• Sales for the quarter were largely from revenue recognition from Metropolis, a residential project as well as TDR sale of about 4.5 lakh sft. However in corresponding previous period the sales are largely made out of revenue recognition from sales of commercial projects at Kurla West and Goregaon West.
• Given change in revenue/project mix, the operating margin expanded by 200 bps to 27.6%. Thus the de-growth at operating profit was minimized to 1% to Rs 89.18 crore.

Nine month performance

Sales were down by 5% to Rs 826.10 crore. But with OPM contract by marginal 10 bps to 29.5%, the operating profit was down by 5% to Rs 243.72 crore. After accounting for lower other income, lower interest cost, lower depreciation, the PBT was down by 12% to Rs 221.18 crore. Taxation was lower by 83% to Rs 11.29 crore and thus spurred the PAT was up by 12% to Rs 209.89 crore.

Other developments

• Sold about 4.5 lakh sft of TDR during the quarter. TDR prices currently range between Rs 4000 per sft. The company expects 6.05 million sft of TDR over next 18 months.
• Company expects TDR sales range of approx 400000 to 500000 sq ft every quarter.
• Planet HDIL : In advanced stage to close first large FSI sale transaction
• During the quarter, the company sold approx. 359230 sq ft of saleable area amounting to approx. Rs 38919 crore increase of approx. 12.23% compared to quarter ending September 2015.
• During the quarter ended Dec 2015, the company repaid debt aggregating Rs 113.72 crore.

The stock hovers around Rs 60.95.