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Business Standard
4 days ago
- Business
- Business Standard
Embassy Developments Limited Announces FY2025 Financial Results Post Successful Completion of Merger Sets FY2026 GDV Target of Rs. 22,000 Crs
NewsVoir Bengaluru (Karnataka) / Mumbai (Maharashtra) [India], May 30: Embassy Developments Limited ('EDL') today announced financial statements and an investor update as a consolidated company (post successful completion of the merger) for the fourth quarter and the full year ended March 31, 2025. Key Highlights: * Flagship development entity for the Embassy Group (Promoter with ~43% stake) * Combined Company total GDV of Rs. 48k Cr from projects, besides future fully paid developable land banks * Targets 10 project launches in FY2026 with GDV in excess of ~Rs. 22k Cr * Pre-sales target of ~Rs. 5k Cr, a 150% jump over FY2025; estimated collections of ~Rs. 2.2k Cr * FY2025 PAT of ~Rs. 203 Cr; Revenue, Pre-sales, Collections more than ~Rs. 2k Cr each * Proposed an acquisition opportunity to Embassy REIT for ~3.3 msf commercial development in Whitefield, Bengaluru; expected GDV of Rs. 3,200 Cr - 3,700 Cr on completion * Rs. 1,125 Cr transaction with a leading global semiconductor equipment manufacturer to sub-lease & subsequently divest ~25 acres in Whitefield, Bengaluru * Mr. Jitendra Virwani, a visionary promoter with excellent execution capability, aims to replicate his success in Embassy REIT with EDL * New Board and leadership team with Jitendra Virwani as Chairman and Aditya Virwani as MD * Strategically focused on high-growth markets of Bengaluru, MMR, NCR, and Chennai Aditya Virwani, Managing Director, Embassy Developments Ltd., said, "As we close out our first ever quarter as a newly merged entity, we are excited to demonstrate how the same strategies that have powered our commercial success are now propelling us to replicate and amplify that impact within the residential sector. Our GDV for FY26, including Rs. 18.6k Cr for residential and Rs. 3.5k Cr for commercial, underscores our blueprint to build a truly pan-India real estate powerhouse and capitalise on the sustained upcycle in India's housing market. Backed by our extensive land bank, deep understanding of key markets, and a best-in-class leadership team dedicated to scaling operations and unlocking excellence, we look forward to creating exceptional value for our stakeholders. Beyond our existing pipeline, we are looking for and exploring new opportunities to carry forward the momentum." Operational Updates: * Pre-sales: Rs. 2.0k Cr in FY2025 vs. Rs. 1.8k Cr a year ago, up 11% y-o-y * New bookings: 2.2 msf in FY2025 vs. 2.0 msf in FY2024, up 14% y-o-y * Collections: Rs. 1.9k Cr in FY2025 * New Launches: Launched 3 new residential projects in FY2025 with a topline of ~Rs. 1.7k Cr & ~1.6 msf of saleable area, 71% sold * Business Development: Acquired 6 new projects during FY2025 with an estimated GDV of ~Rs. 9.2k Cr & ~5.0 msf of saleable area * Land monetization: ~19 acres in MMR valued at ~Rs. 18 Cr during FY2025 Financial Updates: Revenue * Rs. 1,183 Cr in Q4FY25 vs. Rs. 329 Cr in Q3FY25 & Rs. 402 Cr in Q4FY24, up 100%++ both q-o-q & y-o-y * Rs. 2,547 Cr vs. Rs. 1,218 Cr a year ago, up 100%++ y-o-y EBITDA * Rs. 301 Cr in Q4FY25 vs. Rs. 98 Cr in Q3FY25 & Rs. 30 Cr in Q4FY24, up +100%++ both q-o-q & y-o-y * Rs. 531 Cr vs. Rs. 36 Cr a year ago, up +100%++ y-o-y PAT * Rs. 123 Cr in Q4FY25 vs. loss of Rs. 26 Cr in Q3FY25 & loss of Rs. 90 Cr in Q4FY24, up +100%++ both q-o-q & y-o-y * Rs. 203 Cr vs. loss of Rs. 485 Cr a year ago, up +100%++ y-o-y * Gross Debt stood at Rs. 2,756 Cr, with 0.3x debt to equity; Total Equity at Rs. 9,327 Cr * Cash & Cash Equivalents at Rs. 483 Cr, Net debt Rs. 2,273 Cr Other Updates: EDL is in the process of considering a divestment of one of its projects located in Whitefield, Bengaluru, and is pleased to announce that it has proposed an acquisition opportunity to Embassy Office Parks REIT for a premium commercial real estate development on a completion basis. The proposed development, on completion, is expected to comprise a potential leasable area of ~3.3 msf, with an estimated GDV of Rs. 3200 Cr - Rs. 3700 Cr. The opportunity is preliminary and is subject to, among other things, entry into definitive agreements and obtaining approvals, including from third parties, shareholders and unitholders. There can be no assurance that the Embassy Office Parks REIT will enter any definitive arrangements in relation to the proposed opportunity. Following recent approval on the scheme of merger between Nam Estates Private Limited and the Company, by the Hon'ble National Company Law Appellate Tribunal (NCLAT) on January 7, 2025, Embassy Group (Mr Jitendra Virwani, Mr Aditya Virwani with certain group entities) has become the new promoter with a 42.96% controlling stake. The merger was successfully implemented with effect from January 24, 2025, and the Company has been renamed as Embassy Developments Limited effective February 13, 2025. Due to the reverse merger accounting treatment, financial results of the year ended March 31, 2025 have the results of two months operation of Embassy Developments Limited and its 174 subsidiaries and twelve months operation of NAM Estates Private Limited and its subsidiaries/joint venture. The previous year result (FY 23-24) presented above are, thus that of NAM Estates Private Limited and its subsidiaries/JV, are not comparable with the current period to that extent. (ADVERTORIAL DISCLAIMER: The above press release has been provided by NewsVoir. ANI will not be responsible in any way for the content of the same)
Fashion Value Chain
5 days ago
- Business
- Fashion Value Chain
Embassy Developments Limited Announces FY2025 Financial Results Post Successful Completion of Merger Sets FY2026 GDV Target of Rs. 22,000 Crs
Embassy Developments Limited ('EDL') today announced financial statements and an investor update as a consolidated company (post successful completion of the merger) for the fourth quarter and the full year ended March 31, 2025. Key Highlights: Flagship development entity for the Embassy Group (Promoter with ~43% stake) Combined Company total GDV of Rs. 48k Cr from projects, besides future fully paid developable land banks Targets 10 project launches in FY2026 with GDV in excess of ~Rs. 22k Cr Pre-sales target of ~Rs. 5k Cr, a 150% jump over FY2025; estimated collections of ~Rs. 2.2k Cr FY2025 PAT of ~Rs. 203 Cr; Revenue, Pre-sales, Collections more than ~Rs. 2k Cr each Proposed an acquisition opportunity to Embassy REIT for ~3.3 msf commercial development in Whitefield, Bengaluru; expected GDV of Rs. 3,200 Cr – 3,700 Cr on completion Rs. 1,125 Cr transaction with a leading global semiconductor equipment manufacturer to sub-lease & subsequently divest ~25 acres in Whitefield, Bengaluru Mr. Jitendra Virwani, a visionary promoter with excellent execution capability, aims to replicate his success in Embassy REIT with EDL New Board and leadership team with Jitendra Virwani as Chairman and Aditya Virwani as MD Strategically focused on high-growth markets of Bengaluru, MMR, NCR, and Chennai Aditya Virwani, Managing Director, Embassy Developments Ltd., said, 'As we close out our first ever quarter as a newly merged entity, we are excited to demonstrate how the same strategies that have powered our commercial success are now propelling us to replicate and amplify that impact within the residential sector. Our GDV for FY26, including Rs. 18.6k Cr for residential and Rs. 3.5k Cr for commercial, underscores our blueprint to build a truly pan-India real estate powerhouse and capitalise on the sustained upcycle in India's housing market. Backed by our extensive land bank, deep understanding of key markets, and a best-in-class leadership team dedicated to scaling operations and unlocking excellence, we look forward to creating exceptional value for our stakeholders. Beyond our existing pipeline, we are looking for and exploring new opportunities to carry forward the momentum.' Operational Updates: Pre-sales: Rs. 2.0k Cr in FY2025 vs. Rs. 1.8k Cr a year ago, up 11% y-o-y New bookings: 2.2 msf in FY2025 vs. 2.0 msf in FY2024, up 14% y-o-y Collections: Rs. 1.9k Cr in FY2025 New Launches: Launched 3 new residential projects in FY2025 with a topline of ~Rs. 1.7k Cr & ~1.6 msf of saleable area, 71% sold Business Development: Acquired 6 new projects during FY2025 with an estimated GDV of ~Rs. 9.2k Cr & ~5.0 msf of saleable area Land monetization: ~19 acres in MMR valued at ~Rs. 18 Cr during FY2025 Financial Updates: Revenue Rs. 1,183 Cr in Q4FY25 vs. Rs. 329 Cr in Q3FY25 & Rs. 402 Cr in Q4FY24, up 100%++ both q-o-q & y-o-y Rs. 2,547 Cr vs. Rs. 1,218 Cr a year ago, up 100%++ y-o-y EBITDA Rs. 301 Cr in Q4FY25 vs. Rs. 98 Cr in Q3FY25 & Rs. 30 Cr in Q4FY24, up +100%++ both q-o-q & y-o-y Rs. 531 Cr vs. Rs. 36 Cr a year ago, up +100%++ y-o-y PAT Rs. 123 Cr in Q4FY25 vs. loss of Rs. 26 Cr in Q3FY25 & loss of Rs. 90 Cr in Q4FY24, up +100%++ both q-o-q & y-o-y Rs. 203 Cr vs. loss of Rs. 485 Cr a year ago, up +100%++ y-o-y Gross Debt stood at Rs. 2,756 Cr, with 0.3x debt to equity; Total Equity at Rs. 9,327 Cr Cash & Cash Equivalents at Rs. 483 Cr, Net debt Rs. 2,273 Cr Other Updates: EDL is in the process of considering a divestment of one of its projects located in Whitefield, Bengaluru, and is pleased to announce that it has proposed an acquisition opportunity to Embassy Office Parks REIT for a premium commercial real estate development on a completion basis. The proposed development, on completion, is expected to comprise a potential leasable area of ~3.3 msf, with an estimated GDV of Rs. 3200 Cr – Rs. 3700 Cr. The opportunity is preliminary and is subject to, among other things, entry into definitive agreements and obtaining approvals, including from third parties, shareholders and unitholders. There can be no assurance that the Embassy Office Parks REIT will enter any definitive arrangements in relation to the proposed opportunity. Notes: Following recent approval on the scheme of merger between Nam Estates Private Limited and the Company, by the Hon'ble National Company Law Appellate Tribunal (NCLAT) on January 7, 2025, Embassy Group (Mr Jitendra Virwani, Mr Aditya Virwani with certain group entities) has become the new promoter with a 42.96% controlling stake. The merger was successfully implemented with effect from January 24, 2025, and the Company has been renamed as Embassy Developments Limited effective February 13, 2025. Due to the reverse merger accounting treatment, financial results of the year ended March 31, 2025 have the results of two months operation of Embassy Developments Limited and its 174 subsidiaries and twelve months operation of NAM Estates Private Limited and its subsidiaries/joint venture. The previous year result (FY 23-24) presented above are, thus that of NAM Estates Private Limited and its subsidiaries/JV, are not comparable with the current period to that extent.
Time of India
20-05-2025
- Business
- Time of India
Embassy REIT raises ₹2,000 crore debt at 7.21%
NEW DELHI: Embassy Office Parks REIT ( Embassy REIT ) has raised ₹2,000 crore of coupon-bearing debt at an interest rate of 7.21% for a three year-tenor. The proceeds will be used to refinance certain existing debt and will save 77 basis points (bps) in interest costs compared to the current rate. Ritwik Bhattacharjee , chief executive officer of the company said, ""We maintain a well-diversified and conservative debt book, and this refinancing positions us well to capitalize on future growth opportunities." The company witnessed a robust demand from institutional investors with 11 different investors participating in the issue of non-convertible debentures (NCDs). The REIT has opted to exercise the call option on its Series IX NCDs of ₹500 crores, carrying a coupon of 8.03%, for early repayment on June 4, 2025, ahead of the original maturity date of September 4, 2025. CRISIL has assigned "AAA/Stable" rating to the NCDs issued. Talwar Thakore & Associates served as the legal counsel to Embassy REIT.
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Business Standard
20-05-2025
- Business
- Business Standard
Embassy Office Parks REIT raises Rs 2K cr via debt issuance at 7.21%
Debt raised for three-year tenor to refinance existing obligations, saving 77 basis points; REIT targets FY26 growth with Rs 24.5-26 distributions per unit Bengaluru Bengaluru-based Embassy Office Parks REIT said on Tuesday that it had raised Rs 2,000 crore of coupon-bearing debt at an interest rate of 7.21 per cent for a three-year tenor. The funds will be used to refinance existing debt, resulting in an estimated interest cost saving of around 77 basis points. 'We are pleased to announce this fundraise. This transaction showcases Embassy REIT's fortress balance sheet and reinforces our standing as the leading credit in India's commercial real estate sector. We maintain a well-diversified and conservative debt book, and this refinancing positions us well to capitalise on future growth opportunities,' said Ritwik Bhattacharjee, chief executive officer, Embassy REIT. The NCD issuance of Embassy REIT Series XIII NCDs (2025) was priced at an effective interest rate, fuelled by demand from institutional investors, with participation from 11 entities. Bhattacharjee said that Embassy REIT has chosen to exercise the call option on its Rs 500 crore Series IX NCDs, which carry a coupon of 8.03 per cent. The early repayment is scheduled for 4 June 2025, three months ahead of the original maturity date of 4 September 2025. For FY26, Bhattacharjee acknowledged current socio-economic challenges but expressed confidence in sustained demand driven by Global Capability Centres (GCCs). He emphasised Embassy REIT's commitment to execution, cost optimisation, and meeting its FY26 targets. The REIT projects distributions of Rs 24.50 to Rs 26 per unit — a 10 per cent year-on-year growth at the midpoint — alongside 93–94 per cent occupancy by value and net operating income (NOI) between Rs 35.9 billion and Rs 38.1 billion, reflecting a 13 per cent increase. Embassy REIT is India's first publicly listed real estate investment trust and the largest office REIT in Asia, by area. The company owns and operates a 51.1 million square feet portfolio of 14 office parks in Bengaluru, Mumbai, Pune, the National Capital Region (NCR) and Chennai.
Time of India
20-05-2025
- Business
- Time of India
Embassy REIT raises Rs 2,000 crore debt through NCDs priced at 7.21%
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Real estate investment trust Embassy Office Parks REIT has raised Rs 2,000 crores of debt through the issuance of Non-Convertible Debentures (NCDs). The proceeds from this issuance will be used to refinance certain existing debt listed REIT has secured these coupon-bearing funds at an interest rate of approximately 7.21% for a tenure of three refinancing initiative is expected to generate a saving of around 77 basis points in interest costs when compared to the rate being paid on the existing debt being refinanced, the REIT said. The refinancing is a part of the REIT's ongoing capital management transaction saw participation from 11 institutional investors. The investor base included a range of financial institutions who subscribed to the issue, reflecting continued engagement from debt market participants.'This transaction showcases Embassy REIT's robust balance sheet…We maintain a well-diversified and conservative debt book, and this refinancing positions us well to capitalize on future growth opportunities,' said Ritwik Bhattacharjee, Chief Executive Officer of Embassy REIT In view of the current interest rate environment, the REIT has decided to exercise the call option on its Series IX NCDs amounting to Rs 500 crores. These NCDs carry a coupon of 8.03%. The early repayment of this tranche will take place on June 4, ahead of the scheduled maturity date of September REIT owns and operates a portfolio measuring 51.1 million square feet. This portfolio comprises 14 office parks located across the major Indian office markets of Bengaluru, Mumbai, Pune, the National Capital Region (NCR), and Chennai. Of the total, 40.3 million square feet is completed and operational, and it is occupied by 272 tenant portfolio further includes four operational business hotels, two hotels currently under construction, and a 100 MW solar park that supplies renewable energy to its tenants.
