Brigade Enterprises Reports 66.14% Drop in Q1 FY24

09 Aug 2023 CW Team

Brigade Enterprises has announced a significant decline of 66.14 percent in its consolidated net profit for the quarter ending on June 30, 2023. The company's profit after tax for Q1 FY24 amounted to Rs 218.9 million, marking a decrease from the Rs 644.5 million reported in the corresponding quarter of the previous fiscal year, as stated in an official filing with the Bombay Stock Exchange (BSE).

During the first quarter of FY24, the company's consolidated total income reached Rs 685.43 million, indicating a reduction of 25.52 percent compared to the Rs 9.2 billion recorded in the analogous period of the prior year.

Pavitra Shankar, the managing director of the company, commented, "Over the next four quarters, we anticipate the launch of 9.70 million sq ft of new projects, out of which 7.87 million sq ft will be dedicated to the residential segment."

In Q1 FY24, the real estate segment secured new bookings for 1.46 million sq ft, with a total value of Rs 9.96 billion.

Furthermore, Brigade successfully reduced its real estate debt by Rs 450 million, with complete repayment of residential debt by June 2023. The average group-level cost of debt is presently at 8.7 percent.

Throughout the reviewed quarter, Brigade accomplished a leasing of 61,000 sq ft through expansions by existing tenants. Leasing activity was subdued, mainly due to availability limited to SEZ office spaces. The company achieved a robust leasing rate of 84 percent for its available inventory, with a full 100 percent leasing rate in the non-SEZ category.

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