Page 42 - ar2012

Comparison of the fnancial year ended 31 March 2012 to the fnancial year ended
31 March 2011
Total property income increased 17% to INR
4,899 million. The increase was attributed to
income from Park Square, Voyager and Zenith
(collectively the “new buildings”). In SGD
terms, the growth in total property income was
dampened by unfavourable currency translation
as the SGD appreciated against INR by 12%35
over last year.
Total property expenses for FY2011/12 increased
by 19% to INR 2,094 million, mainly because
of the increase in portfolio size and hikes in
electricity tariff and fuel cost. In SGD terms, total
property expenses were up by 7%.
Net property income increased by 16% to
INR 2,805 million. Growth in ordinary proft
before tax at 8% was moderated by higher
fnance costs. Finance costs increased mainly
due to the interest on loans taken to fund the
construction of new buildings, which were
capitalised in FY2010/11 while the buildings
were under construction, and recognised in the
P&L in FY2011/12 after completion. Growth in
FY2011/12 distributable income was moderated
by higher dividend distribution taxes. In SGD
terms, overall proftability in FY2011/12 was
impacted by unfavourable currency movements.
Total property income
FY2011/12 vs FY2010/11
Total property expenses
FY2011/12 vs FY2010/11
Financial statements
FY2011/12 vs FY2010/11
INR
(mil)
INR
(mil)
INR
(mil)
Change
(%)
Change
(%)
Change
(%)
Change
(%)
Change
(%)
Change
(%)
S$
(mil)
S$
(mil)
S$
(mil)
Gross rent
Amenities
Fit out rental
Operations & maintenance
Car Park & other income
Total property income
Operating, maintenance
& security
Net Property Income
Other operating expense
Property management fees
Distributable Income
Utilities expenses
DPU (S¢)
Total property expenses
Business & property taxes
Ordinary proft before tax
2,832
91
103
1,678
195
4,899
355
117
257
1,151
214
2,094
2,805
2,172
1,768
230.2
18
6
(22)
22
6
17
8
48
20
24
5
19
16
8
2
2
73.6
2.4
2.7
43.7
5.1
127.5
9.2
3.1
6.7
30.0
5.5
54.5
73.0
56.5
46.1
6.00
5
(5)
(30)
9
(5)
5
(3)
33
8
11
(6)
7
3
(3)
(8)
(9)
35Average exchange rate for FY2011/12 was S$1 : INR 38.41, and for FY2010/11 S$1 : INR 34.41.
Operational & fnancial review
40 POSITIONED FOR GROWTH