+
CapitaLand India registers 21% growth in net property income for H1 24
ECONOMY & POLICY

CapitaLand India registers 21% growth in net property income for H1 24

CapitaLand India Trust Management Pte. Ltd., the Trustee-Manager of CLINT, reported an 8% year-on-year (y-o-y) growth in distribution per unit (DPU) to 3.64 Singapore cents, with an 18% increase for the first half of 2024 compared to 2H FY 2023. Total property income and net property income for H1 2024 grew by 23% and 21% y-o-y to S$136.1 million and S$103.5 million, respectively. "We are pleased to announce a DPU of 3.64 Singapore cents, an increase of 18% from 2H FY 2023 and 8% year-on-year. CLINT?s strong operating performance was mainly due to higher rental income from existing properties, positive rent reversion, higher occupancy, and income recognition from properties acquired in FY 2023," said Sanjeev Dasgupta, Chief Executive Officer. The Trust?s net property income increased by 21% in Singapore Dollar terms, with committed occupancy, excluding the recent acquisition, rising from 93% as of December 31, 2023, to 96% as of June 30, 2024. This growth was driven primarily by leasing activities at aVance, HITEC City, Hyderabad, and Building Q1, Aurum Q Parc, Navi Mumbai. In Indian rupee terms, 1H FY 2024 total property income increased by 24% to Rs 8.40 billion, mainly due to income contributions from various assets, including Block A in International Tech Park Hyderabad (ITPH), completed in January 2023, International Tech Park Pune ? Hinjewadi (ITPP-H), Industrial Facilities 2 and 3 in Mahindra World City, Chennai, and aVance II Hinjawadi, Pune. Higher rental income from existing properties also contributed to this growth. Total property expenses increased by 32% to Rs 200 million due to higher property taxes, operations and maintenance expenses, and other property operating expenses from existing and newly acquired properties. Consequently, 1H FY 2024 net property income increased by 22% to Rs 6.40 billion. CLINT achieved a committed portfolio occupancy of 96% as of June 30, 2024. The Trust?s assets under management grew from S$2.7 billion as of June 30, 2023, to S$3.2 billion as of June 30, 2024. The Trust has a debt headroom of approximately S$915 million, undrawn committed onshore facilities of S$381 million, committed offshore facilities of S$200 million, and uncommitted facilities of S$138 million. CLINT's total borrowings on fixed interest rates stood at approximately 71%, with 55% hedged into Indian Rupee. "As of June 30, 2024, CLINT?s gearing ratio was 38.1%. Including cash and cash equivalents of S$95 million, the gearing was 36.5%," the company stated. In May 2024, CLINT secured a sustainability-linked loan (SLL) of S$200 million from the International Financial Corporation, increasing its sustainable finance portfolio to S$1.16 billion, which comprises 76% of its total loans as of June 30, 2024. In February 2024, CLINT entered into a forward purchase agreement with Casa Grande Group to acquire three industrial facilities at OneHub Chennai. In March 2024, CLINT completed the acquisition of aVance II Hinjewadi, Pune, a 1.4 million sq ft multi-tenanted IT SEZ project, resulting in a net fair value gain of S$20.3 million. In May 2024, CLINT entered into a forward purchase agreement with Phoenix Group to acquire IT buildings with a total leasable area of 2.5 million sq ft in HITEC City, Hyderabad. (Source:ET)

CapitaLand India Trust Management Pte. Ltd., the Trustee-Manager of CLINT, reported an 8% year-on-year (y-o-y) growth in distribution per unit (DPU) to 3.64 Singapore cents, with an 18% increase for the first half of 2024 compared to 2H FY 2023. Total property income and net property income for H1 2024 grew by 23% and 21% y-o-y to S$136.1 million and S$103.5 million, respectively. We are pleased to announce a DPU of 3.64 Singapore cents, an increase of 18% from 2H FY 2023 and 8% year-on-year. CLINT?s strong operating performance was mainly due to higher rental income from existing properties, positive rent reversion, higher occupancy, and income recognition from properties acquired in FY 2023, said Sanjeev Dasgupta, Chief Executive Officer. The Trust?s net property income increased by 21% in Singapore Dollar terms, with committed occupancy, excluding the recent acquisition, rising from 93% as of December 31, 2023, to 96% as of June 30, 2024. This growth was driven primarily by leasing activities at aVance, HITEC City, Hyderabad, and Building Q1, Aurum Q Parc, Navi Mumbai. In Indian rupee terms, 1H FY 2024 total property income increased by 24% to Rs 8.40 billion, mainly due to income contributions from various assets, including Block A in International Tech Park Hyderabad (ITPH), completed in January 2023, International Tech Park Pune ? Hinjewadi (ITPP-H), Industrial Facilities 2 and 3 in Mahindra World City, Chennai, and aVance II Hinjawadi, Pune. Higher rental income from existing properties also contributed to this growth. Total property expenses increased by 32% to Rs 200 million due to higher property taxes, operations and maintenance expenses, and other property operating expenses from existing and newly acquired properties. Consequently, 1H FY 2024 net property income increased by 22% to Rs 6.40 billion. CLINT achieved a committed portfolio occupancy of 96% as of June 30, 2024. The Trust?s assets under management grew from S$2.7 billion as of June 30, 2023, to S$3.2 billion as of June 30, 2024. The Trust has a debt headroom of approximately S$915 million, undrawn committed onshore facilities of S$381 million, committed offshore facilities of S$200 million, and uncommitted facilities of S$138 million. CLINT's total borrowings on fixed interest rates stood at approximately 71%, with 55% hedged into Indian Rupee. As of June 30, 2024, CLINT?s gearing ratio was 38.1%. Including cash and cash equivalents of S$95 million, the gearing was 36.5%, the company stated. In May 2024, CLINT secured a sustainability-linked loan (SLL) of S$200 million from the International Financial Corporation, increasing its sustainable finance portfolio to S$1.16 billion, which comprises 76% of its total loans as of June 30, 2024. In February 2024, CLINT entered into a forward purchase agreement with Casa Grande Group to acquire three industrial facilities at OneHub Chennai. In March 2024, CLINT completed the acquisition of aVance II Hinjewadi, Pune, a 1.4 million sq ft multi-tenanted IT SEZ project, resulting in a net fair value gain of S$20.3 million. In May 2024, CLINT entered into a forward purchase agreement with Phoenix Group to acquire IT buildings with a total leasable area of 2.5 million sq ft in HITEC City, Hyderabad. (Source:ET)

Next Story
Building Material

Viva ACP Launches Experience Centre in Nashik

Viva ACP, one of Asia’s leading manufacturers of Metal Composite Panels (MCP), has unveiled a new state-of-the-art Experience Centre in Nashik. Situated at Plot No. 10, Kathe Industrial Estate, Tigrania Road, Dwarka, the centre aims to make Viva’s premium cladding solutions more accessible to architects, developers, and design professionals in Western India. The centre was formally inaugurated by Prakash Jain, Chairman and Managing Director, Viva Composite Panel, along with Nitin Jain and Mayank Jain, Directors at the company. Conceptualised as an interactive and immersive space,..

Next Story
Technology

Hikrobot Launches HDMI Video Micro System in India

India, July 2025: Hikrobot has introduced its HDMI Video Micro System in the Indian market, offering a plug-and-play imaging solution that combines 2K high-definition clarity, real-time streaming, and portability. The system is designed for professionals in sectors such as industrial inspection, medical research, forensic science, education, and precision manufacturing. Unlike traditional imaging setups that require external PCs and complex software, the Hikrobot HDMI Video Micro System provides direct output to an HDMI display, eliminating setup complications and improving usability.&nbs..

Next Story
Real Estate

Stone Wood Hotels Appoints Shishir Kumar Jena as CFO

Stone Wood Hotels & Resorts has announced the appointment of Shishir Kumar Jena as Chief Financial Officer. This key leadership move aligns with the boutique hospitality group’s ongoing national expansion. Shishir Kumar Jena brings over 32 years of experience in hospitality finance, having held senior positions with renowned brands such as Acron, Radisson, and Fortune Inn Exotica. His expertise spans financial strategy, operational efficiency, revenue optimisation, and aligning financial performance with guest satisfaction. Throughout his career, Jena has maintained a consisten..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?