Brigade Enterprises Q2 Results | Net profit, revenue slip; pre-sales volume rises 45%

Realty firm Brigade Enterprises Ltd on Wednesday (November 13) reported a 10.9% year-on-year (YoY) dip in net profit at ₹119 crore for the second quarter that ended September 30, 2024. In the corresponding quarter of the previous fiscal, Brigade Enterprises posted a net profit of ₹133.5 crore.

The company’s revenue from operations fell 21.5% to ₹1,072.2 crore against ₹1,366.6 crore year-on year.

At the operating level, EBITDA was down 10.1% to ₹291.9 crore in the second quarter of this fiscal over ₹324.7 crore in the prior-year period.

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The EBITDA margin stood at 27.2% in the reporting quarter versus 23.8% in the corresponding period in FY24. EBITDA is earnings before interest, tax, depreciation, and amortisation.

Brigade Enterprises reported pre-sales volumes of approximately 1.68 million square feet, with average sales realisation increasing by 45% YoY to ₹10,832 per square foot. The company currently has 25 million square feet of ongoing projects as of September 2024.

Revenue from real estate stood at ₹727 crore, with EBITDA of ₹107 crore. Brigade achieved pre-sales valued at ₹1,821 crore, and its real estate collections reached ₹1,470 crore, marking the highest quarterly collections for the company.

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In the leasing segment, Brigade Enterprises reported a revenue of ₹292 crore with an EBITDA of ₹209 crore. The company’s portfolio occupancy stood at an impressive 97%, with a total of 8.46 million square feet leased, including hard options.

Brigade’s flexible office venture arm, BuzzWorks, expanded its footprint by launching its first space in Hyderabad, further adding locations in Bengaluru, Chennai, Kochi, and GIFT City, Gujarat.

In the hospitality segment, Brigade Hotel Ventures Limited, a wholly-owned subsidiary of Brigade Enterprises, has filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for a potential initial public offering (IPO).

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Brigade also announced plans for new launches totalling 16 million square feet in the next four quarters, with approximately 13 million square feet slated for the residential sector. The company’s total collections for Q2 FY25 reached ₹1,936 crore.

The results came after the close of the market hours. Shares of Brigade Enterprises Ltd ended at ₹1,084.95, down by ₹37.05, or 3.30%, on the BSE.