External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

Embassy Office Parks REIT / Equity Bottom-Up

<ul><li>EMBASSY reported revenue of Rs 889 Cr, up 10.2% YoY, which was below our estimates.</li><li>The company’s commercial office business grew by 2.3% YoY to Rs 609 Cr and the hotel business grew to Rs 100 Cr from Rs 80 Cr YoY.</li><li>Its NOI increased by 2.1% YoY whereas the EBITDA margins stood almost flat at 75.3% (+4bps YoY). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EMBASSY reported revenue of Rs 889 Cr, up 10.2% YoY, which was below our estimates.The company’s commercial office business grew by 2.3% YoY to Rs 609 Cr and the hotel business grew to Rs 100 Cr from Rs 80 Cr YoY.Its NOI increased by 2.1% YoY whereas the EBITDA margins stood almost flat at 75.3% (+4bps YoY). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Embassy Office Parks REIT - Lower Occupancies Led by Early Lease Exits

<ul><li>EMBASSY reported revenue of Rs 914 Cr, up 10.2% YoY, which was in line with our estimates.</li><li>The company’s commercial office business grew by 6.0% YoY to Rs 621 Cr and the hotel business grew to Rs 101 Cr YoY from Rs 58 Cr.</li><li>The NOI increased by 8.9% YoY and the EBITDA margins got compressed by 77bps YoY, down to 74.4% while Abs. EBITDA stood at Rs 680 Cr, up 9% YoY. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EMBASSY reported revenue of Rs 914 Cr, up 10.2% YoY, which was in line with our estimates.The company’s commercial office business grew by 6.0% YoY to Rs 621 Cr and the hotel business grew to Rs 101 Cr YoY from Rs 58 Cr.The NOI increased by 8.9% YoY and the EBITDA margins got compressed by 77bps YoY, down to 74.4% while Abs. EBITDA stood at Rs 680 Cr, up 9% YoY. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Embassy Office Parks REIT - Strong Performance in the Quarter

<ul>
<li>EMBASSY reported revenue of Rs 868 Cr, up 16.8% YoY which stood below our estimates.</li>
<li>The company’s commercial office business grew by 7.8% YoY to Rs 598 Cr and the hotel business grew to Rs 102 Cr YoY from Rs 18 Cr.</li>
<li>The NOI increased by 7.5% YoY and the EBITDA margins got compressed by 510bps YoY down in the range of 71.6%.</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


EMBASSY reported revenue of Rs 868 Cr, up 16.8% YoY which stood below our estimates.
The company’s commercial office business grew by 7.8% YoY to Rs 598 Cr and the hotel business grew to Rs 102 Cr YoY from Rs 18 Cr.
The NOI increased by 7.5% YoY and the EBITDA margins got compressed by 510bps YoY down in the range of 71.6%.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Embassy Office Parks REIT - Modest Performance for the Quarter

<ul><li>Leased 1 msf across 19 deals in Q3FY23 at 13% leasing spreads with YTD total leasing of 4.4 msf across 71 deals</li><li>Announced distributions of Rs 5,03 Cr or Rs 5.31 per unit, marking the 15th consecutive quarter of 100% payouts</li><li>Hotel revenue also increased due to an improvement in average occupancy to 47% YoY (vs. 37%) and average daily rates to Rs 9,697 YoY (vs. Rs 6,397).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Leased 1 msf across 19 deals in Q3FY23 at 13% leasing spreads with YTD total leasing of 4.4 msf across 71 dealsAnnounced distributions of Rs 5,03 Cr or Rs 5.31 per unit, marking the 15th consecutive quarter of 100% payoutsHotel revenue also increased due to an improvement in average occupancy to 47% YoY (vs. 37%) and average daily rates to Rs 9,697 YoY (vs. Rs 6,397).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Embassy IN - India Office Remains A Long-Term Growth Opportunity

<ul><li>EMBASSY reported revenue of Rs 857 Cr, up 12% YoY, which stood better than our estimates. The company's commercial office business grew by 7.7% YoY to Rs 595 Cr and the hotel business grew Rs 80 Cr YoY from Rs 13 Cr.</li><li>The NOI increased by 12.9% YoY and the EBITDA margins remained healthy in that range of 75.3%.</li><li>The company reported PAT degrowth of -34.4% YoY due to high depreciation costs and Tax rates. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EMBASSY reported revenue of Rs 857 Cr, up 12% YoY, which stood better than our estimates. The company's commercial office business grew by 7.7% YoY to Rs 595 Cr and the hotel business grew Rs 80 Cr YoY from Rs 13 Cr.The NOI increased by 12.9% YoY and the EBITDA margins remained healthy in that range of 75.3%.The company reported PAT degrowth of -34.4% YoY due to high depreciation costs and Tax rates. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Embassy Office Parks REIT - Stable Occupancies Led by Back-To-Office Drive

India

Embassy Office Parks REIT operates as a real estate investment trust. The Company acquires and develops commercial buildings, offices, IT parks, and industrial areas. Embassy Office Parks serves customers in India.

Embassy Office Parks REIT (EMBASSY IN)

Embassy Office Parks REIT - Lower Occupancies Led by Early Lease Exits

The company’s commercial office business grew by 2.3% YoY to Rs 609 Cr and the hotel business grew to Rs 100 Cr from Rs 80 Cr YoY.

Axis Direct

Embassy Office Parks REIT - Strong Performance in the Quarter

The company’s commercial office business grew by 6.0% YoY to Rs 621 Cr and the hotel business grew to Rs 101 Cr YoY from Rs 58 Cr.

Axis Direct

Embassy Office Parks REIT - Modest Performance for the Quarter

The company’s commercial office business grew by 7.8% YoY to Rs 598 Cr and the hotel business grew to Rs 102 Cr YoY from Rs 18 Cr.

Axis Direct

Embassy IN - India Office Remains A Long-Term Growth Opportunity

Leased 1 msf across 19 deals in Q3FY23 at 13% leasing spreads with YTD total leasing of 4.4 msf across 71 deals. Announced distributions of Rs 5,03...

Axis Direct

Embassy Office Parks REIT - Stable Occupancies Led by Back-To-Office Drive

The NOI increased by 12.9% YoY and the EBITDA margins remained healthy in that range of 75.3%. The company reported PAT degrowth of -34.4% YoY due...

Axis Direct