February 07, 2024: Brigade Group reported a total revenue of Rs 1,208 crore in Q3FY24, an increase of 41% as against Rs 859 crore in Q3FY23. The profit after tax (PAT) in Q3 FY24 stood at Rs 56 crore as against Rs 43 crore in Q3FY23. EBITDA stood at Rs 296 crore in Q3FY24 as against Rs 246 crore in Q3FY23.The net bookings in the real estate segment of Q3 FY24 is 1.7 msf with a sale value of Rs 1,524 crore. The collections for Q3 FY24 stood at Rs 1,394 crore, the company said in a statement.
“We have witnessed healthy growth across our business verticals. The momentum in the residential business continues to exhibit healthy growth both in terms of pricing as well as volume and continues to look positive with a strong pipeline of launches for Q4 FY24. Our Office segment recorded the best leasing quarter post-COVID and we are hopeful to finishing the financial year stronger. Furthermore, our retail business has seen good leasing traction and hospitality has seen improvements across the board,” said, Pavitra Shankar, managing director, Brigade Enterprises.
In a statement, the company also announced that the residential segment will witness launches of about 10.8 msf with an estimated gross development value (GDV) of around Rs 10,000 crore in the next four quarters. Furthermore, about 5 msf of office and retail projects are planned to be launched in the next four quarters. The annualised exit rentals is estimated to be in the range of Rs 500 crore from these launches. Similarly, the hospitality segment plans to commence construction of about 1,000 rooms across four projects in next 1 year.
Real estate
The company achieved its strongest performance ever for Q3 of a financial year with the sales of 1.7 msf with a sale value of Rs 1,524 crores with absorption in Bengaluru and Chennai. During the quarter, revenue stood at Rs 839 crore, which has grown by 50% compared to Q3 FY23 and EBITDA stood at Rs 73 crore for the quarter.
Leasing
In Q3 FY24, the Brigade Group leased 0.49 msf (Including hard option), achieving 95% occupancy in the overall portfolio. During the quarter, revenue stood at Rs 247 crore which has grown by 24% compared to Q3 FY23 and EBITDA stood at Rs 179 crore.
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Hospitality
In the Q3 FY24, Hospitality revenues have surged by 22% to Rs 123 crore, ARR has shown a 7% increase and occupancy has experienced an 5% rise compared to Q3 FY23. EBITDA Stood at Rs 45 crore.
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