Ashiana Housing (NSE:ASHIANA) Q2 2027 Earnings Call

0:00 Ladies and gentlemen, good day, and welcome to the Ashiana Housing Limited Q2 FY 'twenty seven Earnings Conference Call hosted by Aryans Capital Markets Limited. As a reminder, all participant lines will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Please note that this conference is being recorded. I now hand the conference over to miss from Arrayan Capital for her opening remarks. Thank you and over to you ma'am. Thank you so much. Hello and good afternoon to everyone on behalf of Arrayan Capital Markets Limited. I thank you all for joining the q two and h one FY twenty seven earnings conference call of Ashiana Housing. Today from the management, we have with us mister, full time director and Mr.

0:57 Chief financial officer of the company. So without any further delay, I will hand over the call to the management for their opening remarks. Over to you, sir. Thank you. Good evening, everyone, and welcome to our Q2 and H1 FY 'twenty seven earnings conference call. We would like to talk about our strategy to begin with today. Our strategy is on two clear priorities, scaling our senior living business and strengthening our profitability. These priorities have guided our decisions over the past two years, and they will continue to do so in the years ahead. Talking about scaling our senior living business, our senior living business value of area booked have grown at a CAGR of around 55% from INR154 crores in FY 'twenty three to INR570 crores in FY 'twenty six.

1:55 We now aim to scale this business sustainably and profitably with a target of INR 1,500 crores in annual value of area book by 2030. Some of the key recent developments, value of area book stood at INR176 crores in Q2 FY twenty twenty seven and INR310 crores in actual FY twenty twenty seven. We remain confident of meeting our FY twenty twenty seven target of INR700 crores plus of value of area booked. We recently added a new land parcel in Gurugram under JDA. The project has an estimated GDV of INR 1,300 crores based on 7.25 lakh square foot. With this, we have acquired five projects in FY twenty twenty six and FY twenty twenty seven so far.

2:40 Senior living now accounts for total GDV of more than INR 9,000 crores. We have a strong pipeline of launches over the next eighteen months. The first new project, Ashiana, Aranya in Chennai is expected to launch in Q4 FY twenty twenty seven. In addition, we plan three new field launches in H2 FY twenty twenty seven. We are running a focused category building program to take senior living from niche to mainstream, reshaping perceptions and positioning it as an aspirational lifestyle build on independence, community and well-being. Last quarter, our focus was on influencer led campaigns and we will continue to invest in building the senior living category. Now turning to strengthening profitability, our second strategic pillar.

3:28 Our first milestone was a return on equity of 15%, which we achieved in FY twenty twenty six. Our next goal is to build on this with a target of crossing INR500 crores of PAT in the medium term. For the current financial year, we expect PAT of over INR $2.50 crores and we are on track to deliver this as our project deliveries remain on schedule. Moving towards overview of our performance during the quarter. We delivered a strong operating and financial performance in Q2 FY 'twenty seven with value of area book reaching INR $8.34 crores versus INR $3.58 crores in Q1 FY 'twenty seven and INR $30.03 crores in Q2 FY 'twenty six, while collections increased by 20% to INR $4.87 crores.

4:17 Revenue from operations at INR $5.76 crores versus INR 107 crores in Q1 and INR 166 crores in Q2 of last year. This was driven by higher deliveries. For actual FY 2027, the value of area stood at $11.92 crores, up 62% year on year, while collections increased by 13% to INR $8.96 crores. Revenue from operations for the first half grew by 49% year on year to INR $6.83 crores. On the financial strength front, KRH upgraded the company's issuer rating from KRA to KRA plus This coupled with company's net cash position further reinforces the strength of our balance sheet and financial position.

5:04 Q2 bookings stood at INR834 crores across 9.47 lakh square foot and five twenty five units. Quarterly launches totaled 8.77 lakh square foot, which included Ashiana Uma in Jaipur contributing Rs. $40.02 crores through two thirty eight units. Q2 average realization was at INR8813 per square foot, up 20% year on year. Collection increased 20% year on year and nineteen percent sequentially to INR487 crores. In H1, booking reached INR $11.92 crores, up 62% year on year across 13.07 lakh square foot and seven fifty nine units.

5:49 Area booked rose 30%, average utilization increased 25% to INR 9,190 per square foot and collections grew by 13% to INR $8.96 crores. We constructed INR 7.17 lakh square foot during Q2. Deliveries and revenue recognition covered INR 8.63 lakh square foot with handovers commencing at Ashiana Mahara Phase 1 and Ashiana Moors Phase 3 in Gurugaam. Coming to the financial performance, revenue from operations for Q2 FY 'twenty seven stood at INR576 crores. Revenue recognition was driven by Gurugram handovers. Patch stood at INR51 crores in Q2 FY 'twenty seven versus INR13 crores in Q1 and INR28 crores in quarter two last year.

6:37 For H1 FY twenty twenty seven, revenue from operations was at INR683 crores versus INR458 crores in H1 FY twenty twenty six, an increase of 49% year on year. INR64 crores versus INR40 crores, up 59% year on year. Pretax operating cash flow grew was at crores for the quarter versus INR123 crores in Q2 FY twenty six. The same was INR259 crores in H1 FY 'twenty seven versus INR231 crores for H1 last year, an increase of 12%. We remain focused on scaling senior living, disciplined execution and prudent capital allocation. With this, I would like to open the floor for Q and A. Thank you.

7:28 Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch tone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Are requested to use answers while asking a question. The first question is from the line of Shubh Karla from HSBC Meta Investment. So I would like to see the management's clarification on the matter, which I held on. So Apulhu has actually disclosed in its annual report for FY 2526.

8:20 You see on page number one ninety eight of the annual report that Ashiana Housing Limited has allegedly enclosed upon some land that belonging to the hospital company, and that the matter is currently subject to the legal proceedings. So, see, I don't track Ashiana. I I track Apollo Hospitals, and that's how I came to know about this. So could you please give some context on the background of this matter? So And also what would be the current status of this matter? Has there been any material developments in this regard? You. So thank you for asking that. There has been no material development on this regard. The matter is subsidies.

9:08 We have been it's been alleged that we have encroached. We haven't encroached any parcel. We were allotted parcels from the Ravasa Corporation. And I guess it's a little bit of a boundary dispute, that's the way to put it. If you would need more color, can I request you to write us an e mail separately and we can talk about it separately, please? Sure. So I had written the e mail to the Investor Relations about that. So anyways, I just wanted to know, so the matter is still in the legal proceedings, correct? And any legal opinion that your legal team has given? I don't have, you know, clear information on this regard. We'll get back to you later on this. If... What's your name again, sir?

9:55 Ashup. Shubh. Shubh, can I request you to write to varun.gupta@ashanahousing.com as well, please? We'll take it from there. I don't know if the Investor Relations got the email. We'll revert back to you. Sure. Thank you. Thank you. Thank you. The next question is from the line of Aditya from Securities Investment Management. Sir, my question is on EBITDA margins. So there has been a 10% increase in realization on a year on year basis for us.

10:41 But even then, our margins on percentage basis have actually fallen from 18% to 10%. So firstly, just wanted to understand the reason for the same. And secondly, now if I look at the deliveries, which we are expected to make in the second half of this year, so the average realization would be more or less in a similar range as that we did in Q2. So that the case, what would help improve the EBITDA margins so that we could achieve our targeted path of INR $2.50 crores this year? So two things. One, my understanding is the H1 EBITDA margin is slightly better than last year's H1 as per my data. We can but it depends on quarter on quarter, I think a little bit for us because it depends on what project we deliver.

11:37 This particular quarter had Ashiana and Mol as deliveries. Ashiana and Mol is a historical land cost project for us. So therefore, it continues to have a drag on our margins. So if you look at going forward, our margins are improving because we'll have newer projects for delivery. So except for Ashiana Malhar, which is still a lower margin project because of, again, high land costs, very high percentage of revenues that we have given to the landlord there and as in Anmol, but other lands and projects like Ashiana, Advekarang, Ekansh, Amod, they are better margin, they are more normalized margin projects for us, I would say, and don't have the same drag on margins that some of these couple of these projects that have had. So this particular quarter was also concerned with that. So going forward, the margins will improve.

12:46 Sir, just a follow-up here for my understanding. So this quarter, our average realization was around INR 6,600. And if I look at delivery schedule, which we gave in our presentation, average realization for the deliveries for the second half is also around the similar levels of 6,200, 6,300. If the realization is going to be similar, then how the EBITDA margins improve there? Explained it's a cost side issue. Like in Ashiana, our land costs were 35% revenue share to the landlord plus other costs in the land. So our land cost percentage was very high.

13:33 Ashiana Housing, for example, in this is a historically owned acquisition from back in 2011. Land cost here probably would be 5%. I'm not sure exactly what it is because they're actual land cost here. So these things translate into margins directly, right? So similarly, Ashiana and Mold is a high construction cost and bid for that sale price as compared to let's say some of the other projects within that regard. So I think those had a has had a role to play. So if you look at the future projects, the percentage of revenues and revenue shares are more reasonable.

14:19 Whenever we have like Ashiana, Econ should be around, I think, 2.75 that we give to the landlord. So those kind of things will be there. We, as a developer, tend to report the percentage of revenues as a land cost there. So both those combination, either we are having now historically owned or currently bought owned cheaper land or revenue share, which are more reasonable as to what we do, in general terms, will normalize our margins. Right now, our margins are understated as compared to what our normal margin should be. And you will see that improve in the next over H2. Got it. Got it. So I just wanted to confirm, there hasn't been any material cost escalation between booking of our flats and the daily bills we're now getting?

15:10 No, there was no material construction cost escalation. This was a historical poor planned transaction that we did. Got it. Okay. Got it. And lastly, sir, on the delivery side, you're confident of delivering the flags for Q3 and Q4 Or any postponement you expect? So the only one, right now, all but Ashiana and Swarang seem on track to deliver. So except for Ashiana and Swarang, we are on generally on schedule. Got it. Thank you, sir, for answering the question. Thank you. Thank you. The next question is from the line of Rahul Ayas, an investor. Please proceed.

16:00 So I just have a couple of questions. So firstly, Malahar Phase 4 is under a third sold and Pune premium has never earned the margins you underwrite to. Yet another Malhar phase is still in the pipeline. Why launch it rather than redirect that capital to senior living in the same region? Rahul, I get your point. The new phases don't really require incremental capital from our end. Whatever capital we had to put in the project has already been put in. And once you have taken up a project, we want to complete the project unless or until there are exigencies that are completely not possible.

16:48 So even though margins are not good, we would like to complete this project and exit the project fully by completely building it out. And it doesn't really take significant any material incremental capital to do the project. I hope that answers your question, The next question is from the line of Rohit, an investor. Please proceed. Hello? Yes. Hi, Rohit. Yeah. Hi. Hi. Good afternoon. So, sir, my question was... Or two points. So first of all, I think good to see some land that you bought on in.

17:44 I still haven't seen Bangalore yet, sir, but you had you're very confident that we'll get through that. But just wanted to first quickly ask you are on track, maybe timing wise, it's fine. But in general, are we on track? In general, we are on track. Okay. Got it. So sir, my the other question was just a previous participant asked in terms of the margin, of course, you clarified. But from what we were earlier saying that it's financial year 27%, at least on a reported numbers, which is we'll see a very strong growth on profits, which means the heavy lifting will have to do on H2. And in terms of deliveries, I mean, in terms of top line, I think we are it's not going to be that difficult from a run rate basis. Are I mean, whatever you've done, you'll probably be similar to that in h two. But from a profitability standpoint, it's almost going to be double or more than double of what we intend to achieve. So is that...

18:49 I mean, it... I mean, of course, I know that the quarterly margins, unlike other businesses, accounting here doesn't work. But just from mathematical point of view, is that how it will be assuming all deliveries are in line, etcetera? So assuming all deliveries are in line, as I said, we expect to cross INR $2.50 crores of PAT this year, yes. You guys can do the math on the margins on that as well. So and we are we are quite confident of crossing that figure for sure. Okay. Got it. And just leading up from there, so then, I mean, we had this point of going to accumulate to profits of about 2,000 crores. So assuming we do that two fifty, we would have done close to 16, 17% of that number up to FY '27.

19:46 So the remaining year then FY 'twenty eight and 'nine will be like 40%, 50% kind of growth? So we had guided that till up till FY 'thirty. I think, yes, so as the medium term, as I said, right now, we were discussing. So a, there seems to be a little bit of slippage on that 2000, some of it is slipping into FY 'thirty one, okay? Because a couple of projects that we I thought will come in by FY 'fifty is going into the Q1s of FY 'thirty one and we're not able to sort of bring it back according to me. So there is a little bit of a slippage there, but I think by FY 'thirty, I think we should get to about INR500 crores of pad right now. That's the plan.

20:45 And between 2028, '29 being higher than '27 and '30 getting to 500 is what it looks like right now as per our delivery schedules. Okay. And so just one clarification, sorry. I understand that maybe it will get slipped into a few quarters post FY 'thirty, but what did you mean by saying that INR 500 crores in FY 'thirty? You mean FY 'thirty, we are looking at INR 500 crores, right? Is that what you mean? Yes, yes, yes, yes, In that financial. Yes, yes. Okay. So I mean, then 'twenty I mean, I'm just doing math here, sorry. We will yes, go ahead. Do the math. No, I'm saying then FY 'twenty yes, I mean, then FY 'twenty eight and 'twenty nine would be, of course, bigger than 'twenty seven, but the miss could be like 20%, 30%?

21:39 Not yes, about 15%, 20% is what I think could be the miss on that because there are a couple of projects that seem to be moving there seem to be very heavy. Okay. Maybe I'll probably just understand this one with you on a separate basis because the last question is, again, I mean, from a land so this I mean, we are going to get, whatever, INR 1,700 crores, 1,800 crores of cash flows. I mean, profits, cash flows could be before also. So I mean, how are you thinking about allocation, sir? I mean, you've talked about that you don't want to be too progressive. And we are seeing some sort of commentary from other players also that in some cities, sales are slowing, but that's not reflected in the land prices, etcetera.

22:35 So how do you see do you see dividends, do see buybacks? Or how do you I mean, how are you thinking, let's say, for the next five, six years, how are you thinking about building this company? Okay. So I don't think we'll have substantial dividend or substantial buybacks, which will be, let's say, out of the general course of the business. We might have it, I don't know if we change our minds right now. I think we will push to scale the business. As I've commented earlier, I do see opportunities to scale the senior living business. I find lands and deals still viable and valuable there and a differentiated competitive position for us. As as we stated on the call earlier also, think the key thing is to keep growing the senior living pie. So a large part of that capital will keep getting deployed towards that.

23:38 Bangalore should happen soon as we spoke about. We are in the midst for discussions for senior living parcels elsewhere as well and we would like to do more. So I think a large part of the capital will get deployed into land. And what we intend to do as a management team is find those pockets where we still think there is still value and have flexibility in where we go. So sometimes you might some cities which might be seeing very strong sales for now and we might be avoiding that because land prices are not conducive given the sales are very going very well. We might say somewhere as well, right now, my sales spike might be weak, but we see the land prices are conducive and we think the sales will get better. So we might take that call.

24:38 So there are a few pockets where we are seeing opportunities and we'll continue to invest in that. And the second bit is we are also to see which market we have bigger right to win. And if you do that, then we might take a call online anyway thinking that we have enough margins due to the premium we can charge and we don't see volumes getting stuck. So there are these two, three, four calls that we are taking, but in that piece, I think the biggest piece is the senior living piece. I think we are going to keep doing more deals in senior living, and you'll keep seeing that. And we still and we see pockets of opportunity there because land prices remain conducive because we are not in city centers, right? So we are a little bit outskirts. So then it becomes still viable or do JDAs, like in Gurgaon, even though we are in the city, we did a JDA.

25:33 So the deal still works. Got it. And just one small question. So if you were to sign the CP within the next this financial year in Bangalore, when do you plan to by when can you launch it? Either late next financial year or H1 of FY 'twenty nine. Okay. Got it. Okay. Thank you so much. All the very best. Thank you. Thank you. Thank you. The next question is from the line of Rajat Sethia from Ithot PMS. Please proceed. Hi. Thanks for the opportunity. Just one quick one, more like a clarification. So the INR 2,000 back cumulative back that we were hoping to do by 2,030, we are saying we will still do it, but that will slip into turn '31, right?

26:30 Yes. Yes. Absolutely. Got it. Thank you so much. That was the only question. Thank you. You. A request to all participants, please list your questions to two for participants. The next question is from the line of Ayush Shah from Ascension Capital. Proceed. Yeah. Hi. Good afternoon. So I have a slightly question from medium term perspective. So do you think that we are firmly on track to achieve our guidance of 10 to 12,000 crore of sales and 2,000 crore of... But I understand that you have already explained in the previous question.

27:17 What I wanted to understand in terms of committed time lines because I remember last year, you had mentioned that FY twenty six and FY twenty seven are actually very important years for us because the launches in these periods would set the platform for us to achieve the FY thirty guidance. Right? So... And I understand that there have been some delays in the previous few quarters, by a quarter or you're in there because there are some efficiencies, like the approvals are not in our hand. So we completely understand that. But... So what I wanted to understand that do do these delays kind of affect our profit target of, like... That you mentioned that f y... The some profit pool would slip to f y thirty one of... Q one of f y '31. So... And again, then these numbers are gonna get shifted. So let's say, like, f y 20 and f y 20 and f y 30 and so on, the numbers are gonna get shifted and so on. So do you think that it can go well beyond the q one or q two of f y thirty one as well? Just needed a qualitative perspective from you on this. Right now, I usually think we should my expectation is that we are on track for, let's say, H1 of FY 'thirty one to get there.

28:24 In terms of this year being critical from profitability perspective in this financial year, one critical aspect is launch of Ashiana Aaroham Phase three, which is on track for launch. We have all approvals. So we should launch in the next quarter. We are doing the build up, the marketing build up right now and we should launch Ashiana, Arom in Q4 of this year. So I think that was the Arom Phase two and three have been the critical projects, which are sort of slipping away into FY 'thirty one basically. And that was one piece of it. Other than that, in terms of being critical years, I think the other bit of critical years from a long term perspective on FY 2027 is the kind of buildup we have towards senior living.

29:20 So in FY 2026, '27, we did sign off on a lot of senior living projects. As Vikashi said, we have about INR 9,000 crores over INR 9,000 crores plus of GDV in senior living now. And that was the other critical piece that had to happen this year to lay the foundations to get to there. I think we have gotten at some part in that piece of senior living by getting these projects acquired. I think the next step is on launches. Vikashi also said, the first of those, these newly acquired projects. So I think after a think a two year gap or a three year gap, we'll be launching a brand new senior living project. And that will be Ashiana Housing in Chennai. So I think that's been that was the other thing. So I think overall two years as so far we have four, five months to go. The two years have gone as per plan, Except for a little bit of slippages here or there in terms of construction, I think we are also I'm also a little bit gotten more concerned on construction bans happening in the NCR. I think the government is being more preemptive on the pollution thing. So a little bit of slippages I also expect because I think NCR will see more ban on construction than previous given at least the preemptive intent that we have seen in this

30:50 year. The next question is from the line of Sahil Jain, an investor. Please proceed. Hi, sir. Good evening. I just had a couple of questions. So my first question is, so you have previously talked about a presales debt for a year or two before this senior living carries the growth. And if you see the first half, so that has run ahead of your own guidance. So like has that changed the shape of the debt or what exactly? I didn't have an exact shape of the dip. I still don't know what it would look like exactly.

31:39 So the first half did go a little bit better than I expected it to be. I exactly can't say how it will be, Sai, unfortunately. Let's see how senior living sales go through and how we are able to launch more senior living projects. I think the more we need to get the senior living pipe out there and we are at it. So as we get more variety of senior living products out there, think that could also help. But I do see a dip in 2017, 2018 at least. Okay, Understood. And my second question is regarding the kid centric homes. So they are now the largest part of your ongoing book by value, I'm not wrong. Yeah. But almost all of it is in this Gurugram region, and you have said that the concept is still being refined. So, like, what exactly are your plans before you take it to a second city?

32:41 We have done kid centric homes elsewhere as well in Briwari and in Jaipur before. But those were, let's say, more retrofits to existing projects. Gurgaon, the first actually kids centric homes from scratch just got handed over, which is Amara Phase 1, which is first handover, which is now. I think the question is not whether we take it to more cities, the question is how do we scale it up, whether it can be in Gurgaon itself or where it goes to more cities, that's the second bit. I think we are still refining we refined the product.

33:29 We are now we have refined the services, which has started to get delivered. And I think there is a refinement in the marketing the way we market kid centric homes and the value proposition that we provide. And I think that is still a work in progress. And I don't have a timeline on as to when it will get done, hard to say. But we are starting to see glimpses of it. We were able to increase prices in Ashiana, Aadom in the last seven, eight months in Gurgaon, even though Gurgaon market has not remained as strong in the last seven, eight months as it was before, and we continue to increase prices and get sustained month on month sales, which was a great sign. And I think that needs to get strengthened further where we start seeing the differentiated pricing capability because we are able to add a different value to the customer.

34:29 And it remains a work in progress for Thank you, sir. Thank you. The next question is from the line of Rajat Sethia from iThought PMS. Please proceed. Yeah. Thanks. So one, if you can lay out your thoughts about the senior living as your overall business proposition, I mean, what are your thoughts about that over the next four, five years? Where do you want to take that part of the business? And also, if you can share some numbers in terms of the business mix of senior living in the last four, five years versus the next four, five that you see? Okay.

35:16 So I'll start with the mix and then I'll articulate. I will not like to articulate the mix in a percentage basis. It just becomes a little bit complicated. My head thinks in absolute terms. In FY 'twenty three, we did 154 crores of presales and senior living. In FY 'thirteen, we are targeting 1,500 crores of presales and senior living. In that and I think we'll continue to grow further. I believe is that the senior living business, we have early mover advantage. We understand the consumer well over there. We understand the product well over there. I think it took us a while to refine what I would say is the recipe of senior living. I think we have gotten our recipe correct.

36:11 The second piece, therefore, has been to take it, A, to more cities, take it to more price points. And in that regard, there has been, I think, three, four steps that we have had to take. First step has been to define different kinds of products. We have created two senior living products. One is active senior living, the other is sophisticated senior living. Our second that first sophisticated senior living was launched in Chennai. The second one is also getting launched in Chennai. The third one will be in Punvil. These are higher price point senior living products. We are going to do even higher one in Gurgaon.

36:59 And so basically creating breadth, we're to launch one in Bangalore as well. And the second bid had been to increase sales during the year. So we scaled up to $5.70 something last year. We are looking to cross 700 crores this year. And the third angle to get the projects signed up, we have INR 9,000 crores of GDV signed up, I think INR 9,000 plus crores of GDV, I think we are looking to sign off on another 8,009 thousand crores over the next twenty four to thirty months. I would say that would be the initial target to get more GDV in. And most of that sooner than later, we are in active discussions there a lot. I think we can make senior living sort of the biggest part of the business in terms of profits, okay? So going forward, I think even beyond FY 'fifty, I see it to grow quite rapidly. And therefore, the larger shares of incremental capital and larger shares of management bandwidth.

38:15 Sure. And in terms of margins, what's the broad delta between housing that we are doing and senior living as well as the sophisticated senior living? Okay. So I would say broad gross margin differentials would be around five percentage points would be where I would say broad differential margin would be. That said, the regular housing part of the business has seen a very up cycle. So there will be margin expansion that has happened over the last few years in terms of presales, which is now going to get reflected into the books as we go year on year.

39:02 I think that reflection in reported profits will come. That margin expansion happened, A, because we premimized and B, because of the up cycle. In senior living, we expect the margins to be a lot more stable as we go because we don't expect the business to be as cyclical in nature, simply because our view is that cycles are run through supply side expansions. The supply side expansion in senior living is more difficult to do. And therefore, right now, at least for the time being, we don't see an oversupply situation happening in senior living. And therefore, that basic thesis there. So I would say, over cycles, over, let's say, up cycles and down cycles, senior living should give about five percentage point higher margins.

39:57 Sophisticated one will be... And one will also give similar ones. They will be sophisticated ones will have higher land cost, have higher construction cost and have higher sale prices. But I don't see margin profile on the overall being very different in the long term, maybe two, three percentage points extra as well. Like, let's say, when you get in a per square foot level or a per acre level, we get better margins. Got it. So basically, higher ticket size and let's say similar or couple of percentage more margin, which means on absolute basis, bigger profit pool.

40:44 On an absolute basis, a bigger profit. Yes, correct. And which are some of these cities, right, where you see maximum potential at the moment in senior living? Chennai, NCR, Mumbai, Pune region and Bangalore. Not in Hyderabad? Hyderabad, we are considering We are looking to appoint someone to do business development there. But Hyderabad would be a little bit longer into the plans right now. Sure. I think Pune is an anomaly here in all the cities that you mentioned, all our metros, while Pune is not. So what's the I type of thing think so we are looking at the region between Mumbai and Pune.

41:36 We are not looking to do projects which will only cater to Pune. So let's say, Teluga, half the clientele is from Mumbai, half the clientele is from Pune. More like Brivari where NCR people will come. Yes. It. Thank you so much. Thank you. Thank you. The next question is from the line of Vishal Singh, an investor. Please proceed. Yes. Hello, sir. Am I audible? Yes. Hi, Ashiana. Yeah. Yeah. Thank you so much for the opportunity. So the first question I had was regarding the senior living side. So what was the senior living booking value in the first half? And how does that look against the INR700 crore that we have targeted for the year?

42:26 And what launches in the second half will help us reach that target as well? If you could give some color on that, sir. Okay. So for the first half, the value was INR310 crores. We are looking to cross INR700 crores for the year. We are on track. I think the key launch is Ashiana Aranya in Chennai, which will be a completely brand new sophisticated senior living project. We'll be launching high end villas there in the first phase. We also have phase launches. I think all our Ashiana, Adhik has had a phase launch in this October to December quarter.

43:19 Already we are going to launch something new in Ashiana Swarang and Ashiana Amod as well. So I think we have phase launches which will support this. But the biggest I think the biggest thing is to get a new project in. And I think so we are on track for getting that project. We are mostly through with approvals. There are some approvals still pending. I think we are on track to launch in the next quarter. Okay. Okay. Thank you so much. And another question I had was regarding the Vatsalea. So the Vatsaliya Phase III launched during the quarter and Vatsaliya bookings also doubled sequentially. So what was the opening response like? Like how is the Phase III priced against the Phase II? And does it change our view of the Chennai market itself?

44:14 I'm sorry, I'm getting a lot of disturbance. But Ashiana Vetsalea sold well. We got better pricing also as compared to Wartsila Phase two. So I think overall, that has been very, very good. I think I don't have exact pricing with me. Let me just have a look. I can probably find that for you here. So in my view that Chennai market continues to remain the best senior living market for us right now in terms of both total senior living revenues and total area that we have sold.

45:02 We see Chennai to have more depth, therefore we are launching Ashiana Housing as well. That launch is also going to be key to see how much more we can do in Chennai. Okay. Thank you so much. Thank you. Thank you. You. The next question is from the line of Rohit from iPod CMS. Please proceed. Hello. Hi, Rohit. Yeah. Yeah. Thanks again for your chance. So just two, three questions, and then one was we had this class action suit on us on monopod projects. Yeah. Anything... Any update if you can share?

45:50 Nothing has moved there. And I think it will continue to be like that for a while, Rohit. Unfortunately, our courts, it is it does take time, right? Our judicial system does take long. So it will continue to be long, I think. Okay. And okay. So any chance for an out of court settlement or something like that? I don't know if you can share anything on this call. Yes. There are no conversations on that regard yet. We are very surprised by it because we continue to maintain that project when we get feedback of that project. Customers seem to be very happy. Retail prices are up, rental prices are up, occupancy is good, general customer feedback is good. So we are very surprised by that kind of class action suit in that kind of a situation. So I don't know how much we can appreciate that.

46:52 Sure. And then on senior living, I had just two, three questions. So one sort of thought process is that given the I mean, mostly people who are senior citizens of the or closer to the retirement are the buyers pretty much. So from a financial lens point of view, is there a pushback or is there something like given that this asset may not be something that we can pass it on or may not be something that can be passed on And the resale may not be that high, etcetera. I mean, how so purely from a financial lens, how does that how does that conversation with your customers or how I mean, any thoughts that you can share there?

47:46 It's it's fully available, right? We don't restrict who owns the unit. We restrict who resides in the unit. So ownership is not an issue. And the recent markets have been very good. So there is no real actual issue in resale. So we don't have that challenge. And third, I think seniors actually like to own their home instead of rent their home for two reasons. One, we don't want to be moving in and out from one home to at that age, okay? So you own. Second, people don't and people like don't like unknown financial obligations, right? Buying your home fixes your financial obligation as compared to rent, which might change.

48:37 So we haven't had a situation where this has been a concern to us. Okay. Got it. And then just extending the question that you've been explaining in the last two the last previous participants on senior housing. So of course, we've been in a very good track record. But as this space becomes more and more sort of, let's say, financially attractive, how do you so like entry barrier in general seems low in our business, I mean, in general, in real estate. So how do you you said that supply is not that high, at least at this point of time.

49:22 But in general, let's say, the other reputed builders and in general, it seems like the overall market is generally consolidating in our country with fewer bigger brands becoming more taking share, become that and India, etcetera, etcetera. So in that context, do you... If, let's say let's say, both the or TLF or all the more bigger ones, they start getting into this market. How... So how do you protect your or or, like, how do you protect your economics also if this becomes too competitive, like, let's say, how it is today in general for the real... In the real estate business?

50:13 Have three thoughts on this. Think the market is still too small for the larger developers to do a lot of work in this, okay? I think some enabling provisions of the Haryana regulatory piece is making the folks in Gurgaon more excited to do this, okay, because it is unlocked some lands which were not getting permissions otherwise. But outside of that, I think when the going is good, when everything else is doing, the senior living business is too small for the big boys right now, okay? We are targeting INR700 crores of revenue in this and we have clear lead in the number of units. Annual sales of DLF-one does one project in Gurgaon gets a crazy traction through 175 units. That's a secondary issue.

51:03 But in terms of number of units, annual sales and total GDV that we have available, we are quite on the higher side already. And it's still not that second, I think is a brand. I think seniors are more risk averse. So they are looking for people who have track record of running senior living. Now we have a twenty four year track record, yes. No, twenty two year track record. 2004, we launched our first one, I think. The second and third, so that brand and that track record in that awareness that's the risk averse nature. And fourth, I think the selling, the way you sell the project is different, way you maintain the project is different, the way you design the project is different, the way you build the project is different.

51:55 So like selling channel has very limited role to play for us for most sales direct through referrals. Second, the way you design this is a little different. So I think it's a space where I think at least as of now, we are the only ones who are committed to doing very large scale projects across the country right now. So in that way, I think we're still differentiated having those things. And our learnings, we have a lot of learnings over the last, I would say, 22. I think that will they compound.

52:41 So I don't think it's as easy to get to some of the learnings we have. Got it. Got it. No, fair enough. And just last question, again, slightly more broad is which are the companies either in senior living or in general in real estate or that you sort of want to, I would say emulate, but maybe like see and you get sort of more inspired by and say, I want to like build my company on a similar fashion, India global wherever? So, no, it's a request. This is the last question, please. We have someone else in the queue after this. And you can come back after that.

53:27 To me, Hynes out of The U. S. Does some incredible work around development. The Chinese developers and the kind of scale that they've built have been incredible. There is some of the bigger listed folks in India who do great work. I think Prestige, SOHA, Brigade, LODA, overall ADLF, of them Mahindra, I think all of them do really, really good work and across different things. So some things we like about some others. And I respect the kind of brand that they've built, the scale that they've built, the quality of work that they do.

54:15 So there are a huge swath of players we like and respect. So and would like to emulate a little bit of good things from all of them. Sure, sure. Thanks. Thank you so much and all the very best. Thank you, Rohit. Yeah. Thank you. The next question is from the line of Abhinav... Anubhav Goel from Cosmo Ventures. Hi, Sruti. So for the Amur phase one delivery, I think it's now showing q four, which is in line with our... There are handover days. So do we expect to meet this timeline timeline?

55:03 One second. Which project? Sorry, I missed you. Amort Phase one. Phase one, yes, we should. The building is fully ready. It's just the OC process is taking us longer than we thought it would. I think we are on track in our mode for Q4. Construction is complete. Okay. Got it. And and for this point of, you know, only a senior person residing in the house, so this will be a common condition in this space in general for other players and globally? Like, if you can just share thoughts on this about how this works? Globally, it's a common condition, okay?

55:52 Some developers in India are experimenting with what they call our multigenerational projects where they relax this condition. So these large builders, like, they have specific hours for senior living. So in most hours, these conditions would apply? Or only apply in most hours at at some level. So different developers are doing different things. Okay. Thank you so much. Okay. We are very clear we will not dilute that proposition. Got it. Got it. Got it. Yes. Sure. Yes. Thank you, Arun. Thank you.

56:49 That was the last question for today. I now hand the conference over to the management for the closing comments. Over to you, sir. Thank you all for participating in this earnings conference call. We remain focused on time date handovers in FY twenty seven and on building long term value through disciplined execution and customer centric development. If you have any further questions or would like to know more about the company, please feel free to reach out to us directly or you can alternatively reach out to our Investor Relations partners at Valorum Advisors. The investor presentation and relevant materials are available on our website, and we will be happy to provide any further clarifications you may need. Wishing you all happy development and productive year ahead. Thank you. On behalf of Aryan Capital Market Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.