Embassy REIT Q2 Results Review - Leasing Traction Intact; On Track To Achieve FY25 Guidance: ICICI Securities

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.The Embassy Office Parks real estate investment trust clocked Q2 FY25 net operating income of Rs 8 billion (up 6.2% QoQ) and NDCF of Rs 5.5 billion with a distribution of Rs 5.8/unit (up 4% QoQ). Overall portfolio occupancy, as of Sep’24, increased 200 bps QoQ to 87%, including infusion of 1.4 million square feet Splendid Techzone, Chennai asset of 1.4 msf from June 01, 2024. Driven by a combination of filling up of special economic zone vacancy and pre-leased assets, we estimate portfolio occupancy of more than 90% by FY26E, resulting in FY25E distribution per unit of Rs 22.5/unit versus Rs 21.3/unit in FY24 with FY26E DPU of INR 26.9/unit. The REIT manager has given FY25 guidance for 6.5 msf of total leasing in FY25 and expects 10% NOI and 7% DPU growth in FY25. We retain our Add rating with an unchanged target price of Rs 415/unit based on one time Mar’25E net asset value. Key risks are slower recovery in leasing and higher portfolio vacancy levels..Click on the attachment to read the full report:.IndusInd Bank Q2 Results Review - Weak; Steering Through Near-Term Challenges; Reiterate 'Buy': Motilal Oswal.DISCLAIMERThis 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.

Embassy REIT Q2 Results Review - Leasing Traction Intact; On Track To Achieve FY25 Guidance: ICICI Securities

The brokerage retains 'Add' rating with an unchanged target price of Rs 415/unit based on 1x Mar’25E net asset value.

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Embassy REIT Q2 Results Review - Leasing Traction Intact; On Track To Achieve FY25 Guidance: ICICI Securities

The brokerage retains 'Add' rating with an unchanged target price of Rs 415/unit based on 1x Mar’25E net asset value.

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