9 August 2018 PHNXs revenue grew 4% YoY to INR4,132m (est. EBITDA grew 11% YoY to INR1,953m (est. INR2,207m), with the margin expanding 280bp YoY to 47.3% (est. Interest expense declined 6% YoY to INR846m (est. PAT, thus, increased 40% YoY to INR597m (est. of INR656m), led by a strong operational performance from the Retail and Commercial segments, along with lower finance costs. Consumption was up only 5% YoY to INR17b off a high base (advancement of sales in the run up to GST rollout, with sales rising 19% YoY in 1QFY18). Retail rental income increased 15% YoY to INR2,419m in 1QFY19, driven by a strong operational performance of PMC Pune, Mumbai, Chennai, and HSP and Palladium, Mumbai. Commercial office income increased 35% YoY to INR149m due to increased contribution from Art Guild House, PMC Kurla.