NEW DELHI: Embassy Office Parks REIT (Embassy REIT) has reported net consolidated profit after tax of Rs 1,530.35 crore during the quarter ended September 30, 2024. It had registered profit after tax of Rs 216.67 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s net consolidated total income stood at Rs 1,054.52 crore in Q2 FY25, a growth of 12.26 per cent from Rs 939.33 crore it recorded in the similar quarter last year.
Its revenue from operations and net operating income (NOI) grew by 12% year-on-year to Rs 997 crore and Rs 805 crore, respectively. The company also raised Rs 2,000 crore debt at ~7.95% to refinance upcoming NCDs maturity.
The board members of Embassy Office Parks Management Services, manager to Embassy REIT, declared a distribution of Rs 553 crore or Rs 5.83 per unit for Q2 FY25. The distribution comprises Rs 881.54 million / Rs 0.93 per unit in the form of interest, less applicable taxes, if any, Rs 1,184.87 million / Rs 1.25, per unit in the form of dividend and Rs 3,459.81 million / Rs 3.65 per unit in the form of repayment of SPV level debt.
The company leased 2.1 million sq ft in Q2 FY25, including 1.3 million sq ft of new leases and 0.4 million sq ft of renewals at 71% rent reversions and four million sq ft in the first half of FY25. It has raised FY25 leasing guidance from 5.6 million sq ft to 6.5 million sq ft.
Aravind Maiya, chief executive officer of the company said, “With a record 4 million sq ft of leasing in the first half of FY25, and a robust pipeline for the rest of the year, we are pleased to revise our leasing guidance upwards to 6.5 million sq ft. We’ve seen our occupancy grow to 90% (by value) this quarter, and with a very healthy 12% growth in both revenue and NOI, we continue to solidify our position as the home for leading corporate that prefer large, integrated office ecosystems.”
As of September 2024, Embassy REIT’s gross asset value increased by 12% year-on-year to Rs 59,104 crore, and net asset value by 4.3% to Rs 415.84 per unit.
The board approved the restructuring of Quadron Business Park, Manyata Promoters, SPV and Holdco of Embassy REIT. The restructuring aims to consolidate similar assets under each SPV to enhance strategic alignment
and long-term operational efficiency.
