NDR InvIT Trust, the first perpetual warehousing and industrial parks infrastructure investment trust (InvIT) listed on the National Stock Exchange, reported strong unaudited financial results for Q1 2024. CFO Sandeep Jain announced a distribution of INR 1.75 per unit to unitholders, highlighting the trust's AUM of 16.96 million square feet. The portfolio is well-diversified, with a weighted average lease expiry (WALE) of 11.1 years and a high occupancy rate of 96.48%. Operating in 13 cities with 33 industrial parks and 55 warehouses, NDR InvIT achieved INR 752 million in revenue and INR 657.88 million in EBITDA. The trust maintains its AAA credit rating, focusing on stakeholder value and long-term growth.
NDR InvIT Trust, the first perpetual warehousing and industrial parks infrastructure investment trust (InvIT) listed on the National Stock Exchange, recently shared its unaudited financial results for the first quarter ending June 30, 2024.
Sandeep Jain, the Chief Financial Officer of NDR InvIT Trust, expressed his gratitude to stakeholders for their ongoing support. He announced that the trust will distribute INR 1.75 per unit to its unitholders. Jain highlighted the trust's current assets under management (AUM), which stand at INR 16.96 million square feet (msf), noting that the portfolio is well-diversified across different clients and sectors. He emphasised that key operational metrics, including the weighted average lease expiry (WALE) of 11.1 years and occupancy levels at 96.48%, are above industry standards. Jain also stated that the trust aims to maintain its AAA credit rating and continue delivering high levels of customer satisfaction.
In terms of business performance, NDR InvIT Trust operates in 13 cities, managing 33 industrial parks and over 55 warehouses across India. The trust reported a pan-India occupancy rate of 96.48%. Jain noted that the top 10 clients contribute 39% of the total area under management and 41% of the revenue. He also mentioned that 13.78% of the leases are due for renewal in the fiscal year 2025.
Financially, the trust's revenues from operations reached INR 752 million, with earnings before interest, taxes, depreciation, and amortisation (EBITDA) amounting to INR 657.88 million, both figures aligning with expectations. The net distributable cash flow (NDCF) as of June 30, 2024, was INR 673.75 million. The declared distribution of INR 1.75 per unit for the first quarter of fiscal year 2025 will consist of INR 0.87 as interest and INR 0.88 as a return of capital. The record date for this distribution was set for August 16, 2024.
In conclusion, NDR InvIT Trust's strong financial performance and strategic asset management reflect its position in the warehousing and industrial parks sector. The trust's commitment to maintaining high occupancy levels and an impressive WALE underscores its resilience and long-term stability. By prioritising stakeholder value through steady distributions and a focus on customer satisfaction, NDR InvIT Trust continues to uphold its AAA credit rating. As it navigates the upcoming lease renewals and continues to diversify its client base, the trust remains well-positioned for sustainable growth and success in the coming quarters.
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