Summary of Results

Consolidated Income and Distribution Statement

Statement of Comprehensive Income

Consolidated Balance Sheet (Group)

Review of performance

1H FY 2025 vs 1H FY 2024

Total property income increased by INR1.2 billion (14%) to INR9.6 billion (S$ 149.3 million) mainly due to contribution by acquisitions, namely aVance II, Pune and Building Q2, which were acquired in 2024, and newly completed development together with the higher rental income for existing properties.

Total property expenses increased by 14% to INR2.3 billion (S$35.7 million) mainly due to higher property related expenses.

As a result, net property income increased by 14% to INR7.3 billion (S$113.6 million).

Trustee-manager's fees increased by INR134.7 million (19%) to INR856.1 million (S$13.3 million), in-line with higher net property income and portfolio value as of 30 June 2025.

Other operating expenses increased by INR48.8 million (29%) to INR216.9 million (S$3.4 million) mainly due to higher other trust and CSR expenses in 1H FY 2025.

Finance costs increased by INR437.6 million (16%) to INR3.1 billion (S$48.1 million) mainly due to an increase in borrowings.

Interest income increased by INR28.1 million (2%) to INR1.8 billion (S$28.6 million) mainly due to higher interest income from fixed deposits and long-term receivables.

Net exchange differences and fair value on derivative financial instruments - realised of INR1.5 billion (S$23.1 million) arose mainly from settlement of SGD-denominated loans. Realised exchange gain or loss is recognised when borrowings that are denominated in currencies other than the INR are settled offset by foreign exchange forward contracts entered by the Group to hedge the foreign exchange exposure arising from the income repatriation from India to Singapore.

As a result, ordinary profit before tax was INR3.5 billion in 1H FY 2025, a decrease of 22% as compared to INR4.5 billion in 1H FY 2024. In SGD terms, ordinary profit before tax decreased by 25% to S$54.4 million.

Distribution adjustments:

• Income tax expenses of INR1.5 billion (S$23.2 million).
• Trustee-Manager's fees of INR416.9 million (S$6.5 million) to be paid in units. The Trustee-Manager has elected to receive 50% of its base fee and performance fee in units and 50% in cash; hence 50% of the fees are added back to the income available for distribution.
• Realised loss on settlement of loans of INR1.5 billion (S$23.7 million) was added back to income available for distribution. This pertained to refinancing of SGD-denominated loans that have not been hedged into INR. Exchange gain/loss is recognised when borrowings that are denominated in currencies other than the INR are revalued. The exchange gain/loss is realised when the borrowing matures, is prepaid, or swapped to INR denomination.
• Income due to non-controlling interests of INR274.5 million (S$4.3 million) was deducted from income available for distribution.

Income available for distribution increased by 15% to INR3.8 billion, mainly due to higher NPI partially offset by higher net finance costs and trustee manager fees. In SGD terms, income available for distribution increased by 10% to S$59.6 million.

Income available for distribution per unit was INR2.85 or 4.41 S₵. DPU was INR2.56 or 3.97 S₵ after retaining 10% of income available for distribution, representing an increase of 14% and 9% in INR and SGD terms respectively.

1H FY 2025 vs 2H FY 2024

Total property income for 1H FY 2025 increased by 7% to INR9.6 billion (S$149.3 million) mainly due to contributions from acquisitions, namely aVance II, Pune and Building Q2, which were acquired in 2024, together with the higher rental income for existing properties.

Total property expenses for 1H FY 2025 decreased by 8% to INR2.3 billion (S$35.7 million) mainly due to lower property related expenses during the period.

As a result, net property income for 1H FY 2025 increased by 13% to INR7.3 billion. In SGD terms, net property income increased by 11% to S$113.6 million.

Income available for distribution for 1H FY 2025 increased by 28% to INR3.8 billion, mainly due to higher NPI and lower net finance cost partially offset by higher net realised fair value on derivative & exchange differences. In SGD terms, income available for distribution increased by 26% to S$59.6 million.

Income available for distribution per unit for 1H FY 2025 was INR2.85 or 4.41 S₵. DPU was INR2.56 or 3.97 S₵, after retaining 10% of income available for distribution. This represents an increase of 27% and 24% in INR and SGD terms respectively when compared to 2H FY 2024.

Commentary

Based on the market research report by CBRE South Asia Pvt Ltd (CBRE) for the period ended 30 June 2025, some of the key highlights (compared to period ended 31 December 2024) include:

Bangalore

• In Whitefield (the micro-market where ITPB is located), vacancies increased slightly to 18.8%, from 18.2% as of 31 December 2024, due to new supplies and limited take up. Average rents remained stable in both SEZ and non-SEZ sectors. CBRE expects rents to increase in the coming quarters due to strong occupier demand.

Chennai

• In Old Mahabalipuram Road (the micro-market where ITPC is located), vacancies decreased to 5.8%, from 9.0% as of 31 December 2024, due to leasing activities and limited new supply. Rental values increased in non-SEZ sectors, and CBRE expects rental values to remain stable in the coming quarters.
• In Grand Southern Trunk (the micro-market where CyberVale is located), vacancies decreased slightly to 41.4%, from 41.6% as of 31 December 2024. Rents increased in the SEZ sectors, and CBRE expects rental values to remain stable in the coming quarters.

Hyderabad

• In IT Corridor I¹² (the micro-market where ITPH, CyberPearl and aVance Hyderabad are located), vacancy increased to 14.6%, from 12.4% as of 31 December 2024, mainly due to addition of new supply and some tenant exits. Rents remained stable across both SEZ and non-SEZ sectors. CBRE expects rents for non-SEZ sectors in IT Corridor I to increase in the coming quarters.

Pune

• In Hinjawadi (the micro-market where aVance I, Pune, aVance II, Pune, and ITPP-H are located), vacancies increased to 31.0%, from 25.9% as of 31 December 2024, due to limited leasing activities. Rents remained stable over the same period. CBRE expects rents in Hinjawadi to increase slightly in the coming quarters, largely due to the potential for floor-wise denotification of SEZ spaces.

Mumbai

• In Navi Mumbai (the micro-market where Building Q1 and Building Q2 are located), vacancies increased to 24.9%, from 21.8% as of 31 December 2024, due to some tenant exits despite negligible supply addition and robust leasing. Rents remained stable in the SEZ sectors, and CBRE expects rents to improve in the coming quarters.

The performance of CLINT is influenced by its tenants' business performance and outlook, condition of each city's real estate market and global economic conditions. CLINT will continue to focus on enhancing the competitiveness of its properties to distinguish itself from competitors, while maintaining financial discipline, and seeking growth opportunities.