The crucial factor between NAV & Free cash flow (and hence DPU)…There are assets in development all the time and they all add the NAV but does not necessarily mean, they translate to cash flow, the very next month (SEZ vacancy for example). There is a lag effect as well and this can be several quarters. Add the fact that a lot of Debt is locked in at fixed rate (and hence falling interest rate won’t really matter, unless they have the power to negotiate for an interest rate reset). Given all the above, they have been diligent on what they can chew in the guidance and I doubt very much whether anything will drastically change in FY25 too
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