May 24, 2023: Real estate developer Brigade Enterprises said today it reported its highest-ever sales of 6.3 million square foot (msf) for the financial year ended March 2023. From these sales, the Bangalore-based company earned Rs 4,109 crore, an increase of 36% against Rs 3,023 crore in the previous fiscal. This is a 34% increase in terms of area and 36% increase in value over the previous fiscal, Brigade said in a statement.
Total collections for the year stood at Rs 5,424 crore while cash flow from operating activities increased 35% year-on-year at Rs 1,517 crore, the company said in a regulatory filing.
Earnings before interest, taxes, depreciation and amortization (Ebitda) for the year ended March 31 showed a 17% increase to touch Rs 978 crore as against Rs 833 crore in FY22. Profit after tax for the year under review stood at Rs 222 crore as against loss of Rs 65 crore over FY22. The company’s debt for the fiscal was down to Rs 46 crore in FY23 from Rs 272 crore in FY22, declining 83%.
Brigade’s leasing vertical witnessed an increase of 26% in revenues, growing from Rs 596 crore in FY22 to Rs 752 crore in FY23. Office leasing grew 33% from 900,000 msf in FY 22 to 1.2 msf in FY 23.
Brigade’s retail rental segment footfalls increased by 106% over the past fiscal year for the retail malls and the company witnessed 78% growth in retail sales consumption during FY23 over FY22.
Commenting on the results, Pavitra Shankar, MD, Brigade Enterprises, said, “Our real estate business outperformed during the fourth quarter, enabling us to end the year with highest ever sales. Leasing and hospitality also contributed significantly to the overall growth of the company in FY 2022-23. We have a strong pipeline of ongoing projects of around 20 msf and upcoming projects of 7.5 msf.”
Established in 1986, Brigade Enterprises has developed mega projects in Bangalore, Mysuru, Hyderabad, Chennai, Kochi and Gujarat with developments across residential, office, retail, hospitality and education sectors. The company’s board of directors has recommended a final dividend of Rs 2 per equity share (20%) of Rs 10 each for FY23.
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