&w=3840&q=100)
Embassy REIT posts Rs 155 cr Q1 profit, appoints Amit Shetty as new CEO
Mumbai
Embassy Office Parks REIT, India's largest real estate investment trust by market capitalisation, reported a 13.1 per cent year-on-year (YoY) decline in net profit to ₹155.1 crore for the first quarter of FY2026. The decline was primarily attributed to a deferred tax expense of ₹121.2 crore related to the previous year.
Revenue from operations rose 13.2 per cent YoY to ₹1,059.7 crore. However, sequentially, revenue dipped 2.4 per cent from ₹1,085.8 crore in the previous quarter.
Leadership transition: Amit Shetty takes over as CEO
As part of a leadership restructuring, Embassy REIT has appointed Amit Shetty as Chief Executive Officer effective August 1, 2025. Shetty previously served as Chief Operating Officer. Ritwik Bhattacharjee, the current CEO, will transition into the role of Senior Advisor.
'I am really pleased to lead Embassy REIT at such an exciting time for our business. Our business is in great shape with strong fundamentals and demand drivers, and the outlook for the Indian office has never been brighter,' said Shetty.
Debt raised to fuel growth at favourable rates
During the quarter, Embassy REIT raised ₹4,225 crore in debt at an average coupon of 7.18 per cent to support growth initiatives. This includes a ₹750 crore issuance of non-convertible debentures (NCDs) at a 6.97 per cent coupon—the lowest rate achieved by the REIT in four years.
The REIT also leased 2.0 million square feet (msf) across 25 deals, a 9 per cent YoY increase. This comprised 1.0 msf of new leases, 0.36 msf of renewals, and approximately 0.67 msf of pre-leases.
'We are delighted to report a strong start to FY2026, with 2.0 msf of leasing this quarter and growing momentum in Chennai,' said Bhattacharjee. 'Our revenue grew 13 per cent YoY, and distributions grew by 4 per cent YoY, reflecting the continued strength of our portfolio.'
Q1 distribution declared; GCCs drive portfolio resilience
The Board declared a distribution of ₹550 crore or ₹5.80 per unit for Q1 FY2026. The record date for the distribution is August 5, 2025, with payments expected on or before August 12, 2025.
REIT distributions comprise dividends, interest, debt amortisation, or a combination of these, and REITs are mandated to distribute 90 per cent of taxable income to unitholders.
Chennai led the pre-leasing activity with over 500,000 square feet signed, including space taken by a global healthcare major. Bengaluru assets, which represent 75 per cent of Embassy REIT's Gross Asset Value, maintained over 90 per cent occupancy. Ten out of 14 properties have above 90 per cent occupancy, and six are fully occupied. Global Capability Centers (GCCs) remain the key demand driver, contributing 64 per cent of rentals.
Capital recycling and new development opportunities
The REIT also received an invitation to offer from Embassy Developments Limited for a potential 3.3 msf commercial project in Whitefield, Bengaluru. This proposal is under evaluation in line with governance norms.
Embassy REIT's active development pipeline spans 6.1 msf across Bengaluru and Chennai, with 60 per cent already pre-leased—signalling robust forward demand.
The company announced its Q1 FY2026 results after market hours on Thursday. Shares closed at ₹395.51 on the BSE, down 0.50 per cent.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Today
14 minutes ago
- India Today
Which countries face Trump's new US tariffs? Full list of import rate changes
US President Donald Trump has announced sweeping new tariffs—some as high as 41 per cent—on imports from dozens of countries, invoking emergency powers to address what he calls 'persistent and damaging' trade the newly announced 25 per cent additional tariff on imports, India has now joined Brazil at the top of the list of countries facing the highest import taxes under the Trump administration's adjusted tariff regime, with both countries now facing a total levy of 50 per latest move, announced on Wednesday, is a direct response to what Washington described as India's 'continued' import of Russian oil, despite previous warnings. Brazil, which was previously subject to a 10 per cent reciprocal tariff, now faces an additional 40 per cent levy. The move, linked to the prosecution of former President Jair Bolsonaro, brings its total tariff burden in line with India's at 50 per White House order, issued just hours before the original deadline on August 7, lists increased import duty rates for 69 US trading partners, taking effect the same day. However, there is a 21-day window before the newly announced additional 25 per cent tariff on Indian imports comes into THE FULL LIST OF COUNTRIES FACING ADJUSTED IMPORT TARIFFS:India: 50%Brazil: 50%Syria: 41%Laos: 40%Myanmar: 40%Switzerland: 39%Iraq: 35%Serbia: 35%Bosnia and Herzegovina: 30%Libya: 30%South Africa: 30%Brunei: 25%Kazakhstan: 25%Moldova: 25%Tunisia: 25%Indonesia: 19%Cambodia: 19%Malaysia: 19%Pakistan: 19%Philippines: 19%Bangladesh: 20%Sri Lanka: 20%Taiwan: 20%Vietnam: 20%Nicaragua: 18%Afghanistan: 15%Algeria: 15%Bolivia: 15%Botswana: 15%Cameroon: 15%Chad: 15%Costa Rica: 15%Cte d'Ivoire: 15%Democratic Republic of the Congo: 15%Ecuador: 15%Equatorial Guinea: 15%Fiji: 15%Ghana: 15%Guyana: 15%Iceland: 15%Israel: 15%Japan: 15%Jordan: 15%Lesotho: 15%Liechtenstein: 15%Madagascar: 15%Malawi: 15%Mauritius: 15%Mozambique: 15%Namibia: 15%Nauru: 15%New Zealand: 15%Nigeria: 15%North Macedonia: 15%Norway: 15%Papua New Guinea: 15%South Korea: 15%Trinidad and Tobago: 15%Turkey: 15%Uganda: 15%Vanuatu: 15%Venezuela: 15%Zambia: 15%Zimbabwe: 15%United Kingdom: 10%Falkland Islands: 10%European Union: 0%–15%- EndsWith inputs from ReutersTune InMust Watch
Time of India
28 minutes ago
- Time of India
Vacant Land Tax Committee to recover over Rs 870 crore tax dues in Vijayawada
Vijayawada: Aiming to enhance the tax collection revenue, the NTR district administration has constituted a Vacant Land Tax Committee (VLTC) to collect pending vacant land tax dues from tax payers within Vijayawada Municipal Corporation (VMC) limits. The VLTC will comprise of the revenue wings from both VMC and NTR district administration along with town planning of VMC and district stamps and registration department personnel. It was found that despite Rs 237 crore vacant land tax demand, the civic body managed to collect only Rs 19 crore, totalling a mere 8.18% out of the total vacant land tax from tax payers in the previous 2024-25 financial year in the city. The VMC has around 15,000 vacant land tax assessments across the 64 divisions under three circles in the city. "The vacant land tax collection remains low due to the unavailability of the whereabouts of the original owners. Majority of the taxpayers reside in other places thus tracking and tracing of these vacant land owners is not possible for the municipal corporation personnel due to which the vacant land collection dues are mounting in the VMC," a senior municipal corporation official told TOI. More than Rs 870 crore vacant land tax dues to be paid by the tax payers were pending to the civic body in the last five financial years between 2020-2025, according to VMC records. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Family Adopted A New 'Dog', But When The Vet Sees It He Calls The Police Undo "With the help of the revenue department officials including VROs, MROs, and sub registrars the address details of the tax payers will be identified secretariat wise across all secretariats. Notices will be served to top 10 tax payers identified under each secretariat," the VMC official said and added that initially the identification of tax defaulters exercise will begin from those secretariats which are having least number of tax defaulters. The official added that the ward secretariat staff of the municipal corporation will be handed over to the revenue and stamps and registration department personnel to find out their address details.
Time of India
29 minutes ago
- Time of India
Disclose solar power price supplied to other states, HC tells SECI
Vijayawada: The high court on Wednesday directed Solar Energy Corporation of India (SECI) to disclose the price of solar power at which it was supplying to other states, at the time it entered into an agreement to supply power to Andhra Pradesh at Rs 2.49 per unit. The court also directed to place the orders of Andhra Pradesh Electricity Regulatory Commission (APERC) approving the unit price quoted by SECI. CPI state secretary K Ramakrishna and then TDP MLA and present finance minister Payyavula Keshav filed separate PILs in the high court challenging the agreement made by the then YSRCP govt with SECI for supply of 7,000 MW of solar power at Rs 2.49 per unit. The counsel for the petitioner argued that SECI made an agreement to supply solar power at Rs 2.49 per unit with AP, but the same SECI made an agreement with Gujarat govt for supply of solar power at Rs 1.99 per unit. The counsel further said that the power purchase price should be derived through tender route according to the Electricity Act but it was not followed while entering into an agreement with SECI. Arguing on behalf of the state govt, advocate general Dammalapati Srinivas said the high court has allowed APERC to decide the unit price and it has approved the price quoted by SECI. The petitioners can challenge the decision of APERC if they have any grievances on the same. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like For all your EV needs ScottishPower Learn More Undo The counsel for SECI submitted that the per unit price of solar power used to be anywhere between Rs 2.52 and Rs 2.61 at the time when it entered an agreement with AP. The unit price offered to AP was the lowest at that time when compared to other states, he stated. Considering the arguments, the high court bench headed by Chief Justice Dhiraj Singh Thakur and Justice Ravi Cheemalapati directed SECI to submit an affidavit with details of prices at which it had made agreements with other states at the time of entering into the agreement with AP.
