Financial Highlights

Summary of Results

Consolidated Income Statement

Statement of Comprehensive Income

Consolidated Balance Sheet (Group)

Review of performance

1H FY 2024 vs 1H FY 2023

Total property income increased by ₹1.6 billion (24%) to ₹8.4 billion mainly due to:

• higher rental income from existing properties compared to the same period last year;
• income from Block A, ITPH, which was completed in January 2023;
• income from ITPP-H which was acquired in May 2023;
• income from IF2 and IF3, MWC, which were acquired in December 2023;
• income from aVance II, Pune, which was acquired in March 2024.

In SGD terms, total property income increased by 23% to S$136.1 million. SGD appreciated by about 0.6% against the INR over the same period last year.

Total property expenses increased by 32% to ₹2.0 billion (S$32.6 million) mainly due to higher property tax incurred by ITPL, operations and maintenance expenses, as well as other property operating expenses from existing and newly acquired properties.

Net property income increased by 22% to ₹6.4 billion (S$103.5 million) due to the factors described above.

Trustee-manager's fees increased by ₹171.1 million (31%) to ₹721.5 million (S$11.7 million), due to higher net property income and portfolio value as of 30 June 2024.

Other operating expenses increased by ₹1.9 million (1%) to ₹168.1 million (S$2.7 million) mainly due to higher other trust and CSR expenses in 1H FY 2024.

Finance costs increased by ₹215.5 million (9%) to ₹2.7 billion (S$43.0 million) mainly due to an increase in borrowings.

Interest income decreased by ₹18.3 million (1%) to ₹1.8 billion (S$29.4 million) mainly due to lower interest income from fixed deposits.

Net exchange differences and fair value on derivative financial instruments - realised of ₹163 million (S$2.6 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 ₹4.5 billion in 1H FY 2024, an increase of 55% as compared to ₹2.9 billion in 1H FY 2023. In SGD terms, ordinary profit before tax increased by 54% to S$72.8 million.

Income tax expenses increased by ₹809.6 million (57%) to ₹2.2 billion (S$36.0 million) in line with higher NPI.

Distribution adjustments:

• Income tax expenses of ₹1.5 billion (S$24.4 million).
• Trustee-Manager’s fees of ₹351.6 million (S$5.7 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 are added back to the income available for distribution.
• Realised loss on settlement of loans of ₹162.3 million (S$2.6 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 ₹230.2 million (S$3.7 million) was deducted from income available for distribution.

Income available for distribution increased by 11% to ₹3.3 billion, mainly due to higher NPI partially offset by higher current income tax expenses, net finance costs and Trustee-Manager’s fees. In SGD terms, income available for distribution increased by 10% to S$54.1 million.

Income available for distribution per unit was ₹2.50 or 4.04 S₵. DPU was ₹2.25 or 3.64 S₵ after retaining 10% of income available for distribution, representing an increase of 9% and 8% in INR and SGD terms respectively.

1H FY 2024 vs 2H FY 2023

Total property income for 1H FY 2024 increased by 11% to ₹8.4 billion (S$136.1 million) mainly due to the additional income contribution from Block A, ITPH, that was completed in January 2023, and new acquisitions, namely ITPP-H, IF2 and IF3, MWC, and aVance II, Pune, which were acquired in FY 2023 and 1H 2024; together with the higher rental income for existing properties in 1H FY 2024.

Total property expenses for 1H FY 2024 increased by 11% to ₹2.0 billion (S$32.6 million) mainly due to higher property tax from ITPL and other property operating expenses during the period.

As a result, net property income for 1H FY 2024 increased by 11% to ₹6.4 billion. In SGD terms, net property income increased by 10% to S$103.5 million.

Income available for distribution for 1H FY 2024 increased by 19% to ₹3.3 billion, mainly due to higher NPI and interest income partially offset by higher current tax, finance costs and Trustee-Manager’s fees in 1H FY 2024. In SGD terms, income available for distribution increased by 18% to S$54.1 million.

Income available for distribution per unit for 1H FY 2024 was ₹2.50 or 4.04 S₵. DPU was ₹2.25 or 3.64 S₵, after retaining 10% of income available for distribution. This represents an increase of 19% and 18% in INR and SGD terms respectively when compared to 2H FY 2023.

Commentary

Based on the market research report by CBRE South Asia Pvt Ltd (“CBRE”) for the period ended 30 June 2024, some of the key highlights (compared to period ended 31 December 2023) include:

Bangalore

• In Whitefield (the micro-market where ITPB is located), vacancies increased slightly to 19.7%, from 19.6% as of 31 December 2023, due to new supply and limited take-up. Average rents slightly increased in non-Special Economic Zone (“SEZ”) sectors, while it remained stable in SEZ sectors. CBRE expects rents to increase for both SEZ and non-SEZ sectors in the coming quarters for select quality supply.

Chennai

• In Old Mahabalipuram Road (the micro-market where ITPC is located), vacancies decreased to 12.3%, from 13.3% as of 31 December 2023, due to leasing activities and limited new supply. Rental values increased in non-SEZ sectors led by flight-to-quality demand. CBRE expects rental values in non-SEZ sectors to remain stable in the coming quarters.
• In Grand Southern Trunk (the micro-market where CyberVale is located), vacancies decreased to 44.3%, from 44.7% as of 31 December 2023, due to leasing activities and limited new supply. Rents increased in the SEZ sectors. CBRE expects rental values in SEZ sectors to remain stable in the coming quarters.

Hyderabad

• In IT Corridor I⁹ (the micro-market where ITPH, CyberPearl and aVance Hyderabad are located), vacancy increased to 12.7%, from 12.3% as of 31 December 2023, mainly due to 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, while rents for SEZ sectors are expected to remain stable.

Pune

• In Hinjawadi (the micro-market where aVance I, Pune, aVance II, Pune, and ITPP-H is located), vacancies decreased to 27.9%, from 28.6% as of 31 December 2023, due to leasing activities and limited new supply. Rents remained stable across SEZ and non-SEZ sectors over the same period. CBRE expects rents in Hinjawadi for SEZ and non-SEZ sectors to increase in the coming quarters.

Mumbai

• In Navi Mumbai (the micro-market where Aurum Q1 is located), vacancies decreased to 24.6%, from 28.7% as of 31 December 2023, due to significant leasing activity with limited supply addition. Rents remained stable across SEZ sectors. CBRE expects rents to improve across SEZ sectors in the coming quarters because of strong demand for quality supply.

The performance of CLINT is influenced by its tenants’ business performance and outlook, the 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.