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Financial Highlights

Summary of Results

Summary

 

Consolidated Income Statement

 

Statement of Comprehensive Income

 

Consolidated Balance Sheet (Group)

 

Review of performance

1Q FY18/19 vs 1Q FY17/18

Total property income for the quarter ended 30 June 2018 ("1Q FY18/19") increased by INR120 million (6%) to INR2.3 billion. This was mainly due to income contribution of INR303 million (S$6.0 million) from:

partially offset by lower utilities income of INR168 million (S$3.3 million) with the phasing out of the DPP in ITPB.

In SGD terms, total property income decreased by 3% to S$44.9 million. The SGD appreciated by about 8% against the INR over the same period last year.

Total property expenses for 1Q FY18/19 decreased by 21% to INR570 million (S$11.3 million) mainly due to lower utilities expenses with the phasing out of the DPP in ITPB, partially offset by property expenses from new properties.

Net property income for 1Q FY18/19 increased by 20% to INR1.7 billion due to the above factors. In SGD terms, net property income grew by 10% to S$33.6 million.

Trustee-manager's fees increased by INR35 million (25%) to INR173 million (S$3.5 million) in line with higher net property income and portfolio value as of 30 June 2018.

Finance costs increased by INR17 million (4%) to INR395 million (S$7.9 million) mainly due to an increase in borrowing levels. Bridging loans were taken in June 2018 towards investments in:

Interest income increased by INR96 million (196%) or S$1.8 million (173%) mainly due to interest income pertaining to AURUM and aVance Debentures.

Realised gain on derivative financial instruments for 1Q FY18/19 of INR79 million (S$1.6 million) arose mainly from the refinancing of SGD-denominated loans that have been hedged into INR, and gains from the settlement of foreign exchange forward contracts entered into to hedge income repatriated from India to Singapore.

Realised exchange loss for 1Q FY18/19 of INR134 million (S$2.7 million) arose mainly from settlement of SGD-denominated loan facilities. 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 INR1.2 billion in 1Q FY18/19, an increase of 35% as compared to INR875 million in 1Q FY17/18. In SGD terms, ordinary profit before tax increased by 25% to S$23.6 million.

Unrealised exchange gain for 1Q FY18/19 of INR46 million (S$0.9 million) relates mainly to the revaluation of SGD-denominated loans.

Income tax expenses increased by INR170 million (S$3.1 million) mainly due to:

Distribution adjustments:

Income available for distribution for 1Q FY18/19 increased by 48% to INR925 million, mainly due to higher net property income and interest income from investments in AURUM IT SEZ and aVance 5 & 6 via construction funding in June 2018. In SGD terms, income available for distribution increased by 36% to S$18.4 million.

Income available for distribution per unit for 1Q FY18/19 was INR0.89, or 1.78 S₵. DPU was INR0.80 or 1.60 S₵ after retaining 10% of income available for distribution. This amounts to an increase of 33% over 1Q FY17/18 in INR terms and 23% in SGD terms.

 

1Q FY18/19 vs 4Q FY17/18

Total property income for 1Q FY18/19 decreased by 6% to INR2.3 billion (S$44.9 million) mainly on account of lower utilities income from the phasing out of the DPP in ITPB.

Total property expenses for 1Q FY18/19 decreased by 26% to INR570 million (S$11.3 million) mainly due to lower utilities expenses with the phasing out of the DPP in ITPB and a decrease in ad-hoc operation and maintenance expenses across the properties.

As a result, net property income for 1Q FY18/19 increased by 3% to INR1.7 billion. In SGD terms, net property income remained stable at S$33.6 million.

Income available for distribution increased by 4% to INR925 million, mainly due to higher net property income. In SGD terms, income available for distribution increased by 2% to S$18.4 million.

 

Commentary

Based on the market research report by CBRE South Asia Pvt Ltd ("CBRE") for the quarter ended 30 June 2018, some of the key highlights (compared to quarter ended 31 March 2018) include:

Bangalore

Chennai

Hyderabad

Pune

The performance of a-iTrust is influenced by its tenants' business performance and outlook, condition of each city's real estate market and global economic conditions. a-iTrust 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.