Embassy Office Parks REIT
Embassy Office Parks REIT owns, operates and invests in rent or income generating real estate and related assets in India.[1] It is India's first publicly listed REIT and is Asia's largest official REIT by area.[2]
It is a Real Estate Investment Trust (REIT) that owns, operates or finances income producing real estate. It gives all investors access to the benefits of real estate investment with the advantage of investing in publicly traded units.
As per Indian regulations, it is compulsory for the REIT to distribute at least 90% of its cash flows to the unitholders of the trust.[3]
- Market Cap ₹ 34,445 Cr.
- Current Price ₹ 363
- High / Low ₹ 433 / 324
- Stock P/E 44.7
- Book Value ₹ 244
- Dividend Yield 4.76 %
- ROCE 5.67 %
- ROE 4.88 %
- Face Value ₹ 300
Pros
- Stock is providing a good dividend yield of 4.76%.
- Company has delivered good profit growth of 164% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 177%
- Company's working capital requirements have reduced from 19.0 days to 13.2 days
Cons
- Promoter holding is low: 7.69%
- Tax rate seems low
- Company has a low return on equity of 4.99% over last 3 years.
- Promoter holding has decreased over last 3 years: -53.9%
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Real Estate Investment Trusts Industry: Construction
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1,397 | 1,485 | 1,612 | -0 | 852 | 1,221 | 2,105 | 2,055 | 1,901 | 1,642 | |
| 347 | 410 | 527 | 9 | 94 | 305 | 123 | 178 | -24 | 198 | |
| Operating Profit | 1,050 | 1,075 | 1,085 | -9 | 758 | 916 | 1,982 | 1,877 | 1,925 | 1,443 |
| OPM % | 75% | 72% | 67% | 89% | 75% | 94% | 91% | 101% | 88% | |
| 204 | 224 | 254 | -0 | 16 | 5 | 8 | 7 | 4 | 5 | |
| Interest | 710 | 695 | 633 | -0 | 285 | 470 | 646 | 602 | 721 | 677 |
| Depreciation | 316 | 324 | 323 | -0 | -0 | -0 | -0 | -0 | -0 | 0 |
| Profit before tax | 229 | 280 | 383 | -9 | 489 | 451 | 1,344 | 1,282 | 1,209 | 771 |
| Tax % | 59% | 37% | 33% | -0% | 1% | 1% | 0% | 0% | 0% | |
| 93 | 177 | 257 | -9 | 481 | 447 | 1,340 | 1,279 | 1,207 | 770 | |
| EPS in Rs | -0.12 | 6.24 | 4.72 | 14.13 | 13.49 | 12.73 | 8.11 | |||
| Dividend Payout % | -0% | -0% | -0% | -0% | 387% | 461% | 156% | 163% | 211% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 16% |
| TTM: | -20% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 164% |
| 3 Years: | 40% |
| TTM: | -35% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | -3% |
| 3 Years: | -1% |
| 1 Year: | 0% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 4% |
| 3 Years: | 5% |
| Last Year: | 5% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 387 | 428 | 448 | 22,904 | 22,912 | 28,826 | 28,826 | 28,826 | 28,826 | 28,826 |
| Reserves | 2,784 | 2,967 | 3,030 | -9 | -878 | -2,268 | -3,023 | -3,769 | -4,621 | -5,420 |
| 5,621 | 6,406 | 8,555 | -0 | 3,902 | 8,332 | 7,449 | 9,466 | 9,145 | 9,400 | |
| 1,737 | 1,362 | 1,428 | 604 | 10 | 49 | 56 | 31 | 19 | 23 | |
| Total Liabilities | 10,529 | 11,163 | 13,461 | 23,498 | 25,946 | 34,939 | 33,308 | 34,554 | 33,369 | 32,828 |
| 7,926 | 7,784 | 8,804 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | |
| CWIP | 299 | 651 | 957 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Investments | 761 | 171 | 291 | 18,745 | 19,080 | 24,174 | 23,933 | 24,626 | 24,544 | 24,451 |
| 1,543 | 2,557 | 3,410 | 4,753 | 6,866 | 10,765 | 9,375 | 9,928 | 8,825 | 8,377 | |
| Total Assets | 10,529 | 11,163 | 13,461 | 23,498 | 25,946 | 34,939 | 33,308 | 34,554 | 33,369 | 32,828 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|---|
| 925 | 987 | 1,251 | 3 | -50 | -33 | -40 | -48 | -57 | |
| -211 | -951 | -2,536 | -468 | -5,979 | -5,259 | 3,466 | 668 | 3,148 | |
| -657 | 91 | 1,163 | 4,747 | 2,032 | 5,725 | -3,623 | -612 | -3,101 | |
| Net Cash Flow | 58 | 127 | -123 | 4,282 | -3,997 | 433 | -197 | 8 | -9 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 10 | 9 | 9 | -0 | -0 | -0 | -0 | -0 | |
| Inventory Days | |||||||||
| Days Payable | |||||||||
| Cash Conversion Cycle | 10 | 9 | 9 | -0 | -0 | -0 | -0 | -0 | |
| Working Capital Days | -195 | 29 | 127 | 24 | 30 | 27 | 17 | 13 | |
| ROCE % | 10% | 9% | -0% | 3% | 3% | 6% | 6% | 6% |
Documents
Announcements
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Reg 23(5)(i): Disclosure of material issue
30 Jan - Submission of newspaper advertisement for financial results.
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Reg 23(5)(i): Disclosure of material issue
30 Jan - Earnings conference call recordings for Q3 2024.
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Reg 23(5)(i): Disclosure of material issue
29 Jan - Embassy REIT reports Q3 FY2025 results and 13% distribution growth.
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Reg 23(5)(i): Disclosure of material issue
29 Jan - Board meeting outcome for Q3 FY2024 results and distributions.
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Reg 26E: Quarterly Compliance Report on Corporate governance
16 Jan - Submission of Compliance Report on Corporate Governance for Q4 2024.
Annual reports
Concalls
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Jan 2025TranscriptNotesPPT REC
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Oct 2024Transcript PPT REC
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Jul 2024Transcript PPT
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May 2024Transcript PPT
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Feb 2024Transcript PPT
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Oct 2023Transcript PPT REC
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Aug 2023Transcript PPT
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May 2023Transcript PPT
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Jan 2023TranscriptPPT
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Nov 2022TranscriptNotesPPT
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Oct 2022TranscriptPPT
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Jul 2022TranscriptPPT
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May 2022TranscriptPPT
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Feb 2022TranscriptPPT
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Nov 2021TranscriptPPT
Assets Portfolio[1]
The trust's portfolio comprises various commercial office space, hospitality, and renewable energy assets. The REIT has strong portfolio of Grade-A commercial offices with a leasable area of 35.80 million square feet (msf) spread across Bengaluru, Mumbai, Pune, and National Capital Region (NCR).
Portfolio - As of Q3FY24, EOPR had 45.4 msf of commercial space area, of which 35.8 msf is completed and 84% is occupied, 6.9 msf of under-construction space, while 2.8 msf is proposed development. The commercial space is diversified in Bengaluru, Mumbai, Pune, and the NCR region. EOPR also has completed hotels with an inventory of 1,096 keys, under construction hotels of 518 keys in Bengaluru, and a 100-MW solar park in Bellary, Karnataka. The commercial office space portfolio contributes nearly 90% of the REIT’s total revenue.[2]