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Summary of Results

Summary

 

Consolidated Income Statement

 

Statement of Comprehensive Income

 

Consolidated Balance Sheet (Group)

 

Review of performance

FY 2022 vs FY 2021

Total property income increased by ₹1.3 billion (12%) to ₹11.9 billion mainly due to:

  • higher portfolio occupancy;
  • income from aVance 6 at aVance Hyderabad, acquired in March 2021;
  • income from Aurum Q1, acquired in November 2021;
  • income from Arshiya Warehouse 7, acquired in March 2022; and
  • income from Industrial Facility in Mahindra World City (“MWC”), acquired in May 2022.

In SGD terms, total property income increased by 9% to S$210.6 million. SGD appreciated by about 3% against the INR during the year.

Total property expenses increased by 22% to ₹2.5 billion (S$43.8 million) mainly due to higher operational & maintenance expenses and property management fees.

Net property income increased by 10% to ₹9.4 billion (S$166.8 million) due to the factors described above.

Trustee-manager's fees increased by ₹108 million (12%) to ₹1.0 billion (S$18.4 million), which is in-line with higher net property income and portfolio value as of 31 December 2022.

Other operating expenses decreased by ₹57 million (21%) to ₹215 million (S$3.8 million) mainly due to lower other trust and CSR expenses in FY 2022.

Finance costs increased by ₹838 million (30%) to ₹3.7 billion (S$64.8 million) mainly due to increase in borrowing level and interest rates.

Interest income increased by ₹53 million (2%) to ₹3.0 billion (S$53.3 million) mainly due to higher interest income from additional investments in GardenCity and BlueRidge 3, after discontinuance of interest income following the acquisitions of Arshiya Warehouse 7 and Industrial Facility in MWC.

Realised gain on derivative financial instruments of ₹1.4 billion (S$24.3 million) arose mainly from the settlement of foreign exchange forward contracts entered by the Group to hedge the foreign exchange exposure arising from the income repatriation from India to Singapore.

Realised exchange loss of ₹2.0 billion (S$35.4 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.

As a result, ordinary profit before tax was ₹6.9 billion in FY 2022, a decrease of 5% as compared to ₹7.2 billion in FY 2021. In SGD terms, ordinary profit before tax decreased by 7% to S$121.9 million.

Income tax expenses increased by ₹445 million (12%) to ₹4.2 billion (S$73.8 million) mainly due to higher deferred tax liabilities arising from annual revaluation; together with the higher income tax from increased net property income and interest income.

Distribution adjustments:

  • Income tax expenses of ₹1.7 billion (S$30.8 million).
  • Trustee-manager’s fees of ₹508 million (S$9.0 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 ₹544 million (S$9.6 million) was added back for distribution purpose. This pertains 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 ₹286 million (S$5.1 million) is deducted from income available for distribution.

Income available for distribution increased by 8% to ₹6.0 billion, mainly due to higher NPI and higher interest income from additional investments in GardenCity and BlueRidge 3; but partially offset by higher finance cost due to higher level of borrowing. In SGD terms, income available for distribution increased by 6% to S$105.7 million.

Income available for distribution per unit was ₹5.16 or 9.10 S₵. DPU was ₹4.64 or 8.19 S₵ after retaining 10% of income available for distribution, representing an increase of 8% and 5% in INR and SGD terms respectively.

2H FY 2022 vs 2H FY 2021

Total property income for 2H FY 2022 increased by ₹781 million (15%) to ₹6.1 billion mainly due to:

  • higher portfolio occupancy;
  • income from Aurum Q1, acquired in November 2021;
  • income from Arshiya Warehouse 7, acquired in March 2022; and
  • income from Industrial Facility in MWC, acquired in May 2022.

In SGD terms, total property income increased by 10% to S$107.3 million. SGD appreciated by about 3% against INR during the year.

Total property expenses increased by 31% to ₹1.4 billion (S$23.9 million) mainly due to higher operational and maintenance expenses, property management fees in current period.

Net property income for 2H FY 2022 increased by 11% to ₹4.8 billion (S$83.4 million) due to the above factors.

Trustee-manager’s fees increased by ₹48 million (10%) to ₹529 million (S$9.2 million), which is in-line with higher net property income and portfolio value as of 31 December 2022.

Other operating expenses decreased by ₹9 million (8%) to ₹111 million (S$1.9 million) mainly due to lower other trust expenses in 2H FY 2022.

Finance costs increased by ₹525 million (35%) to ₹2.0 billion (S$35.5 million) mainly due to an increase in borrowings and interest rates.

Interest income increased by ₹65 million (4%) to ₹1.6 billion (S$27.6 million) mainly due to higher interest income from additional investments in aVance 5, GardenCity, and BlueRidge 3, while partially offset by discontinuance of interest income after acquisition of Arshiya Warehouse 7 and Industrial Facility in MWC.

Realised gain on derivative financial instruments for 2H FY 2022 of ₹489 million (S$8.4 million) arose mainly from the settlement of SGD-denominated loans, but partially offset by loss from the settlement of foreign exchange forward contracts entered into hedge income repatriated from India to Singapore.

Realised exchange loss for 2H FY 2022 of ₹625 million (S$10.7 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 INR are settled.

As a result, ordinary profit before tax was ₹3.6 billion in 2H FY 2022, a decrease of 2% as compared to ₹3.6 billion in 2H FY 2021. In SGD terms, ordinary profit before tax decreased by 6% to S$62.1 million.

Income tax expenses increased by ₹329 million (12%) to ₹3.0 billion (S$52.7 million) mainly due to higher deferred tax liabilities arising from annual revaluation; together with the higher income tax from increased net property income and interest income.

Distribution adjustments:

  • Current income tax expenses of ₹899 million (S$15.7 million).
  • Trustee-manager's fees of ₹258 million (S$4.5 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 exchange loss of ₹98 million (S$1.6 million) was added back for distribution purpose as it pertains 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 INR are revalued.
  • Income due to non-controlling interests of ₹141 million (S$2.5 million) is deducted from income available for distribution.

Income available for distribution for 2H FY 2022 increased by 14% to ₹2.9 billion compared to ₹2.5 billion, mainly due to higher NPI and higher interest income from investments in aVance 5, GardenCity, and BlueRidge 3, higher interest income ,while partially offset by higher finance cost. In SGD terms, income available for distribution increased by 9% to S$50.5 million.

Income available for distribution per unit for 2H FY 2022 was ₹2.50 or 4.34 S₵. DPU was ₹2.25 or 3.91 S₵ after retaining 10% of income available for distribution, representing an increase of 13% and 9% in INR and SGD terms respectively when compared to ₹1.99 or 3.60 S₵.

2H FY 2022 vs 1H FY 2022

 

Total property income for 2H FY 2022 increased by 7% to ₹6.1 billion (S$107.3 million) mainly due to the additional income contribution from Arshiya Warehouse 7 and Industrial Facility in MWC which were acquired in March 2022 and May 2022 respectively; together with the higher occupancy in 2H FY 2022.

Total property expenses for 2H FY 2022 increased by 23% to ₹1.4 billion (S$23.9 million) mainly due to higher property taxes and property management fees during the period.

As a result, net property income for 2H FY 2022 increased by 3% to ₹4.8 billion. In SGD terms, net property income remained stable at S$83.4 million.

Income available for distribution for 2H FY 2022 decreased by 6% to ₹2.9 billion, mainly due to higher current tax resulting from increased NPI and higher net financial cost in 2H FY 2022, partially offset by current period’s increased NPI. In SGD terms, income available for distribution decreased by 8% to S$50.5 million.

Income available for distribution per unit for 2H FY 2022 was ₹2.50 or 4.34 S₵. DPU was ₹2.25 or 3.91 S₵, after retaining 10% of income available for distribution. This represents a decrease of 6% and 9% in INR and SGD terms respectively when compared to 1H FY 2022.

 

Commentary

We have seen continuous improvement in park attendance from June 2022 to December 2022 and we anticipate more tenants returning to office in the coming months.

Based on the market research report by CBRE South Asia Pvt Ltd (“CBRE”) for the period ended 31 December 2022, some of the key highlights (compared to period ended 30 June 2022) include:

Bangalore

  • In Whitefield (the micro-market where ITPB is located), vacancy decreased to 13.9%, from 15.4% as of 30 June 2022, due to leasing activities and limited new supply. Average rents slightly increased in non-SEZ sectors, while it remained stable in SEZ sectors. CBRE expects rents to increase in the coming quarters.

Chennai

  • In Old Mahabalipuram Road (the micro-market where ITPC is located), vacancy increased to 13.9%, from 11.3% as of 30 June 2022, due to slow down in leasing activities and few tenant exits. Rental values remained stable in non-SEZ sectors. CBRE expects rental values to remain stable in the coming quarters.
  • In Grand Southern Trunk (the micro-market where CyberVale is located), vacancy remained at 37.6%, due to new supply with limited take-up. Rents remained stable. CBRE expects rental values to remain stable in the coming quarters.

Hyderabad

  • In IT Corridor I10 (the micro-market where ITPH, CyberPearl and aVance Hyderabad are located), vacancy increased to 16.0%, from 11.6% as of 30 June 2022, mainly due to significant supply addition in 4Q 2022. Rents remained stable over the same period. CBRE expects rents in IT Corridor I to remain stable in the coming quarters.

Pune

  • In Hinjawadi (the micro-market where aVance Pune is located), vacancy increased to 33.2%, from 26.2% as of 30 June 2022, due to significant supply addition in 4Q 2022 with limited take-up. Rents remained stable over the same period. CBRE expects rents in Hinjawadi to remain stable in the coming quarters.

Mumbai

  • In Navi Mumbai (the micro-market where Aurum Q1 is located), vacancy decreased to 33.2%, from 34.6% as of 30 June 2022, due to significant leasing activity with limited supply addition. Rents remained stable across SEZ sectors. 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.

Notes
  1. Includes HITEC City and Madhapur.