Brigade Enterprises, a realty company surged over 8% after reporting nearly three-fold jump in consolidated net profit to Rs 206.09 crores for the March quarter on the back of higher income.
On an annual basis, the company reported its highest ever real estate sales of 7.55 mn sft equivalent ₹6,013 crores. The group reported total revenue growth by 42% over FY23 at ₹5,064 crores in FY24. EBITDA stood at Rs. 1,362 Cr which grew by 39% over FY23. Total collections stood at Rs. 5,915 Cr which grew by 9% over FY23. Profit broke tax for FY 24 stood at Rs. 569 Cr; an increase of 105% over FY23. Net cash flow from operations stood at Rs. 1,575 Cr.
In FY24, the Real Estate business registered revenues of Rs. 3,662 Cr which is an increase of 51% over FY23. The leasing vertical grew by 25% over FY23 with revenues of Rs. 938 Cr with overall occupancy standing at 97%. Growing by 18% over FY23, the hospitality portfolio clocked revenues of Rs. 464 Cr, with occupancy at 72% and ARR of Rs. 6,483 during FY24.
On a quarterly basis, Q4 revenue saw an increase of 102% and stood at Rs. 1,763 Cr over Q4 FY23. Revenue from real estate saw an increase of 143% over Q4 FY23 to Rs. 1,390 Cr in Q4 FY24. Revenue from leasing saw an increase of 32% over Q4 FY23 to Rs. 247 Cr in Q4 FY24. Hospitality witnessed a growth of 13% from Rs. 112 Cr in Q4 FY23 to Rs. 126 Cr in Q4 FY24. EBITDA saw an increase of 113% and stood at Rs. 493 Cr in Q4 FY24 as against Rs. 231 Cr in Q4 FY23. During Q4 FY24, profit after tax witnesses 3x rises to Rs. 211 Cr as compared to Rs. 63 Cr in Q4 FY23.
Commenting on the Group’s performance, Pavitra Shankar, MD of Brigade Group, said, “All verticals of the company contributed significantly to growth in FY24 on the back of robust demand. With a strong pipeline of 22 Mn sft of ongoing projects and around 16 Mn sft of upcoming projects, the company is confident of sustained performance in the coming quarters as well. The company continues to focus on Bengaluru, Chennai and Hyderabad for suitable land parcels that are at par with our quality standards and our consumer-first focus.”
While declaring the quietly result, the board of directors recommended a final dividend of Rs. 2/- per equity share of Rs. 10/- each for the Financial Year 2023-24.
The stock made 6% gap up opening at Rs. 1298 and made 52 week high at Rs. 1331 but later saw profit booking at higher level. The stock at time of reporting was trading at Rs. 1243.
| Quarterly | Mar-24 | Dec-23 | Sep-23 | Jun-23 | Mar-23 |
| Total Income | 1,762.62 | 1,208.18 | 1,407.92 | 685.43 | 872.11 |
| Total Income Growth (%) | 45.89 | -14.19 | 105.41 | -21.41 | 1.57 |
| Total Expenses | 1,345.81 | 993.81 | 1,117.54 | 547.27 | 706.97 |
| Total Expenses Growth (%) | 35.42 | -11.07 | 104.2 | -22.59 | 2.38 |
| EBIT | 416.81 | 214.37 | 290.38 | 138.16 | 165.14 |
| EBIT Growth (%) | 94.43 | -26.18 | 110.18 | -16.34 | -1.77 |
| Profit after Tax (PAT) | 206.09 | 73.49 | 133.5 | 38.53 | 69.25 |
| PAT Growth (%) | 180.43 | -44.95 | 246.48 | -44.36 | 21.7 |
| EBIT Margin (%) | 23.65 | 17.74 | 20.62 | 20.16 | 18.94 |
| Net Profit Margin (%) | 11.69 | 6.08 | 9.48 | 5.62 | 7.94 |
| Basic EPS (₹) | 8.92 | 3.18 | 5.79 | 1.67 | 3 |
About the company
Brigade Enterprises Ltd is a real estate development company that has been operating in South India since 1995. The company is primarily involved in real estate development, leasing, and hospitality services. Established as a partnership firm in 1990, Brigade Enterprises was later converted into a private limited company on November 8, 1995.
