NEW DELHI: Nexus Select Trust has reported a dip of 27.18 per cent in its net consolidated profit during the quarter ended September 30, 2023. Its profit after tax stood at Rs 251.46 crore in Q2 FY24 as against Rs 345.34 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 557.32 crore in Q2 FY24, a dip of 34.38 per cent from Rs 849.30 crore it recorded in the similar quarter last year.
Dalip Sehgal, executive director and chief executive officer of the company said, “The strong start in Q1 FY24 continued in Q2 FY24 with robust consumption growth of 18% year-on-year. Our net operating income for the quarter grew by 17% year-on-year and was in-line with projections. We have signed a nonbinding term sheet to acquire three high quality malls in southern India.”
The board of directors of Nexus Select Mall Management, manager of Nexus Select Trust declared distributions of Rs 452.07 crore / Rs 2.98 per unit for the quarter ended September 30, 2023. Rs 278.38 crore / Rs 1.84 per unit in the form of dividend, Rs 129.04 crore/ Rs 0.85 per unit in the form of interest and Rs 44.65 crore/ Rs 0.29 per unit in the form of repayment of loan.
The board also declared net asset value of Rs 137.92 per unit for the trust as at September 30, 2023. It achieved net operating income (NOI) of Rs 390.9 crore, a 17% year-on-year growth.
The company reported operating performance with 97% leased occupancy (Retail) and 18% year-on-year tenant sales growth in Q2 FY24. Retail leased occupancy improved by 120 bps over September 2022.
The company maintained strong balance sheet with low LTV of 14%, debt cost at 8.3%, AAA / Stable rating and no near-term debt maturity, it said in a media release.
