Developer firm Brigade Enterprises has reported its revenue increase by 57% at Rs 1,833 crore in the first half of the current financial year (H1FY23) as compared to Rs 1,168 crore in the same period last year (H1FY22).
The realty company reported profit after tax (PAT) of Rs 116 crore for H1FY23 with collections of Rs 2,632 crore. It also reported growth of 17% in pre-sales area, 23% growth in value and 59% growth in collection in the six-month period.
On a quarter-on-quarter basis, the company saw an increase of 8% in revenue in Q2FY23 at Rs 912 crore as against Rs 776 crore in Q2 FY22. PAT for the period was Rs 52 crore as compared to loss of Rs 14 crore in Q2 FY22.The company’s real estate wing had net new bookings of 1.2 million sqft at Rs 795 crore in Q2FY23. Backed by strong sales performance and pace of construction, the collection trend has also been stellar with a net value of Rs 1,036 crore.
“Our real estate business vertical continued to lead the growth with contributions from all other verticals including retail and hospitality. We expect to sustain and grow the momentum in the coming quarters with a good pipeline of new residential projects and leasing business and continued growth in hospitality business in H2FY23.” said M R Jaishankar, executive chairman, Brigade Enterprises Ltd.
Other verticals of the Brigade group also saw growth contributing to the overall company’s growth.
Leasing
Revenue for Q2FY23 is Rs 189 crore which has seen growth of 39% YOY as compared to Rs 136 crore of Q2FY22.
In H1FY23, the company leased 0.7 million sft. The outlook for the next two quarters looked positive, with over 1 million sft of space in the pipeline, it said.
Retail sales consumption showed 38% growth during H1 FY23 and growth of 8% in sales consumption for multiplexes, surpassing pre-covid levels.
Hospitality
Average occupancy across the portfolio increased by 51% in Q2FY23 as against Q2 FY22. Revenue for Q2FY23 is Rs 91 crore which is increased by 122% against Q2 FY22 and EBITDA for QYFY23 is Rs 29 crore which is increased by 292% against Q2 FY22. While international business is yet to contribute to its full potential, the company is confident of continued growth in coming quarters and is hopeful of a quick revival of international travel.
