Brigade Enterprises posts Rs 88 cr profit in June quarter; revenue jumps over 2-fold to Rs 920 cr

Multiplexes witnessed an average growth of 33 per cent year-on-year for the April-June period.Brigade Enterprises has presence across South India, in the cities of Bengaluru, Mysuru, Hyderabad, Chennai and Kochi with developments across residential, office, retail and hotels.The Bengaluru-based firm is one of the leading real estate developers in the country.

Realty firm Brigade Enterprises Ltd on Tuesday reported a consolidated net profit of Rs 87.68 crore for the quarter ended June on better sales.

It has posted a net loss of Rs 40.09 crore in the year-ago period.

Total income jumped more than two-fold to Rs 920.28 crore in the first quarter of this fiscal from Rs 391.52 crore in the corresponding period of the previous year, according to a regulatory filing.

''Demand continued to be robust, driven by strong sales in the residential sector during the quarter leasing business picking up and hotels have also started performing well. We expect the momentum to carry on,'' M R Jaishankar, CMD of Brigade Enterprises Ltd, said.

''Enquiries have been high, with customer preference shifting towards larger homes, to accommodate the hybrid work model that many companies are still offering their employees,'' he added.

On operational front, the company's sales bookings stood at 1.2 million square feet with a value of Rs 814 crore during quarter under review, a growth of 61 per cent in volume and 70 per cent in value over Q1 FY22 performance.

In commercial real estate, the net office space absorption in the June quarter was over 0.4 million square feet, nearly twice that of the same period a year ago.

The rental collections remained stable and demand for the next two quarters is promising with active enquiries for over 1 million square feet across all properties, the company said.

In retail, Brigade said that across its three malls, it witnessed a 35 per cent growth on like-to-like retailer consumption sales over pre-COVID. Multiplexes witnessed an average growth of 33 per cent year-on-year for the April-June period.

Brigade Enterprises has presence across South India, in the cities of Bengaluru, Mysuru, Hyderabad, Chennai and Kochi with developments across residential, office, retail and hotels.

The Bengaluru-based firm is one of the leading real estate developers in the country.