Any current/future new fundraising through debt or equity?

The transcript does not explicitly mention any current or future fundraising plans through debt or equity. However, the management highlights a robust balance sheet with a low Loan to Value (LTV) of 14% and a war chest of close to $1 billion available for acquisitions. Current in-place debt cost is 8.3% with a dual AAA Stable credit rating. The focus appears to be on inorganic portfolio growth through acquisitions, supported by this significant capital reserve. No specific statements regarding fresh debt or equity issuance were made during the call.

Any current/future capex/capital investment/strategic investment?

The trust mentioned ongoing capex commitments as a factor contributing to increased valuations, indicating active capital investments. A 3.3MW wind power plant construction has commenced to meet 60% of a mall's energy demand in Chennai, yielding a 20% return on investment. The business strategy includes acquiring under-invested/under-managed mall assets and investing to upgrade them, improve occupancy, and increase NOI. Technology investments include rolling out the "Nexus One" consumer app to 10 malls by March 2024 to enhance consumer engagement and loyalty. The trust has a war chest of close

Future growth expectations in sales/revenue/volumes?

The trust reported an 18% growth in consumption/sales in H1 FY24 and expects to meet full-year projections. Footfall growth has been strong with 14% increase in Q2; the management expects continued robust footfall growth during key festive periods like Diwali and wedding seasons. The malls have achieved nearly full occupancy (97%) and re-leasing spreads of 24%, with premiumization of brand mix underway to drive higher sales. Strong tenant sales performance, especially at prime assets like Select Citywalk (30%+ growth), supports optimistic outlook. Management cautions against speculativ

Future growth expectations in earnings/operating earnings/profits/EPS?

Nexus Select Trust reported strong 18% growth in tenant sales (consumption) in Q2 FY24, indicating robust underlying demand. NOI grew 17% YoY, showing healthy operating earnings expansion aligned with projections. Occupancy is stable at 97%, with premiumization of brand mix expected to drive higher tenant sales and rental income. Re-leasing spread improved to 24%, better than historical 20%, supporting margin expansion. The management is confident of meeting FY24 projections and expects robust footfall and consumption growth in upcoming quarters aided by festive seasons and new store openings.

Nexus Select TrustQ2 FY24Realty

Nexus Select Trust Q2 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹163.85P/E: 56.1Market Cap: ₹24.7K CrSector: Realty

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

The trust reported an 18% growth in consumption/sales in H1 FY24 and expects to meet full-year projections.
Footfall growth has been strong with 14% increase in Q2; the management expects continued robust footfall growth during key festive periods like Diwali and wedding seasons.
The malls have achieved nearly full occupancy (97%) and re-leasing spreads of 24%, with premiumization of brand mix underway to drive higher sales.
Strong tenant sales performance, especially at prime assets like Select Citywalk (30%+ growth), supports optimistic outlook.
Management cautions against speculative estimates but is confident in meeting or slightly exceeding FY24 projections.
Acquisition of new malls (~1 million sq ft pipeline) is expected to contribute to portfolio growth and revenue expansion.
Overall, the trust anticipates sustained double-digit sales and NOI growth driven by consumption demand, leasing, and marketing strategies.

Margin guidance

Category 3

Nexus Select Trust reported strong 18% growth in tenant sales (consumption) in Q2 FY24, indicating robust underlying demand.
NOI grew 17% YoY, showing healthy operating earnings expansion aligned with projections.
Occupancy is stable at 97%, with premiumization of brand mix expected to drive higher tenant sales and rental income.
Re-leasing spread improved to 24%, better than historical 20%, supporting margin expansion.
The management is confident of meeting FY24 projections and expects robust footfall and consumption growth in upcoming quarters aided by festive seasons and new store openings.
Inorganic growth via acquisition pipeline (~1 million sq. ft. malls) is expected to be accretive to earnings from early next year.
Distribution per unit and NDCF are projected to grow along with higher revenue share linked to consumption growth.
Risks include macro demand slowdown, but current demand environment remains strong with no immediate concerns.

See what Nexus Select Trust management said on margin guidance — free account, 30 seconds.

Fundraise plans

The transcript does not explicitly mention any current or future fundraising plans through debt or equity.
However, the management highlights a robust balance sheet with a low Loan to Value (LTV) of 14% and a war chest of close to $1 billion available for acquisitions.
Current in-place debt cost is 8.3% with a dual AAA Stable credit rating.
The focus appears to be on inorganic portfolio growth through acquisitions, supported by this significant capital reserve.
No specific statements regarding fresh debt or equity issuance were made during the call.

Order book

The transcript of the Nexus Select Trust Q2 FY24 earnings call does not explicitly mention the current or expected order book or pending orders. However, relevant related information includes: - Acquisition pipeline: Nexus Select Trust has a healthy and active acquisition pipeline with a non-binding term sheet to acquire three high-quality malls in southern India, totaling up to 1 million square feet. - The acquisitions are subject to due diligence, negotiations, definitive agreements, and statutory approvals. - Expected timeline: The Trust aims to close the acquisition by early next calendar year. - Focus on accretive acquisitions: The Trust evaluates assets based on size, scale, and value-add potential through leasing and NOI improvement. - Available war chest of close to $1 billion for acquisitions, supported by a low loan-to-value ratio of 14%. No direct details on specific pending orders or orderbook in the traditional sense were provided.

See what Nexus Select Trust management said on order book — free account, 30 seconds.

Capex plans

Yes

The trust mentioned ongoing capex commitments as a factor contributing to increased valuations, indicating active capital investments.
A 3.3MW wind power plant construction has commenced to meet 60% of a mall's energy demand in Chennai, yielding a 20% return on investment.
The business strategy includes acquiring under-invested/under-managed mall assets and investing to upgrade them, improve occupancy, and increase NOI.
Technology investments include rolling out the "Nexus One" consumer app to 10 malls by March 2024 to enhance consumer engagement and loyalty.
The trust has a war chest of close to $1 billion earmarked for acquisitions, part of its inorganic growth strategy.
Acquisition pipeline is active; first acquisition expected to finalize early next calendar year.
Focus on leasing, repurposing, rezoning malls to achieve better rental spreads (example: 28% higher rentals in Chennai after rezoning).

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Nexus Select Trust Q2 FY24 Earnings Call Analysis

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Capex plans

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What Nexus Select Trust's management said in earlier quarters

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