The shares of one of the leading property developers in South India rose 5.6 percent to Rs 891.75 per share after the company planned to develop a luxury residential project in Mysore.
At 1:30 p.m., Brigade Group shares were trading at Rs 871.90 a share on the National Stock Exchange, up 3.26 percent from the previous close price. and the company has a market capitalization of Rs 20,135 crores.
Brigade Group has signed a Joint Development Agreement (JDA) with land owners to develop a luxury residential project, spread over 4 acres at Kurubarahalli, Mysore. The developable area of the project will be about 0.40 million sq. ft. with a Gross Development Value (GDV) of Rs 300 crores.
The aforementioned JDA will add to Brigade Group’s residential portfolio in Mysore, which currently includes over 25 residential projects, including recent deliveries such as Brigade Symphony, Brigade Topaz, Brigade Mountain View, and Brigade Palmgrove.
The company’s revenues have increased by 55 percent year on year from Rs 879 crore in Q2FY23 to Rs 1,366 crore in Q2FY24, while net profit has increased by 120 percent in the same period, from Rs 51 crore to Rs 112 crore.
Brigade Enterprises shares have gained 53 percent in the last six months and 74 percent in a year.
The company’s income in H1FY24 was 69 percent from real estate, 21 percent from lease rents, and 10 percent from hospitality.
In the September quarter of FY24, the business launched two new projects in Bangalore with a total saleable area of 1.3 million square feet.
In Q2FY24, Brigade Group was recognized as ‘One of India’s Top Builders’ at the CW Architect and Builders Awards 2023.
The company’s product mix consists of 76 percent residential projects and 17 percent business leasing projects. The company has a total project size of 54.5 million square feet.
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 is from residential projects.
Brigade Enterprises Ltd is a real estate developer in South India, based in Bengaluru, and expanding its area of operations in other parts of India. It has completed over 250 buildings and developed space in residential, offices, retail, and hospitality sectors across Bengaluru and Mysore, Chennai, Ahmedabad, Hyderabad, and Kochi.
Written by Omkar Chitnis
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