, almost like, an internal bare minimum we always have and deliver is 8,000, 9,000, 10,000 sort of trajectory, and then, taking with launches, maybe even further.

Speaker #3: So that's the broad—we don't want to commit to a number per se right now, but, I mean, that's the thought process we model ourselves on when we look at a quarter.

Speaker #5: Great. One last question. So, I mean, you've given FCF positive guidance and put some numbers also. For FY28, how do you think FY27—we should see net debt moving in the next three or four quarters?

Abhinav Sinha: Great. One last question. You've given a FCF +guidance and put some numbers also for FY28. How do you think FY27 we should see net debt moving in the next three odd quarters? Thank you.

Speaker #5: Thank you.

Speaker #2: Yeah, Avinav. I think, you know, it could be a little bit up and down depending on, you know, how much BD happens and what the exact collections are, quarter by quarter.

Pirojsha Godrej: Yeah. I think it could be a little bit up and down depending on how much BD happens and what's the exact collections quarter by quarter. I would say roughly, to get to the INR 24,000 crore collections and INR 9,000 crore OCF, this guidance for this financial year, I think there'll be a build-up through the year, and Q4 will probably be the strongest of the four quarters. You'll see Q2, I think, significantly better than Q1, and Q3 should be better than Q2, and Q4 should be quite strong. I think there's a decent chance, even in the rest of FY27, we will be free cash flow positive unless we do a very high level of BD, because I think the remaining collections for this year, just in the last three quarters, are about equal to our total collections last financial year. I think there are good opportunities.

Speaker #2: I would say, roughly, to get to the ₹24,000 crore collections and ₹9,000 crore OCF we’ve guided for this financial year, I think there will be a build-up through the year, and Q4 will probably be the strongest of the four quarters.

Speaker #2: So you'll see Q2, I think, significantly better than Q1. Q3 should be better than Q2, and then Q4 should be quite strong. I think, you know, there's a decent chance even in the rest of FY27 we will be pre-cash flow positive, unless we do a very high level of BD.

Speaker #2: Because I think that the remaining collections for this year, just in the last three quarters, are about equal to our total collections last financial year.

Speaker #2: So, I think there are good opportunities. But I think, honestly, the main focus for this year is to make sure we make a lot of construction progress.

Pirojsha Godrej: I think honestly, the main focus for this year is to make sure we make a lot of construction progress. Some of those collections will of course come this year, but a big portion will also happen next year upon delivery. I think that's priority number one. While we know the market's very focused on this free cash flow number, and we are too, but we want to balance that with the opportunities we see for growth at the same time. We think on the large base we've established, if we're able to next year report a 20% ROE and also report 20% booking value growth, we do think that will be well appreciated at that stage.

Speaker #2: Some of those collections will, of course, come this year, but a big portion will also happen next year upon deliveries. So I think that's priority number one.

Speaker #2: And while we know the market is very focused on this pre-cash flow number—and we are too—we want to balance that with the opportunities we see for growth at the same time.

Speaker #2: We think on the large base we've established, if we're able to next year report a 20% ROE and also report 20% booking value growth, we do think that will be well appreciated at that stage.

Speaker #2: We think the market is perhaps a little more focused on efficiency right now than growth, because they have more evidence from us in the last few years of the growth than the efficiency.

Pirojsha Godrej: We think the market is perhaps a little more focused on efficiency right now than growth because they have more evidence from us in the last few years of the growth than the efficiency. We're seeing the internal numbers. We're quite confident and convinced on the efficiency. Therefore, we don't want to over-correct to respond to the market and kind of not also capture the kind of growth opportunity that is present. We do want to keep these two things in balance. We've already said that we would look at INR 10,000 crore net debt as a cap that we would not like to exceed, and we'll work to make sure we stay within that.

Speaker #2: But we are, you know, we've seen the internal numbers, are quite confident and convinced on the efficiency. Therefore, we don't want to overcorrect to respond to the market and also not capture the growth opportunity between us.

Speaker #2: But that is present. So, we do want to keep these two things in balance. We've already said that we would look at ₹10,000 crore net debt as a cap that we would not like to exceed, and we'll work to make sure we stay within that.

Speaker #2: That said, I think there's every chance that even in the next nine months of FY27, we could be pre-cash flow positive and we'll, of course, unless we're seeing really exceptional business development opportunities, endeavor to do so.

Pirojsha Godrej: That said, I think there's every chance that even in the next nine months of FY27, we could be free cash flow positive, and we look for, unless we're seeing really exceptional business development opportunities, endeavor to do so. I think FY28 is the year that we feel, even if we see great BD opportunity, given the scale we're likely to have of operating cash flows, we're very confident that that year we will be free cash positive. I think to us, it seems an absolutely critical deliverable to do that this year. Long as we're keeping our net debt broadly in check and we're confident that the BD we're doing will deliver strong growth. Obviously last year was a good BD year for us, we hope to demonstrate the value of that through having a great booking performance this year.

Speaker #2: But I think FY28 is a year that we feel, even if we see great BD opportunities, given the scale, we'd like to have operating cash flows. We're very confident that in that year, we will be pre-cash positive.

Speaker #2: And I think, to us, it isn't, you know, an absolutely critical deliverable to do that this year, so long as we're keeping our net debt broadly in check and we're confident that the BD we're doing will deliver strong growth.

Speaker #2: And I think, you know, obviously last year was a good BD year for us. We hope to demonstrate the value of that through, you know, having a great booking performance this year.

Speaker #5: Thanks, and all the best to the team.

Abhinav Sinha: Thanks. All the best to the team.

Speaker #2: Thanks.

Pirojsha Godrej: Thank you.

Speaker #3: Thanks.

Speaker #1: Thank you. The next question comes from the line of Pritish Seth with Axis Capital. Please go ahead.

Operator 2: Thank you. The next question comes from the line of Pritesh Sheth with Axis Capital. Please go ahead.

Speaker #5: Yeah. Thanks for the opportunity. Just a couple of questions. In terms of launches, you know, maybe if you can just highlight on the GDV, you know, across next three quarters, we have balanced launches of 37, 38,000 crore.

Pritesh Sheth: Yeah. Thanks for the opportunity. Just a couple of questions. In terms of launches, maybe if you can just highlight on the GDV across next 3 quarters. We have balanced launches of INR 37,000 to 38,000 crore. We had almost INR 11,000 crore of launches this Q1. Q2 would be similar or slightly better, obviously H2 is expected to be quite better. Just trying to understand how to think about the trajectory there.

Speaker #5: You know, we had almost ₹10,000–11,000 crore of launches this quarter. Q2 would be similar or slightly better. And then, obviously, each second half is expected to be quite better.

Speaker #5: But just trying to understand, how should we think about the trajectory that is?

Gaurav Pandey: Pritesh, I would say there is an entire launch set of approvals, which just like in Q1 we were adding, right? Let's see where exactly which dates we get it. Actually, if you ask me, the big ones seem to be on track. Depending on the day we get the approvals, we'll take a call whether it makes sense to launch and push this within the quarter, or would it make more prudent sense to do it to the next quarter. I think the two big ones are Bandra and GCED extension, and they have meaningful impact on absolute performance. Both are very high margin projects, so we don't want to necessarily, just to compensate for a number, push them either this quarter or we would like to see if the approvals come the next 15 days, we push it within the quarter.

Speaker #3: Pritish, yeah, I would say there is an entire launch set of approvals, which, just like in Q1, we were running, right? So let's see exactly which dates we get it.

Speaker #3: If you ask me, the big ones seem to be on track. Depending on the day we get the approvals, we'll take a call on whether it makes sense to launch and push this within the quarter, or whether it would make more prudent sense to do it in the next quarter.

Speaker #3: I think the two big ones are Bandra and GCR Extension. And we have meaningful impact on absolute performance, but both of these are very high margin products.

Speaker #3: So, we don't want to necessarily just compensate for a number or push them either this quarter. We would like to see if the approvals come in the next 15 days; we push it within the quarter.

Speaker #3: If it takes more time, we might take a call to do the next one. But there are some approvals which seem to be on track and have already come, and we are doing good things in that.

Gaurav Pandey: If it takes more time, we might take a call to do the next one. There are some approvals which seem to be on track and have already come, and we are doing good things in that. You'll be happy to note that project which we got almost towards the end of the last quarter. There was a project in Hyderabad which did about INR 300+ crores, has already crossed INR 650 odd crores in this. The cumulative sales by now, Samaris has crossed INR 1,500 crores as we speak. I think there is some amount of launches of last quarter towards the later part, we'll continue to see growth. I think we'll take a judgment call somewhere, I would say third or fourth week of August, looking at the approval timeline.

Speaker #3: You would be happy to note that the project which we got almost towards the end of the last quarter—like there was a project in Hyderabad which did about ₹300 crore plus—has already crossed ₹650 crore in this cumulative sales by now.

Speaker #3: Samaris has crossed ₹1,500 crore as we speak. So I think some of the launches from last quarter, particularly towards the later part, will continue to drive growth.

Speaker #3: So I think we'll take a judgment call somewhere, I would say, in the third or fourth week of August, looking at the approval timeline. But fair to say the overall launch calendar—15 days here and there aside—is absolutely on track and looks very promising.

Gaurav Pandey: Fair to say, the overall launch calendar, 15 days here and there aside, is absolutely on track and looks very promising.

Speaker #5: Sure, perfect. That's helpful. So two bigger ones, Bandra and Golf Course Road, would be either Q2 or Q3, not Q4, is what one should assume.

Pritesh Sheth: Sure. Perfect. That's helpful. Two bigger ones, Bandra and Golf Course Extension Road, would be either Q2 or Q3, not Q4, is what one should assume.

Speaker #3: Q2 or Q3—no, Q4. I think it's either within this quarter or back to the next quarter.

Gaurav Pandey: Q2 or Q3, not Q4. I think it's either within this quarter or maximum next.

Speaker #5: Okay, okay, fair enough. And second on—you know, firstly, thanks for the free cash flow guidance, cash flow guidance overall, and the free cash flow target.

Pritesh Sheth: Okay, fair enough. Firstly, thanks for the free cash flow guidance overall and the free cash flow target. Just one question on that. Obviously, there would be some collections, cash flows arising out of next year's sales numbers. Have you still assumed a growth over this year's base to arrive at those cash flow numbers? Just directionally, what are we thinking in terms of how our business is going? How much sensitivity is there if, let's say, on pre-sales we flatten out next year, how much impact it could have on that? That INR 11,000 to 12,000 crore OCF that we are probably expecting next year. Yeah.

Speaker #5: Just one question on that. I mean, obviously there would be some collections—cash flows arising out of next year's sales number. You know, have you still assumed a growth over this year's days?

Speaker #5: You know, to arrive at those cash flow numbers or just directionally, what are we thinking in terms of how our business is going? And how much sensitivity is there if, let's say, on pre-sales we flatten out next year? You know, how much impact could that have on that?

Speaker #5: You know, that ₹11,000–12,000 crore OCF that we are probably expecting next year. Yeah.

Speaker #2: Yeah, Pritish, I think this builds in for this year what we've guided: the ₹39,000 crore bookings and ₹24,000 crore collections. And yes, there would be some growth assumed in that, but I don't think it's anything extraordinary.

Pirojsha Godrej: Yeah, Pritesh, I think this builds in for this year what we guided, the INR 39,000 crore booking, INR 24,000 crore collection. Yes, there would be some growth assumed in that, but I don't think it's anything extraordinary. This is really our CVE, I think that could there be some downside risk if the sales situation in the market very significantly deteriorates or the construction schedules get very disrupted by global events? Of course, there could be some. I would say there's as much or more upside risk if markets hold up and we're able to, as Gaurav said, launch things like Bandra, which is a big project for us. Godrej Ashok Vihar has also been making some progress in approvals. If some of these launches, there could also hopefully be some upside potential to this.

Speaker #2: And so this is really our CVE. I think, could there be some downside risk if the sales situation in the market very significantly deteriorates, or, you know, the construction schedules get very disrupted by global events?

Speaker #2: Of course, there could be some, but I would say there's as much or more upside risk if markets hold up and we're able to, as far as that bounce, things like Bandra, which is a big project for us. Ashok PR has also been making some progress in approvals.

Speaker #2: So, if some of these launches happen, there could hopefully be some upside potential to this. But, yes, it is on a CVE basis. Our current view of how things will improve—we've made an attempt to neither make it too aspirational nor too pessimistic.

Pirojsha Godrej: Yeah, it is a CVE basis, our current view of how things will improve. We've made an attempt to neither make it too aspirational nor too pessimistic.

Speaker #5: Sure, pretty helpful. And thanks for the disclosures. Thank you. All the best.

Pritesh Sheth: Sure. Pretty helpful. Thanks for the disclosure. Thank you. All the best.

Pirojsha Godrej: Thank you.

Speaker #2: Thank ank you.

Operator 2: Thank you. The next question comes from the line of Girish Choudhary with Avendus Spark. Please go ahead.

Speaker #1: Thank you. The next question comes from the line of Girish Chaudhary with Aventus Park. Please go ahead.

Speaker #3: Yeah, hi. Thanks for the opportunity. My first question is again with respect to your guidance on the OCF, which is around ₹8,600 crore for the balance of fiscal '27, and also you guided for collections of roughly around ₹19,650 crore, right?

Girish Choudhary: Hi. Thanks for the opportunity. My first question is, again, with respect to your guidance on the OCF, which is around INR 8,600 crores for the balance of FY27, you also guided for collections of roughly around INR 19,650 crores, right? The implied gap or, let's say, the implied outflow is around INR 11,000 odd crores, right? If I look at the Q1 construction and other project outflow was INR 4,600 crores, right? The implied INR 11,000 crores for the rest of nine months is a sharp lower run rate versus the Q1. If you could just explain how should we look at going ahead in terms of both construction and other projects-related outflow?

Speaker #3: So, the implied gap, or let's say the implied outflow, is around ₹11,000-odd crores, right? Anand, if I look at the Q1 construction and other project outflow, it was ₹4,600 crores, right?

Speaker #3: So the implied ₹11,000 crores for the rest of the nine months is a pretty sharp lower run rate versus Q1. So if you could just explain how we should look at this going ahead, in terms of both construction and other project-related outflows.

Speaker #2: So you know, Girish, the construction spend obviously will, you know, improve going forward. You know, so that will also depend on what kind of, you know, projects are going at what stage they are.

Gaurav Pandey: Girish, the construction spend obviously will improve going forward. That will also depend on what kind of projects are going, at what stages they are. Those will vary a little bit. What we have said that over the year, the entire year, we will be able to generate INR 9,000 crore of OCF with INR 24,000 crore of collection. Between that collection figure and OCF, there are several cost items like construction spend, other related outflows. Other related outflows, there is a brokerage marketing spend which will be directly or indirectly dependent on the kind of sales launches what we do. Those will keep changing, but what we are confident is that if we are able to deliver that INR 24,000 crore of collection, we will be in a position to generate that INR 9,000 crore of OCF.

Speaker #2: So those will vary a little bit, you know, but what we have said is that over the year, the entire year, we will be able to generate ₹9,000 crore of OCF, you know, with ₹25,000–24,000 crore of collection.

Speaker #2: Now, between that collection figure and OCF, there are several cost items like, you know, construction spend, you know, other related outflows, other related outflows, you know, there is a brokerage marketing spend which very clear or indirectly dependent on the kind of sales launches, what we do.

Speaker #2: So those will, you know, keep changing, but what we are confident about is that if we are able to deliver that ₹24,000 crore of collections, we will be in a position to generate that ₹9,000 crore of OCF.

Speaker #3: Got it. If you could help us give a detailed breakdown of this other project-related outflow in terms of some of the key items, like joint venture (JV) partner payments or marketing.

Girish Choudhary: Got it. If you could help us give a detailed breakdown of this other project-related outflow in terms of some of the key items like joint coming JV partner payments or marketing.

Speaker #2: I can summarize. I don't have the number of an item, but the other cost includes a lot of statutory taxes like GST, TDS, and JV partners' outflow.

Rajendra Khetawat: I can summarize, I don't have the number of an item, but the other cost includes lot of statutory taxes like GST, TDS, JV partners outflow. The third is advertising and marketing spend. Those and other overhead items. Maybe we can connect offline. Maybe Satish can give you the detailed breakup also if required. Those are the major items which goes into the other outflow.

Speaker #2: Then the third is advertising and marketing spend, those, you know, and other overhead items. Maybe we can, you know, connect offline—maybe Shitish can give you the detailed breakup also if required.

Speaker #2: You know, so those are the major items which go into the other construction-related outflows.

Speaker #3: Yeah, sure, sure. That will be helpful. And second, specific to the Hyderabad launch, the Brooklyn Avenue—I mean, the launch number is around 2.66 million square feet, but sales you have achieved are 260,000 square feet of sales.

Girish Choudhary: Sure. That will be helpful. Second, specific to the Hyderabad launch, the Brooklyn Avenue, the launch number is around 2.66 million square feet, but sales, we have achieved 260,000 square feet of sales. If you could just clarify how much of the inventory was actually released for sale, or is it because of the project being launched in the late in the quarter?

Speaker #3: So, if you could just clarify how much of the inventory was actually released for sale, or is it because of the project being launched late in the quarter?

Speaker #2: I think we launched it almost.

Gaurav Pandey: Actually, we launched it almost, very frankly, towards the last week of the month. The team which is driving this was chasing a glorious number of becoming the best, highest quarterly number by any zone ever. They wanted to push, and if it were left to us, I would have pushed it to Q2. The interesting thing is we've already crossed. We did about INR 300 plus crores in Q1, and by now we've crossed close to INR 650 crores. I think in the next few weeks, the endeavor is to hopefully cross between INR 900 to INR 1,100 crores, some sort of a number. Yeah, it's just about the team wanting to push and achieve.

Speaker #4: Very frankly, towards the last week of the month—and, you know, the team which is driving this was chasing a glorious number of becoming the best, highest quarterly number by any drone ever.

Speaker #4: So they wanted to push, and it was left to us. I would have pushed it to quarter two. But the interesting thing is we've already crossed—so we did about, give or take, ₹300 crore plus in quarter one.

Speaker #4: And by now, we've crossed close to ₹650 crore, and I think in the next few weeks, the endeavor is to hopefully cross between ₹900 to ₹1,100 crore, some sort of a number.

Speaker #4: So yeah, we just about, you know, the team wanting to push and achieve the sort of a, you know, like there's an internal healthy competition between different zones.

Gaurav Pandey: There's a healthy competition between different zones, this was a record that south business wanted to beat, and they actually now have this new record. Just small, I would say, effects. Yeah, this project is doing fantastic.

Speaker #4: And this was a record that South business wanted to beat, and they actually now have this new record. So we have small, I would say, snippets, but yeah, the project is doing fantastic.

Speaker #3: Got it, got it. That's helpful. And thank you.

Girish Choudhary: Got it. That's helpful, and thank you.

Speaker #4: Thank you.

Gaurav Pandey: Thank you.

Speaker #1: Thank you. The next question comes from the line of Rahul Jain with Elara Capital. Please go ahead.

Operator 2: Thank you. The next question comes from the line of Rahul Jain with Elara Capital. Please go ahead.

Speaker #5: Hi sir, thank you for the opportunity. So, last year we saw you entering a number of new markets, including Tier 2 cities and Tier 2 markets, and also getting into plotted development.

Rahul Jain: Hi, sir. Thanks for the opportunity. Last year, we saw you entering a number of new markets, tier 2 cities, tier 2 markets through plotted development. Should we look at FY27 also that you'll add few more cities to your pipeline or deepen your presence in those markets?

Speaker #5: Are you saying, should we look at FY27 also, that you’ll add a few more cities to your pipeline, or deepen your presence in those markets?

Speaker #4: Sure. I mean, it is very opportunistic if we have a set of cities where we've defined a set of criteria—from per capita income to infrastructure, policy environment, and the quality of development profile that the city finds aspirational.

Gaurav Pandey: Sure. It is very opportunistic. We have a set of cities which we've defined a set of criteria from per capita income to infrastructure, policy environment, the quality of development profile that the city finds aspirational. We've done a group of cities, and we have a team which is continuously scouting for opportunities. To be very frank, this is still a very sub scale as a business per se, not going to be more than 10% to 15% of top line. Yeah, we've expanded to many cities by now. We've gone to Nagpur, Indore, Faridabad, Kurukshetra, and many more cities. We've had stellar success, including sold-out projects by now. Yes, we could have a situation that maybe two to three projects again, we could sign up in the next couple of months.

Speaker #4: So, we've done a group of cities, and we have a team which is continuously scouting for opportunities. But to be very frank, this is still a very sub-scale business for us, per se.

Speaker #4: It's not going to be more than 10 to 15 percent of top line. So yeah, we've expanded to many cities by now. We've gone to Nagpur, Indore, Faridabad, Kurukshetra, and many more cities.

Speaker #4: And we've had stellar success, including sold-out projects by now. And yes, we could have a situation where maybe two to three projects could get signed up again in the next couple of months.

Speaker #4: But again, there is no desperation to essentially target a city and have to enter, because usually the thumb rule is that you get a booking value of ₹500 to ₹700 crores after one acquisition, but with a very high packed margin.

Gaurav Pandey: Again, there is no desperation to essentially target a city and have to enter, because usually the thumb rule is that you get a booking value of INR 500 to 700 crore after one acquisition, but a very high PAT margin. The criteria for us is that if the margin profile is not super attractive, we don't want to actually enter toward tier 2 city. At the moment, there's a good pipeline, won't be surprised that by the end of the year you'll see two, three new cities getting added up, that's not really something we are aggressively driven towards.

Speaker #4: So the criteria for us is that if the margin profile is not super attractive, you know, we don't want to actually enter into a Tier 2 city.

Speaker #4: At the moment, there's a good pipeline, and I wouldn't be surprised if by the end of the year we see two or three new cities getting added.

Speaker #4: But that's not really something we're aggressively driven towards.

Speaker #5: Got it, sir. Very clear. Thank you.

Rahul Jain: Got it, sir. Very clear. Thank you.

Speaker #4: Thank you.

Gaurav Pandey: Thank you.

Speaker #1: Thank you. The next question comes from the line of Kunal Lakhan with CLSA. Please go ahead.

Operator 2: Thank you. The next question comes from the line of Kunal Lakhan with CLSA. Please go ahead.

Speaker #5: Yeah, hi. Thanks for taking my question. Just on the revenue recognition bit that we have forecasted for '27 and '28, would you have any idea how much of this ₹40,000 crores would come in in '28?

Kunal Lakhan: Yeah, hi. Thanks for taking my question. Just on the revenue recognition bit that we have forecasted for FY27, FY28, do we have any idea how much of this INR 40,000 crore would come in FY28? I'm just trying to work the math on the 20% ROE would be based on what revenue base.

Speaker #5: I'm just trying to work the math on—you know, the 20% ROE would be based on, like, what revenue base?

Speaker #2: Yeah, I think, you know, we purposely just given it as an indication, and of course, exactly what revenue recognition happens is dependent on the percentage inflation, even some percentage completion will remain afterwards.

Rajendra Khetawat: I think we've purposely just given it as an indicator. Of course, exactly what revenue recognition happens is dependent on the percentage completion. Even some percentage completion will remain on the exact levels of sales. I think forecasting all of that can be a little bit complicated, but we've tried to give as much information as we can. If you look at the annexures in our presentation, which have a project-by-project breakdown of what is sold and so forth. You should get a generally good sense. What I think we're trying to highlight is because we got questions of what will lead to this 20% ROE. It's very clearly this set of projects reaching revenue recognition is what's going to very significantly increase both revenues, margins, and therefore reported earnings and ROE.

Speaker #2: We are on the exact levels of sales. So, I think forecasting all of that can be a little bit complicated, but we've tried to give as much information as we can if you look at the annexures in our presentation.

Speaker #2: Which have a project-by-project breakdown of what is sold and so forth. So you should get a generally good sense. What I think we're trying to highlight is because, you know, we got questions on what will lead to this 20% ROE.

Speaker #2: So, it's very clearly this set of projects reaching revenue recognition that is going to very significantly increase both revenue margins, and therefore reported earnings and ROE.

Speaker #2: So, we just wanted to put out those lists of projects to help the market get a better sense of where things stand. And, obviously, what that shows is that over the last two years—FY25 and FY26—the booking value of these projects that have reached revenue recognition is about ₹17,000 crore.

Rajendra Khetawat: We just wanted to put out those list of projects to help the market get a better sense of where things stand. Obviously what that shows is that over the last 2 years, FY25 and FY26, the booking value of these projects that have reached revenue recognition is about INR 17,000 crores. That's going up to INR 40,000 crores. Almost 2.5x just of the booking value recognition. Of course, in addition to that, there are other important things to keep in mind, such as the GPL share of those projects is moving from 70 odd percent to close to 90%. We think these are projects that have been launched in a better part of the cycle, outright ownership. The margins of these should also be higher.

Speaker #2: That's going up to ₹40,000 crore, so almost two and a half times just the booking value recognition. But of course, in addition to that, there are other important things to keep in mind, such as the GPL share of those projects is moving from around 70% to close to 90%.

Speaker #2: And we think these are projects that have been launched in a better part of the cycle—outright ownership. So, margins on these should also be higher.

Speaker #2: So, all of that hopefully should indicate why we're reasonably confident about getting to this 20% ROE next year.

Rajendra Khetawat: All of that hopefully should indicate why we're reasonably confident on getting to this 20% ROE next year.

Speaker #5: Actually, I was just trying to get exactly the same number that you just said, right? I'm trying to get my head around what the margins could be on these ₹40,000 crores. Like, could it be upwards of 30 percent in terms of EBITDA margin, or in the 25 to 30 percent range?

Kunal Lakhan: Actually, I was just trying to get exactly the same number what you just said. Now I'm trying to get my head around that what could be the margins on these INR 40,000 crores, could it be in the upwards of 30% in terms of EBITDA margin or like in that 25% to 30% range?

Speaker #2: Yeah, I think we should assume the same. You know, we've guided for this back margin of 15 percent. Some projects will be above, some might be slightly below, but roughly that should be, I think, the assumption.

Pirojsha Godrej: I think we should assume the same guidance of a PAT margin of 15%. Some projects will be above, some might be slightly below, roughly that should be a healthy assumption.

Speaker #2: But the work completion

Kunal Lakhan: The work completion could be another percentage that will get multiplied. I am assuming you are assuming 15% to INR 47,000 crore to 67,000 crore business in next year. There will be some projects which could be fully complete. There could be some projects-

Speaker #4: Could be another percentage that could get multiplied. I'm assuming you would assume a 15% to ₹40,000 crore, ₹6,000 crore with this in next year.

Speaker #4: But there will be some projects which could be fully completed. There could be some projects with 80 or 90 percent work completion.

Pirojsha Godrej: Right

Kunal Lakhan: 80% and 90% work completion.

Speaker #2: Yeah, and of course, there will be some associated overheads and other things that are not done.

Pirojsha Godrej: Yeah. Of course, there will be some associated overheads and other things around.

Kunal Lakhan: Understood. Considering the land prices also have gone up significantly over the last few years. The projects that we are currently underwriting, what kind of IRR and margin expectations do we build in?

Speaker #5: I understood. I understood. And, you know, considering like the land prices also have gone up significantly over the last few years, the projects that we are currently underwriting, right, what kind of IRR or margin expectations do we build in?

Pirojsha Godrej: There's no change. We would hope in good markets to be able to deliver a bit better on those IRRs, and certainly some of these projects that's coming up for delivery will have better than 20% IRRs. We're maintaining the expectation of 20% IRR, maintaining the expectation of 15% PAT. As we said, we're in no burning urgency to do business development. We feel we have a very healthy portfolio across markets. We're not seeing land values align with that. We're happy to slow down temporarily, but recent evidence is we continue to find good opportunities. We're quite happy, for example, with the auction land we purchased in Noida in Q1 where the land prices to expected booking value is well under 10%. There continue to be really good opportunities.

Speaker #2: There's no change. We would hope in good markets to be able to deliver a bit better than those IRRs, and certainly some of these projects that are coming up for delivery will have better than 20% IRRs.

Speaker #2: But when maintaining the expectation of 20 percent IRR, maintaining the expectation of 15 percent back. And as we said, we're in no, you know, burning urgency to do business development.

Speaker #2: We feel we have a very healthy portfolio across markets, so we're not seeing land values aligned with that. We're happy to, you know, slow down temporarily.

Speaker #2: But recent evidence is we continue to find good opportunities. We're quite happy, for example, with the auction land we purchased in Noida in Q1, where the land value to expected booking value is well under 10 percent.

Speaker #2: So, there continue to be, we feel, good opportunities.

Kunal Lakhan: Say the INR 20,000 to 22,000 crore of operating cash flow that we're expecting over next 7 quarters or so. Would we focus more on ramping up the business development, or we'll just try to manage our debt levels in a way?

Speaker #5: But say, the Rs 20,000–22,000 crore of operating cash flow that we're expecting over the next seven quarters or so—would we focus more on ramping up the business development, or will we always try to manage our debt levels in a way?

Speaker #2: I think Kunal is trying to explain: earlier, we want to hold these two things in balance. Look, it's very easy for us to say, let's just slow down the business. That way, we're not going to hurt sales for the next couple of years, and we can generate strong free cash flows and get to zero debt or, you know, whatever it is.

Pirojsha Godrej: I think Kunal, what I was trying to explain earlier, we want to hold these two things in balance. Look, it's very easy for us to say, let's just slow down business development, not win a hard sales for the next couple of years, and we can generate strong free cash flows and get to zero debt or whatever it is. We're not really seeing how that actually enhances the long-term value of the company and the long-term discounted value of our cash flows. What we're trying to do is get that balance right. We clearly think there are problems with getting too leveraged and too aggressive on growth, which is why we've always tried to raise capital and equity side if needed before. Now we're very clear that we want our OCF from next year onwards to fully cover business development.

Speaker #2: But we're not really seeing how that actually enhances the long-term value of the company in a long-term discounted value of our cash flow. So what we're trying to do is get that balance right.

Speaker #2: We clearly think there are problems with getting too leveraged and too aggressive on growth, which is why we've always tried to raise capital on the equity side if needed before. Now, we're very clear that we want our OCF from next year onwards to fully cover business development.

Speaker #2: But at the same time, if we're able to do, you know, the ₹39,000 crore sales we've guided for this year, and grow that by close to 20 percent a year, that is also creating a very meaningful value pipeline for the company.

Pirojsha Godrej: At the same time, if we're able to do ₹39,000 crore sales we've guided for this year and grow that by, of course, 20% a year, that is also creating a very meaningful value pipeline for the company. We don't want to get carried away with this, we only want to generate cash flow and are very happy to sacrifice growth. It's getting the balance right that will truly create value for the organization. I think going too aggressive on sales and discounting our net debt CAP or the importance market is attributing to us carrying the free cash flow positive is not a good idea, nor is slowing down business development entirely. That is bound to affect future year sales, even if you do have a reasonable pipeline. We're obviously able now to launch almost every project we're adding within a year.

Speaker #2: So, we don't want to, in our view, get carried away with this. We only want to generate cash flow and are very happy to sacrifice growth.

Speaker #2: It's getting the balance right that will truly create value for the organization. I think going too aggressive on sales and discounting our net debt cap, or the importance the market is attributing to us getting to free cash flow positive, is not a good idea.

Speaker #2: But nor is slowing down business development entirely, because that is bound to affect future year sales. Even if you do have a reasonable pipeline, we're obviously able now to launch almost every project by adding within a year.

Speaker #2: So again, we hope to show this year, given the ₹42,000 crore business development last year, a very strong sales performance. I think we're quite seeing the balance between these two.

Pirojsha Godrej: Again, we hope to show this year, given the ₹42,000 crore business development last year, a very strong sales performance. I think we're quite keen to balance these two. We think that means roughly free cash flow breakeven going forward for the rest of this year, and hopefully strongly free cash flow positive next year, while not sacrificing on the investments needed to generate continued strong growth.

Speaker #2: We think that means roughly free cash flow break-even going forward for the rest of this year, and hopefully strongly free cash flow positive next year, while not sacrificing on the investments needed to generate continued strong growth.

Speaker #5: Great, great. Thanks, thanks Barosha. Congrats on the great presales and all the best.

Kunal Lakhan: Great. Thanks, Pirojsha. Congrats on the great pre-sales and all the best.

Speaker #2: Thanks, Kunal.

Pirojsha Godrej: Thanks, Kunal.

Speaker #1: Thank you. The next question comes from the line of Akash Gupta from Nomura. Akash, please go ahead.

Operator 2: Thank you. The next question comes from the line of Akash Gupta from Nomura. Please go ahead.

Speaker #5: Hello. Am I audible?

Akash Gupta: Hello, am I audible?

Speaker #1: Yes, sir. You're audible, please go ahead.

Operator 2: Yes, sir. You're audible. Please go ahead.

Speaker #5: Yeah, hi. So, congratulations on a fantastic quarter. My first question is again on the 20 percent ROE number for FY28. I mean, 20 percent ROE would essentially imply something like ₹35 to ₹40 billion of PAT versus ₹18 billion in FY26.

Akash Gupta: Yeah. Hi, sir. Congratulations on a fantastic quarter. My first question is again on the 20% ROE number for FY28. I mean, 20% ROE would essentially imply a ₹35 to 40 billion of PAT versus ₹18 billion in FY26. Similarly, on the revenue side, this would imply maybe ₹300 billion of top line versus ₹30 billion in FY26. This is with respect to the slide eight I wanted to discuss. Is this a valid assumption?

Speaker #5: And similarly, on the revenue side, this would imply maybe $300 billion of top line versus $50 billion in FY26. This is with respect to slide eight, which I wanted to discuss.

Speaker #5: So, is this a valid assumption?

Pirojsha Godrej: Well, it's actually Pirojsha who originally put it. Sorry, do you mean is your assumption valid? That particular slide is the claim value. Yeah. Well, I think we are sticking to what we've put out, but yes, obviously 20% ROE on net worth is already about INR 20,000 crore. Obviously,

Speaker #2: We certainly think so. We wouldn't have put it in the—sorry, is your assumption valid? I put it in the claim value. Yeah. Well, you know, I think we're sticking to what we've put out.

Speaker #2: But yes, obviously, 20 percent ROE—our net worth is already about ₹20,000 crore. So, obviously, we have to have ₹4,000 crore or more of PAT to get there.

Akash Gupta: Sure

Pirojsha Godrej: we have to have INR 4,000 crore or more of PAT to get there. That's certainly correct. I think I won't comment for now on your revenue assumptions as such because there, of course, we'll see what the margins are. Yes, I think also this whole idea of putting out this list of projects was to try to create more confidence in what will get us there. Now, if we deliver these projects, this is our current understanding of where costs stand, what the revenue to be recognized is that we will very much get to this. Now, what are the risks to this, you could ask. Again, largely, we would be focused on project deliveries happening on time. A big part of this is slated for H2 FY28. This industry is unfortunately, of course, notorious for delays of various kinds.

Speaker #2: So that's certainly correct. I think I won't comment for now on your revenue assumptions, et cetera, because there, of course, we'll see what the margins are.

Speaker #2: But yes, I think also this whole idea of putting out this list of projects was to try to create more confidence in what will get us there.

Speaker #2: So now, you know, if we deliver these projects, this is our current understanding of where cost stands and what revenue is to be recognized, so we will very much get to this.

Speaker #2: Now, what are the risks to this, you could ask? Again, they would largely be focused on project deliveries happening on time. A big part of this is slated for the second half of financial year '28.

Speaker #2: This industry is, unfortunately, of course, notorious for delays of various kinds. Another risk is that a significant part of this is in NCR, which of course has these MGT bands and other things.

Pirojsha Godrej: Another risk is a significant part of this is in NCR, which of course has the NGT bans and other things. All of that factored in, we're still confident that this will get delivered. It's, of course, after we put this in the public domain repeatedly and commented on it, I think we're all extremely motivated to make sure there is no slippage, and that it does in fact happen, and we'll leave no stone unturned to ensure that does happen. The other risk, of course, could be on any kind of extreme cost escalation. That to us seems very unlikely, even despite the kind of very difficult situation, global situation there has been over the last quarter. We've not seen things get totally out of whack, as Gaurav was explaining earlier. There are risks.

Speaker #2: But all of that factored in, we're still confident that this will get delivered. And, of course, after we've put this in the public domain repeatedly and commented on it, I think we're all extremely motivated to make sure there is no slippage and that it does in fact happen.

Speaker #2: And we'll leave no stone unturned to ensure it does happen. The other risk, of course, could be any kind of extreme cost escalation.

Speaker #2: That, to us, seems very unlikely, even despite the kind of very difficult global situation there has been over the last quarter. We've not seen things get totally out of whack, as Gaurav was explaining earlier.

Speaker #2: So there are risks. We do have to execute well, but we feel those risks can be contained, and we're extremely focused on making sure we deliver this number.

Pirojsha Godrej: We do have to execute well, we feel those risks can be contained, we're extremely focused on making sure we deliver this number.

Speaker #5: Understood. Thank you for that. And my second question is on the launch pipeline for the second quarter. I understand there's one in Gurgaon and possibly Bandra might come, but what other projects are in the advanced stages of approval, which may be launched in Q2?

Akash Gupta: Understood. Thank you for that. My second question is on the launch pipeline for Q2. I understand there is one in Gurgaon and possibly Bandra might come, but what other projects are in the advanced stages of approval, which may be launched in Q2?

Speaker #2: Quite a few. You know, we're ranging from projects in Bombay. We have quite a few inventory left in Funvale, so we would like to add a new launch in Funvale.

Gaurav Pandey: Quite a few. Ranging from projects in Bombay, we have quite a few inventory left in Panvel, we would like to add a new launch in Panvel. There is a launch which we anyways have just done in Hyderabad. From our definition, it is going to be a launch, we are seeing a very strong traction in Hyderabad for that. We are pushing one more launch in Bangalore. There is a launch we did in Noida, there is a few towers we will open up in Noida. A few launches planned up in West India, which is a combination of Pune and even Ahmedabad.

Speaker #2: There is a launch which we have just done in Hyderabad, from our definition. It is going to be a launch, and we are seeing a very strong trajectory in Hyderabad for that.

Speaker #2: We are pushing one more launch in Bangalore. There is a launch we did in Noida, and there are a few towers we opened up in Noida.

Speaker #2: A few launches are planned up in Vesties, which is a combination of Pune and even Ahmedabad. So, I think we have a bunch of launches across markets. But as I mentioned, apart from Bandra and GC extension, some of it will depend upon the approval progress, and we'll take a view on which of these we would like to do within the quarter and which we would like to move outside this quarter to deliver a bigger number from those specific projects.

Gaurav Pandey: I think we have a bunch of launches across markets, as I mentioned, apart from Bangalore and Golf Course Extension Road, as I mentioned, that some of it will depend upon the approval progress, we will take a view that which of these we would like to do within the quarter, which we would like to move outside this quarter to deliver a bigger number from those specific projects. I mean, fair to say this quarter is going on the track of the overall trajectory we would want from this quarter.

Speaker #2: But I mean, fair to say this quarter is going on the track of the overall trajectory we would want from this quarter.

Speaker #5: Understood. And sorry if I may add just one more question. Just from a payment plans perspective, like what percentage of our new launch, for example, we are offering like payment plans which, I I mean, which versus a construction link plan and how does that impact our cash flows?

Akash Gupta: Understood. Sorry if I may add just one more question. Just from a payment plans perspective, what percentage of our new launch, for example, we are offering payment plans, which versus a construction-linked plan, how does that impact our cash flows? Just some thoughts on that, please.

Speaker #5: Just some thoughts on that, please.

Speaker #2: Sure. I think you mean to say what the industry normally calls PLP—Position Linked Payment—plans. I mean, we do, because that could drive up dead inventory sales or projects which are just either getting mostly—or about to get—OC.

Gaurav Pandey: Sure. I think you mean to say what industry normally calls PLP, possession link payment plan.

Akash Gupta: Yeah.

Gaurav Pandey: To give a sense, previous quarter, which is the quarter we're talking about, our Q1 sales on PLP bucket was very low. I think probably, if my memory serves me, 5.1%, of which I would say a bulk was in two projects which are seeing OC within the next six to 12 months. Technically, we tag it as PLP, but it's not really PLP. There are, say, a three units here, two units here, dead inventory across retail that we sell. Give or take, not more than 5%.

Speaker #2: So, to give you the previous quarter—which is the quarter we're talking about—our Q1 sales on the PLP bucket were very loyal. If I remember correctly, it was 5.1 percent, of which I would say a bulk was in two projects that are seeing OC within the next six to twelve months.

Speaker #2: So, technically, we tag it as a PLP, but it's not really PLP. And then there are three units there, two units here—you know, dead inventory across detail that we sell.

Speaker #2: So give or take, not more than 5 percent is cumulative sales. And projects which are within the year, if I exclude that, maybe ₹100 to ₹200 crores of traction to ₹50 odd crores could be projects which are in different stages of construction.

Gaurav Pandey: There's a cumulative sales and project which is within the year, if I exclude that maybe INR 100 to 200 crores or INR 150 to 250 odd crores could be projects which are in different stages of construction we would have wanted to liquidate, which is very small at our scale. We are quite obsessed on quality of sales and cost of sales in an industry where cost of sales in our peer group can range from 5% to 10%. Even in Q1, our cost of sales is about 4%, thereabout.

Speaker #2: We would have wanted to liquidate, which is very, very small at our scale. So we are quite optimist on quality of sales. And cost of sales in industry where cost of sales in our peer group can range from 5 percent to 10 percent, even in Q1 we are cost of sales is about 4 percent.

Speaker #2: Thereabouts.

Speaker #5: Understood, sir. That's all the questions I had. Thank you so much.

Akash Gupta: Understood, sir. That's all the questions I had. Thank you so much.

Speaker #2: Thank you so much.

Gaurav Pandey: Thank you so much.

Speaker #1: Thanks, Aakash.

Pirojsha Godrej: Thanks, Aditya.

Speaker #3: Thank you. Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to the management for closing comments.

Operator 2: Thank you. Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to the management for closing comments.

Speaker #1: I hope we've been able to answer all your questions. If you have any further questions or would like any additional information, we would be happy to be of assistance.

Pirojsha Godrej: I hope we've been able to answer all your questions. If you have any further questions or would like any additional information, we'd be happy to be of assistance. On behalf of the management, thanks again for taking the time to join us today.

Speaker #1: On behalf of the management, thanks again for taking the time to join us today.

Speaker #2: Thank you.

Gaurav Pandey: Thank you.

Speaker #3: Thank you. On behalf of Godrej Properties, that concludes this conference. Thank you everyone for joining us and you may now disconnect your lines. Thank you.

Operator 2: Thank you. On behalf of Godrej Properties, that concludes this conference. Thank you everyone for joining us, and you may now disconnect your lines. Thank you.

Browse all earnings call transcripts