Realty stock engaged in the business of real estate development, leasing, hospitality, and related services jumped 7 percent in the day’s trade upon posting its Q4FY24 results with a 278 percent QoQ jump in Net Profits.
With a market capitalization of Rs. 28,806 Crores, the shares of Brigade Enterprises Limited were trading at Rs. 1,246.50, up 2.08 percent from its previous day’s close price of Rs. 1,221.10.
Brigade Enterprises Limited is one of the leading property developers in South India. It is engaged in the business of real estate development, leasing, hospitality, and related services.
Its revenue from operations grew by 102 percent YoY from Rs. 842.57 Crores in Q4FY23 to Rs. 1,702.37 Crores in Q4FY24 and it grew by 45 percent QoQ from Rs. 1,173.77 Crores in Q3FY24 to Rs. 1,702.37 Crores in Q4FY24. Annually it generated a revenue of Rs. 3,444.61 Crores in FY23 and Rs. 4,896.69 Crores in FY24 indicating a growth of 42 percent YoY.
Its Net Profit grew by 234 percent from Rs. 63.09 Crores in Q4FY23 to Rs. 210.86 Crores in Q4FY24 and it grew by 278 percent QoQ from Rs. 55.79 Crores in Q3FY24 to Rs. 210.86 Crores in Q4FY24. Annually it generated a profit of Rs. 222.17 Crores in FY23 and Rs. 401.04 Crores in FY24 indicating a growth of 80.51 percent YoY.
In Addition, the Board of Directors of Brigade Enterprises has recommended issuing a Final Dividend at 20 percent i.e., Rs. 2 per equity share with a face value of Rs. 10 per share for the financial year 2023-24.
As of Q4FY24 Brigade Enterprises Limited has 16 Upcoming Projects planned to be launched with ~12.61 Mn sqft in the next 4 Quarters. It has a land bank of 519 Acres and a Project Developmental area of 56 Million square feet.
Commenting on the Group’s performance, Pavitra Shankar, Managing Director, Brigade Group, said, “All verticals of the company contributed significantly to our growth in FY24 on the back of robust demand. With a strong pipeline of 22 Mn sft of ongoing projects and around 16 Mn sft of upcoming projects, we are confident of sustained performance in the coming quarters as well. We continue to focus on Bengaluru, Chennai and Hyderabad for suitable land parcels that are at par with our quality standards and our consumer-first focus.”
The Brigade Group reported its highest-ever real estate sales of 7.55 Mn sqft for the financial year ended March 2024. Total collections stood at Rs. 5,915 Crores which grew by 9 percent over FY23 and the Net cash flow from operations stood at Rs.1,575 Crores.
In FY24, the Real Estate business registered revenues of Rs. 3,662 Crores, an increase of 51 percent over FY23. The leasing vertical grew by 25 percent over FY23 with revenues of Rs. 938 Cr with overall occupancy standing at 97 percent. Growing by 18 percent over FY23, the hospitality portfolio clocked revenues of Rs. 464 Crores, with occupancy at 72 percent and ARR of Rs. 6,483 during FY24.
Written by: Bharath K.S
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
