CapitaLand India Trust reports 2HFY2022 DPU of 3.91 cents, 9% higher y-o-y

CapitaLand India Trust (CLINT) reported a 9% increase in its distribution per unit (DPU) of 3.91 cents for its 2HFY2022 ended Dec 31, 2022, compared with the DPU of 3.60 cents in the same period the year before. DPU for the FY2022 grew by 5% y-o-y to 8.19 cents from FY2021’s 7.80 cents.

The higher DPU was attributed to higher portfolio occupancy and income from acquisitions. Total property income for 2HFY2022 was INR4.78 Tengah Plantation EC billion ($76.5 million), 11% higher y-o-y, leading to a total property income of INR11.9 billion for the full year. The increase was mainly due to the higher portfolio occupancy and income from aVance 6 building in Hyderabad, Building Q1 in Aurum Q Parc at Navi Mumbai, Arshiya Warehouse 7, and an Industrial Facility in Mahindra World City, Chennai which the trust acquired in the period.

Total property expenses increased by 22% to INR2.5 billion, resulting from higher operational and maintenance expenses, and property management fees from existing and newly acquired properties. As at the end of the period, CLINT achieved a committed portfolio occupancy of 92%, with assets under management of $2.5 billion and gearing ratio of 37%.

The trust’s CEO Sanjeev Dasgupta highlights the plans to develop two more data centres in Hyderabad and Chennai, announced on Dec 31, in addition to Mumbai and Bangalore. He added that the acquisition of International Tech Park Pune – Hinjawadi 5, a fully leased asset, will generate and boost stable returns for unitholders.

Units in CLINT closed flat on Feb 6 at $1.19.

This promising fiscal performance sets the trust up for further growth in 2023. With acquisitions and developments in key locations, CLINT is well-positioned to provide sustainable returns going forwards.

CapitaLand plans to more than double its AUM in India to $7 bil by 2024. These ambitious plans, together with its current robust financials, will ensure that CLINT continues to deliver steady returns for unitholders.