Mindspace REIT on October 30 announced its net operating income (NOI) of Rs 491 crore up by 17.7 percent from Rs 417 crore in the quarter that ended on September 30, 2023.
According to the company, it reported Rs 600 crore in revenue from operations a 20.6 percent growth from Rs 497 crore in the Q2 of FY23.
The profit after tax of the company stood at Rs 150 crore in Q2 FY24 up from Rs 87 crore of Q2FY23, according to the regulatory filing of the company.
The company recorded gross leasing of 0.8 million sqft (msf) in Q2 FY24, taking cumulative leasing in H1 FY24 to 1.1 msf. During the quarter, the company successfully concluded the acquisition of 0.24 msf of leasable area at Commerzone Porur, Chennai, for Rs 182 crore.
The company declared distribution of Rs 284 crore or Rs 4.79 per unit for Q2 FY24. Of this, 90 percent is in form of dividend, tax-exempt in the hand of unit holders, the company said in a statement.
Also read: Mindspace REIT announces receiving 100/100 in GRESB rating for office development benchmark
"We have had a good quarter in terms of NOI growth. The IT industry considering return to a five day office week is encouraging. While short-term challenges are expected, our optimism for the industry's long-term future remains. We anticipate a rising demand for office spaces focusing on design, sustainability, functionality, safety, and technology, and we're well-equipped to deliver to it," said Ramesh Nair, Chief Executive Officer, K Raheja Corp Investment Managers Private Limited, Manager to Mindspace REIT
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