April 17, 2024: Brigade Group on April 16, 2024, announced its key operational and financial highlights for FY24 and Q4 FY24 ended March 31, 2024. The company achieved pre-sales of Rs 6,013 crore in FY24 and Rs 2,243 crore in Q4 FY24 – the highest ever for both in terms of a quarter as well as financial year. Additionally, the company recorded sales volume of 7.55 million square foot (msf) in FY24 and 2.72 msf in Q4 FY24. The average realisation for FY24 increased by 23% YoY. Collections for FY24 stood at Rs 5,915 crore as against Rs 5,424 Cr for FY23.
Under the operational leasing portfolio, leasing grew by 14% YoY with 1 msf of additional area leased as compared to FY23, achieving 97% occupancy in the overall portfolio. The company recorded incremental leasing of 0.20 msf in the leasing portfolio in Q4 FY24. In the hospitality vertical, the average occupancy stood at 72% (grown 3 bps) and ARR stood at around Rs 6,480 in FY24, marking a growth of around 8%. In FY24, Brigade Group launched 5.26 msf in the residential vertical and 0.94 msf in the commercial vertical. Moreover, the company has a healthy pipeline of new launches of around 12.61 msf in the residential segment, 6.33 msf in the commercial segment and 1.06 msf in the hospitality segment.
Pavitra Shankar, managing director, Brigade Enterprises, said, “The residential business continued to drive sales growth, with all other verticals of the company contributing significantly and finishing strong in the financial year. This year, we have been able to achieve our best ever operational performance, and we aim to leverage this performance in FY25. Our outlook is optimistic, as we believe demand for residential space will continue to be strong. Our leasing efforts gained momentum and healthy growth in ARR in our hospitality vertical as well. We are aggressively pursuing land acquisition opportunities in our target markets and continue to add high quality assets to our land bank.”
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Dhwani is a content management expert with over five years of professional experience. She has authored articles spanning diverse domains, including real estate, finance, business, health, taxation, education and more. Holding a Bachelor’s degree in Journalism and Mass Communication, Dhwani’s interests encompass reading and travelling. She is dedicated to staying updated on the latest real estate advancements in India.
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