Sunteck Realty Limited (512179) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to Sunteck Realty's Earnings Conference Call for the Q4 and full year FY '21. We have with us today, Mr. Kamal Khetan, the Chairman and Managing Director of the company; Mr. Manoj Agarwal, the Chief Financial Officer; and Mr. Prashant Chaubey, SVP Corporate Finance. Please note, this call will be for 60 minutes. [Operator Instructions] The conference is being recorded, and the transcript for the same may be put on the website of the company. [Operator Instructions] Before I hand the conference over to the management, I would like to remind you that certain statements made during the course of this call may not be based on historical information or facts and may be forward-looking statements, including those related to general business statements, plans and strategy of the company, its future financial condition and growth prospects. These forward-looking statements are based on the expectations and projections and may involve a number of risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by such statements. I would now like to hand the conference over to Mr. Khetan, the Chairman and Managing Director of the company. Thank you, and over to you, sir.

Thank you. Thank you, everybody, for joining Sunteck Financial Year 2021 Full Year Earnings Call. Last year has been one of the tremendous growth and learning for me as an individual and for Sunteck as a business. The past year has given me some time to reflect on Sunteck's impressive growth journey over the last 20 years and the path we are on for the future. We had a great run so far, but our best days lies ahead. I'm excited to use this opportunity to introduce the next leg of our Sunteck journey, what I call Sunteck 3.0 or the new Sunteck. I will refer to a few slides to our earnings presentation, which I encourage you all to review in detail. We also published an intrinsic value presentation a few months ago, which is on our website and goes through our various projects as detailed case studies that gives you a good understanding of our business. Our journey at Sunteck began in the year 2000. At that time, we operated a few business centers in Mumbai that we leased wholesale and subleased retail. We owned no real estate and had under INR 10 crores in cash. Then in 2007, we made a research-based decision that a central business district like BKC would be desirable place not only to work but also to leave as Uber luxury lifestyle. The decision and the vision paid off. And we have since helped hundreds of happy families find their own dream home in BKC and ODC in Goregaon West. Along the journey, we created enormous shareholder value. We now embark on the new Sunteck. We realized that there are more efficient ways to do business rather than tying up capital in big land holdings or in finished apartments. Currently, we have close to INR 1,800 crores of finished inventory. I'm focused on reducing this by 80% plus in the next few years. We are also focused now on not adding much new finished inventory. The objective, as we do our launches is to stack it high and let it fly. Our progress at Sunteck World in Naigaon is the exhibit of this new focus. You can see Slide 32 of our earnings presentation. We have launched 4,840 apartments, of which we have already sold with high velocity, 4,136 apartments. The overhead to run Sunteck engine is about INR 100 crores a year or less than that. This is the amount we would spend even if we did not do any construction for a year. As you can see on Slide 33, the 4 new near-term projects have an operating margin of approximately INR 6,200 crores. If this were delivered in the next 6 to 7 years, we would add pretax income of around INR 6,200 crores, this is roughly INR 1,000 crores per year pretax or INR 700 crores per year post tax. This INR 700 crores has plenty of lumpiness. We may have INR 1,000 crores in 1 year and INR 500 crores maybe in another year. It also could be higher as we add more projects. The key is to expand and strengthen our senior team and execution capabilities so that we could be doing 6 or 7 or more big-sized projects simultaneously. Historically, our project level margins have been closer to 25%, which was good. Future margins are trending higher towards an average of 35% per project. You can see this in the economics of our Vasai and Vasind projects on Slide 33. There are several reasons for our margin expansion. First, our size and the breadth of our experience that has allowed us to realize more and more economies of scale and savings. In addition, COVID brought in a period of tighter expense control and a good portion of those cost control measures should stay in place even after COVID is long gone. Finally, our price realizations are trending higher because of the strength of our brand and offerings. We have a big opportunity in 2021. Typically, we have to pay Maharashtra, a lot of fees and premiums for each development, which includes fees to maximize the space we can build, that is FSI. These fees can [Technical Difficulty] amount to 30% of the price we realize. The state cut this fees by half for [Technical Difficulty] year 2021. This represents a huge savings [Technical Difficulty] and for Sunteck, we'll take full advantage of this in 2021. And even pass on some benefits to its customer. We plan to prepay approximately INR 250 crores of these fees and premium in 2021. Thus 50% savings means that we will be also -- 50% saving means that we will be also saving INR 250 crores, which is wonderful. This should further improve our project-level IRR and leave us with more capital for growth. The benefit for this will come over the next 2 to 3 years. With demonetization, GST, RERA, NBFC crisis and now COVID, there has been a major consolidation. As you know, we have done maximum acquisition in MMR during this pandemic. And now we are seeing many more interesting deals being presented to us with minimal Sunteck capital required. Of course, we are very selective, and I think significant shareholder value will be created if we are prudent on the deals and keep our error rate low. Our HR team is also working on employees welfare and expansion plans to support the growth trajectory of Sunteck. I'm excited about the road ahead for the new Sunteck and for sharing this journey with all of our stakeholders. Thank you. I will now hand over the call to our CFO, Mr. Manoj Agarwal for his comments. Thereafter, I would be happy to answer your questions, if any. Over to you, Manoj.

Thank you, sir. Good evening, everyone, and thank you once again for joining us today. Hope all of you are safe and well. The financial and operation numbers have been already uploaded on the exchanges. I hope you all must have gone through them. I would now like to run you through the key financials and business performance numbers. Presales in Q4 FY '21 stood at INR 371 crores against INR 349 crores in Q3 FY '21, that is an increase of 6% on Q-o-Q basis. I would like to highlight that we have achieved INR 1,022 crores of presales for full year FY '21 as against INR 1,221 crore for last financial year same period despite the effects of the ongoing pandemic. On collections front, we achieved our highest ever collection in this quarter as a function of healthy presales of recent past as well as increase in home loan disbursements. We recorded collections of INR 321 crores in Q4 FY '21 as against INR 175 crores in same quarter last year, at INR 252 crores in Q3 FY '21. That is an increase of 83% on year-on-year basis and 27% on quarter-on-quarter basis. In terms of financial highlights, we reported a consolidated revenue of INR 191 crores in Q4 FY '21 as against INR 87 crores in same quarter last year and INR 217 crores in Q3 FY '21. Revenue for full year FY '21 stood at INR [ INR 640 crores ] as against INR 560 crores in full year FY '20, which is a 10% increase in spite of hit of COVID in the Q1 during FY '21. Consolidated EBITDA for Q4 FY '21 is INR 39 crores as against INR 4 crores in Q4 FY '20 and INR 49 crores in Q3 FY '20 -- FY '21. EBITDA for full year FY '21 was INR 137 crores as against [ INR 168 crores ] for full year of previous financial year. With respect to PAT, we recorded INR 10 crores in Q4 of this financial year as against INR 23 crores in Q3 of FY '21 and INR 42 crores in full year FY '21 as compared to INR 75 crores in full year FY' 20. As always, we continue to focus on our cash flow management and financial discipline, a must in this environment. And that continues to reflect in our low net debt-to-equity ratio, that is excluding quasi equity, which has been reduced to 0.18 due to our strong operating cash flows, which was positive by INR 286 crores within FY '21 and that helped us to reduce our debt of INR 233 crores. We can now open the forum for questions from the participants. Thank you very much.

[Operator Instructions] The first question is from the line of Adhidev Chattopadhyay from ICICI Securities.

Yes. First of all, congratulations on the very good performance in a very tough year, obviously, because of COVID-related disruption. Sir, now going ahead, first question is, as you have said, you want to monetize lot of existing inventory, largely in BKC. And so going forward from '22, how are you looking at your annual sales figure, consider them just over INR 1,000 crores this year. How much would be from the unsold inventory and how much would come from the new launches, what is the broad target you are working with? If you can give us any guidance.

Adhidev, so your first question, monetizing from the inventory of BKC, so we have been always maintaining that, those are very high-end luxury apartments, and it is definitely not a fast-moving product. So that will take some time. But our sales growth, whatever we are doing sales right now, and you can see the sales from the other segment, mid-income segment and the affordable segment, that is very robust. You can see in our presentation, which has been uploaded also. So -- and also not only the sales momentum is good, also the collection, if you can see from across all the segments. So sales momentum in the mid-income and affordable will continue to be very, very robust. And looking at the current sales position of the April, May, June, which we see it is much better than the even -- in fact, the last -- corresponding last quarter -- quarter of the last year, this corresponding first quarter. And June, especially the momentum, we are seeing the momentum picking up. So that gives a clear indication since the lockdown is slowly starting opening up, we are seeing that the Q2 will be much more robust. And that's what I can tell you about the sales momentum.

Okay. Sir, any longer-term targets, means where you want to scale up the sales, annual sales or something, you are working with?

If you see, right now, we have 2 or 3 engines from where we are doing maximum sales. You can say 2, 3 projects from ODC, Avenue 1, Avenue 2 and 4th Avenue, and Naigaon Phase 1 and Phase 2, which is WestWorld and MaxxWorld. Going forward, obviously, there will be lot more new launches, whatever we have taken, Vasai, Vasind and the Borivali one. Also, you will see new phases being getting launched from ODC and also a new phase from Naigaon. So there are lot of new launches, which we are expecting. I would not like to give any numbers, but definitely, I can see the group will be very exponential in next 2 to 3 years, very, very high exponential.

Okay. And sir, just my second question, I'll come back in the queue later for more questions. Sir, there was this media article yesterday about this deal you've done with DMart in Avenue 2 in Goregaon. Sir, could you confirm anything on this deal? And what are the exact contours and time line for it, if you would like to comment?

So the deal, obviously, I think it was there almost because it's in the public domain, it has been registered. So it's -- we have sold almost 40,000 square feet of the showroom area to them in 3 levels. And that was at INR 25,000 a square feet. And the deal -- we are looking to give them possession in next 12 months.

[Operator Instructions] The next question is from the line of Puneet from HSBC.

Congratulations on good performance. My question relates to your future capital allocation. How do you think you intend to indicate -- allocate your capital. Is this more towards purchase of land, more towards joint development? Or are you looking at redevelopment of societies also as a potential?

So Puneet, good question. So we are -- if you see, obviously, our collections are very robust, and it's going to only get more robust from here as we deliver more and more projects because the receivables are very high and also our presales are exponentially increasing, as I said in the last question. So if you see, our debt equity ratio has come down drastically from the negligible debt equity ratio, I'll say 0.24, it has come down to 0.18. And this we are looking we may end up with a very negligible debt or maybe, God willing, cash positive. We are definitely looking at all kinds of acquisitions in this distressed period and a lot of opportunities are in the market. We will evaluate. We are not averse to not buying the land parcels. But it should be at a good price and good -- it should add good value to our shareholders and good value to the company. Otherwise, there are so many options of joint development, JV. Also, definitely, if there is no complications and if there is a society redevelopment, but it has to be a very sizable development. It cannot be a small society or a standalone development kind of it. If they are large sized projects, we will look at it, definitely. And if it makes economic sense, we will definitely look at it.

So from sizing perspective, what kind of capital are you looking to deploy? Is it more like small tickets of -- or is it large -- single large ticket size?

So we -- if you see, in the last 4 acquisitions, Puneet, we have done Naigaon and then Vasai and then Vasind and the Eskay, they are all very large size. They have a top line of [ INR 10,000 crores, ] INR 2,000 crores. And we are looking at bottom line in all of these projects, more than INR 500 crores, INR 600 crores. So we are looking at a very large size project, and without putting much capital. If we are getting such kind of parcel, why should we put in the capital. First, we'd like to explore these opportunity. And only then if we feel there is a lot of [ business ] available and there we can make a good multiple IRR and that kind of project, we'll definitely look at those as well.

And have you seen business go up post-COVID or it is still the same? Because there was some improvement in the entire environment in the -- post the first COVID wave before the second one.

So there is an improvement in the environment. But for only -- what we are seeing, the sales are maximum swinging towards the only organized developer. We are all seeing that the sales are -- maximum sales are -- the market share of the organized developers are increasing more and more, Puneet. And this will only help only to grow more of the organized player and who are corporatized or they are listed ones. I don't see the growth happening very soon with the others. So -- and most of the developers are today struggling for the survival. I think the -- 10% of the developers which are growing and they will continue to grow, and that's why there will be a lot of consolidation.

The next question is from the line of Amit Khetan from Laburnum Capital.

You mentioned in your slides you have some INR 1,700 crores of inventory at the BKC complexes, and you plan to sell them off over the next 3 to 4 years. Now if I look at your previous sales run rate, you did about INR 100 crores in the last couple of years and before that you were doing INR 300 crores. So where is this coming from? Are you planning to cut prices? Or are you seeing a lot of interest?

I don't think there is a necessity to cut any prices. Definitely, the velocity has to increase, but there is only a drop of sales in the last year. Otherwise, we have been doing close to INR 200 crores to INR 300 crores of sale year-on-year from last 7 to 8 years, maybe more than that, 8 to 9 years. Now last year, definitely, there were -- sales was only to the tune of almost INR 100 crores. But looking at the current situation and the current inquiries, we are quite optimistic and positive that we will have a good run rate even in BKC projects also, the sales in BKC projects also. So -- and what we are considering that to exhaust this inventory not less than 3 to 4 -- after 4 years. We are very clear, we are talking about this. This is not stopping the growth of the company anyhow. I don't see that growth is getting -- because giving a discount will be only spoiling the brand image and the company is not at a distressed position that you need to cut down the prices and sell desperately. We will definitely see -- weigh the values of options, and we would definitely like to exhaust ideally the inventory even in less than 3 years, but looking at the product and the kind of demand, we definitely see that it will take at least more than 3 to 4 years.

Understood. Understood. And currently, are we getting any kind of leasing income from these units? And how much would that be?

So that is -- because it's -- the leasing income, we all know it is the -- it is only 2% or 3% of the capital value. So it doesn't make sense to -- maybe 2 or 3 apartments, but we don't want to lease it more. That is only we have leased out those apartments because there are a lot of things inquiries and we have sold those kind of apartments. People who want to do just the investment because they see a lot of opportunity because BKC, there are a lot of things which are happening, actions are happening in BKC, more of -- lot of connectivity, which are coming to BKC as well as you see there is a convention center, which would be operational. Unfortunately, all these things got delayed due to the COVID. I believe but this will be -- hopefully, we don't have a second -- third wave. And thereafter, you will see a lot of traction we see in BKC and that will not -- so we get a lot of inquiries that people just want to invest. And if there is a leased apartment to consulates and multinationals and -- which we have in our portfolio. They like to buy those apartments. Only from that angle, we have leased out few apartments, but not -- the idea is not to keep to -- keep them leased, the idea is to exhaust them, sell them and exhaust them.

[Operator Instructions] The next question is from the line of Pritesh Sheth from Edelweiss Wealth.

Am I audible?

Yes, yes, Pritesh, you are very much audible.

Okay. So firstly, on your launch pipeline that you have indicated in your presentation. What could be the size that we are looking to launch because I'm sure we are not going to launch a full project. Obviously, there will be phase-wise launches. So what is the size that we are expecting to launch from both Vasind, Vasai and Borivali project?

Pritesh, you're not -- I think you are taking it from a mobile phone or something, the connectivity is very bad. Not able to hear your question properly. Can you...

Yes, yes. Am I audible now? Clearly?

Let's try. Can you repeat the question?

Yes. So I was asking about your launch pipeline for this year that you have indicated in the presentation. So what is the exact size of the launches that we are targeting this year on your new acquisition that is Vasai, Vasind and Borivali?

So the sizes of launches, I think in the first launch of Vasai, if you look at the total size, which is we are looking at operating -- we are looking at the sizes of like close to INR 500 crores to INR 600 crores of launch in Vasai. And if you look at first phase of Vasind, it will be again similar INR 300 crores to INR 400 crores. And again, Borivali, Eskay Resorts, we can look at a similar INR 500 crores to INR 600 crores from Vasai in the first phase. So these are all approximately size would be INR 500 crores each launches.

Got it. Got it. That's helpful. And your next phase of Naigaon is not reflected there. So is it stuck for any approvals or you are altogether planning for launching in post FY '23?

No, it is there. If you see on Page 32, if you go to the residential side, additional operating margin expected [indiscernible] Sunteck World, Naigaon [Technical Difficulty] INR 12,750 crores, and the total INR 16,750 crores project operating margin.

Pritesh, this is Prashant. Pritesh, so the numbers are reflected on Slide 32. And in Slide 32, if you see, Sunteck World Naigaon has been given, and that Sunteck World Naigaon includes WestWorld, MaxXWorld and the future phases. So there if you see the additional project operating margin, it is close to INR 1,275 crores and the total is INR 1,675 crores.

Okay. Okay. So you will be launching next phase in FY '22? That's what I wanted to understand.

Yes. We will be launching.

[Operator Instructions] The next question is from the line of Aditya Mehta from GK Capital.

Sir, wanted to know about what are the plans regarding rental and commercial portfolio, which we were targeting around INR 500 crores of annual revenue?

So Aditya, we all know that -- I would say we got lucky, I would put it that way. We were supposed to just start our project of 5th Avenue in ODC commercial portfolio before the COVID-19 hit -- got hit. It was fortunate that we could -- our approvals got delayed and we could not launch. I think we all know the situation of the commercial post COVID. The demands are continuously going down for the commercial. And we don't know there's a lot of uncertainty for commercial and retail. At least I believe that commercial will not get revived till end of 2023. So we will look at the market, if the commercial market revives, we have the land, we have everything, why should we not start it. So we will be looking to start as soon as we see the market getting better, and we will definitely launch that as well.

Okay. And sir, my second question is regarding which are the projects that we'll be delivering in this financial year? And what is the amount of revenue that is yet to be recognized from them?

So I will -- Prashant?

So, Aditya, this is Prashant. So in the current financial year, you will have projects like Sunteck City Avenue 2, which will be ready for delivery. You will also have Signia Waterfront, which is our project in Airoli, which will be ready for delivery. So as and when these projects come through, the pending revenues, which are to be recognized, those will be recognized. In order to get the detail of the revenue, I can provide to you that offline, sir.

Okay. And Naigaon also we will be delivering this time, this year...

And also Sunteck World Naigaon -- WestWorld, Sunteck WestWorld, the first phase of Naigaon, we'll also be delivering in FY '22.

The next question is from the line of Adhidev Chattopadhyay from ICICI Securities.

Sir, just referring to Slide 38 of the presentation and you have talked about the INR 250 crores FSI premiums will be paying up. Sir, could you just help us understand for which projects will these be? And is the saving, INR 250 crores in this instead of INR 500 crores?

If this premium reduction would have not come, obviously, we would have paid INR 500 crores, let's say, approximately. And this reduction is 50%. So obviously, if we prepay this, it is -- we have calculated, approximately, we'll have to pay INR 250 crores. It might be plus or minus 10%. These are the projects which are -- because there are maximum projects which are going -- are under execution. You can see 4th Avenue, there we'll be having a lot of savings. We will have some savings in 2nd Avenue as well in Sunteck City. Then we'll have savings in Andheri East project, which is the Sunteck Crest, then we'll have 2 commercial projects in the junction of BKC, there we'll have savings. So we'll have savings from a couple of these projects, and this will all tune up to approximately saving of close to INR 250 crores.

Okay. And just another follow-up question on approvals for Vasai, Vasind and Borivali. So are these fairly certain to be launched in second half this year? Or is it contingent on certain key approvals like environmental clearances or I don't know some other clearances?

So looking at the way we are getting the approvals, I think we are quite confident at least 2 out of the 3 projects we should be able to launch in the FY '22.

The next question is from the line of Parvez Akhtar Qazi from Edelweiss Securities.

Sir, a couple of questions from my side. First, if you could lead us about the status of the 2 commercial projects in BKC. And second, also, I mean in terms of value, what is the inventory that is with us in ODC and Naigaon?

So Parvez, this is Prashant this side. So both the BKC junction commercial projects are -- the work -- construction work is moving in full swing. And hopefully, in the next 12 months to 18 months, we'll be able to complete both these projects and also derive the sales out of it. So that is the status on Sunteck BKC 51 and Sunteck Icon. As far as the -- Parvez, as far as the launch projects that we have done in ODC and Naigaon, as sir has already pointed out, in Naigaon, out of 4,800 units, we have already sold 4,100 units. So 85% of the units have already been sold. And now the collection is on as the construction is moving forward. In fact, Sunteck WestWorld, as we receive OC, there will be significant collections which will be coming into the company from the sales already done. Secondly, for ODC, Sunteck City Avenue 1, Avenue 2 and 4th Avenue projects have been launched, where the total number of units is close to 1,675 units. And out of that, 1,000-plus units have been sold. So balance 500, 600 units can give me close to another INR 1,000 crores in the coming years as and when the sales is done. So that is the update that I can provide you right now. And construction, again, I want to highlight, construction in all the 3 projects that is -- the 2 projects basically, 2nd Avenue and 4th Avenue is moving in full swing.

So when do we expect to complete ODC 2?

Sorry, which project you are talking?

Avenue 2.

Avenue 2? Avenue 2, we are looking to deliver in next 3 to 4 months.

Sir. And lastly, when can we expect any further launch in ODC?

So you may -- we will definitely looking at some launch because we want to do big sale once again in this year. We can see that happening very soon any time.

[Operator Instructions] The next question is from the line of Sameer Baisiwala from Morgan Stanley.

Sir, is it possible for you to talk a bit about the new project acquisition. I think it's a great job done with Vasai, Vasind, et cetera. But what's the visibility going forward? Are you in discussions with quite a few -- these are city center or more suburban? Just some color would be very useful.

Sameer, so obviously, Vasai, Vasind and Borivali, Borivali Eskay Resorts, I think it is one of the very prime location, and it gives almost like INR 25,000 a square feet price in that micro market. So I think this is something which you will get in anywhere -- not get very easily in Western suburbs. I think we -- going forward, we are in talks with at least 3 to 4, we are actively negotiating the deal, and these are all across, I can say, MMR region. This is not like only suburbs or a distant suburb, these are all obviously in MMR region. And these are some towards the city, some in Western suburbs and some in Eastern suburbs.

Okay. Great. And just on your unsold inventory in BKC. Sir, now that COVID is behind us and stock markets are doing well, which just means the wealth effect is good. So are you seeing a pickup in inquiries in visits? Do you have some sort of an order book or equivalent to say that now you can have a quicker turnover over there?

Yes. We are pretty confident, Sameer. We know that we are all concerned about this such a big inventory. We are all looking forward and putting our best foot forward to see that this can be exhausted in -- ASAP. This can be exhausted.

Okay. Great. And just for the 2 BKC junction commercial projects. Is it too premature to start the conversations on the sales -- I think it's on the sale model. So is it [ start-up ] 35:07 based or is it 1 or 2 large people who you will sell it down to? And is it premature for that discussion, and you'll be looking to do it later? Or any visibility on the demand over there?

So definitely, we are just waiting for this COVID to stabilize, just another 3 to 6 months because at least the project is ahead for -- at least 12 to 18 months to complete the projects, both the projects at BKC junction. So we are looking 3 months, 4 months from now, where we can look -- we have all the options open. We are not rigid on that we want to sell it or we just don't want to lease it or we can lease it, we don't want to sell it. We are open to all the options, whichever gives the best value to the company, we will be opting that.

[Operator Instructions] The next question is from the line of Pritesh Sheth from Edelweiss Wealth.

Just on your launch pipeline. So when you plan your next phase of ODC and Naigaon projects and considering how the raw material prices have increased, so are you planning to take any price hike across both these projects?

So Pritesh, basically, the prices have only firmed up in the last 3 to 6 months, we all know that prices have only firmed up. So -- and fortunately in Bombay, we are only operating in MMR region, where our average selling price is not less than INR 16,000 a square feet. So the raw material prices, which is steel and cement, it is negligible in terms of the entire real estate value. So it is not that if you are selling a INR 5,000, INR 6,000 product and whereas your construction cost is itself INR 2,000 a square feet, so that gives a real pain. But in fact I have made clear in my opening remarks that in fact our EBITDA margin, what we are looking at last few years to 25%, going forward we will be looking at 35%, our EBITDA margin at 35%. So we're not worried about the small rise in the price. And also the measures, which have been taken, I think, during the COVID to cut down the cost and strongly manage the [Technical Difficulty] I think that will play a lot in offsetting the price in steel and cement price.

Okay, fair. And just one clarification. So in your current presentation slide -- just hold on, Slide 31, where you mentioned that your finished inventory for Signature Island, [indiscernible] BKC -- sorry, I got that. I think that's it from my side.

That was the last question. I would now like to hand the conference over to Mr. Khetan, Chairman and Managing Director for closing comments.

Thank you all for taking out the time from your busy schedules today. In case if any of your queries have been left unanswered, you can get in touch with me or my team. We look forward to your continued support. Thank you once again for joining us today, and please be safe. Thank you once again.

Thank you. On behalf of Sunteck Realty, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines.