CapitaLand India Trust - DBS Research 2024-01-30: Forex Hurdles A Temporary Blip

• CapitaLand India Trust (SGX:CY6U)'s FY23 DPU of 6.5 cents (-20% y-o-y) was below ours and street projections. The miss was largely contributed from
  1. weaker than projected S$-INR rate of 61 in 2H23, and
  2. - Read this at SGinvestors.io -

Outperformance held back by weak S$INR exchange rate

• In INR terms, CapitaLand India Trust's revenues and net property income (“NPI”) came in 21% and 17% higher y-o-y to INR 7,582m and INR 5,768m respectively. Due to the ~8.7% variance in the INR rate, revenues and NPI in S$ terms rose by a smaller 11% and 8% respectively to S$ S$234.1m and S$179.6m.
• Growth was largely acquisition driven with contributions from Arshiya Warehouse 7, ITPH Block A and ITPP-H on the back of higher rents achieved across its portfolio.
• - Read this at SGinvestors.io -

Financial metrics strengthened post fundraising.

• Read more at SGinvestors.io.

Derek TAN DBS Group Research | Dale LAI DBS Research | https://www.dbs.com/insightsdirect/ 2024-01-30 SGinvestors.io

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