ELDECO HOUSING & INDUSTRIES LTD (NSE: ELDEHSG) Q1 2026 Earnings Call dated Aug. 13, 2025
Corporate Participants:
Unidentified Speaker
Abhishek Bhatt — Investor Relations officer
Pankaj Bajaj — Chairman and Managing Director
Analysts:
Unidentified Participant
Aryan Singh — Analyst
Karan Premchand Gupta — Analyst
Priyank Gupta — Analyst
Raj — Analyst
Anjali Singh — Analyst
Presentation:
operator
Ladies and gentlemen, Good day and welcome to the ELDECO Housing Industries Limited Q1FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing 0 on your touchtone phone. Please note that this conference has been recorded. I now hand the conference over to Mr. Abhishek Bhatti from EY Investor Relations. Thank you. And over to you sir.
Abhishek Bhatt — Investor Relations officer
Thank you. Thank you everyone for joining us on the call. Before we proceed to the call, let me remind you that today’s discussion may contain forward looking statements that may involve known and unknown risks, uncertainties and other factors. It must be viewed in conjunction with a business risk that could cause future results, performance or argument to differ significantly from what is expressed and implied by such forward looking statements. Please note the results and presentation are available on the Exchanges. Should you need any assistance to receive them, you can write to us and we’ll be happy to share them with you.
Today we have on the call the senior management of Eldego housing and Industries Limited which is represented by Mr. Pankat Bajaj Chairman and Managing Director. Mr. Manish Jayaswal Group CEO Mr. Rajiv Khurana Group Vice President Accounts and Taxation. We’ll begin with the highlights of the quarter followed by Q and A. Now I would like to hand over the call to Mr. Pankaj Bijar for his opening remarks. Over to you sir.
Pankaj Bajaj — Chairman and Managing Director
Thank you Abhishek. And welcome ladies and gentlemen to the Cernace call. We have commenced FY26 with strong sales performance underscoring positive market response to our new launches and continued execution strength across projects. This quarter was marked by a sharp increase in bookings and healthy collections. I’ll just run through the key operational highlights. So the booking value in Q1FY26 stood at rupees 221 crore. A 274% year on year increase driven by successful new project launches. In terms of collections, we collected rupees 78 crores in the quarter marking a 41% growth year on year deliveries were around 85,000 square feet.
85,000 square feet comprising 101 homes handed over in the quarter. These were mostly EWS homes and other smaller homes. So in terms of value it wasn’t much but volume was high. Construction expenditures stood at rupees 39.3 crores up 10% year on year. Reflecting the continued progress across ongoing Projects. We expect this number to rise significantly in the coming quarter as we ramp up the execution. In the recently launched project, we achieved key project milestones in Q1 FY26. RERA registration of Eldeco Hanging Garden was secured and the project launched on 15th April 2020 2025. Nearly 84% of the inventory was sold within a week.
Similarly, Eldeco Skywalk received RERA registration and was launched in the second week of April. That also received strong market response and sales will continue. Looking ahead, we plan to launch our flagship integrated township El Lago Solano Gardens on New JJ load during FY26 which is the current year. Spread over 50 acres, it will offer plots, villas and multi storied apartments. And it has a gross development value of over rupees 1000 crore. We expect it to be our flagship project for the coming few years. We remain optimistic about the rest of the year by strong launch pipeline, robust customer demand and healthy execution progress.
With the successful launches of Aldigo Hanging Gardens and Skywalk and the upcoming launch of Eligo Solano Gardens, we are well positioned for accelerated growth and improved financial performance. So we expect the numbers to be much better in the coming quarters as we ramp these. Those are my opening remarks. I will hand it back to you, Abhishek.
Abhishek Bhatt — Investor Relations officer
So can we start with the Q and A session?
operator
Yes, yes, we can proceed with the Q and A.
Questions and Answers:
operator
All right, 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 your question queue assembles. We take the first question from the line of Aryan Singh from Alpha Accurate Advisors. Please proceed.
Aryan Singh
Thank you. Thank you for your opportunity, sir. So, with reference to the presentation, as you can see, like in the last one year our average realizations have been around 6,500 per square foot. So is this pricing sustainable or with the launch of premium projects, should we expect an increase this year? If so, can you please share approximately in what range it would be?
Pankaj Bajaj
I think this is a sustainable, stable rate kind of realization. You would have seen in the presentation that this is a sharp rise from what it used to be two or three years ago. I think we had some place in the presentation. Yes, I have it in front of me. The realizations have gone up quite sharply. Yeah, so it used to be three and a half thousand rupees in FY20 by FY23 it went to four and a half thousand and now it is six and a half thousand. So if you the last two years there’s been a nearly 30 to 40% increase in the average realization.
So I think this is the new normal and I wouldn’t expect it to be much higher than this and then coming year also.
Aryan Singh
Okay, Understood, understood. So one more question like so can you please highlight few primary drivers behind this strong growth in booking value? So was it largely driven by specific projects like Trinity Hanging Gardens or improved market sentiment in Lucknow towards ultra luxury projects?
Pankaj Bajaj
So the demand as we’ve been saying in all our previous calls had been quite strong. It was our inability to first I think for a couple of years we struggled about five years ago we struggled with adding to our launch pipeline. Then we took some time getting the approvals. So we had been quite transparent with our struggles on that front. Luckily we unlocked all that in the last year or so. And then the RERA approvals finally came through this quarter and there is a lot of pent up demand for Eldeco products and obviously we have a strong brand recognition in the market and our execution is well trusted by the market.
So we feel that if we continue to launch projects it is going to continue to get absorbed very well. So it’s not something which has changed suddenly. It was just that we have not been able to launch significantly in the last some quarters. But now that has gotten locked and in the coming quarter, or maybe the quarter after that we are going to launch our big project Solano Gardens which will have multiple smaller sub projects also. So that problem is solved. So we think that this number is now sustainable.
Aryan Singh
Okay. Okay sir. So that’s helpful. Thank you so much. That’s from my side.
operator
Thank you. We take the next question from the line of Karan Prem Chand Gupta from Cavi Capital. Please proceed.
Karan Premchand Gupta
Yes, thank you for the opportunity and congratulations on a strong quarter. A few questions from my side. First one on the construction progress. While year over year it’s a 10% increase but it doesn’t seem very strong compared to the prior quarter. So could you just talk about some guidance for the year and how you see this going ahead.
Pankaj Bajaj
Glad you asked that question. I was hoping somebody would ask that. So the thing is that the execution, the construction follows the launch of the project. Obviously once you get all the approvals you go for the RERA approval and you in the business model we launch the project and then we build it over the next three years or so. So as I already responded in to the previous question that the last three years we were somehow there was a bottleneck in terms of launches which has now got unlocked. So you see that in our last year bookings number, this year booking number and construction and execution follows with the lag.
And in my opening comments I already said that. Now I expect the construction and execution numbers to ramp up significantly because the projects have got launched and they will have to be now built. Luckily we have the booking numbers to back that. So advances from customers should also not be a problem. In the coming quarter you will see that ramp up significantly.
Karan Premchand Gupta
Great. So would this be, you know, around 50 to 60 crores a quarter or like can you put some number to it?
Pankaj Bajaj
I don’t have that number readily but we can come back to it. See all the bookings that have been done like Hanging Garden, skywalk, our plan, Latitude 27, all these have to be executed in the next three years. So we’ll have to work backwards and see what that number would be. But it will be sharply higher than what it is right now. Let me come back to you with the real number. You can follow it up with the the booking numbers which are given last year. So I’ll just rattle out the numbers to you. The value of area booked in FY23 was 92 crores.
FY24 was 388 crores. FY25, 337 crore and Q1 of FY26 is 221 crore. At some point, you know, now it is going to start to ramp up because we have the booking and the fortified motion stage in terms of execution. All this execution has to happen in the next couple of years. I can’t actually say what that number would be. As I said, I will come back to you but you can see the gap between the value of the bookings and the execution.
Karan Premchand Gupta
Thanks. Then a few updates on the other projects. So barely latitude 27 and Trinity, you know, the booking numbers have quite low compared to the availability. So can you just tell us on the status of those projects?
Pankaj Bajaj
So Trinity definitely the sales have been sluggish for the last few quarters but we expect them to ramp up. We are making a show home at the site and we have deliberately gone a little slow over the last couple of quarters and we plan to kind of relaunch the project and next quarter or so when we make the show home and I expect the numbers to be much better. Latitude 27 is pretty good actually. I Don’t know why you say that. It’s been slow because it had sustained stage. So we are already sold out 65 or 70%.
So that’s fine. And we are still building the structure and we expect the restaurant for it to be sold out by the time we reach completion. And which is what happens typically. But really I believe we will be unwinding that transaction soon. We come back with further details when we have that. So that was two. So we’ll be unwinding that how we will be. We will come back to you probably next quarter or the quarter after that.
Karan Premchand Gupta
Latitude 27 just, you know, according to our calculations, it looks like the bookings are about four and a half, 5,000 square feet this quarter compared to, you know, about 40 to 35 to 40,000 in prior quarters. So that’s where that question stemmed from.
Pankaj Bajaj
Very good question. The answer to that lies in the location of Eldico 27 and Eldenquille Skywalk. What happened was that Skywalk is. Both of these are located within Eldeko City. And with the launch of skywalk, some of Latitude 27 bookings got cannibalized. I think because it was a newer project priced slightly lower than 27. So some of the bookings went that side. But overall Lego City did well. So it was, I think it was in reaction to the launch of Skywalk that bookings dip in like 27. But once the Skywalk enters the. Hello.
operator
That participant is out of the queue.
Pankaj Bajaj
Oh, okay. Yeah. So we can take the next.
operator
Yeah, I will. Before we proceed with the next question, a reminder to the participants. In order to ask a question, you may press star and one. We take the next question from the line of Priyank Gupta from Guardian Advisors. Please proceed.
Priyank Gupta
Yeah. Good afternoon everyone. My question is, we would like to know in terms of Lucknow market, how do these booking hold? I mean to understand the market share and whether our competitors were able to do it better than us or worse than us.
Pankaj Bajaj
Priyank, the data of the market is not very reliable. But from what we can source from our sources and whatever research reports we’ve seen. Can you hear me, Priyank? Yes, I can. Yes, I can. Yes. We believe that the overall number in Lucknow is about 5000 crores a year of sales and we are doing about less than 10%.
And we believe that overall the market is. We have opportunity to expand the market share and more importantly for the market itself to expand that. That number is very low right now. And as I’ve been saying in the previous call it is I think not because of lack of demand, it is because of lack of proper supply. But as it is getting supply is getting debottlenecked, I expect the market size to expand sharply. So can you throw some light on the rank we would be there in the in Lucknow market in terms of I would not know for sure.
I don’t have access to our competitors data but I would expect it to be in the top three or top two, I don’t know. So the next question is you just said that probably you will be winding up barely transaction. So do you think that experiment of going out of Lucknow did not work and probably we should now not recon not consider going out of Lucknow. So two parts to that question. First, that barely didn’t work out. I think that was a project specific thing. So I would not say that the experiment per se failed that that project did not work out.
So I don’t think that experiment failed. We will be trying the Gorakhpur market soon probably. But the second part of the question is do we need to look outside right now or when I say that the market size in Lucknow is going to expand significantly as supply gets debottlenet. So should we be going out at all? But I think with Solano Gardens and some other location that we’re tying up, we’ve entered at those in our presentation. I think our hand will be full for the next couple of years. So even though the experiment I would not draw judgment that the experiment has failed but immediately I think we should be focusing on the.
Priyank Gupta
Thank you so much. My best wishes. Thank you.
operator
Thank you. We take the next question from the line of Raj from ARJ Partners. Please proceed.
Raj
So am I audible?
Pankaj Bajaj
Yes.
Raj
Ongoing side, how much will be our total gdb?
Pankaj Bajaj
We don’t declare our GDB number. We do declare our salable area because GDB also. So GDV has a component of your area and it has a component of what price you want to sell it at. We don’t like to put a price that we want to sell it at, you know, out there because it’s subject to so many things. But how much gross development area we have gda? I think it’s there in the presentation. Yeah, yeah.
Raj
Is it fair to assume your current sales per square feet into the gda?
Pankaj Bajaj
I have already said that. That seems to be the new normal.
Raj
New normal. All right. How much EBITDA percentage we operate on on the ongoing side.
Pankaj Bajaj
So it depends on what kind of project mix we have at this particular point in time. But generally it Ranges weighted average is between 30 to 40%.
Raj
How much cost is spending for completion on the ongoing GDV side?
Pankaj Bajaj
I don’t have that number. Sorry. All right. If any of my colleagues has it, you can give it Rajiv. Manish. We’ll get back on this number, sir.
Priyank Gupta
All right. Yeah. Thank you.
Raj
I hope that’s okay.
Abhishek Bhatt
Yeah. Okay.
operator
Thank you. We take the next question from the line of Runit Kapoor from an individual investor. Please proceed.
Unidentified Participant
Yeah, so I have a question. In Indigo Latitude. Am I audible? Yes, please.
Pankaj Bajaj
Yeah.
Unidentified Participant
In Eldico, Latitude 27 and Imperial Phase 2 there’s been a reduction in the value of area books. I think so was the cancellation during the quarter?
Abhishek Bhatt
Right. Latitude 27 reduction in area. Reduction in the value of area like so. In this new presentation is showing 177 crores. And earlier presentation it showed 183. And for Imperial Phase 2 value of area books was showing 299 in the earlier presentation. But as of now showing 275. I’ll have to get one of my colleagues. Manish or Rajiv. Can you explain this couple there?
Unidentified Speaker
So that some of the units may have gotten cancelled due to are push on the allotment. Okay. But the gap should not be that high. So it’s around 25 crores like around 10% of your in phase two housing.
So some cancellations do happen during. When you press. If there are some chronic defaulter you press them for payments and they do not pay up. So it’s a routine thing that they do. We end up canceling them and temporarily or value of area both goes on but correspondingly or area left for sale increases. But let us quicken any. I don’t know if we anybody has a ready answer to this. We can get back if that was exactly the reason. But your value of area book does not decrease. That’s only. So the value of area would.
Area book would decrease if a cancellation happen. Yeah, but that’s not decreased. So. And your value. I mean your. Your amount like the total number of area book like in square feet that is not decreased. But your value has decreased. Then we have to get back to you.
Unidentified Participant
Yeah, okay. And thanks for pointing this out. They shouldn’t. We should get back to you. We should have an answer. And one more question is regarding your. What is the anticipated construction costs expected during the year?
Abhishek Bhatt
So we did 30 crores of execution construction cost in this quarter and I think it will ramp up sharply. I would not like to. Somebody asked me this earlier. So this 30% should be increasing gradually every quarter. So I think it should stabilize at about 50, 60 crores by the end of the year. Which quarter? How much? I can’t really say for the whole year.
I’m saying like FY26 as I said per quarter it should be ramping up from 30 crores to 50 to 60 crore by the end of the year.
Unidentified Participant
Okay. And one last question was regarding your EBITDA margin had fallen sharply during the quarter. So was it because of Imperial Phase 1?
Abhishek Bhatt
It was because of the mix of projects which got recognized for revenue. It was largely low income housing and EWS units that we, that we are statutory required to build. So some of the revenue recognition is with respect to that. The other thing which happened was that we did two big launches, Skywalk and Hanging Gardens. And the way we do our accounting, we treat this, the marketing expenses for new launches as period cost.
So they have got booked in this quarter. But the sales and booking which resulted from the this marketing push that revenue will get recognized in future quarters. So it’s just upfronting of some project costs which has happened. And just one more question. Was any update on the loan to the related party transaction like have we received the money? No, no, I think I’m not. Unless this will have to go to the board and all that. But I. We expect it to get unbound in the next couple of orders. We are not receiving the money back but we expect it to happen.
Unidentified Participant
Okay, fine. Thank you. That’s it from myself.
operator
Thank you. We take the next question from the line of Karan Prem Chan Gupta from Cavi Capital. Please proceed.
Karan Premchand Gupta
Yeah, thanks for the follow up. I got disconnected. I had a couple more questions. One, you know, is it possible for you or your IR team to give some kind of waterfall for revenue recognition going forward or just give some guidance as to you when you expect to see a higher revenue recognition because the collections and sales have been good over the past few quarters but it’s not somehow not flowing down to the income statement.
Abhishek Bhatt
So as a policy we don’t like to give out a number. But it is not rocket science to just see that you know your booking numbers generally. And I’m commenting about the industry and the way revenue recognition happens. Generally it happens your booking numbers start translating into your revenue recognition with a lag of three to four years. And our sales update, if you see the numbers started happening in FY24. So FY24 was great. 388 crores. FY25 was 337 crores. And Q1 of FY26 is 220. So I think this year will be our best year ever in terms of bookings.
But obviously it follows into the revenue recognition because we follow the accounting standards and we recognize revenue only when the risk and rewards of the properties are transferred to the Lottie. So that happens with the lag of typically three to four years. Next year onwards, FY27 onwards, the numbers could start looking very good. And I think even towards the end of the year we will have a much better number. Because in PDF phase two we are going to be applying for the way things are at site. We are going to be applying for completion certificate in another couple of months.
And we expect the completion certificate in another couple of months after that. And we will be offering positions to our customers. So all that revenue should get recognized in FY20 which is quarter three and four of this year.
Unidentified Participant
Okay. Also for this the Trinity project it looks like the expected completion is January 27 as per the presentation. Is that right?
Pankaj Bajaj
We’ll have to revise that. It’s been a little slow. I think it will get pushed out to January 28th maybe.
Unidentified Participant
Then quick update on Solano Garden. So when you launch it, is it going to be done in phases?
Pankaj Bajaj
Yeah, it will be like but it to be a five year project.
Unidentified Participant
Okay. And how big is the first phase going to be?
Pankaj Bajaj
First is going to be the plots in village, the GDV. There will be about 3 to 400. Crores. That we can expect to do within this financial year.
Unidentified Participant
Okay. And just one last question on construction again you know some industry players have talked about labor shortage. Are you facing any similar issues on your sites or is everything okay?
Pankaj Bajaj
Luckily not in Lucknow because Lucknow not that much in Lucknow. But as you know that we also do some of the work in other cities in through our other companies. So because Lucknow is in UP and it’s close to the supplier geographies of labor, it’s not that bad. But the situation is much worse in this other country.
Unidentified Participant
Thanks. That’s all I had all the best.
operator
Thank you. We take the next question from the line of Manan Patel, an individual investor. Please proceed.
Unidentified Participant
Hello. Am I audible? Thank you for the opportunity and congratulation for good launches. So one you in this presentation I could not find any mention of the land aggregation. So are we going deliberately slow on the land aggregation or the prices of land have appreciated so much that we don’t find value. So if you could comment on that.
Pankaj Bajaj
There is a disclosure on land aggregation. If you See the slide on forthcoming projects. Bottom half of the slide does talk about land bank for forthcoming projects under planning aggregator which is about 55 acres already and these are in three different locations and they’re under further aggregation. So land aggregation is a is a time consuming thing for various reasons, especially when farmer holdings are small but has to be done. And we are good at it. We have been historically good at it and that’s partly the reason why our profit margins, EBITDA margins tend to be much higher than the industry.
Unidentified Participant
Understood. Also the question arose because the land was same in last quarter and this quarter. So just wanted to check on that.
Pankaj Bajaj
There has been some temporary kind of slowdown on that front, but as we speak it is getting unlocked. I hope we’ll have much better news for you in the next quarter.
Unidentified Participant
Great sir, thank you and wish you all the best.
operator
Thank you. We take the next question from the line of Suhart, an individual investor. Please proceed.
Unidentified Participant
Hi, Am I audible?
operator
Yes.
Unidentified Participant
So couple of questions. One I heard that we don’t consider as barely project success and we’re trying to resolve something there. Can you share more context? What is the issue there and how are we resolving it?
Pankaj Bajaj
So we made some investments there and the project took longer than it was supposed to and there were also some land issues which erupted later on which we tried to manage along the way. Unfortunately we’ve been able to resolve all those matters and the project has received completion certificate part of the project. But unfortunately it took much longer than we thought it would take because of all these local problems. And so luckily we are protected in terms of a minimum guarantee which are which eloquent fixer had given that come what may, the EHL is going to have a minimum return of a certain percentage.
So we believe that that transaction is going to get unwound and we are going to recover our pencil but also a decent return on it. So that’s where it’s at. It’s not. We had a floor return and then we had unlimited upside. That upset did not come through.
Unidentified Participant
Understood. But as as of the the project is open for sale and it will get sold and realizations will get made. Just the thing. Returns are going to be probably lower than what an ideal case would have been.
Abhishek Bhatt
So returns would be lower than what an ideal case would have been. And so we are in talks with our the company in Bradley for the unwinding of this transaction. We expect it to happen. We’ll come back to you on the exact date, but we expect it to. Happen in the next couple of Quarters. Okay. And by unwinding me it means that we’ll not sell the remaining part of the. We get our money back and or we get our money back or we get some arrangement and not only do we get our money back, we get our money back with the minimum committed return which are committed to us at the time of the transaction.
Unidentified Participant
Understood? Yeah. Just another question which is for this quarter, which are the projects where we have recognized revenue maybe for this quarter and the last quarter. If you can share, can you take that please?
Pankaj Bajaj
Yeah. For last quarter we basically in this quarter we have recognized Regalia and Twin tower and this EWS substance and Eldico Imperial 1 Phase 1. And if we talk about the last quarter, last quarter also we did the Regalia Laksa and other inventory of old good old project and then Regalia again Tower and Saksham and also LDCO East End at Shoria. These are the. Scattered inventory across projects which got 29. Bulk recognition will happen in Q3 or Q4 when we start recognizing in PDF. Right now it’s a scattered inventory. That’s why the numbers. Look.
Unidentified Participant
This is very helpful. Understood. It should also be good if we can have the unsold portion of these projects listed somewhere maybe as a total even if not project wise. So I’m assuming this is because these were apartments which were not sold or not handed over and hence the revenue is coming in now while the overall project has received completion certificate in all these cases. So it should be good. Is it possible to you know, put that number somewhere? What is the unsold inventory of these old projects?
Pankaj Bajaj
I think you’re talking about unrecognized inventory. So in our parlance when we say sale we mean book where a customer is already booked and recognition happens once the entire payment comes or majority of the payment comes and we offer the position to the customer. I think your question is also a recognition. We can probably do that. Till now we’ve been disclosing the value and area which is booked and non booked. You are talking about recognize and not recognize.
Unidentified Participant
Yes, in a way you can.
Abhishek Bhatt
Yeah, I. I think we can insert that disclosure. Let’s try to amend our presentation format.
Unidentified Participant
Thank you so much. This will be super helpful and congrats for the great quarter on sales front.
Abhishek Bhatt
Thank you.
Pankaj Bajaj
Thank you.
operator
Thank you. The next question is from the line of Anjali Singh from Bansal family office. Please proceed.
Anjali Singh
Yeah. Hi. Thanks for the opportunity. Hello. Yes. So my question is say current ebitda margins with 17.6%. How do you expect this EBITDA margins to trend in coming quarters with the continued growth in sales and booking value.
Pankaj Bajaj
I think we have already answered that question. The EBITDA margin this quarter looked low because of the mix of projects which got recognized for revenue number one. And number two, because of front ending of the expenses related to the launches of Hanging Gardens and Skywalk. We have experienced the expenditure and the sales and marketing, brokerages, etc. So the EBITDA margin is looking low going forward. It should revert to its mean of about 50% or probably even 40%.
Anjali Singh
Okay, so I would like to understand the margin profile of Eldequa Skywalk and Hanging Gardens. I mean since they are the BIG launches in FY26 and Eldeco. Solana Gardens is also coming up. So what would be the margin profile for these? Are these expected to give us the higher margins why and why? Or can you please share some thoughts on that?
Pankaj Bajaj
So Hanging Gardens and Skywalk are both in the range of 30 to 40% in terms of EBITDA margin and Skywalk also. I would expect in that range, as I said, it will revert to the mean of. Historically we’ve been doing 30 to 40%. Go back to that and we start recognizing revenue in a big way. I know we are recognizing revenue only for scattered inventory and expensing all the project many of the costs as period expenses. So look below. But actually they are in the range of 30 to 40% that will start showing soon.
Anjali Singh
Okay. Okay. So thank you so much. Thank you. Thank you. As there are no further questions from the participants, I would now like to hand the conference over to the management for closing comments.
Pankaj Bajaj
Thank you for your questions. It’s obvious that you’ve been following the company very closely. Please continue to do that and we continue to work hard and hopefully show you much better numbers in the coming quarters. Thank you. Ladies and gentlemen.
operator
Thank you on behalf of Eldeco Housing Limited that concludes this conference. Thank you for joining us and you may now disconnect your lines.