Suraj Estate Developers Limited (SURAJEST) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to the Q3 and 9 months FY '25 Earnings Conference Call of Suraj Estate Developers Limited. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Rahul Thomas, Whole-Time Director, Suraj Estate Developers Limited. Thank you, and over to you, sir.

Thank you. Good afternoon, and I welcome, everyone, to our Q3 and 9 months FY '25 earnings conference call. Along with me, we have our CFO, Shreepal Shah; Mr. Ashish Samal, our internal IR and SGA, our Investor Relation Advisers. I hope all of you have gone through our investor presentation uploaded on the exchange and our company website. India, withstood all external and internal hiccups in the calendar year '24, including geopolitical tensions, periodic inflations, general elections, et cetera, and continues to be one of the fastest-growing major economies in the world. As for the Indian residential segment, after a strong '23, year '24 has been a mixed bag, partly because of a general and state election through the year. Both new launches and new housing sales saw a downward trend in the year, while average residential price soar high. In comparison to '23, new launches declined by 7% in '24 because of the slowdown in approvals amid elections. Looking ahead, with mortgage rates remaining steady in March '23 and with the recent rate cut by the RBI, demand will further boost particularly in the mid-income segment. India's real estate market mirrors the country's overall economic optimism, and we believe the sector is amid a prolonged growth cycle driven by strong structural fundamentals that outweigh short-term fluctuations. The residential market in '24 demonstrates a notable shift in the new launch patterns compared to the previous years. The mid-segment between INR 40 lakhs and INR 80 lakhs continued to maintain its position as a significant contributor, though with a reduced share of 28% of total launches showing a gradual decline of -- from its 31% share in '23. The high-end segment, INR 80 lakhs to INR 1.5 crores, has maintained a relatively steady momentum with 26% of the total launches, indicating a sustained developer confidence in this category. A striking trend is the increased focus of premium segments with a luxury INR 1.5 crores to INR 2.5 crores, and ultra-luxury, which is above INR 2.5 crore segment, collectively accounting for more than 30% of all launches, marking a rise from 22% in '23. This worked well for us as a company since this is our target segment. The quarter that went by witnessed highest ever realization of 64,321, driven primarily by presales from the luxury projects like Palette and Ocean Star. As part of our long-term vision, we have undertaken a strategic shift that has led us to intentionally postpone the launch of a commercial project on Tulsi Pipe Road to optimize market timing and enhance value creation. Our key milestone in this journey has been the acquisition of the land just adjacent to our existing land parcel on Tulsi Pipe Road, significantly strengthening our development potential in this prime location. With this expansion, the GDV for our commercial project has increased substantially from INR 475 crores to INR 1,200 crores, reinforcing our commitment to high-value commercial real estate. The commercial project and residential projects delayed due to regulatory approvals will now be launched in Q1 of FY '26. While these factors have contributed to a revision in our guidance for FY '25, we remain on track now to close the year with a presales between INR 500 crores and INR 525 crores. Despite the intended delay in commercial project launch, our launch pipeline remains robust, and our outlook for FY '26 remains positive. With this, I would like to hand over the call to our CFO, who will run through the financial highlights.

Thank you, Rahul. A very good afternoon to everybody. I will now run you through the financial highlights for the quarter and 9 months ended December 2024. Starting with the performance for FY -- for 9 months FY 2025, the total income grew 33% year-over-year to INR 416 crores versus INR 313 crores in the last 9 years -- 9 months FY 2024. EBITDA grew 2% year-over-year to INR 176 crores in 9 months FY 2025 versus INR 180 crores in 9 months FY '24. PAT grew substantially by 71% to INR 82 crores from INR 48 crores in 9 months FY '24. On a quarterly basis, the total income grew 62% to INR 172 crores in quarter 3 FY 2025 from INR 106 crores in quarter 3 FY '24. EBITDA degrew by 31% to INR 48 crores in quarter 3 FY '25 versus INR 70 crores in quarter 3 FY '24. PAT grew 21% to INR 20 crores versus INR 17 crores in quarter 3 FY '24. 62% of our total revenue for the quarter was from the value luxury projects like Vitalis, which yielded lower margins, thereby impacting our EBITDA margins for quarter 3 FY '25. Additionally, higher operating costs further impacted profitability as during the quarter, we took a onetime hit of INR 15 crores towards settlement of a litigation with one of our JDA partners. Coming to the operational performance. For 9 months FY '25, presales degrew 21% on a year-over-year basis to 66,288 square feet from 84,423 square feet in 9 months FY '24. In value terms, presales degrew 2% to INR 355 crores versus INR 361 crores in 9 months FY '24. Collections grew 39% on a year-on-year basis to INR 284 crores from INR 205 crores in 9 months FY '24. Realizations grew 25% year-over-year to INR 53,455 per square feet from INR 42,767 per square feet in 9 months FY '24. For the quarter 3 FY '25, presales stood at 16,656 square feet in terms of area. And in terms of value, presales stood at INR 107 crores, from which INR 5 crore were from the commercial shop sales. Collections stood at INR 84 crores, and realizations were 64,319 per square feet. Presales remained subdued primarily due to the absence of new project launches during this quarter and the successful sale of our existing inventory. Realizations were high as majority of the presales for the quarter were from the luxury segment. With this, I would like to open the floor for questions. Thank you.

[Operator Instructions] The first question is from the line of Aditya Sen from RoboCapital.

Sir, can you please share how much presales growth are we expecting in FY '26 and FY '27?

So the guidance which we're giving is for this year. We will update that in -- as the launches come about in the first quarter, we will be giving our guidance then. So we'll be discussing more for this year.

Fair enough. And sir, any color on how much launches are we expecting in the next 12 months?

Sorry, could you repeat that?

How much launches are we expecting in the coming 12 months?

So we are expecting the commercial launch and two other project launches in the first quarter of the next year -- this year, sorry, this year.

And beyond that, in Q2, Q3 and Q4 of FY '26?

So mainly, we're focusing on the bigger launches, the commercial, which will come in the first quarter and two other residential projects, which also will be coming in the first quarter. So these are the three projects which we are launching right now. There are other pipelines created, but we will want to commit what is already in advanced stages.

So 45 commercial launches, around INR 1,200 crore launch. And the two residential projects are estimated to have INR 400 crores GDV. So INR 1,600 crores of launch we are expecting in the first quarter of next financial year.

Understood. And also, the margins were down because of the value projects being a significant portion this quarter. So I believe going forward, the margin should improve. Is that a fair understanding?

So the margins actually for this quarter because most of the revenue, which was recognized under POCM was for the value luxury project. So the margins were lesser compared to our luxury projects. However, next quarter onwards, depending on the sale, we also have inventory in the luxury projects. So I think the margins will come back to normal. We also recognized some expenses on behalf of -- on due to certain litigations, which were solved, which was in one-time in nature. So I think that will also -- that will not come again. So that's why the margins will come back to normal.

[Operator Instructions] The next question is from the line of Krishna Shah from Ashika Stock Broking.

So quickly wanted to understand the reason for slowdown in approval, is it because of the elections that we had?

Sorry, can you repeat that again?

I just wanted to understand the reason for slowdown in approval, this is because of the elections that were going on in the last quarter? And how have things picked up since the election?

Yes. So it was partly because of that, also because -- entirely is a commercial -- we're discussing about the commercial project. We've also added the neighboring plot. So we are ready to with the RERA in one of the cases. But since we acquired the neighboring plot, we thought it was -- the floor plate was getting better. So that's how it has gone -- shifted for the first quarter of next year. Otherwise, by itself it was ready for launch, but it was a conscious decision from my end. With regards to the residential, yes, there was a bit of a delay from -- because of the elections, because certain approvals were pending, but we have received all the approvals in both the cases. So right now, we have nearly CC and RERA registration formalities, which we are confident we'll get it before the first quarter.

Okay. So for the commercial, again, quickly wanted to check, last quarter, you had mentioned that we will be -- there will be no lease kind of a portfolio there and we'll be selling entire commercial plot. So are we following the same strategy? Or are we trying to build an annuity portfolio out?

No, no. It will be a sale model.

Okay. Got it. So third question in terms of completions. So are we on track of completing the project? And how is the collection scenario?

So collections are healthy as we discussed, this is about INR 84 crores of collections for this quarter. So it has been healthy collection, and we expect with the commercial -- we are also doing -- we also have a commercial project running. So we expect good cash flows coming from that. So we'll look at the collections being healthy going forward, and especially with the new launches of the commercial, since we are also discussing with larger floor plates, we see good collections coming in once we launch it.

Okay. Okay. Got it. And one last question on our margin. So I understand fall in this quarter, but what would be our margin during Q4 of this year? And going forward, what can be our long-term margin target -- EBITDA margin target?

So it will be more of a normalized, in the range of 40% to 45% we are expecting. It also depends upon the revenue being recognized, it depends on the work progress. So accordingly, those will pan out, and the product mix also is an important factor. But we are targeting in the range of 40% to 45%.

For the FY '25, right?

Yes.

And for FY '26, if you could just give a ballpark figure?

So for FY '26, we will give the guidance after the annual results -- at a time of annual results.

[Operator Instructions] The next question is from the line of [ Saumil Shah ] from Paras Investments.

I joined a bit late, so I don't know if this question was asked. Sir, we were aiming for a presales of INR 850 crores for the current financial year and a GDV of around INR 1,150 crores. So can you tell us, I mean, would you like to revise our guidance for the current year?

Saumil ji, in terms of our guidance, we had broken up our guidance in two buckets, INR 250 crores coming from -- INR 650 crores coming from residential and INR 200 crores coming from commercial. As we said a little bit earlier on the call that we've purchased the neighboring plot as well in the commercial segment, which has increased our GDV to approximately INR 1,200 crores now. So that INR 200 crores may spill over for the first quarter of next year. Meanwhile, from a residential-to-residential segment, we are revising our guidance between INR 500 crores to INR 550 crores. However, we will strive to achieve the earlier mentioned guidance. But today, our guidance is between INR 500 crores and INR 550 crores.

For the residential?

Correct.

Okay. And any ballpark number for FY '26 in terms of presales?

So we'll want to bring that once the launches are -- once it's done. We would like to give the guidance once we're done with this financial year.

Maybe in the next quarter call, you'll be giving us the guidance?

Absolutely.

Okay, okay. And the EBITDA margins, which we were down this quarter, so can we achieve the EBITDA margin in the next quarter?

Yes. As we said earlier, it was on account of an exceptional expense, which we have taken up for this quarter for -- to settle our litigation. So our normal EBITDA margins will be reinstated going forward.

Okay. So we'll be back to our EBITDA margins which we were doing in the next quarter?

So it will be -- depending on the product mix, it will pan out, depending upon what product mix get recognized. But we are targeting 40% to 45% in terms of EBITDA margin.

So these are sustainable ones, 40% to 45%...

Yes.

[Operator Instructions] The next question is from the line of [ Ankit ], an individual investor. As there no response, we'll move on to the next participant. It's from the line of Aditya Sen from RoboCapital.

Sir, is it possible to share how much revenue are we going to recognize in FY '26 and FY '27?

So overall -- for the 9 months, we have already achieved INR 416 crores. So we are expecting overall for the FY '25 INR 500 crores to INR 520 crores range.

No, I'm asking on how much revenue are we going to recognize in FY '26 and '27, the following two years?

So that guidance will give you an FY '25, sir. We have already --

So the next call.

Yes, in the next call we will mention it.

[Operator Instructions] The next question is from the line of [ Sagar ] from KAR.

This is Sagar from Nirmal Bang. Sir, any update on our Bandra project if you can share some expected timelines or what we are doing there?

So our Bandra project is on track. I can only tell you that. The exact timeline, we will -- as it's linked to regulatory approvals, we want to be sure this time before we discuss on the exact timeline. So we'll let you know by the next quarter. By then, I think more things will be clear on the timeline. So give us time for this quarter, maybe this quarter end, we will inform you.

Next question is from the line of Jatin Kumar from JK Capital.

[Foreign Language] Sir, what is the reason for increasing project operating expenses? [Foreign Language]?

Sir, primarily this quarter [Foreign Language] so because of which we had to take onetime hit. And second reason is also because of the product mix, this time 62% of the revenue was recognized from the value luxury segment as compared to the previous quarter, where exactly the reverse percentage was for luxury project.

Yes, sir. [Foreign Language].

Correct. The demand is there. Presales are reflecting those, but revenue, which got recognized in this quarter was less than the previous two quarters from the luxury segment.

Okay, sir. Okay. And sir, one-time [Foreign Language]?

One time is there. Going forward, it will not -- from this particular aspect, it will not repeat.

[Operator Instructions] The next question is from the line of Anant Mundra from Mytemple Capital.

Sir, this onetime this JDA settlement expense is reflecting in which line item? And which asset does this pertain to?

This is pertained to project Nirvana with the JDA -- for the area share with that. There was an ongoing litigation already disclosed that has gone settled.

Okay. Okay. And which line item does this come in, like this expense is showing up in which line item?

[indiscernible] Estate Private Limited.

No, sorry, which line item I mean -- in the P&L, which line item is it coming in?

Operating expenses.

Operating expense. Okay. And is there any other contingent liability or any disputes with any other JDA partners apart from this?

No, no other contingent liabilities.

[Operator Instructions] The next question is from the line of Aniket Kulkarni from BMSPL Capital.

Sir, you sounded pretty cautious in your opening commentary on the real estate demand. Sir, can you please elaborate on how the Mumbai market is looking right now? And how many redevelopment launches have happened in 2024? And how many are expected to happen in 2025?

What we can comment on is the areas which we are operating because it's a very localized play, and wouldn't have the entire industry report for the launches. Maybe we can share with you offline. We have a couple of reports from real estate experts about the industry overall. But what I can tell you is the South Central Mumbai market, which we are operating has been relatively steady all the time. We are seeing good demand in both the segments. We are seeing exceptional demand in the commercial segment, and that's why we are going heavy on the commercial launch, which is expected in the first quarter. And I can tell you that next year will be definitely good for us because we have commercial, we have the value luxury launches all panned out for the first quarter.

Okay. Understood. And secondly, if you can elaborate on how the competitive scenario is with respect to the redevelopment projects in the MMR regions? And how is the demand looking in comparison with the existing and expected supply, which is -- which will come in 2025?

So the areas which we're operating, we don't feel that we will have any problem in terms of presales because we are at very, very prime locations. So the launches we are planning is at Shivaji Park, one at Prabhadevi, just behind Siddhivinayak Temple. The third commercial project is on Tulsi Pipe Road, which is the Main Senapati Bapat. So we are at landmark locations. The product mix is such that we are catering obviously to the masses in the residential, where it's the value luxury segment. So I think the demand is very, very strong in the residential segment and commercial. So we don't see any issue on the demand per se in these new launches.

And on the supply side, I mean -- demand side is not an issue, but what is situation on the supply side, if you have any idea on that?

Supply redevelopment -- I think where we really have to distinguish for a customer's perspective is the brand established, the branding of -- that's where brands come into picture where people want to go and associate with the brand who is -- who they trust and tried and tested. I think that's where we have the edge, especially in South Central, we've been there for the last 38 years, catering to multiple generations of customers. So I think that's where we will have the edge. And I think that's where the branding comes into play.

[Operator Instructions] The next question is from the line of Krishna Shah from Ashika Stock Broking.

Sir, just quickly want to understand what would be our business development guidance for the coming year?

Yes, Krishna.

Yes. I just wanted to understand the business development guidance for this quarter and for the year to come by?

So in terms of business development, as we spoke, we are betting heavy on commercial. So I think we are examining a few commercial ventures. So that would be in terms of -- I can't give you exact specifics of that today. It's too early in the day. But we can just tell you that we are examining two, three more deals. One is in the society redevelopment perspective. One is in the commercial perspective. So we are looking at new deals, but also mainly focusing on the new launches which we have already pipeline created.

Okay. Got it. And sir, like you mentioned that our key competency is in redevelopment in 337 and 337-A. So can you just quickly explain how many projects do we bid for and what would be our success rate in those projects?

Sorry, could you repeat that, what would be what?

What would be -- how many projects do we bid for in the redevelopment scenario? And what would be our success rate?

So right now, we already have a pipeline created, unless the project is adding value, if it's next door, only then we're looking at a very active BD right now. But as I said, if it's next door to us, is creating value like we bought the commercial land next door, we see a better floor plate, better GDV, better layout. So we are looking at BD. Just merely going for a new project out of the blue is not the set as of now.

The next question is from the line of [ Sagar ] from Nirmal Bang.

Just a follow-up on the question of the previous participant regarding the demand in the micro market where we operate. Sir, we have multiple metro stations that will be starting be it Siddhivinayak, Dadar, and Sitladevi in the area that we operate. So how do you expect this to affect the sales velocity and the realization for our projects?

In fact, I feel having a metro will help our projects because connectivity gets better. People will use the public transport, especially our 1 BHKs where many of them don't opt for a car parking. It becomes very easy for them to commute. So I think the value luxury segment will definitely deeply benefit along the metro corridors. Of course, there is a notification for additional FSI as well. So that way, we see a lot of development happening on the TOD front, which is a transit-oriented development policy. And I think around the metro areas is where developments will kind of -- will occur right now.

And on this TOD, is it possible to quantify how much additional FSI we will be eligible for now?

The notification is out. It again depends on -- there are a lot of parameters for each plot. Depending on the size, depending on the road, which you are abutting and whether you're 500 meters from the metro, these are the different criteria. But I can tell you that we are eligible in most of our plots for this, that's what I can leave you with.

All right. And any rough number that you can give us how much additional FSI we can get with this?

It's too early. We are working on something, let it kind of materialize and then we'll let you know.

[Operator Instructions] The next question is from the line of [ Saumil Shah ] from Paras Investments.

If I'm seeing your presentation, we have 13 ongoing projects. And I think 90% of it is almost sold. Is my understanding correct?

That's correct.

So I mean we are hardly left with 10%. So I mean how many new launches are we expecting in the coming quarter?

So the coming quarter, we have [indiscernible] so when I say coming quarter, we're saying first quarter is what we're expecting the three new launches. We have approximately INR 1,200 crores of the commercial launch and INR 400 crores of residential launch. So we're talking about -- total about INR 1,600 crores.

INR 1,600 crores in the first quarter of FY '26?

Correct.

And for the current quarter, we are not planning any new launches?

This current quarter, we are trying to -- we are waiting for the RERA registration. If that happens, maybe it gets preponed, but as a commitment, we would keep it for the first quarter because -- government regulation and regulators are such that we cannot estimate exactly when we'll get the RERA approval, but we are on the job. It may be preponed for this quarter, but we just want to be safe before we discuss in terms of the timelines.

Okay. And what would be the value of the -- gross development value of the balance ongoing project? So whatever left with, around 50,000 square feet?

INR 300 crores inventory we are estimating, which is left in ongoing development.

[Operator Instructions] The next question is from the line of Amit Sagar, an individual investor.

So I would like to know about the fourth quarter revenue is going to be low around INR 80 crores to INR 100 crores. In that case, do you want to clarify that? And also the PAT, like -- sorry, but like in the depth of this, I would also like to understand like also your EBIT margins are low, what is your guidance going forward? So sorry, there are three questions. If you want me to repeat, I can do that or else...

Yes. If you can just repeat one by one, we would be happy to answer it.

All right. Let's go with that. So fourth quarter revenue is going to be low around INR 80 crores to INR 100 crores. In that case, can you clarify that? And the PAT margins?

So fourth quarter, we are targeting INR 100 crores, INR 110 crores, which is lies the overall guidance for FY '25, in line with the overall guidance. And PAT for quarter 4 will be close to INR 100 crores, INR 110 crore types we are targeting overall. Quarter 4 we're INR 30 crores, INR 35 crores we are targeting.

Okay. And how about the EBIT margins? Like how are you planning to do that? Because I think like you're talking about one-time hit of that INR 15 crores, right? So that -- which actually, the INR 50 crore in total, but we have only -- in the PPT, I can only see that there is one-time hit of INR 15 crores only. So if you can please clarify on that as well, like there is onetime hit of INR 15 crores, but it actually shows there is a INR 50 crores. So what is the other INR 35 crores quarter?

So this was only one-time. So post this quarter, our EBITDA margins will be in line of 40%, 45%. That is what is sustainable.

Okay. Okay. All right. So switching gears a little bit -- do you know why were your presales also less like from INR 143 crores to INR 107 crores?

Can you come back, sorry, what is the question?

So presales also were less like this quarter in the PPT that I can see, is like 143 to 107. Any particular reason for that?

So presales for last quarter was INR 107 crores. This year -- this quarter also we did the same number. We're expecting to cover up that in the March quarter. Our guidance for the entire year would be between INR 500 crores to INR 550 crores. We are very confident on achieving that number.

Okay. So that's about the guidance. I was just asking like there was -- it was INR 150 crores the quarter before, like any particular reason like we see that presales is down from INR 150 crores to -- INR 143 crores to INR 107 crores?

So if you see there are no new launches and the existing inventory is almost sold out. So we don't have much unsold inventory left in the ongoing portfolio of projects. That's the reason there is a dip in the presales for this quarter.

All right. And one last question. So the last question would be like we did a preferential of 250, I guess, and when we bought a commercial plot for INR 100 crores, but what I see is that, that also increased on the book. Is there any particular reason for that debt increase?

Gross debt has increased, sir, but the net debt has reduced by INR 20 crores. So that is -- we've in fact, repaid some high-cost debt also which was taken from ICICI Venture close to INR 35 crores to INR 40 crores, which was a 17.25% interest rate. Now after that, our weighted average cost of debt has come down to 12.90 percentage points. It was earlier, I think, 13% to 13.5% range. It has come down to 12.9%.

Okay. All right. And I think like what's the cash right now, if you can just help me understand that?

So closing cash balance is around INR 72 crores as on December.

As on December, INR 75 crores are you saying?

INR 75.80 crores.

[Operator Instructions] The next question is from the line of [ Rohit Mehra ] from SK Securities.

I have a couple of questions. The first is, as you said, there are no -- for last participant, as there are no project launch in last few quarters -- I think from last two quarters. So our peers seem to have been very aggressive in terms of the project launches and -- which indicates smooth regulatory approval. Can you help us understand what led to the delay for us?

The commercial was a conscious decision. We were ready to launch that with a GDV of approximately INR 425 crores. But since we acquired the neighboring plot, we thought it was a prudent call to sell it as larger floor plates and a better layout and having podium car parking than mechanized car parking. So I thought from a larger perspective, we thought sale would be better when people prefer surface car parking, and that was only possible with the acquisition of the neighboring plot, which we have done. So that -- it was an intentional delay because of the neighboring plot, as I said, for the commercial. The residential side, we have two launches. We are not -- we may look at even launching that by March end, but that's not a commitment. To be safe, we have said both those launches will go out for the first quarter, but there are chances that if we get the RERA registrations early, we may launch it before March as well. So both the plots we are sitting with the IoD and the plan approval. So from a plan approval perspective, we are ready. We just need to complete the RERA formalities before we officially launch.

Got it. And my next question is our realizations are very high versus our historical realization. And any particular reasons for the same? And are they sustainable, assuming the product mix changing going ahead?

So the realization for this quarter, primarily -- the presales majorly has come from the luxury segment. That's why it's looking higher.

So are they sustainable?

Yes. It will depend on the product mix for the next quarter.

The next question is from the line of [ Paras Pandit from Quantum ].

I have two questions on TOD and one on the commercial launch. In terms of TOD policy, is there clarity on approval being sanctioned as of now? And second, would there be a trade-off in terms of lower car park or lower parking requirement? Would there be a trade-off in sales that you perceive? And lastly, the commercial launch, is it going to be a strata sale? Or is it going to be leased out?

Correct. So let's start with the first question about the TOD policy. There are -- there have been approvals already granted by the MCGM under the TOD policy. Secondly, about your car parking, your question on the car parking, if you propose the TOD policy, you're correct, the car parking requirement does come down. Having said that, depending on the type of project, there are ways to kind of -- you can even make premium payments and approved car parking. That's why I said it only makes sense if it's a high-end project or a commercial project where you feel the realizations will be high. And your third question on the commercial front, it will be build-to-suit for -- it will be for sale, not for lease.

[Operator Instructions] The next question is from the line of [ Saumil Shah from Paras Investments ].

We have 18 upcoming projects. So what would be the GDV for this 18 upcoming projects?

So the estimated GDV is close to INR 6,000 crores.

And square feet wise, is it INR 10 lakh approx or INR 60,000 average price?

10.04 lakhs.

Yes, INR 60,000 per square feet on average realization.

Okay. Okay. Understood. And how much of it will be launched maybe in FY '26 out of the 18 projects?

So three projects, as I said earlier, we are targeting to launch in first quarter of FY '26, which will have a GDV of INR 1,600 crores.

Yes. I'm talking about full year. Any guidance?

So that annual guidance we will give in the next quarter.

[Operator Instructions] As there are no further questions from the participants, I now hand the conference over to the management for closing comments.

I take this opportunity to thank everyone for joining the call. I hope we have been able to address all your queries. For any further information, kindly get in touch with us or SGA, our Investor Relations advisers. Thank you so much.

On behalf of Suraj Estate Developers Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.