Brigade Enterprises Limited (BRIGADE) Q1 2027 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to Brigade Enterprises Ltd. Q1-FY27 Financial Results Conference Call. As a reminder, all participants will be in the lesson-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 star, then 0 and a touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Pavithra Shankar, Managing Director, Brigade Enterprises Ltd. Thank you and over to you, ma'am.

Good afternoon, everyone, and thank you for joining us for Brigade Enterprises Limited's Q1 FY27 earnings call. I'm joined by the management of Brigade Group, our Executive Chairman, Mr. M. R. Jaishankar, Joint Managing Director, Ms. Niroopa Shankar, Executive Directors, Mr. Roshan Matthew, Mr. Amar Mysore, and Mr. Pradyumna Krishnakumar, and our CFO, Yogesh Patel. In real estate, Q1-FY27 saw consistent performance, coming off a launch-led Q4-FY26. Although we did not have new launches in Q1, we remain on track for our FY27 guidance, supported by a strong launch pipeline over the coming quarters, as well as contribution from our sustenance sales. Pan-India, residential sales were down 6% year-on-year in the same April-June window per Anarok, with Bengaluru and Hyderabad among the only major cities to hold sales growth in the quarter, a favourable backdrop for Brigade, given both are core markets. For Brigade, Q1 FY27 net sales were Rs. 1,061 crores, 5% lower against Q1 FY26. Our realization, though, increased to Rs 14,256 per square foot, a strong 21% year-over-year improvement, driven by disciplined pricing increases in our existing projects, and a positive shift in our product mix towards higher-value homes. Our planned relaunch of Brigade Morgan Heights, highlighted last quarter, was impacted by the projects in biometric clearance being revoked by SEIAA. We have refunded affected home buyers. Our position remains that the project land does not fall within the Pallikarnai marshland. We have approached the High Court, which in turn directed SEIAA, which is a state environment impact authority, to file its counter affidavit and asked all authorities to maintain status quo. We are committed to the project and will plan the relaunch once the issue has been addressed. For the next four quarters, our launch pipeline stands at 16.4 million square feet, of which 12.4 million square feet is residential, with a GDV of approximately Rs. 13,400 crores. Bengaluru accounts for 4.3 million square feet, Hyderabad 4 million, Chennai 3 million, and Mysore 1 million square feet. Of the 4 million square feet launch pipeline for commercial, Bangaluru accounts for 2.6 million square feet, Chennai 1.3 million square feet, and Kochi 0.2 million. We also have 1,700 keys of hospitality inventory in the pipeline. This pipeline gives us confidence that we remain on track for our FY27 guidance of Rs. 9,000 crores in pre-sales with launches. Expected to be more back-ended into the coming quarters, similar to the pattern we saw on FY26. On the business development front for the residential segment, we added Rs. 2,400 crores of GDV across 2.7 million square feet in projects during Q1 FY27, primarily in Hyderabad. We continue to monitor the macroeconomic situation in terms of the Middle East conflict and impact of AI, but believe that the core drivers of growth remain intact. Brigade Group's commercial office business continued to deliver resilient operating performance in Q1 FY27 with an operational portfolio of 8 million square feet of GLA across Bengaluru, Chennai, Kochi, and Ahmedabad and portfolio occupancy at 88%. The business recorded 0.22 million square feet of gross leasing during the quarter. Leasing demand during the quarter remained broad-based, led by industrial manufacturing, flexible workspace, and life sciences. At the portfolio level, GCCs contributed 58% of gross leasing, with the GCC occupier base diversified across automotive and mobility, technology, industrial and engineering, and BFSI. IT and ITES accounts for 26% of the overall portfolio mix. Reflecting a diversified occupier profile across the commercial office portfolio. Commercial office revenue stood at 200 crores, while operating EBITDA margins stood at 80%, and rent and collections remained robust at 99%. The business has 0.9 million square feet of vacant lease-up opportunity within its operational portfolio. Turning to retail, as of Q1 FY27, the Ryan Mall portfolio delivered a strong performance with footfalls growing 11% year-on-year. The increase was driven by brand-new additions, mall-led experiential promotional events, along with a 20% year-on-year rise in cinema admissions. Retail sales grew 35% year-on-year led by strong growth in destination categories. Across the malls, anchor retailers emerged as the key growth driver with a 64% year-on-year increase in sales led by new anchors, followed by F&B restaurants as 46% year-on-year and electronics as 33% year-on-year. Turning to hospitality, BHBL delivered a strong quarter despite geopolitical disruptions from the West Asia conflict by shifting focus to domestic demand. The company achieved 7% ADR growth, 2% occupancy growth, 9% growth in REF and EBITDA, and 140% increase in profit from 7 crore to 17 crore. Domestic corporate travel, weddings, and social events remained resilient, helping offset weaker international travel demand. While F&B revenues were impacted by softer mice activity and event postponements, management views this as a temporary challenge. During the quarter, BHBR rebranded Four Points by Sheraton Cochi Info Park to Courtyard by Marriott Cochi Info Park and remains confident of continued AR. Looking ahead, DHBL has a 1700 key development pipeline targeting 3300 keys by FY31. The company will launch Quartier by Marriott Chennai WTC, 45 keys and part of the WTC Chennai campus in FY27. Sustainability efforts continue to gain momentum, with 61% of portfolio energy requirements now sourced from renewable energy. The current operating portfolio is entirely EDGE-certified, a green building standard from IFC, the International Finance Corporation. With that, I will now hand over the call to Yogesh to take you through the financial performance for the quarter in detail.

Thank you, Pavithra. Good afternoon and a warm welcome to all once again. To start with, the highlights of Group's financial performance for Q1 FY27. The consolidated revenue for the quarter gone by stood at 1,179 crores with an EBITDA of Rs. 425 crores. The EBITDA margin stood at 36% as compared to 28% in Q1 of FY26. The real estate segment clocked a turnover of 707 crores with an EBITDA of 150 crores and absolute increase of 45% from Q1 FY26. The real estate EBITDA margin improved to 21% as compared to 12% in Q1 of FY26. This improvement is led by recognition of revenue from projects with better margins as was expected to. The leasing segment clocked a turnover of 328 crores, an increase of 9% over Q1 FY26 with an EBITDA of Rs. 230 crores. EBITDA margin stood at 70%, which is same as what we clocked for full year FY26. The hospitality segment clocked a turnover of Rs. 144 crores. with an EBITDA of Rs. 45 crores. Consolidated Pact stood at Rs. 216 crores, a year-on-year growth of 37% and a quarter-on-quarter growth of 14%. Pact after minority interest for this quarter is Rs. 200 crores. We have had an exceptional item in the quarter, a gain of Rs. 36.6 crore at PAT level. This is due to reclassification of our investment in a subsidiary upon investment from Green Capital. The set gain has only been consolidated at PBT and PAT level and does not impact the EBITDA measure as has been detailed earlier. Touching upon cash flow performance. Collections for the quarter were steady and stood at Rs. 1,856 crores, a growth of 7% year on year. We remain confident of sustaining healthy cash flows in the coming quarters as well. Collections from the real estate segment stood at Rs. 1,346 crores, an increase of 8% over Q1FI26. Leasing segment contributed Rs 343 crores, a growth of 10% over previous year, and the balance of 167 crores came from hospitality segment. Net cash flow from operating activities stood at Rs 354 crores, which is also a growth of 10% from Q1 FY26. Coming to debt and liquidity. We continue to have adequate liquidity and undrawn credit lines from banks and financial institutions to support our growth plans. Our average cost of debt for June 26 stands at 7.61%. As of June 30, 2026, the gross debt of the group stood at Rs. 5,305 crores, while cash and cash equivalents were Rs. 3,087 crores. The company's net debt outstanding as of 30th June 2026 was Rs. 2,218 crores, out of which Brigade Enterprise's share, I mean, excluding the JV owner's share, would be 1,541 crores. About 86% of this debt pertains to the leasing segment, which is backed by the rental income from it itself. The debt equity ratio at the end of the quarter stood at 0.26. We will continue to have our debt equity ratio well under 1x, accommodating for all the current CAPEX commitments and projected business development spends, given these will be serviced through a combination of internal accruals prior to accessing debts. I will now hand it back to the moderator for questions.

Thank you very much, sir. 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 withdraw yourself from the question queue, you may press star and 2. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. First question is from the line of Karan Khanna from Ambit Capital. Please go ahead.

Yeah, a couple of questions from my side. Firstly, Pavitra, of the 12 million square feet launches that are blind, just a clarification, is this for remainder of FI 27 or for winning four quarters? And secondly, can you provide some color on quarter-wise timelines for these launches? Is there a risk for slippage here due to approval net delays or any other reason? Because even in 1Q, we were targeting 1.5 million square feet of launches, which didn't come through. And does the 3 million square feet in Chennai also include northern heights?

Hi, Karan.

So, the 12.36 million square feet that we mentioned is a rolling four quarters. Yes, there is a slipover into Q1 of next financial year. So, for the remaining three quarters of this financial year, we're looking at 9.36 million square feet in FY27, and there is a 3 million square feet that will move into Q1 FY28. Um, the... Launches in Q1 was partially because of Morgan Heights itself. We were planning to relaunch the project based on all the favorable movements that had happened in Q4, but since then, as mentioned in the opening remarks, we have not been able to get that clarity. Hence, we have removed Morgan Heights from any of the launch numbers that we have previously communicated, and it is not part of the 3 million square feet. ...to Chennai as well for the next four quarters. Q2, we are hoping to launch around 2.36 million square feet, and therefore the remaining 7 for the financial year will come in H2. There is always that risk of approvals coming in on time, but this is what we're going for. 2.36 in Q2, the remaining 7 in H2, and another 3 million in Q1 FY28, and none of that will include Morgan.

Sure, and just as a follow-up with Q1 sales at 1,050 crores and your guidance of about 9,000 crores, how should we think about sales velocity? Is the expectation that volumes will accelerate from here with upcoming launches, or should we expect pricing mix to remain a significant part of the pre-sales growth?

Sales velocity associated with the launches, and since we are expecting those launches to come starting from Q2 itself, the run rate per quarter will definitely be increasing.

My second question to you, Narupa, and if you look at slide 29, you launched around 4 million square feet of commercial properties across Bangalore and Hyderabad. Given the amount of CAPEX still to be deployed across the commercial pipeline, can you give some visibility on the leasing timelines, occupancy at completion, and when these projects will start becoming meaningful contributors to the rental EBITDA? And as a follow-up with all the expansion plans on the leasing front, what does steady-state revenue and EBITDA look like and revenue share?

Thank you for that. So the properties that were launched, about 4 million that we have launched in Q1, will take some time to come over the next two to three years. If I look at how... The launches are coming into the market. We can expect about 2.5 million or so to come into the market by FY28. As of now, for FY27, we have about 3.89 million ongoing, of which 2.85 is brigade share. And we still have some of it in the sale and in the leasing portfolio. So, as I was saying, for FY27, we have about 3.8 million ongoing, of which 2.8 per decade share. In 28, we can expect about 2.86 million to come into the market. In 29, a smaller, maybe some smaller properties, to about 650,000, and the bulk of it will come in FY30. So, almost 6 million square feet will come in FY30. So we do have... Some runway to lease these assets. Typically, we would like to lease assets within the first six to eight quarters of them of getting the OC. That's typically what we would take. In terms of, yeah, the spend, of course, for these CapEx items will be over the next four to five years. And in terms of the revenue, the way in FY26, we had a total commercial, just the office leasing at around 765 crores. In FY, and I would say over the next five to six years, we can expect the CAGR for the leasing revenue to increase by about 20%. And that's how we see the portfolio growing. By FY32, I think we've mentioned some numbers earlier.

Sure. And then lastly, on hotels, can you talk a bit about what are the near-term trends that you've seen in the hotel's business, and incrementally, do you foresee occupancies or ARR as the primary vendor of both for FI27, and with Cochi InfoPark Hotel now being rebranded to Courtyard by Marriott, what kind of improvements in occupancies as well as ARR do you have to start over here?

Yeah, in terms of hospitality, we did see some impact of the West Asia crisis. So, while we increased our ADR by 7% compared to Q1 of FY26 and the occupancy increased by about 2% from 74.5% to 74.5%. We saw total revenue increase of about 9%, but we did see a hit on the F&B aspect of it. So while we managed to increase our EBITDA by 9%, we managed to increase our PAT by 140% from 7 to 17 crores, we did see some loss of business. When we tracked that business, we saw almost a 10% reduction in business just because of the West Asia crisis. This was due to cancellations or postponements of a lot of Thank you. We believe that this business will come back a lot stronger in H2 of this fiscal year. So, we are able to increase our ADRs. What we did from a strategic perspective is because we anticipated the reduction of foreign travel. We managed to displace a lot of the foreign travel business with domestic business, but some of the larger MICE businesses could not be replicated. We don't see any major cause of concern. This quarter is actually quite encouraging, and we're seeing some good bounce back of mice, like I said, in the third quarter. So hopefully it's not a huge cause of concern, but like I said, there was some impact in Q1. I'm not seeing anything.

I do see the ability to keep the rates quiet.

Sorry to interrupt, ma'am. You are not audible.

Hi, am I audible?

Yes, ma'am, you are audible now.

Where did you last... What I was saying was that while we saw some impact in Q1, we expect a lot of that business to bounce back in Q3 of this fiscal year. In terms of four points by Sheraton and Kochi, yes, we rebranded it. We saw a blip in terms of the occupancy in the first quarter of rebranding. I think two reasons for that, because we displaced some of the crew business. There was a rebranding, so the systems had to identify a new hotel in place. But we are expecting – but the bounce back in Q2 has been quite good. Our occupancies are back to the 70s, I would say. And because of the rebranding, we can expect at least a 15 to 20 percent increase in ADR.

Great. That was very helpful. Thank you.

Thank you. Participants to ask a question, you may press star and 1. Ladies and gentlemen, anyone who wishes to join the question queue, you may press star and one on your touchstone telephone. Next question is from the line of Pritesh Sheth from Access Capital. Please go ahead.

Yeah, thanks for the opportunity. Two, three questions. Firstly, in terms of the H2 launches, I think we had two larger launches this year scheduled for Q4. One is Hyderabad Neapolis 2 and the Whitefield Hospital launch, which we are planning again in Q4. So, you know, the timeline still remains Q4 or has there been some advancements there? That's my first question, and second, on the leasing status for WPC Bangalore, we did see some 30,000 square feet out of leasing this quarter, but how should one think about getting back to normal occupancy there?

The residential launches, the Hyderabad launch, we are planning to advance that. I think it's looking quite likely to come much earlier than Q4. Definitely Q3, if not sooner. And the Whitefield-Hospite launch as well is looking like a Q3 launch for Bangalore.

Very good to know that. And on the leasing side, WTC is

a building that's about 1.13 million square feet. Brigade has about 7.19 million square feet of that. We have leased about 50% of that space, and what we have left is about 375,000 square feet of space. While we were expecting, you know, one or two large clients to come in and take up this space, what we have realized is, you know, as the client that was existing there left, you know, we were also hit by the West Asia crisis. So that has delayed some of the larger companies making large demands. So a lot of the RFPs that we saw for 2 lakhs square feet, 1 lakhs square feet kind of disappeared or have been postponed. So what we are having to do now is to do smaller leases of 20,000 square feet or a floor rise of 40,000 square feet. So this is how I think we will have to continue with the leasing because that's the kind of demand that we are getting right now. So we are taking whatever business we get. The good news is that we are able to increase our rentals. So we are able to get that mark-to-market increase of at least 10 percent to 15 percent. But we believe that there is strong demand, and the idea is to close out the leasing in the next three to four quarters.

Sure. Just a couple of more. Again, on the residential side, I think we have two, three larger projects in Bangalore, which are obviously not part of the current dwellments launch pipeline. So I just want to know the status of that. So, what is... The Cornerstone Utopia 2, then we have a 75-acre land parcel at Devna Ali, and we have one large land parcel at Kengiri in Bangalore. So if you can just provide the status of that in terms of when should one expect launches, would it be next year or it might still take time for those to get unlocked?

The phase two of Utopia, that is something that is a positive movement, and we will look at launching that, hopefully, in Q1 of next financial year. Although those numbers are not mentioned in the rolling four-quarter projection that I gave, it's something that we're trying to work towards. When we have much further clarity in terms of approvals, we'll start incorporating those numbers. The second one that you mentioned was our 75-acre parcel KIDB allotment. The residential component of that is substantially smaller than what we had previously thought because of changes in the bylaws. So that will come in later in this financial year, but the component is much smaller. It's only around 3 to 4 lakh square feet that we're looking at. And finally, on the Kengeri land parcel, this is not in a position to be launched as yet. There is some ongoing litigation there. So, the landowner is dealing with that piece, and we will eventually bring that to the portfolio. But right now, that is not forming part of any of the earlier numbers that I mentioned.

Sure, got it. And one last, on the 4 million profit that we launched this quarter on the commercial side, what would be the rental potential and are we all going to hold those assets in our balance sheet or we are trying to sell some of those?

In terms of our launches, we've launched Brigade HRC Atrium. That's still a while away, so we need to see what the rentals will be like closer to the launch of that. But then we have an industrial block. Then we have Brigade United and Kaveri and the Orion Mall at Hyderabad. So all of these we plan to hold and none of these are for sale. In terms of the rental that we can expect to get, I think we'll have to wait closer to the market and when they launch, maybe at least one year before that they launch, and then we can share those details.

Sure. Okay. That's it from my study. All the rest. Thank you.

Thank you. Participants, if you wish to join the question queue, you may press star and one. Ladies and gentlemen, to ask a question, you may press star and 1 on your touchtone telephone. Next question is from the line of Abhishek from Kotak Securities. Please go ahead.

I just had one question of the 2.4 million square feet of project that you have for Tokyo, could you give us the list or name of the project for us to track?

So, in terms of the Q2 launches, there is a project in Hyderabad. That's the Neopolis 2 project. There is a project in Mysore called Misty Grains, which is already launched. And there is a very small project in our Brigade Meadows township. It's a senior living project or a senior friendly project that has, we're waiting on the RERA for that as well.

How large is the Neopolis project in Hyderabad? The Neopolis project?

That is about 2 million square feet.

Okay, and just to confirm, is this likely to come in the next few days or could we be hitting? The end of the quarter for this one, if you have some sense on the timelines for that one, some clarity maybe.

It is this quarter. We are in the final stages of the approval. So, we are working on bringing that within this queue to itself.

All right. One more clarification. When you say 12 million square feet of launches for the next four quarters, and then you also give a land bank of about 56-57 million square feet. I just wanted to confirm, is there any other development potential that you own, or is this the sum total of all of the development potential that is there on Brigade's balance sheet asking stand today? Does that include all of the media that you've ever done?

Yeah, so whatever we are mentioning in the land bank is the entire development potential of the company, and we've given the detail in terms of market as well as segment in our investor presentation.

And the plan launches are also a part of that, just to confirm? Yes, yes.

Yeah.

Yeah, they're part of that.

What happens, sorry, the way we do it is whatever is in the launch pipeline, we are communicating it is in the pipeline. As soon as we have RERA and launch or declare the launch from a commercial standpoint, we remove it from the land bank. So the land bank keeps, there are deductions based on what gets launched and there are additions based on BD.

Got it. So, till the time it's not launched, it's a part of the Land Bank. Once you launch it, it will move to the on-hand budget. Is that right?

Correct. Yeah, that's right.

So, one final clarification. The reported financials for Brigade Hospitality Ventures and what you report in the presentation for Brigade Enterprises, there's a small difference, not very material, but there is still a difference. Could you just highlight what is the difference between that 5-7% in terms of the revenue as well as the subsequent numbers? Is there anything that is not a part of Brigade Hotel Ventures that is there in the main entity?

Yes, Anishek, that's correct. So there are certain clubs which are run under an entity which is BHSL, Brigade Hospitality Services Limited, which is a subsidiary of BEL. So, that is part of hospitality segment, but from a perspective, it's a B. That's not an BHP.

All right. That's all for mine. Thank you.

Thank you. Before we move to the next question, a reminder to the participants to ask a question, you may press star and 1. Next question is from the line of Parveskaji from Nuama. Please go ahead.

Hi, good afternoon, and thanks for taking my question. So, the first question is, in our upcoming launch pipeline, 4 million square feet commercial projects, would it be possible to get a geographical split of this?

Yeah, I can give you the geographical split.

If you look at it, Bangor will have about, if I look at FY30, since we have quite, oh, you mean only for Q1?

No, I'm talking about the 4 million square feet upcoming projects, 4.03 million square feet commercial, what would be a city-wide split?

Bangalore will be 57% and Hyderabad is 43%.

Good. Thank you. That's it from my side.

Thank you. Next question is from the line of Harsh Pathak from Motilal Oswal. Please go ahead.

Yes, hi, good afternoon, and thanks for taking my question. So my first question is on slide number 12. You have given the estimated sales value of unsold units, it's around 8,950 crores. Does this involve any inventory from the Morgan Heights project?

Currently, yes, it does include Brigade Morgan Heights, but in the next quarter's presentation, if there is... If it has not been addressed, we will remove it. Sure, so I assume that would be around? Yeah, please. 0.7 million square feet is Brigade Morgan Heights.

Maybe the attributable value would be around 700, 800 groups. And last quarter, we mentioned that we are planning to launch around 11.5 million square feet this year. So, the updated number, I think, is around 9.3. So, how do we see the shortfall? I understand 1 million square feet might be Morgan Heights, but where would be the additional shortfall?

We have reduced a little more than a million square feet from there.

Understood. And another million square feet?

So the other million square feet is the way in which we represent some of our launches. What we are including in our launch pipeline is for the sales phasing. I think last year, some of the projects we included the entire... We would get, as opposed to what we will actually do in terms of the sales saving. So, that has been fine-tuned for FY27, and that's where we saw 1 million square feet also change.

Fantastic. But we still maintain our pre-sales guidance of 9,000. For the year. Understood. And final question on the P&L recognition front. This quarter we have seen a higher margin revenue recognition on the residential bid. So how should we look at the full year? What's the margin profile of projects getting recognized? How should we see the entire FY27 and FY28 as whole?

Also, we were kind of highlighting that our last year margin muted was primarily because of the impact of the projects which were coming up for revenue recognition had a lower margin profile with that pedigree of three or four years back sold one inventory. Given that's gone through, We have seen and we have mentioned that we would get into 20.

Okay, sure. Thanks a lot for taking my questions.

Thank you.

I just wanted to make a clarification to Parvez Kazi's question. So the numbers that I had given was for the launch, for the commercial project launches for Q1 FY27, where it was 57% of the 4 million in Bangalore and 43% in Hyderabad. But I think the question was on the upcoming launches in the next four quarters, which was also around 4.03 million. So there, 2.6 million square feet will be in Bangalore, Which is about 65%. We have a smaller bit in Kochi, about 4%, which is about 200,000 square feet. And the balance 1.3 million square feet will be in Chennai, so about 31% for Chennai. I just wanted to make that clarification.

Thank you, ma'am. Participants, if you wish to ask a question, you may press star and 1. Ladies and gentlemen, if you wish to ask a question, you may press star and 1 on your touchstone telephone. We have our next follow-up questions from the line of Parvizkazi from Noama. Please go ahead.

Hi, thanks for taking my follow-up question. I just wanted to reconfirm of the nine-odd million square feet that we are looking to launch in the rest of FY27, the GDV is around 13,000 crores. Or is that number for the entire 12.2 million square feet launched right now?

The 13,400 crores

GDV, that is 12.36 million square feet. So, 9.36, you can say it's around 10,000 crores, GDP.

Sure. Thanks, Anandali.

Thank you.

Thank you. Next question is from the line of Saurabh Gilta from JM Financial. Please go ahead.

Yeah, hi, thank you for taking my question. I just have one question on the capex commitment slide. Just wanted to understand when you, you know, say the estimated cost for all these projects, what, what, what is included except for the construction cost because When I looked at the first 12 feet number, it gives a varied range of 4,000 to 10,000 rupees per square feet. I understand the cost is also a function of, you know, the height that you're building, but just wanted to get a sense, is it just really construction cost or anything else is loaded on this?

So it's the cost of the entire construction itself.

So, this is just the construction cost.

Yeah, all cost excluding construction, excluding the land cost.

Okay, good.

Thanks. Thank you. Ladies and gentlemen, as there are no further questions from the participants, I now hand the conference over to Ms. Nirupashankar, Joint Managing Director, for closing comments.

Before we wrap up, we'd like to highlight a few achievements beyond this quarter's financial performance. Through the Brigade Foundation, we renovated the 105-year-old Vishwa Vidyanaya Vidyanaya School in Chikmagalore, Karnataka. Visva Vidyalaya, Vidya School in Shikmanglore, Karnataka. The project reflects brigades. Brigade's commitment to strength, strengthening rural education infrastructure, and creating better learning environments for students. Brigade participated in the BDA-led tree plantation drive organized in association with credit. Kirae Bangalore, which earned a Guinness World Record with nearly 15 lakh saplings planted across the city in 24 hours. As part of our Net Zero 2045 journey, we continue to support urban greening and biodiversity initiatives, having planted over 2 lakh trees to date across our projects. The Indian Music Experience Museum in J.P. Nagav completed seven years in July. To commemorate this occasion, the legendary El Subramaniam took the stage for a special anniversary concert alongside an ensemble of musicians. He also donated his violin and one of his handwritten musical compositions to the museum's permanent collection. As part of the Brigade School's Passion with Compassion initiative, Sprint Fest 2026 brought together more than 3,000 participants of runners, Including 25 visually impaired participants. The initiative goes beyond promoting health and fitness with 100% of the proceeds, supporting educational facilities for underprivileged children and providing critical medical care to marginalized communities. We also received a few noteworthy recognitions. Our chairman received the Nada Prabhu Kempa Gowda Raja Award, 2026, from the BBMP commemorating the 517th birth anniversary of Bengaluru's founder, Nada Prabhu Sri Kempa Gowda. Pavitra and I were recognized among Fortune 100's 100 Most Powerful Women in India. For the second consecutive year, I was honored to be recognized as Hospitality Visionary of the Year at the Easy Diner Foodie Awards 2026 Bangalore Edition. Brigade Foundation received a special recognition at the SKCTI Global CSR and Sustainability Summit 2026 for its work on the St. John's Medical College Hospital at Brigade Meadows. Brigade Hospitality Services Limited ranked fourth amongst India's great mid-size workplaces 2026 by Great Place to Work India. With that, we wrap up our Q1 earnings call. Thank you all for joining.

Thank you, ma'am. On behalf of Brigade Enterprises Limited, that concludes this conference. Thank you all for joining us. And you may now disconnect your lines.