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Nirmal Bang Report
Embassy Office Parks real estate investment trust delivered good numbers for Q1 FY23, with revenue coming in at Rs 8,294 million, up 12.4% YoY and 10.8% QoQ.
The QoQ growth in revenue was due to office momentum continuing to grow, backed by healthy ‘return to work' trajectory, coupled with robust hiring by IT/IT enabled services and global captive centres.
Embassy REIT leased ~1.8 million square feet across 25 deals in Q1 FY23, of which ~0.42 million area was released at 31% re-leasing spread to new tenants and ~0.85 million area was renewed at 9% renewable spread.
The company has pre-leased ~0.55 million square feet to JP Morgan at ETV. The company focused on occupiers from high growth sectors such as software-as-a-service, e-commerce and healthcare technology.
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