• Sales for the quarter comprise income recognized from Metropolis residential project & TDR under project completion method in comparison to revenue recognition of ‘Residency Park Virar Phase II' as well as TDR sales. The TDR sales volume for the quarter was 1.5 lakh square feet, a fall of 70% compared to 5 lakh square feet in corresponding previous period.
• The profit of Q2FY16 is escalated by write back of income tax amounting Rs 74.88 crore pertain to previous year. Hence the fall at bottom-line is partly due to escalated base and not comparable.

Half yearly

Sales were lower by 5% to Rs 479.26 crore. Lower sales and 900 bps contraction in OPM has pulled down operating profit down by 33% to Rs 104.09 crore. The PBT was down by 39% to Rs 82.68 crore after accounting for lower other income, higher interest and lower depreciation. The taxation was lower by 77% to Rs 4.84 crore and the PAT was lower by 33% to Rs 77.84 crore. After accounting for minority interest (up 13% to Rs 0.09 crore) and other comprehensive expense of Rs 0.15 crore (against an income of Rs 74.88 crore), the net profit was down by 59% to Rs 77.78 crore.

Other developments

• Consolidated net debt as end of Sep 30, 2016 stood at Rs 2647.95 crore (down from Rs 2726.52 crore in June 2016).
• Initiated process to sell FSI in Pant nagar project.
• TDR prices range at Rs 3750 per sq ft.
• Overall TDR expected – 6.75 million sft. in the next 18 months

The stock hovers around Rs 60.45.