Brigade Enterprises' net profit rises 2.29% in Q2 FY25

15 Nov 2024 CW Team

Brigade Enterprises reported a 2.29% increase in net consolidated profit for the quarter ended September 30, 2024, with profit after tax reaching Rs 1.15 billion compared to Rs 1.12 billion in the same period last year, as per a BSE filing.

The company's net consolidated total income fell by 19.16%, amounting to Rs 11.38 billion in Q2 FY25, down from Rs 14.07 billion in the corresponding quarter of FY24.

Managing Director Pavitra Shankar highlighted, "We have upcoming projects spanning approximately 13 million sq ft over the next four quarters, including developments in Bengaluru, Chennai, Hyderabad, and Mysuru."

During the quarter, the company’s paid-up equity share capital rose from Rs 2311.4 million to Rs 2442.2 million following the allotment of 45,131 equity shares through employee stock options and the issuance of 1,30,43,478 shares via QIP allotment. Additionally, its subsidiary, Brigade Hotel Ventures, filed a draft red herring prospectus (DRHP) with SEBI on October 30, 2024, for an IPO comprising fresh equity shares worth Rs 9 billion.

Operationally, the company achieved pre-sales of approximately 1.68 million sq ft in Q2 FY25, with an average sales realisation of Rs 10,832 per sq ft, marking a 45% increase from Q2 FY24. As of September 2024, Brigade has 25 million sq ft of ongoing projects.

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