Ganesh Housing (NSE:GANESHHOU) Q1 2027 Earnings Call

0:00 Ladies and gentlemen, good day, and welcome to GANESH HOUSING LIMITED q one f y twenty seven earnings conference call hosted by Go India Advisors. 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 this conference call, please signal an operator by pressing star then 0 on your touch tone phone. Please note that this conference is being recorded. I now hand the conference over to mister Rajat Gupta from Go India Advisors. Thank you, and over to you, sir. Yes. Thank you, Palak. Good afternoon, everyone, and welcome to GANESH HOUSING LIMITED earnings call to discuss the q one FY twenty seven results.

0:48 We have on the call with us today, mister Rajendra Shah, chief financial officer Mr. Neeraj Kalavatya, Vice President, Finance and Mr. B. Ravi, Corporate and Financial Adviser. We must remind you that the discussion on today's call may include certain forward looking statements and must be therefore viewed in conjunction with the risk that the company faces. I now request Mr. B. Ravi to take us through the company's business outlook and financial highlights, subsequent to which we'll open the floor for Q and A. Thank you and over to you sir. Thank you, Rajat. Good afternoon, everyone, and a warm welcome to GANESH HOUSING LIMITED's Q1 FY 'twenty seven earnings conference call. Thank you for all all of you for taking our time to join us today and for your continued interest, trust, and confidence in our company.

1:36 This quarter marks another important milestone in our journey as an organization. Over the last few years, we have consciously transformed, excuse me, transformed GANESH HOUSING from being predominantly a residential developer into a diversified real estate platform with multiple long term growth engines. We have remained disciplined in capital allocation, selective in project development, and focused on building assets that not only create near term cash flows, but also an enhanced long term shareholder value. The first quarter of FY 'twenty seven reflects the early outcomes of this strategy. While the reported financial performance, like any real estate business, continues to be influenced by project mix and the timing of revenue recognition, operationally, the company has made meaningful progress across various strategic initiatives.

2:35 More importantly, we believe we are entering a phase where years of patient investment in land, infrastructure, and execution capabilities are beginning to translate into tangible business opportunities. I shall be talking about the numbers a little later. One of the defining characteristics of GANESH HOUSING has always been our ability to anticipate energetic growth corridors and invest ahead of the market. This philosophy has enabled us to create one of Andhraib's largest fully paid land bank, strategically located ex... Across some of the city's fastest growing micro markets. Today, with approximately 510 acres of land reserves, a strong execution pipeline, and a healthy balance sheet, we believe the company is exceptionally well positioned to capitalize on the next phase of Ahmedabad's real estate growth.

3:35 The macro environment also continues to remain favorable. Ahmedabad is steadily evolving into one of India's most attractive real estate destinations, supported by sustained infrastructure investments, improved metro connectivity, rapid urban expansion, the continued development of Gip City, and increasing interest from domestic as well as global businesses. The city's emergence as a preferred destination for technology companies, manufacturing enterprises, and global capability center is creating demand not only for premium residential developments, but also for world class commercial infrastructure.

4:22 The selection of Ahmedabad as one of the host cities for the two thousand and thirty Commonwealth Games further attendance our confidence in the city's long term growth trajectory. Against this backdrop, our strategic priorities remain unchanged. We continue to focus on four key pillars. Firstly, timely execution of our existing residential developments. Second, creating a sustainable commercial leasing platform to million mines. Third, the disciplined monetization of selected land assets to optimize capital allocation, and finally, expanding our development pipeline through selective land acquisitions in high potential locations. We believe that maintaining the right balance across these priorities will enable us to deliver consistent growth while preserving financial discipline.

5:14 Let me now discuss the progress of our key projects. The most significant development during the quarter has undoubtedly been the progress of Million Minds X City, which represents a transformational project for Ganesh Housing and the beginning of our commercial annuity business. Following the successful inauguration of Phase one, the project has entered its final stages of completion. Pit out activities are progressing well, and we remain on track for lease rentals to commence during the fourth quarter. This will mark an important milestone as recurring rental income begins to complete complement our traditional residential development business. Regarding the leasing portions, we have continuously gained momentum.

6:05 We are pleased to share that approximately 60% of the leasable area is already under active discussions. To further elaborate, the total LOIs already executed to the tune of about 43, that's about 2.64 lakh square feet. An additional 15, 20% of the area is under various stages of negotiation and the conclusion. Only some portions of the SEZ part remain, and we are confident that the full leasing would be completed in the next two, three months. And that's the reason why they've guided that the full rent rentals would start from q four of FY twenty seven. The interest and the demand is primarily coming from GCC, technology companies, and managed co working spaces.

6:52 These discussions have further strengthened following the inauguration of the project and the increasing visibility of Ahmedabad as an emerging technology and innovation hub. However, we believe that the significance of million mines extends far beyond the leasing of a single commercial building, spread across nearly 65 acres, as you know, with a long term development potential of about 15,000,000,000 square feet, Million Mines has been envisioned as an integrated technology ecosystem, consisting of the commercial offices, residential developments, hospitality, retail, and supporting social infrastructure. Moving to our residential portfolio, con... Construction at Malawar Retreat continues to progress as planned and has now reached approximately 83%.

7:48 It's now complete, 83%. We remain focused on timely execution and expect the project to be completed in line with our planned schedule. Customer response continues to be encouraging as the project moves closer to inventory, and we believe the premium residential segment in Ahmedabad continues to benefit from healthy end user demand driven by rising aspirations and improving affordability. In terms of numbers, the total booking has been about 73 units. That's almost 45% of the total units. The sale value is about 183 crores, which is again about 45 percent of the total sale value. Now on the 191 Salt project.

8:35 During the quarter, we undertook a strategic review of our 191 Salt Lake project. As you know, it was a commercial project which we wanted to commence. We got a compelling offer to sell this land rather than developing it and taking the risk of both construction and sale of this multistoried building over the next five years. After evaluating pre... Prevailing market conditions and opportunities for capital optimization, we decided to undertake land monetization rather than develop. In NPV terms, we have realized realized by developing it. However, we will not be able to reveal much more details of this at this point in time because the buyer is also listed entity.

9:29 This decision reflects our long standing philosophy that every asset should be evaluated based on its highest value creation potential rather than a predetermined or premonitored development model. Monetization land under favorable market conditions enable us to accelerate cash generation, strengthen liquidity, and redeploy capital into opportunities that can deliver superior long term returns. Unlike many developers who are compelled to monetize assets due to balance sheet constraints, our approach is fundamentally different. As we highlighted in our previous interactions with investors, land monetization forms a part of our capital allocation strategy and not a response to liquidity requirements.

10:24 Our land bank continues to remain one of the greatest competitive advantages. Today, as said, GANESH HOUSING has got five ten acres of fully paneled paid land reserves, including the Golanwe Township of four eleven acres and the 65 acres at 1,000,000 miles. In addition, we continue to evaluate new land acquisition opportunities in emerging corridors, several of which are currently under discussions and not yet reflected in our existing land bank. This disciplined yet proactive approach ensures that our development pipeline remains robust while preserving financial prudence. Now let me take you through the financial performance for the quarter.

11:11 Sequentially, we have performed better, reflecting the improved situation in the real estate market. During the first quarter FY 'twenty seven, the company recorded revenue of $2.80 crores, which is a growth of 130% on a sequential basis and 86% on a year on year basis. The growth in revenues reflects continued execution across our project portfolio. EBITDA for the quarter stood at 110 crore rupees, while PBT was about 105 crore rupees. PAT for the quarter stood at 42 crore. On a sequential basis, that is for between q four of FY twenty six to Q1 of FY 'twenty seven, both EBITDA and PBT have risen by 1210% respectively.

12:04 The EBITDA and PBT on a Y o Y basis are slightly lower. However, the income tax on sale of this ZAR 191 led to higher onetime tax burden, leading to a lower PBT both sequentially and Y o Y. Just to explain, the income tax applicable was higher because this land, which was sold, was introduced into the company as a result of amalgamation, which we did in 2000 and... I think around '20. Amalgamation is a tax neutral arrangement, and hence, while calculating tax from sale of land, we need to consider cost of acquisition of land of amalgamated company for calculating income tax applicable.

12:55 Hence, tax payable on this land sale is higher and that's the reason for the fact being lower. By profitability during the quarter moderated compared to the exceptionally high margin business witnessed in the certain previous periods, it is important to appreciate that quarterly earnings in the Real Estate business are significantly influenced by project mix, stage of completion and the timing of revenue recognition under Ind AS 115. Accordingly, quarterly margin should not be viewed in isolation, but rather in the context of underlying execution project life cycle. Our balance sheet continues to remain one of the strongest in the industry and provides us with a significant competitive advantage.

13:43 We continue to maintain a prudent capital structure and a low gearing profile supported by healthy internal approvals. As we indicated during our previous interaction with investors, the borrowing undertaking during the last five year financial year was primarily in the nature of these rentals discounting. This facility was backed by the commercial lease potential of Vilian Mines. Now for the FY 'twenty seven guidance. Looking ahead, we believe FY 'twenty seven represents an important inflection point in Ganesh Housing's growth journey. For the first time, our business is being supported by multiple complementary engines, growth engines. Residential development continues to progress well. Commercial leasing is set to commence through million miles.

14:33 Strategic land monetization will further give additional capital flexibility. And our extensive development pipeline positions us well for future launches. Moreover, the lease rentals from mid... Million miles will also start flowing from q four of FY twenty seven. Thus, we feel that for FY twenty seven, we could register a revenue of about 1,000 crores to about 1,200 crores and a path of ranging between 300 to 325 crores. While the revenue could increase substantially, the path could rise by about 10% or could just be maintained only because of the exceptional onetime tax hit in Q1 of FY 'twenty seven, which I just explained.

15:24 On the new projects, we expect to launch Phase II of million mines in Q3 of FY 'twenty seven and Phase I of residential projects of Million Mines in Q4 of FY 'twenty seven. Over the next few years, our strategic focus will remain centered on four priorities: Firstly, ensuring timely execution and delivery across our ongoing projects while maintaining the highest standards of quality and customer satisfaction. Second, accelerating leasing momentum at Million Minds and establishing a strong recurring annuity income platform. Third, maintaining our disciplined approach towards capital allocation, whether through development, leasing, or land monetization, everything will continue to be guided by our objective of maximizing long term returns while preserving financial prudence.

16:16 And fourthly and finally, we'll continue to strengthen our project pipeline through selective acquisitions of land and strategic important growth corridors. The broader outlook for Amlabad also continues to inspire confidence, continued infrastructure development, rapid development and evolution of Cape City, favorable government policies, the emergence of Gujarat as a preferred destination for ECC, and the city selection of the venue for the twenty thirty Commonwealth Games are expected to create sustained demand across both residential and commercial real estate for the medium to long term. We believe developers with a high quality land bank, execution capabilities, and financial strength will be the primary beneficiaries of these structural trends, and GANESH HOUSING is well positioned to capitalize on these opportunities.

17:11 With that, we leave the floor for question and answers. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question, may please press star and one on your touch tone 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'll wait for a moment while the question queue assembles. The first question is from the line of from Wealth Finvisor. Please go ahead. Yes. Hi.

17:57 So thank you for the updates, and thank you for giving the guidance. Now the question I had is that the land sale, by which quarter do you see this? Pardon? The one land sale Yeah. By which quarter should we expect to see this get done? This career completed? It's completed. It's already completed. So the the numbers that reflect this quarter, they already contain Taltese one's details? The realization from selling Taltese one? I see. Yes. I see. And so would you be able to share the details of what... How much realization you got specifically for that? We would have to wait for the buyer also who's also listed entity. We both have to do that at the same time. We have not yet told this, so we are, at this point in time, constrained to talk about a trade, but we should do that eventually.

18:55 And the full payment has been realized. Nothing is outstanding there. Right? Payments are... I think at this point in time, along with the sales, normally, most of the payments come in. But I think that those are the details of both how much money and what the rate and all that. We'll be telling you as soon as we are... Both have got the clearance to say say so, both the companies. Got it. Okay. The second question was regarding Bodavi. So how much land... So of the... Okay. Let me rephrase the question properly. So of the 12,000 to 1,200 crore revenue that you're projecting for FY '27, how much of that is expected via land sale, and how much of it is going to be via development?

19:42 See, look, this particular one which we've done, one nine one, Haltesh, I would always term it as a, you know, project change because it's the seizing of the opportunity instead of project, doing it as a land is one of the same thing. As I said, we don't categorize it as a land sale person... Per se because all of them are one of the important verticals. Having said that, if you still consider that as a land, then most of these revenues are going to be coming from project because we will be completing the Manabar retreat, which has got a sale value as you know about over over 250 crores. And this one, which is completed already 250 and odd, let us say, which will mean that we already have about 700 crores of project sales. And balance is the Guzhavi one or any other option which might get. Of course, the lease rentals will also start coming in from q four.

20:33 So that will add to the revenues again. So all these, in my opinion, including what we already have said in terms of Gudaiwan too, are all project sales. But if you really have to say that it is other than projects like a housing one, then, yes, they could be around 500 to $6,600 or... Crores of... $556,100 crores of plan and about 450 crores of... Or $1,470 crores of projects. Okay. Wonderful. So this 500 to 600 crore of land, you you will basically see a combination of as well as the Gotham Landfill. Yeah. The Gotham is a total of coming about up? Yeah. Yeah. Great. That might come your way. Right. Okay. I see.

21:20 Right. Okay. And what kind of... I know it may be a little bit earlier because we've just received guidance for '27, But clearly, the top line has growth. Bottom line is in in lines with last year. But what kind of growth can we pencil in, say, for FY '28? Do you have any kind of visibility over that? No. At this point, no. As I said in last call too, we would actually... You know, we are putting a master plan into picture, but better to give guidance year on year rather than for five years because many things, you know, many times things change in the market, and those guidance don't work beyond a maximum of couple of years. So maybe if we see... So do see a lot of facts in the coming six weeks, we might be able to tell you something about f I twenty eight also, but I would prefer to go year on year, and we shall be giving you the guidance for the next year also and maybe in the fourth quarter of the... Or the first quarter of FY twenty eight.

22:19 Okay. The the other question I had is that because now that the company is moving more into project based work and not just your land sales in terms of revenue, you will not be able to show the entire value in terms of top line and bottom line, right, because of project completion methodology. Correct. So the metrics is that I think most of the companies uses, what? GDV or gross development value that they're sold. So is that a number that you will start publishing in your reports that gives us Actually certain idea of Yeah. Praise, actually, you have touched a very, very important part of it. What I always always had been meant... Maintaining that in such kind of situations, you know, it is not the sales, which are the revenue, which is reflected in the cash flows. So what you're talking about, we can talk about GDV, but more important than GDV is the cash flows that are coming from year on year.

23:09 And in that, we should definitely be able to give you guidance, not guidance. We probably will be reflecting, henceforth, those values, both cash flows and the GDV. And that's exactly what we have been doing in the last three years. We'll continue to do focus on these cash flows irrespective of the revenue, which is there in the books or not. So that is something which will be long term and sustainable. So can you share what GDP and cash flows you are looking for FY '27? See, most of this... Of the entire revenues will be barring, which might happen in the last quarter, will all be realized. So therefore, the cash flows very close to that INR 1,000 crores or INR 700 crores will be realized in terms of the cash flow itself in this year. And the project today is what we are talking about, and that is the cost of the...

24:00 All these things. And that... I haven't... I don't... I have not worked it out, but we can always work it out. And we can have a a offline call on this brief, and we can give you that. No problem. Wonderful. Okay. Great. Thank you, and all the best. Thank you. Thank you, sir. The next question is from the line of Arvin from Equiventures Capital Advisors. Please go ahead. Hello. Good afternoon. Am I audible? Hello. Yes. Yes. Good afternoon. You're audible. Okay. First of all, congratulations on the revenue front, sir. I would like to have a clarity with regards to the revenue mix itself. Although you have clarified to a certain extent, when I... There is still some confusion from my end. So the revenue mix is that of Malabar Retreat and.

24:48 Am I right? For the... For current quarter, you're talking about For for q one. Yeah. For q one. Yeah. Well, it it is a mix of one nine one and? It is largely landfill and old projects. Oh, and the existing... Some some partial amount is also from the old projects. Old completed projects. Completed projects. Some inventory from the old. Alright. So none of the revenue from one of our retreat has yet... Has been recognized, right, in q one? No. No. It's... No. It has... That project is incomplete as of now, and hence Alright. I I... According to accounting standard, we can't recognize revenue. Correct. Correct. Correct. Correct. Correct. Okay, sir. That... That's it from my end. Thank you. Yeah. Thank you.

25:34 You, sir. The next question is from LIMITED the line of GANESH Wealth Advisors. Please go ahead. Good afternoon. Am I audible? Yes, sir. You are. Yes. So, see, my question was that we are almost a debt free company. And, actually, the, like, project, which would have been a very prestigious project. Now, like, we are... We have already sold the land. So I wanted to know the logic behind this whole process. So... The the the plot is very prime, and, again, it's GANESH develops it, then it adds a tether to the cap of Ganesh also, like, having a technical of schemes. So one was that question. And secondly, I would like to know that if the $2.80 karat sale has been done, then why has the operating margin plummeted from 85%, which is the general one, to only 39%?

26:27 Is it because of the taxation? And maybe the land... The value of the land can... Would have been much higher because the the net probably is just 42 crores. Even if the tax is 60%, then why the... Like, the thing is that the... I I think the land value is depicted in this quarter or, like, the money would also become flowing in in q two and q three? So you finished the questions? Can I take down take down answers? Yeah. Yeah, please. So, yes, your your observation, right, we are almost debt free. But as I had mentioned in the speech also, our... Whether we want to do the project or we want to monetize on the land is not dependent on the liquidity portion alone.

27:16 It also is depending on what is worth more from a sustainability and from a long term in value valuation... Value creation for the stakeholders. I'll explain. The entire 2,100 or 2,000 crores value of one nine one, the same value, would have been realized over a period of five years. First three years of construction, and the next two years, maybe we can sell even while we are doing it. But when there is a multistorate building of more than 30 crores and all, it can take for sale completion all for at least five years. So three plus two, that is a risk which is associated with it. In terms of actually execution, we are very good at it, so that's not some of this, but the time period for execution and sale, that is an associated risk. And we did a math. We did a calculation saying that when we do a present value of the entire, you know, flows which we'll be getting in the next five years versus what we have been getting immediately was making far more economical sense rather than just developing it. You are right that we were gonna name that, you know, we have developed all of the iconic projects. But the kind of a concentration and the development which can happen in the Million Minds premises that we are doing another residential launch and we're able to do many more will be equally interesting, exciting, as well as brand positioning for GILLION for GANESH HOUSING. So we believe

28:47 that there is a trade off between just doing a project for the sake of this project and for such purposes or encashing on something which is coming your way, opportunity which is coming your way and cash on it and move forward for those projects which have any replanned in million mines, the entire 65 acres. So the management took a call on the latter rather than just doing the development. That's the only case from... It makes financial sense for sure, and projects are anyway being done anywhere else. The second question of yours, your observation is absolutely correct. This land, as I said, has come into the... Being from from a amalgamation process that had come come. And therefore, the cost of the land was higher than historically when... In terms of GANESH, we always had a very low cost of the land. But in this case, the land came into as a part of the amalgamation, and therefore, the cost or the value of that, which came through the market was higher.

29:51 The book value of that, you know, traditionally might have been much lower, but the value at which we came into GANESH HOUSING was higher. That's the reason why the margins are lesser than what we have always given in all our land sales before. And on that also, the value... The... For the taxation purposes is the original value which has been purchased, and therefore, the taxation portion, onetime taxation, but that's not an eventual rate only for this only for this quarter. That tax rate was higher. And because of that, that taxation portion is much more. So these are two separate things. Taxes itself was higher than which normally the 25, 2010% which we have, and that's the reason why the p... BT is good enough, but the 80 has been lower.

30:44 And the gross margins or the EBITDA has been lower because the cost of the rand, as you rightly observed, was higher than what we normally have been having in our books. Right, sir. Thank you. One last question. Looking in the middle mind, just, like, the... It is a 70 crore range which we will be getting from next year itself, and a little more clarity on the launch of Smile City that is the Gurudani land parcel. Could we expect to hear from you anywhere soon? Yes. Million miles, yes. You're you're right. The rentals are starting from q four f five twenty seven itself, and therefore, definitely, f five twenty eight, we should be getting the full year rentals, and it could be... The way it is, but it could be higher than the 70 crores, what you said. It could be higher than 75 crores also.

31:34 Regarding Smile City, I think we have constantly been observing it. And as I said in the last results also for the FY twenty six results, there is a lot of there are a lot of developments in and around that area. So I think looking to that, it is difficult to say exactly pinpoint as to which particular quarter of this year we'll do it. But looking to the developments, yes, we are hopeful that Gurnavi land and also developers therein should be there towards the later part of this year. We'll be able to announce the exact plans of monetizing of that also. But at this point in time, the full details are not there. We haven't yet worked that out because looking the developments in and around that area, it's very fluid, and we would want to wait and observe for some more quarters.

32:27 Thank you, sir, and all the best. Thank you. Thank you, sir. Ladies and gentlemen, to ask a question, please press star and one now. Participants who wish to ask questions, may please press star and 1 at this time. The next question is from the line of Sandeep from SVP. Please go ahead. Yeah. Can I? Am I audible? Yes, sir. Please. You are. Yeah. Yeah. So first first, I have question related to. Actually, I want to understand the thinking behind starting this project because I think it was one and a half to two years when we were working on this project. And almost we got the approvals and permission, everything to go ahead for the development. And suddenly, we have sold it out.

33:23 If you can explain it. Yeah. Yeah. I I I think the previous question also, it was relating to that. Yes. The project was supposed to be executed because a landmark of this kind of nature we wanted to build. And when it is a multi story commercial project, it takes its time for the approval of, you know, plans and everything. As well as actually from preparing the plans itself in that matter. So that process took longer. But as I said earlier, both in the speech and the reply to two questions earlier, we saw the the management saw a better opportunity to sell it as it is rather than take a complete five years risk of execution and sales of the commercial property.

34:13 It it realizes upfront cash as an immediate monetization possibility and use the process in terms of the cash for all the other development, which is already planned for in billion miles. But that's... But it is... It was purely all cost benefit future versus present kind of analysis, which led to change of ideas in developing it. And then rather than that, we said, we'd let us sell it at this point in time. Approvals and all were not the issue. Project by itself was not the issue. It was purely the present versus future possibilities that led to deciding that we should sell. Okay. On the same note, actually, I have a query related to this. When we were planning regarding the million miles, along with that, we were planning regarding the 100.

35:06 Right? So we we didn't have any issue regarding the cash flow. We had money. Right? So now as we have sold out one something, what is... What will be our plan to use this cash? See, two, three things have been coming up since the time when we started to talk about one nine one something, just March '25. That's the time when we had first announced it, I remember. Between then and now, the kind of development that just happened in Ahmedabad have thrown up a lot of possibility of getting very good land parcels, which is our raw material on a continuous basis at various places. Apart from the gas, which will be required for developing of million mines, which would anyway have come from the internal accruals which we had, through which we have developed the entire million mines phase one, which we know... Which it has all come from internal crews only. Similarly, you could have got that further further million mines development too.

36:03 But in the meanwhile, a lot of land opportunities, buying buying opportunities have been coming up, and therefore, the cash both for land, raw materials, plus the million miles development makes more sense to have cash on hand so that we can strike good deals. This has been the main strength of GANESH HOUSING all through. Keeping cash, buying land at the right opportune moment, and monetizing that over the period, both in terms of development and land has been the mainstay. And this is the operation we are seeing right now, which for which the cash is needed. Okay. And in million mines, how much area of total leasable is he have a binding agreement that we have already leased?

36:54 Almost 63% of the total leasable area is... 43%, that is 2.64 is completely documented and balance about 15 to 20% of the land is under various stages of negotiations. Okay. Good. And one more... And last question I have regarding the Gujarvi land. Actually, we have this Gujarvi land parcel, I think, from last ten to twelve years, right, if I'm not wrong. And it is consistently in, like, a four hundred four hundred acres or something. So do we have any plan to develop in that area, Gurdwari, or we are just going to sell as per the opportunities will come in the future? No. No. The Gurdwari land is large. Yes. 411 acres.

37:40 The the plans are for developing and also for, you know, like, product development and various kind of plant sales, which we have done in the past. That also will be a part of that entire development program. So it is a combination of various things. They are actually thought about doing it as a township, which we believe that rather than that, doing as a real estate project is always better. We have the flexibility for that. So it is going to be for a mix of development, plotted development, construction, as well as landscape. Mhmm. Okay. And if if possible, can you provide the data of GCC growth happening in Ahmedabad or nearby Gandhinagar, if possible?

38:27 I don't have, unfortunately. Sorry, Sandeep. I... We need to take that out. But, we have noted the questions. Rajat, we can touch base later, and you can pass this on to Sandeep. We'll try to gather the detail, Sandeep, and pass it on to Rajat. You can contact him for further details of this. Yeah. And just last last request. Hey. Regarding that, if possible that you can provide the coordination... Coordinate details of the land parcel which we have in Gujarvi so that if someone Coordinate. You're talking about the Google coordinates? Google coordinates. Yeah. Yeah. Yeah. Can... We can give you that. He's on the best part of it. Best... West West Part of Ahmedabad. We can give you that. I'll rather maybe having that already, he can give you that also.

39:13 Yeah. Okay. Okay. Thank you. That's all from my side. Thank you. Thank you. And all the best. Thank you, sir. Ladies and gentlemen gentlemen, to ask a question, please press star and one now. Participants who wish to ask questions may please press star and 1 at this time. While we're waiting for the questions, Sandeep, if you are still in the call, please do refer to page number 27 of the presentation, which we have uploaded on the website that has a map of Ahmedabad on the west part of it where Gosavi has been highlighted in that.

40:05 If that suffices, it's fine. If you need further, then Rajat will get back to you. Yes. Please go ahead with the next question. Okay, sir. As there are no further questions from the participants, I now hand the conference over to management for closing comments. Thank you, everyone, for joining this call. It's always been exciting to talk to you and answer your questions. As we move into the remainder of FY 'twenty seven, we remain confident in the company's long term growth prospects. Our strategy is clear. Our execution remains on track. Our balance sheet is healthy. Our pipeline of opportunities provides strong visibility for sustainable value creation.

40:51 At GANESH HOUSING, we have always believed that real estate is not merely about developing buildings, as I just said in this question and answer session also. It is about creating enduring ecosystems, fostering communities and generating lasting value for all its stakeholders. This philosophy has guided us for more than three decades, and it continues to shape every strategic decision we make. Thank you very much. See you soon. Goodbye. Thank you, sir. On behalf of Go India Advisors, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.