The Mindspace Business Parks REIT reported a 5.53 percent increase in its net consolidated profit during the quarter ended March 2022. The company's profit after tax (PAT) was Rs 1,336 million, up from Rs 1,266 million in the same quarter last year.
In Q4 FY22, the company reported total consolidated income of Rs 4,773 million, increasing 6.80 percent from Rs 4,469 million in the same period last year. The portfolio's Gross Asset Value increased by 5.7 percent year-on-year to Rs 264 billion in Q4 FY22, while its 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."
For the quarter ended March 31, 2022, the governing board of K Raheja Corp Investment Managers LLP, manager to Mindspace Business Parks REIT, issued a distribution of Rs 2,734 million/ Rs 4.61 per unit. The dividend is of Rs 2,550 million/ Rs 4.30 per unit, and the interest is at Rs 184 million/ Rs 0.31 per unit.
The board also declared a net asset value for Mindspace REIT of Rs 364.9 per unit as of March 31, 2022. It announced that Mindspace Business Parks had completed the sale of roughly 39.996 acres of land in Pocharam, Hyderabad, to K Raheja Corp for Rs 1,200 million.
Its total consolidated income for the financial year 2021-22 was Rs 17,696 million, up from Rs 11,565 million in FY21. In FY22, the company made a net profit of Rs 4,473 million, up from Rs 3,348 million the previous year.
In FY22, the company leased 4.5 million square feet over 66 transactions, up 28.4% year over year. On 2.8 million square feet of re-let space, the re-leasing spread was 31%. In-place rents increased by 10.3% year over year to Rs 61.7 per sq ft per month.
Through the issuing of debentures at REITs and SPVs, Mindspace REIT raised Rs 9 billion. At the end of March 31, 2022, the average cost of debt was c.6.6 percent, down c.50 basis points from March 31, 2021
