Shares of Brigade Enterprises, a top property developer in India, surged 8.66% to a record high of ₹1,331.45 in early trading today. This rise was due to the company’s strong performance in the fourth quarter (Q4) and the entire fiscal year 2023-24 (FY24).
On Tuesday, Brigade reported a massive 233% increase in consolidated profit, reaching ₹210 crore for the March quarter, compared to ₹63 crore in the same period last year. Revenue from operations doubled to ₹1,762 crore from ₹872 crore in Q4 of the previous year.
In Q4 FY24, Brigade sold about 2.72 million square feet of property, a 61% increase from Q3 FY24. The sales value hit ₹2,243 crore, a 47% rise from the previous quarter. The company is currently working on projects covering 21 million square feet, with 1.82 million square feet launched in Q4 FY24.
During the March quarter, collections amounted to ₹1,838 crore, up from ₹1,463 crore in Q4 FY23.
For the full fiscal year 2023-24, Brigade’s net profit grew to ₹451.61 crore from ₹291.41 crore the previous year. Revenue from operations increased to ₹5,064.15 crore from ₹3,563.21 crore in the previous fiscal year. The average realization per square foot was ₹7,968 in FY24, a 23% increase over FY23.
In FY24, the real estate segment generated revenues of ₹3,662 crore, a 51% rise from the previous year. The leasing segment grew by 25% to ₹938 crore, with a 97% occupancy rate.
The hospitality segment grew by 18%, generating revenues of ₹464 crore with a 72% occupancy rate and an average room rate of ₹6,483 in FY24. Total collections for the year were ₹5,915 crore, a 9% increase from FY23. Net cash flow from operations was ₹1,575 crore.
Pavitra Shankar, Managing Director of Brigade Group, commented, “All parts of the company contributed significantly to our growth in FY24 due to strong demand.”
Future Plans
Brigade owns a total of 519 acres of land, with 66% located in Bangalore. Other cities with significant land holdings include Chennai, Hyderabad, Mysuru, Gujarat, and Kochi. The total value of this land is ₹3,343 crore.
In the next year, Brigade plans to launch around 12.61 million square feet of new projects. This includes 11 residential projects in Bangalore, 3 in Chennai, 1 in Hyderabad, and 1 in Mysore, according to the company’s Q4 investor presentation.
The Board of Directors has recommended a final dividend of ₹2 per equity share (20%) of ₹10 each for the fiscal year 2023-24.
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