{"id":182723,"date":"2026-05-12T04:08:19","date_gmt":"2026-05-12T08:08:19","guid":{"rendered":"https:\/\/alphastreet.com\/india\/brookfield-india-real-estate-trust-reit-biret-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-12T04:11:27","modified_gmt":"2026-05-12T08:11:27","slug":"brookfield-india-real-estate-trust-reit-biret-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/brookfield-india-real-estate-trust-reit-biret-q4-2026-earnings-call-transcript\/","title":{"rendered":"Brookfield India Real Estate Trust REIT (BIRET) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Brookfield India Real Estate Trust REIT (NSE: BIRET) Q4 2026 Earnings Call dated May. 12, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Alok Aggarwal<\/strong> \u2014 CHIEF EXECUTIVE OFFICER AND MANAGING DIRECTOR<\/em><\/p>\n

AMIT JAIN<\/strong> \u2014 CHIEF FINANCIAL OFFICER<\/em><\/p>\n

Rachit Kothari<\/strong> \u2014 Non Executive Director<\/em><\/p>\n

Analysts:<\/h2>\n

Puneet<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Deep Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and Gentlemen, good day and welcome to the fourth quarter and full year FY 2026 earnings call for Brookfield India Real Estate Trust Brookfield India Real Estate Trust released its financial results for the quarter and full year ended March 31, 2026. Brookfield India Real Estate Trust has placed the financial results earning presentation in the Investors section on the website at www.brookfieldindiaread.in. Please note that the management may make certain remarks during this call that could be considered forward looking statements.<\/p>\n

Actual results may differ from these statements and Brookfield India Real Estate Trust does not guarantee such outcomes or nor undertake any obligation to update them. Any financial guidance or pro forma information shared today represents management’s estimates based on specific assumptions and has not been audited, reviewed or independently verified. We caution you against placing undue reliance on this information as there can be no assurance of achieving the results. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes.<\/p>\n

Should you need assistance during the conference call, please signal an operator by pressing Star10Zero on your touchtone phone. On the call we have with us today Mr. Alok Agarwal, CEO and MD Mr. Rachit Kothari Non Executive Director Mr. Amit Jain, CFO of Prop Management Services Private Limited Mr. Shailendra Sabnani from Brookfield. I now hand the conference over to the management for their opening remarks. Thank you. And over to you sir.<\/p>\n

Alok Aggarwal<\/strong> \u2014 CHIEF EXECUTIVE OFFICER AND MANAGING DIRECTOR<\/em><\/p>\n

Thank you. Good Afternoon. Welcome to Brookfield India real estate trust Q4 and natural year 2026 earnings call. Thanks to all our unitholders, analysts and participants for joining us today. Let me start by providing a brief update on the broader macro environment in India. India’s structural advantages, including its deep talent pool, competitive occupancy costs, digital ecosystem and policy stability continue to stand in its position as a preferred destination for multinational corporations and global capability centers.<\/p>\n

India Office market maintained strong momentum during financial year 2026. Gross leasing reaching a record 91 million square feet and net absorption of 58 million square feet. Demand continues to be concentrated in high quality institutionally managed office campuses that offer operational reliability, sustainability, credentials, employee wellness, infrastructure and flexibility for future expansion. As vacancy levels tighten in leading office micro markets rental growth and map to market opportunities continue to remain favorable for high quality landlords.<\/p>\n

Against this backdrop to cleaner REIT is well positioned is one of India’s highest quality and most diversified office portfolio spanning 32.5 million square feet across key gateway markets Strong exposure to multinational tenants and GCC occupiers Financial year 2026 was a transformational year for Brookfield India REIT. I’m happy to mention that we have completed 5 years since listing marking 5x growth in terms of AUM. We delivered record leasing performance during the year, achieved meaningful occupancy growth across our portfolio and completed the acquisition of ECO work making Bengaluru our largest market together with Mumbai.<\/p>\n

These GCC focused markets now account for majority of the portfolio value. In April 2026 we also successfully closed two capital raising initiatives, Rupees 2,600 crore qualified institutional placement and Rupees11.25 crore primary investment in EcoNorth by 361 laying up strong foundations for future growth. Now let me walk you through our operating performance for the quarter and the full year. During financial year 2026 we achieved a record 4 million square feet of gross leasing including a 1.6 million square feet in Q4 26 alone.<\/p>\n

Leasing demand remained broad based across sectors and geographies demonstrating the resilience and diversification of demand across our portfolio. Importantly, approximately 50% of quarter four and financial year 2026 leasing came from GCC occupiers, even forcing Goodfield India REITs strong positioning as a preferred partner for multinational corporations establishing or expanding their Indian operations. We continue to see increasing demand from occupiers involving high value functions such as engineering, analytics, R and D, financial operations, consulting and technology development.<\/p>\n

Our committed occupancy increased to 93% up 5% year on year while maintaining a long dated wheel of 6.7 years. Occupancy growth was particularly strong across our SEG portfolio where committed occupancy improved from 84% to 91% over the last year. Non SEG properties continue to operate at a resilient of 96% occupancy. The leasing momentum continues to be good across product and tenant categories across our portfolio. In addition, we have been strategically converting SCG spaces in PAS across our campuses.<\/p>\n

In the current quarter we have applied for conversion of three 40,000 square feet space across N2 and EcoWorld and out of this space about 260,000 square feet has already been tied up. Out of the total NPA spaces which include converted and applied for conversion, we have already leased out 80% of the space and we have a healthy pipeline of tenants for these spaces. In addition, we have also de risked our near term lease expiry profile by proactively securing 0.7 million square feet of commitments against FYI 2027 expiries through early renewals expansion led re leasing.<\/p>\n

This also reflects the tenant standard stickiness in the portfolio and our robust tenant relationships. FY26 also marked an important milestone in our growth journey with the successful acquisition of EcoWorld, a 7.7 million square feet premium grade A office campus located in Outer Ring Road, Bangalore. We successfully raised approximately Rupees 37 billion from our key institutional investors through a combination of Rupees 26 billion QIP in April 26 and Rupees 11.3 billion primary investment by 361 into the Ecowood SPV in April 26, at the same time retaining full operational and board control of the Ecowood SPV while bringing in a high quality institutional capital partner.<\/p>\n

These transactions further strengthen our balance sheet and created significant headroom for future growth opportunities. Our pro forma LTV now stands at 25.2% drying a 10% headroom from the upper end of our target LTV threshold of 35% which translates to die part of approximately rupees 50 billion for future growth opportunities. We have been in forefront of ESG and sustainability initiatives and that continues to remain deeply embedded with within our operating portfolio. During the quarter, Brookfield India Elite received the Golden Pickup Award for Business Excellence from the Institute of Directors recognizing our strong governance framework and operational excellence.<\/p>\n

Additionally, Wordmark New Delhi, worldmark, Gurgaon and Atlant center received H Advanced Certification from IFC Downtown provide renewed ISO certifications across quality, environmental and and safety standards. We continue to make meaningful progress against our Sustainability link bond KPIs including renewable energy adoption and water recycling targets. I will now hand over to AMIT to take you through the financial performance for the quarter.<\/p>\n

AMIT JAIN<\/strong> \u2014 CHIEF FINANCIAL OFFICER<\/em><\/p>\n

Thank you Alok and good afternoon everyone. Let me now take you through the financial highlights for Q4NFY 2026. FY<\/p>\n

Alok Aggarwal<\/strong> \u2014 CHIEF EXECUTIVE OFFICER AND MANAGING DIRECTOR<\/em><\/p>\n

2026 was a strong year from both an operating and financial standpoint. For FY 2026 our net operating income stood at rupees 22.9 billion reflecting a robust growth of approximately 24%. YoY same store NOI increased by approximately 10% over FY 2025 driven primarily by lease up of vacant areas, mark to market gains and contractual rent escalations. For FY 2026 we declared distributions of rupees 21.40 per unit reflecting an increase of 11%. YoY total distributions for the year stood at rupees 15.2 billion.<\/p>\n

For Q4 FY 2026 our NOI stood at rupees 7.4 billion reflecting strong YoY growth of over 52% supported by contribution from Ecoworld. Same stored growth across the portfolio. Our balance sheet remains robust with year ending borrowing LTV of 32.2% excluding shareholder loan instruments and dual AAA stable credit rating from Krishil and ICRA. As Alok mentioned earlier, following the QIP and the 361 investment into EcoWall SPV our perform LTV is at around 25.2% creating nearly rupees fifty plus billion of tri powder for future acquisitions.<\/p>\n

Our average cost of debt stands at rupees at 7.3% with long dated debt profile and minimal near term amortization. With that I would now request the moderator to open the floor for questions.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask questions may please press Star and one on the Touchstone phone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use only handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. You may please press Star and one to ask questions. The first question is from the line of Puneet Gulati from hsbc.<\/p>\n

Please go ahead.<\/p>\n

Puneet<\/strong><\/p>\n

Yeah. Thank you so much and congratulations.<\/p>\n

Operator<\/strong><\/p>\n

I’m sorry Mr. Gulati, you’re inaudible sir, can’t hear you. Mr. Gulati. Sir, I would kindly request you to rejoin the queue please. Mr. Gulati.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, okay.<\/p>\n

Operator<\/strong><\/p>\n

We can’t hear you. So yeah. In the meanwhile we’ll take the next question from the line of Deep Shah from 361 Capital. Please go ahead.<\/p>\n

Deep Shah<\/strong><\/p>\n

Yeah, hi. Thanks for the opportunity and congrats on the near record high occupancies. So one question is. Is on into. So I see about both of our rentals is due for expiry and what I also see is the in place rent at expiry is slightly higher than the in place rent at the. At the end to property level. So if you could give us some idea as to is there any any discussions on renewals or any any color that would be very useful. Secondly on the debt. So now with. With the money that we raised both at the level and.<\/p>\n

And at the REIT level how should we expect debt to moderate and Accordingly, the impact on BPU for 1Q and 2Q I’m sure we might have some plan for property purchase later in the year but we might still see some benefit on bpu, right. Because of lower debt cost. So these two are my questions. Thank you.<\/p>\n

Alok Aggarwal<\/strong><\/p>\n

So deep. Let me talk about N2. So if you see N2 our occupancy is already up, you know, from 84% to 94% in one year. And when you talk about expiry, as we have said, you know, about 7 lakhs per feet. We already have kind of a pre leased or signed leases for the space which is expiring. So there’s one tower, N2 which is, you know, kind of a. There’s a tenant who was building own campus and they’re going to relocate. We already have signed with a large tenant, entire tower for leasing and it’s on a mark to market of, you know, substantial good mark to market for 25%.<\/p>\n

So that’s on. And what was the second question in terms of rentals did you say in N2?<\/p>\n

Deep Shah<\/strong><\/p>\n

I was wondering if there could be any rental pressure given that the tenant which is expiring that they are at 69 versus N2 at average being that 66. But I think you probably answered it by saying that we were choosing that MTM already. Is that fair understanding?<\/p>\n

Alok Aggarwal<\/strong><\/p>\n

Yes, yes, yes. And we are 94% occupancy and really, I mean today whatever vacant space we have, that’s at a premium. So there’s no rental pressure. We’re able to achieve good mark to market and that’s across assets and very, very particular about N2. So that’s where we are.<\/p>\n

AMIT JAIN<\/strong><\/p>\n

And on your second question on debt, so utilizing these QIP proceeds and the fundraiser at Eco<\/p>\n

Alok Aggarwal<\/strong><\/p>\n

World, we are expecting to pay around 3,600 crore of debt and our average debt cost let’s say at around 7.3%. So that will translate into a incremental interest saving of around 60 to 65 crores that should flow into the distributions going forward.<\/p>\n

Deep Shah<\/strong><\/p>\n

Right. And this would probably be, let’s say May onwards. Right. In the sense the lower debt, lower debt savings should start May onwards.<\/p>\n

Alok Aggarwal<\/strong><\/p>\n

The repayments will you know, happen over a period of time and you know, till the repayments happen, the money will be parked in mutual funds and FDs which will also accrue interest income for the portfolio. So overall, you know, the it will be incremental to the dpu.<\/p>\n

Deep Shah<\/strong><\/p>\n

Understood. Thank you. Thank you sir and all the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the Line of Puneet Pulati from hsbc. Please go ahead.<\/p>\n

Puneet<\/strong><\/p>\n

Yeah, thank you. Can you hear me well now?<\/p>\n

Operator<\/strong><\/p>\n

Yes, please proceed.<\/p>\n

Puneet<\/strong><\/p>\n

Okay, great. Yeah, just continue with the interest cost. Most of your debt is still floating. How are you thinking about changing the contours of your debt?<\/p>\n

AMIT JAIN<\/strong><\/p>\n

So Puneet, we did do a bond issuance in December and we continue to monitor the pricing across bank loan markets and the bond markets as well as weigh the maturities such that we have a balanced maturity profile. As you’d see, we have very limited maturities that are upcoming. But we continue to evaluate the cost of financing between these markets and will hopefully look to continue to increase the fixed rate instruments on a proportionate basis. But obviously we’ll continue to watch and take decisions that are appropriate based on what is the effective cost of financing.<\/p>\n

Puneet<\/strong><\/p>\n

Is there a target fixed tenure debt that you have in mind?<\/p>\n

AMIT JAIN<\/strong><\/p>\n

So the question is, do we have a target fixed to floating rate? We don’t necessarily have a particular ratio there.<\/p>\n

Puneet<\/strong><\/p>\n

Okay, understood. Secondly, on the contours of the DCF cash lockdown, if you can talk a bit about, number one, you know, the nature of working capital related positive outflows and also how much surplus cash would you still have been left with which you can still use to manage the distribution a bit.<\/p>\n

Alok Aggarwal<\/strong><\/p>\n

So on working capital, Ecoworld was acquired recently into the REIT portfolio as we know. And there are certain leases that got signed recently. So a big number of lease equalization reserve which is an India’s impact which has occurred and it’s flowing through the working capital adjustment. So that is one. And as you would have seen, we have used. But that would be a negative<\/p>\n

Puneet<\/strong><\/p>\n

Number, right. In the initial years.<\/p>\n

Alok Aggarwal<\/strong><\/p>\n

That will be negative number in the initial years. Right. And then the positive side, you know, there have been security deposits inflows in the current quarter primarily from the new leases that have been signed up. So overall there is a positive impact on the working capital.<\/p>\n

Puneet<\/strong><\/p>\n

Yes. So what is, can you share the positive number for the security deposit?<\/p>\n

Alok Aggarwal<\/strong><\/p>\n

So what was the security deposit? So total security deposit inflow in the current quarter was 72 crores. Around 70 crores.<\/p>\n

Puneet<\/strong><\/p>\n

Okay. And also. Yeah, sorry, go ahead please.<\/p>\n

Alok Aggarwal<\/strong><\/p>\n

No, no, please go ahead.<\/p>\n

Puneet<\/strong><\/p>\n

No, no, just continuing on the, on the, you know, the, the use of cash, a number that we had that cash<\/p>\n

Alok Aggarwal<\/strong><\/p>\n

In the current quarter, the overall generation was in the range of 5.7 rupees per unit. Now considering the QIP happened in April and therefore distribution was to be made to the new unit holders as well. So to maintain the NDCF Utilized a portion of opening cash which was available from prior acquisitions that REIT had done. So you know, overall, you know, from, if you look at, from a broader perspective, the overall NDCF has been positive in the current quarter.<\/p>\n

Puneet<\/strong><\/p>\n

What I wanted to understand was, you know, is there a, of the total cash that you have, is there a quantum which you can use for this or if the entire cash available for this distribution in some sense.<\/p>\n

Alok Aggarwal<\/strong><\/p>\n

So we still have around 50 to 60 crore available with us from previous quarters that can be used towards distribution in upcoming quarters. Hope that answers your question.<\/p>\n

Puneet<\/strong><\/p>\n

Yeah, that is very useful. That’s all. And secondly, if you can just talk a bit about what have been the key drivers for the NAV increase that we saw in the current quarter.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, as far as our NAV, we reported a 349 rupee per unit NAV in September and today we are reporting at 387. Essentially if I look at it, we can kind of break it down into say three key buckets. We have gained roughly 2,900 odd crores in our asset valuations which have kind of flown through to nav. 1\/3 of it is on account of reduction in cost of debt and cap rates, hence impacting the valuation and 2 3rd off is on account of the operating progress that we have kind of made in our portfolio due to higher occupancy, better rent and better MTM leading to better cash flows.<\/p>\n

So this entire 2900 crore have kind of flown into our nav and I would also want to kind of highlight that our NAV is also understated approximately by four rupees due to certain non cash liabilities in our north commercial portfolio. If we manage to consolidate that north commercial portfolio this will also kind of vanish away. So there is that 4 rupee kind of understatement which is currently there.<\/p>\n

Puneet<\/strong><\/p>\n

Understood. That’s, that’s all from my session. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Girish Chaudhary from Evander Spark. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, thank you for the opportunity. Also congratulations on the strong quarter and also the year gone by. Firstly, how should we think about the DPU trajectory going forward? Particularly given we are going to see a full year of Eco World and then we have had QIP and whatever release run up which is expected. So you can just give some thoughts on the trajectory of the DPO that will be useful.<\/p>\n

Alok Aggarwal<\/strong><\/p>\n

So we as of now are not giving any guidance per se. But you know, as you would have seen the leasing schedule, we are expecting to end FY27 at around 96% occupancy level. As you rightly said, with debt paydowns, which we discussed earlier, increase in occupancy, the DPU will definitely grow from current levels. But as of now we are not giving any guidance. If you see last year also we increased by 11% from 19.25 to, you know, 21.5. So it will definitely move up exact. I think probably too early to say what’s the point number.<\/p>\n

AMIT JAIN<\/strong><\/p>\n

Yeah, but broadly, just to add to what Alok and Amit said, look broadly, look at incomes at a 93% occupancy level should grow at 5 to 6% per year. 5% is just contracted. We will of course improve occupancy as we move along. If you just compare last two financial years, it was a 10% uptick. Same store, we’ll expect at least 6 to 7% uptick as we trend from 93% to 97 which should ideally give us an equivalent NDCF increase, not more just given, you know, we have of course some leverage in the capital structure, maybe some taxes that will offset the growth impact.<\/p>\n

But broadly I think 6 to 7% which should mean call it a rupee or a rupee and a half per year from this point onwards should be fairly predictable.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

That’s useful. My next question is on the lease expiry profile. When I look at obviously N2 you had already discussed has 24% of the rentals expiring in 27. Outside of that, I also see downtown probably seeing a significant expiry coming in over the next two years. And also Airtel center is seeing 100% of area expiring in fiscal 28. So if you could give us some color on the releasing strategy and also the NPM opportunity for these two assets.<\/p>\n

Alok Aggarwal<\/strong><\/p>\n

Girish for financial year 27, we have about 2.8 million total which is about to expire. Out of that we already have, you know, renewed 0.7 million, 1.3 million is expected to be renewed and about 0.8 billion will expire. And just to talk about individual cases you talked about at center, same tenant is continuing. So that’s, that’s continuing in downtown Hawaii. You know, you hope to renew. So just, you know, I would like to maintain here we already had 93% open to, you know, kind of a go to 96, 97%.<\/p>\n

So the space, you know, what is the availability of space is kind of a, you know, in short supply. Their demand. Demand is good. So we have talked about, you know able to renew most of the leases. But if some space is expiring, some tenant is vacating for whatever reasons, we are able to get mark to market and able to get better numbers.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay. And then lastly, you spoke about the NAV drivers from September till till, let’s say March of around 387 rupees per share across three buckets. But if I have to look forward next year or so, how should we think about the, the drivers of NAV going ahead across the three different buckets you mentioned about? So in our public disclosures, one thing we have kind of given is that we have reported at 387, we have earlier explained that there is that 4 rupee approximately addition that can kind of come in at the same time.<\/p>\n

We have, we have done this April 2027 QIP so also will have an impact as we go forward. On top of that, yes, the QIP proceeds will be used to kind of eventually will go into future acquisition which will add to our nav and there will be growth in the current cash flows of the existing portfolio which will also kind of drive and flow through to the nav. So basically going forward, there is an organic growth in NAV that is expected. On top of that, the QIP proceeds being used for inorganic growth will further improve the NAV going forward.<\/p>\n

Got it. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We’ll take the next question from the line of Karan Khanna from Ambit Capital. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, good morning and thanks for taking my questions. Firstly, Alok, in light of the recent global geopolitical uncertainties, what’s the kind of feedback that you’re getting, particularly from global tenants, regarding future leasing decisions, including renewal and more importantly on the expansion plans and how does that fare versus let’s say how things were, say a couple of years back?<\/p>\n

Alok Aggarwal<\/strong><\/p>\n

Just. Can you repeat your last sentence? What last sentence is it currently? Yeah,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. So I was asking, you know, in terms of leasing decisions, how, how they stand today versus how things were, let’s say, a couple of years back.<\/p>\n

Alok Aggarwal<\/strong><\/p>\n

No, so when you talk about, you know, global turmoil, especially let me talk about, you know, we have seen in terms of tariffs, we have seen it had no impact. Occupancies have meaningfully moved up in last one year. So that is something visible to everybody. Now let’s talk about the war which is happening. You know, so if you really see this war is not going to have a mid to long term impact on any of the leading decisions. It’s not going to really. DCC is not going to take a decision based on this war whether they should relocate to India.<\/p>\n

That’s quite independent. And what’s possible that if this war continues for, you know, let’s say for few more months, some delays can happen. So no, no, you know, no kind of a leasing demand is going to be lost. No GCC is going to take a decision not to come to India. But we can expect few weeks or few months delay if this was working, that something at the max can happen. So that’s something which I would like to say.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure. And just if I look at the acquisition pipeline and let’s say the slide number 12, given you have almost 50 billion plus of dry powder, if you think about some of the sponsor pipeline going forward, would you look to acquire sponsor assets which can deepen presence in the existing markets such as Worldmark or Ecospace or some of the assets in Mumbai? Or would you like to evaluate new markets such as Pune and Chennai first to further diversify the portfolio and if you can also provide a bit of color on both the sponsor and third party acquisitions that you’re currently evaluating.<\/p>\n

And going into FY27, what does the acquisition pipeline look like?<\/p>\n

AMIT JAIN<\/strong><\/p>\n

Yes, maybe I’ll take that. Sachet Karan look, the sponsor group today has in their network about 11 to 12 million square feet of operating assets. Some of them, as you rightly said, are on page 12. It will be natural for us to consolidate stakes in situations where we don’t own the entire 100% should they come up. But also I would say in terms of markets, each of these are pretty robust markets. Right. If you look at growing in Mumbai or whether you are looking to add a Pune, I don’t think we look at these markets very differently from a strategy standpoint.<\/p>\n

I would rather say that there’s a big focus on the reach today to ensure two things. Number one, buy highly occupied assets. I think our choices of acquisitions we pursue is largely driven by occupancies of those assets being in the 90% plus zip code. So there’s some upside but also a large part of stability that adds to the portfolio. And second is really to look at assets which are now more front office or gcc led in nature, you know, to just diversify the portfolio a little bit more. If you just rewind the clock and we compare the portfolio we had in 2023 to what we have today in 2026, addition of Mumbai, addition of Delhi, addition of Bangalore has really changed the flavor of how our tenancy split across the path, but also the risk profile of the larger pie that we have.<\/p>\n

Right. With some of these assets now contributing more than half the value, we’d like to tread down that path and add assets that fit that strategy as opposed to be constrained by locations. So that’s broadly how we think about it. But I’m not sure if it answered your question.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure. No, just follow up in terms of FY27 pipeline. So is there any third party acquisition also that you’re evaluating or will the focus be on consolidating stake in the existing assets first?<\/p>\n

AMIT JAIN<\/strong><\/p>\n

No, we are open to third party opportunities as long as of course they’re highly occupied and complement our portfolio. So we evaluated a few in the past. We’ll continue to evaluate as they come up in the market.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure. And then lastly in terms of the, you know, given the recent changes at the state government level, how are you rethinking about K1? Do you expect market rentals to see a huge bump up here given the changes? And what does that imply for your 7 and a half lakh square feet of expiry here in FY 2728 and how does that change the overall cap rates for this asset?<\/p>\n

Alok Aggarwal<\/strong><\/p>\n

I’ll request to take this. Yes. So actually if you see Calcutta, we are almost 100% occupied. They’re very small, Very, very small. Almost negligible. We can see. And anyway rentals have moved up substantially in last two years and on expiries and mark to market opportunities and the new tower coming up, we expect them to lease at much higher interest. So that’s the situation now I’m not sure of the cap rate. That’s something changing or changing. I think that probably government will not decide.<\/p>\n

But Calcutta has done pretty well for last two years and it’s expected to do better with change in government and with a positive momentum.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Great, thank you. All the best.<\/p>\n

AMIT JAIN<\/strong><\/p>\n

What Alok said, I think the the market level vacancy in Calcutta, not a lot of people know this is single digit low single digit. Today there’s absolute dirt in the market. Rents of course have been capped at call it early 50s levels. Right. It is impossible to bring in new supply at those rents today. So it’s an attract new, new companies, new talent, new commerce into the city. The rents have no choice but to move up.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Yashas Gilganji from Bob Capital Markets Ltd. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Good afternoon. Thank you for taking my question. Releasing spreads achieved over the quarter were approximately 200 slower than what was achieved last quarter and even maybe 4, 3, 25, what is causing the compression in spreads despite the robust leasing within your portfolio?<\/p>\n

Alok Aggarwal<\/strong><\/p>\n

So I mean see the leasing numbers, when you see leasing numbers are average and leasing are always slightly, you know, you can always probably when you’re leasing, you know the, the expiring rate could be higher or could be lower. That determines where we are. But you know, what’s the leasing spread we get? But from our point of view on the new rent we are always kind of it’s moving up quarter on quarter and then year on year. So the closing rent doesn’t close. But at times we can do the analysis here.<\/p>\n

At times the expiring rent could be a little higher and that can determine the leasing spread.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, understood. And has there been any progress on the redevelopment Plan for Campus 3 Do you think additional SSI will be made available or is there any change in your expectations of spending on cost?<\/p>\n

Alok Aggarwal<\/strong><\/p>\n

That in terms of our strategy right now is on the basis of existing fsi, the idea is to refurbish it and lead to new tenants. That’s the strategy. I think that’s the strategy right now.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood. Any indication of when we can expect rents to flow in post refurbishment on this Ash, We are, I mean as you would be aware that currently the campus EAPC is occupied by a tenant. We are in discussions on concluding on the vacation of the tenant from the campus 3 ABC. Once that is finalized we will, as alok rightly said, we’ll take up the refurbishment which should take anywhere between 9 to 12 months and post that we expect the asset to be leased up in market as we speak. We have quite a bit of inbound demand in that particular asset.<\/p>\n

We are marketing this to the RFPs in the market. There are certain expansion demands coming from the whole campus in itself. So I think the leasing momentum looks very well for the campus. Once we kind of finalize the vacation of the tenant we should be up and running in next 12 months from there.<\/p>\n

Alok Aggarwal<\/strong><\/p>\n

And just to add at presently it’s rent yielding. It’s, you know, it’s not vacant or it’s not that rent is not coming. It’s rent healing right now.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you again.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Sumit Kumar from GM Financial Institutional securities. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi, good afternoon. Congratulations on a good performance and thanks for the opportunity. My first question is on the DPU growth. Wanted to understand how much of a gap is there between committed an actual rent paying occupancy which can get converted from non cash to cash noi and any guidance on the Distribution mix what it should look for in FY2728. So currently we are at a committed occupancy of 93%. There are, there are roughly close to 6 or 7 lakh square feet of leasing which are under rent freeze currently.<\/p>\n

This will kind of flow through into rentals going forward in the subsequent quarters as far as DPU is concerned. Sorry, I didn’t get the second question. The distribution mix of dividend interest and principal repayment, what that would look going forward into FY 27 28. So so currently, I mean while we are kind of distributing 5.5, we have a dividend mix of roughly 16 on percentage in the DPO 5.5 in FY27. We expect this 16 percentage to kind of in Japan and reach roughly around 25 odd percentage number in financial year 2027.<\/p>\n

The DPU has been impacted by the recent tax regulations on mat write offs. We were inching up to kind of get a better dividend going forward. But then given the mat write offs, the DPUs, the dividend component, the DPUs are targeted to be in the ballpark. 25 percentage for FY27. Sure. And my second question is to alok, you know the. You have a number of IT companies in your top 10 tenants recently 1 of them announced job cuts as well. And the sector is experiencing a lot of headwinds. So any fallout of the same in, you know, the future demand or leading indication that you, you have seen.<\/p>\n

Alok Aggarwal<\/strong><\/p>\n

See we have, we have, we have been talking to most of the companies and when you talk about job cuts and I don’t know which particular company talking about, let’s not take the names but if you really see a job cut, probably would not. I mean one company which announced the job cut which was at global level was a 3% of the workforce and probably if you’re talking about that company, so DopCurt numbers are not very large and on a, if you see most of the IT companies have seen their maximum revenues and maximum profits in last quarter.<\/p>\n

You know, so that’s also a matter of fact now when we talk these companies, these companies are, you know, of course pretty confident they are, they are taking space from us, they are giving lock ins, they’re not hesitant to give in. Lock ins. You have seen, I mean the proof of pudding is we have seen lock ins, we have seen these companies paying higher rentals, we have seen these companies having best profits and best kind of revenues in last quarter. So that’s where we are now in mid to long Term if things have to change that’s something which needs to be assessed.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure. One final question if I May. In the 25.5% LTV calculations for Performa numbers any adjustments done for stake or is it like the full headline numbers that we have taken? We have calculated this LTV basis the CB regulations where we have kind of looked at the consolidation of that it’s we own 50% if you’re getting consolidated and taking the NCP at 50% is the north commercial portfolio. So the, the LTV calculation is consistent with the way we have been kind of reporting it. One thing to kind of note is that this is and as we have footnoted it also in the same slide this is excluding the CCD NCD of the shareholder debt that we have excluded from this calculation of 25 percentage.<\/p>\n

So I’ll connect separately on these numbers. Thank you and all the best. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

The next question is from the line of Mohit Agrawal from iifl. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah good afternoon and thanks for the opportunity. My first question is for the area area where we are seeing expiries in FY27 or FY28 say N2Ecowall Downtown Pawai. What is the current market rate? It is where incremental easing is happening compared to our in place rentals or let’s say the expiring rentals. So could you give some color on that?<\/p>\n

Alok Aggarwal<\/strong><\/p>\n

So for each asset we have to talk about let’s say you know let’s talk about you know N2 N2 year leasing is happening in kind of a 70 kind of range. When we talk about Ecowood. You talked about Ecowood is basically happening you know anywhere 125, 130 that’s the number we are getting. Of course it depends on the space taker or other, you know how large tenant is. And so these are two things to ask you also for Bombay is it? Yeah Bombay also Bombay. It could, it’s. It’s going you know in range of about 200, 190, 200 or slightly around 200.<\/p>\n

So these are the kind of you know closing numbers and as we have said we are getting able to get mark to market expiries are there but at least in two cases we have been able to you know pre lease or close the expiries and then to we have talked about one full tower has already been kind of a leased, it’s going to get vacated by September but it’s already committed similarly in ecod also about 2 lakh 25,000 with a large GCC occupier has been closed ahead of schedule, nine months ahead of schedule and we I’ve already given in terms of expiry that 0.7 billion is closed, 1.3 million is going to hopefully going to get committed and 0.8 million will get expired.<\/p>\n

So that’s for next year. We are not in position to comment for financial year 28 as of now but that’s where we stand.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Great that that’s useful. And secondly on your the cash tax rate in the NDCA workground, how do you see that panning out for the next say couple of years and given the change in the vat, you know thing in the budget do you see any increase in your or any change in your cash tax payout next year next end in 2018.<\/p>\n

Alok Aggarwal<\/strong><\/p>\n

So no change is expected in cash taxes at least for 2 years anyways the math write offs that have happened in the current financial year as per our projections we were not utilizing those credits in next two and a half years. So to answer your question, no impact at least in the next two two and a half years years.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So no significant outflow on cash taxes for the next two years also. Thanks a lot. Those are my questions.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Pervais Kazi from Nuvama Group. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi Grafton and thanks for taking my question. So a couple of questions from my side. First just want to get your views on ramp up in occupancies in G1 and G2. I mean these are our only assets with their occupancy still in the 80s. So how do we see leasing happening here?<\/p>\n

Alok Aggarwal<\/strong><\/p>\n

Yeah, so I mean if you talk about G1 we have moved from 80% to 89%. So I mean very late 80s. I’m very, I’m confident this 89% will definitely in next few quarters will cross mid 90s and will move to high 90s. Demand is pretty strong, almost 10%. We have seen increasing I guess time same thing again. You know it could be a question of time again. Then in G2 we have moved from 73 to 83. Again very confident this 83 will move first to early 90s then mid 90s and high 90s. So that’s something we are very confident about.<\/p>\n

Rachit Kothari<\/strong><\/p>\n

Sure.<\/p>\n

AMIT JAIN<\/strong><\/p>\n

Most of these vacancies or the pickups that we’re talking about are in non processing areas from this point onwards. We in fact have about 8 lakh square feet of non processing areas that are currently under various stages of conversations. G1 and G2 are the largest beneficiaries of that take up from this point onwards. And as Alok mentioned, I think a lot of pickup that happened over the course of the last financial year is almost 10 percentage points each in each of the assets that you spoke about.<\/p>\n

I think something similar should be the go forward trend just given these are very cost competitive locations right now with respect to everything else that is available in Burma.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure I missed the total number, I think you’ve given it earlier of what is the total ACV area that we have converted till date and how much of that has been already leaked Would you be possible to get that number? So we have converted till date roughly 2.5 or million square feet out of which we have already leased 2.1. There is almost a million square feet that we have applied for conversion. So put together the total number converted and applied comes to around 3.5 million square feet out of which we have leased on a total basis roughly 2.7 square feet.<\/p>\n

So the occupancy on the non processing area comes to around 79 percentage today. And as Rajit mentioned we have a very healthy pipeline there of tenants to kind of take up space in the non processing area. So and beyond this 3.5 million square feet overall will we still have some area left yet? I mean we are having a planned conversion also which we will be kind of taking up for conversion subsequently. There are also certain leases where we there is a demand and we are trying to kind of cater to that by doing a conversion going forward.<\/p>\n

So yes on these SEG properties we have headroom to kind of convert further and we are strategically looking at converting it whenever the demand kind of comes in and we have ready occupancy tenants to kind of take up that space. So I think going forward we will be converting more spaces and NPA area uptake will be the way forward for our SEC assets and most are QIP and investment by 361. What is the total debt in Eco World now? Both internal and external debt.<\/p>\n

Alok Aggarwal<\/strong><\/p>\n

So current debt at eco World was 5300 crores and post diluting the stake and raising 1100 crores the number will come down to around 4200 crores of Tetanikovolt.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure. And last question, we have seen pretty significant ramp up in occupancy in our Calcutta assets. Now we do have I think a mixed use asset which is under construction. Apart from that we also I think have about if I’m not around 2 to 2.1 million square feet of future development potential. So what is our thought process about this? Considering the existing operation area is almost fully.<\/p>\n

Alok Aggarwal<\/strong><\/p>\n

On the development which is happening. We are expecting to complete the development by end of this year. And there’s a strong pipeline at good numbers on the retail piece as well as the office piece. And we should be closing on, should be able to move ahead with the leasing in terms of land. We have various options. Course one option can be we can do a demand based development. We can do that. So that’s something we would prefer. But once this development happens, probably we’ll take a call on that.<\/p>\n

How we should kind of monetize that.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thanks. And all the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Jatin from Bank of America. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi, good afternoon. Thanks for the opportunity. Sorry if I missed this earlier, but just trying to understand your thought process. Puts and take around the deal that you did with 361. Getting partners in and have them invest in highly stabilized asset SPVs versus let’s say have them invest at an overall REIT level. Is the former a more slightly more accretive way and you get to keep control as well. Is that the thought process behind such deals? Thank you.<\/p>\n

AMIT JAIN<\/strong><\/p>\n

I think the thought process really was to get access to capital that was available at a price higher than what we paid. Right. And the real reason for raising that capital from our perspective was to offset the obligation of 1125 crores of deferred consideration that is yet to be discharged against the Eco World acquisition. We didn’t want to be at the mercy of the markets. The capital was available. Yes, it was available for the asset as opposed to the REIT itself. But we decided to raise it in any case because the obligation was also against the asset.<\/p>\n

But again in our minds we expect that we will be able to consolidate that stake in three to four years time back into the reit. It is just an arrangement where where this money has been raised at the asset but will soon find its way into the REIT capital stack as well. So just different pockets of capital, different partnerships available to the reit. You know, didn’t want to turn away money when it’s available at a good price.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Perfect. Makes sense. Thanks a lot.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Puneet Gulati from hsbc. Please go ahead.<\/p>\n

Puneet<\/strong><\/p>\n

Yeah, thank you so much. Just continuing on this one. On the 361, is there an explicit obligation to return this money or pay back or give an exit to 360 in this asset?<\/p>\n

AMIT JAIN<\/strong><\/p>\n

No, there’s no obligation to Give an exit for cash.360 has an option to swap their interest in the asset into the interest or in the unit capital of the REIT on an nav to nav basis. Okay.<\/p>\n

Puneet<\/strong><\/p>\n

Nav to nav bases. Okay. Yeah.<\/p>\n

AMIT JAIN<\/strong><\/p>\n

So let’s say the nav. The state down below is 100 and the. And the. And the navy of the REIT per unit is 10. They can get 10 units of the REIT, you know, after three years from now. There’s no transaction available for two to three years from today. But after that they have this option to swap for the shares of the reit. Again to reiterate, REIT has no obligation to buy them for cash, but can of course offer stock.<\/p>\n

Puneet<\/strong><\/p>\n

Understood. And on the 463 crore of capital work in progress that you have, when should we expect that to get capitalized and what is the potential for that?<\/p>\n

Alok Aggarwal<\/strong><\/p>\n

So these are normal asset upgrades. And so development is happening in K1 as you know. Right. Completion for that is December 2026.<\/p>\n

Puneet<\/strong><\/p>\n

So<\/p>\n

Alok Aggarwal<\/strong><\/p>\n

Most part of this CWIP will should get capitalized by December 2026.<\/p>\n

Puneet<\/strong><\/p>\n

So what should we expect in terms of capitalization? How much is attributable to K the K1? It’s half a million square feet still. Or has it been changed of anything of late?<\/p>\n

Alok Aggarwal<\/strong><\/p>\n

Yeah, most part of it is related to K1. The others are small upgrades that continue to happen in some of the assets. But. But most part of it is attributed to K1.<\/p>\n

Puneet<\/strong><\/p>\n

Okay, okay, great. That’s all from my side. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Nilesh Doshi from Prospero Tree amc. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thanks for the opportunity. Sir, I think you have replied about the committed occupancy versus the actual occupancy. But we do didn’t understand what is the actual occupancy in percentage term? The actual occupancy is 93 percentage. I think what the question earlier was that out of this 93 percentage there will be certain areas which will be currently under rent free which will start generating cash rent going forward in the subsequent quarters. So the actual committed occupancy as on 31st of March is 93 percentage from the rate.<\/p>\n

But I’m not asking about the committed occupancy because we are not generating any rent income on the committed occupancy. We can generate the income only from the actual occupancy from from the date we give the position to the tenant. That is my understanding. If I’m wrong, please clarify.<\/p>\n

AMIT JAIN<\/strong><\/p>\n

Yes, that is correct. Typically There’s a three to six month lag between committed occupancy and rent generating occupancy. The rent generating occupancy as it stands today is same as what it was last quarter ending, which is 91% and somewhere between 91 to 92%.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, thanks. So there is a gap and it is a normal in the REIT business that the 2 to 3% difference between the committed and actual occupancy, it is the normal and not on the higher side.<\/p>\n

AMIT JAIN<\/strong><\/p>\n

I wouldn’t say it’s a, it’s a fixed gap. As I said, the committed occupancy starts generating rent within three to six months of being committed. If there was an area that was just leased the last quarter, it will start giving you rent in 2\/4 time.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And sir, my next question is that recently the Prime Minister is suggesting that the work from home culture, will it affect our business in any way?<\/p>\n

Alok Aggarwal<\/strong><\/p>\n

I think it’s a timely call. But please appreciate this is related to the war which is going on and it’s for short term. And anyway we are in a bit of a hybrid mode where people are working at home. But in terms of leases, all of these leases are long term leases. And it’s not that you know somebody’s going to downsize, maybe you know, work from home or maybe get slightly more acceptable. Instead of maybe two days people will perform maybe three days or instead of one day they might do two days. That’s what is expected.<\/p>\n

It’s not going to impact any of alleges.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And do the tenant have any right to exit earlier than their contractual period? And if yes, do we charge anything extra for the early exit?<\/p>\n

Alok Aggarwal<\/strong><\/p>\n

So I mean tenants do not have right to exit during the lock ins. But in some cases, and they are very rare cases, we have not seen any of these cases. Maybe a small tenant here and there which are not in our portfolio. Even the COVID time we have collected 99% of the rents in some cases happen then a call is taken. But we have not really seen tenants exiting before they’re committed time period.<\/p>\n

AMIT JAIN<\/strong><\/p>\n

And the cost for a tenant to leave today is to spend 4,000 rupees a square feet in a new office. So that is the biggest while the landlord may not get paid if a tenant leaves early, a tenant has to ensure that they have another 4,000 rupees a square feet if they want to open an office again. So in situations like these people take a longer term view and these transient announcements do not typically impact take up decisions or termination decisions.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And sir, last question. Sir, I think the retro supposed to raise the around 4,000 crore rupees and we conclude 2007, 600 crore rupees. Any reason for the raising of less fund?<\/p>\n

AMIT JAIN<\/strong><\/p>\n

So we taken an enabling approval for up to 4000 crores to be raised in one or more tranches. When we launched the transaction, we launched for a base size of 2,000 crores. And then we upsized the transaction by 30% to raise 2,600 crores. So we are pretty much within what we’d communicated at the time of taking the enabling approvals.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay. Thank you sir. That’s all from the message. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Rugwait from Neo Asset Management. Please go ahead.<\/p>\n

Rachit Kothari<\/strong><\/p>\n

Hello, I’m audible. Yes,<\/p>\n

Operator<\/strong><\/p>\n

Sir, please proceed.<\/p>\n

Rachit Kothari<\/strong><\/p>\n

Yeah, so I just wanted to understand the shareholder of Parsi Group currently in the Byron. So regarding the transaction that happened per year and how much does Bharti Group own currently?<\/p>\n

AMIT JAIN<\/strong><\/p>\n

So look, Bharti Group had taken stock when they had swapped their holdings in 50% stake. We don’t comment on specifics of shareholders but we understand they may have traded a bit of what they. What they had gotten in terms of stock at that time and they continue to hold the. Hold the balance.<\/p>\n

Rachit Kothari<\/strong><\/p>\n

Okay, but. But there’s no disclosure of how much percentage they hold currently, right?<\/p>\n

AMIT JAIN<\/strong><\/p>\n

No. So look, you could look at public disclosures in case there are any disclosures that are available for those holdings.<\/p>\n

Rachit Kothari<\/strong><\/p>\n

Okay, thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. As there are no further questions, I would now like to hand the conference over to the management for closing comments. Thank you. And over to you Sir.<\/p>\n

Alok Aggarwal<\/strong><\/p>\n

Thank you. FY26 has been a defining year for Brookfree India REIT. We delivered record leasing, improved occupancy meaningfully across the portfolio, completed a transformational acquisition in Bangalore, strengthened our balance sheet and enhanced our future growth visibility with a high quality portfolio diversified across India’s leading office markets. Strong sponsor backing, a healthy balance sheet and a significant embedded growth potential. We believe Bookfree India REIT is well positioned for the next phase of growth and value creation.<\/p>\n

As many of you may know, I’ll be retiring in end June and this is my last earning call at Brookfield. It has been a privilege to lead this platform and to engage with all of you since our lead got listed in 2021. I’m deeply grateful for your continued trust, support and partnership throughout the journey. And I’m sure you will continue to extend your trust and support to this platform going forward. I will be cheering from sideline and I’m only a call away. Thank you for everything.<\/p>\n

Operator<\/strong><\/p>\n

Thank you, members of the management. Ladies and gentlemen, on behalf of Brookfield India Real Estate Trust, that concludes this conference. We thank you for joining us, and you may now disconnect your lines. Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Brookfield India Real Estate Trust REIT (NSE: BIRET) Q4 2026 Earnings Call dated May. 12, 2026 Corporate Participants: Alok Aggarwal \u2014 CHIEF EXECUTIVE OFFICER AND MANAGING DIRECTOR AMIT JAIN \u2014 CHIEF FINANCIAL OFFICER Rachit Kothari […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-182723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":182723,"position":0},"title":"Infosys Limited (INFY) Q4 2021 Earnings Call","author":"Sahil Anand","date":"April 21, 2021","format":false,"excerpt":"Infosys Limited (NYSE: INFY) Q4 2021 earnings call dated\u00a0Apr. 14, 2021 Corporate Participants: Sandeep Mahindroo\u00a0\u2014\u00a0Vice President, Financial Controller & Head \u2013 Investor Relations Salil Parekh\u00a0\u2014\u00a0Chief Executive Officer and Managing Director Pravin Rao\u00a0\u2014\u00a0Chief Operating Officer and Whole-time Director Nilanjan Roy\u00a0\u2014\u00a0Chief Financial Officer Analysts: Ankur Rudra\u00a0\u2014\u00a0JPMorgan \u2014 Analyst Diviya Nagarajan\u00a0\u2014\u00a0UBS \u2014 Analyst\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":146974,"url":"https:\/\/alphastreet.com\/india\/brookfield-india-real-estate-trust-reit-biret-q4-fy23-earnings-concall-transcript\/","url_meta":{"origin":182723,"position":1},"title":"Brookfield India Real Estate Trust REIT (BIRET) Q4 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"May 22, 2023","format":false,"excerpt":"Brookfield India Real Estate Trust REIT (NSE:BIRET) Q4 FY23 Earnings Concall dated May. 19, 2023. Corporate Participants: Rachit Kothari\u00a0--\u00a0Senior Vice President, Investments Alok Aggarwal\u00a0--\u00a0Chief Executive Officer Sanjeev Kumar Sharma\u00a0--\u00a0Chief Financial Officer Pradyumna Choudhary\u00a0--\u00a0JM Financial Ltd. -- Analyst Ankur Gupta\u00a0--\u00a0Non-Executive Director, Managing Partner and Head of India and Middle East Pawan\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":140684,"url":"https:\/\/alphastreet.com\/india\/brookfield-india-real-estate-trust-reit-biret-q3-fy23-earnings-concall-transcript\/","url_meta":{"origin":182723,"position":2},"title":"Brookfield India Real Estate Trust REIT (BIRET) Q3 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"February 9, 2023","format":false,"excerpt":"Brookfield India Real Estate Trust REIT (NSE:BIRET) Q3 FY23 Earnings Concall dated Feb. 08, 2023. 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