Brigade Ent jumps after reporting excellent results for Q1

Last updated: August 6, 2024 | 12:51 PM IST

Shares of Brigade Enterprises rose 5.05 per cent to Rs 1,181.15 after the company’s consolidated net profit rose 117.29 per cent from Rs 83.72 crore in Q1FY25 from Rs 38.53 crore in Q1FY24.

Revenue from operations increased by 64.8% year-on-year (YoY) to Rs 1,077.72 crore for the quarter ended June 30, 2024.

Profit before tax stood at Rs 108.44 crore in the June quarter of FY24, a significant increase over Rs 30.04 crore reported in the same quarter last year.

The company’s revenue from real estate segment stood at Rs 707.20 crore (up 105.28% YoY); leasing revenue stood at Rs 259.42 crore (up 23.35% YoY) and hospitality revenue stood at Rs 118.03 crore (up 11.79% YoY) during the period under review.

EBITDA stood at Rs 328 crore in Q1FY24. Pre-sale bookings in the real estate segment in Q1FY25 stood at 1.15 million sq ft with a sales value of Rs 1,086 crore. Average realisation was Rs 9,483 per sq ft.

Pavitra Shankar, Managing Director, Brigade Enterprises, said, “Real estate continued to be the key driver of our growth, while other segments contributed significantly. We believe that our diverse portfolio will help us capitalize on emerging opportunities. We will be hosting the 17th edition of our annual Brigade Showcase from August 9-11, 2024.”

With a primary focus on sustainability, visitors can expect to learn about our eco-friendly practices, energy-efficient designs and commitment to creating sustainable living spaces. This is an opportunity for prospective homebuyers to explore over 20 unique Brigade projects, including integrated estates, apartments, villas and plots, priced between 49 lakhs to 21 crores across the cities of Bengaluru, Chennai and Hyderabad.

Meanwhile, Brigade Group, through its wholly-owned subsidiary Brigade Tetrarch, has entered into a Limited Liability Partnership (LLP) to develop 1.4 million sq ft of rentable office space. The proposed commercial development is expected to generate an annual rental income of around Rs 100 crore per annum, with an investment of around Rs 750 crore.

Brigade Enterprises is one of the leading real estate developers in India. The company has developed properties in cities like Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, Gift City-Gujarat, Thiruvananthapuram, Mangaluru and Chikkamagaluru, delivering residential, office, retail and hotel projects.

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First published: August 6, 2024 | 12:36 PM IST