Ajmera Realty & Infra India Limited (513349) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to the Ajmera Realty and Infra India Limited Q1 FY '25 Earnings Conference Call, hosted by Ventura Securities Limited. [Operator Instructions] Please note that this conference is being recorded. I would now like to hand the conference over to Tushar from Ventura Securities Limited. Thank you, and over to you, Tushar.

Thank you. Good day, ladies and gentlemen. On behalf of Ventura Securities Limited, I welcome you all to Ajmera Realty and Infra India Limited Q1 FY '25 Earnings conference Call. The company is today represented by Mr. Dhaval Ajmera, Director; and Mr. Nitin Bavisi, Chief Financial Officer. I would now like to hand over the call to the Director of the company, Mr. Dhaval Ajmera for his opening remarks. Thank you, and over to you, sir.

Thank you. Good morning, everyone, and thank you for joining us today. I begin the discussion by sharing the overall macroeconomics for the sector and also giving you some sector updates about the real estate market happening in Mumbai and all across. The real estate sector in India is continuing to flourish and has been seen in a very positive way with supportive government policies, economic stability and persistent demand for both residential and commercial properties. Rapid urbanization, rising income and the middle class, which is rising every day and it is driving the quality of living spaces and modern infrastructure. The recent budget norm has further bolstered the sector's outlook. Restoring indexation benefits for properties through amendments in the budget provisions is the most welcome in time booster to the sector. The introduction of enhancement of MahaRERA regulation in respect to improve transparency and accountability within the sector expected to benefit established players like us. New housing models and support mechanisms have been introduced, including rental housing for industrial workers under the public-private partnership model. This initiative aims to provide better accommodation within the industrial zones. Additionally, recent tax reforms, adjustments in capital gain rates and new tax norms for buybacks will impact the real estate sector positively. The most important thing, what we see now is going forward with the long-term capital gains becoming at par with the other asset classes is actually been now classified real estate as an investment class equivalent to equity stocks, gold, et cetera, every day. So I think it is going to be a very positive move in the long run. For quarter 1, now coming back to our company after the sector, I just want to give a small update about our company. This quarter 1 FY '25, Ajmera Realty has achieved a remarkable performance all across major financial metrics. Our sales value surged by 36% year-on-year, reflecting global demand and market confidence. These positive outcomes are largely driven by sustaining sales momentum in our flagship projects Ajmera Manhattan, along with strong performances from Ajmera Greenfinity, Ajmera Prive and additionally, the successful launch of Ajmera Vihara in Bhandup had significantly contributed to our growth. Now coming to some exciting project updates, starting with Ajmera Manhattan. We have seen substantial success with total sales of INR [indiscernible] crores this quarter and around 80% of the total inventory being sold. The strong interest from buyers has helped maintain momentum from last 2 quarters. Construction is also progressing equally prominent with Tower B at 8th level and Tower A at 7th level being completed. Ajmera Greenfinity, which was launched last quarter, sold 51% of its inventory and the project construction of Tower A and Tower B is almost level -- like first level is completed. Our premium residency project of Ajmera Eden in Ghatkopar has now seen more than 60% of its inventory being sold and we are at 10th floor slab. We have another 3 or 4 to go. Ajmera Prive, our luxury redevelopment project in Juhu, the RCC work has been finished and 60% of its inventory has been sold, contributing significantly to our sales value. Furthermore, Ajmera Vihara at Bhandup, which we launched this quarter, successfully sold 27% of its inventory and contributed 24% of our sales to our sales value in this current quarter and currently, it is at the excavation stage in terms of development. These developments have collectively supported our sales performance. Moving on to Bangalore. Our affordable residential project, Luganoo and Florenza, has sold out about 90% of its inventory and is under fast-track execution. We remain committed to delivering all our projects well ahead of our RERA timeline. Looking ahead, we are more confident than ever in achieving our strategic vision of 5x growth, a pipeline of launches now includes 7 projects compromising of 1.7 million square feet with a GDV of around INR 4,270 crores. Furthermore, this quarter, I'm very happy to announce that we have repaid INR 58 crores of our debt from our operating cash flow, reflecting our commitment to maintain our debt guidance below what we have said, and we want to continue to reduce our debt from our balance sheet as much as possible. For FY '25, our presale guidance of INR 1,350 crores, out of which INR 306 crores has already been secured in the first quarter. We are very confident that we will achieve our numbers in this entire year coming forward. These achievements highlight our strong position and optimistic outlook as we look forward. Furthermore, I'm very happy to announce that there has been a few more developments which has happened within our company. Number one, as you may all know, one is the demerger of one of our subsidiary Radha Raman Dev where on account of demerger, we've announced and the company, every shareholder has got 2% additional equity within them and that will be looking forward for a great commercial development coming up in that sector, in that company, which is, of course, 100% subsidiary of our main company. Second announcement, which I would like to say that recently, we've had -- we rerated our credit ratings from CRISIL and I'm very happy to announce that we have got A minus which is a very positive sign for a company like us, and we are looking forward to continuing our progress in such manner that we continue to progress with more and more credit rating. And lastly, we are also happy to announce that we have expanded our Board and have taken one of an eminent personalities within our Board, Mr. Jayesh Mehta who is the Vice Chairman and CEO of DSP Finance Private Limited. And having returned after a notable career, previously, he served as a Managing Director and a country Treasurer of Bank of America. And with such eminent personalities coming in, we seek to have great guidance coming in from them and looking forward for expanding our companies in a very, very positive direction and looking for more than 5x growth within our company. All these details further -- I would request now our CFO, Mr. Nitin Bavisi, to take through the financial numbers and also all these announcements in a detailed way. Thank you very much.

Thank you, Mr. Ajmera. Very good morning to you all. In the first quarter of FY '25, we are pleased to report healthy growth across our operations. Our sales value reaching to INR 306 crores, representing a remarkable 36% increase compared to the first quarter last year. Volume wise we sold 130,801 square feet on a carpet basis and our collections grew by 49% Y-o-Y to reach to INR 165 crores. Coming to our financial numbers for quarter 1 FY '25, our revenues stood at INR 196 crores, which is 67% jump on Y-o-Y basis. EBITDA stood at INR 67 crores, which is also a 72% increase on Y-o-Y basis. PBT stood at INR 43 crores, which is 47% jump over quarter 1 FY '24 and PAT also saw very impressive growth, which is standing at INR 33 crores, which is 52% increase over quarter 1 FY '24. So EBITDA, PBT and PAT margin standing at 34%, 22% and 17%, respectively, which demonstrates the effectiveness of our strategies and contribution of our revenue eligible projects to the bottom line. We are confident in our ability to maintain this positive momentum and deliver strong financial performance as we move forward in the rest of the financial year. We remain committed to our deleveraging and improving our debt profile. Our efforts have been rewarding and debt-equity ratio as of June '24, which reduced to 0.8x, which is an improvement compared to 0.9x at the end of March '24 and 0.9x at the end of quarter 1 FY '24. Notably, this marks a significant milestone and is aligned with our guidance. We are pleased to share that financial performance and the overall credit profile improvement yielded reduction in our weighted average cost of debt to 11.6% at the end of quarter 1 FY '25 as compared to 11.9% as on 31st March '24. Since the span of about 3 months, we have 30 basis point reduction in our cost of debt. We have total revenue visibility approximately of INR 6,243 crores which coming from existing and ongoing projects and as well from the upcoming launches. The upcoming launches during this particular financial year have an estimated revenue potential of INR 4,270 crores over the life cycle of these projects. In the next about 6 months, projects at advanced stage and those for which we have received the OC is expected to contribute about INR 87 crores, and the revenue from mid-stage project, which is the ongoing projects, wherefrom we are expecting INR 1,886 crores to our revenue top line over the next about 27 months' timeline. The estimated net cash flow from our OC received and ongoing project is expected to generate about INR 850 crores as we move forward. Going to the strategic update, as Mr. Ajmera mentioned, we are pleased to announce that NCLT has approved the scheme of arrangement which is the demerger of our one plot of land from a holding company, which is the ARIIL to its 100% subsidiary, which is the land parcel measuring about 6.5 acres and this particular demerger has given one particular equity share as against the 50 equity shares already held by the shareholders. The record date for this particular entitlement of 1: 50 has been August 2, 2024. Further, I'm happy to announce that CRISIL, the credit rating agency has assigned a long-term rating of CRISIL A minus, which is a stable outlook for our corporate as well as the bank loan rating. This rating is reflecting our company's strong financial stability and ongoing commitment to maintain a healthy credit profile. This is a concise summary of our business highlights and financial performance, I invite your questions and look forward to interacting further with you all. Thank you, everybody.

[Operator Instructions] First question comes from [ BB Patel, ] an Individual Investor.

Yes. I just wanted to congratulate you guys on spectacular set of numbers. My question is a little bit specific and refers to the recent engagement, you managed to secure with the Rustomjee for some project in Bandra. Given to understand that the LOA and CC for this project is yet to be secured. Do you have a date for that or a planned date for that?

So basically, the work at site has already begun. We have removed all the tenants from site. The permission related to the project has already started. We've already applied for it. And since it's a larger project, we will obviously need to take the requisite environment approvals and the BMC approvals, et cetera, so which will be in the span of next 3 to 4 months' time. Our target is to launch this project either by December to January, February in this year and the coming year.

Do you have a plan date to getting the LOA and the CC...

As I said, it should be in the next span of 3 to 4 months we should get LOA and CC.

Okay, 3 to 4 months. And when can we see more about the plans in the same time frame because in case...

Yes, yes. Once the RERA numbers have been in place, we can definitely show up the plans.

Next question comes from Dinesh [ Rathore ], an individual investor.

Yes. First of all, I like to congratulate you and the entire team for achieving the fantastic results during this quarter, which are very much in line with the guidance given by you. Also like to congratulate on receiving the [indiscernible] order, which we are [ pressing ] since last few quarters. So in this regard, demerger, I'd like to understand three questions. My first question is if the demerger is of a land parcel from listed company to its wholly-owned subsidiary, what is the impact of this demerger on listed entity and overall at a group level? My other question is what is the impact of -- on a valuation as a whole pre and post-demerger? And my third question is what are the benefits to the shareholders or we can say value creation because of this demerger? So Nitin, you can just guide me on this thing.

Sure. Let me take your question -- all 3 questions in sequential. First question is the implications and what about the land parcel as such. So yes, it is the undertaking of 6.5 acre plot of land, which is at Wadala, which was at a holding company balance sheet at ARIIL which is now shifted to a 100% subsidiary, which is rather Radha Raman Dev Ventures Private Limited. So as regards to the second question about the valuation. So in terms of the debt, this particular land parcel being the part of the consolidated balance sheet, premerger -- demerger, I mean to say, and as well the post demerger. What has changed is that, that particular asset has moved to a particular specific SPV so that going forward, when we want to develop this particular commercial or the mixed-use project, we will have some flexibility at the SPV level because at real estate, project level, it gives a good amount of flexibility to structure the transactions kind of a thing. And thirdly, the -- what is the value to the shareholders? As I explained that no change in terms of the holding of the asset, it is just on the -- from the holding company to move to SPV. So the one share, which is being given due to this demerger as against the 50 shares which is almost 2% of the value has been the additional gain which shareholders have achieved out of this demerger scheme. I hope I have clarified your question.

[Operator Instructions] Next question comes from [ Aayu Shabu from Choice ] Equities.

Yes. Can you please give some guidance regarding the CapEx, other business development spend that we'll be incurring in financial years '25 and '26 and what kind of presales figure are we targeting in financial year '26 as the guidance is -- IP, but around like for 2 years down the line, '26, you could just give some CapEx spend and business development and presales also?

Hello?

Yes, sir.

Can you hear me?

Yes, sir, you're audible, sir.

Yes. Okay. So is the gentleman there?

Yes, he is there on the call.

Okay. So we have about 7 projects which we are going to launch this year, which is having a top line of about INR 4,270 crores. As we speak, all these projects are under approval stages or finalization of planned stages, et cetera. And with the help of whatever when we can launch as we know that probably all these projects will get launched, but bunch of it will probably come in the last quarter of this financial year. So we've given a guidance of INR 1,350 crores basis our overall numbers from our existing and new projects. But having said that, these projects, which we will launch will have a significant number coming up with these launches where we are going to do in quarters to come down.

And just to support to that, in terms of the number, like the Ajmera Vihara, which is the one project launch as per our guidance and we have clocked the sales of INR 75 crores out of the INR 300 crores expected kind of a thing. So that's the kind of velocity at launch, which we have been able to achieve, so we are pretty confident that INR 1,350 crores guidance -- annual guidance for FY '25, we are optimistic to achieve this one.

[Operator Instructions] Next question comes from Rahil Shah from Crown Capital.

The first question is which particular segment is driving growth for you, where are you seeing maximum potential like some mid-segment premium, which has the best offerings and is driving the interest from the consumers?

So if you look at all our projects which are there, we have luxury, we have mid-luxury, and we have affordable and we also have -- in some languages, the semi-affordable. So all these segments, which are there, so like, let's say, mid-luxury projects like Manhattan, which is driving the entire, I would say, for us, it's been a good sales driver. But if I also look at the recent launch, which we did at Bhandup, which is like an affordable segment for at least in terms of Mumbai market, which is where the flats are costing around INR 75 lakhs, where we saw great momentum of sales happening. And Ajmera Greenfinity also, I would say it's a semi-affordable segment where we've sold about 50-odd percent projects over there. So if I have to look, my sense is mid-luxury to affordable is where we have seen great numbers coming in our portfolio, which is driving it. Obviously, in terms of super luxury, we have only one project, which is as Ajmera Prive, Juhu, where also the numbers have been great. But obviously, in comparison to the overall scheme of things, I feel a bracket of INR 7,500,000 to INR 3 crores is where we see great numbers coming.

So is it fair to assume that you will continue launching more projects in mid-luxury to be affordable going ahead?

Yes. I think most of our portfolio would be that, but we are not averse to not doing a luxury project or a semi luxury project. It depends on the numbers, et cetera. But right now, with what we have in our current portfolio, majority of it will be in that range.

And where will these be based exactly like majority...

So as I said, if you look at our new launches, which are there, primarily, there is Wadala, there is Bhandup, there is Vikhroli, there's going to be Kanjurmarg, there's going to be Bandra, which is going to be a commercial space and Versova, which will be a little luxury space. So -- and Iris in Bangalore, which will be again an affordable kind of a segment. So we have, in different, different places plenty of projects are going to come.

And how is competition in these locations? And how are you able to like push forward your project against others?

So in all, what we have really seen is the competition is there, but with the legacy, with the kind of deliveries and with the kind of brand, what we've signed, we have seen a great run in our launches, and that was evident if you really look at Manhattan, which is 80% sold today, where we are on the seventh level of -- seventh level of the building, and I still need to go 44 levels up, like total. So with that or even if you look at Bhandup and which we just launched just at excavation stage, and we -- we've sold about 24%. So competition is there, but with the brand legacy, with the brand commitment we are able to see great numbers being sold. And we don't see too much of an issue coming in, we are able to get our price at what we launch and we are also able to get our numbers as expected from us.

Okay. And what is the total land bank you have at the moment?

So right now, we -- the launch project is about 1.7 million square feet, with the future land bank, which we've not yet launched, but we have in our city is about 1.1 crore square feet of development, mainly in Wadala and Kanjurmarg and other places. So that will come up as in how we announce it.

So will this like run rate increase per year, so you are planning for [ 100 ] million square feet?

Yes, absolutely.

And are you able to give any revenue recognition like guidance or just the presales number?

So right now, we've guided -- we've given a guidance of INR 1,350 crores for this financial year, and then we will run through our numbers by the last quarter and then probably give the guidance for the further next year.

No, that is presales, right but like revenue, how much you book?

Revenue is always a function of the presales and the conditionalities like 25% of the project on the cost basis, achieved and things of that sort. So once the presale numbers are achieved, then the revenue is always follows as a lag kind of a thing. So the more critical numbers in our estimation is that of the presales and then after the project execution will take care of the revenue numbers and just to give you the further insight, we have the revenue potential of INR 1,973 crores from our existing portfolio, wherein INR 87 crores worth of the revenue, which is yet to come from the OC received and completed projects and about INR 1,886 crores worth of the revenue to come from the ongoing projects, which are like Manhattan, Luganoo, Florenza, Prive, Eden, Greenfinity and Bhandup now, which is added due to launch.

What timeline are you expecting this INR [ 1,900 ] crores?

Completed OC received projects, the revenue is expected in about a couple of quarters, which is about 6 months. And OC ongoing projects which is about 27 to 30 months.

27 to 30 months. Okay.

Next question comes from Sameer Baisiwala from Sakman Capital.

The first question is, what's the development plan for now demerged commercial land in Wadala?

So we are -- obviously, we've done the demerger. We are looking forward to do the entire master planning for the layout and also trying to see if we can partner with somebody. But as of today, our sense is that probably by next year sometime or towards the end of next year, we should be able to start construction then.

Sorry, either end of next year is when the construction...

Yes, somewhere around that. But obviously, it's a function of demand and supply for commercial development where our sense is that Wadala as a micro market is picking up for commercial development now. However, with the kind of supply, what we will get probably needs to be fragmented into different, what you call years otherwise, that much demand will not come in at one go. So we need to ensure that whatever we launch or whatever we develop should be either leased out or sold. So we are basically going to do in phase-wise manner, starting from next year by then when we see these operations. Obviously, the Atal Setu is operational. The other fundamental connectivities are getting operated now. And with all the other connectivities coming in, I think the demand for Wadala to come in as a commercial micro market is growing. And our sense is by next year, it will even be enhanced better. So it will become an offshoot to BKC, where today, BKC is becoming expensive and really what you call busy. So I think a lot of office supply will be shifted to Wadala over the next 12 to 18 months.

Okay. Great. And are we on course for launching Kanjurmarg by September this year?

So we are on, of course, to launch Kanjurmarg this year. September or December, we are not completely sure. We are working on all the approvals where we've -- I mean, got partly projects coming in and approvals coming in, sorry. And we are very confident that probably by this year-end, we should have most of the approvals in our hands.

So the launch would be then only, which is end of the year. Is that correct?

Yes.

Okay. Okay. Because your slide says till September, so...

Yes. That's where we had anticipated, but with the election processes and approvals, which got a little delayed here and there, but we are on track and we should be looking at finishing all the approval soon and launching this.

And how are you thinking about the adjacent plot in Kanjurmarg, the larger one?

So larger one also, we are taking all the basic approvals today. We are finalizing and finishing all the basic approvals. We are currently in the process of finalizing our master plan for the project and then probably come in the market with the overall master plan with the complete -- how much would be residential, how much would be commercial, retail, et cetera, et cetera. And then probably we'll be able to do the launches in that particular area. But the project, when we say Kanjurmarg is starting, obviously, by this year with our 7-acre parcel and then continuing with the large one.

Okay. I mean just on this point, so the larger one launch, when does that happen?

Our anticipation would be by next year.

Okay. Great. And just a final question. On your slide, you have -- this is Slide number 29. Cash flow from other avenues, INR 330 crores. So what's the timeline for this?

So this is all comprising of the ongoing U.K. repatriation, which has started last year, and we have been receiving as well in the current year and we anticipate the U.K. repatriation to complete by this financial year-end, and as well the asset monetization to which also we are at an advanced stage of the discussion. So we are very, very hopeful that this cash flow materialization will happen in a great velocity in this financial year as well.

Okay. Great. And how do you split the INR 330 crores between U.K. and the -- asset split?

So it's a split, U.K. is a little less than INR 50 crores now. And the rest of the asset monetization numbers, we have 2 assets at Mumbai location. And those ones are up for monetization and one more repatriation, which is from the [ Bahrain ], which is a little distant away.

okay [ Bahrain ] is how much, sir?

It should be close to less than INR 100 crores now.

Next question comes from Jayesh Parekh from JMP Capital. I'm sorry to interrupt sir, your voice is not clear.

Can you hear me now?

Yes, sir. Please go ahead.

I would request Dhaval bhai to clarify that in subsidiary, we are talking about commercial land bank of 18.5 lakh square feet.

Yes.

We can expect that to be a lease model, right?

Yes. So it will be partly part tie-up, but been selling once it is ready. But overall, in the structure where we are looking at a great commercial path coming up.

[Operator Instructions] We have a follow-up question comes from [ Aayu Shabu from Choice Equities. ]

Could you please give guidance on the business development or [indiscernible] expenses that you would incur in financial year '25 with respect to the launches?

So as we guided in the past annual result, for FY '25, apart from INR 1,350 of the presale guidance, we have further plans of INR 3,500 crores worth of the projects to acquire, which will deepen our launch pipeline going forward. So INR 3,500 crores on the business development activities as well.

These are the ones which we have almost closed down or looking at closure and then obviously, that business development angle continues to get in more portfolio projects coming in, which as in how it comes in and we will announce further.

[Operator Instructions] Next question comes from Kaushik Dani from Abans.

You just mentioned that you plan to acquire INR 3,500 crores of projects, right? So how will this funding happen? I mean say, is it -- as on today, it's about INR 800 crores of debt. So how do we go about it?

So basically, as we have been guiding, it is a mix of organic and as well inorganic. So not entirely will be INR 3,500 crore from the leverage or the capital upfront commitment kind of a thing. It is going to be the mix of it. And we are very aggressively working on the asset-light and noncapital commitment kind of projects. And if you see the launch pipeline, it is like comprising of MHADA redevelopment, SRA redevelopment, society development as well. So that's the position on which we will continue our strategy there.

So it would be having a lot of JDs also, you mean to say?

It's going to be mix asset-light and as well on our land parcel as well.

Okay. And typically, what sort of [ XR ] we target when we say INR 1,350 crores of presales or let's say, INR 4,500 crores over the next few years?

Sorry, what kind of what?

What sort of [ XR ] do we target usually?

For every projects -- so we are having different projects with different guidelines. So if I look at my -- our greenfield projects or our own land bank projects, obviously, the IRRs are very high. But when we look at society redevelopment, we anywhere look between 25% to 30%. If it is a slum redevelopment project, it depends on the location and everything, but about 20%, 30% is there we are looking at. Again, MHADA is between -- it's a bump of maybe about 30%, 32%. So every different project will have different IRRs. But overall, on an average -- it should -- if I look at my greenfield projects, plus all these, it will be about 30% plus.

Okay. And you mentioned 7 projects worth INR 4,270 crores. Typically, that spreads are usually how many years?

Next 3 to 4 years.

next 3 to 4 years. And finally -- because I think most of our projects are in MMR Mumbai only, right?

Yes.

Yes, so in that particular case, what are the average realizations?

So every project has a different realization model. But average, my sense would be about INR 5,000 to INR 6,000 a square foot.

Okay. And finally, with regards to this demerger, in fact, I didn't have much of the details earlier. So typically, this is for the existing investors also or the record date and everything is done?

Record date was 2nd August 2024 and the shareholders or the members as on that particular date are entitled to this additional one share is against the 50 shares, which they held.

Okay. So it's already passed, right, okay, fine.

[Operator Instructions] We have a follow-up question from [ BB Patel, ] an individual investor.

I observed to comment that the project in Bandra which you're doing with Rustomjee would be a commercial space. Could this reason, can you please give us an idea about 2 things? The first thing I need to know is what is the plan for the new project since it's the commercial space? Will it just be malls -- a mall or will it be a mall and offices, if there are residence, is there a plan to have residence as a part of this project? And how were -- what is the plan for accommodating the existing owners of this area since it's a redevelopment project?

Sir, [Foreign Language] I think you want to be our potential buyer. Please do come, you are most welcome. But however, I don't want to reveal too much details, we are still under planning stage. Just to tell you, it will be commercial, but obviously, there are commitments with related to our existing tenants and other things, which we are satisfying and we are making it. So definitely, there will be some residential, some commercial, everything put together. But we would want to reveal and give more details once all our plans are finalized and put up for approval.

We have a follow-up question from [ Aayu Shabu from Choice Equity Broking Limited. ]

Yes. Just with regard to your guidance of INR 3,500 crores of project per buyer, so that will be a mix of JD and JV, right? So if you could just give some guidance on the cash expense that we as Ajmera would have to spend in order to achieve this project pipeline?

So as I -- we have given the summary of the estimated cash flow, the existing project portfolio is expected to churn about INR 850 crores of cash and this particular launch pipeline, which is about INR 4,270 crores, really [indiscernible] generate about INR 1,200 crores of the cash. That's the kind of cash flow estimation and the guidance, which we have provided in our presentation in terms of the ongoing project and as well as the launch pipeline.

[Operator Instructions] There are no further questions. Now I hand over the floor to management for closing remarks.

Thank you, everybody, for participating and taking time to attend this earnings call, quarter 1 FY '25. We look forward to interact with you for more interactions or the insightful the query or the doubts or further information which you may be requiring, very happy to address that. Until then, we expect that everybody to be very enjoying the celebrations of the festive season coming forward and stay safe. Thank you, everybody.

Thank you.

Thank you, members of the management. Ladies and gentlemen, on behalf of Ventura Securities, that concludes this conference. Thank you for joining us. You may now disconnect your lines.