Brigade Enterprises reported an 8% decline in its annual revenue, the real estate developers said in a regulator filing on February 9, 2023. Revenue for the third quarter of the current fiscal (Q3FY23) stood at Rs 859 crore as against Rs 933 crore in Q3FY22.
The company reported profit after tax (PAT) for Q3FY23 at Rs 43 crore as compared to Rs 46 crore in Q3 FY22, indicating an over 6% decline. EBITDA stood at Rs 246 crore in Q3 FY23 as against Rs 270 crore in Q3 FY22, down by 9%.
However, collections continued to remain robust at Rs 1,328 crore in Q3FY23, the company said, adding that its debt reduced by Rs 77 crore in Q3 with average cost of debt at 8.46%.
Its real estate business achieved net new bookings of 1.53 million square foot (msf) valued at Rs 1,010 crore in Q3 FY23. Collections for the quarter stood at Rs 936 crore.
“Real estate business achieved one of the highest ever sales and continued to be the primary growth driver, with good contributions from the Retail, Hospitality and Office verticals. We expect to sustain and grow the momentum in the coming quarters with a good pipeline of new residential projects, leasing business, and continued growth in the hospitality business to finish the year strong,” said Pavitra Shankar, MD, Brigade Enterprises .
The company’s leasing for the first 9 months of this fiscal stood at 1 msf, it said there was 27% growth on like-to-like sales consumption over pre-covid level across all its malls in Q3.
During the quarter, the credit rating outlook for the company has been upgraded to A+/Positive from A+/Stable by rating agencies CRISIL and ICRA.
Brigade Enterprises has over three decades of presence across south India in the cities of Bangalore, Mysuru, Hyderabad, Chennai and Kochi with developments across residential, office, retail, hospitality and education sectors.
An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.
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