Transcript of earnings call for Q1 FY27

AI summary - Q1 FY27 collections at INR 2,406 Cr; operating cash flow over INR 1,300 Cr; net cash INR 15,200 Cr - Rental portfolio 50 mn sq ft, occupancy >95%, revenue INR 1,605 Cr, EBITDA INR 476 Cr - Net profit INR 794 Cr vs INR 766 Cr YoY; conservative revenue recognition method continues - FY28 expected as inflection point with large projects like Arbour contributing to P&L - Rental business expansion: 3 malls operational, Goa mall OC received, leasing momentum strong - Dahlias sales slower due to high price points (INR 100 Cr+ entry), experience center launch post-Diwali - Land acquisitions ongoing with INR 545 Cr spent in last 2 quarters; strategic parcels in Gurgaon - Commercial leasing improving; new projects leasing at INR 200/sq ft; data center focus on real estate only - Mumbai development over 5 mn sq ft planned; selective approach to new projects - Rental income steady; malls ramping up; new data center expected to add rental by Mar-Apr 2027 - Dahlias expected to sell out in ~3 years; price appreciation prioritized over sales velocity - Privana next phase launch expected early next year; no plotted development planned - Exit rentals for FY27 expected between INR 7,300-7,500 per sq ft