External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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Equity Bottom-Up

Embassy Office Parks REIT / Equity Bottom-Up

<ul><li>The company’s commercial office business grew by 10.8% YoY to Rs 839 Cr, and the hotel business grew to Rs 116 Cr from Rs 100 Cr YoY.</li><li>The company has offered a total dividend of Rs 553 Cr (payout ratio of 100%), which resulted in a distribution of Rs 5.8/unit.</li><li>Hotel revenue also increased due to an improvement in average occupancy to 67% YoY (vs. 53%) and average daily rates to Rs 10,664 YoY (vs. Rs 10,383).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The company’s commercial office business grew by 10.8% YoY to Rs 839 Cr, and the hotel business grew to Rs 116 Cr from Rs 100 Cr YoY.The company has offered a total dividend of Rs 553 Cr (payout ratio of 100%), which resulted in a distribution of Rs 5.8/unit.Hotel revenue also increased due to an improvement in average occupancy to 67% YoY (vs. 53%) and average daily rates to Rs 10,664 YoY (vs. Rs 10,383).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Embassy Office Parks REIT - Well-Aligned with the Guidance

<ul><li>EMBASSY reported revenue of Rs 946 Cr, up 9.0% YoY, which was above our estimates.</li><li>The company’s commercial office business grew by 8.6% YoY to Rs 650 Cr, and the hotel business grew to Rs 120 Cr from Rs 102 Cr in the previous year.</li><li>Its NOI increased by 12.6% YoY, whereas the EBITDA margins stood almost flat at 75.2% (+367bps YoY). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EMBASSY reported revenue of Rs 946 Cr, up 9.0% YoY, which was above our estimates.The company’s commercial office business grew by 8.6% YoY to Rs 650 Cr, and the hotel business grew to Rs 120 Cr from Rs 102 Cr in the previous year.Its NOI increased by 12.6% YoY, whereas the EBITDA margins stood almost flat at 75.2% (+367bps YoY). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Embassy Office Parks REIT - Encouraging Guidance For the Next Year

<ul><li>EMBASSY reported revenue of Rs 936 Cr, up 8.2% YoY, which was in line with our estimates.</li><li>The company’s commercial office business grew by 8.1% YoY to Rs 649 Cr, and the hotel business grew to Rs 115 Cr from Rs 90 Cr YoY.</li><li>Its NOI increased by 7.8% YoY, whereas the EBITDA margins stood almost flat at 75.7% (+37bps QoQ). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EMBASSY reported revenue of Rs 936 Cr, up 8.2% YoY, which was in line with our estimates.The company’s commercial office business grew by 8.1% YoY to Rs 649 Cr, and the hotel business grew to Rs 115 Cr from Rs 90 Cr YoY.Its NOI increased by 7.8% YoY, whereas the EBITDA margins stood almost flat at 75.7% (+37bps QoQ). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Embassy Office Parks REIT - Yearly Guidance Achieved in Nine Months

<ul><li>EMBASSY reported revenue of Rs 889 Cr, up 10.2% YoY, which was below our estimates.</li><li>The company’s commercial office business grew by 2.3% YoY to Rs 609 Cr and the hotel business grew to Rs 100 Cr from Rs 80 Cr YoY.</li><li>Its NOI increased by 2.1% YoY whereas the EBITDA margins stood almost flat at 75.3% (+4bps YoY). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EMBASSY reported revenue of Rs 889 Cr, up 10.2% YoY, which was below our estimates.The company’s commercial office business grew by 2.3% YoY to Rs 609 Cr and the hotel business grew to Rs 100 Cr from Rs 80 Cr YoY.Its NOI increased by 2.1% YoY whereas the EBITDA margins stood almost flat at 75.3% (+4bps YoY). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Embassy Office Parks REIT - Lower Occupancies Led by Early Lease Exits

<ul><li>EMBASSY reported revenue of Rs 914 Cr, up 10.2% YoY, which was in line with our estimates.</li><li>The company’s commercial office business grew by 6.0% YoY to Rs 621 Cr and the hotel business grew to Rs 101 Cr YoY from Rs 58 Cr.</li><li>The NOI increased by 8.9% YoY and the EBITDA margins got compressed by 77bps YoY, down to 74.4% while Abs. EBITDA stood at Rs 680 Cr, up 9% YoY. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EMBASSY reported revenue of Rs 914 Cr, up 10.2% YoY, which was in line with our estimates.The company’s commercial office business grew by 6.0% YoY to Rs 621 Cr and the hotel business grew to Rs 101 Cr YoY from Rs 58 Cr.The NOI increased by 8.9% YoY and the EBITDA margins got compressed by 77bps YoY, down to 74.4% while Abs. EBITDA stood at Rs 680 Cr, up 9% YoY. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Embassy Office Parks REIT - Strong Performance in the Quarter

India

Embassy Office Parks REIT operates as a real estate investment trust. The Company acquires and develops commercial buildings, offices, IT parks, and industrial areas. Embassy Office Parks serves customers in India.

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Embassy Office Parks REIT (EMBASSY IN)

Embassy Office Parks REIT - Well-Aligned with the Guidance

The company’s commercial office business grew by 10.8% YoY to Rs 839 Cr, and the hotel business grew to Rs 116 Cr from Rs 100 Cr YoY.

Axis Direct

Embassy Office Parks REIT - Encouraging Guidance For the Next Year

Encouraging Guidance For the Next YearThe company’s commercial office business grew by 8.6% YoY to Rs 650 Cr, and the hotel business grew to Rs 120...

Axis Direct

Embassy Office Parks REIT - Yearly Guidance Achieved in Nine Months

The company’s commercial office business grew by 8.1% YoY to Rs 649 Cr, and the hotel business grew to Rs 115 Cr from Rs 90 Cr YoY.

Axis Direct

Embassy Office Parks REIT - Lower Occupancies Led by Early Lease Exits

The company’s commercial office business grew by 2.3% YoY to Rs 609 Cr and the hotel business grew to Rs 100 Cr from Rs 80 Cr YoY.

Axis Direct

Embassy Office Parks REIT - Strong Performance in the Quarter

The company’s commercial office business grew by 6.0% YoY to Rs 621 Cr and the hotel business grew to Rs 101 Cr YoY from Rs 58 Cr.

Axis Direct

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