Embassy Office Parks REIT
Embassy Office Parks REIT owns, operates and invests in rent or income generating real estate and related assets in India.[1] It is India's first publicly listed REIT and is Asia's largest official REIT by area.[2]
It is a Real Estate Investment Trust (REIT) that owns, operates or finances income producing real estate. It gives all investors access to the benefits of real estate investment with the advantage of investing in publicly traded units.
As per Indian regulations, it is compulsory for the REIT to distribute at least 90% of its cash flows to the unitholders of the trust.[3]
- Market Cap ₹ 34,211 Cr.
- Current Price ₹ 361
- High / Low ₹ 407 / 327
- Stock P/E 25.1
- Book Value ₹ 271
- Dividend Yield 0.00 %
- ROCE 5.82 %
- ROE 5.09 %
- Face Value ₹ 300
Pros
- Company is expected to give good quarter
- Company has delivered good profit growth of 50.1% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 335%
Cons
- Tax rate seems low
- Company has a low return on equity of 3.07% for last 3 years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Real Estate Investment Trusts Industry: Construction
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 1,397 | 1,485 | 1,612 | 0 | 852 | 1,221 | 2,105 | 2,102 | |
| 347 | 410 | 527 | 9 | 94 | 305 | 123 | 121 | |
| Operating Profit | 1,050 | 1,075 | 1,085 | -9 | 758 | 916 | 1,982 | 1,981 |
| OPM % | 75% | 72% | 67% | 89% | 75% | 94% | 94% | |
| 204 | 224 | 254 | 0 | 16 | 5 | 8 | 8 | |
| Interest | 710 | 695 | 633 | 0 | 285 | 470 | 646 | 621 |
| Depreciation | 316 | 324 | 323 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 229 | 280 | 383 | -9 | 489 | 451 | 1,344 | 1,368 |
| Tax % | 59% | 37% | 33% | 0% | 1% | 1% | 0% | |
| Net Profit | 93 | 177 | 257 | -9 | 481 | 447 | 1,340 | 1,364 |
| EPS in Rs | -0.12 | 6.24 | 4.72 | 14.13 | 14.38 | |||
| Dividend Payout % | 0% | 0% | 0% | 0% | 387% | 461% | 156% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 7% |
| 3 Years: | % |
| TTM: | 37% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 50% |
| 3 Years: | 423% |
| TTM: | 99% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 4% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 3% |
| 3 Years: | 3% |
| Last Year: | 5% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Jun 2022 | |
|---|---|---|---|---|---|---|---|---|
| 388 | 429 | 449 | 22,904 | 22,912 | 28,826 | 28,826 | 28,826 | |
| Reserves | 2,784 | 2,967 | 3,030 | -9 | -878 | -2,268 | -3,023 | -3,133 |
| 5,620 | 6,405 | 8,554 | 0 | 3,902 | 8,332 | 7,449 | 8,450 | |
| 1,738 | 1,362 | 1,429 | 604 | 10 | 49 | 56 | 22 | |
| Total Liabilities | 10,529 | 11,163 | 13,461 | 23,498 | 25,946 | 34,939 | 33,308 | 34,165 |
| 7,926 | 7,784 | 8,804 | 0 | 0 | 0 | 0 | 0 | |
| CWIP | 299 | 651 | 957 | 0 | 0 | 0 | 0 | 0 |
| Investments | 761 | 171 | 291 | 18,745 | 19,080 | 24,174 | 23,933 | 24,868 |
| 1,543 | 2,557 | 3,410 | 4,753 | 6,866 | 10,765 | 9,375 | 9,297 | |
| Total Assets | 10,529 | 11,163 | 13,461 | 23,498 | 25,946 | 34,939 | 33,308 | 34,165 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | |
|---|---|---|---|---|---|---|---|
| 925 | 987 | 1,251 | 3 | -50 | -33 | -40 | |
| -211 | -951 | -2,536 | -468 | -5,979 | -5,259 | 3,466 | |
| -657 | 91 | 1,163 | 4,747 | 2,032 | 5,725 | -3,623 | |
| Net Cash Flow | 58 | 127 | -123 | 4,282 | -3,997 | 433 | -197 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 10 | 9 | 9 | 0 | 0 | 0 | |
| Inventory Days | |||||||
| Days Payable | |||||||
| Cash Conversion Cycle | 10 | 9 | 9 | 0 | 0 | 0 | |
| Working Capital Days | -195 | 29 | 127 | 24 | 30 | 27 | |
| ROCE % | 10% | 9% | -0% | 3% | 3% | 6% |
Documents
Announcements
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Hosted Webinar For Wealth Managers (August 17-18, 2022)
10h - Members from the Management team of Embassy Office Parks Management Services Private Limited, Manager to Embassy Office Parks REIT, hosted a webinar on 'India REIT …
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
26 Jul - Continuation to our letter dated July 22, 2022 regarding the link to access the audio recordings of the Earnings Conference Call held on Thursday, July …
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Announcement under Regulation 30 (LODR)-Newspaper Publication
22 Jul - Enclosed copies of the newspaper advertisements made in The Economic Times, Vijaya Karnataka, Business Standard, Business Line and The Mint and on July 22, 2022 …
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Announcement under Regulation 30 (LODR)-Newspaper Publication
22 Jul - Enclosed copies of the newspaper advertisements made in The Economic Times, Vijaya Karnataka, Business Standard, Business Line and The Mint and on July 22, 2022 …
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Recordings Of The Earnings Conference Call For Q1 FY2023 Financial Results.
22 Jul - Continuation to our letter dated July 11, 2022, regarding an earnings call on Thursday, July 21, 2022, at 17:30 HRS IST to discuss Embassy REIT's …
Annual reports
Concalls
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Jul 2022TranscriptPPT
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May 2022TranscriptPPT
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Feb 2022TranscriptPPT
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Nov 2021TranscriptPPT
Assets Portfolio
The trust's portfolio primarily comprises of various office parks and office buildings. It also include strategic amenities like hotels, and also a solar park.[1]
Presently, it owns and operates 8 office parks and 4 prime city-center offices with a total area available for lease of ~42.4 million sq. ft. across various cities such as Bangalore, Pune, NCR & Mumbai.[2][3]
Its assets also include 4 hotels with ~1,600 hotel rooms and a 100 MW solar project.[4][5]
Out of the total area, ~5.7 million sq. ft is in the development pipeline.[6]