Conference Call between Management and Analysts on Q1FY21 Earnings Performance and Outlook. Click to read the full pdf.
Key Highlights
Joining me on the call today are Michael Holland, the CEO, Vikaash Khdloya, the Deputy CEO and COO, and Aravind Maiya, our CFO. Mike will start off with the first quarter highlights, business overview and strategy followed by Vikaash and Aravind. We will then open the floor to questions.
Over to you, Mike.
Mike Holland
Today we announced our first quarter FY2021 results. You will recollect that the nationwide lockdown in India commenced on 24th March and it has now been recognized as one of the world’s most stringent lockdowns. Despite the unprecedented challenges, and thanks to the resilience of our business and efforts of our management team, we have successfully navigated our business through the quarter, maintained a healthy 92.2% occupancy, collected a robust 98.9% of rentals, and the Board have earlier today approved our Q1 distributions of Rs 4,499 million.
This clearly demonstrates the strong fundamentals of our business and underpins our ongoing commitment to continue to deliver value to our unitholders, including through our regular quarterly distributions. This quarter began during the early stages of the COVID-19 pandemic for our markets in India. We set clear priorities for our business to navigate successfully through the multiple challenges brought by the pandemic. These priorities included: ensuring the health, safety, and well-being of all our stakeholders, facilitating business continuity for our occupiers, and delivering on our rental collections and quarterly distributions. We are on track on all of these priorities. Our parks and buildings were open and operational throughout the quarter within the guidelines laid out by the government.
This has been delivered through the seamless pan-India execution efforts by our on-ground teams. Given that India’s COVID-19 status is behind the European and US timelines and many of our occupiers are following protocols defined by their global headquarters, employee ramp up is expected to remain slow and cautious. We continue to be actively engaged with our occupiers in each city, every week, supporting their return to workplace and ramp-up plans. There has been much discussion on emerging trends affecting the dynamics of commercial office industry globally. While the impact of the pandemic still continues to evolve, through our conversations with a number of major occupiers, these inputs over the last quarter have reinforced the initial assessments which we articulated in our previous call.
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