Embassy Office Parks REIT

Embassy Office Parks REIT

₹ 370 -1.97%
28 Mar - close price
About

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]

Key Points

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]

  • Market Cap 35,037 Cr.
  • Current Price 370
  • High / Low 399 / 281
  • Stock P/E 48.9
  • Book Value 248
  • Dividend Yield 4.35 %
  • ROCE 4.20 %
  • ROE 1.97 %
  • Face Value 300

Pros

  • Stock is providing a good dividend yield of 4.35%.
  • Company has been maintaining a healthy dividend payout of 314%

Cons

  • Company has low interest coverage ratio.
  • Promoter holding has decreased over last quarter: -23.6%
  • Promoter holding is low: 7.69%
  • Company has a low return on equity of 2.70% over 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
588 764 761 757 764 770 855 889 893 895 943 926 966
113 307 166 165 159 175 206 212 210 247 234 220 228
Operating Profit 475 457 595 592 605 596 649 677 682 649 709 706 738
OPM % 81% 60% 78% 78% 79% 77% 76% 76% 76% 72% 75% 76% 76%
35 30 31 35 30 38 25 20 35 29 43 32 45
Interest 136 228 207 221 208 193 231 246 245 254 255 262 278
Depreciation 136 198 196 199 199 202 220 279 283 347 229 236 252
Profit before tax 238 62 223 206 228 239 223 172 190 77 268 240 253
Tax % 10% 24% 8% 5% 9% -17% 20% 25% 14% 54% 13% 10% 9%
215 47 205 196 208 279 179 128 163 35 234 217 230
EPS in Rs 2.27 0.49 2.16 2.07 2.20 2.95 1.89 1.36 1.72 0.37 2.47 2.29 2.43
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
0 2,193 2,457 3,053 3,532 3,730
9 655 602 663 874 928
Operating Profit -9 1,538 1,855 2,390 2,658 2,801
OPM % 70% 75% 78% 75% 75%
0 168 115 132 109 149
Interest 0 382 645 829 976 1,049
Depreciation 0 528 571 796 1,128 1,064
Profit before tax -9 796 754 896 662 838
Tax % 0% 4% 7% 1% 24%
-9 766 698 888 506 716
EPS in Rs -0.12 9.92 7.37 9.37 5.34 7.56
Dividend Payout % 0% 243% 296% 235% 412%
Compounded Sales Growth
10 Years: %
5 Years: %
3 Years: 17%
TTM: 9%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: -12%
TTM: -4%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 4%
1 Year: 20%
Return on Equity
10 Years: %
5 Years: %
3 Years: 3%
Last Year: 2%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 22,904 22,912 28,826 28,826 28,826 28,826
Reserves -9 -594 -1,733 -2,940 -4,458 -5,049
7,847 5,746 10,656 12,136 14,842 15,631
5,953 5,426 7,331 7,164 7,190 7,186
Total Liabilities 36,695 33,490 45,079 45,187 46,400 46,594
26,756 27,007 37,428 38,878 38,466 40,207
CWIP 502 411 1,371 710 1,267 113
Investments 2,552 3,636 2,412 2,363 3,124 3,029
6,885 2,436 3,868 3,235 3,543 3,245
Total Assets 36,695 33,490 45,079 45,187 46,400 46,594

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
3 1,696 1,870 2,367 2,566
211 -2,148 -3,041 -1,182 -1,468
4,747 -4,197 1,777 -1,514 -869
Net Cash Flow 4,961 -4,650 606 -329 229

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 4 7 7 5
Inventory Days
Days Payable
Cash Conversion Cycle 4 7 7 5
Working Capital Days -176 -148 -147 -131
ROCE % 4% 4% 5% 4%

Shareholding Pattern

Numbers in percentages

Shareholding pattern is currently not available for this company.

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