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The Embassy Workplace Parks actual property funding belief delivered a steady efficiency in Q2 FY24 with internet working revenue of Rs 7.2 billion (decline of three% QoQ) and internet distributable money flows of Rs 5.2 billion or Rs 5.5/unit.
In the course of the quarter, whereas gross leasing of two.0 million sq. ft was wholesome, recent exits of ~1 msf primarily by third get together IT/ITeS service suppliers led to same-store occupancy declining by 200 foundation factors QoQ to 85%.
The REIT supervisor has upped its FY24 leasing steerage to six.5 million sq. ft (earlier 6.0 msf) and expects restoration in leasing choices by GCCs and doable floor-wise particular financial zone denotification on the playing cards in H2 FY24.
We retain our FY24E DPU estimate of Rs 21.8/unit (flattish YoY) and consider {that a} pick-up in leasing and SEZ ought to move into NOI and distribution per unit development from FY25E.
We retain our ‘Purchase’ ranking with an unchanged March-2024E internet asset worth based mostly goal worth of Rs 390/unit.
Key dangers are a slower restoration in workplace leasing and better portfolio emptiness ranges.
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