BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’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 delivered a robust performance in FY20 in its maiden year of listing with a net operating income growth of 15% and net distributable cash flow distribution of Rs 18.8 billion or Rs 24.4/unit.
Inspite of Covid-19 headwinds, Q1 FY21 performance was also resilient with 99% collection efficiency in office rentals resulting in NDCF distribution of Rs 4.5 billion which was up 8% YoY.
We believe that the REIT’s low leverage (net debt to equity of 0.2 times), marquee tenant profile and de-densification of offices making up for increased Work from Home will enable the REIT to deliver 11% NOI compound annual growth rate over FY20-23E.
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