Embassy Services, a property management services company and a subsidiary of the real estate firm Embassy Group, says to be a one-stop solution in the business of property management, it intends to scale up the other four verticals to generate 75 per cent of its business in the next three years. The company core business is the facility management services.
These verticals include facilities services through a 100 per cent owned subsidiary called TCFM, ESG and sustainability consulting services through the Specialist Services Group, renewable energy asset management and advisory, and project management consulting, which presently make up 20 percent of the company’s annual revenue, according to the MD and CEO, Pradeep Lala.
ESPL and TCFM combined reported revenues of upwards of ₹500 crore in FY23. (TCFM is a 100 per cent subsidiary of ESPL). “For this year, we are looking to continue the growth in the range of 15-20 per cent YoY. “
Explaining the objective behind foraying into more verticals, Lala said that the company wants to be known as a one-stop solution in the business of property management. “Today, we are not just a property services company; now we are more like a one-stop solution for most of our clients as we offer all these services.”
However, he noted that the company will continue to focus on growing its facility management businesses, “but these new other revenue generators are going to have great focus and will have a strategic plan on how we’re going to play a role in providing services to the renewable energy sector,” he added.
The company attributes its growth in the past ten or so years to its foray outside Embassy Group Developments.
“In the last 10 or so years, we have grown from a footprint of 8 million square feet and two cities in the country to 130 million square feet across 11 States the country. We got into this journey of going outside the foray of Embassy Group Developments sometime,” Lala noted.
Today, of the 130 msf under the ESPL, 50 msf caters to the Embassy Group, and the balance of 80 msf is from its clients spread across the country, including Blackstone, PVR, HCL, ITC Hotels, Infosys, and others.
“We have room to grow not only in these two segments—commercial office and residential—but also in the manufacturing, airport, infrastructure, healthcare, entertainment, and theatre industries, as well as in universities, colleges, and schools,” he said.