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Realty firm Nirlon announced Q1FY23 Result :
- Barclays renewed approx. 94,000 sq.ft. of its space due for renewal/expiry in FY23
- Anunta renewed approx. 13,000 sq.ft. of its space due for renewal/expiry in FY23.
- Growth Source licensed an additional approx. 5,000 sq.ft. at NKP; F&B operators renewed approx. 1,600 sq.ft. at NKP and two parties licensed approx. 3,200 sq.ft. (Nirlon’s 75% share) at Nirlon House.
- As on 30 June 2022, approx. 90,000 sq.ft. area was vacant. Of this vacant area, the Company has signed an LOI for approx. 37,000 sq.ft.
- Cultfit (support services - gym operator) has given notice to vacate approx. 6,000 sq.ft. in September 22.
- Total secured debt facility sanctioned by HSBC is 1230 cr. which includes an OD facility.
- Debt outstanding as on 30 June 2022 from HSBC Bank was Rs. 1150 cr.
- Crisil has assigned ‘CRISIL AA /Stable’ rating to this facility.
- The financials for Q1-FY23 have significant variations from Q4 FY22 due to the following key changes:
- One Time Expenses incurred in Q1-FY23 of Rs. 2507 lakhs on account of refinancing of the Company’s loan included in Finance Cost and an additional Rs. 86 lakhs included in Other Expenses.
- Other Expenses also include:
- CSR expenses of Rs. 342 lakhs for the full FY 23 provided in Q1 FY23 as per statutory requirements
- Marketing Fees of Rs. 350 lakhs for a renewal which is entirely charged to P&L (due to no lock-in), as against other renewals where Marketing Fees are amortized over the lock-in period of the license.
- To maintain flexibility for any future restructuring opportunities, the Company continues under the old Tax Regime as the decision to change to the new tax regime is irrevocable.
