Mindspace Business Parks REIT
Mindspace REIT is a Real Estate Investment Trust listed in India under the SEBI Real Estate Investment Trust Regulations, 2014. Mindspace REIT primarily holds interests in rental yielding commercial real estate assets (Grade-A office portfolio). It is incorporated as a registered Trust and listed through a public issue of units. The sponsor of Mindspace REIT is the K Raheja Corp Group. [1]
- Market Cap ₹ 22,178 Cr.
- Current Price ₹ 374
- High / Low ₹ 385 / 315
- Stock P/E 41.7
- Book Value ₹ 233
- Dividend Yield %
- ROCE 6.52 %
- ROE 3.76 %
- Face Value ₹
Pros
- Company has been maintaining a healthy dividend payout of 191%
Cons
- Company has a low return on equity of 2.96% over last 3 years.
- Company might be capitalizing the interest cost
* 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
|---|---|---|---|---|---|---|---|
| 1,432 | -0 | 1,138 | 1,761 | 2,298 | 2,459 | 2,514 | |
| 419 | 5 | 300 | 385 | 751 | 691 | 705 | |
| Operating Profit | 1,013 | -5 | 838 | 1,376 | 1,547 | 1,768 | 1,810 |
| OPM % | 71% | 74% | 78% | 67% | 72% | 72% | |
| 260 | -0 | 22 | -68 | -110 | -18 | -23 | |
| Interest | 446 | -0 | 171 | 264 | 343 | 457 | 492 |
| Depreciation | 220 | -0 | 209 | 329 | 355 | 383 | 387 |
| Profit before tax | 607 | -5 | 479 | 714 | 738 | 911 | 908 |
| Tax % | 15% | -0% | 30% | 37% | 58% | 38% | |
| 515 | -5 | 335 | 447 | 308 | 561 | 547 | |
| EPS in Rs | 5.18 | 7.15 | 4.78 | 8.85 | 8.60 | ||
| Dividend Payout % | -0% | -0% | 185% | 134% | 385% | 54% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 11% |
| 3 Years: | 29% |
| TTM: | 7% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 3% |
| 3 Years: | 21% |
| TTM: | 42% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 4% |
| 1 Year: | 17% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 3% |
| 3 Years: | 3% |
| Last Year: | 4% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 50 | -0.00 | 16,284 | 16,284 | 16,284 | 16,284 | 16,185 |
| Reserves | 1,581 | -5 | 19 | -663 | -1,501 | -2,115 | -2,344 |
| 6,162 | -0 | 3,774 | 4,461 | 5,466 | 6,986 | 7,781 | |
| 1,339 | 5 | 2,169 | 2,205 | 2,427 | 2,660 | 2,684 | |
| Total Liabilities | 9,132 | -0 | 22,246 | 22,287 | 22,676 | 23,814 | 24,305 |
| 6,052 | -0 | 21,199 | 21,223 | 21,431 | 21,973 | 22,302 | |
| CWIP | 2 | -0 | 2 | -0 | -0 | -0 | 42 |
| Investments | 1 | -0 | 2 | 2 | 3 | 3 | 4 |
| 3,077 | -0 | 1,043 | 1,061 | 1,242 | 1,838 | 1,958 | |
| Total Assets | 9,132 | -0 | 22,246 | 22,287 | 22,676 | 23,814 | 24,305 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|---|---|---|
| 934 | -0 | 798 | 1,162 | 1,393 | 1,526 | |
| -586 | -0 | 853 | -456 | -751 | -1,459 | |
| -356 | -0 | -1,504 | -754 | -456 | -164 | |
| Net Cash Flow | -8 | -0 | 146 | -48 | 186 | -96 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|---|---|---|
| Debtor Days | 8 | 7 | 4 | 9 | 16 | |
| Inventory Days | ||||||
| Days Payable | ||||||
| Cash Conversion Cycle | 8 | 7 | 4 | 9 | 16 | |
| Working Capital Days | 346 | -250 | -137 | -93 | -93 | |
| ROCE % | -0% | 6% | 5% | 6% | 7% |
Documents
Announcements
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Reg 23(5)(i): Disclosure of material issue
3 Dec - Certificate for commercial paper proceeds utilization.
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Reg 23(5)(i): Disclosure of material issue
28 Nov - Settlement Order received from SEBI for Mindspace REIT.
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Reg 23(5)(i): Disclosure of material issue
26 Nov - Allotment of 50,000 debentures aggregating to INR 500 Crore.
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Reg 23(5)(i): Disclosure of material issue
21 Nov - Mindspace REIT awarded 10 Sword of Honour for safety.
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Reg 23(5)(i): Disclosure of material issue
20 Nov - Redemption of INR 150 crore Commercial Paper on maturity.
Annual reports
Concalls
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Jul 2024Transcript PPT
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Apr 2024Transcript PPT
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Jan 2024Transcript PPT REC
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Nov 2023Transcript PPT REC
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Aug 2023Transcript PPT
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Jul 2023TranscriptNotesPPT REC
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Jun 2023TranscriptNotesPPT
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May 2023TranscriptNotesPPT
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May 2023Transcript PPT
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May 2023TranscriptNotesPPT
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May 2023TranscriptNotesPPT REC
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Nov 2022TranscriptNotesPPT
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Jun 2022TranscriptNotesPPT
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Aug 2021TranscriptPPT
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Apr 2021TranscriptPPT
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Jan 2021TranscriptPPT
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Nov 2020TranscriptPPT
K Raheja Corp Group
It is one of the real estate developers in India with presence across the entire real estate value chain, from acquiring land to developing and operating assets across offices, hospitality, malls, residential and retail segments. It has partnered with several marquee institutional investors including Blackstone, GIC among others. [1]