NDTV Profit's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer NDTV Profit's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Mindspace Business Parks real estate investment trust delivered a stable Q1 FY25 performance as revenue/net operating income grew 4% QoQ to Rs 6.2 billion and Rs 5.0 billion respectively. While physical occupancy dipped 50 basis points QoQ to 83.3%, the REIT manager achieved gross leasing of 1.1 million square feet in Q1 FY25 (0.6 msf of re-leasing and 0.5 msf of new leasing).
This led to portfolio committed occupancy rising 50 bps QoQ to 89.1%, as of June 2024. The manager is targeting an overall portfolio committed occupancy of ~92–93%/~94–95% by March 2025/FY26E given leasing demand from Global Captive Centres, increased workforce attending office physically and SEZ de-notification benefits.
We maintain Add and our discounted cash flow based target price of Rs 393/unit, based on 1 times March 25E Net Asset Value.
Key risks to our call are further rise in vacancies across assets and fall in lease rentals.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
