External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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Equity Bottom-Up

Embassy Office Parks REIT / Equity Bottom-Up

<ul><li>Stable Operating Metrics; NOI Momentum Sustained Despite Cost Pressures: Embassy REIT reported a 14.8% YoY increase in revenue to Rs 1,086 Cr, supported by a 10% growth in leasable area, a 200-basis-point improvement in occupancy, and a strong 28–31% rise in average room rates (ARR) across its hospitality portfolio.</li><li>The office and hospitality segments posted YoY revenue growth of 7% and 20%, respectively, while the energy segment declined 45% YoY.</li><li>Net operating income (NOI) rose 17% YoY to Rs 892 Cr. Distribution per unit (DPU) came in at Rs 23.01, marking an 8% YoY increase. </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.

Stable Operating Metrics; NOI Momentum Sustained Despite Cost Pressures: Embassy REIT reported a 14.8% YoY increase in revenue to Rs 1,086 Cr, supported by a 10% growth in leasable area, a 200-basis-point improvement in occupancy, and a strong 28–31% rise in average room rates (ARR) across its hospitality portfolio.The office and hospitality segments posted YoY revenue growth of 7% and 20%, respectively, while the energy segment declined 45% YoY.Net operating income (NOI) rose 17% YoY to Rs 892 Cr. Distribution per unit (DPU) came in at Rs 23.01, marking an 8% YoY increase. 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 Ltd - Portfolio Expansion Showing NOI Growth

<ul><li>The company’s commercial office business grew by 10.8% YoY to Rs 839 Cr, and the hotel business grew to Rs 116 Cr from Rs 100 Cr YoY.</li><li>The company has offered a total dividend of Rs 553 Cr (payout ratio of 100%), which resulted in a distribution of Rs 5.8/unit.</li><li>Hotel revenue also increased due to an improvement in average occupancy to 67% YoY (vs. 53%) and average daily rates to Rs 10,664 YoY (vs. Rs 10,383).</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.

The company’s commercial office business grew by 10.8% YoY to Rs 839 Cr, and the hotel business grew to Rs 116 Cr from Rs 100 Cr YoY.The company has offered a total dividend of Rs 553 Cr (payout ratio of 100%), which resulted in a distribution of Rs 5.8/unit.Hotel revenue also increased due to an improvement in average occupancy to 67% YoY (vs. 53%) and average daily rates to Rs 10,664 YoY (vs. Rs 10,383).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 - Well-Aligned with the Guidance

<ul><li>EMBASSY reported revenue of Rs 946 Cr, up 9.0% YoY, which was above our estimates.</li><li>The company’s commercial office business grew by 8.6% YoY to Rs 650 Cr, and the hotel business grew to Rs 120 Cr from Rs 102 Cr in the previous year.</li><li>Its NOI increased by 12.6% YoY, whereas the EBITDA margins stood almost flat at 75.2% (+367bps 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 946 Cr, up 9.0% YoY, which was above our estimates.The company’s commercial office business grew by 8.6% YoY to Rs 650 Cr, and the hotel business grew to Rs 120 Cr from Rs 102 Cr in the previous year.Its NOI increased by 12.6% YoY, whereas the EBITDA margins stood almost flat at 75.2% (+367bps 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 - Encouraging Guidance For the Next Year

<ul><li>EMBASSY reported revenue of Rs 936 Cr, up 8.2% YoY, which was in line with our estimates.</li><li>The company’s commercial office business grew by 8.1% YoY to Rs 649 Cr, and the hotel business grew to Rs 115 Cr from Rs 90 Cr YoY.</li><li>Its NOI increased by 7.8% YoY, whereas the EBITDA margins stood almost flat at 75.7% (+37bps QoQ). </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 936 Cr, up 8.2% YoY, which was in line with our estimates.The company’s commercial office business grew by 8.1% YoY to Rs 649 Cr, and the hotel business grew to Rs 115 Cr from Rs 90 Cr YoY.Its NOI increased by 7.8% YoY, whereas the EBITDA margins stood almost flat at 75.7% (+37bps QoQ). 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 - Yearly Guidance Achieved in Nine Months

<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

India

Embassy Office Parks REIT is India's first publicly listed Real Estate Investment Trust (REIT) and one of Asia's largest office REITs by area. It owns and operates a portfolio of high-quality office parks and city-center office buildings, focusing on leasing Grade A commercial real estate in major Indian tech hubs like Bengaluru, Mumbai, Pune, and the National Capital Region (NCR). The company was established on March 30, 2017, and its headquarters are in Bengaluru, Karnataka, India.

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Embassy Office Parks REIT (EMBASSY IN)

Embassy Office Parks REIT Ltd - Portfolio Expansion Showing NOI Growth

The office and hospitality segments posted YoY revenue growth of 7% and 20%, respectively, while the energy segment declined 45% YoY.

Axis Direct

Embassy Office Parks REIT - Well-Aligned with the Guidance

The company’s commercial office business grew by 10.8% YoY to Rs 839 Cr, and the hotel business grew to Rs 116 Cr from Rs 100 Cr YoY.

Axis Direct

Embassy Office Parks REIT - Encouraging Guidance For the Next Year

Encouraging Guidance For the Next YearThe company’s commercial office business grew by 8.6% YoY to Rs 650 Cr, and the hotel business grew to Rs 120...

Axis Direct

Embassy Office Parks REIT - Yearly Guidance Achieved in Nine Months

The company’s commercial office business grew by 8.1% YoY to Rs 649 Cr, and the hotel business grew to Rs 115 Cr from Rs 90 Cr YoY.

Axis Direct

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

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