News: Mindspace Business Parks REIT posts net profit of Rs 1,336 million in Q4 FY22-13-05-2022
The company reported total consolidated income of Rs 4,773 million in Q4 FY22, a growth of 6.80 per cent from Rs 4,469 million it recorded in the similar quarter last year.
NEW DELHI: Mindspace Business Parks REIT (Mindspace REIT) reported 5.53 per cent growth in its net consolidate d profit during the quarter ended March 2022. It profit after tax (PAT) stood at Rs 1,336 million in Q4 FY22 as against Rs 1,266 million it recorded in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company reported total consolidated income of Rs 4,773 million in Q4 FY22, a growth of 6.80 per cent from Rs 4,469 million it recorded in the similar quarter last year.
In Q4 FY22, it leased of 0.7 million sq ft space, Gross Asset Value of the portfolio increased by 5.7% year-onyear to Rs 264 billion, Net Asset Value increased from Rs 357.8 per unit in September 2021 to Rs 364.9 per unit.
Vinod Rohira, chief executive officer, said, "Mindspace REIT has recorded one of the strongest years of leasing as volumes surpassed 4.5 million sq ft. The robust hiring by IT companies and GCCs over the past 2 years coupled with actioning of return to office plans, point to a strong resurgence in demand."
The governing board of K Raheja Corp Investment Managers LLP, manager to Mindspace Business Parks REIT, declared distribution of Rs 2,734 million/ Rs 4.61 per unit for the quarter ended March 31, 2022. The distribution comprises Rs 2,550 million/ Rs 4.30 per unit in form of dividend, Rs 184 million/ Rs 0.31 per unit in form of interest.
The board also declared net asset value of Rs 364.9 per unit for Mindspace REIT as on March 31, 2022. It noted conclusion of sale of approximately 39.996 acres of land at Pocharam, Hyderabad from Mindspace Business Parks to K Raheja Corp for a consideration of Rs 1,200 million.
Its total consolidated income stood at Rs 17,696 million for the financial year 2021-22 as against Rs 11,565 million in FY21. The company recorded net profit of Rs 4,473 million in FY22 as against Rs 3,348 million in the similar quarter last year.
The company leased 4.5 million sq ft in FY22 across 66 deals, a growth of 28.4 per cent year-on-year. Re-leasing spread stood at 31% on 2.8 million sq ft of area re-let. Inplace rents have grown by 10.3% year-on-year to Rs 61.7 per sq ft per month.
Mindspace REIT raised Rs 9 billion through issuance of debentures at REIT and SPVs. Average cost of debt stands at c.6.6% at the end of March 31, 2022, down c.50 bps from March 31, 2021.
