NEW DELHI: Nexus Select Trust has reported a decline of 56.16 per cent in its net consolidated profit during the quarter ended September 30, 2024. Its profit after tax stood at Rs 1,102.36 million in Q2 FY25 as against Rs 2,514.62 million it recorded 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 5,762.79 million in Q2 FY25, a growth of 3.48 per cent from Rs 5,569.14 million in it recorded in the similar quarter last year.
The board of directors of Nexus Select Mall Management, manager of Nexus Select Trust, declared distributions of Rs 3,040.61 million / Rs 2.007 per unit for the quarter ended September 30, 2024. The distribution comprises Rs 860.52 million / Rs 0.568 per unit in the form of interest, Rs 1,718.01 million / Rs 1.134 per unit in the form of dividend, Rs 10.61 million / Rs 0.007 per unit in the form of other income and Rs 451.47 million / Rs 0.298, per unit in the form of repayment of SPV level debt.
The company’s net operating income stood at Rs 3,713 million (5% year-on-year growth), reported tenant sales of Rs 3,000 crore and debt cost was at 8% in Q2 FY25. It re-leased 0.19 million sq ft at 20% spreads in Q2 FY25, its leased occupancy increased by 40bps year-on-year.
Dalip Sehgal, executive director and CEO of the company said, “We witnessed resilient financial performance in Q2 FY25 with retail net operating income growth of 5% YoY in a moderate consumption environment. On the back of this performance, we are delighted to announce our fifth distribution of INR 3,041 million in-line with FY25 projections. With a strong start to Q3 FY25, wherein we witnessed 18% consumption growth in October 24, we expect robust performance in the second half of FY25.”
The board declared net asset value of Rs 147.04 per unit for the trust as at September 30, 2024. It raised Rs 2,500 million at 7.6% per annum, reduced overall debt cost by ~10 bps.
Nexus Select Trust expects to acquire one million sq ft in South India and 0.3 million sq ft in North India in H2 FY25.
