The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Puneet J. Gulati - HSBC, Research Division - Analyst
: Congratulations on good cash flow momentum and strong reduced debt. My first question is on the pipeline. You alluded to the 3.44 million square
feet Neopolis launch. Can you talk a bit about what kind of response have you received? And when you talk about 6 million to 7 million square feet
potential launch pipeline, is it over and above 3.4 million or is it inclusive of 3.4 million?
Question: Puneet J. Gulati - HSBC, Research Division - Analyst
: Right. And in that context, if I think about your collections-to-sales ratio, which is roughly about 81%. And I don't think you have much to sell from
your existing area. So when you launch Neo, would it be fair to assume that the collection ratio to sales can go down substantially? Or it should
not be that material a fall?
Question: Puneet J. Gulati - HSBC, Research Division - Analyst
: Yes. So when you launch Neo, you obviously will be collecting only, at best, 30% given that only 6 months are remaining from the sales that you
are likely to do, will the collection -- and your existing inventory, unsold inventory is very little. So would it be fair to assume that even if you were
to maintain the same sales run rate, the collection could actually be lower than what you experienced in the first half?
Question: Puneet J. Gulati - HSBC, Research Division - Analyst
: Okay. Okay. Sir, that's helpful. Secondly, in your presentation, there was also a mention of commercial portfolio. So is there a change in thought
process where you want to own commercial portfolio? Or is it just temporarily parking in the balance sheet?
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NOVEMBER 07, 2023 / 12:30PM, SOBH.NS - Q2 2024 Sobha Ltd Earnings Call
Question: Puneet J. Gulati - HSBC, Research Division - Analyst
: No, for example, Sobha City Mall in Thrissur and One Sobha Bangalore, would stay in your balance sheet or would it be sold eventually?
Question: Puneet J. Gulati - HSBC, Research Division - Analyst
: Okay. And similarly, the Sobha City Athena, which is ongoing, would also stay with a small one?
Question: Puneet J. Gulati - HSBC, Research Division - Analyst
: And lastly, on some of the pending cases, while notes to accounts don't reveal anything new, there is also a new update on one of the auditors,
which came in where NFRA had penalized the auditor for lack of disclosures in terms of some land deals. Can you elaborate on what really is the
problem there? And what is your response to that?
Question: Puneet J. Gulati - HSBC, Research Division - Analyst
: And -- okay. And any update on when should one expect you to start disclosing your land bank once again? You used to disclose it every quarter,
but last few quarters, it's been the same?
Question: Puneet J. Gulati - HSBC, Research Division - Analyst
: And since the last disclosure, has that pipeline materially changed? Or is it largely similar given that you're doing quite a bit of claiming up there?
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