In Tuesday’s trading session, the shares of one of India’s leading property developers surged by 10.8 percent to Rs. 1,246.8, after reporting financial results for Q1 FY24-25 with a rise in the net profit of 268.2 percent YoY.
With a market capitalisation of Rs. 27,581.4 crore, at 11:02 a.m., the shares of Brigade Enterprises Limited were trading in the green at Rs. 1193.3, up by 6.13 percent, as against its previous closing price of Rs. 1,124.4.
What’s the News:
The fluctuations in the share prices were observed after the company announced the financial results for Q1 FY24-25, through the recent filings with the stock exchanges on Monday post-market hours.
The revenue from operations for Q1 FY24-25 stood at Rs. 1,078 crores, marking a 64.8 percent YoY rise from Rs. 654 crores in Q1 FY23-24, but a 36.6 percent decline quarter-on-quarter from Rs. 1,702 crores in Q4 FY23-24.
The net profit jumped by 268.2 percent YoY to Rs. 81 crores in Q1 FY24-25, as against Rs. 22 crores in Q1 FY23-24, but on a quarter-on-quarter basis, it declined by 61.6 percent from Rs. 211 crores in Q4 FY23-24.
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The pre-sales bookings of Brigade Enterprises in the real estate segment during Q1 FY24-25 stood at 1.15 Mn. sqft, with a sale value of Rs. 1,086 crores, while the average realisation stood at Rs. 9,483 per sqft.
During Q1 FY24-25, the company achieved real estate revenue of Rs. 707.2 crores, leasing revenue stood at Rs. 259.4 crore, and hospitality revenue stood at Rs. 118 crores.
Nation-wide general election resulted in sluggishness in the hospitality segment revenue, while fewer auspicious dates during the June quarter added to the slower growth rate.
Additional News:
On 5th August, Brigade Tetrarch Private Limited, a wholly owned subsidiary of Brigade Enterprises, entered into a Limited Liability Partnership (LLP) agreement to develop a 1.4 million sqft. leasable office space located on, Airport Road, NH 44, a prime commercial hub in Bengaluru.
The proposed commercial development is expected to generate an annual lease income of nearly Rs. 100 crores per year, with an investment of around Rs. 750 crores.
Stock Performance
The shares of Brigade Enterprises Limited have delivered multibagger returns of nearly 100.5 percent in one year and around 31.8 percent of positive returns year-to-date.
About the Company:
Established in 1986, Brigade Enterprises Limited, one of India’s leading property developers, is involved in the business of real estate development, leasing and related services.
Written by Shivani Singh
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