July 25, 2023: Mindspace Business Parks REIT (Mindspace REIT), owner and developer of quality Grade A office portfolio located in four key office markets of India, have reported results for Q1 FY23-24 that ended June 30, 2023.
The revenue from operations saw a 14.1% year-on-year (YoY) growth at Rs 5,604 million in Q1 FY24 as compared to Rs 4,910 million in Q1 FY23. The net operating income saw a growth of 13.8% YoY at Rs 4,570 million as compared to Rs 4,014 million in Q1 FY23.
Mindspace REIT received Platinum LEED O&M certification across 16 buildings in the portfolio. The company also released the second sustainability report for Mindspace Business Parks REIT.
Vinod Rohira, chief executive officer, K Raheja Corp Investment Managers, Manager to Mindspace REIT said, “India had emerged as a key hub in global service sector value chain for providing cutting-edge technology support services at a very attractive cost base. This coupled with the growth of domestic Indian companies has kept demand for non-SEZ Grade A office spaces strong. As the committed occupancy of our portfolio has started getting converted into occupancy, its impact on NOI growth is visible in the 13.8% YoY growth. While our operational and financial performance has continued to remain healthy, we remain watchful of the impact of evolving economic environment.”
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