Summary of Results

Consolidated Income and Distribution Statement

Statement of Comprehensive Income

Consolidated Balance Sheet (Group)

Review of performance

FY 2024 vs FY 2023

Total property income increased by INR3.0 billion (21%) to INR17.4 billion mainly due to:

• higher rental income of existing properties compared to last year;
• income from ITPH Block A which was completed in January 2023;
• income from ITPP-H which was acquired in May 2023;
• income from Industrial Facility 2 & 3 which were acquired in December 2023;
• income from aVance II, Pune which was acquired in March 2024; and
• income from Building Q2 which was acquired in July 2024.

In SGD terms, total property income increased by 19% to S$277.9 million. SGD appreciated by 2% against INR compared to same period last year.

Total property expenses increased by 35% to INR4.5 billion (S$72.3 million) mainly due to higher operating expenses from existing and newly acquired properties.

As a result, net property income increased by 16% to INR12.9 billion (S$205.6 million).

Trustee-manager's fees increased by INR319.0 million (27%) to INR1.5 billion (S$24.1 million) in-line with higher net property income and portfolio value as of 31 December 2024.

Other operating expenses increased by INR47.9 million (13%) to INR412.3 million (S$6.6 million) mainly due to higher trust expenses in FY 2024.

Finance costs increased by INR623.4 million (12%) to INR5.6 billion (S$90.3 million) mainly due to an increase in borrowings.

Interest income increased by INR50.8 million (1%) to INR3.5 billion (S$55.2 million) mainly due to an increase in interest income from long-term receivables and fixed deposits.

Net exchange differences and fair value on derivative financial instruments-realised of INR1.0 billion (S$16.1 million) arose mainly from settlement of SGD denominated loans. Realised exchange is recognised when borrowings that are denominated in currencies other than the INR are settled, partially 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 INR7.7 billion in FY 2024, an increase of 27% as compared to INR6.1 billion in FY 2023. In SGD terms, ordinary profit before tax increased by 25% to S$123.7 million.

Income tax benefit/expenses decreased by INR5.4 billion to an income tax benefit of INR41.6 million (S$1.0 million) mainly due to the reversal of a portion of the deferred tax liabilities arising from a reduction in capital gain tax rate offset by higher income tax expenses from increased operating profits.

Distribution adjustments:

• Current income tax expenses of INR3.1 billion (S$49.1 million).
• Trustee-Manager's fees of INR735.9 million (S$11.7 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 were added back to the income available for distribution.
• Exchange differences arising from refinancing of loans of INR1.2 billion (S$19.4 million) were added back for distribution purpose. This pertained to refinancing of SGD-denominated loans that have not been hedged into INR. Exchange differences are recognised when borrowings that are denominated in currencies other than the INR are revalued. The exchange differences are realised when the borrowing matures, are prepaid, or swapped to INR denomination.
• Income due to non-controlling interests of INR468.0 million (S$7.5 million) was deducted from income available for distribution.

Income available for distribution increased by 9% to INR6.3 billion, mainly due to higher NPI partially offset by higher current income tax and net finance costs. In SGD terms, income available for distribution increased by 7% to S$101.5 million.

Income available for distribution per unit was INR4.73 or 7.60 S₵. DPU was INR4.26 or 6.84 S₵ after retaining 10% of income available for distribution, representing an increase of 8% and 6% in INR terms and SGD terms respectively.

2H FY 2024 vs 2H FY 2023

Total property income for 2H FY 2024 increased by INR1.4 billion (18%) to INR9.0 billion mainly due to:

• higher rental income of existing properties compared to the same period last year;
• income from ITPH Block A which was completed in January 2023;
• income from ITPP-H which was acquired in May 2023;
• income from Industrial Facility 2 & 3 which were acquired in December 2023;
• income from aVance II, Pune, which was acquired in March 2024; and
• income from Building Q2, which was acquired in July 2024.

In SGD terms, total property income increased by 15% to S$141.8 million. The SGD appreciated by about 3% against the INR over the same period last year.

Total property expenses increased by 38% to INR2.5 billion (S$39.7 million) mainly due to higher operating expenses from existing and newly acquired properties.

As a result, net property income for 2H FY 2024 increased by 12% to INR6.5 billion (S$102.1 million).

Trustee-manager's fees increased by INR148.0 million (23%) to INR788.4 million (S$12.4 million), in-line with higher net property income and portfolio value as of 31 December 2024.

Other operating expenses increased by INR45.9 million (23%) to INR244.2 million (S$3.9 million) mainly due to higher trust expenses in 2H FY 2024.

Finance costs increased by INR407.9 million (16%) to INR3.0 billion (S$47.3 million) mainly due to an increase in borrowing.

Interest income increased by INR69 million (4%) to INR1.6 billion (S$25.8 million) mainly due to an increase in interest income from fixed deposits and long-term receivables.

Net exchange differences and fair value on derivative financial instruments-realised INR844.6 million (S$13.5 million) arose mainly from the settlement of SGD-denominated loans. Realised exchange differences are recognised when borrowings that are denominated in currencies other than the INR are settled, partially offset by foreign exchange forward contracts entered by the Group to hedge the foreign exchange exposure arising from the income repatriated from India to Singapore.

As a result, ordinary profit before tax was INR3.2 billion in 2H FY 2024. In SGD terms, ordinary profit before tax decreased by 2% to S$50.8 million.

Income tax benefit/expenses decreased by INR6.2 billion to an income tax benefit of INR2.3 billion (S$37.0 million) mainly due to the reversal of a portion of the deferred tax liabilities arising from a reduction in capital gain tax rate offset with higher income tax expenses from increased operating profits.

Distribution adjustments:

• Current income tax expenses of INR1.6 billion (S$24.7 million).
• Trustee-manager fees of INR384.2 million (S$6.1 million) to be paid in units. The Trusteemanager 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.
• Exchange differences arising from refinancing of loans of INR1.0 billion (S$16.7 million) were added back for distribution purpose as it pertained to refinancing of SGD-denominated loans that have not been hedged into INR. Exchange differences are recognised when borrowings that are denominated in currencies other than the INR are revalued.
• Income due to non-controlling interests of INR237.7 million (S$3.8 million) was deducted from income available for distribution.

Income available for distribution for 2H FY 2024 increased by 7% to INR3.0 billion compared to INR2.8 billion, mainly due to higher NPI partially offset by higher net finance costs and current income tax expenses. In SGD terms, income available for distribution increased by 4% to S$47.4 million.

Income available for distribution per unit for 2H FY 2024 was INR2.23 or 3.55 S₵. DPU was INR2.01 or 3.20 S₵ after retaining 10% of income available for distribution, representing an increase of 6% and 3% in INR terms and SGD terms respectively when compared to INR1.89 or 3.09 S₵ for the same period last year.

2H FY 2024 vs 1H FY 2024

Total property income for 2H FY 2024 increased by 6% to INR9.0 billion (S$141.8 million) mainly due to the additional income contribution from aVance II, Pune and Building Q2 which were acquired in March 2024 and July 2024 respectively.

Total property expenses for 2H FY 2024 increased by 24% to INR2.5 billion (S$39.7 million) mainly due to higher operating expenses from existing and newly acquired properties.

As a result, net property income for 2H FY 2024 remained at INR6.4 billion. In SGD terms, net property income is S$102.1 million.

Income available for distribution for 2H FY 2024 decreased by 10% to INR3.0 billion, mainly due to higher net finance cost in 2H FY 2024. In SGD terms, income available for distribution decreased by 12% to S$47.4 million.

Income available for distribution per unit for 2H FY 2024 was INR2.23 or 3.55S₵. DPU was INR2.01 or 3.20S₵, after retaining 10% of income available for distribution. This is lower by 11% in INR and 12% in SGD terms respectively when compared to 1H FY 2024.

Commentary

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

Bangalore

• In Whitefield (the micro-market where ITPB is located), vacancy decreased to 18.2% as of 31 December 2024, from 19.7% as of 30 June 2024, due to increase in leasing activities. Average rents increased slightly in non-SEZ sectors, while it remained stable in SEZ sectors. CBRE expects rents to increase across select quality supply.

Chennai

• In Old Mahabalipuram Road (the micro-market where ITPC is located), vacancy decreased to 9.0% as of 31 December 2024, from 12.3% as of 30 June 2024, due to negligible supply addition. CBRE expects rental values to remain stable in the coming quarters.
• In Grand Southern Trunk (the micro-market where CyberVale is located), vacancy decreased to 41.6% as of 31 December 2024, from 44.3% as of 30 June 2024. CBRE expects rental values to remain stable in the coming quarters.

Hyderabad

• In IT Corridor I¹¹ (the micro-market where ITPH, CyberPearl and aVance Hyderabad are located), vacancy decreased slightly to 12.4% as of 31 December 2024, from 12.7% as of 30 June 2024, due to increased leasing activity amidst negligible supply addition. In the coming year, CBRE expects rental values to remain stable in the SEZ sector, while rental values in non-SEZ sector are expected to increase due to low vacancy levels in quality supply.

Pune

• In Hinjawadi (the micro-market where aVance I, Pune, aVance II, Pune, and ITPP-H are located), vacancy decreased to 25.9% as of 31 December 2024, from 27.9% as of 30 June 2024, due to increased leasing activity amidst negligible supply addition. CBRE expects rental values to remain stable in the coming quarters.

Mumbai

• In Navi Mumbai (the micro-market where Building Q1 and Building Q2 are located), vacancy decreased to 21.8% as of 31 December 2024, from 24.6% as of 30 June 2024, due to strong leasing demand. Rents in the IT sector increased in Q4 2024, while rents remained stable across the Non-IT and SEZ segments. CBRE expects rents to increase across the IT segment 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.