Ashiana Housing Limited (ASHIANA) Q2 2027 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to the Asiana Housing Limited Q2F527 Earnings Conference Call hosted by Ariane Capital Markets Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing start and zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Kunjala Galval from Arians Capital for her opening remarks. Thank you and over to you, ma'am.

Thank you so much. Hello and good afternoon to everyone. On behalf of Sarihan Capital Markets Limited, I thank you all for joining the Q2 and H1 FY27 Earnings Conference call of Aseana Housing. Today from the management, we have with us Mr. Varun Gupta, full-time director, and Mr. Vikas Dugas, chief financial officer of the company. So without any further delay, I will hand over the call to the management for their opening remarks. Over to you, sir.

Thank you. Good evening, everyone, and welcome to our Q2 and H1 FI27 Agnes. It rests on two clear priorities. Scaling our senior living business and strengthening our profitability. These priorities have guided our decisions over the past two years and they will continue to do so in the years ahead. Talking about scaling our senior living business, our senior living business value of area book have grown at a category of around 55% from 154 crores in effort 23 to 570 crores. In FY26, we now aim to scale this business sustainably and profitably with a target of Rs. 1,500 crores in annual value of area book by 2030. Some of the key recent developments, value of area book stood at 176 crores in Q2 FY27 and 310 crores in H1 FY27. We remain confident of meeting our FY27 target of Rs. 700 crores plus of value of area book. The project has an estimated GDP of Rs 1,300 crores based on 7.25 lakh square foot. With this, we have acquired five projects in FY26 and FY27 so far. Senior living now accounts for total GDP of more than 9,000 crores. We have a strong pipeline of launches over the next 18 months. The first new project, Asana, Aranya, in Chennai, is expected to launch in Q4, FY27. In addition, we plan three new phase launches in S2, FY27. We are running a focused category building program to take senior living from niche to mainstream, reshaping perceptions, and positioning it as an aspirational lifestyle built on independence, community, and well-being. Last quarter, our focus was on influencer-led campaigns, and we will continue to invest in building the senior living category. Now, turning to strengthening profitability. Our next goal is to build on this with a target of crossing Rs 500 crores of PAT in the medium term. For the current financial year, we expect PAT of over Rs 250 crores and we are on track to deliver this as our project deliveries remain on schedule. In this overview of our performance during the quarter, we delivered a strong operating and financial performance in Q2 FY27, its value of area booked reaching 834 crores versus 358 crores in Q1 FY27, and rupees 303 crores in Q2 FY26, while collections increased by 20% to 487 crores. Revenue from operations at Rs. 576 crores versus 107 crores in Q1 and Rs. 166 crores in Q2 of last year. This was given by higher deliveries. For H1F827, the value of Feria book stood at 1192 crores, up 62% year-on-year, while collections increased by 13% to 896 crores. 2 by 49% you are on here. 2 rupees 683 crores. On the financial strength. This issue a rating from KRA to KRA+. This coupled with the company's net cash position further reinforces the strength of our balance sheet and financial position. Q2 cooking stood at Rs. 834 crores across 9.47 lakhs square foot and 525 units. Quarterly launches totaled 8.77 lakhs square foot which included Ashama Uma in Jaipur contributing Rs. 402 crores through 238 units. To do average realisation was at Rs 1813 per square foot up 20% year on year. Collection increased 20% year on year and 19% sequentially to 487 crores. In actual booking reached Rs 1,192 crores up 62% year on year across 13.07 lakhs square foot and 359 units. Area book draws 30% average realisation increased 25% to Rs. 9,119 per square foot, and collections grew by 13% to Rs. 896 crores. We constructed 7.17 lakhs square foot during Q2. Delivery and revenue recognition covered 8.63 lakhs square foot, with handovers commencing at Asana Amara Phase 1 and Asana Amol Phase 3 in Gurubram. For financial performance, revenue from operations for Q2 FY27 stood at 576 crores. Revenue recognition was driven by Gurugram Handovers. Past stood at Rs. 51 crores in Q2 FY27 versus 13 crores in Q1 and Rs. 28 crores in Q2 last year. For H1 FY27, revenue from operations was at 683 Cross versus 458 cross in H1, FY26. An increase of 49% year of year. 40 crores, up 59% year-on-year. Pre-tax operating cash flow grew was at 138 crores for the quarter versus 123 crores in Q2-FR26. The same was 259 crores in H1-FI-27 versus 231 crores for H1 last year, an increase of 12%. We are focused on scaling senior living, disciplined execution, and prudent capital allocation. With this, I would like...

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use answers while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Shubh Karla from SHC Mehta Investment. Please proceed.

Yeah, thank you for the opportunity. So, I would like to seek the management's clarification on the matter, which I, you know, held on. So, Apolo Hospital actually disclosed in its annual report for FY2526, you see on page number 198 of the annual report, that Ashirana Housing Limited has allegedly engrossed upon some land at Lavasa belonging to the Apolo Hospital Company, and that the matter is currently subject to the legal proceedings. So, see, I don't track Asiana, I track Apuna Hospitals, and that's how I came to know about this. So, could you please get some context on the background of this matter? And also, what would be the current status of this matter? Has there been any material developments in this regard? Thank you.

So thank you for asking that. There has been no material development on this regard. The matter is subjectious. It's been alleged that we have encroached. We haven't encroached any parcel. We were allotted parcels from Lavasa Corporation, and I guess it's a little bit of a boundary dispute. That's the way to put it. If you would need more color, can I request you to write us an email separately, and we can talk about it separately, please.

Sure. So I had written the email to the investor relations without time. Anyway, I just wanted to know, so the matter is still in the legal proceedings, correct? And any legal opinion that your legal team has given?

I don't have... Uh, uh... So, you know, clear information on this regard. We'll get back to you later on this. What's your name again, sir?

Shubh.

Shubh, can I request you to write to varun.gupta at asanahousing.com as well, please? We'll take it from there. I don't know if the investor relations got the email. We'll revert back to you. Sure, thank you. Thank you.

Thank you. Before we take the next question, we would like to remind participants that you may press star and want to ask a question. The next question is from the line of Aditya from Securities Investment Management. Please proceed.

Yeah, hi, sir. Thanks for the opportunity. Sir, my question is on our EBITDA margins. So, there has been a 10% increase in realization, you know, on a year-on-year basis for us. But even then, our margins on a percentage basis have actually fallen from 18% to 10%. So first, we just wanted to understand the reason for the same, and secondly, now as I look at the deliveries, you know, which we are expected to make in the second half of this year. So, the average realization would be more or less in a similar range as that we did in Q2. And if that is the case, what would help, you know, improve the EBITDA margins so that we could achieve, you know, a targeted path of 250 crores this year?

So, two things. My understanding is the H1 EBITDA margin is slightly better than last year's H1. As per my data, we can, but it depends on quarter on quarter, I think, a little bit for us because it depends on what project we deliver. This particular quarter had Ashana Anmol as deliveries. Ashana Anmol is... It's a historical high land cost project for us. So, therefore, it continues to have a drag on our margins. So, if you look at going forward, our margins are improving because we will have newer projects for delivery. So, except for Ashana Malhar, which is still a lower margin project because of, again, high land costs. Very high percentage of revenues that we have given to the landlord there, and as in Anmol, but other lands and projects like Asana, Advek, Tarang, They are better margin, they are more normalized margin projects for us, I would say, and don't have the same drag on margins that some of these, couple of these projects that I've had. So, this particular quarter was also concerned with that. So, going forward, the margins will improve.

Just a follow-up here for my understanding. So, this quarter, our average realization was around 6,600. And if I look at the delivery schedule which we gave in our presentation, average realization for the deliveries for the second half is also around the similar levels of 6,200, 6,300. So, if the realization is going to be similar, then how will the EBITDA margins improve then?

I explained, it's a cost side issue. Like in Ashana Adhivik, our land costs were, you know, 35% revenue share to the landlord plus other costs in the land. So our land cost percentage was very high. Ashana Advik, for example, in this is a historically owned acquisition from back in 2011. Land costs here probably would be 5%. I'm not sure exactly what it is because there are actual land costs here. So these things translate into margins directly, right? So, similarly, Ashana Anmol is a high construction cost ambit for that sale price as compared to, let's say, some of the other projects within that regard. So, I think that has had a role to play. So, if you look at the future projects. The percentage of revenues and revenue shares are more reasonable. Wherever we have, like Aasha and Ekan should be around, I think, 22.75 that we give to the landlord. So those kind of things will be there. We, as a developer, tend to report the percentage of revenues as a land cost there. So both those combinations, either we're having... Now, historically owned or currently bought, owned, cheaper land or revenue share, which are more reasonable as to what we do, in general terms, will normalize our margins. Right now, our margins are understated as compared to what our normal margins should be. And you will see that improve in the next, over H2.

Got it. So, I just wanted to confirm, there hasn't been any material cost escalation, you know, between booking of our flats and the delivery we are now getting?

No, there was no material construction cost escalation. This was a historical, poor, planned transaction that we did. Got it.

And lastly, sir, on the delivery side, you're confident of delivering the flats for Q3 and Q4? Or any postponement you expect?

So, the only one, right now, all but Ashana Swarang seem on track to deliver. So, except for Ashana Swarang, we are generally on schedule. Got it.

Thank you, sir. Thank you, sir. Thank you.

Thank you. The next question is from the line of Rahul Ayas, an investor. Please proceed.

I just have a couple of questions. So firstly, Malhar Phase 4 is under a third sold, and Pune Premium has never earned the margins you underwrite to. Yet another Malhar Phase is still in the pipeline. Why launch it rather than redirect that capital to senior living in the same region?

So, hi, Rahul, I get your point. The new phases don't really require incremental capital from our end. Whatever capital we had to put in the project has already been put in. And once we have taken up a project, we want to complete the project unless or until there are exigencies that are completely not possible. Even though margins are not good, we would like to complete this project and exit the project fully by completely building it out. And it doesn't really take significant any material incremental capital. I hope that answers your question now.

The question is from the line of Rohit and investor. Please proceed.

Yeah. Hi, Rohit.

Yeah. Hi. Good afternoon. So, my question was, first of all, I think good to see some land that we bought in Burgao. I still haven't seen Bangalore yet, sir, but you were very confident that we will get through that, but just wanted to first. Quickly ask, we are on track. Maybe timing-wise, it's fine, but in general, are we on track?

In general, we are on track.

Okay, go ahead. So, sir, the other question was, just... Just a previous participant asked in terms of the margin, of course, you clarify, but from what we were earlier saying that it's financial year 27, at least on the reported numbers, we will see a very strong growth on profits, which means three heavy lifting will have to do on H2. And in terms of deliveries, I mean, in terms of top line, I think it's not going to be that difficult. I mean, whatever you've done will probably be similar to that in H2. But from a profitability standpoint, it's almost going to be double or more than double of what we intend to achieve. So is that, I mean, I mean, of course, I know that the quarterly margins, unlike other businesses, accounting here doesn't work. But just from a mathematical point of view, is that how it will be? Assuming all deliveries are in line, etc.

So, assuming all deliveries are in line, as I said, we expect to cross 250 crores of PAT this year. You guys can do the math on the margins on that as well. And we are quite confident of crossing that figure.

And just leading up from there, so then, I mean, we had this point of going to accumulate to profits of about 2,000 crores. So, assuming we do that 250, we would have done close to 16-17% of that number up to FI27. So, the remaining year then FI28 and FI29 would be like 40-50% kind of growth.

So, we had guided that till up till FI30. I think, yes, so, as the medium term, as I said, right now we were discussing, so, A, there seems to be a little bit of slippage on that 2000, some of it is slipping into FI31, okay, because a couple of projects that I thought will come in by FI50 is, I'm going into the Q1s of FI31, and we're not able to sort of bring it back, according to me. So there is a little bit of a slippage there, but I think by FI30, I think we should get to about 500 crores of PACT right now. That's the plan. And between 27, you know, 28, 29 being higher than 27 and 30 getting to 500 is what it looks like right now as per our delivery schedules.

Okay, so just one clarification, sorry, I understand that maybe it will get slipped into a few quarters post F530, but what did you mean by saying that F530, you mean F530, we are looking at F530, is that what you mean?

Yes, yes, yes, yes, yes, in that financial, yes, yes.

Okay, so, I mean, then, I mean, I'm just doing math here, sorry, but.

We will, yes, go ahead, do the math.

No, I'm saying that FY20, yeah, I mean, then FY28 and FY29 would be, of course, bigger than FY27, but the miss could be, like, 20-30 percent?

Not, yeah, about 15-20 percent is what I think would be the miss on that, because the couple of projects that seem to be moving there seem to be very heavy.

Okay. Maybe I'll probably just understand this map with you on a separate basis because the last question is, again, I mean, from a land, so this, I mean, we are going to get whatever, 17, 1800 crores of cash flows. I mean, profits, cash flows, before also. So, I mean, how are you thinking about allocations, sir? I mean, you talked about that you don't want to be too aggressive. And we are seeing some sort of commentary from other players also that in some cities, sales are slowing, but that's not even affected in the land panel, etc. So, how do you see, do you see dividends, do you see buybacks? Or how do you, I mean, how are you thinking, let's say, for the next five, six years, how are you thinking about building this company?

Okay, so I don't think we'll have substantial dividends or substantial buybacks, which will be, let's say, out of the general course of the business. We might have it, I don't know if we change our minds right now. I think we will push to scale the business. Thank you. As I commented earlier, I do see opportunities to scale the senior living business. I find lands and deals still viable and valuable there and a differentiated competitive position for us. As Vikaji had stated on the call earlier also, I think the key thing is to keep growing the senior living pie. So, a large part of that capital will keep getting deployed towards that. But Bangalore should happen soon, as we spoke about. We are in the midst for discussions for senior living parcels elsewhere as well, and we would like to do more. So I think... A large part of the capital will get deployed into land. And what we intend to do as a management team is find those pockets where we still think there is still value and have flexibility in where we go. So, sometimes you might. Some cities which might be seeing very strong sales for now, and we might be avoiding that because land prices are not conducive, even though sales are going very well. We might say somewhere else, oh, right now my sales might be weak, but we see the land prices are conducive and we think the sales will get better, so we might take that call. So there are a few pockets where we are seeing opportunities and we'll continue to invest in that. And the second bit is... We are also to see which market we have a bigger right to win. And if we do that, then we might take a call on land anyway, thinking that we have enough margins due to the premium we can charge, and we don't see volumes getting stuck. So, there are these two, three, four calls that we are taking, but in that large, in that piece, I think the biggest piece is the senior living piece. I think we are going to keep doing more deals than senior living, and you'll keep seeing that. And we still, and we see pockets of opportunity there because land prices remain conducive because we are not in city centers, right? So, we are a little bit outskirts. So, then it becomes still viable. Or do JDAs. Like in Gurgaon, even though we are in the city, we did a JDA. So, the deal still works.

Got it. And just one small question. So, if you were to sign the CP within the next year in Bangalore, when do you plan to, by when can you launch it?

Either late next financial year or H1 of FI29.

Okay. Got it. Okay. Thank you so much. All the very best.

Thank you.

Hi, thanks for the opportunity. Just one quick one, more like a clarification. So, the 2,000 euro pad, cumulative pad that we were hoping to do by 2030, we are saying we will still do it, but that will slip into turn 31, right?

Yes, yes.

Absolutely.

Thank you.

Thank you. A request to all participants, please request your questions to two for participants. The next question is from the line of Ayush Sharp, a central captain. Please proceed.

Yeah, hi, good afternoon. So I have a slightly question from a medium term perspective. So do you think that we are firmly on track to achieve a guidance of 10 to 12,000 crores of sales and 2,000 crores of that? I understand that you have already explained in the previous question. But I wanted to understand in terms of committed timelines because I remember last year you had mentioned that FY26 and FY27 are actually very important years for us because the launches in these periods would set the platform for us to achieve the FY30 guidance, right? So, and I understand that there have been some delays in the previous few quarters by a quarter or you are in there because there are some exigencies like the approvals are not in our hand. So we completely understand that. But so what I wanted to understand that do these delays kind of affect our profit target of like you mentioned that some profit pool would slip to FY31 of Q1 of FY31. So, and again, when these numbers are going to get shifted, so let's say like FI 20 and FI 20 and FI 30 and so on, the numbers are going to get shifted and so on. So do you think that it can go well beyond Q1 or Q2 of FI 31 as well? Just needed a qualitative perspective from you on this.

Right now, I usually think we should, my expectation is that we are on track for, let's say, H1 of FI31 to get there. In terms of this year being critical from profitability perspective in this financial year, one critical aspect is launch of Ashana Aroham Phase 3, which is on track for launch. We have all approvals, so we should launch in the next quarter. We are doing the build-up, the marketing build-up right now, and we should launch Asana Arom in Q4 of this year. So I think that was the, Arom phase 2 and 3 have been the critical projects which are sort of slipping. Away into FI 31, basically, and that was one piece of it. Other than that, in terms of being critical years, I think... The other bit of critical years from a long-term perspective on FI27 is the kind of build-up we have towards senior living. So in FI26-27, we did sign off on a lot of senior living projects. As Vikasji said, we have about 9,000 crores, over 9,000 crores plus of GDV in senior living now. And that was the other critical piece that had to happen this year to lay the foundations to get to there. I think we have gotten at some part in that piece of senior living by getting these projects acquired. I think the next step is on launches. As Vikazi also said, the first of those, these newly acquired projects. So I think after a two-year gap or a three-year gap, we'll be launching a brand new senior living project, and that will... So I think that's been, that was the other thing. So I think overall two years has, so far we have four, five months to go. The two years have gone as per plan. Except for a little bit of slippages here or there in terms of construction, I think we are also, I'm also a little bit gotten more concerned on construction bans happening in the NCR. I think the government is being more preemptive on the pollution thing. So, a little bit of slippages, I also expect, because I think NCR will see more ban on construction than previous, given at least the... Pre-emptive intent that we have seen in this year.

Right, right. Understood. That was helpful. Thank you so much.

Thank you. Good.

Thank you. The next question is from the line of Sahil Train, an investor. Please, Sophie.

Hi, sir. Good evening. I just had a couple of questions. So, my first question is, so, you have previously talked about a pre-sales dip for a year or two before this senior living carries the growth. And if you see the first half, so, that has run ahead of your own guidance. So, like, has that changed the shape of the dip or what exactly?

I never, I didn't have an exact shape of the dip. I still don't know what it would look like exactly. So the first half did go a little bit better than I expected it to be. I exactly can't say how it will be, Sahil, unfortunately. You know, let's see how senior living sales go through and how we are able to launch more senior living projects. I think the more we need to get the senior living pipe out there, and we are at it, so as we get more variety of senior living products out there, I think that would also help. But I do see a dip in 27-28.

Okay, so I understood. And my second question is regarding the kid-centric homes. So they are now the largest part of your ongoing book by value, if I'm not wrong. But almost all of it is in this Gurugram region, and you have said that the concept is still being refined. So like, what exactly are your plans before you take it to a second city?

We have done kid-centric homes elsewhere as well, in Bhiwadi and in Jaipur before, but those were, let's say, more retrofits to existing projects. Gurgaon, the first, actually, kid-centric homes from scratch just got handed over, which is Amara Phase 1, which is the first handover, which is now. I think... The question is not whether we take it to more cities. The question is how do we scale it up, whether it can be in Gurudan itself or where it goes to more cities. That's the second bit. I think we are still refining. We have refined the product. We have refined the services which have started to get delivered. And I think there is a refinement in the marketing. The way we market kid-centric homes and the value proposition that we provide, and I think that is still a work in progress, and I don't have a timeline on as to when it will get done. Hard to say, but we are starting to see glimpses of it. We were able to increase prices in Ashana Arum in the last 7-8 months in Gurgaon, even though Gurgaon market has not remained as strong in the last 7-8 months as it was before, and we continue to increase prices and get sustained month-on-month sales. That is a great sign, and I think that needs to get strength and further where we start seeing the differentiated pricing capability because we are able to add a different value to the customer. And it remains a work in progress for now.

Okay, sir. I understood. Thank you so much.

Thank you, sir.

Thank you. The next question is from the line of Rajesh Setia from i.CMS.

Yeah, thanks. If you can lay out your thoughts about the senior living as your overall business proposition, what are your thoughts about that over the next 4-5 years? Where do you want to take that part of the business? And also, if you can share some numbers in terms of the business mix of senior living in the last 4-5 years versus the next 4-5 that you see.

Okay. So, I'll start with the mix and then I'll articulate. I will not like to articulate the mix in a percentage basis. It just becomes a little bit complicated. My head thinks in absolute terms. In FI23, we did 154 crores of pre-sales in senior living. In FI30, we are targeting 1500 crores of pre-sales in senior living. In that, and I think it will continue to grow further. I believe is that the senior living business, we have an early mover advantage. We understand the consumer well over there. We understand the product well over there. I think it took us a while to refine what I would say is the recipe of senior living. I think we have gotten our recipe correct. The second piece, therefore, has been to take it to more cities, take it to more price points, and in that regard, there have been... I think three, four steps that we have had to take. First step has been to define different kinds of products. We have created two senior living products. One is active senior living. The other is sophisticated senior living. Our second, our first sophisticated senior living was launched in Chennai. The second one is also getting launched in Chennai. The third one will be in Panvel. These are higher price point senior living products. We are going to do even higher one in Gurgaon. And so basically creating breadth, we're going to launch one in Bangalore as well. And the second bid had been to increase sales during the year. So we scaled up to 570 something last year. We are looking to cross 700 cross this year. And the third. Angle has to get the projects signed up. We have 9,000 crores of GDV signed up. I think 9,000 plus crores of GDV. I think we are looking to sign off on another 8,000, 9,000 crores over the next 24 to 30 months. I would say that would be the initial target to get more GDV in, and most of that sooner than later. We are in active discussions there a lot. I think we can make senior living. Sort of the biggest part of the business in terms of profits. Okay, so going forward, I think even beyond FI30, I see it to grow quite rapidly and therefore take larger shares of incremental capital and larger shares of management.

Hmm.

What's the broad delta between the housing that we are doing and senior living as well as the sophisticated senior living?

Okay. So, I would say broad gross margin differentials would be around 5 percentage points would be where I would say broad differential margin would be. That said, you know, the regular housing part of the business has seen a very upcycle, so there will be margin expansion that has happened over the last few years in terms of pre-sales, which is now going to get reflected into the books as we go year on year. I think that reflection in reported profits will come, that margin expansion happened, A, because we premiumized and B, because of the upcycle. In senior living, we expect the margins to be a lot more stable as we go. Because we don't expect the business to be as cyclical in nature. Simply because our view is that cycles are run through supply-side expansions. The supply-side expansion in senior living is more difficult to do and therefore right now, at least for the time being, we don't see an oversupply situation happening in senior living. And therefore that basic thesis there. So, I would say over cycles, over let's say up cycles and down cycles, senior living should give about 5 percentage point higher margins. Sophisticated ones will also give similar ones. You know, sophisticated ones will have higher land costs, have higher construction costs, and have higher sale prices. But I don't see margin profiles overall being very different in the long term. Maybe 2-3 percentage points extra as well. But, like, let's say when you look at an upper square foot level or upper acre level, we'll get better margins.

Basically, higher ticket size and let's just similar or a couple of percentage more margin, which means on an absolute basis, bigger profit pool.

Yes, on an absolute basis, a bigger profit pool. Yes, correct.

And what are some of these cities like where you see maximum potential at the moment in senior living?

Chinnai, NCR, Mumbai Pune region and Bangalore. We are considering, we are looking to appoint someone to do business development there, but Hyderabad would be a little bit longer into the plans right now.

Sure. I think Pune is one anomaly here in all the cities that you mentioned. All our metros, while Pune is not.

I think, so we are looking at the region between Mumbai and Pune, so we are not looking to do projects which will only cater to Pune. So, let's say, half the clientele is from Mumbai, half the clientele is from Pune.

More like Bhivadi, where NCR people will come. Yeah, it's more like Bhivadi, where NCR people will come.

Got it. Thank you so much. Thank you.

Thank you. The next question is from the line of Vishal Singh, an investor. Please proceed.

Hello, sir. I'm an audible. Thank you so much for the opportunity. So the first question I had was regarding the senior living side. So what was the senior living booking value in the first half, and how does that look against the 700 crore that we have targeted for the year, and what launches in the second half will help us reach the target as well, if you could give some color on that, sir.

Okay, so for the first half, the value was 310 cross. We are looking to cross 700 crores for the year. We are on track. I think the key launch is Ashana Aranya in Chennai, which will be a completely brand new, sophisticated senior living project. We'll be launching high-end villas there in the first phase. We also have phase launches. I think... All our Ashana Advik has had a phase launch in this October to December quarter. Already we are going to launch something new in Ashana Swarang and Ashana Amod as well. So I think we have phase launches which will support this. But I think the biggest thing is to get a new project in. So we are on track for getting that project. We are mostly through with approvals. There are some approvals still pending. I think we are on track to launch in the next quarter.

Thank you so much. And another question I had was regarding the Vatsalia. So the Vatsalia phase 3 launched during the quarter, and Vatsalia bookings also doubled frequently. So what was the opening response like? How is the phase 3 priced against the phase 2, and does it change our view of the Chennai market itself?

I'm sorry, I'm getting a lot of disturbance, but Ashina Vatsalia sold well. We got better pricing also as compared to Vatsalia Phase 2. So I think overall that has been very, very good. I think I don't have exact pricing with me. Let me just have a look. In my view, that... It continues to remain the best senior living market for us right now in terms of both total senior living revenues and total area that we are sold. We see Chennai to have more depth, therefore we are launching Asana Aranya as well. That launch is also going to be key to see how much more we can do in Chennai.

Thank you so much. Thank you.

Thank you.

Thank you.

Thank you. The next question is on the line of Rohit from iPod TMS. Peace with you.

Hello. Hi, Rohit. Yeah, thanks again for the chance. So, just two, three questions. One was, we had this class action suit on our monophobe projects. Yeah. Anything, any update if you can share?

Nothing has moved there, and I think it will continue to be like that for a while, Rohit. Unfortunately, in our courts, it's... It is, it takes, it does take time, right? Our judicial system does take long, so it will continue to be long, I think.

Okay, and, okay, so, any chance for an out-of-court settlement or something like that? I don't know if you can share anything on this call. Yeah.

I don't, no, there are no conversations on that regard yet. We are very surprised by it because we continue to maintain that project. When we get feedback of that project, customers seem to be very happy. Resale prices are up. Rental prices are up. Occupancy is good. General customer feedback is good. So we are very surprised by that kind of class action suit in that kind of a situation. So I don't know how much we can appreciate.

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

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

Got it. And then just extending the question that you've been explaining in the last few years, participants on senior housing. So, of course, we've been in lovely end print and we've had a very good track record. But as this space becomes more and more sort of, let's say, financially attractive. How do you, so, like, entry barrier in general seems low in our business. I mean, in general, in real estate. So, how do you, you said that supply is not that high, at least at this point of time, but in general, let's say the other refuted builders, and in general, it seems like the overall market is. Generally consolidating in our country, with fewer, bigger brands becoming more taking share, and India, etc., etc. So, in that context, if, let's say, let's say, Godrez or TLS or all the more bigger ones, they start getting into this market, so how do you protect? Your turf or how do you put your economics also, if this becomes too competitive, like let's say how it is today in general for the real estate business?

I have three thoughts on this. I think the market is still too small for the larger developers to do a lot of work in this. Okay? I think some enabling provisions of the Haryana regulatory piece is making the folks in Gurgaon more excited to do this, okay, because it is unlocked. Some lands which were not getting commissions otherwise, but outside of that, I think when the going is good, when everything else is doing, the senior living business is too small for the big boys right now, okay. You know, we are targeting 700 crores of revenue in this. We have clear lead in the number of units. Annual sales, you know, of DLF1 does one project in Gurgaon, gets a crazy traction through 175 units. That's a secondary issue. But in terms of number of units, annual sales and total GDP that we have available, we are quite on the... Higher side already, and it's still not that. Second, I think, is a brand. I think seniors are more risk-averse, so they are looking for people who have track record of running senior living. Now, we have a 24-year track record. No, 22-year track record. 2004, we launched our first one, I think. The second and third... So that brand and that track record in that awareness, that's the risk-averse nature. And fourth, I think the selling, the way you sell the project is different, the way you maintain the project is different, the way you design the project is different, the way you build the project is different. So like selling channel has very limited role to play for us, for most sales direct through referrals. The way you design this is a little different. I think it's a space where I think, at least as of now, we are the only ones who are committed to doing very large-scale projects across the country right now. So, in that way, I think we are still differentiated having those things. And our learnings, we have a lot of learnings over the last, I would say, 22 years. I think they compound. So I don't think it's as easy to get to some of the learnings we have.

No, fair enough. And this last question, when it's slightly more broad, is which are the companies either in senior living or in general in real estate or that you sort of want to, I would say emulate, but maybe like see and you get sort of more inspired by and say, I want to like build my company on a similar fashion. India, global, wherever.

So, with a request, this is the last question, please. We have someone else in the queue after this, and you can come back after that. To me, Heinz, out of the U.S., does some incredible work around development. The Chinese developers and the kind of scale that they've built have been incredible. Well, there is... Some of the bigger listed folks in India who do great work, I think Prestige, Soha, Brigade, Loda, Oberoi, DLF, all of them, Mahindra, I think all of them do really, really good work, and across different things. So some things we like about some others, and I respect the kind of brand that they've built, the scale that they've built, the quality of work that they do. So there are huge swath of players we like and respect and would like to emulate a little bit of good things from all of them.

Thanks. Thank you so much, and all the very best.

Thank you, Rohit.

Thank you. The next question is from the line of Avina Alubav Goel from Cosmo Renters.

Sir, for the Amur Phase 1 delivery, I think it's now showing Q4, which is in line with our handover days. So, do we expect to meet this timeline?

One second. Which project? Sorry, I missed you. Amod phase one, yes, we should, the building is fully ready. It's just the OC process is taking us longer than we thought it would. I think we are on track in Amod for Q4. You know, construction is complete.

Okay, got it. And so this point of, you know, only a senior person residing in the house, So, this would be a common condition in this case in general for other players and globally. Like, if you can just share thoughts on this about how this works.

This is a common condition, okay. We are experimenting with what they call our multi-generational projects, where they relax this condition.

Sir, these large builders, like they have specific towers for senior living, so in those towers, these conditions would apply?

Or only apply in those towers at some level. So different developers are doing different things.

Okay. Thank you so much.

Okay, we are very clear we will not dilute that proposition.

Not in court, not in court.

Yeah, sure. Thank you, Anup.

Thank you.

Thank you all for participating in this earnings conference call. We remain focused on timely handovers in FY27 and on building long-term value through disciplined execution and customer-centric development. If you have any further questions or would like to know more about the company, please feel free to reach out to us directly or you can alternatively reach out to our investor relations partners at Valorum Advisors. The investor presentation relevant materials are available on our website, and we will be happy to provide any further clarifications you may need. Wishing you all a happy Diwali and a productive year ahead. Thank you.

On behalf of Aryan Capital Markets Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.