KOCHI: Lulu Cyber Park Pvt Ltd posted a net profit of Rs19.9 crore for the financial year 2023-24 (FY24), more than doubling the Rs8.8 crore it reported in the previous year. Operating income also saw a sharp rise to Rs22.1 crore in FY24 from Rs16.6 crore in FY23.
A wholly-owned subsidiary of Emmay Ventures (India) Pvt Ltd, promoted by Yusuff Ali, Lulu Cyber Park owns and operates Lulu Cyber Tower 1, an IT business park in Infopark SEZ, Kochi, with a total leasable area of 4 lakh square feet. The occupancy rate remained strong at 81% as of January 2025.
Its group company, Lulu Tech Park Pvt Ltd, also under Emmay Ventures, operates Lulu Cyber Tower 2 within the same SEZ, offering 9 lakh square feet of leasable space. Together, both entities provide 13 lakh square feet of IT infrastructure.
Strong financial position
Lulu Cyber Park and Lulu Tech Park are considered pooled assets, backed by a common lender with cross-collateralisation and cross-default clauses. Rating agency ICRA noted that the assets maintain healthy occupancy levels and robust debt protection metrics, which are expected to remain stable in the medium term.
Beyond its global presence in the mall business, the Lulu Group has been accelerating investments in IT infrastructure across India. It is now developing a twin-tower IT complex in Smart City, Kakkanad, through Lulu IT Infrabuild Pvt Ltd. The Rs1,500 crore project, spanning 3.4 million square feet across 30 floors, is set to be operational soon.
Lulu’s IT expansion gains momentum
Further strengthening its foothold, Lulu Group recently announced a Rs5,000 crore investment in Kerala over the next four to five years, expected to create nearly 15,000 jobs. “The investment will primarily focus on food processing, the Global City project, and IT parks,” said MA Ashraf Ali, Executive Director of Lulu Group International, at the Invest Kerala Global Summit held recently in Kochi.
