3, Feb 2024
Embassy REIT Achieves Full Year Leasing Guidance of 6.5 Million Square Feet in 9 Months
Bengaluru, India, February 3, 2024
Embassy Office Parks REIT (NSE: EMBASSY / BSE: 542602) (‘Embassy REIT’), India’s first listed REIT and the largest office REIT in Asia by area, reported results today for the third quarter ended December 31, 2023.
Aravind Maiya, Chief Executive Officer of Embassy REIT, said,
“It’s been a remarkable quarter for Embassy REIT. We’re pleased to announce that we’ve achieved our annual leasing guidance in just 9 months. As our 2.2 msf of pre-leasing to three renowned global companies demonstrates, India continues to be a thriving business hub for GCCs. As more and more multinationals set up their centres in India, their need for premium office spaces to house their talent will grow exponentially in the coming years. Our refinance of ₹2,600 crores through a combination of instruments provides us increased flexibility in managing our debt portfolio. Lastly, the strength of our business is reflected by the excellent response of equity investors to the recent sponsor stake sale, which has resulted in an increase of our public float to 92% and a truly diversified blue-chip unitholder base.”
The Board of Directors of Embassy Office Parks Management Services Private Limited (‘EOPMSPL’), Manager to Embassy REIT, at its Board Meeting held earlier today, declared a distribution of ₹493 crores or ₹5.2 per unit for Q3 FY2024. The record date for the Q3 FY2024 distribution is February 12, 2024, and the distribution will be paid on or before February 17, 2024.
Business Highlights
· Record leasing of 3.5 msf across 22 deals, including 1.1 msf of new leases and three large pre-lease deals of 2.2 msf in Bengaluru with leading multinationals
· Global Captive Centres (GCCs) in primarily BFSI, retail, and tech sectors accounted for over 78% of total leasing
· 90%+ occupancy levels across 50% of Embassy REIT’s properties Financial Highlights
· Revenue from Operations grew by 8% YoY to ₹936 crores
· Delivered distributions of ₹493 crores or ₹5.2 per unit
· Refinanced ₹2,600 crores at an average rate of 8.25% including first-time commercial paper issuance of ₹1,000 crores; strong balance sheet with an industry-leading in-place debt cost at 7.8% and dual AAA/Stable credit ratings Operational & Development Highlights
· Development pipeline of 6.9 msf of which 90% is in Bengaluru at highly attractive yields of over 20%
· Hotel portfolio continued to perform strongly with 55% occupancy, 19% YoY ADR growth and an EBITDA of ₹50 crores
· Included in the 2023 Dow Jones Sustainability Indices making Embassy REIT the first Indian REIT to be recognized for its sustainability initiatives by this leading global benchmark
Investor Materials and Quarterly Investor Call Details
Embassy REIT has released a package of information on the quarterly results and performance, that includes (i) condensed standalone and condensed consolidated financial statements for the quarter and nine months ended December 31, 2023 (ii) an earnings presentation covering Q3 FY2024 results, and (iii) supplemental operating and financial data book that is in-line with leading reporting practices across global REITs.
Embassy REIT will host a conference call on February 5, 2024 at 17:00 hours Indian Standard Time to discuss the Q3 FY2024 results.
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- By Rabindra
3, Feb 2024
St. Louis Area Diaper Bank Hosts Fourth Annual Bloody Mary Brunch
Fundraiser to support the nonprofit’s period supply program.
(St. Louis, Mo., Feb. 3, 2024) — The St. Louis Area Diaper Bank will hold its fourth annual Bloody Mary Brunch on Sun., March 24 from 11 a.m. to 2 p.m. at its headquarters located at 6141 Etzel Ave. The event, open to those 21 years of age and older, will feature a Bloody Mary and mimosa bar plus light brunch. Tickets are $60 per person, and all monetary donations will support the Diaper Bank’s period supply program, which helps nearly 35,000 girls and women annually with period kits.
Attendees will have the interactive opportunity to count, sort, and pack period supply kits for local school partners. Other activities include raffles, a glitterati photo station, and a brief presentation about the agency’s efforts to end period poverty in St. Louis.
The period supply program distributes period supplies through community partners and advocates for the elimination of “period poverty”. In 2024, 900,000 period supplies will be distributed in St. Louis, with 20,000 period supplies allocated each week. Two-thirds of low-income women in St. Louis cannot afford menstrual hygiene products, with 46% of low-income women having to choose between food and period supplies.
The St. Louis Area Diaper Bank, founded in 2014, provides diaper and period supply access to the region’s low-income families and raises community awareness about the causes and consequences of diaper need and period poverty. The nonprofit is a member of the National Diaper Bank Network and its sister organization Alliance for Period Supplies, a nationwide nonprofit dedicated to eliminating diaper need and “period poverty” in America. The period supply program ensures access to menstrual hygiene products, which allows full participation in daily life with dignity.
For more information about the Bloody Mary Brunch or to donate, call (314) 624-0888 or visit their website.
2, Feb 2024
78th National Garment Fair by CMAI Sets tone for Apparel Industry Outlook in FY25
Mumbai, February 2, 2024: The National Garment Fair (NGF 2024) Spring-Summer Edit, organised by the Clothing Manufacturers Association of India (CMAI) in Mumbai, unfolded over three days from January 29 to 31, 2024. The event drew an impressive crowd of close to 18,000 visitors including national and regional retailers, distributors, and wholesalers. The robust business activities and bookings recorded during NGF 2024 clearly mirror the positive momentum in retail sales anticipated for the upcoming Spring-Summer season.
Encompassing an expansive 700,000 sq. ft. across seven halls, the Spring-Summer Edit of the National Garment Fair 2024 (NGF 2024) took place at the Bombay Exhibition NESCO Complex in Goregaon East. With over 1025 participants showcasing more than 1,120 brands across Women’s wear, Men’s wear, Kids wear, and Accessories.
Speaking about the domestic garment industry, Mr. Rajesh Masand, President, Clothing Manufacturers Association of India (CMAI), said, “The revival of the apparel industry post-pandemic has been less than robust, with retailers contending with a substantial backlog of inventory. The predominant driver of retail sales growth of apparels in the past year has been the result of both stores and network expansions. Although it is difficult to estimate the business conducted during the Fair, our interaction with the Exhibitors indicated most of them were more than satisfied with the enquires/orders received, serving as a positive indicator of the industry’s gradual progress towards normalisation in H1FY2025.”
Speaking about the NGF 2023, Mr. Rohit Munjal, Vice President and Chairman of the Fair Committee, Clothing Manufacturers Association of India (CMAI) said, “The success of the 78th National Garment Fair stands as a promising indication of its significance. Distinguished retailers and distributors from across the country graced NGF 2024. The sustained vitality of NGF can be credited to the steadfast support and proactive engagement of both brands and retailers. Their persistent involvement has played a pivotal role in elevating the fair’s influence and ensuring its ongoing success.”
Speaking about the present outlook of the domestic garment industry, Mr. Rahul Mehta, Chief Mentor, Clothing Manufacturers Association of India (CMAI), said, “The notable expansion of major retailers and brands into Tier 2 and 3 markets in the past year has played a substantial role in driving the retail sales growth within the apparel segment. Anticipating a shift from the initial trend of consumer “revenge-shopping” immediately post-pandemic, we saw a transition to a restrained shopping behavior last year. This year, there is an anticipation of consumers refreshing their wardrobes, signaling a return to normalcy in shopping patterns.”
Furthermore, the prestigious CMAI Apparel magazine was relaunched during NGF 2024 with a far Special edition. The Apparel magazine is not only resuming publication but is undergoing a significant upgrade as a quarterly edition, which will provide more exclusive content, in-depth features, and exciting apparel trends. The new avatar of the magazine boasts of careful curation and enhancement of content, promising a better reading experience with fresh perspectives from industry experts, insightful interviews, and stunning visuals. This transition aims to celebrate the world of apparel with captivating stories.
Recognised as the largest and most awaited bi-annual trade fair of the Indian Apparel Industry, the National Garment Fair by CMAI serves as a vital platform for connecting National and Regional Brands, Manufacturers, Designers, and Fashion Accessories manufacturers with Retailers, Agents, Distributors, and E-commerce Companies. This biannual event holds significant prestige in the industry and is widely regarded as India’s foremost trade fair, offering a comprehensive sourcing platform that maximizes both time and cost efficiency for all stakeholders involved.
2, Feb 2024
Reaction to Interim Budget 2024-25 from Kamal Khetan, Chairman & Managing Director, Sunteck Realty Ltd
“The interim budget announcement envisions India’s long term growth story. The emphasis of the PMAY-Gramin on rural India will further the objective of Housing for all. Furthermore, we are looking forward to housing scheme for the urban middle class, which is anticipated to enhance housing and give a boost to the sector.
The sustained momentum in capital expenditure spending in expansion of the infrastructure development plan highlights the intent to continuously enhance housing infrastructure, entrepreneurship, and employment opportunities for the youth possessing technical skills.
The persistent emphasis on maintaining a capital expenditure outlay of approximately 3.4% of the GDP is likely to stimulate economic activity and align with the long-term vision of Viksit Bharat. We remain optimistic about the continued progress of the Indian economy under the prudent fiscal measures outlined in the Interim Union Budget.”
2, Feb 2024
CMAI Welcomes Continuation Of RoSCTL Scheme
CMAI welcomed the decision by the Union Cabinet to extend the Scheme for Rebate of State and Central Taxes and Levies (RoSCTL) for export of Apparel/Garments and Made ups upto 31st March 2026.
CMAI President, Rajesh Masand, thanked the Government and in particular, the Ministry Of Textiles saying that the “Continuation of Scheme for proposed duration of two (2) years will provide predictability and stability which is essential for long term trade planning, more so in the textiles sector where orders can be placed in advance for long term delivery.”
“The RoSCTL Scheme is in line with the universally accepted principle of International Trade that taxes and duties should not be exported, to enable a level playing field in the international market for exports” he added.
2, Feb 2024
Mega With 250 amenities spread over 250 acres, Runwal Group Unveils Runwal Garden City
Mumbai, 2nd February 2024: Runwal Group, one of the top real estate developers in the country, has announced the launch of its mega township project – Runwal Garden City. Situated on Kalyan-Shilphata Road, Dombivli (E), this integrated township is set to redefine urban living in the MMR. A 250+ acre masterpiece offering 250+ amenities, the project encompasses 34+ gardens, 3 clubhouses, 2 central parks, 70% open space, 2 international standard cricket grounds, 2 schools and over 3000 trees.
Nestled in the heart of Dombivli, Runwal Gardens City offers convenient commutes, thriving businesses, and endless opportunities. The development is strategically positioned to capitalize on the area’s growth and accessibility. With proximity to key infrastructural developments like the Airoli-Katai Tunnel, Navi Mumbai Airport, Kalyan-Shil Road, Metro Line 12, the Bullet Train line and the Multimodal Corridor, residents can enjoy seamless connectivity and ease of daily commute.
Elaborating on what sets this project apart, Mr.Subodh Runwal, Managing Director – Runwal Group, said, “Runwal Garden City is more than just a township; it’s a lifestyle destination. We have meticulously crafted every aspect of this township to cater to the evolving needs of our customers. It is an ecosystem where everything a resident needs, will be available within the campus. Whether it is shopping, education, health care or access to large green open spaces, it will all be just outside their home. Commuting will also be a breeze, thanks to the multiple modes of transport available in the vicinity. Dombivli is the next big destination and Runwal Garden City will be a key reason for this transformation.”
From recreational spaces to fitness facilities, Runwal Garden City provides an extensive range of amenities catering to various age groups and interests. Green spaces are a priority in this development, with 34+ gardens providing residents with serene and refreshing environments to relax and connect with nature. Residents have access to three well-equipped clubhouses, fostering community engagement and offering spaces for social, recreational, and fitness activities. The presence of two central parks within the development adds to the greenery, offering residents ample space for outdoor activities, relaxation, and community events. The emphasis on open space ensures a sense of expansiveness and promotes a healthy living environment, allowing residents to enjoy the outdoors within the confines of the development. Sports enthusiasts can indulge in cricket at international-standard facilities, encouraging an active and healthy lifestyle. The commitment to the environment is evident in the planting of over 3000 trees, contributing to the ecological balance and enhancing the overall aesthetics of the development.
The community-centric design of the project encourages the development of a close-knit neighbourhood, fostering a sense of belonging and community spirit. With two schools in the township, high street retail, a mall and office spaces, Runwal Garden City will offer a lifestyle and convenience which will be unique.
Dombivli has been witnessing increasing demand from home buyers and the township will a milestone in establishing the location as a preferred destination.
2, Feb 2024
Leading Indian IT firm eClerx reports strong growth posts 9.8% revenue growth
Mumbai, 2nd February 2024: Known for providing business process management, automation, and analytics services to a number of Fortune 2000 enterprises, Mumbai-based IT consulting firm eClerx Services Ltd. has come out with upbeat financial results for the quarter ended December 31, 2023. The company reported sequential and Y-o-Y improvements in revenue, profit and margin metrics, underscoring its strong operating leverage and continued focus on optimizing delivery costs. Founded in 2000 by Anjan Malik and PD Mundhra with the goal of providing innovative services and solutions to large global companies undergoing rapid business transformation, eClerx has metamorphized into an industry leader with an internal talent pool of 17,000+ people operating across India, Australia, Canada, Germany, Italy, Netherlands, Philippines, Singapore, Thailand, UK, and the USA.
Key highlights from the consolidated financial results reported for the quarter ended December 31, 2023:
On a consolidated basis, the company’s operating revenue stood at INR 752.8 crore vs. INR 686.7 crore in Q3FY2022-23, signifying strong 9.6% Y-o-Y growth and 4.3% growth on a sequential basis. This outperformance has been driven by the company’s robust offshore growth strategy that has also contributed to improved margin metrics.
In USD terms, eClerx posted USD 90.5 million in operating revenue that represents a 6.4% increase over the same period last year. Total revenue that includes other business income increased to INR 773.5 crore, representing a 9.8% Y-o-Y growth as compared with INR 704.5 crore in Q3FY2022-23.
· Earnings before interest and taxes (EBIT) grew to INR 194.5 crore as compared with INR 178.5 crore in Q3FY2022-23, representing a 8.9% EBIT growth on a Y-o-Y basis.
· Net profit also increased to INR 138.6 crore, a healthy 5.7% growth when compared with the Q3FY2022-23 figure that came in at INR 131.2 crore.
· Basic earnings per share (EPS) for Q3FY24 increased to INR 28.76 from INR 26.41, amounting to a 8.9% Y-o-Y increase in this vital profitability indicator.
· The company’s upbeat performance is also credited to the total delivery headcount, which increased by 737 in the December quarter.
Reflecting on the company’s performance in Q3FY24, Mr. Kapil Jain, Managing Director and Group CEO at eClerx remarked, “Our operating revenue has grown 4.3% sequentially in INR terms, which is great performance given the challenges faced by the industry. This performance reflects our commitment towards clients and improving their performance. Our focus on capability development has yielded dividends, both in terms of new client wins and existing customers. Our emphasis remains on leveraging eClerx’s operational expertise with emerging technologies to address our clients’ business challenges. This customer-centric philosophy should help us deliver on our promise of being a leader in business transformation.”
2, Feb 2024
Honda Cars India registers 11% growth with 8681 units of domestic sales in January 2024
New Delhi, February 2, 2024: Honda Cars India Ltd. (HCIL), a leading manufacturer of premium cars in India, registered monthly domestic sales of 8,681 units in January 2024. The export numbers for HCIL stood at 4,531 units in Jan’24.
Commenting on the sales performance in January 2024, Mr. Yuichi Murata, Director of Marketing and Sales at Honda Cars India Ltd., said, “Entering the new year, our models have consistently contributed to our sales volume, reflecting a positive demand for our lineup. Honda Elevate maintains its strong performance, gaining growing preference and momentum month after month. Alongside Elevate, the unwavering success of the Honda City and Amaze has played a crucial role in sustaining our momentum.”
Honda Cars India Ltd had registered domestic sales of 7,821 units and exported 1,434 units in January ‘23.
2, Feb 2024
ELGi unveils upgraded line of portable screw compressors at India StoneMart 2024
Bengaluru, India, February 2nd, 2024: Elgi Equipments (BSE: 522074 NSE: ELGIEQUIP), one of the world’s leading air compressor manufacturers, today introduced the game-changing PG 550-215 trolley-mounted portable screw air compressor at the 12th edition of India Stonemart 2024 at the Jaipur Exhibition and Convention Centre (JECC), Rajasthan, India. Also displayed at the ELGi booth 6, in the outdoor machinery area B, were ELGi’s electric-powered PG110 E, PG 55 E, and PG 75 E portable air compressors for the mining industry. The 2024 edition of the International Stone Industry Trade Fair is expected to witness over 30,000 visitors and key decision-makers from the stone industry across the globe.
The newly introduced PG 550-215 is designed to deliver better performance, reliability, and profitability for customers in the construction and mining sectors. The compressor’s 3-stage air filtration system enables optimal performance while the integrated control panel ensures improved safety, reliability, and driller-friendly operations. The compressor’s Uptime design, which comprises large doors and a robust canopy, ensures easy maintenance, enhanced durability, and protection from extreme climatic conditions. In addition, ELGi’s pan-India network of service centers and trained service technicians ensure seamless operations for every customer.
The PG 110 E, 55 E, and 75 E series of electric-powered compressors, also on display, have been extensively adopted in standard pressure applications throughout the marble, granite, and blue metal quarries, where electricity is accessible and emission-free processes are required.
ELGi is committed to delivering high-performance portable compressed air solutions to construction and mining industry customers. With superior customer support and over 63 years of experience in compressed air technology, ELGi is today present across 120+ countries, offering a complete range of compressed air solutions from oil-lubricated and oil-free rotary screw compressors, oil-lubricated and oil-free reciprocating compressors and centrifugal compressors to dryers, filters, and downstream accessories. With state-of-the-art manufacturing units and a product portfolio of 400+ compressed air systems, ELGi redefines reliability, efficiency, and cost-effectiveness across 2+ million installations worldwide.
2, Feb 2024
2023 marked a terrific year for Marriott International in the Asia Pacific region with over 80 deals signed…
India, 2nd February 2024 – Following the recent announcement by Marriott International, Inc. (Nasdaq: MAR) of its strong global net rooms growth and record year of organic signings in 2023, the company highlighted the remarkable surge in hotel and residences openings and signings in the Asia Pacific excluding China (APEC) region, particularly in key travel markets such as Japan, India, and Vietnam. At the close of 2023, Marriott set a milestone in APEC with over 60 properties added to its portfolio during the year, bringing the company’s presence in the APEC region to more than 560 operating hotels and residences, and exceeding 10 percent net rooms growth compared to 2022. The company also sealed a record of over 80 deals signed across 13 markets, representing approximately 18,000 rooms.
As tourism recovers in APEC and the travel landscape evolves, Marriott has continued to focus on strategically providing the best-in-class offerings to owners, franchisees, and guests. At the end of 2023, Marriott’s APEC development pipeline stood at over 320 hotels with over 69,000 rooms, showcasing the company’s dedication to providing world-renowned brands and diverse experiences, aligning with the evolving preferences of travelers across the region.
Luxury continues to play a pivotal role in the growth of Marriott, and 25 percent of Marriott’s global luxury rooms pipeline is represented in APEC. In 2023, 15 percent of the deals signed in APEC were in the luxury segment. A record nine luxury hotels were opened in the region in 2023 — including The Ritz-Carlton, Melbourne— Marriott’s 1,000th hotel in the Asia Pacific region. The JW Marriott Goa debuted the brand in Goa and was the company’s 150th hotel to open in South Asia, and added The Singapore EDITION, the first EDITION in Southeast Asia.
“With our record year of growth at Marriott International in APEC, we remain committed to meeting the demands of modern travelers underscored by our diverse portfolio of brands and strategic presence in new destinations,” said Rajeev Menon, President, Marriott International, APEC. “2023 has positioned us as a thriving and desirable region in the global landscape. I am excited about our momentum as we focus on being where our customers want us to be and connecting people through the power of travel.”
Marriott Bonvoy – Marriott’s award-winning travel program— has helped fuel interest in the company’s regional portfolio. In APEC, the Marriott Bonvoy membership base has surged by 50 percent since 2019. This momentum is attributed to the unique and unforgettable experiences the program offers, including exclusive access to prestigious events like the Australian Open and Formula 1. Beyond hotel stays, Marriott Bonvoy continues to redefine the regional travel landscape with strategic partnerships with Singapore Airlines, Rakuten and co-branded credit cards in Japan, Korea, and India. The company’s commitment to delivering exceptional experiences, coupled with the strength of Marriott Bonvoy, positions Marriott as a leader in shaping the future of travel and hospitality across the APEC region.
