CapitaLand India Trust's 1H FY 2025 DPU increases 9% year-on-year
1H FY 2025 net property income grows 14% year-on-year in INR terms
30 Jul 2025
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Income contributions from newly completed developments, including the fully leased MTB 6 at International Tech Park Bangalore, helped CapitaLand India Trust achieve strong first half results.
Summary of CLINT results
| 1H FY 2025 | 1H FY 2024 | Variance (%) | 1H FY 2025 | 2H FY 2024 | Variance (%) | |
|---|---|---|---|---|---|---|
| In Indian Rupee (INR million): | ||||||
| Total property income | 9,625 | 8,420 | 14 | 9,625 | 8,958 | 7 |
| Net property income | 7,322 | 6,405 | 14 | 7,322 | 6,453 | 13 |
| Income available for distribution | 3,843 | 3,348 | 15 | 3,843 | 2,997 | 28 |
| Income to be distributed | 3,458 | 3,014 | 15 | 3,458 | 2,698 | 28 |
| In Singapore Dollar (SGD million): | ||||||
| Total property income | 149.3 | 136.1 | 10 | 149.3 | 141.8 | 5 |
| Net property income | 113.6 | 103.5 | 10 | 113.6 | 102.1 | 11 |
| Income available for distribution | 59.6 | 54.1 | 10 | 59.6 | 47.4 | 26 |
| Income to be distributed | 53.6 | 48.7 | 10 | 53.6 | 42.6 | 26 |
| Income to be distributed per unit (DPU) (Singapore cents) | 3.97 | 3.64 | 9 | 3.97 | 3.20 | 24 |
| Average SGD/INR exchange rate1 | 64.5 | 61.9 | 4 | 64.5 | 63.0 | 2 |
Singapore, 30 July 2025 – CapitaLand India Trust (CLINT) announced a 9% year-on-year (y-o-y) increase in distribution per unit (DPU) to 3.97 Singapore cents for the six months ended 30 June 2025 (1H FY 2025). 1H FY 2025 net property income (NPI) increased by 14% y-o-y in Indian Rupee (INR) terms and 10% in Singapore Dollar (SGD) terms due to higher property income, partially offset by higher operating expenses during the period.
Income available for distribution for the same period grew by 15% y-o-y in INR terms and 10% in SGD terms, mainly due to higher NPI, partially offset by higher net finance costs and Trustee-Manager fees.
Mr Gauri Shankar Nagabhushanam, Chief Executive Officer of CapitaLand India Trust Management Pte. Ltd. (the Trustee-Manager of CLINT), said:
CLINT’s strong first half results were underpinned by income contributions from newly completed developments, and supported by positive rental reversions and high occupancy rates. This reflects the strength and resilience of our portfolio across key cities in India.
Revenue contribution from one of our data centres is set to commence in the second half of 2025 and development of the data centres is progressing well. We are actively engaging potential buyers to divest some of our assets, including partial stakes in our data centres to unlock value and reduce debt. These potential divestments are part of our active portfolio management strategy, which will increase our financial flexibility to pursue higher-yielding assets and deliver sustainable returns for unitholders.
Financial Performance
Total property income for 1H FY 2025 increased by 14% y-o-y to INR9.6 billion, mainly driven by higher rental income from existing properties compared to the same period last year. The increase also reflects new income contributions from two newly completed and fully leased developments - MTB 6 at International Tech Park Bangalore and CyberVale Free Trade Warehousing Zone in Chennai, which commenced operations in 1H 2025. Additional contributions came from aVance II in Pune and Building Q2 in Mumbai, which were acquired in March 2024 and July 2024 respectively.
Portfolio Performance and Capital Management
As at 30 June 2025, CLINT achieved a committed portfolio occupancy of 90% and registered positive portfolio rental reversions of 9%.
CLINT’s gearing stood at 42.3% as at 30 June 2025. On 2 July 2025, S$100 million of 4.40% subordinated perpetual securities were issued, the proceeds of which were used for debt repayment. With this, the pro forma gearing ratio has reduced to 40.1%. Of CLINT’s total borrowings, 77.2% are on fixed interest rates, and 54.2% are hedged into INR. The Trust maintains a debt headroom of approximately S$692 million.
Growth Initiatives
In January 2025, CLINT signed a long-term agreement with a leading global hyperscaler for a data centre. CLINT’s data centres under development are progressing as planned.
In February 2025, CLINT entered into a forward purchase agreement with an affiliate of Maia Group to acquire a 1.1 million sq ft office development located in Nagawara, Outer Ring Road, Bangalore. This acquisition will increase CLINT’s Bangalore portfolio size to 9.9 million sq ft by 2028.
As at 30 June 2025, CLINT's completed floor area stood at 22.7 million sq ft with total development potential of 4.6 million sq ft in its IT business parks. Construction activities for existing projects, including committed forward purchase pipeline, are progressing as scheduled.
The office development located in Nagawara, Outer Ring Road, Bangalore
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- Average exchange rates used in the income statements.
