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The K Raheja managed Mindspace Business Parks REIT declared a growth of 16 percent year-on-year (YoY) at 417 crore rupees for Q2 FY 23. The company recorded a profit after tax (PAT) of 87 crore rupees in Q2 FY23 as against 130 crore rupees in the corresponding quarter of the last fiscal year. However, its net consolidated income stood at 686 crore rupees for the quarter which indicates a 60 per cent growth from 428 crore rupees recorded for the same period last fiscal year. As of 30th September 2022, its net debt stands at Rs 4,4650 crore, with a net debt to market value of 16.8% while the portfolio's gross asset value rose to Rs 27,300 crore in September 2022, a 3.3 percent increase YoY.
Source: Moneycontrol.com & ET Realty
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The K Raheja managed Mindspace Business Parks REIT declared a growth of 16 percent year-on-year (YoY) at 417 crore rupees for Q2 FY 23. The company recorded a profit after tax (PAT) of 87 crore rupees in Q2 FY23 as against 130 crore rupees in the corresponding quarter of the last fiscal year. However, its net consolidated income stood at 686 crore rupees for the quarter which indicates a 60 per cent growth from 428 crore rupees recorded for the same period last fiscal year.
K Raheja Corp Investment Managers LLP, the governing board, has declared a distribution of Rs 2,817 million via units valued at Rs 4.74 per unit for this quarter. The distribution comprises Rs 2,592 million at Rs 4.37 per unit in the form of dividends and Rs 213 million at the Rs 0.36 per unit in the form of interest and Rs 12 million at Rs 0.02 per unit in the form of other income.
According to the investor presentation the company has raised over Rs 5 billion at a rate of 7.9% per annum in the form of non-convertible debentures (NCDs) for a period of five years in July 2022. As of 30th September 2022, its net debt stand at Rs 4,4650 crore, with a net debt to market value of 16.8% while the portfolio's gross asset value rose to Rs 27,300 crore in September 2022, a 3.3 percent increase YoY. The company has recently received a four-star rating, scoring 81 out of 100 in the Standing Investment Benchmark.
The company’s CEO, Vinod Rohira, said, “As envisaged, we continue to see demand for Grade A, institutionally managed office assets as the preferred choice of our global clients, as their return to office plans are now in motion. We have leased 1.3 msqft during the quarter, taking the cumulative gross leasing to 2.1 msqft in the first half of the financial year, resulting in further improvement in committed occupancies in our portfolio.”
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