Mindspace Business Parks REIT Sees Profitable Expansion Amidst Record Office Demand

Mindspace Business Parks REIT reported a 33% rise in net profit to Rs 180.09 crore in the December quarter, driven by increased income and office space demand. The company's operating income and total earnings also showed significant growth, reflecting strong market performance and strategic acquisitions.

Mindspace Business Parks REIT announced a significant 33% growth in its consolidated net profit, reaching Rs 180.09 crore in the December quarter, according to recent financial filings. This increase is attributed to heightened income and strong demand for Grade A office assets.

During the October to December period, the company saw its total income rise to Rs 832.76 crore, up from Rs 674.47 crore in the previous year. The company's net operating income rose by 29% to Rs 671 crore, demonstrating strong financial outcomes driven by effective execution across its portfolio.

With a focus on delivering value to unitholders, Mindspace REIT achieved a gross leasing of 1.1 million sq ft and improved occupancy rates. The company, supported by the K Raheja Group, plans to continue pursuing acquisition opportunities to expand its reach and market presence.

(With inputs from agencies.)