Suraj Estate Developers Ltd (NSE: SURAJEST) Q1 2026 Earnings Call dated Jul. 28, 2025
Corporate Participants:
Unidentified Speaker
MR. RAHUL THOMAS — WHOLE-TIME DIRECTOR
MR. SHREEPAL SHAH — Chief Financial Officer
MR. ASHISH SAMAL — Investor Relations
Analysts:
Unidentified Participant
Rajender Pasi — Analyst
Amit Sagar — Analyst
Bhavin Modi — Analyst
Sagar Karkhanis — Analyst
Darshil Javeri — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Q1FY26 earnings conference call hosted by Suraj Estate Developers Limited. As a reminder, all participant lines will be in the listen only mode. And there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Rahul Thomas, full time director from Suraj State Developers Limited. Thank you. And over to you, Mr.
Thomas.
MR. RAHUL THOMAS — WHOLE-TIME DIRECTOR
Thank you. Good evening and I welcome everyone to our Q1FY26 earnings conference call. Along with me we have our CFO, Mr. Sri Palshah, Mr. Ashish Samola, intern Layar and SGA and Restoration Advisors. I hope all of you have gone through our investor presentation uploaded on the Exchange and our company website. Let me begin with a brief overview of the broader market environment. The Indian real estate sector continues to exhibit strong momentum supported by resilient domestic demand, improved affordability metrics and sustained infrastructure push across metros. Within this landscape, we are witnessing robust traction in both the value luxury segment in the residential space and commercial office spaces driven by urbanization trends, aspirational home upgrades and growing demand for quality workspaces in prime locations.
For the quarter ended June 25th, Sewerage Estate Developers Limited recorded a revenue of 133 crores and a profit after tax of 21.3 crores. Pre sales for the quarter stood at 81 crores impacted by limited available inventory. However, collections register a growth of 60% year on year and 12% quarter on quarter. Reflecting stable customer cash flows and continued progress in the project execution. We are consciously aligning our portfolio to meet the strong demand in value, luxury and commercial segments. A key development this quarter was the launch of Suraj Oreva in Prabhadevi. The initial response to this launch has been encouraging and reinforces our thesis on segmental demand.
In parallel, Suraj Paki one has received planning approvals and we are in advanced stages for securing both commencement certificates and the radio formality setting the stage for a timely launch. On the commercial front, we have made significant headway concession plans for the Amalgamated plans for upcoming commercial project has now been approved. We are currently in the process of obtaining environment clearance as a project size is beyond 20,000 square meters. Post Rena registration be on course for a high impact launch in the first half of FY26. This marks an important milestone in our commercial strategy which aims to build scale in strategy located micro markets of Mumbai.
As guided earlier, we remain committed to launching projects with a cumulative GDV of 1600 crores in H1 of FY26. Additionally, we are pleased to share a key update in our Marinagar project in Mahin. While we had secured in principal approvals last quarter, we have now successfully added 2 lakh square feet of additional carpet area under the Metro FSI significantly enhancing the project’s development potential. This addition is expected to generate an incremental GDV of approximately 800 crores from this project alone, further reinforcing our long term growth visibility. With this, our upcoming project pipeline now stands at 19 projects with an estimated saleable carpet area of 1220,307 square feet.
In addition, following the completion of Nirvana, Louisiana and Ave Maria projects, we now have 10 ongoing projects under development representing a total development carpet area of 4.69 lakh square feet. The estimated receivables from both sold and unsold from the ongoing project stand at around 875 crores. This calibrated strategy coupled with our robust pipeline, regulatory preparedness and supportive market fundamentals position us to drive sustained growth and deliver long term value to our stakeholders. With this I would like to hand over our call to our CFO who will run you through the financial highlights.
MR. SHREEPAL SHAH — Chief Financial Officer
Thank you Rahul.
MR. SHREEPAL SHAH — Chief Financial Officer
Good evening everybody. I will now run you through the financial highlights for the quarter ended June 2025. On the operational front in Quarter 1 FY26 we have achieved presales of 16524 square feet which is 27431 square feet in Quarter 1 FY 2025 transferring to a sales value of close to 81 crores versus rupees 140 crores in Q1 FY25. Collections for Quarter 1 FY26 stood at rupees 115 crores versus rupees 72 crore in the previous Quarter 1 FY25. While pre sales softened this quarter due to the constrained inventory, underlying demand in the Valley luxury and commercial segment remains.
Collection remained robust despite lower pre sales underscoring the strength of our exhibition capabilities. Average duration for Quarter 1 FY26 dropped to Rupees 49,028 per square feet versus 51,116 square feet in Quarter 1 FY25. Due to the change in the sales composition during the quarter under review, 64% sales were from the value luxury segment and 36% sales were from the luxury projects. Talking about the financial performance, the total income for a quarter 1 FY26 was rupees 133.1 crores versus rupees 134.6 crores in quarter 1 FY25. EBITDA for quarter 1 FY26, 2 rupees 50.3 crore versus rupees 64.2 crores in FY25 corresponding to the quarter previous to FY25.
Pack for the quarter end stood at rupees 21.3 crores versus rupees 30 crores in quarter 1 FY25. With this I would like to open the floor for questions.
MR. SHREEPAL SHAH — Chief Financial Officer
Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on the Touchstone phone. 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 assembles. The first question comes from the line of Rajender Pasi from Equity Research. Please go ahead.
Rajender Pasi
Hi everyone. So I’m audible.
MR. RAHUL THOMAS
Yes, yes.
Rajender Pasi
So sir, I wanted to understand like our operating cost is still high by approximately 20% in this quarter. If I remove the change in inventory as compared to the previous quarter in FY25. So is that mainly due to the development cost or something else?
MR. SHREEPAL SHAH
Technically there is a product mix difference. This quarter we had 64% coming from the value luxury as compared to the previous quarters and because of which you can see the difference in the margins. Also because luxury project, the sales value, sales realization per square feet goes from 60 to 70,000 per square feet and as compared to value of 0 where we command sale rate of 40 to 50,000 depending on the project and location of the project.
Rajender Pasi
Okay. And let’s say as we have already mentioned that we are going to maintain the 40 to 45% of EBITDA margin on annual basis. So are we still confident that we can do that for this year or are we going to take some hit on that part?
MR. SHREEPAL SHAH
We will try to maintain. But how? We wish to inform you that the product mix, the projects which we are going to launch this financial year are. Most of them are in the value luxury segment. So there we might have some hit in the margins. However, having said that, we also would like to highlight that new projects like commercial and all which are vacant and parcel and those have been acquired at today’s market value. So that the margin profile is good for the historically acquired land banks for the commercial projects or for lands which are recently acquired.
We propose to maintain 25 to 30% margin on overall basis.
Rajender Pasi
You mean the EBITDA margins or the operating margin?
MR. SHREEPAL SHAH
EBITDA margins we are saying.
Rajender Pasi
Okay. And what would be our presale and revenue guidance for this year? As I remember that you mentioned in the last call that we are going to give that in the next quarter. So can we expect something right now.
MR. SHREEPAL SHAH
Since we are already in the stage of launching new sites and it all depends on the launch pipeline. So when the projects are getting launched and the major project being commercial. So we will refrain from giving pre sales guidance this quarter, but maybe from the next quarter we will give you proper guidance.
Rajender Pasi
Okay. And the last question from my side would be as we are hearing that there is slowdown in the property registrations in the Mumbai metro region and the demand side is basically, you know, a bit tedious right now. So can you can explain something around that like how we are experiencing, experiencing these things.
MR. RAHUL THOMAS
So Rajinder, coming to the demand, we are seeing good demand for the 1 and 2 BHK category. And I think that’s what we are launching right now. Whether it’s Suraj or Reva or Suraj Parkview, we are in that category. So the response we are getting in a project called Suraj or Reva is also very good. And we expect that this demand will continue for these kind of ticket sizes and also commercial. We are seeing a great demand. So I think going forward, I don’t see demand to be an issue at least for the new launches for this year.
Rajender Pasi
Okay. And as you’ve already mentioned that our commercial project as well as Parkview One is going to be launched in H1FY26. Right. So we are still confident on that part, correct?
MR. RAHUL THOMAS
Absolutely.
Rajender Pasi
Okay.
MR. RAHUL THOMAS
Okay.
Rajender Pasi
That was.
MR. RAHUL THOMAS
Thank you.
operator
Thank you. Before we take the next question, we would like to remind participants, you may press Star and one to ask a question. The next question comes from the line of Amit Sagar, an individual investor. Please go ahead.
Amit Sagar
Hi. Am I audible?
operator
Yes, sir.
MR. RAHUL THOMAS
Yes.
Amit Sagar
Yeah. So I mean my question is mainly. Like, you know, before the start of this presentation, you’re painting a very rosy picture of the real estate demand being robust and good sales number but we’ve been constantly hearing about like we’ve been constantly iterating on Q and Q new launch projects but they’re not getting launched. I mean it’s been. If you forget about the recent 120 crore project launch in like there was no launch in like last 12 months. And between that, I mean everybody there is an investor as well. And the stock price is at 52 bit low. When you look at the other companies, they’re doing pretty well.
Where is the disconnect between how market is taking what you are giving versus what you are saying on the conference call or basically sharing in the investor position? There is a disconnect. That’s what all I’m talking about. Can you please shed some light onto that?
MR. RAHUL THOMAS
Thanks Amit. So I think what we have said last time in terms of our project launch pipeline does not change from the last call to this call. We still committed to have a 1600 crore launch and we’re still committing on this call from the launch pipeline perspective. In the last call to this call we’ve already launched Suraj Oreva like you correctly said 120 crores. We have Suraj Parkview which we’ve already said in our presentation that we have the approvals in place currently the RARA formalities are on and we are very confident of achieving that launch before the end of this current quarter.
So coming to your question on the disconnect, I would not want to comment on the disconnect between what the market is or the price of the stock. What I can comment is the sales which we will be doing for this quarter. And we are very, very confident on our group and also the velocity and the segment we are operating. And that will clearly reflect in the current quarter’s performance. So I think you can kindly wait to see the performance for this quarter. Thank you.
Amit Sagar
Thanks for the update. I mean my follow up would be, I mean I agree with what you’re saying. Okay. But the thing is as a real estate company you need to launch projects. You need to have an inventory to make that sale. Right? That is the basic disconnect that I’ve been talking about. That from last one minus this last project there was no new launch. So we basically are only selling the inventory that we have based on that. And the demand was robust. Now the prices now they’re everywhere. It’s like reports are coming out that Mumbai Metro Industrial before me also asked the same thing.
The prices are falling. Now we are going to launch something where the demand might be not that robust. But in the beginning of the call you’re saying demand is very robust. That is the disconnect that I’m talking about. If you can please talk about like I understand that your money project. But where are those launches? What is the disconnect? Like where is the delay between those RERA licenses?
MR. RAHUL THOMAS
Like I said, we’ve given you a clear status update on the launch pipeline. One is already launched from the last time which is Suraj, Oreva, SparkVue. As I said, we are very confident on launching it by getting the radar formalities done and the commercial. So these three are happening together. And in terms of the demand, I told you we are very confident in the kind of demand we’re seeing even for a project Suraj or ever right now the 1 and 2 BHK. I mean I think we have just wait and understand how the quarterly results will come.
But we are confident as from a management perspective we’re confident that the ticket side the segment we are operating. We sure it does not we are seeing a good demand for this.
Amit Sagar
Got it. So the one that the two that you are saying that are getting launched very soon. Are they going to happen in the beginning, mid of the quarter or towards the end? Yes.
operator
Sorry to interrupt sir. Maybe request you to return to the question queue for the follow up question.
Amit Sagar
Sure, I can do that. Just last follow up. Just last question. Like just a very small thing he just said like you just said that you know the launch will happen very soon. I’m just asking is it going to happen in the beginning, mid or the end of the quarter?
MR. RAHUL THOMAS
So you can take a timeline off towards the end. Because you know we do not want to give early commitment and then feeling. So you can take it for end of the quarter but endeavor would be much before that. Thank you.
Amit Sagar
All right. Thank you.
operator
Thank you. The next question comes from the line of Bhavin Modi from Anandrati. Please go ahead.
Bhavin Modi
Hi sir. Thank you for giving the opportunity. Sir, I just want a few numbers so. So can you help me with what was the you know, selection already received for Louis in the away Maria and. Yeah. Mystery House. Sorry. Nirvana. Hello.
Bhavin Modi
Hello.
MR. SHREEPAL SHAH
You’re not audible.
Bhavin Modi
Yeah. Am I audible now?
operator
No, the management is not audible. Just a moment. Ladies and gentlemen, the line for the management has been disconnected. Please hold while we reconnect them. Thank you.
operator
Ladies and gentlemen, the line from the management has been reconnected. Thank you. And over to you sir.
MR. SHREEPAL SHAH
So the collection during the quarter for the project Lean Central was close to 1.91 crores. It was 1.82 crores. And for the project Nirvana it was 14.95 crores.
Bhavin Modi
Okay.
Bhavin Modi
Second is what is the gross debt? You know and the cash and cash. Equivalent spending is on the 30th of June
MR. SHREEPAL SHAH
528.7 crores.
Bhavin Modi
Okay.
MR. SHREEPAL SHAH
And the cash. Cash equivalent is 95.4 crores. And the net debt is 4433.3 crores.
Bhavin Modi
So the last quarter it was 417 crore net debt. Now it has increased to 433 crore. You know, despite there also, you know 115 crore of collection. So can we say around 1, 135 crore was spent on the business development activity.
MR. SHREEPAL SHAH
So you are not on the entirely on the business development ongoing projects majorly which are in advanced stages of construction.
Bhavin Modi
Right. Okay.
MR. SHREEPAL SHAH
And few money was spent on upcoming projects also like sooner or we launched also commercial side and some amount was upcoming projects more.
Amit Sagar
Okay.
MR. SHREEPAL SHAH
And that was operating expenses like employee cost and statutory payments and finance. Last time the net debt Number was close to 414-crore. 417.
Bhavin Modi
Okay. Next is you know sir, can you help me with the like what is the bd, you know, pipeline like anything, you know, in progress. Like what if the management can guide us with respect to BD development activities.
MR. RAHUL THOMAS
So we apparently in terms of business development we are discussing with lot of societies. So I mean at the right time we’ll be informing. We’re talking to a few societies in Prada Devi and also certain line parcels. So that will come as and when we are, you know closer and we get into a definitive agreement we will be informing everyone.
Bhavin Modi
Okay. And last thing with respect to the you know, Suraj Vibe or Mahin commercial project. So can you just help me with what is the unit environmental. What is the state of the environment approval? You know whether it is, you know the whether the TOR study is done, whether the state environment impact assessment study, you know, what is the progress on that. So I understand before the plots are amalgamator we there was no requirement of you know, EIS study. But now like what is the development currently.
MR. RAHUL THOMAS
We submit it for environment clearance. So hearing is for the first, first week of. First week of August. There’ll be obviously two one, it will be the committee and then the authority. So two, two stage approval. So we’ve already made all the arrangements with all the studies internally to present our case on the first week of August.
Bhavin Modi
So can we expect the EC approval, you know, state EC approval to be, you know by. By the 30th of September.
MR. RAHUL THOMAS
That is our target. We’re target targeting. Because luckily it’s not a very big queue in the MOE of approval standpoint. So I think we can push our case to get fast.
Bhavin Modi
And after receiving this EC approval then there will be only the RERA thing that will be pending. Right.
Bhavin Modi
All the other place. Right?
MR. RAHUL THOMAS
Correct. CC and Rara.
Bhavin Modi
Okay.
Bhavin Modi
Yeah.
Bhavin Modi
Thanks.
operator
Thank you. The next question comes from the line of Sagar car from Nirval bank equities. Please go ahead.
Sagar Karkhanis
Yeah. Hi. Thank you for the opportunity. I’m audible.
MR. RAHUL THOMAS
Yes.
Sagar Karkhanis
Yeah. Firstly I just wanted to understand. You mentioned that for our commercial right project we are expecting a high impact launch in the first half of FY26. Is that the correct timeline that you mentioned? So Vibe, we will be launching by September, hopefully subject to all the approvals coming in place. And generally my understanding is in Resi like we have pre sales in commercial, we don’t get great pre sales. And the larger chunk of the sales happen post construction. Is that a correct understanding for Vibe? I’m just going to understand how the cash flows will happen for Vibe.
MR. RAHUL THOMAS
So we have planned smaller office spaces in Suraj wide right now where we’re planning offices closer to the range of thousand to 1,200 square feet offices. So in this case pre sales can happen very easily because these are smaller ticket size offices which we are planning in a particular flow. Having said that, there will be certain flows which are larger formats. So we can expect good pre sales coming from the areas with offices and range of thousand to 1,200 square feet.
Sagar Karkhanis
Understood. Perfect. And secondly, on the ongoing projects I just wanted to know what is the status of the construction right now for let’s say Vitalis Palette, Ocean Star and Lumina.
MR. RAHUL THOMAS
So the stage of construction and pallet, we are the 49th lab out of the 50. So we have only two more slabs to go. In Ocean Star we are on the 40th flat. And in Vitalis we are on the 10th.
Sagar Karkhanis
And Lumina.
MR. RAHUL THOMAS
Lumina. We reached the clinic.
Sagar Karkhanis
Okay. All right. And thirdly, you mentioned about the Marinagar additional FSI that you have received. You mentioned 2 lakh square feet of additional FSI, is that correct?
MR. RAHUL THOMAS
Yes.
Sagar Karkhanis
So at our current average realization of around 45,000 per square feet, even if I take that’s almost what a 900 crores or is that the correct number?
MR. RAHUL THOMAS
Correct. We said 800 crores. Presumably 40,000 per square foot.
Sagar Karkhanis
Okay. Okay. So 800 crores. And what do we have to like do? Like we pay fungible FSI premium. Do we have to pay anything for getting this additional fsi.
MR. RAHUL THOMAS
We’ve already paid that.
Sagar Karkhanis
And what is the working like? What? What? How much do you have to pay? Is it based on the definite date or how does it work?
MR. RAHUL THOMAS
It’s a notification, Sagar. I can maybe share with you.
Sagar Karkhanis
I just wanted for this 800 crore additional. How much will be our outflow in terms of absolute number?
MR. RAHUL THOMAS
We can give you the details.
Sagar Karkhanis
Sure, sure. Okay. And secondly thirdly on the Banda Mount Mary project, anything that you would like to speak. What is the update?
MR. RAHUL THOMAS
So Bandra Mount Mary, few acquisitions are still underway. We will be announcing a few. In terms of bd we will be purchasing a few land parcels there. So at the right time we will be making those announcements. I can only say that everything is in advanced stage and paperwork is already in order. So we just need to complete certain formalities and then announce those acquisitions.
Sagar Karkhanis
Okay. So optimistically when would be the first launch you feel in the Bandra project? Will it be in the next financial year or do you think it can be even after that?
MR. RAHUL THOMAS
No, it will be definitely. It will be targeting it before that. But next financial year would be a reasonable estimate.
Sagar Karkhanis
All right, great. Thank you. I’ll come back in the queue. Thank you so much. And best wish.
operator
Thank you. The next question comes from the line of Darshil Javeri from Crown Capital. Please go ahead.
Darshil Javeri
Hello. Good evening sir. Thank you so much for taking my question. Hopefully I’m audible. Some of my questions have already been answered. This one clarification. When we are talking about ebitda, did we say like for the places where we have to, you know, buy the land our margins will be around 25%. And other than that, what would be our margin? Sir.
MR. SHREEPAL SHAH
That is regarding the weekend land we are talking of. If we are supposed to acquire a vacant land today then the margin profile ranges from 25 to 30%. But for 33 projects the margins are little higher because we are taking the risk of tenant and other things and rehousing those. So the margins are better in those. So on a branded average at the group level we feel it may vary from 30 to 35%.
Darshil Javeri
On a blended level it will be around 30. 35% is what we are targeting. Right? Yeah. Yeah. Oh, okay. Okay. Fair enough, sir. And tell me to harp on the fact that what other people are saying. So any kind of indication that what kind of, you know, pre sale, you know we can target this year. Because you know that would be really helpful for us as an indication of how we treat the current.
MR. RAHUL THOMAS
So Dr. Ji, basically we are happy to give you guidance. But the thing is we have these two big launches planned. As you can see our unsold inventory is very less in our ongoing sites. So it’s very imperative that these launches happen so that we can give you very clear guidance which we are estimating by the end of this current quarter. So I would say just wait till the end of this current quarter. We’ll definitely give you that. By then we are very confident that these will be launched. So it becomes very practical for us to give you a clear guidance.
Darshil Javeri
What is the GDV for that? It’s 1200 crores, right?
MR. RAHUL THOMAS
Yeah. Hello commercial.
Darshil Javeri
I couldn’t get you sir, sorry.
MR. RAHUL THOMAS
Can. You repeat that again?
Darshil Javeri
I couldn’t remember the reply. What is the GDV? Some of these two launches.
MR. RAHUL THOMAS
The 1200 crores would be from the commercial launch.
Darshil Javeri
Okay. Yeah, yeah. Okay, perfect. I think that’s it from my side. So all the best. Thank you.
MR. RAHUL THOMAS
Thank you.
operator
Thank you. The next question comes from the line of Rajender Pasi from Equity Research. Please go ahead.
Rajender Pasi
Hello. Am I audible right?
operator
Yes sir, you’re audible.
Rajender Pasi
So on the pre sales perspective I wanted to understand that for this quarter we had like 81 crore pile previously. Also we were able to maintain the kind of pre sales that we were having previously even with the low inventory of I guess for the last quarter was 300 crores. I guess. So why like it happened that it came down to get let’s say 81 crores from 144 crores even when you know we didn’t have a lot of high inventory. So can you throw some light on that?
MR. RAHUL THOMAS
So with the limited inventory which we have, we have got a presale of 81 crores. That is only for this particular quarter. But we are very confident with these two new launches we will surpass the earlier expectations. So we will give you a clear guidance by the end of this current quarter so that you have a very clear estimate of what is launch pipeline and also the guidance in terms of presale.
Rajender Pasi
Okay, okay. And July has also, you know, passed. So what kind of presales can we or what kind of presence have we seen for the July month? Like we have a very limited inventory right now. So can you can explain on that as well?
MR. RAHUL THOMAS
So we are currently busy selling our value luxury. So Sura Jareha, we have seen good demand. So of course we cannot give you an exact thing right now but it will come in our presentation by the end of the quarter that we’re seeing good demand in Suraj or ever which is newly launched. And also Parkview, we already started talking to the brokers that were coming up with this launch and they’ve given us confidence that there’ll be a lot of eoi that’s expression of interest from the customers. So we’re very confident that this quarter we will see good numbers and we manage to follow.
Rajender Pasi
Okay, okay. And the last question was, as in the previous calls as well, we we maintained of 40 to 45% of EBITDA margin. And I know that now we are going to have a new launch where the EBITDA margins are going to be 2025 for the commercial project. But the point is like we already knew that we are going to launch the value luxury projects and the commercial project. Right. For the H1. And so why then we basically. I basically don’t able to understand. I’m not able to understand that. Previously we had the 40 to 45% of EBITDA margin guidance and now we are basically talking about 25 to 30. So have we not considered this thing that we are going to have a new launch and the value luxury project, so we won’t be able to maintain the 40 to 45% of guidance. So like where the Ms. Did happen, basically I just want to understand that.
MR. RAHUL THOMAS
The product mix will be in different stages. Our commercial was never guided for 40 to 45%. We always maintain that new projects, vacant lands would be in the 25% range. Having said that, we have bank which is old. We still continue even it being value luxury, we will still continue to have about 40%. There are certain new value luxury projects which will like for example a society development again which we are building, which will be a bit lesser, not the 40% but maybe about 30 odd percent. So you have to look at it as blended average.
It cannot be. I think this will be a blended average. We’re expecting between the 35 to 40% would be a blended average. It will not be 25, it will be more than 25.
Rajender Pasi
Got it, got it. So even in the value luxury, you mean that it can vary from let’s say 30, 35% to 40 or 45% depending upon project to project. Even in case of redevelopment, Right?
MR. RAHUL THOMAS
Correct.
Rajender Pasi
It also depends whether the land is historically acquired or it is today’s rate.
MR. RAHUL THOMAS
So the land which we have acquired earlier will still remain to be in that margin. The value luxury projects which are acquired recently will have a lesser margin while commercial will have range of 25%.
Rajender Pasi
Got it. Yeah, that’s on all the way.
operator
Thank you. As there are no further questions from the participants, I now hand the conference over to the management for closing comments. Thank you. And over to you, sir.
MR. RAHUL THOMAS
I take this opportunity to thank everyone for joining the call. I hope we are able to address your queries. For any further information, kindly get in touch with us or SGA Investor Relations Advisor. Thank you.
operator
Thank you. On behalf of Suraj Estate Developers Ltd. That concludes this conference. Thank you for joining us. And you may now disconnect your lines. Thank you.