Sharp jump in revenue was largely on account of realestate sales which has more than doubled (up 138%) to Rs 43.82 crore on year on year basis. And the lease rental income was up by 30% to Rs 19.45 crore facilitated by both hardening of rental yields as well as more lease space.

Share of realestate sale to topline stood at 69.1% compared to 52.2% in the corresponding previous period. The share of leaserentals to topline came down to 30.2% from 42.5% in the corresponding previous period. With the share of high margin lease rental to topline come down the operating margin for the quarter stood at 71.7% compared to 74.4% in the corresponding previous period. Thus the growth at operating profit was limited to 73% (to Rs 45.47 crore) despite 80% growth in revenue.

Other income was lower by 34% to Rs 8.31 crore, the interest cost more than doubled (up 102%) to Rs 9.72 crore and the depreciation was Rs 2.20 crore compared to writeback of Rs 1.61 crore in the corresponding previous period. Thus the growth at PBT level was limited to 17% to Rs 41.87 crore.

Taxation was up by 91% to Rs 11.28 crore and tax rate for the quarter stood at 26.9% comapred to 16.1% in the corresponding previous period. Thus the PAT was down by 1% to Rs 30.58 crore. Eventually the netprofit (after MI) was down by 1% to Rs 30.64 crore as MI was down by 69% to Rs 5 lakh.

Annual Performance

Sales was up by 36% to Rs 424.07 crore with real estate sales being up by 36% (to Rs 345.19 crore) and lease rental being up by 55% (to Rs 76.05 crore). As OPM crash to 55.5% from 83.1% in the corresponding previous period, the operating profit was down by 9% to Rs 235.54 crore. And eventually the net profit (after MI) was down by 29% to Rs 168.08 crore.

Other developments

To pay a dividend of Rs 0.60 per share of Rs 2 face value (or 30%)for 2010-11.

The stock hovers around Rs 70.90.