CapitaLand India Trust Q1 total property income up 14% at 4.7 billion rupees

[SINGAPORE] CapitaLand India Trust (Clint) posted a total property income of 4.7 billion rupees (S$74.6 million) for its first quarter ended Mar 31, 2025, up 14 per cent from the 4.2 billion rupees in the same period a year earlier.

This was due to higher rental income from existing properties and income contributions from the acquisitions it made in 2024, which includes aVance II in Pune and Building Q2 in Navi Mumbai, the manager said in a Q1 business update on Thursday (Apr 24).

Net property income rose 14 per cent on the year to 3.5 billion rupees for the quarter, from 3.1 billion rupees in Q1 2024. This was due to higher property income, partially offset by an increase in property expenses.

Portfolio occupancy stood at around 90 per cent, while its weighted average lease expiry was 3.4 years as at Mar 31. Net gearing ratio stood at 39.7 per cent.

Commenting on the potential effect of the US tariffs, the manager said that the levies have minimal direct impact on its service-sector tenants, while India’s large domestic market is resilient to US demand fluctuations in the short term. In fact, the impact of US tariffs on the Indian economy could be beneficial in the medium term, it noted.

India’s large labour supply and stable politics make it an attractive relocation destination, which could benefit its contract manufacturing tenants, the manager added. Nevertheless, it expects the global economic uncertainty to slow service industry growth, while leasing demand may be affected by a cautious approach from multinational corporations.

Units of Clint rose S$0.01 or 1.1 per cent to S$0.95 on Thursday, before the release of the results.