Mindspace Business Parks REIT posts net profit of Rs 1,336 million in Q4 FY22
NEW DELHI: Mindspace Business Parks REIT (Mindspace REIT) reported 5.53 per cent growth in its consolidated net income for the quarter ended March 2022. Profit after tax (PAT) for the fourth quarter of FY22 was Rs 1,336 million compared to Rs 1,266 million recorded in the corresponding quarter of the previous financial year, the company said in a BSE filing.
The company reported a consolidated total profit of Rs.4,773 million in the fourth quarter of FY22, up 6.80 percent from Rs.4,469 million it recorded in the same quarter last year.
In the fourth quarter of FY22, it leased an area of 0.7 million square feet, gross asset value of the portfolio increased by 5.7% to Rs.264 billion, net asset value increased to Rs.364 from Rs.357.8 per unit on average Harvest 2021, 9 rupees per unit.
Vinod Rohira, CEO, said, “Mindspace REIT had one of the strongest leasing years, with a volume of more than 4.5 million square feet, reflecting strong growth in demand.”
The Board of Directors of K Raheja Corp Investment Managers LLP, manager of Mindspace Business Parks REIT, announced a distribution of Rs.2,734 million / Rs.4.61 per share for the quarter ended 31 March 2022. The distribution includes Rs 2,550 million / Rs 4.30 per share per unit in the form of dividend, Rs 184 million / Rs 0.31 per unit in the form of interest.
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The Board also announced a net asset value of Rs 364.9 per unit for the Mindspace REIT as at March 31, 2022 1,200 million.
The total consolidated revenue for FY2021-22 was Rs 17,696 crore vs Rs 11,565 crore in FY21. The company recorded a net profit of Rs.4,473 million in FY22 compared to Rs.3,348 million in the same quarter last year.
The company leased 4.5 million square feet over 66 deals in FY22, a year-over-year growth of 28.4 percent. The re-leasing margin was 31% on 2.8 million square feet of newly leased space. In-place rentals are up 10.3% yoy to Rs.61.7 per square foot per month.
REIT Mindspace Rs. 9 billion by issuing debentures in REITs and SPVs. The average cost of borrowing was approximately 6.6% at the end of March 31, 2022, a decrease of approximately 50 basis points from March 31, 2021.
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