Performance of the company during Q1FY19 was in line with our estimates. Rental growth was driven by the strong operational performance of Market City malls PMC Chennai, PMC Pune & PMC Mumbai as well as High Street Phoenix & Palladium. Commercial and hospitality segment also registered 35%/6% YoY growth respectively led by improvement in rentals and ARRs. High Street Phoenix performance was led by rental improvements as North Sky zone and new F&B; outlets which has an area of 50,000 sq ft comprising of nearly 13 retailers has started contributing towards improvement in rental income....