Embassy REIT announces third quarter FY2020-21 results; quarterly distribution Rs 4,313 mn - The Daily Guardian
Connect with us

Business

Embassy REIT announces third quarter FY2020-21 results; quarterly distribution Rs 4,313 mn

Published

on

Bengaluru (Karnataka) [India], February 12 (ANI/BusinessWire India): The Board of Directors of Embassy Office Parks Management Services Private Limited (‘EOPMSPL’), Manager to Embassy REIT, at its Board Meeting held earlier today, declared a distribution of Rs 4,313 million for 3Q FY2021.
This translates to a Distribution per Unit (‘DPU’) of Rs 4.55 for the third quarter on the expanded unit base of 947.89 million units, post the issuance of 176.23 million new units in December 2020 in connection with the acquisition of Embassy TechVillage (‘ETV’). The record date for the distribution is February 22, 2021, and the distribution will be paid on or before February 27, 2021.
Michael Holland, Chief Executive Officer of Embassy REIT, commented, “This quarter marked another resilient performance for Embassy REIT, as illustrated by our operating performance and distribution to Unitholders. As India’s outlook steadily improves with a continued downward trend in active COVID-19 cases and the encouraging progress on vaccine roll-out, we remain optimistic that Indian office leasing demand will continue to increase as occupiers accelerate their return-to-work programs.
Additionally, our recent successful Rs 97.8 billion acquisition of Embassy TechVillage in India’s best-performing office sub-market of ORR in Bengaluru cements our position as a landlord of choice for the world’s top companies.”
Financial Highlights
* Net Operating Income (‘NOI’) for 3Q FY2021 grew year-on-year by 3 per cent to Rs 4,780 million and cumulatively by 5 per cent to Rs 14,163 million for YTD FY2021, with operating margins of 85 per cent for the quarter and 87 per cent for YTD FY2021
* Distributed Rs 4,313 million or Rs 4.55 per unit for 3Q FY2021 and cumulatively Rs 13,056 million or Rs 15.88 per unit for YTD FY2021, representing a 100 per cent payout ratio for both the periods
* Raised Rs 7.5 billion of listed debentures during 3Q FY2021 at an attractive 6.70 per cent coupon; raised further Rs 26.0 billion of listed debentures in Jan’21 at 6.40 per cent coupon primarily to refinance the ETV debt
* Balance sheet remains strong with low leverage of 23 per cent Net Debt to TEV, liquidity of Rs 9.4 billion and additional debt headroom of Rs 120 billion
Business Highlights
* Lease deals signed for 3Q FY2021 stood at 311k sf, with 1.0 msf lease deals signed YTD
* Achieved 14 per cent spreads on 206k sf re-leased area in 3Q FY2021, with 16 per cent spreads on 450k sf re-leased YTD
* Achieved rental increases of 15 per cent on 1.5 msf in 3Q FY2021, with YTD rental increases of 13 per cent on 5.3 msf
* Rent collections for 3Q FY2021 from office occupiers remained strong at 99.5 per cent, in-line with office rent collections of 100 per cent for 1Q FY2021 and 99.9 per cent for 2Q FY2021 (as of February 11, 2021)
* Portfolio occupancy stood at 90.6 per cent on our enlarged 32.3 msf operating portfolio, with same-store occupancy of 90.5 per cent
* Ongoing support to occupiers as they bring forward ‘Back to Office’ plans encouraged by vaccine roll-out; 97 per cent of occupiers and the daily average of ~20k employees operated from our properties in 3Q FY2021, up 27 per cent since 2Q FY2021
Growth Initiatives
* Completed Rs 97.8 billion ETV acquisition in December 2020 and successfully raised Rs 36.8 billion through an Institutional Placement to fund the acquisition
* Post ETV acquisition, integrated on-ground teams and the 1.1 msf built-to-suit project, initiated restructuring of the 2-tier holdings at the ETV level and refinanced Rs 26.4 billion of in-place ETV debt at 328 refinancing bps spread
* Launched 1.9 msf of new on-campus office development at ETV. Along with the existing 2.7 msf development, organic growth through 5.7 msf on-campus development across portfolio, with 19 per cent area pre-committed to JP Morgan
Investor materials and quarterly investor call details
Embassy REIT has released a package of information on the quarterly results and performance, that includes (i) reviewed condensed standalone and reviewed condensed consolidated financial statements for the quarter and nine-month period ended December 31, 2020, (ii) an earnings presentation covering 3Q FY2021 results, and (iii) supplemental operating and financial data book that is in line with leading reporting practices across global REITs. All these materials are available on our website at www.embassyofficeparks.com under the “Investors” section.
Embassy REIT will host a conference call on February 12, 2021, at 18:30 hours Indian Standard Time to discuss the 3Q FY2021 results. A replay of the call will be available till February 26, 2021, on our website at www.embassyofficeparks.com under the “Investors” section.
Disclaimer
This press release is prepared for general information purposes only. The information contained herein is based on management information and estimates. It is only current as of its date, has not been independently verified and may be subject to change without notice. Embassy Office Parks Management Services Private Limited (“the Manager”) in its capacity as the Manager of Embassy REIT, and Embassy REIT make no representation or warranty, express or implied, as to, and do not accept any responsibility or liability with respect to, the fairness and completeness of the content hereof. Each recipient will be solely responsible for its own investigation, assessment and analysis of the market and the market position of Embassy REIT. Embassy REIT does not provide any guarantee or assurance with respect to any distribution or the trading price of its units.
This press release contains forward-looking statements based on the currently held beliefs, opinions and assumptions of the Manager. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of Embassy REIT or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Given these risks, uncertainties and other factors, including the impact of COVID-19 on us, our occupiers and the Indian and global economies, recipients of this press release are cautioned not to place undue reliance on these forward-looking statements.
The Manager disclaims any obligation to update these forward-looking statements to reflect future events or developments or the impact of events which cannot currently be ascertained, such as COVID-19. In addition to statements which are forward-looking by reason of context, the words ‘may’, ‘will’, ‘should’, ‘expects’, ‘plans’, ‘intends’, ‘anticipates’, ‘believes’, ‘estimates’, ‘predicts’, ‘potential’ or ‘continue’ and similar expressions identify forward-looking statements.
This press release also contains certain financial measures which are not measures determined based on GAAP, Ind-AS or any other internationally accepted accounting principles, and the recipient should not consider such items as an alternative to the historical financial results or other indicators of Embassy REIT’s cash flow based on Ind-AS or IFRS. These non-GAAP financial measures, as defined by the Manager, may not be comparable to similarly titled measures as presented by other REITs due to differences in the way non-GAAP financial measures are calculated.
Even though the non-GAAP financial measures are used by management to assess Embassy REIT’s financial position, financial results and liquidity and these types of measures are commonly used by investors, they have important limitations as analytical tools, and the recipient should not consider them in isolation or as substitutes for analysis of Embassy REIT’s financial position or results of operations as reported under Ind-AS.
This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article. (ANI/BusinessWire India)

The Daily Guardian is now on Telegram. Click here to join our channel (@thedailyguardian) and stay updated with the latest headlines.

For the latest news Download The Daily Guardian App.

Business

Champak Jain and the Victory Music brings to you the new romantic anthem for this love season

Published

on

By

Mumbai (Maharashtra) [India], March 1 (ANI/PNN): Champak Jain and Victory Music bring you its new romantic number. The song by Victory Music and Sanjana is the new language of love.
The song celebrates love and simple things it stands for. It celebrates the journey of two people loving each other. Currently at 590k views Bhool has been touching hearts everywhere.
The creation of this song has been a beautiful journey. “Yashh (My partner) and me heard the song in August of 2019 on Instagram randomly on the singer Sanjana’s page. We made our father Champak Jain of Venus Music to hear just 30 seconds of the song. He liked the song immediately. We got in touch with Sanjana and asked her would she complete the song.
She was thrilled and excited the minute we contacted her and the rest was history. We contacted a mutual friend of ours and got in touch with Avinash and Shivya and they agreed instantly. Our super talented director duo Disha and Somen did a fantastic job in making the video,” says Jagrat Jain, Partner at Victory Music.
This story is provided by PNN. ANI will not be responsible in any way for the content of this article. (ANI/PNN)

Continue Reading

Business

Mrs Navdeep Kaur emerges as the winner of Mrs. India Inc. 2020 presents Mrs. India World 2020-21 powered by The Deltin, Daman!

Published

on

By

New Delhi [India], March 1 (ANI/ThePRTree): One of the biggest events of this year, Mrs India Inc presents Mrs India World 2020-2021 , powered by the Deltin, Daman, was held on January 23, 2021 at The Deltin, Daman.
Mrs. Navdeep Kaur was crowned the winner and will represent India at Mrs World 2020, followed by Anupreet Kaur as 1st runner up and Shruti Chauhan as 2nd runner up. She was adjudged the winner by competing against 61 participants, from all parts of India.
The participants went through multiple rounds that allowed them to showcase their talents to an eminent panel comprising pageant director Mohini Sharma, Presider Soha Ali Khan, Charity ambassador Vivek Oberoi, Mrs World 2020 Caroline Jurie and Couture Designer Masumi Mewawalla.
Speaking of her experience with Mrs IndiaInc. 2021, pageant director and former winner of Mrs India Inc. Mohini Sharma, said, “With Mrs IndiaInc., we are on a mission to identify the unseen potential possessed by women. Our amazing panel members are achievers in their right and have served as an inspiration to our Queens. Soha Ali Khan is a wonderful actress, a fantastic mom and a lovely person of royal lineage. I think her humility, despite her achievements is quite inspiring. Vivek Oberoi’s passion for bringing about change in the society is infectious. Caroline Jurie, Mrs World 2020, has lent a lot of insight, being a winner at a global level. Mrs India Inc is, not just a beauty pageant, but a journey of transformation and self-growth. Masumi’s couture wear lent them the grace and appearance befitting a queen. All these wonderful panellists have surely added value to this journey, for the participants.
Presider Soha Ali Khan too expressed her joy and pride for the platform. “I’m glad to be associated with Mrs IndiaInc., a platform that’s committed to giving women a chance to showcase their talent and shine as an individual. It’s helping to change the perception about the world towards married women and break the stereotypes surround us. The balance between fulfilling our responsibility as wife, mother and also towards oneself, is not easy to achieve. I think every woman is a winner for being able to achieve it.”
While preparing for the pageant, the participants went through intense sessions with renowned experts of the industry. Ramp-walk expert and show director Alesia Raut, Hair and makeup expert CheragBambboat, Nutrition expert Suman Agarwal, Holistic wellness coach Shivangi Maletia, Grooming expert Audrey D’Silva, fitness expert Urmimala Boruah and Life Coach Mickey Mehta came through to help these queens fullfil their transformation journey.
This story is provided by ThePRTree. ANI will not be responsible in any way for the content of this article. (ANI/ThePRTree)

Continue Reading

Business

TeamEx Retail redefines the structure of employments along with its ayurvedic world

Published

on

By

New Delhi [India], March 1 (ANI/ThePRTree): With an aim to reach every household to create a platform for the people who want to get financial freedom in their lives, TeamEx Retail provides the opportunity for all those hard workers who want to make it big in the field.
TeamEx retail is a place where one doesn’t need to depend on a degree for cracking a job opportunity. One can be their own boss, and enhance the standards of living attaining the self-confidence needed to prosper in life.
TeamEx’s renowned Founders, Nirmal Patel, and Hiren Patel while talking about their plans behind the company often mention, “No Investment, No Discrimination, No degree but just the person’s devotion and dedication to their work can lead to earning millions and that’s what we at TeamEx Retail believe”. Started from scratch, now Nirmal Patel is helping millions to earn with his vision towards the country. Hiren Patel is an enthusiastic, energetic adult working day and night towards helping and supporting young aspirants to achieve higher goals in their life. Their collective ideologies and way of working are quite different from others in the Networking World. They reckon for people to be a part of their impeccable team judging them only on the basis of the quality of work they can produce.
TeamEx exponentially accelerates the strategy execution, reports progress, and ensures every team member is in sync and rowing in the same direction. Uniting the team from different routes, TeamEx automatically installs best practices and turns every manager into a prodigy. They are respected as they know how to effortlessly monitor employees and instantly notify the manager whenever things go off target.
Allowing coaching and retention of potentially good performers, the organization ensures that nothing goes haywire before it is too late. They keep in mind to boost top performer retention through better and more frequent recognition. Strategy Execution consistently ranks as the top challenge of most CEOs. Most executives agree that superior strategy and execution are the keys to delivering sustained growth and profits to the company and everyone involved with it.
TeamEx keeps a prime focus in delivering the supreme quality of natural medicine, natural cosmetics, ayurvedic medicines, natural vitamin supplements, biofertilizers, and natural indigenous seeds. TeamEx retail believes in an ancient ideology where the products are made up of 100 percent Ayurveda that has no side effects.
Having said that, they ensure that everything provided has long-term health benefits. Their motto stands as “Healthy India is a Successful”. Routing mankind towards the usage of Ayurvedic Products, Nirmal Patel and Hiren Patel said,
“Ayurveda is the future. Staying healthy is important and we understand it to provide you the best you need”.
TeamEx Retail is generating innovative ideas to help the country grow sustainably with their foundation named ‘TeamEx Foundation’. Hiren Patel and Nirmal Patel are leaving no stone unturned when it comes to utilizing the waste.
They come up with creative ideas for nurturing and helping the people of society. For people, they are giving amazing MSI opportunities. Teamex retail is for certain By the people and with their, Foundation is Of the people.
TeamEx with an aim in doing charities along with its hybrid business model is driven by increasing consumer demand, wider reach, unique product range, and its price competitiveness. The aggressive marketing strategies have resulted in its unexpected sales figures which have increased its growth .”
Nirmal Patel and Hiren Patel state that TeamEx belongs to Indians, where the entire Indian sub-continent can associate with and the whole world can fit in the Indian Ayurveda link through this native Indian brand.
This story is provided by ThePRTree. ANI will not be responsible in any way for the content of this article. (ANI/ThePRTree)

Continue Reading

Business

Baking Tales founder Nikita make customers happy with best cakes!

Published

on

By

New Delhi [India], March 1 (ANI/ThePRTree): Being a baker is not just about baking a cake. It is about understanding the importance of why people love cakes, pastries or cookies as food has emotions attached to it.
Every time someone orders a cake, they take a good time to decide which one they want. Hence, it is crucial to bake a cake that’s perfect & appeals the customers. Well, one such person who has managed to crack the code is Nikita Kalra.
From her childhood days, Nikita Kalra wanted to be a baker. She used to take part in local baking competitions during her childhood days. She managed to win several of them because of her amazing skills and nailing the delicacies just the right way. Today, she has her own bakery called Baking Tales.
As the name suggests, Baking Tales doesn’t just provide the usual cakes or pastries. It has customised options available where people can share what kind of cake/pastries they want. Nikita carefully notes down the requirements of her customers and makes them happy by giving them a product better than they had expected.
Based in Lucknow, Nikita Kalra did her training in Taj Mumbai. During her training period, she learned all kinds of baking and cooking methods from around the world. Once she finished her training, she started her bakery which initially used to take online deliveries. She had discussed this idea with Aniirudh Kundra. However, her passion for baking has finally helped her achieve the biggest dream of her life – opening a restaurant.
In August last year, Nikita Kalra launched her new bakery restaurant in Lucknow. She had an intimate launch but the mouth of word and her amazing service online from the beginning helped in rising the popularity of her new venture. Baking Tales also has an Instagram page with more than 50k followers. People can directly send message on the Instagram page to place their orders to Nikita Kalra.
Nikita Kalra wants her Baking Tales dream to expan overall in the country. She hopes that in the future, she is able to open more branches and bring joy and happiness in the lives of more people.
This story is provided by ThePRTree. ANI will not be responsible in any way for the content of this article. (ANI/ThePRTree)

Continue Reading

Business

Panav Bio-Tech witnesses increased demand for Canglob P Hyperimmune Immunoglobulins after parvovirus outbreak in West Bengal

Published

on

By

New Delhi [India], March 1 (ANI/NewsVoir): As a huge number of street dogs died due to the canine Parvovirus in West Bengal, the New Delhi-based company Panav Bio-Tech which is the importer and marketer of ‘Canglob P’, hyperimmune immunoglobulins for Parvovirus, said there is a sudden increase in the demand of the hyperimmune immunoglobulin for dogs.
The company has witnessed an increase in demand for Canglob P after the outbreak of the Parvovirus.
Parvovirus is a highly contagious and deadly viral disease that affects dogs, especially puppies. The mortality rate for this virus is high.
Distemper is highly contagious and potentially fatal. It causes severe illness in the dog by attacking multiple body systems, resulting in widespread infection.
As far as treatment goes, Panav Bio-Tech provides Canglob hyperimmune immunoglobulins that can help in treating dogs who have contracted Parvovirus or Distemper Virus. Both the Canine Parvovirus and Canine Distemper Virus are deadly for dogs. These hyperimmune immunoglobulins are used to provide passive immunity in animals.
Canglob P and Canglob D forte have readymade antibodies for Pre and Post Exposure of Parvovirus and Distemper. It is a definite help to your vet. The earlier the puppies are diagnosed, the faster they receive treatment, the better their chance of recovery.
Sharing the information, Director Import/Marketing of Panav Bio-Tech, Puneet Chopra said, “We have endeavoured to provide effective vaccination and Canglob hyperimmune immunoglobulins against fatal diseases. Parvovirus is highly contagious and fatal so we request the pet owners to take extra care of their pets. Parvovirus spreads directly through contact with infected dogs and indirectly through infected faeces or vomiting. Since dogs are well-known lickers, they can lick contaminated paws or another infected dog and can cause the disease.”
Panav Bio-Tech was established in 2005 with the objective of animal health care and today it is one of the dominant companies of healthcare products in India.
The company is headquartered in New Delhi, it is a registered company with the Government of India for the import of veterinary biologicals, therapeutic solutions and innovative nutraceuticals.
With a portfolio of bio preparations especially vaccines against the menacing diseases, curative solutions to specific pathologies and pioneering nutraceuticals products for the robustness and well-being of animals.
The corporate ideology to construct consciousness regarding the relevance of vaccines in animal’s life and serve the animal race with quality vaccines at economical prices to enhance their quality of life. The ethics and beliefs such as virtuosity, eminence, fidelity, faith and gratitude make Panav Bio-Tech a company that stands out in the veterinary world. The innovations, service orientation, drive towards achieving success and an attitude of being triumphant against all the odds by leaving no stones unturned are the qualities that are at the heart of Panav Bio-Tech.
This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)

Continue Reading

Business

TechDemocracy expands reach with new business hubs in Canada and India

Published

on

By

New York [US]/ Hyderabad (Telangana) [India], March 1 (ANI/PRNewswire): A TechDemocracy, one of the leading providers of cybersecurity services, specifically Identity and Access Management solutions, announced its entry into the Canadian market with the opening of its new office in Carleton Street Fredericton, New Brunswick, Canada.
The cybersecurity firm, which is the parent company of Cotelligent India Pvt Ltd, now boasts of over 300 employees across the globe and is also expanding its presence in India with a new office in Skyview, Hyderabad, Telangana, India.
TechDemocracy sees cybersecurityA as one of the fastest growing businesses inA Canada and is firmly committed to help its customers and partners by providing customized, local resources and ensuring adherence with data privacy laws. The company intends to leverage its extensive experience working with numerous clients as a trusted partner to benefit Canadian private and government entities.
Meanwhile, TechDemocracy’s efforts to magnify its presence in India reflects the firm’s efforts to mobilize its vast pool of resources and to rapidly equip the subsidiary with the personnel and capabilities required to offer new customers cybersecurity solutions at affordable costs.
CEO’s insights
TechDemocracy CEO Srikiran Patibandla said, “We know the solutions landscape and understand the challenges that our clients face in supporting their customers. Our highly experienced team of former CISOs, security technologists, and operations experts continuously leverage their learnings and experiences. Their invaluable hands-on experience allows them to deal with any eventuality anddevelop innovative solutions to help clients maximize their value and communicate the effectiveness of their cybersecurity programs.
“As an invested Canadian business and partner to local communities, TechDemocracy can offer a global reach with a local touch. We are unique in our ability to marry global resources and internal expertise to provide customised solutions a we are the only security solutions integrator who can provide this combination.”
TechDemocracy’s brainchild a Intellicta a seamlessly secures against cyber threats
TechDemocracy’s unique product a Intellicta a is the first of its kind to provide enterprises with a holistic assessment of their cybersecurity, compliance, risk and governance.
“Intellicta, a risk-based AI/ML platform positions us to tackle Canada’s cybersecurity challenges,” added Patibandla. “While the traditional threat-centric approach focuses first on identifying specific threats and then reacting, Intellicta begins by identifying the core requirements of every enterprise – risk mitigation – and building on it. We have a sustainable and proven risk-centric framework, implementing proactive and measurable security programs that are far more effective at reducing current and future risks than any other model.”
Identity and Access Management solutions in the Canadian market
The company’s venture into the Canadian market reflects its goals of securing a foothold in the North American market. TechDemocracy’s aims to provide Canadian entities with modern Identity and Access Management (IAM) solutions such as Identity Lifecycle Management, Access Governance and Single Sign-on, and more.A These services provide clients with a sustainable advantage in securing their businesses.
“The Canadian expansion helps us leverage this core value chain and positions TechDemocracy for new market penetration for Intellicta and other solutions. We aim to engage new customers to exploit capabilities and resources strengths,” Patibandla said.
This story is provided by PRNewswire. ANI will not be responsible in any way for the content of this article. (ANI/PRNewswire)


Continue Reading

Trending