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CapitaLand India Trust Management Pte. Ltd., Trustee-Manager of CLINT, reported an 8% year-on-year rise in distribution per unit to 3.64 Singapore cent and an 18% increase for H1 2024 compared to the second half of FY 2023. Total property income and net property income grew by 23% and 21% year-on-year to SGD 136.1 million and SGD 103.5 million, respectively. In Indian rupee terms, total property income increased by 24% to INR 840 crore, while net property income rose by 22% to INR 640 crore. CLINT achieved a 96% committed portfolio occupancy and increased its assets under management to SGD 3.2 billion.
CapitaLand India Trust Management Pte. Ltd., the trustee-manager of CLINT, reported an 8% year-on-year increase in distribution per unit (DPU) to 3.64 Singapore cent and an 18% rise for H1 2024 compared to H2 FY 2023. Total property income and net property income rose significantly by 23% and 21% year-on-year to SGD 136.1 million and SGD 103.5 million, respectively. Sanjeev Dasgupta, CEO, announced a DPU of 3.64 Singapore cents, up 18% from H2 FY 2023 and 8% year-on-year, driven by higher rental income, positive rent adjustments, increased occupancy, and new property income from FY 2023. Advertisement
Net property income rose 21% in SGD, with committed occupancy improving from 93% to 96% due to leasing at aVance in HITECH City, Hyderabad, and Building Q1, Aurum Q Parc in Navi Mumbai. In the first half of FY 2024, total property income grew by 24% to INR 840 crore, boosted by contributions from Block A at International Tech Park Hyderabad (ITPH), International Tech Park Pune-Hinjewadi (ITPP-H), Industrial Facilities 2 and 3 at Mahindra World City, Chennai, and aVance II Hinjewadi, Pune. Higher rental income from existing properties also played a role.
Property expenses increased by 32% to INR 20 crore due to higher property taxes, maintenance, and operational costs. As a result, net property income rose by 22% to INR 640 crore. As of June 30, 2024, CLINT's committed portfolio occupancy reached 96%, and assets under management increased from SGD 2.7 billion to SGD 3.2 billion. The Trust has a debt headroom of about SGD915 million, including undrawn committed onshore facilities of SGD381 million, offshore facilities of SGD200 million, and uncommitted facilities of SGD 138 million. Around 71% of borrowings are at fixed interest rates, with 55% hedged in Indian rupees.
As of June 30, 2024, the gearing ratio was 38.1%, or 36.5%, when factoring in SGD 95 million in cash and equivalents. In May 2024, CLINT secured a SGD200 million sustainability-linked loan from the International Financial Corporation, boosting its sustainable finance portfolio to SGD1.16 billion, or 76% of its total loans as of June 30, 2024. In February 2024, CLINT agreed on a forward purchase of three industrial facilities at OneHub Chennai from Casa Grande Group. By March 2024, CLINT completed the acquisition of aVance II Hinjewadi, Pune, a 1.4 million square feet IT SEZ project, realising a net fair value gain of SGD 20.3 million.
In May 2024, CLINT also signed a forward purchase agreement with Phoenix Group for IT buildings totaling 2.5 million square feet in Hitech City, Hyderabad. The MTB 6 development at International Tech Park Bangalore (ITPB) is progressing as scheduled, with completion anticipated by the end of 2024. Superstructure work for data centres in Navi Mumbai and ITPH is progressing as planned, with development in Chennai and ITPB expected to start in the second half of 2024.
As of June 30, 2024, CLINT's completed floor area is 21.0 million square feet, including the aVance II Hinjewadi acquisition. Construction and the committed forward purchase pipeline are proceeding on schedule, with a total development potential of 7.1 million square feet.
CapitaLand India Trust (CLINT) reported strong growth for H1 FY 2024, with an 8% year-on-year increase in distribution per unit (DPU) and a 21% rise in net property income. Total property income grew by 23%, supported by improved occupancy and higher rental income. CLINT's assets under management increased to SGD 3.2 billion, and its sustainable finance portfolio now makes up 76% of total loans. Despite rising property expenses, the trust's development pipeline and strategic acquisitions are on track, ensuring continued growth and stability.
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