Arkade Developers Ltd (NSE: ARKADE) Q3 2026 Earnings Call dated Jan. 29, 2026
Corporate Participants:
Amit Mangilal Jain — Chairman and Managing Director
Deepti Nair — Head of Marketing
Samshet Shetye — Chief Financial Officer
Analysts:
Unidentified Participant
Presentation:
operator
Ladies and gentlemen, you are connected to aircad Developers Limited conference call. Please stay connected, the call will begin shortly. Sa. Sam. Sa. Foreign. Ladies and Gentlemen, good day and welcome to Arket Developers Ltd. Q3 and 9 months FY26 earnings conference call hosted by Factors PR Pvt Ltd. This conference call may contain forward looking statements about the company which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantee of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participants line will be in listen only mode and there will be an opportunity for you to ask question after the presentation concludes.
Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your Touchstone phone. Please note that this conference is being recorded and the call will be restricted to 40 minutes. I now hand over the conference to Mr. Amit Jain, Chairman and Managing Director of the company. Thank you and over to you Sir. Amit sir.
Amit Mangilal Jain — Chairman and Managing Director
Good evening everyone. I would like to extend a warm welcome to you all. For Arcade Developers Limited earnings conference call for the third quarter and nine months ended 31 December 2025. I would like to begin by expressing my gratitude to you all for taking the time to join us today. We have on call with us Mr. Samset Seti CFO, Ms. Dipti Nair, Head of Marketing and Adpectus PR our Investor Relations team. We have shared our earnings presentation. I hope you all must have had the chance to go through it. Mumbai’s residential real estate market continues to remain structurally strong supported by sustained end user demand, improving affordability and a clear preference shift towards premium and lifestyle led housing.
The ongoing transition from purely need based purchases to upgrade buying driven by aspirational home ownership, better infrastructure, connectivity and redevelopment LED supply is creating a healthy runaway for medium to long term growth. We remain optimistic about the market outlook and are well positioned to capitalize on these evolving demand trends. Despite international macro uncertainty. In terms of a long term perspective, the market looks poised for growth on the back of buying. Favorable economic conditions and strategic opportunities. Our agile approach and lean balance sheet give us optimism to capitalize on the emerging trends. I would like Our marketing head Ms.
Dipsee to share a brief overview of our sector at large before we get into our recent development, business and financial performance for this period.
Deepti Nair — Head of Marketing
Thank you Mr. Jain. From an industry standpoint, as for a recent Knight Franc report, residential volumes across India’s top eight cities have consolidated at 3.48 lakh units. The industry reports highlight that Mumbai alone recorded over 1.5 lakh property registrations in 2025, the strongest performance in over a decade, underscoring the depth and resolence of the housing demand in the city. Across India, the sub 50 lakh segment is shrinking while the premium segment is expanding aggressively. In fact, homes priced above 1 crore now make up 50% of all transactions. This suggests that the Indian home buyer isn’t just looking for a roof, they’re looking for a lifestyle average.
Residential prices also rose steadily during the year, reflecting a premonization trend and continued traction in mid to high ticket size segments. Despite a high base, Mumbai saw 1% volume growth and more importantly a 7% price appreciation. This this tells us demand here is deep, genuine and end user driven, not speculative. At the MMR level, absorption has continued to remain among the highest in the country with leading contributions from Mumbai city and key suburban micro markets, while price momentum has been supported by a higher share of premium launches and steady sales conversion. With limited land availability in core areas, redevelopment is emerging as a key structural driver for new supply and long term value creation in Mumbai’s mature residential market.
In summation, the Mumbai market continues to offer a favorable combination of stable demand premiumization, redevelopment led opportunities and an improving ecosystem which keeps the sector well positioned for sustained and disciplined growth. I would now like to hand back to our chairman Mr. Amit Jain to take us through the developments and other highlights. Thank you.
Amit Mangilal Jain — Chairman and Managing Director
The quarter gone by us has been phenomenal for us. We have recorded highest ever quarterly Pre sales of rupees 267 crore in quarter three financial year up by 21% year on year basis. Collection grew up 19% year on year basis to 212 crore with several key milestones in our the company has shown tremendous resilience in the face of market headwinds stemming from sluggish macroeconomic scenario. We continue to build and strengthen our greenfield portfolio complemented by redevelopment projects across the MMR region. We recently acquired another land parcel in Banduk base for a consideration of Rupees 148 crore.
This land parcel is approximately 14363 square meters in area and will further strengthen our presence in the central corridor of MMR region. This further expands our greenfield project pipeline which fetches relatively higher margins. Some other recent land acquisition include a 6.28 acre land parcel in Thane and Filmstar land in Borega West. Overall, we see our footprint expanding across key suburbs in MMR supported by a healthy order book of redevelopment as well. Our commitment remains towards developing value driven projects in prime micro markets and unlocking the full potential of key land parcels across the city. Moreover, we recently formed a Wholly owned subsidiary RCAD 360 Facility Management Private Limited.
Through this we shall offer facility management services especially for the projects we develop. This has the potential to be a natural follow up revenue stream for most of our projects. One of our main differentiating factor is our disciplined execution first approach. Instead of accumulating large landmarks at the expense of timely development, we take a fundamentally different approach focusing on project we can execute efficiently, deliver ahead of schedule and then move swiftly to the next project. This ensures faster revenue recognition, lower holding costs and sustained growth momentum. This ethos has not only shaped our strong track record but has also established ARCADE as a trusted and execution focused development in the MMR real estate market.
The real estate industry is characterized by a certain degree of macroeconomic seasonality and ARCADE is well positioned to navigate through industry cycle to deliver sustained growth. Our execution focus remains on building aspirational family oriented living spaces, sustainably executing with precision and creating lasting value for our customers, partners and all stakeholders. With that, I would now like to invite Mr. Samset, our CFO to take you through the financial performance for the period.
Samshet Shetye — Chief Financial Officer
Thank you sir. Good evening everyone. I will now take you through some of our key operational highlights for the quarter. We achieved highest ever quarterly Pre sales of rupees 267 crores for Q3FY26 a growth of 21% on year on year basis vis a vis 220 crore in Q3FY20 fair. The area sold during the quarter stood at 96,000 square feet up by 30% year on year as compared with 74,000 square feet in previous corresponding quarter. Collection for Q3FY26 came in at 212 crores registering a year on year growth of 19% up from rupees 178 crores in Q3FY25.
The key operational highlights for the nine months ended December 25 are as follows. We recorded pre sales of 598 crores for nine months FY26 a growth of 8% of on year on year basis as against rupees five hundred and five. 56 crores in previous corresponding nine months. The area sold during the quarter Stood at 2,5000 square feet up by 15% year on year over 1,79,000 square feet sold in previous nine months period collections for nine months FY26 came in at 533 crores registering a year on year Growth of 11% from rupees four hundred and seventy eight crores in nine months FY25.
Now coming to our consolidated financial performance for third quarter and nine months ended 31st December 2025. Our revenues for Q3FY26 stood at 199 crore compared to 231 crores in Q3FY25. EBITDA for the quarter 2 rak rupees 54 crores. The EBITDA margin for Q3FY26 stood at 27.4% compared to 27.1% in same quarter last year. Profit after tax came in at 40 crores. The PAT margin for the quarter stood at 20.2% compared to 21.7% in Q3FY25 coming to 9 months period revenue for 9 months FY26 to reduce 629 crores compared to 560 crores in 9 months FY25 reflecting the growth of 12% year on year.
EBITDA for the period stood at 151 crores. The EBITDA margin for 9 months FY26 stood at 24.4%. Profit after tax came in at 115 crores vis a vis 124 crores in 9 months FY25. The PAT margin for the period stood at 18.2%. That’s all from our side. We can now open the floor for questions.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one on their touchstone telephone. If you wish to remove yourself from the question queue you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue asks assembled. The first question is from the line of Dhananjay from Suli D securities. Please go ahead.
Unidentified Participant
Yeah. Hello sir. So why we are seeing delay in launches and also this quarter numbers in terms of revenue we a little bit lower side. So what is the reason? Because we follow authentic completion method. So are we going slow in terms of execution?
Amit Mangilal Jain
So launches got a bit delayed because the environmental clearances were taking time for the projects to be approved. The environmental clearance offices were not working because of some stay order and which has now started again and we started acquiring approvals environmental clearance and now next financial year we have a good lineup of launches. So all the backlog of launches will be cleared in next financial year.
Unidentified Participant
And even the bandup and Mulund which.
Amit Mangilal Jain
Yeah, Bandup and Mulund are very much in order.
Unidentified Participant
Now those projects are. I mean pace of sailing is on lower side.
Amit Mangilal Jain
The pre sales are. We’ve recorded highest pre sales this quarter. That is because of good sales in Bandop and Mullur. So Dhananjay to add what Amit sir had said. So we recorded a good sales in Nest and Rare which is a Khandup and Mulun in this quarter. Now to answer your second question the recognition in PNL is lower compared to last year. So last year same quarter we received OC for one of the project, Santa Cruz project and even previous to that we received OC for one more project Arcade Aspire. So that revenue jump was there last year the same quarter this year we got a good presale numbers. But you know there is a time lag between the booking and the registration which.
Which takes about one one and a half month to get it registered.
Unidentified Participant
So the. What is mean registered? The booking done in this quarter. The revenue will flow next quarter, you know so you, you will find that there is a little bit of lower.
Amit Mangilal Jain
Side income and this Bangalangar project which we are planning to launch. So with this launch what kind of pre sales growth we can see in 426 because nine months we have grown only 8%. So we were expecting a good sales from this project like Lakshmi Ramana project and obviously that will complement the existing project. So we expect to achieve about whatever we have given the guidelines earlier because. 2025% CAGR growth we are guiding for two three years so that we are still maintaining or it is we are tackling down the growth guide. So going forward years obviously we are keeping that target in our mind because launches are lined up and we expect that to achieve.
Unidentified Participant
Okay, thank you.
operator
Thank you. The next question is from the line of Heat Shah from Excel pms. Please go ahead.
Unidentified Participant
Yeah hello sir. Am I audible?
Amit Mangilal Jain
Yeah. Yes you’re audible.
Unidentified Participant
Yes sir. So I would like to ask one thing. There is an article published by Hindustan times dated from 1st August 2025. It’s almost six months back. The article says that Archer developers are the second home market in Karjat Nehral with almost 80 to 100 acre projects and revenue of 500 crores. But since then there is no follow up article and no disclosure or clarification from your side in any concord. So I would like if you could put some light upon this because the articles from Hindustan Times so it’s a trusted source. So can you clarify something?
Amit Mangilal Jain
So it is yet under Consideration we haven’t yet entered any definitive for the transaction and it is an advanced stage of negotiation. But no definitive document as yet. Okay. So doctor and second since annual clear something about the film arcade demerger disclosure that you gave almost one one and a half months back because you know the. The disclosure that was provided by arid developers it was not much of understandable. So can you tell what is happening in that demo? So the demerger is with NCLT and we. We have given the next date, the final date of the next month. Do we expect the outcome next month? By this quarter we expect that demerger will be completed. Okay.
Unidentified Participant
But the revenue from the film is on project will be recognized in the balance sheet of. Balance sheet of arcade developers itself. Right?
Amit Mangilal Jain
Yeah. That’s the purpose of demerger. So we are demerging the tenancy rights from Filmistan limited to Arcade limited so arcade can develop the project.
Unidentified Participant
Okay. Great. Great. That’s great. And one last question. As the lineup that I just saw in the presentation that you provided it is almost 11,900 cr of top line. Next let’s say 5 to 6 years GDV. So according to that the guidance that you just gave a couple of minutes back that is 20 to 25% CAGR. Don’t you think we easily able to cross that limit? Because if we are targeting the GDG of 11,900 cross the CAGR would easily cross around 35 to 40%. I mean are we being very. You know.
Amit Mangilal Jain
We are being conservative as always. That is our DNA, you know. Yeah. Yeah. Try to achieve more. That is what it is. Great.
Unidentified Participant
Great. Super. Super. Thank you so much. Thank you.
operator
Thank you. The next question is from the line of Disha from Sapphire Capital. Please go ahead.
Unidentified Participant
Hello. Am I audible, sir?
Amit Mangilal Jain
Yes.
Unidentified Participant
Yeah. So I think you mentioned that some of the launches got pushed back to the next year. So could you just help me with what are the total number of launches you’re planning for the next year?
Amit Mangilal Jain
So we are looking at around five projects minimum to launch in the coming year.
Unidentified Participant
Okay. Yeah. And the split between H2 and HDB.
Amit Mangilal Jain
Of around 5000 crore plus.
Unidentified Participant
Okay. And what. What would be the share in H1 versus H2?
Amit Mangilal Jain
Very difficult to. It depends on the approval and the RARA arrangement and everything. But across the financial year it will be in the range of 5,000. We are launching a project like immediate basis. The Bangalore Nagar project. We have applied for era number and we are launching that very soon. The society is vacated and the buildings are demolished and the Construction is started also. So likewise, if we try to launch one project every quarter next year.
Unidentified Participant
Okay, one project for quarter.
Amit Mangilal Jain
Yeah, yeah.
Unidentified Participant
Okay. And given what the previous participant also said, because we have such a high GDV value and I think this year also, I think for the two projects that are on the completion size, there’s 153 crores of revenue that will come in the books. But still we’re just writing for 20% growth. So why are we doing.
Amit Mangilal Jain
Because, because we did not have any new launch this year and that is because of the environmental clearances being stored, you know, so the launches got delayed. Otherwise the profit margins are handsome. Like we are making 200 crore pre tax and the numbers are good enough. And because the new launches got delayed, maybe the growth is deferred a bit, not delayed will cover up for the deferment.
Unidentified Participant
Okay, okay. And in terms of your margins, I think there’s been quite an expansion this quarter as well. How do you look at margins going ahead?
Amit Mangilal Jain
So we expect to stabilize margins between 18 to 20% PAT level. 18 to 20%. That is the steady state level that we’re expecting. Yeah, yeah, yeah, yeah. And between our greenfield and redevelopment project, what’s the mix that we’re targeting on a stable basis? Yeah, we target to have a same balance, like 50, 50 as of today. You can see my redevelopment is 35% and greenfield is like 65%. But all the upcoming projects you can have a look at, they are 50. 50. Yeah. So we target 50, 50 balance, balanced portfolio.
Unidentified Participant
Okay. All right. Okay. I wish you all the best. Thank you so much.
operator
Thank you. The next question is from the line of Parth Patel from Patel Investments. Please go ahead.
Unidentified Participant
Good afternoon, sir. Thank you for the opportunity. Am I audible?
Amit Mangilal Jain
Yes.
Unidentified Participant
Yeah. So I just had a couple of questions. First one is regarding the balance sheet. So we can see the net debt has been consistently on the lower end of the financial statement. So we just wanted to know what is the comfortable level that we plan to go to or if in future are we planning to take a higher debt or an upfront acquisition or are we going to stay on a, you know, asset light model only?
Amit Mangilal Jain
So we have a good land bank, a good project lineup without any substantial debt. So we are very sensitive to that and would like to stay healthy this way with lesser debt and without much of a debt. Also we have a good lineup of projects and we’ll focus on launching the lineup that we have, you know, new projects.
Unidentified Participant
Got it. So we plan to stay asset light and have.
Amit Mangilal Jain
Yeah, we are not interested in paying heavy interest and you know, having a pressure on margin. No, got itself.
Unidentified Participant
Secondly towards the execution side. So I believe we were applying for two additional OCS in the quarter.
Amit Mangilal Jain
Yeah, we are. We are targeting two ocs this last quarter. The Parley Pearl project and the Mallard Eden project. We are targeting to get OC this quarter. So will, is there a possibility of revenue recognition in Q4 or will it spill over in 1Q27? We follow the percentage completion method. So whatever has been sold till date and whatever percentage completion is done till date, we have, we have already recognized. And so whenever we receive OC will recognize a hundred percent of the revenue for the sole units. And if there is anything left to be sold out that will be recognized thereafter.
Unidentified Participant
Got it. So 30, 70. You have both the 70 may recognition and then last after OC the remaining 30% would come in. Is it that way?
Amit Mangilal Jain
Correct. So if the Pearl project has completed percentage of 70% as of December, then we have recognized 70% for the soldier. Okay. So next quarter whenever we will recognize 100% for all the sold units and additional whatever we sell, we recognize 100%.
Unidentified Participant
Got it. So got it. And I following up on one of the previous participants question about the Bangur Nagar project. So I just wanted to know what is the expected GDV in Q, Q1 or H1FY27? How much do we expect as a SP sales and collections? I don’t think anything will happen. But how much do you expect as pre sales in the H1?
Amit Mangilal Jain
So total GDP for the project is about 225 crores and we expect about 25. 25% at the launch.
Unidentified Participant
Okay, 25% at launch.
Amit Mangilal Jain
Yeah, pre sale.
Unidentified Participant
Got it. Got it. And one last question. If I can squeeze it in and just if for the sake of repetition because I might have missed it. So I believe we have a heavy launch pipeline about 12 odd thousand crores coming in in the next couple of years. So I just wanted to know how much of that are we going to launch in FY27 and FY28. If you could split for me.
Amit Mangilal Jain
So FY27 minimum we are looking at launching projects with GDV worth 5000 crores, maybe 5 to 7000 crore in that range. Looking at to launch the Filmistan and thane across these two projects only the GDV potential is 5,000 crore plus and plus other miscellaneous 2, 3 redevelopment projects. So in the range of 5 to 7,000 crore worth of GDV projects we should launch next Year.
Unidentified Participant
Got it. So FY27, 5 to 7,000 and FY28 5 to 7,000.
Amit Mangilal Jain
Yeah.
Unidentified Participant
God. And this is one last question on when we have mentioned redevelopment. I just wanted to know what is the difference in margin between a greenfield and redevelopment that we take?
Amit Mangilal Jain
So redevelopment, redevelopment, it uses the pat margin of about, see 17 to 19% and Greenfield gives us the margin of about 25 to 27%. For filmation it will be about 30, you know, margin I’m talking about. So on, on. On diluted basis, we expect to achieve that 18 to 20.
Unidentified Participant
God, that, that helps a lot. Thank you so much for answering my questions. I wish you all the very best. Thank you so much.
operator
Thank you. Ladies and gentlemen, please press star and one to ask a question. The next question is from the line of Brijesh, an individual investor. Please go ahead.
Unidentified Participant
Yeah, hi. Good afternoon, sir. How are you? Is my voice clear?
Amit Mangilal Jain
Yeah, Brijesh.
Unidentified Participant
Okay. My question is more towards the overall macro issues which we are facing and the headwinds which we are facing in the real estate sector. And as we are coming to the close of the year, how do you see the market out there in the MMR region and especially which huge number of launches which is planned in the coming year? How do you see the demand scenario out there?
Amit Mangilal Jain
The demands have been consistent and the market that we are in, mature market, prime location and we are in a safer segment of aspirational premium projects. The sales are not an issue. Like we registered highest sales last quarter as well. And we see it being consistently growing up and forward only from here on. The markets that we are existing in are much safer and mature. And the projects that we have planned is where the maximum demand is. The audiences, these are a safer band. You can say we are not going in for ultra luxury or anything that is beyond affordable or big ticket project.
You know, we are where the masses are present and where the sales should not be an issue in mature markets.
Unidentified Participant
And are you seeing.
Amit Mangilal Jain
Global issues? We’ve registered highest pre sales in this last quarter, three of this year.
Unidentified Participant
Right. That’s a good news to hear, sir, that’s for sure.
Amit Mangilal Jain
Projects, you know, which people are looking forward to jump for buying when we launch. We are getting fantastic feelers and buzz about the scene.
Unidentified Participant
Great, great. So you’re not seeing any price pressures at this point of time, right?
Amit Mangilal Jain
No.
Unidentified Participant
Okay. And so another thing is on the commodity side, we see a lot of price increases which are happened during the period and there is a commodity cycle up cycle which is going on. Do you Feel that it will have any impact on our profitability in the years to come.
Amit Mangilal Jain
So marginally, maybe the construction cost may go up marginally, but we recovered to that extent from the price corrections that we see because of the construction progress.
Unidentified Participant
Okay, so you, you are maintaining the profitability, EBITDA profitability margins in the years to come. Right. In the range of 18 to 20% at the PAT level. Hello.
operator
Ladies and gentlemen, the line for the management has been disconnected. Please wait while the man. While I reconnect the management. Ladies and gentlemen, the line for the management has been connected. Please go ahead, sir.
Unidentified Participant
Yeah, so I was just asking you.
Amit Mangilal Jain
Yeah, so the extent to which the construction cost goes up because of commodity prices going up is recovered from the sale of inventory. You know, the prices keep on correcting as per the project progress. We recover that from the products, from the good inventory that’s unsold.
Unidentified Participant
Okay, okay, fine. So we keep, we are maintaining the profit margins as stated 18 to 20, right.
Amit Mangilal Jain
We sell only as per the progress of the project. We always keep the inventory balance with the project progress.
Unidentified Participant
Okay, okay, fine. Yeah, right. If you can just throw some light on the two companies which you have planned, the new projects which you or the two companies which you have planned, especially the, the financing company, what is your objective and how do you see what was the reason for getting into that field as well?
Amit Mangilal Jain
So these are, you can call them diversifications. Like the financing company that we formed is into selling and facilitating of home loans for the buyers of units in our project itself. Say for an example, every day currently this year we are selling goods worth 800 to 900 crore out of which 6, 700 crore is available from home loan. So we can have a substantial share of selling home loan to our own clients in our own project. You know, handholding them and which can also generate parallel revenue for the company. So that becomes a win win situation.
The buyer gets faster and better service and the company makes revenue out of selling home loans.
Unidentified Participant
Okay, so this will be like a home financing company within the arcade is.
Amit Mangilal Jain
A company coordinating home finance like it is. We are not an NBFC ourselves, but we are coordinating for the buyer to get home loan from hdfc. Okay. We are kind of a commission agent.
Unidentified Participant
Okay, fair enough. Understood, sir, understood. That makes. Okay, that makes sense. Okay, that’s it. From my side. All the best, sir. Thank you.
operator
Thank you. The next question is from the line of Heath Shah from Excel pms. Please go ahead.
Unidentified Participant
Yes, I would like to ask something about the Filmic Fund project. As you Mentioned that it is a Maki project and it comprises almost 25 to 30% of the GDV that is gonna generate in next five years. So me residing in that area, I can see that every second building is going under redevelopment and there are multiple new projects coming up every year. Obviously Filmathon is a film is huge. But what do you see that will it be easy to basically sell our inventory in such a crowded and competitive market like Goregao? Because every, every new, every second building is under redevelopment right now.
Amit Mangilal Jain
So 95% of the projects that you see in that micro market are redevelopment of some form. Redevelopment under MADA or redevelopment under society or an sra. Such a huge land parcel without redevelopment is not available or existing only in that micro market of Gorega. So there are lot many people who do not want to go for a redevelopment project if they get an option. There is a big difference in the lifestyle of a person under redevelopment project and the non redevelopment project. And the gentry, the affluent gentry who understands the difference, they are looking forward and in fact waiting for the project to be launched.
Because there is a huge difference in a non redevelopment project and a redevelopment project. The socio economic mix only is different in both the category. So in fact the project like prime minister has zero competition.
Unidentified Participant
Okay, great. So. Okay, so as you said that redevelopment projects are having competition. So excluding the Filmistan or the you know, woolen textile mills project, those are the greenfield projects. But talking about the other redevelopment projects that we are going to take in next two to three years in. In Malar Borega, let’s say the Bangalore Nagar one. So do you see competition coming from there? Because obviously they are the redevelopment project. So do you see that arcade has something different?
Amit Mangilal Jain
We stand out because of the planning of the product. You know, we have an expertise in planning and knowing what the client wants. And we go a step forward to plan the product as per the requirement of the market and not going by run of the majority of the projects in redevelopment have mechanized parking. Just for an example, we going for planning an all surface premium project, an all surface parking project. You know. So features like this set us apart even in redevelopment market. And the track record of delivery before time sets us apart. And such features one by one added, they set us apart from the competition.
So I wouldn’t say like we are the first but we are amongst the top 10% of the players in that micro market. You know that the customer vouchs for us.
Unidentified Participant
Oh great. Thank you so much. That’s all from myself. Thank you sir.
operator
Thank you. Ladies and gentlemen, due to time constraint, we will take that as a last question for today. I now hand over the conference to Mr. Amit Jain for closing comments. Over to you, sir.
Amit Mangilal Jain
So I thank you for sparing your time for the call and all the best.
operator
Thank you. On behalf of Arcade Developer Ltd. That concludes this conference. Thank you for joining us. And you may now disconnect your lines. Sam.