Thank you, and good morning, everyone. I welcome our shareholders, analysts, and other stakeholders to our quarter three fiscal '26 earnings call.

Before I move into our performance and outlook, I would like to place our results in the context of the broader global and domestic aviation environment. The year-to-date for the aviation sector has been a testing one, with multiple events trying to disrupt the momentum seen in the air travel.

Yet, I am encouraged by the efforts taken by every stakeholder, especially the employees, and the resilience seen in the passenger traffic. Global demand remains resilient into 2026, despite supply bottlenecks, and India remains one of the aviation's strongest structural growth markets.

IATA projects airlines will deliver about USD 41 billion of net profit in 2026 on record load factors of 83.8%, while ACI World expects global passenger traffic to exceed 10.2 billion in 2026. Growth will be led by Asia-Pacific, where IATA projects traffic growth of 7.3% year-on-year, and within Asia-Pacific, China, India, and Vietnam will be the three key growth markets.

The supply side is looking to be even more encouraging for 2026. Boeing estimates that aircraft deliveries to its Indian customers, including Air India Group and Akasa Air, will average two planes a month in 2026.

In fact, Akasa Air has resumed hiring pilots after an 18-month pause, aiming to expand its fleet with upcoming Boeing deliveries. Similarly, this year, Air India has unveiled a brand-new Boeing 787 aircraft, and by the end of 2026, nearly 65% of the airline's wide-bodied fleet and over 50% of its international services will feature modern, top-of-the-line cabins, as per the Air India's Chief Commercial Officer.

IndiGo also expects delivery of nine A321XLRs in 2026, giving IndiGo the advantage, the range to operate up to 8,700 kilometers, opening long-haul opportunities previously out of reach for single-aisle aircraft. IndiGo aims to increase international capacity to 40% of its total capacity by fiscal '30 from current 28%.

Thai Airways is also deploying its latest Airbus 321neo aircraft to cities in India as part of its ambitious expansion plan. In a nutshell, 2026 demand is resilient, and supply is normalizing.

On that note, let me delve into our quarter three fiscal '26 performance, which mark achievements of multiple milestones. I'm happy to share that Hyderabad Airport has again declared an interim dividend of ₹7.5 per share at the recently concluded board meeting.

This translates into ₹2.1 billion for GAL's 74% stake. Momentum in total income continued, with quarter three at ₹40.8 billion, up 49% year-on-year.

These results underline the strength of our core assets and the success of tariff revisions and the growing contribution of non-aeronautical and adjacency businesses. EBITDA grew 65% year-on-year to ₹17.9 billion, with EBITDA margins for the quarter improving to 55% in quarter three.

EBITDA continues to break previous records, achieving new highs each quarter. GAL reported a profit for the quarter of ₹1.7 billion versus ₹2 billion in quarter three '25.

Importantly, reported PAT, excluded the impact of exceptional items, was ₹3.6 billion for quarter three fiscal '26 versus ₹2.1 billion loss in Q3 '25. This was the first positive and highest profit seen since demerger.

Consolidated net debt, excluding FCCBs of ₹27.7 billion, which are deep in the money and shall convert into equity on its due date, stood at ₹345 billion, increasing by ₹5 billion versus quarter two fiscal '26. Net debt at Bhogapuram increased by ₹1.8 billion.

Net debt at GMR Cargo & Logistics Limited, entity developing the cargo city in Delhi, increased by ₹1.1 billion. GMR Logistics Parks Private Limited, Hyderabad Airport's wholly-owned subsidiary, also refinanced its existing debt, resulting in increase of about 1.5 billion rupees in net debt.

More importantly, despite debt slightly increasing, our interest cost for the quarter is lower versus quarter two fiscal '26, a trend which had been communicating as our ratings continue to improve, which enables us to refinance debt at lower costs. On the operational front, traffic at GAL-operated airports rose 2.5% year-on-year in quarter three, reaching 31.9 million passengers, and this excludes the Cebu airport in Philippines.

This is the highest quarterly traffic handled on record, despite the disruptions in early December. Delhi Airport handled record quarterly traffic of 20.8 million passengers, reaffirming its position as India's primary global gateway.

Mopa, the Goa Airport, also handled a record 1.5 million passengers for the quarter. Total income of Delhi Airport rose 41% year-on-year to 20.2 billion rupees.

While growth in non-aero and CPD income was healthy, the primary driver of the sharp increase in total income was aero revenues, which rose 173% year-on-year, driven by the implementation of revised tariffs. As a result, quarterly EBITDA reported was the highest on record, increasing 89% year-on-year to ₹8.2 billion.

With this, the airport has reported a profit of ₹2.3 billion for quarter three '26, and even excluding exceptional gain, the PAT for the quarter remains positive. At Hyderabad, total income was ₹6.6 billion, up 8% year-on-year.

Non-aero revenues were particularly strong, up 24% year-on-year. EBITDA was up 11% year-on-year to ₹4.5 4.3 billion.

Quarterly EBITDA continues to be at near record highs for the airport, and airport has also continued to be PAT-positive. Mopa Airport reported a total income of ₹1,061 million, down 15% year-on-year, while aero revenues declined 16% year-on-year due to special initiative program to attract airlines, the impact of which is already visible on the traffic, which rose 21.6% year-on-year, and non-aero revenues, which saw a 30% year-on-year growth.

Also, do note that during quarter three of last fiscal '25, CPD income saw a bump as airport signed deals for the hotel, and as a result, CPD for quarter three fiscal '26 cannot be compared with the last year. The airport continues to report positive EBITDA, with quarter three fiscal '26 at 418 million rupees.

Notable achievements during the quarter are combined aero yield per pax, or YPP, in quarter three '26 was INR 430 for Delhi, Hyderabad, and Mopa, and the non-aero income per pax was ₹666. This includes all revenues from non-aero businesses, adjusted for revenue share paid to airports, as well as non-aero revenues reported by Delhi, Hyderabad, and Mopa airports.

Progress on scaling the airport adjacency business is gathering pace. We continue to execute on our long-term vision of evolving GAL into a scaled consumer platform, anchored by the reliability and discipline of a utility business.

GAL financials are now truly reflecting the upsides from the takeover of duty-free operations at Delhi and Hyderabad airports. In fact, at both these airports, duty-free achieved the highest monthly sales in December '25.

Hyderabad Duty Free operationalized a new departure store in Jan '26, with entire operationalization in next two to three months. This will significantly enhance the departure total store area from 350 square meters to 1,200 square meters.

Moving to cargo, the Delhi Cargo Terminal handled the highest-ever monthly cargo tonnage in December '25. On F&B, at Hyderabad, phase-wise openings of F&B outlets is ongoing, and all major outlets are expected to open by quarter four or end of this quarter of fiscal '26.

Coming to refinancing and fundraising activities during the quarter, Hyderabad Airport raised 21 billion rupees in the form of non-convertible debentures and used the proceeds to refinance an existing dollar-denominated debt. The NCDs carry a coupon of 7.6% per annum and will lead to savings in interest cost of more than 150 basis points.

CRISIL Ratings revised its outlook for Hyderabad Airport to positive from stable, while reaffirming the rating at CRISIL AA+. GMR Cargo and Logistics Limited, a wholly-owned subsidiary of GAL, availed rupee term loan facility of ₹7.5 billion to enable it to meet a part of its estimated project cost towards developing the cargo city in Delhi International Airport.

Construction on multiple airport land development projects is underway at all airports, details of which are available in the results presentation. At Hyderabad, the build-to-suit MRO facility of about 0.5 million square feet for Safran was completed and inaugurated by the honorable Prime Minister, Shri Narendra Modi.

Work on new airport construction is steadily progressing. At Bhogapuram, 95.8% of physical progress has been achieved as of December '25, and we aim to operationalize the airport in quarter two fiscal '27, much ahead of our original target of December 20 of December 2026.

At Crete, 65% progress has been achieved. As a responsible airport operator, GAL is deeply committed to the environmental, social, and governance principles.

GAL recently published its sustainability report for fiscal '25, and is available to be downloaded from our website. The IR presentation contains key highlights of the report, and we invite you to explore our detailed ESG progress and initiatives outlined in the report.

Our initiatives are resulted in significant improvement in ESG ratings across S&P Corporate Sustainability Assessment, or CSA, Sustainalytics ESG risk ratings, and MSCI ESG ratings. GAL also became a member of the FTSE4Good Index Series.

GMR-operated airports and subsidiaries continue to set new benchmarks globally, earning prestigious accolades that reflect our relentless pursuit of excellence and innovation. These milestones underscore our commitment to deliver world-class infrastructure and enhance long-term shareholder value.

In closing, quarter three fiscal '26 represents another important milestone of GMR Airport's transformation into a global, diversified, future-ready, and profitable infrastructure platform. Our performance reflects the strength of our core assets, the success of our platform strategy, the dedication of our employees, and the trust of our stakeholders.

The presentation with all financial numbers are already available with you. If not, you can download it from the IR section of our website.

We are available to respond to your questions on this call, and offline after the call. Now I would like to open the forum to the queries that will be addressed by myself and my colleagues from the corporate and business teams.

Thank you.

Thank you for the opportunity, and congrats to Mr. Saurabh and the team for the last five years of good news that has happened for GMR.

Numbers are going through very well. With that being said, a few questions from my side.

The first question was more linked to the uptick that is happening from a retail perspective and a non-aero perspective in Hyderabad. Just trying to gauge it from you whether how quickly will this keep on happening.

Is there a case for this good growth rate on non-aero per pax further sustaining and seeing a further bump-up into fiscal '27? A related question over here in Delhi, how do you think through the prospects of any development that can increase non-aero from the perspective of FY '27?

Aditya, I'll ask my colleague Rajesh to answer your queries. He leads the business of non-aero in GMR.

Rajesh.

Aditya, I think your line was garbling in between, but if I understood your question right, one was on the growth in Hyderabad non-aero and SPP, and the second was on how do we see this in Delhi? Let me first take up Hyderabad.

See, as we were in the process of expanding the Hyderabad terminal. That happened in last year.

The existing part of the terminal was also the non-aero part was undergoing a revamp. Now with the stores opening up, more area is available, like F&B, we are also talked about that.

With all that, what you see is the growth in the current quarter and the current nine months of period. That has been the underlying reason for a good, significant growth in non-aero in Hyderabad.

Delhi, as T1 was opened last year, and even within T1, all the stores are now also becoming operational. Some of our stores underwent reconcessioning, again the result of that will start seeing it in the coming quarters.

For us, as we have been communicating in the past, a more sustainable growth we look at all our non-aero businesses to grow, say, in and around 15% kind of thing which we are targeting. Whilst there could be some uptick in between as and when the new area is opened, but on a long-term basis, this is more like 15% plus non-aero growth.

Understood. The second question that I had was more on just a clarification.

Somewhere, it seems like the revenue share implied for Delhi has taken a dip this quarter. Wanted to check whether there is something to read over here or this is just a one-off and will reverse over time?

Aditya, GRK garu will answer this question of yours.

Hi, Aditya. It's basically, as in case of the Delhi, we have certain exclusions which have to be done, and during this quarter, we have done certain exclusions which are permitted under the OMDA.

That is the reason why the revenue share has come off. This is as per the OMDA provisions.

Aditya, from your modeling perspective, you should assume what the headline number of revenue share is. There could be some slight ups and downs that may happen because of inclusions or exclusions under the OMDA, but purely from a modeling perspective, you just continue with the 46% headline number.

Understood. From the perspective of the balance sheet, the debt numbers are slowly rising upward.

With Bhogapuram, where it is in terms of completion, should it be a fair assumption that net debt starts declining somewhere in fiscal '27, and then the momentum kind of decline increases starting fiscal '28?

You're absolutely correct, Aditya. Debt, I think in the last quarterly call also I said that during this fiscal year, debt will peak as Bhogapuram reaches its peak what I call a finality from a construction perspective.

In fiscal '27, we will see debt to start come off. It's important to also understand that non-aero, as it grows, will continue to decrease this net debt number over a period of time.

Momentum will surely come from there. From a concession perspective, our concession agreements allow debt to continue because that allows us in our tariff determination and cost and reduce the cost of capital.

We are in a very good spot. You can see Hyderabad as AA+, Delhi, I think in a very short period of time should go to AA+, and GAL is something again we have

A+ to A

to AA-. I think that's the journey we should see over the next 12 to 18 months.

From a pure strategy perspective, the way we look at it in two years' time, we would like our businesses to be all AAA, okay, and we will have the debt where we get the rating of AAA, we get the least amount of debt cost on our books, and the balance cash is something that gets upstreamed whether to GAL or eventually as GAL starts to give dividend towards shareholders. That's a very simple strategy that we are following, because bulk of the hard work is already behind us.

Just as a final question, then I'll get back in the queue. On that point, do you think of a certain net debt-to-EBITDA or interest coverage wherein dividends starts becoming a possibility for shareholders, and any sense whether this is an FY '28, FY '29 timeframe or how do you think through?

Those were the last questions. Yeah.

Thank you.

Theoretically speaking, Aditya, a multiple of 3 to 3.5 is reasonable to look at. We are a capital-intensive business.

There could be opportunities of new airports coming on board. If in the current portfolio, the way we look at it, between 3 to 3.5 net debt multiple, the trigger to start upstreaming dividends will surely begin.

Thank you so much, and I'll get back in the queue. Thank you.

Yeah. Good morning, sir, and thanks for the opportunity, and congratulations on a very good set of numbers.

My first question is the traffic growth has been benign for last nine months, right? Do you think traffic was impacted also due to supply-side constraints?

Do you have some kind of number, what is the aircraft stock right now, and what is the addition you expect in the near term, if you have the data available, sir?

GRK garu, please.

See, currently the traffic has been a little flattened due to the aircraft issue, and also the Air India crash and all other issues. It has started showing the good improvement from December onwards.

Next year, we are expecting the total deliveries as per the discussion we have with the airlines. Air India will be taking about almost 20 to 30 aircrafts, and IndiGo will be about 30 to 40 aircrafts, and Akasa also will get about 10 to 12 aircrafts.

There will be a net increase, even after grounding of certain aircrafts, maybe around 50 aircrafts in the next year. That will certainly improve the traffic going forward.

The signs of improvement has already come in the month of January. We have seen a substantial growth in the traffic.

Understood. My second question is can you help us with the base number for Delhi duty-free in KR so that we can have a fair comparison?

Of course, the daily duty-free has done pretty well. Is there any one-off also in this quarter for the duty-free?

Mohit, can you just repeat your question?

Two-part question. One is I want the base number for Delhi duty-free for Q3 and nine months.

The second question is was there any one-off in the Delhi duty-free in this quarter? Yeah.

Okay. Mohit, as Delhi duty-free was earlier a joint venture, and that's the structure it followed till 27th of July.

Effective 27th of July midnight, it has become part of GAL's direct business. In terms of its performance, it has been a steady 6% to 8% kind of growth what we have been seeing quarter-on-quarter.

There is no one-off kind of thing in the financial performance of duty-free. Also, Mohit, slide number 22, we have given all these details in our IR presentation, slide number 22.

Yes, sir, I've seen that, but is there any base number, that's what I asked. Is there any way to compare the revenue number for duty-free last year compared to this year?

Is there any way? We have the number otherwise.

Like mentioned, because this duty-free is transitioned to the listed level recently, hence the base number is not comparable, it's not available in the presentation. That can be shared with you

Mohit, offline on a comparative basis.

Understood. The third question is you have done a fabulous job on the interest cost and the debt.

Do you think there is a scope for further reduction in the interest rate and the interest cost should see some kind of moderation as we go forward?

Absolutely, Mohit. You will see over fiscal '27, as many of the refinancings happen both at Delhi Airport and also at GAL, you will see reduction of interest rates as we go forward.

That is a key focus of the finance team, and we are very confident that these numbers will only come down.

Understood, sir. Thank you and best of luck.

Thank you.

Hey, sir. Thank you for the call.

Maybe two questions from me. Firstly, is there any update in terms of timing of real estate asset monetization, either Delhi or Hyderabad?

That's the first question. Second question on regulation, any update either in terms of Hyderabad decision, also negatively, hypothetical route?

Thank you.

One second, Nathan, because your line was not very clear. Can you repeat the first part of the question?

Second is, I think you're talking about the update on HRAB. We'll give you that.

If you can just repeat on the asset monetization, what would you like to know? Sure.

Please go ahead. Just

whether there's an update in terms of monetization, either in terms of the self-development project at Delhi or Hyderabad. Thank you.

Okay. No, at this stage, these projects are still under development, and at least for the next 12-odd months, 12 to 18 months, we are not looking at any monetization of these self-development projects.

As you are aware, you get the best value when the rents have actually stabilized. That will be more of a phenomenon maybe 18 to 24 months down the road.

On HRAB, I think, GRK garu, why don't you give a quick

The HRAB, as you know that the matter is pending before the Supreme Court. The hearings are going on, and the next date of hearing is in the month of February.

We are just waiting for the outcome from the Supreme Court. All right.

Thank you. Thank you very much.

Thank you for the opportunity. Hope I'm audible.

Congrats on the quarter. I have two questions.

The first one is I know you don't give guidance, but I just want to get a sense of how you're thinking about this. Let's say this quarter our exit EBITDA is somewhere around 18 billion rupees.

Given that barring the IndiGo disruption, most of the metrics were in a steady state, is it reasonable to infer that this 18 billion can be some sort of a base EBITDA on a quarterly basis, and we should be able to grow on this as a base EBITDA? Related to that, to your comment that interest cost will continue to come down over a period of time, can we assume that a significant portion of the EBITDA growth that we generate from here on will flow through to the ultimate profit?

Karthik, you're absolutely right on your comments over here. You can assume the 1,800 crores of EBITDA base or exit as a base, and we expect the EBITDA to grow at a much better momentum.

Of course, I would still put the disclaimer provided all environmental and geopolitical issues remain abated. The second aspect of interest cost, as they come off, most of the EBITDA will flow down to the PBT levels.

Obviously, each airport is a separate legal entity and it will have to do its own tax planning. The good part is at least there are accumulated losses which will be first set off for any tax payments.

I think in nutshell, what I would say is that it's a takeoff stage for the business.

Excellent. Excellent.

That's great color. My last question is a minor housekeeping question.

If I look at this quarter, if I take the aero revenue for Delhi Airport and then divide it just by the passengers throughput of about 20.8 billion 20.8 million, the aero revenue per pax comes to somewhere close or slightly below ₹400, which is lower than what we are entitled to under the control period. Now, I know the control period, the tariffs will grow over a period of time, and we are only looking at an average, but I'm just curious to see whether there were any aberrations this quarter which caused that number to slip below 400, and let's say going into FY '27, we should be able to earn more or less close to what the control period tariff actually guaranteed to us.

The question is that as per the tariff order of the Delhi Airport, the yield per pax is actually ₹364. It is not 400.

You can look at the tariff order. Actual we have achieved better than the yield provided by the regulator.

Actually, we have touched about ₹385 to around ₹400, mainly because in case of the parking charges, we have revised the rates. Because of the revision in the rates, we have got a better income.

Going forward, you should consider the tariff provided by the regulator, 364, but you can at the most assume 375 as the yield per pax.

Got it. This is very clear.

That's all from my side. Wish the management all the very best for the remaining quarters.

Thank you very much.

Thank you.

Hi, management. Kshitij from Citi here.

Congratulations for such strong results. Just a two things.

Number one, on Delhi material jump in non-aero revenues, it would be great if you can share with perhaps via email, what would be the like-for-like increase in spending. It looks very encouraging.

Second point, given that the Bhogapuram should start operation around second quarter FY '27, which is what, September this year, right? What would be the incremental depreciation and interest expense that have been capitalized during construction that will kick in on an annual basis?

Thank you.

On non-aero, I think Rajesh will just give you a better color.

On Delhi duty-free SPP, I think we already given as part of the presentation, but just to talk about the numbers, the duty-free SPP has increased to ₹1,073 from ₹1,026. I'm talking about the nine months period this year versus last year.

That's on the duty-free side. On SPP of a pure non-aero commercial businesses has grown something close towards seven 7% plus.

That is the growth in the SPP if you're looking for that.

As far as the Bhogapuram is concerned, there has already been clarified that 100% work is completed on the air side and 95% on the side. We are just waiting for the certain clearances, otherwise we are more or less ready.

Thank you. I understand that once the airport commences operation, there should be depreciation and interest expense kicks in that previously have been capitalized.

Is my understanding correct? If yes, what would be the incremental amount per year?

Thank you.

No, yes, you are absolutely right. For the next financial year, it will be for nine eight to nine months operations, to that extent, interest as well as the depreciation will come into picture.

If you take the average about 4% depreciation on the assets of about ₹4,000 crore, about ₹160 crore per annum, then 3/4 is about ₹120 crore can be the depreciation. Interest cost is currently ₹3,200 crore is the debt, around 9% for nine months, you can calculate.

Is it clear?

Thank you very much. Thank you.

Goa Airport, the EBITDA whatever we have declared is absolutely sustainable. Actually, we are trying to improve upon it.

The costs are under total control, and we are expecting that by year-end, we will improve on the EBITDA level.

There you see further scope for EBITDA margin expansion from the 36% that you have reported, maybe in 4Q or 1Q? Would that be a correct understanding?

Q4 this year-end, we may maintain more or less same, but next year onwards, absolutely it will certainly go up because of the increase in the traffic, and also certain incentives, everything we are under controlling them.

Okay. Sir, if you can also share with us what should be the capex pipeline for the next few years?

The reason why I asked this question is, we have come across let's say articles that eventually there would be some large Hyderabad expansion, airport expansion in the next control period. I'm sure you would have submitted your traffic assessments to AERA for the next control period discussion, taking this capex into consideration.

If you can give us some guidelines how should we see the capex numbers let's say from FY '26 to '28, for individual years.

As far as Hyderabad is concerned, you are absolutely right that we have applied to the regulator for an expansion. The expenditure likely to start kicking only FY '27, '28 onwards, later '28, because the master plan is going on.

The EPC contractor has to be onboarded. It will take time almost a year or so.

The actual expenditure will start kicking only FY '28.

Sir, still, can you give us a sense on a overall GMR basis, what would you expect your capex levels to be let's say in FY '27 and '28? FY '28, you may have some tail-end like the beginning capex from Hyderabad.

What should we be factoring in FY '27, '28 overall levels?

Honestly, as Bhogapuram is now getting completed, there is no capex

other than Bhogapuram.

When that goes live, there is no capex happening at any of the airports. Any significant capex will only begin in Hyderabad, which GRK garu told about is in fiscal '28, once the plans, the master plans are fully approved, and we have a better understanding of what the capex numbers would be.

It is a fiscal '28 target as of now. Nothing for the next 12 to 18 months.

Sir,

would it be right to say that for the large-scale expansion at Hyderabad, the cost could be anything like 13 to 15,000 crores? Given the scale that you are planning?

It will be around 12 to 13,000 crore rupees. It will be spent over a period of four years.

This is basically we're contemplating to go for a new terminal because Hyderabad itself is already reaching 34 million, which is current terminal is also meant for 34 million. We will try to sweat it for one or two more years, then we'll start the expansion.

The maximum capex is expected to be around ₹12 to 13,000 crore, which includes a new runway, new terminal, and cross taxiways and everything.

Just because Hyderabad just has 4% revenue share, and everything else is pass-through. The margins really don't get impacted.

You start to generate free cash very quickly at Hyderabad Airport, even on the expanded regulated base. Yes,

correct. Sir, if I may squeeze one last question.

As it stands today, what would be your total accumulated losses at the console level, which you can use as a tax offset probably?

We'll have to look at entity by entity. For tax purposes, Delhi will be separate, Hyderabad will be separate.

Unlike in the US, where you can combine these accumulated losses, in India, it has to be entity by entity basis. We can take that offline.

I think the team can tell you

as

to each asset, what is the accumulated losses, and what the tax planning would be on those specific assets.

Sir. That's all from my side.

Thank you so much.

Just to add one comment over here is that the tariff submission at Hyderabad factors in the expansion.

We have already included the capex, what I've explained, as part of our application for CP4. We will certainly get some amount in the form of tariff even for the expansion.

That's what we are expecting.

Yes. Thank you so much for taking my question.

My first question is on asset monetization. Have we heard anything from the government, especially anything on Chennai?

You're talking about Chennai Greenfield?

Greenfield.

No, right now, sorry?

No.

New greenfield project in Chennai, no, nothing right now. I think the land is still being acquired, but that will be an asset that on a greenfield basis, GMR would be definitely interested at looking at very closely.

As a group, we like greenfield projects because we can pace our development on greenfield. Chennai greenfield project, as and when the bids come out, we will surely look at that very closely.

Same would be in Pune. Again, that's a city that desperately requires a new international airport.

We would look that also as very, very carefully.

Anything on asset monetization, especially from the airports that were named in the national monetization plan?

Nidhi, you would have also seen in newspaper recently, these 11 airports, a combination of 5+6, the privatization process is likely to kick in. If we go by the latest reports, they are likely to start the process in the first quarter of coming financial year.

That's the news we also have. We are waiting to get more details on that, but that's what is there in the public domain today.

All right.

Lastly, in the results, note number 11 calls out a 113 crore exceptional amount. Could you please explain this exceptional item, too?

Basically, in case of the Delhi International Limited, as the Celebi was the cargo contractor, and their security has been withdrawn, and their contract has been terminated. Amount of deposit which we have taken and also the lease rentals on the land equalization, both which are amortized over a period of its period has to be reversed for the balance period, which is up to '34.

That's what has happened. It is a non-cash item.

All right. Thank you so much.

Thank you, and thank you, everybody, for participating in our quarterly call on a Saturday morning. Appreciate your participation.

From our side, the group, the airport entity is now very well-positioned to capture the growth as we go forward. All our capex plans are behind us.

Even Bhogapuram, more or less, is now behind us, we need to just capture the traffic, grow the aero revenues, and most important part, of course, is the non-aero side of it. Last but not the least, is something where from a longer-term strategy perspective, how we now monetize our real estate through self-development.

I think that is something that we are working on, and hopefully in next three to six months, we will be able to guide our new strategy in real estate monetizations on all our three airports which are currently live. Last but not the least, we had guided the markets that GAL will be profitable in fiscal '26, and we are profitable.

We will continue to be profitable for the end of this year and going forward. Our strategy of medium-term of GAL starting to distribute dividends is also on track.

Thank you so much, and look forward talking to you offline. Thank you.

Bye-bye.