• Sales for the quarter comprise income recognized from Kurla Commercial project and TDR sales of 3.5 lakh square feet. Compared to this the sales for corresponding previous period largely comprise income recognized from retail property located in Mumbai Suburb Goregoan. This is the reason for sales for the quarter to jump up by 119% to Rs 343.35 crore.
• Given change in revenue/project mix, the operating margin contracted by 1060 bps to 22.7%. Thus the growth at operating profit restricted to Rs 77.83 crore.

Yearly performance

Sales were up by 14% to Rs 1169.46 crore. But with OPM contract by 270 bps to 27.5%, the growth at operating profit restricted to 4% (to Rs 321.56 crore). After accounting for lower other income, lower interest cost, lower depreciation, the PBT was down by 3% to Rs 290.11 crore. Taxation was lower by 70% to Rs 24.07 crore and thus spurred the PAT was up by 22% to Rs 266.04 crore. Eventually the net profit after MI was up by 22% to Rs 266.14 crore.

Other developments

• During Q4FY16, the company sold approx. 331450 sq ft of saleable area amounting to approx. Rs 363.77 crore.
• TDR prices range between Rs.3500 to 4000 per sq ft.
• Company expects TDR sales range of approx 3,50,000 to 4,00,000 sq ft every quarter.
• Planet HDIL : In advanced stage to close first large FSI sale transaction. Likely closure in 1St quarter.
• Company in advanced stage to sell incremental FSI of 6 million sq ft generated in Paradise city Palghar. 10. Company to explore options to Sell FSI in Berkeley square projects in Ghatkopar, Redevelopment to be completed in 1st quarter 2016-17.
• Consolidated Net Debt stands at Rs 2730.16 crore as end of March 31, 2016 . Cash and cash equivalents stood at Rs 177.24 crore.

The stock hovers around Rs 97.75.