• Sales for the quarter comprise income recognized from Metropolis residential project. While the revenue for the corresponding previous quarter is on account of recognisation of revenue from residential project ‘Residency Park Virar Phase II' under project completion method as well as TDR sales of approximately 2 lakh square feet. The company though has sold 2.5 lakh square feet of TDR during the quarter it has not recognized the revenue during the quarter. This has resulted in lower revenue.
• Sharp 860 bps contraction in operating profit margin is largely due to change in revenue/project mix as well as one off expenses. As per IND AS compliance, the company has written off certain receivables, project costs, amortization and advances paid amounting Rs 25 crore during the quarter. This one off item has impacted the profits of the company during the quarter.

Other developments

• The company is in advance stage to close first large FSI sale transaction in case of Planet HDIL. Similarly the company has entered into agreement for sale of 5 msft of FSI in Palghar project and initiated process to sell FSI in Pantnagar project.
• TDR prices range at 4000 per sq ft.
• Consolidated net debt stands at Rs 2726.52 crore. The stock hovers around Rs 97.75.