• Upside in revenue was largely due to jump in revenue of rental business. Segment revenue of development business was a revenue write back of Rs 924.27 crore compared to a revenue of Rs 299.62 crore. However the revenue of rental business jumped to Rs 2956.48 crore compared to just Rs 145.38 crore in the corresponding previous period. Sharp jump in rental business revenue was largely as IPPL and IRECPL were assessed as JV following the company divest it's 50% stake in these two companies by step down subsidiary and the company recognize gain/fair value impact of such divestiture transaction amounting Rs 2777.1285 crore in consolidated financials of quarter ended March 2018.
• EBIT jumped to Rs 1782.13 crore up from modest RS 115.37 crore in the corresponding previous period. Upside in EBIT was largely due to rental business with its segment profit jump to Rs 2847.87 crore compared to Rs 59.59 crore in the corresponding previous period. However the segment profit of development business was a loss of Rs 1065.74 crore (against a profit of Rs 55.78 crore) hit by heavy revenue writeback.
• Other income was down by 63% to Rs 40.04 crore. The interest cost was up by 65% to Rs 222.28 crore and the depreciation was up by 23% to Rs 23.54 crore. Thus the PBT was up at Rs 1756.18 crore compared to a profit of Rs 96.28 crore in the corresponding previous period.
• The taxation was up by 184% to Rs 103.01 crore thus the PAT was up at Rs 1653.17 crore compared to a profit of Rs 59.98 crore in the corresponding previous period.

Yearly Performance

Sales more than doubled (up 155%) to Rs 5926.53 crore. But a 2060 bps expansion in OPM powered the growth at operating profit at 344% to Rs 2865.89 crore. However the growth at PBT was 320% to Rs 2254.33 crore hit by lower other income, higher interest and depreciation cost. The tax was up by 47% to Rs 269.29 crore and thus the PAT was up by 460% to Rs 1985.04 crore. After accounting for higher share of loss from associate, lower minority interest, higher OCI attributable to owners of parent company, the net profit (after minority interest and OCI) was up by 823% to Rs 2069.04 crore.

Other developments & management comment

Net Debt as end of March 2017 was Rs 3416 crore. The Net Debt is expected to come down significantly in the current financial year with collections from Blu project which is nearing OC, and further from sales of some non core office and residential assets.

Century Limited, a wholly owned subsidiary of IBREL has issued notice dated March 29, 2018 to redeem on April 30, 2018, all of the outstanding US$175 million debt (10.25% Senior Notes due 2019).