News: Brookfield India REIT's net profit registers 63.61% growth in Q4 FY22-18-05-2022
The company's total consolidated income stood at Rs 2,613.91 millions in Q4 FY22, a growth of 92 per cent from Rs 1,361.07 millions it recorded in the similar quarter last year.
NEW DELHI: Brookfield India Real Estate Trust (Brookfield India REIT) has registered 63.61 per cent growth in its consolidated net profit during the quarter ended March 2022. Its profit after tax (PAT) stood at Rs 444.83 millions in Q4 FY22 as against Rs 271.88 millions it recorded in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company's total consolidated income stood at Rs 2,613.91 millions in Q4 FY22, a growth of 92 per cent from Rs 1,361.07 millions it recorded in the similar quarter last year.
The board of directors of Brookprop Management Services, the manager of Brookfield India REIT declared of Rs 1,708.94 million / Rs 5.10 per unit for the quarter ended March 31, 2022. The distribution comprises of Rs 958.35 million/ Rs 2.86 per unit in the form of interest payment on shareholder loan and CCDs, Rs 23.45 million / Rs 0.07 per unit in the form of dividend; Rs 720.44 million / Rs 2.15 per unit in the form of repayment of SPV debt and the balance Rs 6.70 million / Rs 0.02 per unit in the form of interest on fixed deposit.
They also declared Net Asset Value of Rs. 333.81 per unit for Brookfield India REIT as on March 31, 2022.
"High-quality assets governed by a strong ESG framework and enhanced by innovation and technology will continue to be the workplaces of choice. This sentiment is reflective in our performance for the past year where we achieved 1.6 million sq ft of leasing across assets including 1.2 million sq ft of new leasing. The return to office trends coupled with the expansion plans of the global IT/ITES industry in India point towards strong demand for commercial real estate in India," said Alok Aggarwal, chief executive officer, Brookprop Management Services.
In FY22, 1.2 million sq ft of space was new leasing, of which 77 per cent were new tenants, according to the company's investor presentation. In Q4 FY22, it achieved gross leasing of 3,33,000 sq ft, out of which 2,83,000 sq ft was new leasing while 50,000 sq ft with Barclays was lease renewal. Additional 75,000 sq ft of Letter of Intent (LOIs) are under discussion.
It has an acquisition pipeline of 6.4 million sq ft, out of which 3.7 million sq ft is expected in Candor Techspace G1, Gurugram and 2.7 million sq ft is expected in Powai Business District, Mumbai.
In calendar year 2022, it expects space take-up of 36 million sq ft out of which 6 million sq ft net leasing has been achieved in Q1 of calendar year 2022.
It has an ongoing leasing discussion of 1.5 million sq ft. "We are in ongoing talks with existing tenants to consolidate their offices in our campus-style parks," the company said in the investor presentation.
About 1,88,000 sq ft area was vacated during the quarter while expiries of 78,000 sq ft were deferred to FY23 from Q4 FY22, the company said in the investors presentation.
Brookfield India REIT said that Rs 3,107 million of capital expenditure projects are underway across new tower developments and upgrades to existing towers. Capex including interest during construction to be financed through debt.
