Embassy REIT’s Q3FY21 net profit declines 15% y-o-y

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February 13, 2021 1:30 AM

The record date for the distribution is February 22, 2021 and the distribution will be paid on or before February 27, 2021, it added.

However, the company’s consolidated revenue rose to Rs 596 crore in Q3 FY21 from Rs 563 crore in Q2 FY21 and `568 crore in Q3 FY20. Its Ebitda was up 12% y-o-y to Rs 508 crore in Q3 FY21.However, the company’s consolidated revenue rose to Rs 596 crore in Q3 FY21 from Rs 563 crore in Q2 FY21 and `568 crore in Q3 FY20. Its Ebitda was up 12% y-o-y to Rs 508 crore in Q3 FY21.

Embassy Office Park REIT on Friday reported a consolidated net loss of 15% year-on-year (y-o-y) at Rs 215 crore for the October-December quarter this fiscal. The firm also declared a distribution of Rs 431.3 crore for the quarter.

However, the company’s consolidated revenue rose to Rs 596 crore in Q3 FY21 from Rs 563 crore in Q2 FY21 and `568 crore in Q3 FY20. Its Ebitda was up 12% y-o-y to Rs 508 crore in Q3 FY21.

Embassy REIT declared a distribution of Rs 431.3 crore for 3Q FY2021, which translates to a distribution per unit (DPU) of Rs 4.55 for the December quarter on the expanded unit base of 947.89 million units, post the issuance of 176.23 million new units in December 2020 in connection with the acquisition of Embassy TechVillage.

The record date for the distribution is February 22, 2021 and the distribution will be paid on or before February 27, 2021, it added.

Embassy REIT CEO, Michael Holland said, “As India’s outlook steadily improves with a continued downward trend in active Covid-19 cases and the encouraging progress on vaccine roll-out, we remain optimistic that Indian office leasing demand will continue to increase as occupiers accelerate their return-to-work programmes”.

The company also said that it will invest Rs 2,300 crore over the next three years to develop 5.7 million sq ft of commercial space. Besides, it is exploring inorganic growth opportunities in cities like Bengaluru, Pune and Hyderabad.

On occupancy, Embassy REIT said that occupiers are implementing ‘back to office’ plans encouraged by the vaccine roll-out as 97% of occupiers and a daily average of around 20,000 employees operated from its properties in Q3 FY2021, up 27% since Q2 FY2021.

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