I think while focusing only on interest cost reduction, we are missing one thing. They have sold VITS Andheri for 125 cr which helped repay debt at 20% interest cost or around Rs 25 cr per year. But at the same time they have leased the hotel back from the new owners under a management contract and the lease cost is Rs 20 crs per annum. So on the Andheri hotel sale, the flow through to PBT is only Rs 5 crs and not Rs 25 crs.
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