External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

Embassy Office Parks REIT / Equity Bottom-Up

<ul>
<li>EMBASSY reported revenue of Rs 868 Cr, up 16.8% YoY which stood below our estimates.</li>
<li>The company’s commercial office business grew by 7.8% YoY to Rs 598 Cr and the hotel business grew to Rs 102 Cr YoY from Rs 18 Cr.</li>
<li>The NOI increased by 7.5% YoY and the EBITDA margins got compressed by 510bps YoY down in the range of 71.6%.</li>
</ul>
<p><em>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.</em></p>


EMBASSY reported revenue of Rs 868 Cr, up 16.8% YoY which stood below our estimates.
The company’s commercial office business grew by 7.8% YoY to Rs 598 Cr and the hotel business grew to Rs 102 Cr YoY from Rs 18 Cr.
The NOI increased by 7.5% YoY and the EBITDA margins got compressed by 510bps YoY down in the range of 71.6%.

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 - Modest Performance for the Quarter

<ul><li>Leased 1 msf across 19 deals in Q3FY23 at 13% leasing spreads with YTD total leasing of 4.4 msf across 71 deals</li><li>Announced distributions of Rs 5,03 Cr or Rs 5.31 per unit, marking the 15th consecutive quarter of 100% payouts</li><li>Hotel revenue also increased due to an improvement in average occupancy to 47% YoY (vs. 37%) and average daily rates to Rs 9,697 YoY (vs. Rs 6,397).</li></ul><p><em>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.</em></p>

Leased 1 msf across 19 deals in Q3FY23 at 13% leasing spreads with YTD total leasing of 4.4 msf across 71 dealsAnnounced distributions of Rs 5,03 Cr or Rs 5.31 per unit, marking the 15th consecutive quarter of 100% payoutsHotel revenue also increased due to an improvement in average occupancy to 47% YoY (vs. 37%) and average daily rates to Rs 9,697 YoY (vs. Rs 6,397).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 IN - India Office Remains A Long-Term Growth Opportunity

<ul><li>EMBASSY reported revenue of Rs 857 Cr, up 12% YoY, which stood better than our estimates. The company's commercial office business grew by 7.7% YoY to Rs 595 Cr and the hotel business grew Rs 80 Cr YoY from Rs 13 Cr.</li><li>The NOI increased by 12.9% YoY and the EBITDA margins remained healthy in that range of 75.3%.</li><li>The company reported PAT degrowth of -34.4% YoY due to high depreciation costs and Tax rates. </li></ul><p><em>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.</em></p>

EMBASSY reported revenue of Rs 857 Cr, up 12% YoY, which stood better than our estimates. The company's commercial office business grew by 7.7% YoY to Rs 595 Cr and the hotel business grew Rs 80 Cr YoY from Rs 13 Cr.The NOI increased by 12.9% YoY and the EBITDA margins remained healthy in that range of 75.3%.The company reported PAT degrowth of -34.4% YoY due to high depreciation costs and Tax rates. 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 - Stable Occupancies Led by Back-To-Office Drive

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Thematic (Sector/Industry)

<div><div><div><div><ul><li>Brigade Enterprise: We expect revenue to increase by 122% YoY in 1QFY23, but decline by 10% QoQ to Rs8,493mn.</li><li>The sharp increase in revenue YoY is mainly due to a lower base in 1QFY22, which was affected by the second covid wave.</li><li>EBITDA margin for 1QFY23 is expected at 26.2% vs 21.8%/29.1% in 4QFY22/1QFY22.</li></ul></div></div></div></div><p><em>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.</em></p>

Brigade Enterprise: We expect revenue to increase by 122% YoY in 1QFY23, but decline by 10% QoQ to Rs8,493mn.The sharp increase in revenue YoY is mainly due to a lower base in 1QFY22, which was affected by the second covid wave.EBITDA margin for 1QFY23 is expected at 26.2% vs 21.8%/29.1% in 4QFY22/1QFY22.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.

Real Estate and Ceramics - Residential Demand Remains Strong; Commercial Demand in Recovering Phase

<div><ul><li>Revenue up ~1.4% YoY and 1% QoQ at Rs7,488mn in 4QFY22: In 4QFY22, EOPR reported revenue of Rs7,488mn, up 1.4% YoY and 1% QoQ.</li><li>EBITDA margin down by 190bps QoQ but up by 480bps YoY at 76.7%: EBITDA in 4QFY22 increased by 480bps YoY to 76.7% due to: (1) Increase in revenue by 1.4% YoY (2) Decline in other expenses by 22.4% YoY primarily due to (a) decline in rates and taxes by 92.4%YoY (b) decline in valuation expenses by 42.4% YoY (c) decline in miscellaneous charges by 18.7% YoY.</li></ul><div><div><div><div><div><ul><li>Rise in depreciation expenses: Depreciation expenses rose by 1.8% QoQ to Rs2,024mn due to acquisition of fixed assets for the CAM services business.</li></ul></div></div></div></div></div></div><p><em>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.</em></p>

Revenue up ~1.4% YoY and 1% QoQ at Rs7,488mn in 4QFY22: In 4QFY22, EOPR reported revenue of Rs7,488mn, up 1.4% YoY and 1% QoQ.EBITDA margin down by 190bps QoQ but up by 480bps YoY at 76.7%: EBITDA in 4QFY22 increased by 480bps YoY to 76.7% due to: (1) Increase in revenue by 1.4% YoY (2) Decline in other expenses by 22.4% YoY primarily due to (a) decline in rates and taxes by 92.4%YoY (b) decline in valuation expenses by 42.4% YoY (c) decline in miscellaneous charges by 18.7% YoY.Rise in depreciation expenses: Depreciation expenses rose by 1.8% QoQ to Rs2,024mn due to acquisition of fixed assets for the CAM services business.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 - New Lease Momentum Starting to Pick Up

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 - Modest Performance for the Quarter

The company’s commercial office business grew by 7.8% YoY to Rs 598 Cr and the hotel business grew to Rs 102 Cr YoY from Rs 18 Cr.

Axis Direct

Embassy IN - India Office Remains A Long-Term Growth Opportunity

Leased 1 msf across 19 deals in Q3FY23 at 13% leasing spreads with YTD total leasing of 4.4 msf across 71 deals. Announced distributions of Rs 5,03...

Axis Direct

Embassy Office Parks REIT - Stable Occupancies Led by Back-To-Office Drive

The NOI increased by 12.9% YoY and the EBITDA margins remained healthy in that range of 75.3%. The company reported PAT degrowth of -34.4% YoY due...

Axis Direct

Real Estate and Ceramics - Residential Demand Remains Strong; Commercial Demand in Recovering Phase

Demand for residential real estate continued to remain strong in 1QFY23 while a sharp recovery is expected in rental assets (malls/offices) as the...

Nirmal Bang

Embassy Office Parks REIT - New Lease Momentum Starting to Pick Up

Given the relatively reduced intensity of the third covid wave, the combination of rising demand and relatively lower new supply will drive the...

Nirmal Bang

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