CapitaLand India Trust posts higher H1 DPU as NPI rises 10% to S$113.6 million

[SINGAPORE] Capitaland India Trust (Clint) on Wednesday (Jul 30) posted a higher net property income (NPI) of S$113.6 million for the six months ended Jun 30, 2025.

This marks a 10 per cent year on year increase in Singapore dollar terms, and a 14 per cent increase in Indian rupee terms.

Clint’s trustee-manager said in a business update on Wednesday that the growth in property income was “partially offset” by higher finance costs and trustee-manager fees. These rose 14 per cent and 12 per cent, respectively, in H1 FY2025.

Total property income for the period increased by 10 per cent year on year to S$149.3 million; this was attributed primarily to higher rental income from existing properties compared to H1 FY2024.

The increase reflects “new income contributions from two newly completed and fully leased developments”, said the trustee-manager, referring to MTB 6 at International Tech Park Bangalore and CyberVale Free Trade Warehousing Zone in Chennai, which commenced operations in H1.

“Additional contributions came from aVance II in Pune and Building Q2 in Mumbai, which were acquired in March 2024 and July 2024, respectively.”

Income available for distribution in H1 FY2025 rose by 10 per cent year on year in Singapore dollar terms to S$59.6 million.

Clint’s trustee-manager declared a distribution per unit (DPU) of 3.97 Singapore cents for H1 FY2025, up 9 per cent from the same period in FY2024.

Gauri Shankar Nagabhushanam, CEO of the trustee-manager, 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”, adding that this “reflects the strength and resilience” of the trust’s portfolio across key cities in India.

He noted that revenue contribution from one of the trust’s data centres is set to commence in H2, and development of the data centres is “progressing well”. This comes after Clint in January signed a long-term agreement with a major global hyperscaler for a data centre.

Nagabhushanam also said the trust is “actively engaging potential buyers” to divest some of its 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.”

Clint’s portfolio includes 10 IT business parks, three industrial facilities, one logistics park and four data centre developments in India. It has a completed floor area of 22.7 million square feet (sq ft), with another 4.6 million sq ft in development potential across its IT parks, the trustee-manager said.

In February 2025, Clint entered into a forward purchase agreement with an affiliate of Maia Group to acquire a 1.1 sq ft office development located in Nagawara, Outer Ring Road, Bangalore. The deal is expected to raise the trust’s Bangalore portfolio to 9.9 million sq ft by 2028.

As at end-June, Clint’s committed occupancy rate stood at 90 per cent, down from 96 per cent at the end of 2024. The trust’s gearing ratio stood at 42.3 per cent, with debt headroom of about S$692 million.

Units of Clint ended Wednesday at S$1.17, up S$0.03 or 2.63 per cent, before the H1 results were posted.