Ashiana Housing Limited (523716) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to the Ashiana Housing Limited Q3 FY '23 Earnings Conference Call. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Binay Sarda from Ernst & Young. Thank you, and over to you, sir.

Thanks, Melissa. Welcome, everyone, and thanks for joining this Q3 FY '23 earnings call for Ashiana Housing Limited. The results and the investor presentation have been mailed to you, and it is also available on the stock exchange. In case if you have not received the same, please write to us, and we'll be happy to send it over to you. To take us through the results for this quarter and answer your questions, we have today with us Mr. Varun Gupta, Whole-Time Director; and Mr. Vikash Dugar, CFO. We'll be starting the call with a brief overview of the company's performance of this quarter, and then we'll follow it up with a Q&A session. I would like to remind you that everything said on this call that reflects any outlook for the future, which may be construed as a forward-looking statement must be viewed in conjunction with uncertainties and risks that they face. These uncertainties and risks are included, but not limited to what we have mentioned in the prospectus filed with SEBI and subsequent annual reports, which you will find on our website. With that said, I'll now hand over the call to Mr. Vikash Dugar. Over to you, sir.

Good afternoon, everyone. Hope all of you and your families are keeping healthy. I welcome you to discuss the performance of the third quarter of FY '23 of Ashiana Housing. Thank you for joining us today. Ashiana Amarah central project in Gurugram was fully sold on launch. We also launched Ashiana Advik senior living project in Bhiwadi. Apart from these new projects, we also launched Phase 3 of Ashiana Anmol in Gurugram, and last phase of Ashiana Umang in Jaipur. Both of these are kid-centric projects. The last phase of Ashiana Dwarka Jodhpur were also launched in Q3 FY '23. We achieved an area booked of 9.03 lakhs square foot for the quarter gone by. Value of area booked went up to INR 485.29 crores in Q3 FY '23 vis-a-vis INR 240.19 crores in Q2 FY '23. Average realization price improved to INR 5,373 per square foot in Q3 FY '23 vis-a-vis INR 4,904 per square foot in Q2 FY '23. This improvement was driven both by increasing prices and projects and change in mix towards higher-priced projects. The total sales value reached to INR 877.62 crores for the [indiscernible] April to December 2022. Deliveries commenced in thus with 2.99 lakh square feet delivered in Phase 1. A total of 3.6 lakh square feet was delivered in the third quarter. This was at least a delivery of 2.07 lakh square foot in second quarter and 2.11 lakh square feet in the first quarter of the financial year 2022-'23. Area constructed was 3.42 lakh square foot in Q3 FY '23 versus 4.38 lakh square feet in Q2 FY '23. Total revenue increased to INR 135.31 crores Q3 FY '23 from INR 91.72 crores in Q2 FY 2023. ECI improved to positive INR 9.29 crores in the quarter gone by versus negative INR 1.31 crores in Q2 FY '23. Pretax operating cash flows was positive at INR 35.6 crores in Q3 FY '23 versus negative INR 1.05 crores in Q2 FY '23. On this note, I would like to conclude my remarks. We will now be happy to discuss any questions or suggestions that you may have.

[Operator Instructions] We have the first question from the line of Ankit Shah from White Equity.

I have one question on transaction base. So can you share the trajectory for construction over next 4 to 6 quarters? And also, if you can share the hurdlers that are coming on the way of picking up construction?

Ankit, if I -- I'll just -- you were a little soft, so I will just state the question again. You want to understand what -- how the construction outlook looks over the next 4, 5 quarters. And what are the hurdles in picking up construction? Construction outlook, I think we are in that 20 lakh to 25 lakh square foot zone annually from next year onwards. We haven't set our annual targets for next year as of yet. But the trajectory that we have, I think we are in that 20 lakh to 25 lakh square foot target. This year, in terms of construction volumes, particularly the third quarter was a little slower than we expected. We had particularly 3 hurdles that have come in this year. One hurdle was the ban in NCR for construction. This happens every year, but it happens particularly in the third quarter. And also, second what has happened to us is that spread in NCR because of increasing work in Gurgaon Bhiwadi has become a larger part of our portfolio, so the impact of the construction there in third quarter seems a little bit more to us. The second issue that came in, in terms of construction, this year has been that our launches have gotten a little delayed than what we had planned. So that led to delay in construction in the volumes as we expected. In sales, it's easier to catch up. In Amarah, we could sell on day 1 when we got the response that we did, but we can't build on day 1. We need to take [indiscernible] trying for a delayed caution. And the third, some challenges on construction manpower and supply chain remain. But I think those challenges are the smallest of the challenges that I've said. So next year, I'm a lot more hopeful that constructions volumes would be better because projects have launched this year. We had planned to launch 5 projects this year, which we have launched 3, 2 are getting launched in Q4. So we will have enough room to do construction next year.

We have the next question from the line of Himanshu Upadhyay from o3 Capital.

I had 1 or 2 questions. First was on the project launches, especially in Gurgaon in where we are seeing successes and next phases are to be launched. Are you replanning those projects? So in terms of larger size of next phase of those projects or anything you are reevaluating or reworking? Or how are you thinking on that? Because the momentum is strong, why not slightly -- higher larger fees of the launches. This was one thing.

Okay. Himanshu, I think we did a mistake like this of launching the very high side phases earlier when market momentum was high. And then we got staggered with unsold build inventory, which took a bit. So we just want to be careful around that. To us, like a 4 lakh square foot -- nearly 4 lakh square foot -- size is quite large itself. And as we see momentum, one is always free to launch another phase instead of increasing the size of the phase. So we have -- as we sold Phase 1 out faster than we expected in Amarah Phase 1 launch, we have received RERA for Phase 2, and we should launch Amarah Phase 2 also hopefully soon and then take that up as we go along. I think that's the thought process that we have right now.

And on the launch, what are the top launches or priorities in the next 12 to 15 months now? Can you give some idea?

We have 2 launches in Q4, which are fresh projects, phases, so Amarah Phase 2, I will not talk about phase launches and a separate -- from a project perspective, we are launching Ashiana Ekansh in Jaipur and Ashiana Prakriti in Jamshedpur. These are 2 big launches in this quarter. And in the next financial year, we have 5 launches planned, 2 in Jaipur, which is the land in Bhankrota and the land in Murlipura, we have also -- in Jagatpura -- we have also planned launches of senior living in Chennai, the 2 projects, one in Maduravoyal and [indiscernible]. And Ashiana Aamod in Pune, which is also a senior living project that we plan to launch. And that's the main new 5 project launches that we are playing. Phase launches will be over and above this.

Okay. And one thing, in terms of deliveries, okay, is there -- we had a certain phases where we said it may take more time, okay, or 1 or 2 quarters. Are we running on time? Is there any probability that we can do faster or what's the progress on that side because…

So we have put expected customer handover dates in our sheet, okay? So the thing is slippage of a quarter could happen because we get bulk thing something that is planned in March if it goes to April, there is a quarter slippage in this technically, but it's really a slippage of maybe 15, 20, 30 days. We are generally on track, but this something might go from one quarter to the other a little bit when it's closing, but generally, schedule of construction fee is on track to what is -- what we have reported. And on business development lastly -- business development, what are we doing right now? On business development, our focus is to get more work in Gurgaon, in Jaipur. And to look at senior living projects elsewhere in the country wherever we can expand to. Senior living is something we want to take to more locations. So that's the sort of the way we are looking at how to go about doing this in terms of BD. That said, as I said, right now, the land markets are in release have been frothy for a bit. I think good news is that on the land front, I can -- some signs of corrections are there. One clear sign is that the plotting markets in Gurgaon has slowed down considerably. Prices have flattened and plateaued volumes have started reducing the oversupply of the situation on the plot side that I see coming, which I think should help land markets cool off a little bit. So that's where we are at in our perspective in a way…

[Operator Instructions] We have the next question from the line of Rohit from [indiscernible] PMS.

So my question was, so one was on these 5 launches that you have talked about that you see in the next couple of quarters. In terms of square footage what you see?

So in terms of the future next year project that we are going to launch?

Yes. So yes, so these 5 launches that we just spoke about, these are going to be FY '24 or the next -- this quarter and next quarter, sorry.

In Q4, we are launching 2 projects. These 2 projects put together are about 14 lakh square foot. They are not launching the entire project because we launched phases. I would say the phase launches of these would be put together about 7-odd lakh square foot, half the project should get launched in these 2 projects. And next year, all the projects put together that we have 5, is about 45-odd lakhs -- 45 lakh square foot of total in projects, of which Phase 1s of all those projects put together will be about 9 lakh, 10 lakh square foot, like about 20%, maybe 25%. We did new phases of existing projects. We plan to launch around another 3 million square -- a total of 3 million square foot in FY '24 to 30 lakhs. So maybe about 10 lakh to 15 lakh square foot will get launched in new projects and about 10 lakh to 15 lakh square foot will get launched in existing phases of the -- new phases of existing projects.

So just to summarize, you're saying that this quarter, you'll see about 7 lakhs of launches, which will have another 7 lakhs of other phases. And overall, in FY '24, you're looking at around 10 crores to 15 lakhs of new launches and a similar number for existing phases getting launched, correct?

Correct. In this quarter also, we will have an existing phase of another 2 lakh, 3 lakh square foot also coming, yes.

Okay. So you'll launch close to about a million in this quarter in Q4, correct?

Yes, and about 3 million next year.

Understood. So sir, just wanted to understand in terms of -- so I mean from a -- so this year, you have given a presales number of about INR 1,000 crores to INR 1,100 crores, which seems now fairly doable on books. So I mean, how are you thinking next year we are also looking at you said 3 million square feet kind of launches. And then obviously, the bigger question then is that how are we sort of trying to backfill the launches and the phases that we will launch in terms of our inventory -- in terms of our overall land inventory. So if you can just maybe share some perspective there.

So right now, we have about -- INR 15 crore and 20 lakh square foot to sell as of 31st December. There's some future projects in terms of land available for future development, I'm knocking off 2, which in Bhiwadi, in Milakpur, in Calcutta, because -- Calcutta because I don't have light on those projects when we'll get launched or what will happen on those. Outside of that, we still have a INR 1 crore about 50 lakh square foot to sell. So we have enough to sell for a bit. It's not that we don't have anything going for another -- we have enough for around 3, 4 years as the pace keeps. We will need to add more inventory to manage that for future. That shared, according to us right now, land markets are a little frothy, and we will continue to keep quoting in the market, but not be very, very aggressive on pricing. I think that's the only thing that we are looking at from a strategic perspective. And in my opinion, the land markets are showing signs of collection and plateauing and flattening out. And hopefully, over the next maybe 12 months, we'll be able to conclude some transactions.

Got it. And in FY '24 now, what are you thinking in terms of presales, will you be able to maintain or grow?

We don't have a presale number target, Rohit, for this -- for the next year. We'll get to know that over the next month. But presales will net be a little volatile as we go along. It's not necessarily going to be consistent in one trajectory depending on how launches are planned. But right now, FY '24 looks good.

We have the next question from the line of [ Priyank Sanghavi 5Y ].

So Varun and Vikash, good numbers. Since we provide rental and retail services to the projects -- in our existing projects with the resident. Do we track the rental yields at the major locations of our projects?

We don't track rental yields Priyank, but we do track rental values. So I wouldn't know the percentage, you'll have to do the math, but we do track rental value.

So can you -- what do you mean by rental value you mean the absolute number at…

How much rent will you pay per month to rent a flat.

Okay. So can you share those numbers -- current numbers for, say, Gurgaon, Jaipur, Chennai and Bhiwadi?

Yes, can you write to us separately to Radhika and mail to it at Investor Relations, we'll get that information across to you. We'll collate it from the different teams and have it sent that across to you.

Yes, I'll do that. So when I write for the information, then can you give the necessary information that I can calculate the rental yield as well?

We'll see what we can organize, but rental yields are typically in the 3% plus/minus 0.5% to 1%. So let's say, 2% to 4% is the rental yield ranges across the bid, we'll try and share more information with you.

Yes. I understand the rental yields don't vary much, but then even between, say, 2% and 4%, I think so the number -- it doesn't sound big difference, but I think so it can -- on a [indiscernible] basis, that would -- that can tilt a person from buying versus renting at 4% along with depreciation, people may move from…

We'll share that information with you as much as we can. Whatever we can, we'll share.

We have the next question from the line of Avadhooot Joshi from Newberry Capital.

Congrats on the good set of numbers, area booked has increased and the realizations have also increased. Just 2 questions. Major of the realization increase, whether it is contributed by Gurugram and whether we have able to increase the realization in Bhiwadi also.

Avadhooot, so a large contribution is coming from Gurugram this quarter because A, Gurugram has made a very large role in the area booking in the first place and also in value of area booked overall. So that had a very, very large contribution this quarter overall. So more than half the total square footage sold in the quarter came in from Gurugram. So that made a difference. Second, in Bhiwadi, we have been able to increase prices, not significantly in the premium home segment, but still some upward movements. However, the project Ashiana Advik in senior living that was newly launched, has been launched at a higher price than Ashiana Nirmay. And we are seeing about a 7%, 8% bump up there.

Right. On the land parcel that you are looking -- you will be looking, the preference would be again to Gurgaon and Jaipur then?

Yes, the land parcels you are looking at are for Gurgaon and Jaipur and we are exploring other big cities for senior living as well. So those are the 2 places where we are concentrated.

Okay. And finally, on the Pune, the response -- any progress over there in Pune because we are -- I think the portion is very little, I understand, but this quarter, but how is the response, any progress over there if you could…

Pune, we are fairly satisfied with the launch of Ashiana Malhar that had happened, selling [indiscernible] square foot till now, we have launched in the second quarter. I'm fairly happy with how Ashiana Malhar is done. Obviously, the second quarter was very heavy because of the launch. But if we keep this pace, I think we are on track in Pune. I think the bigger game in Pune is also going to be senior living for us. Ashiana Aamod is in like the final leg to get launched. We have planned sanctions. We have environmental clearances we are about -- we are in the in the process of RERA. So I think that will also have a much bigger dent on for us in terms of Pune.

[Operator Instructions] We have the next question from the line of [ Ankur Kumar from Alpha Capital ].

Sir, my question was on the revenue recognition. So we -- if I know correctly, we recognize when we give the project to the final consumer, which is the buyer. So in terms of this quarter, we see there is a good jump in revenue. So what are the key projects that we have handed over to the customers in this quarter?

Vikash, here, the key projects on which deliveries happened in this quarter was Ashiana Daksh. So the bulk of the revenue was blocked due to Ashiana Daksh. It's a project in Jaipur.

But this was supposed to be handed over to customers in the Q1 of FY '24 as per the presentation.

Yes. But we were in a position to complete it timely, issue our intimation position and deliver, so we did that.

Okay. Sure, sir. And now if I look at the ongoing project pipeline, we have 2 projects in Jamshedpur, which we are supposed to hand it over in this quarter, Sehar and Aditya. So they are on time?

So Ashiana Sehar is on schedule. We have received occupancy certificate on Ashiana Sehar. Ashiana Aditya, we have applied for occupancy certificate. If occupancy certificate comes soon, then we will be on track for this quarter. Otherwise, it might slip a month -- it might slip into April as well. But as of now, I think it's on track for March, but these things can go -- it's not as easy to predict these deliveries as we would like to.

Although every quarter, we do revisit and if we see any kind of indication that there might be a change, we do make the changes in the information that we share in the…

And just one more correction on Ashiana Daksh. If you're looking at the presentation, Ashiana Daksh Stage 2 and 3 are in the presentation for Q1 FY '24. Ashiana Daksh Phase 1 has been delivered and therefore, it's not in the ongoing project summary at all, and it's in the completed project summary it will be there.

Sure, sure, sir. And sir, what is your thoughts on the margins? What kind of margins should we expect on all these projects?

So 2, 3 things. 1 is on the, what I would say, our gross profit margins. Gross profit margins, typically, we have underwritten 30%, However, in the older projects, average gross profits are a little lower, maybe 27%, 28% is what we are getting. Our selling costs right now would be across onboard, so in Aditya and Sehar and Daksh the selling costs are lower. We are averaging about 4% selling costs and selling costs vary between 2% to 7% -- 2% to 8%, depending on the projects. Some outliers might be there from that range also, but that's typically what we are experiencing. So -- but I would say on average about selling cost is about 4%, 4.25% is what we are looking at. And general and administrative costs are somewhat fixed in nature. So they are on a fixed quantum. So that's the kind of margins we are looking at right now. My view and expectations are that we are in a margin expansion zone. And gross profit margins should -- has started improving and will, I think, continue to improve and we should breach that 30% barrier on a blended average basis. Not now, but it may be 2, 3 years from now when we deliver some of the projects which have been launched in this year.

[Operator Instructions] We have the next question from the line of [ Harsh Beria ], a professional investor.

Congratulations for the very good performance this quarter. I have a question on the Ashiana Prakriti project in Jamshedpur. It seems that our share of revenue has increased from 73.6% to 76.6%. I think in the last presentation, it was mentioned at 73.6% and in this one, it's mentioned at 76.6%. Is there something to call out there?

So I will -- we'll have that corrected as there is a typo on this from our end. We'll get that data corrected. The first one was correct 73.6% was per correct -- it's a -- there is a -- it's not exactly a typo, the structure is a little complicated. So sometimes we give a blended rate there is -- there are some aspects of that we can recover from, we have some recoveries in the revenue share. So as and when the expected revenues go little -- varies a little bit. We'll have this corrected. This was an error at our end.

If I look at deliveries pipeline for FY '24, a number of our Jaipur projects should get delivered, such as Daksh, Amantran, Umang. What are the kind of gross profit margins at which these projects were underwritten at?

Daksh, Sehar and Aditya, correct?

Yes, but I think in the slides, you've also mentioned that some phases of Amantran and Umang would also get delivered.

Amantran and Umang, so again, these would have a blended average of about 27%. They vary between 25% to 29%, I would say. Aditya is a little lower actually what we are expecting. So this will vary a little bit and future phases of most of these projects will have a better GP because prices in the later phases have been higher. So in Ashiana Amantran Phase 3, our gross profit margins would be higher than Ashiana Amantran Phase 1, similarly, Ashiana Umang Phase 6 would be better than Ashiana Umang Phase 5 because we've been able to check better prices in future projects. So it's -- so even the gross profit margin will vary across phases.

Okay. So on a reported basis, I think our EBITDA margins would still or our reported ROE would still be single digits in FY '24, is that understanding correct? Just on the reporting basis.

We missed out on some deliveries and therefore, our ROE in a reported basis would still be high single digits is what I would expect where we are at right now. A little bit of depending on what deliveries we get in.

Yes. Okay. And my last question is, it seems now we have enough pipeline that we have built over the last few years, that we are set for a series of INR 1,000 crores to INR 1,200 crores. Do you see -- and this is also the number which we reached in the past. Do we see a scope for expansion of this by 20%, 25% each year, given that we have enough pipeline and we also have much more ground [indiscernible] markets, such as [indiscernible]

So 2 things. The best we have done reported INR 671 crores, okay? So we haven't -- we never reached the INR 1,000 crore threshold…

Sorry about that. I meant the volumes, I was -- I meant the volumes. We have reached about 2.3 million…

A little bit of change in the company in the first preferred pricing also happened because you've gone into markets which are higher priced, right? And that is also what happened in those things. So 2, 3 things: 1, more than also just increasing, we are also what I would say our business is cyclical. So what is it that we can do to increase the base revenues that we would have if that's the way to put it, is something that what we are also considering and seeing what to do around that. And I think one of the strategies that will pay out is we will look to expand senior living. So as we do senior living more and more, I think overall base case numbers should increase. And hopefully, that will start playing out and as you said, '25 those things will be imported. We are also looking to big deep into Gurgaon. We've started seeing success there after a lot of work. We also believe that Jaipur also we can do more work than what we are doing today. So both opportunities for growth there remain. And we are looking for higher numbers. That shared, as I said, land prices were worrying me and still worry me. That shared, my sense is started coming that land prices have started plateauing -- stabilizing, and it might be an opportune time to start looking at transactions again. And if that happens, we can get -- we can scale that up further. So that's the way we are looking at things. Overall, I'm excited about the business the way we…

Just a follow-up on this is, what is the current proportion of our business coming from senior citizen? How do you envisage this in…

It will -- on an annual basis, it varies anywhere between 10% to 20%. It is the number that we are -- we had a little higher number this year as a percentage of senior living has become lower because we launched other projects and the base became larger. So Vikash-ji is here, jesting to me on senior living instead of tracking percentages, what we want to track is what kind of an absolute base case scenario in senior living are we able to hit.

Just as an example, if suppose we clocked 15 lakh, and out of that, we did 3 lakh square foot of senior living the percentage looks like a good healthy 20%. But then if suppose the overall base goes up to say 20 lakh, 25 lakh, that same 3 lakh looks like a smaller percentage. So it's the absolute number that we should idly target that how do we go from 3 lakh to 5 lakh or 6 lakh or even more than that.

So right now, I think this year we will do INR 150 crores of value area booked in senior living this year is what my expectations are. I think we have a 3, 4-year view to get this north of INR 300 crores to INR 400 crores is where at least we would like it to get to, if not more. And with higher overall margins as compared to what we would experience in non-senior living. So get a little higher profit margin and better returns on our capital.

So just to simplify this, if we are doing INR 150 crores, I would imagine you would at least be doing profit margins of 15% on a senior living. So going ahead, the idea is to kind of try to get this profit pool -- to expand this profit pool and make that the base.

Correct. Yes. Yes. It's to expand this profit pool and make it a bigger part of it. Yes, absolutely.

And that would hopefully reduce the cyclicality in our numbers.

Can you say that again, please?

And this would hopefully reduce the cyclicality in the reported numbers going forward?

Absolutely, we would like to reduce -- more than the cyclicality in the reported numbers, cyclicality in the operations. Reported numbers have some cyclicality driven by accounting norms. That's not as the bigger worry the bigger -- the bigger thing is the cyclicality in the real estate cycle itself and we can protect ourselves from it.

I appreciate that point. Also, is my understanding correct that we would at least be doing the 15% profit margins in senior living housing?

Yes, we don't do after-tax profit margins on project-by-project scenario or segmented. We locate it only at the gross profit level. Again, and these margin vary project to project. But I -- what we are aiming for a single living gross profit margins to be about 3 to 5 percentage points higher than general housing.

And is the selling cost also lower in the senior citizen projects?

No, senior living selling costs are similar higher as the launch of a new location, new project and then trend downwards as and when we build a brand in the location.

Just so it follows a normal cycle as across the projects. That's it from my side.

[Operator Instructions] We have the next question from the line of [indiscernible]

Sir, can you give any guidance on deliveries for Q4 and for FY '24? And what about profitability, when can we achieve consistent profitability?

So in terms of delivery guidance I've provided in the 17th slide of the deck that we have uploaded, okay? It says in which year we expect to hand over to the customer. That's the date -- that's the quarter for delivery, you can expect that we'll take.

So if I'm right, we'll deliver 6 million square -- 6 lakh square feet in Q4?

Q4, I would expect that, yes, we should have about 6 lakhs per foot -- 6 lakh, 6.5 lakh square foot is what we are looking…

And 10 lakh to 12 lakh square foots in Q1?

So I don't have the Q1 -- I don't see those numbers as 10 lakh to 12 lakh square foot. If I total up the sheet, it's more like 6.5 lakh. And the Q4 number…

6.5 lakh in Q4 you are expecting.

Even Q1, no, Q1 of FY '24. If you look at, there are 3 deliveries in Q1 of FY '24. These deliveries can go 1 quarter here or there a little bit, -- Ashiana Daksh Phase 2 is slated for Q1, but there is a potential of delivering it in Q4 also of FY '23 itself, Ashiana Aditya which is slated for Q4 of FY '23, it could we go to or Q1 of FY '24. We deliver on getting occupancy certificates from the governments, which can sometimes can get delayed more than we expect and sometimes come in faster than we expect. So I would just say that keep that in mind.

Right, right. Okay. So when can we expect consistent profitability?

Consistent profitability, from a reported perspective, I think, is a difficult thing because our deliveries can get bunched up. What we have had, though, over the last actually 2, 3 years now consistently a positive good operating cash flows. From a metric to see whether the operations are positive, that's what we look at. If you have seen FY 2021, FY '21-'22, had both a great cash flows, '22-'23, we were a little slow because of one blip in a quarter, where we front-loaded some cash flows for construction before launches and for advertising. But if you see that, that's the consistent number that we would like to track from an operational perspective. Reported profits can vary a little bit here and there.

[Operator Instructions] We have the next question from the line of [ Harsh Beria ], a professional investor.

I think in the last or in the call before that we were discussing about some -- return policies such as buybacks and [indiscernible]. Has there been more discussions about this by the board?

There have been -- so on buybacks and dividend and capital return thought processes, we have had -- we have had a few discussions at least at the Executive Board member levels not if not at the full board level, there has been discussions. We are discussing and deliberating and trying to wrap up our heads around it. I think it will -- it's a process that we are understanding whether we should do it or not.

Okay. And one question because half is about the number of units that we have sold. So we have given numbers in terms of presales volumes and presales -- how much units have we sold so far this sir?

Harsh, it would be hard to share, but I would say 1,200 something. I think we're averaging about INR 70 lakh -- INR 70 lakh a unit as a ticket size somewhere around that. I wouldn't have the number right now, but you can again, if you write to Investor Relations, we'll send that data out to you.

[Operator Instructions] As there are no further questions, I would like to hand the conference back to the management for closing comments. Please go ahead.

We would like to thank all of you for being on this call and being so patient with all the questions and answers. If we were unable to take any questions please feel free to write to us directly or reach out to us directly. And with that, we would like to conclude the call. A lot of the material we have spoken about is posted on our website, and you can also email your queries for any further clarification. Thank you once again for taking the time to join us on the call. Thank you.

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