Kalpataru Limited (NSE: KALPATARU) Q3 2026 Earnings Call dated Feb. 09, 2026
Corporate Participants:
Unidentified Speaker
Advait Phatarfod — Investor Relations
Parag M. Munot — Managing Director
Chandrashekhar Joglekar — Chief Financial Officer
Analysts:
Unidentified Participant
Adhidev Chattopadhyay — Analyst
Sucrit Patil — Analyst
Varun Arora — Analyst
Akash Gupta — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Kalpattaru Limited Q3 and 9 month FY26 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 Star10Zero on your touch tone phone. I now hand the conference over to Mr. Advait Fata Ford Head Investor Relations at Kalpattaro Limited. Thank you. And over to you sir.
Advait Phatarfod — Investor Relations
Thank you. Ikra. Good morning ladies and gentlemen. Welcome to the Q3 and 9M FY26 results call of Kalpataru Limited. The we have with us today the management of Kalpattaru Limited represented by Mr. Parag Manod, Managing Director and Mr. Chandrasekhar Dhogekar, Director of Finance and CFO. I would like to state that any forward looking statements made during the discussion today are based on our current expectations, assumptions and projections about future events and are subject to risks and uncertainties beyond our control. With that I will now hand over the call to Mr. Munoth for the opening remarks post which we shall open the floor for Q and A.
Over to you sir.
Parag M. Munot — Managing Director
Thank you Advait. Good morning everyone and a warm welcome to you all. Reflecting on our performance for the quarter in Q3 FY26 we recorded pre sales of 870 crores representing a 14% year on year decline. However, our collections remain robust at 1,100 crores reflecting a healthy 17% growth over the same period last year. For the first nine months of FY26 our pre sales reached 3,447 crores a 23% increase and collection stood at 3,409 crores marking a 30% increase on year on year basis. The relatively subdued pre sales performance this quarter was primarily driven by delay in launch of a couple of projects as a result of delayed regulatory approvals.
Consequently, we anticipate ending this fiscal year approximately 20 to 22% below our initial pre sales guidance and roughly 10% below our collections target. Turning to our portfolio, Our portfolio comprises 29 projects with a total saleable area of around 41 million square feet. Of these 20 are ongoing projects with a saleable area of approximately 23 million square feet, of which about 10.3 million square feet has already been sold. These ongoing projects represent a gross development value of nearly 34,600 crores, translating into future inflows of approximately 26,800. This includes both balanced collections from sold inventory as well as the expected value of unsold units.
The MMR region continues to be our largest contributor with 15 projects accounting for more than 23,000 crore of the total expected inflows. Pune and other markets contribute together around 3,800 crores. In addition, our completed projects and forthcoming launches together add approximately 25,000 crore, taking total future inflows across the portfolio to about 52,000 crores. This strong visibility provides us with a solid foundation for sustained growth, healthy cash flows and further balance sheet spending going forward. During quarter three FY26 we launched two tiles of our Thana project Eternia at Kalpaturhu Park City. With a total saleable area of approximately 0.48 million square feet, Kalpatru1 Worley continues to demonstrate momentum while we have officially launched two towers, construction is proceeding at full scale across all three, ensuring timely delivery of this landmark development.
As Holi solidifies its position as Mumbai’s premier luxury real estate destination, Kalpatru One stands at its epicenter. During nine month FY26 we have handed over 2000 apartments to customers demonstrating our strong execution delivery capabilities. We are now entering a major delivery cycle. At the time of listing we had approximately 24 million square feet ongoing projects. Out of this we had planned to complete 10 million square feet in FY26 27. Post listing 3.52 million square feet is already completed by December 2025 which includes Kalpatru Magnus in Bandra, Tower A and B at Shishti Namur in Mera Road and the last two towers of Immensa at Kalpadru Park Sidi Thana.
We will end FY26 with completion of 4.25 million square feet. Similarly, remaining approximately 6 million square feet will also be completed in FY27. These are high margin projects and the revenue for these will be recognized in FY 2627. This provides us clear visibility of operating cash flows resulting into debt reduction and at the same time profit recognition leading to considerable improvement in debt equity ratio. Further, another 10 million square feet would be majorly completed by FY28. On the business development front, we remain focused on evaluating high potential opportunities in redevelopment JVs, JDs and plotted development primarily across the MMR and Pune markets.
Our approach is highly disciplined as we selectively pursue projects that align strictly with our internal return thresholds. In FY2728 itself, we will be launching approximately 9 million square feet projects. These are projects which form part of our forthcoming portfolio as well as new projects in Pipeline. Almost all of these projects are in MMR and Pune. As we navigate our journey as a newly listed entity, we remain firmly anchored to the long standing principles that defined Kalpatru for decades Integrity, innovation and a commitment to excellence. These values are the bedrock of our operations and continue to guide how we create value for all our stakeholders.
With that, I would like now to hand over the call to Mr. Chandrasekhar Zoglegarh for a detailed update on our financial performance. Over to you Jekyll.
Chandrashekhar Joglekar — Chief Financial Officer
Thank you. Good morning everyone and welcome to our Q3 FY26 earnings call. Let me start with the financial update for Q3 as well as nine months of FY26 we reported revenue from operations of 505 crores for Q3 FY26 against rupees 588 crores of the same quarter last year. This number of nine months FY26 was 1742 crores a year. On year increase of 7% in Q3 FY26 our adjusted EBITDA stood at 119 crores versus 205 crores in same quarter last year. This converted to an adjusted EBITDA margin of 23.6%. On a nine month basis this figure stood at 413 crore versus INR 518 crores in the same period last year translating to an adjusted ebitda margin of 23.7%.
On the PAT front in a Q3FY26 we reported had loss of 67 crores and this figure stood at a loss of 114 crores for the nine months of FY26. To retreat what we had highlighted during our H1FY26 call, a majority of our revenue recognition for seven of our projects continue to be under the percentage completion method. At the same time for certain projects that commenced after April 2022, the company followed follows the project completion method of revenue recognition. As a result, revenue from 13 such projects will be recognized only upon receipt of the occupation certificate for these projects.
However, the associated costs including marketing expenses, corporate overheads and other administrative expenses continue to be expensed out in the respective period of having spent on a time cost basis Q4 FY26 is expected to record considerably higher revenue from operations and and corresponding profitability as compared to the first 3/4 of FY26 due to expected completion of few of the projects following project completion. Method of Revenue Recognition Several of our key projects including Kalpatru one at Varli, Kalpatru, Amare at Juhu, Kalpatru, Vivant at jvlr, Kalpatru, Adwai at Borevilli, Kalpatru, Blossoms at Sigurd Road, Pune, Kalpatru, Preway and Azuro in South Mumbai have witnessed healthy sales momentum.
All these projects are following the project completion method and have different timelines for completion and accordingly revenue from these project developments will be recognized in the coming years in line with their completion timelines. Turning to our balance sheet position, as of 12-31-2025 our gross debt stood at 9171 crores while cash and cash equivalents were 901 crore resulting in the net debt of 8269 crores. Consequently, our net debt to equity ratio stands at 2.1x at 12-25. We expect this metric to further improve in the periods ahead as several of our projects as stated earlier start receiving OC and their revenue getting recognized along with their profits.
We are also actively evaluating refinancing opportunities to further optimize our cost of borrowing. This is expected to enhance overall capital efficiency and support long term profitability as we continue to scale our operations post ipo we have refinanced or got the rate reduction for facilities of approximately rupees 2700 crores achieving a delta of approximately 3.65% in the interest rates translating into annualized saving of approximately 100 crores. By end of FY26. We expect to further add to this 2000 crores of borrowings for the reduction of cost on the account of interest due to refinancing or rate reduction.
As mentioned by Mr. Parag, due to factors beyond our control, we were unable to launch certain projects as was envisaged in the beginning of the year. As a result of this, we are going to end the year with a pre sales and collection numbers lower than our initial estimates or the guidance. Correspondingly, our net debt number for the year also may go up marginally compared to our initial guidance. In closing, while regulatory delays have impacted our launch timelines and led to a deviation from our initial pre sales and the net debt guidances, I want to assure all the stakeholders that our operational liquidity remains strong all Ongoing projects are financially closed and the construction is proceeding at a full speed.
With that being said, we would like to open the floor for the question and answers.
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 touchtone telephone. If you wish to withdraw yourself from the question queue you may press star N2 participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Adidas Chaturpadhya from ICICI Securities. Please go ahead.
Adhidev Chattopadhyay
Yeah. Good morning everyone. Thank you for the opportunity. The first question. If just I’ll walk through the cash flow for the nine months. We have the collections number. But if you could share the construction spend, the approval BD spend and the interest cost for the nine months. That is the first thing. Our first question.
Chandrashekhar Joglekar
Yeah. Yes, Mr. Aditya. So for the first nine months. Hello.
Adhidev Chattopadhyay
Hello. Yeah, I can hear you. Yeah.
Chandrashekhar Joglekar
For the first nine months the construction cost as well as the other cost related to construction etc spent was 2256 crores.
Adhidev Chattopadhyay
Okay.
Chandrashekhar Joglekar
And. And. And the sales collections the inflows were of 2849 crores including rentals and other income.
Adhidev Chattopadhyay
Okay.
Chandrashekhar Joglekar
And on the. And I think you were asking about the interest cost. Also
Adhidev Chattopadhyay
the interest cost and on BD spend also for many new projects you have added during the nine months.
Chandrashekhar Joglekar
Yes. So firstly on the interest cost we. We have had incurred an interest cost of 900 crores for the first nine months. And on the BD spends there hasn’t much been spent on the business development. However around 100 to 120 crores were spent on the BD.
Adhidev Chattopadhyay
Sure, sure. So the second question is on your guidance for the debt number you mentioned on the sales and collection numbers you have mentioned the reason why you have cut the guidance. So now we are at 8300 crores almost out of net debt and we have a guidance of 7, 300 crores right for March. So could you help us walk through this thousand crores? How are we going to broadly make up for that in this fourth quarter? Or is the debt number little different from the 7,300 crores you had initially guided the closing debt for the year.
Chandrashekhar Joglekar
So you’re right. So initial guidance given at the. At the beginning was higher number of sales revenue and there therefore higher number of sales collection which is lowered. Now just now we have mentioned that. And therefore the corresponding impact on the debt will also come. So the Debt which was earlier mentioned the net debt was around 7300 crore. We would be ending the year with FY26. It could be higher by around 6 to 700 crores. It could be around 8000 crores the net debt.
Adhidev Chattopadhyay
Okay, so you’re saying 8300 would get to around 8000 crores by the end of the.
Chandrashekhar Joglekar
Yeah. Yes. By the. Yes.
Adhidev Chattopadhyay
Okay. Okay.
Chandrashekhar Joglekar
Yeah. I mean remaining. Correct.
Adhidev Chattopadhyay
Yeah. Yeah. Sir. And my final question is on the competitive intensity. Right. Both in Worley and Thana. Right. So obviously Thana we are aware a lot of other developers also there. But also in Worley. Right. We have seen a lot of. A lot of these luxury segment launches. Right. Also happening. Right. By peers as well. So in the context overall health of the market and overall sales velocity, footfalls or conversions. Right. Could you give us an overall flavor of how the overall market trends are shaping up on the demand side?
Parag M. Munot
Sure. For both Hana and for worldly, we are witnessing a very strong footfall. Thana remains a strong market even though there are a lot of launches happening. Large scale developments where it’s townships and all see a strong football. In the last three, four months we have seen the footfall only increasing and sales velocity slowly, slowly ramping up for us. We are completing many units out there. We have handed over more than 1500 units in the last six months in Sana itself. In Worli also. Even though there are launches, Worli has become a most premium location of Sobo and there is a great footfall and the construction is going well and we are getting great momentum in.
We don’t see any reduction in actually footfalls at any of our other sites also.
Adhidev Chattopadhyay
Okay. Okay, fine sir. So and just. Just to. Just to think on the pricing front. Right. So what are sort of like for like price increases. We have taken YTD in the nine months across our projects in terms of percentage any number you would have handy.
Parag M. Munot
About 7 to 10% increase. We have done average across our all the project.
Adhidev Chattopadhyay
Okay. 7 to 10%. Okay. Okay fine. So that’s it from my side. I’ll come back in the Q5 more questions. Yeah. All the best. Thank you.
Unidentified Speaker
Thank you.
operator
Thank you. Before we take the next question, a reminder to all that you may press star N1 to ask a question. The next question is from the line of Bhavin Modi from Anand Rati. Please go ahead.
Unidentified Participant
Hi. Thank you for providing the opportunity. So when I go through your presentation and when I see presales has gone 14% below so more than the you know, area sold, it’s more about, you know, the average realization which has gone, you know, 13% down. So is it because of the, you know, composition mix or you know, is it because, you know, the demand has, you know, bit softened and so, you know, there is a bit of a price cut that we are offering. So just can you help me with that?
Chandrashekhar Joglekar
Yes, you rightly said this average realization depends on the composition mix of the projects. So the projects from the south Mumbai have a higher average realization as compared to the rest of the suburbs etc. So it depends from period to period.
Unidentified Participant
So in this quarter the composition mix was such that it looks lower.
Chandrashekhar Joglekar
Yes.
Unidentified Participant
Okay. Second sir, just wanted to understand, you know, I don’t know, maybe I would have missed it but just wanted to understand what is our strategy, you know, going forward, you know, with respect to the, you know, composition, you know, so how should we see, you know, whether there will, you know, now increasing the, you know, jd, JD or redevelopment or would it be, you know, still, you know, the own, you know, like the green that the own land, you know, there will be composition will be more, how we should say it, you know, in terms of going forward.
Parag M. Munot
Yeah. Hi. If, if you see a portfolio, a majority of portfolio is owned land at present and that’s all paid for. So now for the future pipeline, what we are creating is we are mostly looking at jv, JD and redevelopment. As you know, in Mumbai the redevelopment phase is a strong phase going on and this will last for the next three, four years where nice parcels you can get to do for redevelopment in multiple different types of cluster development or other types. So it’s the right time to look at jv, JD redevelopment at this moment while we have our own portfolio already in our, in our book.
Unidentified Participant
Right. But all, you know, most of the developers, you know, have the similar strategy, you know, increasing the share of, you know, jd, jda. So do you see, you know, the aggressive, competitive, you know, intensity, you know, in the, your redevelopment or jd, jda? So how are you seeing, you know, are the return metrics, you know, going to get, you know, impacted? So how should we see it going forward?
Parag M. Munot
So two things is we have our own internal return metrics for which we go for also the portfolio. What we take is we take usually larger development projects where competition is less. Thirdly, having an experience of more than 15 to 18 years of redevelopment projects, we get a preferred choice by a lot of societies that they would prefer giving over the development to people who have been established and been there. So we Will only take projects if it hits our internal ratio.
Unidentified Participant
Okay, understood. And so just last thing you know with respect to, you know, the composition of the sustenance sales, you know, and the new launches sales. So currently we have inventory of around 5000 crore. Right. And sorry, the currently we have the of around 46,000 crores, something like that. So, so how do we see, you know, you know, going future and down the line two to three years, you know, what, what are our expectation in terms of the composition. Right. With respect to the sustainance sal know, new launches. Because at times we have seen, you know, the you know, inventories, you know, get consumed, you know, as soon as the launch is done.
And then there are, you know, if there are no launches then in the, you know, in the subsequent quarters there are hardly any sales. So does the company have any strategy with respect to, you know, you know, the composition of, you know, to maintain the sustenance sales as well as the new launches sale.
Parag M. Munot
Thank you for the question. Yes, we have a strategy to have a right mix of launches and sustainance sale. And that’s why we said in FY 2017 we will be launching approximately about 9 million square feet. You know, these are a mix of ongoing forthcoming projects which we have in a book and the pipeline we’ll create.
Unidentified Participant
Okay. That is. Any, you know, long term plan, you know, to have certain target, you know, mix.
Parag M. Munot
Because we’re in multiple geography, multiple suburbs of Mumbai and all we get a right mix of sustainance and launches happening depending on, you know, you’re in a premium aspirational luxury. So we map that out and when we do our FY27 28, you know, future planning, we take that into accordance.
Unidentified Participant
Okay. And the last question from my side, you know I may. I could have missed but just wanted to know what are the plans for you know, ramp up our NVT business.
Parag M. Munot
At this moment we are not having a strong portfolio of annuity business to increase. We may be doing one project in Thana which will increase the annuity. Other than that, mostly we are doing residential developments because that’s the demand.
Unidentified Participant
Got it. Thank you. Thank you for providing me the opportunity.
operator
Thank you. The next question is from the line of Sucre T. Patil from Isight Fintrade Private Limited. Please go ahead.
Sucrit Patil
Good morning to the team. I have two questions. My first question to Mr. Parag is looking ahead, how do you see Kalpaturu balancing between expanding project launches, ensuring timely execution and protecting the profits as customer demand and competition evolves in the real estate. What Will guide your decisions on which of these areas should get the strongest focus in the coming quarters. That’s the first question I like. My second question after this. Thank you.
Parag M. Munot
All right, good morning. Thank you for the question. So we definitely have to keep our operation and construction execution is key as we have a large portfolio which is ongoing at this moment and which we are going to be also launching. So operation has to increase. And as we had told that, we have completed and handed over more than 2,000 apartments in the nine months of FY26 and we continue to increase that number over the next two years. In addition to that, we will in all our projects have either phased launches happening or a few of the new development projects launches.
So both will have its own focus in the FY27 and 28.
Sucrit Patil
Thank you. My second question to Mr. Zogar is as Kanpatturu planned for the next few quarters or say for the next two years, what financial signals or metrics will be most important in guiding the decisions on cost control, cash flow management and capital allocation for the new upcoming projects? How do you see these particular levers shaping the company’s ability to protect the margins and deliver a sustainable value in the real estate business? Thank you.
Chandrashekhar Joglekar
Thank you. Yes. So going forward, as we have already said, our capital structure would be as light as possible because we have enough of portfolio as well as the pipeline on the basis of ongoing as well as forthcoming projects for which the lands are already being paid. Therefore, the debt represented in the balance sheet is basically the cost which is incurred on all these projects which are ongoing and forthcoming. Therefore, there won’t be anything required to be spent onto the acquisition or land of this pipeline projects point number one. Therefore, the cash margins going forward out of the sales realization as well as the sold inventory is going to be higher on the new business development.
The strategy would continue to be, as mentioned earlier in MMR as well as Pune and joint development joint ventures, redevelopment because they are capital light models and high margin models in the range of 25% of IRR plus. So that will continue and that will keep adding to our portfolio which Mr. Prague mentioned in the earlier narrative. In the earlier narrative, that around 9 million square feet will be launched over FY27 and FY28 and most of them will be of the MMR region.
Sucrit Patil
Thank you. Yes, sir. Please, please go ahead. I thought you were done. Yeah, please go ahead.
Chandrashekhar Joglekar
So far as the cost controls are concerned, as I said earlier that the land stands already paid. So only the execution, construction and the approvals Related cost and overheads will continue to happen and that will go in the normal pace with normal escalation or the inflation.
Sucrit Patil
Thank you and best wishes.
Chandrashekhar Joglekar
Thank you.
Parag M. Munot
Thank you.
operator
Thank you. Participants, if you wish to ask a question please press star and 1. The next question is from the line of Varun Arora from MK Global Financial Services. Please go ahead.
Varun Arora
Yeah, hi. Thank you sir. Thank you for the opportunity. So two question and one clarification. So clarification is my first. You said that the 7 to 10% price hike you have taken but in how many months you have taken this account. Hello.
Chandrashekhar Joglekar
Yeah. Yeah, hi. They had asked in this FY26 what is the price right you had from the beginning and that’s what we answered that average across projects is about 7 to 10% price rise
Varun Arora
in the nine. Months you have taken. Right sir.
Chandrashekhar Joglekar
Huh?
Varun Arora
In the nine months you have taken. Okay. So secondly now my two questions are like this. So what’s the inventory level? You know have project wise if you can can say. And the second question is this that since you’re saying that in the last three to four months portfolio was very strong. But what’s the conversion, conversion rate if you can throw some light on the same. So thanks.
Chandrashekhar Joglekar
So so on the inventory numbers project by project maybe we will. We will get back to you with the data because we have 30 projects ongoing and as far as. What was the other question please?
Parag M. Munot
The conversion.
Chandrashekhar Joglekar
So the footfall has been good and our conversion rate is, you know, ranges between 5 to 8% different projects locations and we have had a good conversion rate over the last few months also.
operator
Mr. Arora, do you have more questions? Okay, thanks. The next question is from the line of Sumit Kumar from JM Financial Institution Security. Please go ahead.
Unidentified Participant
Hi sir, Good morning. Thanks for the opportunity. My first question is on slide 18. You mentioned the total future inflows at about 52,000 crores. Can you help me with the OCF margin or the surplus that you are estimating out of this number? And the second question is we have seen a suspension sort of a scheme being launched for worlly. So will that affect your collection numbers going forward? Thank you. Those are my two questions. Hello.
Chandrashekhar Joglekar
Yeah, yeah, your question is understood. So the first question is about the future inflows which you have mentioned and the margins on those future inflows. As we mentioned earlier, all of these future inflows except only the new business development GDV which is part of this future inflows. Except for that, which is quite minor. Except for that Everything, the where, everywhere the land is paid. Most of these projects are MMR projects. So the average realization can be on the same lines of what we have today. So the margins are going to be reasonably higher since it is going to be a cash margin, cash flow margin.
And so far as the worry related question.
Parag M. Munot
Yeah. Hi Sumit. On the worry related. We have mapped the cash flow requirements and then taken this submission scheme. As you know, the land price is fully paid and it’s the only construction in the premium payments which with this submission scheme will also do fine. And it’s for a limited number of.
Unidentified Participant
Okay. Any. Any sort of target number you have for the convention before you close it off. Let’s say 30, 25 of the inventory or you are yet to decide on that.
Parag M. Munot
I think we’ll yet to decide. There’s a good demand for that. So we’ll see.
Unidentified Participant
Okay, that’s all from my side. Thank you. And all the questions.
Parag M. Munot
Thank you.
operator
Thank you. The next question is from the line of Akash Gupta from Nomura. Please go ahead.
Akash Gupta
Good morning. Am I audible?
operator
Yes, you are audible.
Akash Gupta
Hi.
operator
Sorry to interrupt, Mr. Gustav. Your voice is muffled. We are unable to hear you.
Akash Gupta
Okay. Is this better?
operator
Yeah. Please go ahead.
Akash Gupta
Yes. Okay. I was just wanting to check on the launches.
operator
Sorry, Mr. Gupta, we lost you again. We are unable to hear you. Can you use your handset mode please?
Akash Gupta
Okay. Am I audible?
operator
Yes, you’re audible. Please go ahead.
Akash Gupta
Okay. I just wanted to check what kind. Of regulatory approvals led to the delay. In launches in Q3. And like where are we in those. Regulatory approvals right now?
Parag M. Munot
Yes, Mr. Gupta, we had an environment approval we need to take which got delayed, but now it’s in line. And in the next two months we should get the approval that delayed our project at Lokhanwala which we had. Anticipated. About 700 crore sales in this year’s guidance. So that should get through now in the next two months. And in the first quarter of FY27 we should be launching that.
Akash Gupta
Understood, sir. And so my second question is that. In addition to the Lokhanwala launch, what are the big launches that we have. Stacked up in fourth quarter of FY26 and in FY27, what are the big ones?
Parag M. Munot
If you see our presentation on page number 19 we have given the. Which are the launches for FY26? Out of that we have already launched Kalpatu, Aria Residences, the Estella. Only the other two towers of that has to be launched in quarter four. One of the two towers has to be launched in quarter four on Rev 526 Shishti Nama. We have launched. Eternia. We have launched. So other than that we don’t have any other launches in quarter four. FY26.
Akash Gupta
Understood, sir. And anything big in FY27 that’s coming.
Parag M. Munot
Yes, in FY27 we have few projects which. We will give the details in the next call.
Akash Gupta
Understood, sir. Thank you so much.
operator
Thank you. A reminder to all the participants. If you wish to ask a question, please press star and 1. As there are no questions from the participants, I now hand the conference over to management of Kalpadru limited For closing comments.
Parag M. Munot
Thank you to all the participants for joining our results call. We look forward to regularly interacting with you all. In case of any further questions, please feel free to reach out to our investor relations or the ENY team for clarification. Thank you once again.
operator
Thank you very much on behalf of Kalpatru limited. That concludes this conference. Thank you all for joining us today. And you may now disconnect your lines.