NEW DELHI: Embassy Office Parks REIT (Embassy REIT) has reported net consolidated profit after tax of Rs 2,834.14 million during the quarter ended March 31, 2024. It registered profit after tax of Rs 354.46 million 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 9,922.26 million, a growth of 10.18 per cent from Rs 9,005.90 million it recorded in the similar quarter last year.
Aravind Maiya, CEO of the company said, “We leased a record 8.1 million sq ft to leading corporate, majority of which were GCCs, we delivered 2.2 million sq ft of new office development. We are pleased to provide guidance for FY25, which includes 5.4 million sq ft of total leasing and distributions guidance in the range of Rs 22.40 to Rs 23.10 per unit.”
Its revenue from operations and net operating income grew by 8% year-on-year to Rs 3,685 crore and Rs 2,982 crore, respectively.
The board of directors of Embassy Office Parks Management (EOPMSPL), managers to Embassy REIT, declared distributions of Rs 4,948.01 million/ Rs 5.22 per unit for the quarter ended March 31, 2024. The distribution comprises Rs 1,279.66 million / Rs 1.35 per unit in the form of interest, less applicable taxes, if any, Rs 985.81 million / Rs 1.04, per unit in the form of dividend and Rs 2,682.54 million / Rs 2.83 per unit in the form of repayment of SPV level debt.
The distributions for the financial year ended March 31, 2024, amounts to Rs 20,218.58 million / Rs 21.33 per unit.
It declared net asset value of Rs 401.59 per unit for Embassy REIT as at March 31, 2024.
The board approved the appointment of Arvind Kathpalia as a non-independent, non-executive director on the board of directors of EOPMSPL. Kotak Performing RE Credit Strategy Fund I and APAC Company XXIII who collectively held 12.41% of the outstanding units of Embassy REIT as on March 31, 2024 nominated Kathpalia.
It refinanced Rs 4,100 crore of maturing debentures at an average rate of 8.2% through a combination of listed debentures, first-time commercial paper and bank loans.
The company announced proposed acquisition of Embassy Splendid TechZone in Chennai for an enterprise value of up to Rs 1,269 crore and an institutional placement of up to Rs 3,000 crore.
