KEY PERFORMANCE INDICATORS

Steady Earnings and Strong Balance Sheet

With prudent fiscal management and a low-leverage balance sheet, we are positioned to pursue growth initiatives and deliver unitholder value.

In FY24, we continued to deliver stable operational performance translating into steady NOI growth. Our focus on value creation for the longer term is driven by constant organic growth and operational excellence translating into healthy earnings.

Our robust balance sheet resilience enables further growth. We have diligently built and structured the capital pool giving us efficient access to debt capital markets via multiple debenture issuances and commercial papers. We operate with 55.6% of our debt book in the form of fixed cost borrowings.Our debt book is well staggered with a weighted average maturity of 5.2 years. We raised H 14.9 billion via non-convertible debentures and commercial papers at REIT in debt capital markets. Our Loan-to-Value (LTV) is one of the lowest amongst our peers at 21.1%, and it provides us ample room to pursue growth opportunities.

Revenue from operations* (` mn)

Net operating income (` mn)

Committed occupancy (%) ⁽¹⁾

Statement of net assets at fair value (` mn)

Fair value of real estate assets (A) 298,732
Other assets at book value (B) 11,175
Other liabilities at book value (C) (84,234)
Net asset value (A)+(B)-(C) 225,673
Number of units (mn) 593
Net asset value (` per unit) 380.5

Debt and
Distribution

7.0%

Distribution yield on issue price of ` 275 per unit

17.9%

Net debt to value

3.2X

Net Debt to EBITDA

⁽¹⁾ Excluding Mindspace Pocharam
^* Excluding revenue from works contract services
↑ y-o-y growth excluding one-offs

Net asset value per unit (`)

March
31, 2024

380.5
March
31, 2023

371.9
March
31, 2022

364.9

Net Asset Value (NAV) is a key valuation metric and an important performance measure. Our focus on achieving sustainable growth and improving operational performance have resulted in an improved NAV per unit since listing.

Composition of debt (%)

LRD / LAP OD / LOC
Debenture ⁽¹⁾

c.` 70 BN

Gross Debt

7.8% P.A.

Cost of debt

Strong credit profile

CRISIL

CCR AAA/Stable

ICRA

[ICRA] AAA (Stable)

5.2 YEARS

Weighted average term to maturity

55.6%

Fixed cost debt as % of total outstanding debt as on March 31, 2024

C.14.5%

Green Financing as % of total outstanding debt as on March 31, 2024

Well-staggered maturity profile of Gross Debt (` mn)

`69,914 Mn

Gross Debt

12.3%

Share of largest lender as a percentage of total debt oustanding as on March 31, 2024

Composition of distribution (%)

`19.2

Distribution per unit in FY24

593 MN

Outstanding units

c.90%

Distributions are in the form of tax-exempt dividends

`11,362 MN

Total distribution in FY24

(1) Pertains to Non-Convertible Debentures and Market Linked Debentures