Brigade Enterprises Surges 11% After Q1 Profit Jumps Four-Fold
Separately, the company's arm, Brigade Tetrarch Private Ltd., said it has entered into an agreement to develop a 1.4 million square feet leasable office space on Airport Road in Bangalore.
Shares of Brigade Enterprises surged nearly 11%, the most in two months, after its profit jumped nearly four-fold in the first quarter.
The company's net profit jumped 268% year-on-year to Rs 80.5 crore from Rs 21.9 crore a year ago, according to an exchange filing. That compares with the Rs 97 crore estimated by the analysts polled by Bloomberg.
Brigade Enterprises Q1 FY25 (Cons, YoY)
Revenue up 64.8% at Rs 1,078 crore (Bloomberg estimate: Rs 1,031 crore).
Ebitda up 67.3% at Rs 293 crore. (Bloomberg estimate: Rs 273 crore).
Margin at 27.2% versus 26.8% (Bloomberg estimate: 26.5%).
Net profit up 268% at Rs 80.5 crore. (Bloomberg estimate: Rs 97 crore).
Separately, the company's arm, Brigade Tetrarch Private Ltd., said it has entered into an agreement to develop a 1.4 million square feet leasable office space on Airport Road in Bangalore.
"The proposed commercial development is expected to generate an annual lease income close to Rs 100 crore per year, with an investment of close to Rs 750 crore," the filing said.
"The real estate segment continued to be the primary driver of our growth, while other segments made healthy contributions," the company said. "We believe that our diverse portfolio will help us capitalise on emerging opportunities."
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Shares of the company rose as much as 10.92% to Rs 1,247 apiece, the highest level since Aug. 1. It pared gains to trade 6.15% higher at Rs 1,194 apiece as of 10:20 a.m. This compares to a 0.94% advance in the NSE Nifty 50 Index.
The stock has risen 33.5% on a year-to-date basis and 101.91% in the last 12 months. Total traded volume so far in the day stood at 1.77 times its 30-day average. The relative strength index was at 42.67.
Out of the 14 analysts tracking the company, 13 maintain a 'buy' rating and one suggests a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 17.5%.
