Horizon Industrial Parks posts Rs 14 cr profit in Q2 revenue rises 44 pc to Rs 252 cr

New Delhi, Oct 29 (PTI) Horizon Industrial Parks Ltd on Thursday reported a consolidated net profit of Rs 13.93 crore for the quarter ended September on higher income.

     The company had posted a net loss of Rs 76.05 crore in the year-ago period.

     Total income rose 44 per cent to Rs 252.29 crore in the second quarter of this fiscal from Rs 175.79 crore in the corresponding period of the preceding year, according to a regulatory filing.

     Blackstone-backed Horizon Industrial Parks is one of the largest industrial and logistics space providers in the country.

     "We reported record performance in Q2, leasing 2.5 million square feet, reflecting strong momentum and the continued strength of occupier demand across India's industrial and logistics sector," Urvish Rambhia, company's Chief Executive Officer, said.

     During the September quarter, the company added 8 new customers, with leasing led primarily by industrial occupiers, he said.

     "This has further strengthened and diversified our customer base, which now stands at 130 unique customers across nearly every sector of the economy," Rambhia said.

     "We continue to see strong structural tailwinds from consumption growth, industrialisation, and sector formalisation, which are expected to accelerate demand for Grade A assets and support absorption, occupancy, and rental growth over the next three to five years," Rambhia said.

     The CEO said the company would continue to focus on scaling its platform, deepening customer relationships, and creating long-term value for all stakeholders.

     Horizon Industrial Parks said it executed 2.5 million sq ft of leases in the September quarter, taking the total leasing to 4.4 million sq ft in the first half of this fiscal. The company is targeting to lease 6.5 million sq ft area in the entire fiscal.

     It delivered six buildings across four markets spanning 1.8 million sq ft in the September quarter, taking the total development completions to 2.7 million sq ft in H1.

     The company said it is on track to deliver 6 million sq ft in FY27.

     Horizon Industrial Parks platform comprises a network of around 61 million sq ft across 46 assets in 10 cities, including about 32 million sq ft of operational assets and 2,300 acres of land bank.

     It owns the largest incity platform comprising 17 sites located across metros with a total network of 7 million sq ft.

     The company serves more than 130 customers, including leading global and domestic companies across e-commerce, FMCG, renewable energy, automotive sectors, data centres, semiconductors, aerospace, and defence.

(This story has not been edited by THE WEEK and is auto-generated from PTI)