• Sales were lower by 62% to Rs 132.09 crore. Income recognised in the quarter was FSI sales of 10 lakh sft in Planet HDIL, Virar & TDR Sales of approx. 1 lakh sft and this is incomparison to recognition of income from Kurla commercial project and TDR of 3.5 lakh sft in corresponding previous quarter.
  Sharp 2960 bps jump in OPM was largely to do with change in revenue mix. The construction cost as proportion to sales was higher by 3880 bps to 81.8%. However all other cost heads registered sharp fall facilitating strong growth in OPM. The staff cost was down by 170 bps, the other expense was down by 786 bps and project specific interest was down by 1950 bps to 9.3%.
• Other income was up by 337% to Rs 21.28 crore. The interest was down by 24% to Rs 9.74 crore and the depreciation was lower by 1% to RS 1.76 crore. Thus the PBT was up by 26% to Rs 75.79 crore. The taxation was up by 17% to Rs 14.91 crore in absolute terms but the tax rate was lower 19.7% compared to 21.1% in corresponding previous period. Thus the PAT was up by 28% to Rs 60.88 crore. The minority interest was flat at share of loss of Rs 0.01 crore. Thus the PAT after MI was up by 28% to Rs 60.89 crore. The other comprehensive income was an expense of Rs 0.30 crore, an increase of 76%. Thus the net profit was up by 28% to Rs 60.59 crore.

Yearly performance

Sales were down by 38% to Rs 723.77 crore and the OPM were up by 450 bps to 31.9% and the operating profit was down by 28% to Rs 231.20 crore. After accounting for higher other income, lower interest and lower depreciation the PBT was down by 23% to Rs 211.68 crore. The taxation was up by 140% to Rs 56.80 crore and thus the PAT was down by 39% to Rs 154.88 crore. After accounting for higher minority interest a share of loss of Rs 0.11 crore, a rise of 10% and lower other comprehensive income (down 69% to Rs 23.56 crore) the net profit was down by 46% to Rs 178.55 crore.