Brigade Group’s Real Estate Sales Grows 25% QoQ to ₹ 1,249 Crores

Bengaluru, November 9, 2023: Brigade Group reported a total revenue of ₹ 1,408 Crores and Profit After Tax after Minority Interest of ₹ 134 Crores in Q2 FY24. New bookings in the real estate segment in Q2 FY 24 is 1.67 mn sft valued at ₹ 1,249  Crores.  Collections for Q2 FY 24 stood at ₹ 1,439 crores as compared to ₹ 1,244 Crores in Q1 FY24, an increase of 15%.

“All business verticals contributed significantly to the growth of the company in Q2 of FY24. The residential segment continues to outperform with strong absorption across our key markets, heightened end-user interest, stable registration processes, steady home loan rates and excellent response to new launches. With a robust pipeline of launches in Bengaluru, Chennai and Hyderabad we are confident that we will sustain the momentum going forward.” said Pavitra Shankar, Managing Director, Brigade Enterprises Ltd.

REAL ESTATE

In Q2 FY24, the Real estate segment witnessed a steady increase in pricing realization and continued its consistent performance with strong absorption trends across Bengaluru and Chennai. During the quarter, revenue stood at ₹ 1,063 Crores with an EBITDA of ₹ 155 Crores with new sales of 1.67 mn sft valued at ₹ 1,249 Crores. This is a 14% increase in terms of area 25% increase in value over the previous quarter. Collections stood at ₹ 1,029 Crores. 

LEASING

In Q2 FY24, achieved an incremental leasing of 3 lakh sft recording a 5x QoQ growth. Total leasing stands at 89% of the available inventory and recorded a 8% QoQ increase in leasing revenue, from ₹ 213 Crores in Q1 FY’24 to ₹ 231 Crores in Q2 FY ’24. 

HOSPITALITY

In the quarter under review, the Hospitality business continued its growth trajectory with revenue increasing by 12% over Q1 FY24. ARR are stable and occupancy rose by 7% in comparison to Q1 FY 24. Revenue stood at ₹ 114 Crores with an EBITDA of ₹ 40 Crores.

 Q2 FY24 CONSOLIDATED FINANCIAL HIGHLIGHTS

During the quarter under review, total income stood at ₹ 1,408 Crores while EBITDA was ₹ 366 Crores, Profit After Tax after Minority Interest stood at ₹134 Crores. Total collections for the Q2 FY24 stood at ₹ 1,439 crores. New launches of 13 mn sft has been planned for next 4 quarters of which 11 mn sft is in the residential sector.