Mindspace REIT Reports 33% Profit Increase to Rs 180 Crore in Q3
Realty firm Mindspace Business Parks REIT has announced a notable 33% increase in its consolidated net profit to Rs 180.09 crore in the December quarter of this fiscal year. This growth is attributed to higher income compared to the previous year.
Its net profit in the year-ago period stood at Rs 135.52 crore. The company's total income surged to Rs 832.76 crore in the October-December period of this fiscal year, up from Rs 674.47 crore in the corresponding period of the preceding year, according to a regulatory filing.
The net operating income (NOI) of Mindspace REIT increased by 29% to Rs 671 crore during the December quarter, compared to Rs 522 crore in the same period last year. The company also announced a distribution of Rs 378 crore for the December quarter, marking a 20% increase from the year-ago period.
Ramesh Nair, CEO and MD of Mindspace REIT, highlighted the strong performance, stating, 'Q3 FY26 was another strong and stable quarter for Mindspace REIT, driven by a record year of demand for Grade A office assets and focused execution across our portfolio.' The company achieved a gross leasing of 1.1 million sq ft, and committed occupancy grew sequentially to 94.5%.
'This operating momentum translated into strong financial outcomes, with NOI growing 28.7% YoY (year-on-year),' Nair added. The company remains committed to pursuing accretive acquisition opportunities to deliver value to its unitholders.
For the first nine months of this fiscal year, Mindspace REIT's net profit rose to Rs 453.30 crore, up from Rs 389.42 crore in the year-ago period. Total income during the April-December period of this fiscal year increased to Rs 2,378.19 crore, compared to Rs 1,967.85 crore in the corresponding period of the previous year.
Mindspace REIT, sponsored by K Raheja Group, boasts a substantial portfolio of rent-yielding office assets. Its portfolio includes a total leasable area of 39 million sq ft, comprising 31.9 million sq ft of completed area, 3.6 million sq ft of area under construction, and 3.5 million sq ft of future development.
