On a standalone basis ( only High Street Phoenix (HSP)and Palladium, Mumbai), income from operations increased 6% YoY toINR3,972m in FY18 from INR3,759m in FY17. On a consolidated basis, income from operations decreased by 11 % to INR16,198m in FY18 from INR18,246min FY17. The decrease in revenues was on account of the Classic Mall Development Company (PMC Chennai) being classified as an associate against a subsidiary previously. Total retail income from malls stood at INR10,595m,down 11% YoY. Hospitality and other revenue came in at INR3,429m, up 12%YoY. Revenue from residential projects stood at INR1,562m, while commercial revenue was INR611m. Consolidated EBITDA decreased by 8% to INR7,774m inFY18 from INR8,469m in FY17; however, consolidated margins have increased to 48% in FY18 from 46% in FY17