Brigade Enterprises Ltd.'s consolidated net profit rose 2.3% in the second quarter of the current financial year.
The Bengaluru-based property developer posted a profit of Rs 115 crore in the quarter ended September in comparison to Rs 113 crore in the year-ago period, according to an exchange filing on Wednesday.
Revenue from operations fell 22% to Rs 1,072 crore in the July–September period from Rs 1,367 crore during the same quarter last year.
Brigade Enterprises Q2 FY25 Highlights (Consolidated, YoY)
Revenue down 22% to Rs 1,072 crore versus Rs 1,367 crore.
Ebitda down 10% to Rs 292 crore vs Rs 325 crore.
Margin expands 340 basis points to 27.2% vs 23.8%.
Net profit up 2.3% to Rs 115 crore vs Rs 113 crore.
Real-Estate Segment Highlights
Achieved pre-sales volume of 1.68 million sq ft.
Sales value up 46% to Rs 1,820.8 crore in the second quarter.
Average price realisation up 45% to Rs 10,832 per sq. ft.
Leasing Rentals
Achieved leasing revenue up 27% to Rs 292.1 crore
The company's portfolio occupancy stood at 97%, with the overall leasing of 8.46 million sq. ft.
BuzzWorks — the flexible office venture arm of Brigade — launched its first space in Hyderabad.
Hospitality
Brigade Hotel Ventures Ltd., a wholly owned subsidiary, is proposing, subject to receipt of requisite approvals, market conditions and other considerations, an initial public offering of its equity shares.
It has filed a draft red herring prospectus dated Oct. 30 with the Securities and Exchange Board of India and the relevant stock exchanges.
"In the real estate space, we have upcoming projects of approximately 13 million sq ft over the next four quarters, including eight in Bengaluru, four in Chennai, one in Hyderabad and two in Mysuru," Managing Director Pavitra Shankar said.
Shares of Brigade Enterprises closed 4.34% lower at Rs 1,073.25 apiece on the BSE, compared to a 1.25% decline in the benchmark Sensex.
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