Mindspace REIT Q3 Profit Up 33% to Rs 180 Cr

New Delhi, Jan 27 (PTI) Realty firm Mindspace Business Parks REIT on Tuesday reported a 33 per cent increase in consolidated net profit to Rs 180.09 crore in the December quarter of this fiscal year on higher income.

Its net profit stood at Rs 135.52 crore in the year-ago period.

Total income rose to Rs 832.76 crore in the October-December period of this fiscal year from Rs 674.47 crore in the corresponding period of the preceding year, according to a regulatory filing.

The company's net operating income rose 29 per cent to Rs 671 crore during the December quarter from Rs 522 crore in the year-ago period.

The company announced distribution of Rs 378 crore for the December quarter, up 20 per cent from the year-ago period.

Mindspace REIT CEO and MD Ramesh Nair said, "Q3 FY26 was another strong and stable quarter for Mindspace REIT, driven by record year of demand for Grade A office assets and focused execution across our portfolio."


The company achieved a gross leasing of 1.1 million sq ft, while committed occupancy grew sequentially to 94.5 per cent, he added.

"This operating momentum translated into strong financial outcomes, with NOI growing 28.7 per cent YoY (year-on-year)," Nair said.

The company remains focused on pursuing accretive acquisition opportunities to deliver value to its unitholders, Nair said.

During the first nine months of this fiscal year, Mindspace REIT's net profit rose to Rs 453.30 crore from Rs 389.42 crore in the year-ago period.

Total income increased to Rs 2,378.19 crore during the April-December period of this fiscal year from Rs 1,967.85 crore in the corresponding period of the preceding year.

Mindspace REIT, sponsored by K Raheja Group, has a large portfolio of rent yielding office assets.

Its portfolio has a total leasable area of 39 million sq ft comprising of 31.9 million sq ft of completed area, 3.6 million sq ft of area under construction and 3.5 million sq ft of future development.