Eldeco Housing And Industries Limited (ELDEHSG) Q2 2027 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to the L.J. Co. Housing and Industries Limited Q2 and H1 FY 27 Earnings Conference Call. As a reminder, all participant lines are whether it is in only mode. And there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touchtone phone. Please note that this conference has been recorded. I now hand the conference over to Mr. Abhishek Bhatt from EY Investor Relations. Thank you or no to you, sir.

Thank you for joining us on the call today. Before we begin, I would like to remind everyone that today's discussion may contain forward-looking statements that involve certain risks, uncertainties, and other factors. These statements should be considered in conjunction with the risks and assumptions discussed in the company's public disclosures. This could cause actual results, performance, or outcomes to differ materially from those expressed or implied in such statements. Please note, the financial results and investor presentation have been filed with the stock exchanges and are also available on company's website. Should you require a copy, please feel free to write to us and we will be happy to share it. Joining us on the call today are members of The senior management team of LDCO Housing and Industries Limited, including Mr. Pankaj Bajaj, Chairman and Managing Director, Mr. Vaibhav Singh, Group CEO, Mr. Rajiv Khurana, Group Vice President, Accounts and Taxation. We will begin with the management's opening remarks, followed by question and answer session. With that, I would now like to hand over the call to Mr. Pankaj Bajaj for his opening remarks. Over to you, sir.

Thanks, Abhishek. Good evening.

Good afternoon, ladies and gentlemen. Thank you for joining us today. I would like to welcome all of you to the Q2 and H1 FY27 earnings call of LECO Housing and Industries Limited on the eve of the auspicious occasion of Diwali. The first of our FY27 has been a period of steady execution for us. We have continued to see healthy collections, maintained our focus on construction and deliveries. And reported a meaningful improvement in profitability. At the same time, we have continued to build our development pipeline through land additions and progress on forthcoming projects. Let me start with our operational performance. During the quarter, which is quarter two FY27, our booking value stood at Rs. 94.9 crores, up 7.8% year-on-year, while the area booked stood at approximately 1.21 lakh square feet. For H1 FY27, booking value is about Rs. 200 crores with an area booked up approximately 2.47 lakh square feet. As we have mentioned earlier, bookings can vary from quarter to quarter depending on the timing of new launches. With no new project launches due to our booking performance during the first half reflects largely the sales momentum across our existing portfolio. As our forthcoming projects move towards launch readiness, we expect these additions to broaden the inventory available for sale. Collections continue to be a key highlight of our performance. Q2 collections increased 37.5% year-on-year to Rs. 125 crores, taking H1 FY27 collection to 256 crores, an increase of 51% year-on-year. This reflects the progress across our ongoing projects and the quality of our existing sold portfolio. Our focus on execution also remains strong. Confection spend stood at nearly Rs. 60 crore during the quarter and 117.7 crore during H1 FY27, representing an year-on-year growth of 60% and 54% respectively. During Q2, we delivered 125 units covering approximately 1.57 life square feet. For the first half, total delivery stood at 177 units, covering approximately 2.07 lakhs per feet. Coming to our financial performance, total income for Q2 FY27 increased 49% year-on-year to Rs.52 crores, while profit after tax increased 180% to Rs.7.4 crores. For the half-year FY27, H-1, total income stood at $150,000. 3 crores, growing 55% year-on-year, while profit after tax increased by 290% to 22.5 crores. Let me now briefly touch upon some of the business developments during the quarter. At Ellingham City Courtyard, R1.68 commercial development comprising approximately 37,000 square feet of sellable area. We have seen healthy customer traction, with over 45% of the area sold as of end of Q2 FY27. We have also continued to strengthen our land pipeline and acquired 9.72 acres during the quarter. Our approach remains focused on building a development pipeline that gives us visibility for future launches while maintaining capital discipline. Looking ahead, we remain committed towards strong execution of our ongoing projects. Maintaining the momentum in collection and deliveries, pushing along forthcoming projects towards launch, and continuing to evaluate land opportunities that can support our next phase of growth. As we discussed on a previous call, we see significant opportunity in Lucknow Market and continue to expand our pipeline with a long-term perspective. We had also indicated that most of our identified forthcoming project pipeline was targeted for launch during FY27, subject to approvals and market conditions. We believe the combination of our existing portfolio, upcoming launches, and expanding development pipeline provides us with a strong platform for growth over the coming years. With that, I would like to thank you all once again for your continued interest and support. I wish we can open the floor for questions if there are any.

Thank you, sir. We will now begin the question and answer session. Anyone who wishes to ask question may press star and 1 on their touchtone telephone. If you wish to remove 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. The first question is from the line of Kunit Singh, from CounterCycle PMS. Please go ahead.

Hi, sir. Congratulations on certain numbers, and thank you for this opportunity. So, firstly, I would like to understand why have our margins fallen, quote-unquote, given that we were to mostly deliver in period phase 2, which was a high-margin project. So, can you just help me understand?

Rajivji, CFO, will you like to take that question?

Yeah. Basically, gross margin, if we talk about, these are basically a combination of projects which you have recognized. Earlier quarter we were having Imperia, this quarter we were having Imperia, but there is a product mix of villas and plots which differentiate the basically margins accordingly. So if you talk about the last quarter, last quarter was 62% if you see the gross margin and then this year is 56. So the basic difference is only on account of this Imperia, plot and villa combination.

Go ahead. So, sir, how much of interior and face-to-inventory is still left, and the combined, I mean, gross margins for that should be 60% itself, or should we expect something lower?

See, if I talk about the villain plots, so it is in the range of 55 to 60%. And we are, I think, in balance. If I talk about, we already, 177 crore till financial year 27, half year, we already booked. And the balance is almost close to 160 crore. We have to book in remaining one and a half year.

Got it. So, the balance of data base is 160 crore of inventory that we need to recognize.

Yeah, yeah.

Got it. And with respect to this latitude, 27, can you help us understand a bit about the timelines we had previously discussed that maybe we will finish this tower by tower, and maybe there's a possibility of recognizing revenues earlier in 2.4. It says it's a main weekend.

So, Puneet, it's a touch-and-go situation whether we will be able to get completion certificate within financial year or will it go on to the next financial year. The construction is on schedule. In fact, it is before schedule. We are supposed to deliver the units sometime in the third quarter or fourth quarter of next year. We are probably going to do it six months or nine months before schedule. Now, whether it is six months or nine months, on that will depend whether we will be able to recognize revenue in March of this year or it will go on to next year. Most probably, I think it will go on to next year.

Good. So basically, our earlier presentation used to give us total sales value. So right now, I think value of allotted areas coming in. But what is the total value potential from Latitude 27, if you can let me know. And apart from Latitude 27, we have major projects coming in in 2028. So, if you can just help me understand, I mean, the total GDP of our ongoing projects, which we expect in 2028 and 2029. I think the layout of the presentation has changed a bit.

Yeah, so if you look at, do you have the presentation in front of you? I'll just tell you how to read it. If you open the sheet on ongoing projects, the first project impact is the one you raised the query on, latitude 27. Total cell phone area is about 5 lakh square feet. While we talk, I'll keep rounding off the numbers. Out of 5 lakhs square feet, 4 lakhs has been allotted, the value of which is 213 crores. Now, the balance area for allotment after netting out the partner allotment is about 98,000 square feet. Now, here we do not give for the balance. What has already been allotted, we do give a value, which is there in the presentation, in the next column. But for the balance, we do not give value because we do not like to predict prices. What we do know for sure is how much is the area available, but one can take an educated guess. So our average realisation, we do disclose in our presentation, and I think for the quarter, our average realisation for area books is about close to 8,000 rupees per foot. So, generally, if you take it as, say, 7,000 on a conservative basis, you multiply that with 90,000 there, and that's 63 crore rupees, which should come from the balance area available. Add that to the 213, which has already been allotted. So, we are talking about roughly 265 to 270 crores, the total revenue, which has to be recognized in latitude 27. Were you able to follow this?

Yes, we've got it. Thank you very much for patience.

So, this process you can do for each project and on the aggregate also. And that will also give you, you can derive the, again, we do not like to give GDV numbers. But with a lot of disclaimers, I will disclose that number to you today. I do not like to present it out because we cannot predict prices. We can only, you know, have a best estimate. So, if you look at our ongoing projects, the total area which has been launched, we are on the same sheet right now, is about, say, 24-25 life square feet. And with that average realization, that should be a realization of about 1,600-1,700 crore rupees, right? That is projects which are going on currently and which will get recognized in the next couple of years, depending on when the completions happen. Then there is a sheet on forthcoming projects, which is, I think, the next sheet. Where also we have given the saleable area. Are you on the next sheet, forthcoming projects? Yeah.

Yes, yes.

So there the number is about 3.52, the aggregate number, forthcoming project is 3.5 to 4 million square feet. Are you with me there? So again, you can multiply that. You make your own guesses about what the market will be like. And, you know, as a management, I have my own assessment. But let us say that average realization is 7 or 8,000 rupees of square foot. That gives me a number of 3,000 crore rupees or 3,200 crore rupees over there for forthcoming projects. Then we have land bank, which we have already tied up. Where we are giving area in acres, that again, you do some calculations, I think it is another 1000 crore rupees there. So overall, in the aggregate, we are talking about 5500 crore rupees to be executed and recognized over the next 5-6 years. These are the ones which we have already, plus there are some preliminary term sheets which we are not disclosing here. Because they are too preliminary and they may or may not happen. These are things which are already tied up.

Got it, sir. Thank you very much for explaining patiently, and it was very promising also.

So, what I wanted to put out there today was that we have worked very hard on our business development pipeline. So, you can see that the business development is really, this is the key sheet in the whole presentation, which is forthcoming projects. So, you can see that, you know, there's a lot of promising stuff, which is about to happen in the next couple of years.

Right, right, sir. Go ahead, go ahead. Thank you very much for explaining that. And for this latitude, you mentioned 160 crore is left, and I think around 260 crore for latitude 27. 160 crore is the remaining inventory for our interior. That's right, yeah. Got it. So, basically, from the looks of it, it looks like for the coming FY27 and FY28, we would be posting similar numbers, but the major breakthrough will be happening FY29 onwards.

Correct.

That's right.

Got it. Got it, sir.

And what would be the margins of this LatQ 27?

About, I think we're at 25% margin there.

Are we talking about EBITDA margins?

Yeah, EBITDA margins.

25 to 30%.

Because the land cost was negligible there. It was a land which is in our books line at historical cost. It's part of El Deco City. Land was acquired 20 years ago. So, margin will be a little higher, about 50 out percent.

Got it. Got it, sir. Thank you very much for answering my questions. I wish you all the best. Thank you, man.

Thank you, sir. A reminder to all participants that you may press star and want to ask questions. The next question is from the line of Bharat from SCV Investment. Please go ahead.

Hello. Hello. Am I audible?

Yes, Bharat, please go ahead.

Yeah. So, thanks for the opportunity and congratulations on the results. I have a couple of questions. First one, so the 4K portfolio now represents roughly 3.95 billion square feet of the sustainable area. So, of this pipeline, how much, you know, can realistically be launched by March 27 and what could potentially spill over into FY28 and FY29?

So, in March 27, we should be able to launch Sheripath, which is number 5, number 6, and number 7. Palm Springs and Sama. These three, I think, we should be able to launch before March 27. The rest might spill over to the next year. Okay. Now, this obviously is subject to a lot of caveats and, you know, disclaimers, approvals, site readiness and all. But that's what our target is, 5, 6, and 7.

Understood. I would also like to add that the state is about to undertake elections. So, you know, a bit of slowdown because of that. So, I would like to caveat the MD's comments that, you know, while our best estimate is that March 27 looks feasible, but, you know, we would not like to overcome it over here.

Got it. Got it, sir. My next question is for Adelko Namas. So Adelko Namas received layout approval for existing 32.8-acre development, while another 8.9-acre is under further aggregation.

So how are you thinking about the launch strategy and eventually the scale-up of this project?

So, partially, we've already answered the question, previous one, that we are thinking of launching phase one, which is number seven. The 32 acres will receive approvals. We are in the process of applying for registration there. So, hopefully, we should be able to launch that before March 27th. Now, uh... The further aggregation, which is 9 acres, that we are yet to receive approvals on, so that's likely to bleed out into the next year, and the data is going to follow. In fact, we are thinking of more aggregation there, but it's not yet done, so we're probably going to add more land. In the 8.9 acres, which is disclosed in the land bank component of our sheet, before we apply for approvals, but 32 acres, we should be able to launch soon, as soon as we apply for it and get the registration. And as Weber said, right now, times are a little tricky because the state is about to hit elections, so we expect a slowdown in approval process there. Okay, okay, got it.

Sir, one more question.

Do we see sufficient debt in the Lucknow commercial market to develop additional retail or office projects?

See, Lucknow is not a, it's not known as a GCC center, and a

lot of India's office absorption is happening in the GCC segment. The state government is trying to kickstart that. So, in the absence of that, it is a regional office center for state government offices or companies with their regional offices. It's not a really deep market in that sense. So, there would be opportunities to do small office buildings. Right now, you would notice that there are nothing significant in our portfolio. We do retail. There are a couple of very big malls. As of now, we are not considering a big mall on the retail side. Our little commercial exposure is on the local shopping centers that we tend to develop as part of our overall terms of development. We were, we launched a court effort recently. We might be doing one in Solano Garden soon. So, that's our limited commercial exposure right now. You could be looking at stuff opportunistically in the coming times and not saying no. But it's not a deep commercial market in that sense.

It's a very robust residential market, but commercial is not. Okay.

Thank you, sir. Thanks for your time.

Thank you. A reminder to all participants that you may press star and want to ask question. The next question is from the line of Priyam Shah from Value Equities. Please go ahead.

Sir, first of all, I just wanted to check, is my voice audible?

Yes, yes, please go ahead.

Okay. Okay. So I'm sorry, I just joined the call a bit late. So please excuse me if my questions are repetitive. You may skip or I may, you know, hear the transcript again. So how do you see the 2.88 lakh square feet of the available inventory at Solano Gardens along with the planned next group housing phase? And if you can just share how it would be translating into bookings for the next 12 months.

Well, Solano Gardens is a big project, no? So, we have already sold out the villa and the plot component of it. There's some inventory which is left which is getting reflected in 2.8. Some of it has already received expression of interest, but allotments have not been done. So, I think in the next quarter or something, most of this or 50% of this would have moved to the allotted column. So, very limited inventory left in the horizontal part of it. There are some bulk lines that we have left where we thought that we will be doing vertical group housing developments, and one of those or two, however many of those are mentioned in as serial number two in forthcoming projects. We're still evaluating whether we should be going for those vertical developments at this stage, hold the lands, or maybe convert them into horizontal developments, because it may be a little premature to go for vertical developments at that location right now. That's why that land bank is mentioned in the forthcoming projects section of the presentation, but gradually we will be moving in the next. Two, three quarters, we will be moving that part or whole of that into the current projects or launch projects, which we will be deciding soon depending on the market. So the first part is addressed because most of it is already expression of interest have come and allotments will be happening soon. So that is taken care of. The second part in the next three quarters, I think we should be bringing to the launch stage.

Okay, sir, and if we can share the booking amounts, what amount we should expect, even if a range, that would be a great?

Booking amount as in?

What would be translating you to the bookings for the Serrano Gardens?

The booking value?

Yeah, value.

Now you're talking about the sales value that we do.

Yeah, yeah.

No, so we are not giving a breakup on project-wise because we feel like it's a little confidential to be putting out in the public domain. No, no, no. So, but at the weighted average level, at the company level, there's another slide. I forget the slide number. But in quarter two, our average realization is 7840 per square foot. Now, that is a weighted average of all the projects put together. So, Solano Gardens, one can assume, is close to that range.

Noted, sir. Noted.

So, do you know which slide I am talking about? I will tell you, the slide is number 9 in the presentation.

Sure, sure, sure.

Number 9 in the top right graph gives you average realization.

Yes, yes, I got it. And secondly, what are your development plans for the 9.72 acres that we have acquired in the last quarter? And when should we expect the project to start contributing to the booking and monetization?

So, I think you joined, as you mentioned, you joined the call late. We have, in the forthcoming projects, somebody asked that which ones are going to get launched this financial year, and I indicated that number 5, 6, and 7 are probably going to get launched before March 27th, subject to a number of things, including approvals. Now, five, Shahidpat, and three and four, which is LDH, GH8, and GH7, which is what your question is on, they are close to each other. In the sequencing, we don't want to launch them simultaneously because they are in the same micro market. So, five is going to come first, Shahidpat is going to come first, and maybe three and four are going to follow with the lag of six months. So, if Shahidpat is going to get launched, say, by March, then we are looking at September launch for 3 and

4, the LDA projects.

But luckily, it's not that we have blocked a lot of capital there. The payments to LDA, to the allotting authorities, are also to be made in installments. So, it's not that we just blocked the capital and land banking over there. And we also have a payment moratorium from LDS for the first couple of years. We only have to pay the interest on the outstanding. So, that's the capital deployment is under control. We are looking at launching that in Q2 of next year.

That's very helpful, sir. And so, this is just with regards to our Latitude 27 projects. With the latest piece that we have already mentioned, that we have already the collections are north of 150 crores, how would be the construction tracking versus plan, and could phase or early completion enable revenue recognition before November 27th?

Yeah, so that question was also answered before you joined the call. The construction is going on not only on schedule, it is before schedule, and we are targeting an application for completion certificate in Q4 of this financial year, but it may or may not happen. Those are committed timelines are at least one year before schedule in terms of our committed timelines to our customers. So it is definitely going to be much before November of next year. But which quarter it will come, I can't say, but I am hoping that it will come, if not in the last quarter of this financial year, then at least in the June quarter next year is what we are hoping for, for revenue recognition to commence.

Okay. And, sir, this is my final question. This is more of a kind of broader vision, like, you know, so given that we have a robust project pipeline, How do we see the company scaling up over the next few years? And if you can just highlight the broader vision about the company.

So that also we had answered before you had joined. The business development pipeline looks very robust as of now. And over the next five, six years, I think we're looking at at least tripling the size of the company. Should not be a problem because it's not a very big company as of now, but the opportunity is very huge. Lucknow is at the cusp of, it's an inflection point. It's one of the next, after the top seven cities, it's a city which is having explosive growth on the back of... Great infra improvements and generally great revival in UP and this is the most progressive city and the city which has the maximum attention from the state government. So there is a massive unmet residential demand and demand for other sectors of real estate also. And we are very well positioned because we have a brand name, we have a track record, we are in the local ecosystem for 40 years. So, great time. If we do not grow 3x from here, in the next 5 years, I would be very disappointed.

No, no, sir. I wish you all the best, and thank you so much for your patience. Despite of, you know, me joining a bit late, you took out your valuable time to address my query. And thank you so much, and wish you all the best, sir.

Thank you.

Thank you.

Thank you. The next question is from the line of Kaurav Gupta from ABMC. Please go ahead.

Yeah, hi, good afternoon. Just one. I had two queries. While you addressed the last part of the query and said that there's a huge demand in Lucknow, I just wanted to check that the recent price increases in the residential market has it impacted our sales conversion and demand scenario in Lucknow?

See, on the horizontal development side, which is floors and villas, We find that the market is very resilient and also land prices have gone up. So we are passing on the cost increases on land to our customers and that's been well accepted. On the vertical side, the cost increases have been doubled. One is the land side. We are buying land at higher prices. And the other is on the construction side, because especially after the Ukraine war, a number of input prices have gone up, and so we're trying to pass that some of it on and absorb some of it. We do find that on the vertical side, the group housing side, there seems to be some kind of resistance beyond a point. So we are careful and calibrated in our price increases on the group housing side. But on the plotted and villa side, we find that the market wants more, and they are okay to pay a premium, and they are happy to absorb the cost increases. Understood, understood.

And in the group housing part, so are we seeing a slowdown in demand, or usually it takes a longer cycle to convert? I mean, what sort of scenario? Thank you.

So the numbers are in front of you. Latitude 27, we are 80% sold out. Hanging Garden also, we have a similar number. Skywalk, we are 40% and the project was just launched this year. And these are projects which Skywalk is at an early stage. Trinity, we are nearly touching 50%, and though it's a luxury housing project, so it's not, let me not ring any alarm bells. The demand is very, very robust in Lucknow, and I would say it's an undersupplied market, and it's not that. There's a big slowdown in terms of adoption velocity. It's not like that at all. If you look at Solano Garden, which was a horizontal project, the last quarter of last year, that got sold out in a matter of a few weeks, and that speaks volumes for the strength of the demand in Lucknow.

Understood. I'm tired enough. And just a conjunct question to this. So, what ticket size range is witnessing the strongest demand, right?

So, 1 crore, we find it very difficult to supply to the market at price points below 1 crore, and the sale velocity tends to slow down beyond 2.5 to 3 crores. So, 1 to 3 crore is the sweet spot for us.

Sweet spot. Yeah. Understood, understood. And if we have to think about this in terms of how much headroom do we have to increase the prices, I mean, in terms of percentage, what would that comfortable number be affecting the sales velocity? I'm sorry, please.

I would not like to project that too much into the future. At the moment, I would assume inflation plus 3-4% as the annual increase in prices.

Okay, that's it for my time. Thank you so much. Have a nice day.

Thank you. The next question is from the line of Nachi Ket Kali from An Individual Investor. Please go ahead.

Yes, hi. Good afternoon, everyone. Thank you for the opportunity. Sir, I just wanted to say an update on the commercial endpoints that you are in. So, as the projects are progressing, how are the payment schedules lined up, and how will the margins shake up or be impacted by this moment?

And Naseke, I can't understand the question. If anybody else understood it, they can take it because the line is not clear, or maybe you could repeat it.

Yeah, I'm going to be better. Yeah, a little better. Please go. Okay, my question was on the commercial developments which we are into. So, how is the absorption? Like, I know we have good absorption on that front. So, how are the payment schedules lined up for that, and how will they shape the margins on overall level going forward?

There's only one commercial development, which is number seven LDO City Courtyard, total saleable area of 37,000 square feet, out of a total saleable area of 25 lakh square feet of the company. So, it's about one and a half percent. It's not a very material number for the company. So, it's not something that we are overly worried about, and even there, the pigments are all on time, and we should be able to finish the project before time. I mean, let's not lose sight of the bigger picture. 98% of the company portfolio right now is residential.

Right, I see. Okay. All right. That's all for now.

Thank you. The next question is from the line of Aman Jain, an individual investor. Please go ahead.

Yeah, yeah. Hi, sir. Thanks for the opportunity. So, sir, Trinity still has roughly approximately 2.75 lakh square feet available for sale. So, following the launch of Fed Tower in Q1, like how has the conversion progressed during Q2? And how are we seeing, like, the customer attraction, the pricing, and et cetera?

Wherever you want to take that.

Yeah, I'll take that. Thanks, Aman, for your question. I think, as you might have seen from our performance over the last several years, we are extremely, you know, confident of our product that we bring into the market that is evident in the kind of sales we do. And that is also evident in Trinity, where almost 50% like the MD alluded to, we've already sold. Now, this project occupies the pride of place in our hearts and minds, and we are taking it in a very calibrated manner. There is a certain society that we are building up in Trinity. We have great interest as we speak from prospective buyers to come and participate in this opportunity. I think it's a beautiful location, beautiful building. I would invite you to come and visit the sample at some point. We have a robust, you know, pipeline in the works. We are working on converting that. As we all know, it's a luxury housing project. So it's not that, you know, we want to just land the entire inventory in one go. We are doing it in a very calibrated manner, like I said. And I think over the next, you know, two to three quarters, we are very confident that we should be able to complete the sale of this project.

Thank you so much, sir. That's all from my case.

Thank you. The next question is from the line of Varun, an individual investor. Please go ahead.

Yeah, good afternoon. Thanks for the opportunity. I just want to know about the GORASPUS market update. I think that in the last call, there was an update like we are now formally discussing on the land bank. So, is there any progress on this GORASPUS market?

We have a term sheet which is signed with some landowners, and they have to complete a lot of conditions precedent before we close out the transaction, and they are in the process of that. So, till those conditions are not met, we are not going to expose any meaningful capital there. So, that's what the stage is at. Parallel, we are looking at other land parcels also. So, nothing significant or material. That's why you find that it's not mentioned anywhere in our presentation at the moment. We just have an in-principle term sheet at the moment, which has some conditions to be met. So, nothing material.

Thank you. A reminder to all participants that you may press star and want to ask questions. As there are no further questions from the participants, I would now like to hand the conference to the management for the closing comments.

Thank you, Abhishek, and thank you, everybody, for your interest and support. And have a great Diwali. We'll see you in three months' time, hopefully with continued good numbers to report. Have a good day.

Thank you, sir. On behalf of L-DECO Housing and Industries Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.