Embassy Office Parks REIT clocks consolidated net profit of Rs 57.8 cr for Q4FY20
New Delhi: Country’s first REIT Embassy Office Parks has clocked a consolidated net profit of Rs 57.8 crore on a total income of Rs 583.5 crore for the fourth quarter of the 2019-20 fiscal ended 31 march 2020.
For the entire fiscal 2019-20, the REIT registered a consolidated net profit of Rs 765.5 crore on a total income of Rs 2,144.9 crore, the company said in a regulatory filing.
Late last week, rating agency CRISIL had reaffirmed the ‘CRISIL AAA/Stable’ rating on Rs 3,650 crore non-convertible debentures (NCDs) of the REIT.
“The rating continues to reflect Embassy REIT’s comfortable loan-to-value (LTV) ratio—driven by low debt levels and strong debt protection metrics, supported by a cap on incremental borrowing—and stable revenue from the underlying assets given high-quality commercial assets, high occupancy levels, and geographical diversification. These strengths are partially offset by susceptibility to volatility in the real estate sector, resulting in fluctuations in rental rates and occupancy.” CRISIL had said in its review of the rating of the REIT.
The REIT has fixed 28 May 2020 as the record date for payment of Income Distribution. The payment of distribution is proposed to be made on 3 June 2020 or before.