Brigade Group’s Q1 FY23 Revenue grows 135% to ₹920 cr PAT stands at ₹65 Crores

Bengaluru, August 2, 2022: Brigade Group reported a revenue of ₹ 920 Crores in Q1 FY23 as compared to ₹ 391 Crores in Q1 FY22, a growth of 135%. PAT after Minority Interest stood at ₹ 88 crores during the quarter under review. 

All business segments continued to report positive numbers, with YoY pre sales value growth of 61%.  New bookings in real estate segment in Q1 FY 23 is 1.2 mn sq ft valued at ₹ 814 Crores. Brigade reduced its real estate debt by ₹ 59 Crores, the average cost of debt stood at 7.75 %.

“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. 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. Our projects in Hyderabad and Chennai continued to make significant contributions to the business. With all business verticals contributing, we are confident of substantial growth in the quarters to come”, said M R Jaishankar, CMD, Brigade Enterprises Ltd. 

Real Estate 

Real Estate business registered net new bookings of 1.2 mn sqft with a value of Rs 814 Crs in Q1 FY23 corresponding to a growth of 61% by area and 70% by value over Q1 FY22 performance.  Real Estate collections stood at Rs 881 Crs in Q1 FY23

Commercial

The net office space absorption in the quarter was over 0.4 million square feet, nearly twice that of Q1FY22. Collections remained stable and demand for the next two quarters is promising with active enquiries for over 1 million square feet across all properties.  

Retail

Across the three malls, Brigade witnessed a 35% growth on like-to-like retailer consumption sales over pre covid. Multiplexes witnessed an average growth of 33% Y-o-Y for Q1 FY23.  

Hospitality

Occupancies and hotel revenues grew strongly with occupancies growing 120% when compared to pre-Covid performance and revenues touching 132% of pre-Covid levels for the same period. ARRs have shown an upward growth, having matched pre-COVID levels.