The shares of one of the leading property developers in South India rose 2.6 percent to ₹967.80 per share after the company signed an agreement with United Oxygen Company Private Limited to develop a ‘Grade A’ office space in Bengaluru.
At 11:30 a.m., Brigade Group shares were trading at ₹ 952.30 a share on the National Stock Exchange, up 0.98 percent from the previous close price. and the company has a market capitalization of ₹ 21,946 crores.
Brigade Enterprises Ltd signed a Joint Development Agreement with United Oxygen Company Private Limited to develop a ‘Grade A’ office space on ITPL Road,Whitefield in East Bengaluru with a leasable area of 3.0 lakh square feet and the project has a Gross Development Value (GDV) of around ₹340 crores.as per the company’s filing.
Brigade Group has a strong pipeline of projects over the next year, of around 13 million square feet in Bengaluru, Hyderabad, and Chennai, of which 11 million square feet are residential projects.
Brigade Enterprises Ltd, headquartered in Bengaluru, is a prominent real estate developer operating primarily in South India, with expanding endeavors across the nation. With a portfolio comprising over 280 completed buildings, the company has contributed significantly to the residential, commercial, retail, and hospitality sectors in Bengaluru, Mysore, Chennai, Ahmedabad, Hyderabad, and Kochi.
In the first half of the fiscal year 2024, the company derived 69 percent of its income from real estate ventures, 21 percent from lease rents, and 10 percent from hospitality ventures. Additionally, it successfully launched four projects in Bangalore in the third quarter of FY24, boasting a saleable area of 2.69 million square feet.
Demonstrating robust financial performance, Brigade Enterprises witnessed a 43 percent year-on-year increase in revenues, soaring from ₹820 crore in Q3FY23 to ₹1,174 crore in Q3FY24. Simultaneously, the net profit surged by 30 percent during the same period, from ₹43 crore to ₹56 crore.
The market response to Brigade Enterprises has been remarkable, with its shares witnessing a 64 percent surge in the last six months and a notable 103 percent increase over the past year.
Notably, Brigade Group recently signed a Joint Development Agreement (JDA) with landowners for a luxury residential project sprawling over 4 acres in Kurubarahalli,
Mysore. Envisioned to encompass a developable area of approximately 0.40 million square feet, the project holds a Gross Development Value (GDV) estimated at ₹300 crores.
Written by Omkar Chitnis
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