@Amit2saxena
thanks for your message. In my opinion, the SEZ dedicated building are not attracting new tenants as they are not getting tax incentives. So only limited ITES related export service providers would be looking at that office area. As a result, the occupancy in SEZ for Embassy as well as Brookfield was lower than average occupancy.

While based on my understanding from con call, I understand that in Bangaluru office, Embassy was able to get approval for buildings denotification. However, now floorwise denotification from SEZ would provide better planning of SEZ area (consolidating SEZ clients in specific area) which would release new area for general purpose which would improve occupancy in medium term.

The problem is existing tenant would be seeing tax incentive being not avaialble and may not be keen to renew the lease. At the same, since the area is notified as SEZ (which mean can not be used for domestic market services and shall be exclusively for the exports), demand from new tenants (with no new tax incentives) is very low. Hence, occupancy in SEZ office was higher than non SEZ area. As per Q1FY24 con call, find enclosed management comment on same.

Dislcosure: Embassy REIT is the second largest holding in my Debt/Hybrid portfolio. I have traded in Embassy REIT during last week to benefit from major price decline in 6 December 2023. My view may be positively biased due to my investment. My understanding on REIT instrument structure and market may be wrong. I am not reommending any investion actions to reader, I am not SEBI registered investment advisor.

Vinati has commenced commercial production of new Ortho Secondary Butyl Phenol (OSBP) and Di-Secondary
Butyl Phenol (DSBP) at their Lote facility. Only manufacturer of OSBP and DSBP in India with an installed
capacity of 5000 MT and 1000 MT respectively.

15187dcd-61a2-4160-8c40-e104682a14e1.pdf (378.8 KB)

Fundamental concern is that due to sugar companies being banned from using sugar to produce ethanol, demand for ethanol plants orders will lower. Hence profit booking is seen.

Keep tracking and see if it consolidates. Company is still great for Ethanol & other Biofuels.

Gensol has been in a consistent downtrend -It is not even consolidating,Please share views?

I don’t think there are adequate disclosures from the management regarding many things. Some things I was not happy about:

• The concall was just a formality with no substantial information shared, just plain vanilla statements.
• The management’s comments on the business were exceedingly long with multiple vertical heads (>7-10) eating up valuable Q&A time.
• The management was also dodging specific questions regarding recent resignations and other issues in the Q&A.
• The entire concall was close to 30 minutes with management’s statements eating up almost 20 minutes, leaving only 10 minutes for QnA.
• Despite painting a rosy picture in the concalls, the promoters have constantly reduced their stake since 2017.
  

Basically, I learned nothing about the business after reading the concall and it only raised more questions regarding management integrity.