Brookfield India's net dips 61% to Rs 27 crore, net operating income up

Brookfield India Real Estate Trust’s net profit declined 61 per cent to Rs 26.71 crore in the July-September quarter from Rs 68.28 crore during the corresponding quarter in FY21.

The firm recorded a 48 per cent rise in its net operating income to Rs 241.3 crore for the quarter under review, the trust said in a regulatory filing.

The firm also announced a distribution of Rs 170.89 crore for shareholders with 52 per cent of distributions non-taxable for unitholders for the quarter ended this September.

The company’s sales rose 43.40 per cent to Rs 303.60 crore in the July-September quarter, from Rs 211.71 crore during the previous quarter ended September 2021.

During the quarter, the company achieved leasing of 306,000 sq ft area on the operation front, of which 127,000 sq ft was new leasing and 179,000 sq ft was renewals.

It also achieved a 9 per cent average escalation on 909,000 sq ft of leased area.

“The office leasing momentum continues to increase steadily with physical occupancy going up on account of expansion plans from global captives and technology players. With over 306,000 sq ft of leasing and 16,000 sq ft of expansion options, we continue to attract marquee tenants in Q2FY23,” said Alok Aggarwal, Chief Executive Officer, Brookprop Management Services Private Limited.

The company also received a five-star GRESB rating in the first submission underlining its commitment to sustainable business practices aligned with the global ESG framework.

“Across our properties in India, we are deploying the very best of technologies to achieve our goal of being net zero by 2040,” said Aggarwal.

The realty firm has also advanced its net zero targets by 10 years to 2040.

Also, operating Lease Rentals increased by 32 per cent YoY to Rs. 2,056 mn, said the company.

The company also started the construction of retail led 561,000 sq ft mixed-use development, comprising 174,000 sq ft retail spaces and 387,000 sq ft office space.

“The 174,000 sq ft retail development will be a F&B led retail destination with multiple restaurants, cafes, large and small format retail outlets, a gaming center, and an open terrace area, which will substantially enhance our occupier experience at K1,” the company said.

The 387,000 sq ft office development will consist of high-quality non-SEZ office spaces diversifying our tenant offering.

The company is an institutionally managed REIT that comprises five large campus-format office parks located in Mumbai, Gurgaon, Noida, and Kolkata.

Its portfolio consists of 18.7 million square feet comprising 14.3 million square feet of completed area and 4.4 million square feet of future development potential.

It is sponsored by an affiliate of Brookfield Asset Management Inc, one of the world's largest alternative asset managers and investors, with over USD 750 billion of assets under management, across real estate, infrastructure, renewable power, private equity, and credit strategies which has a global presence across more than 30 countries.