Real estate company Brigade Group announced its financial results for the first three months of the financial year 2023-24 (Q1 FY24). In this quarter, the company reported a consolidated revenue of Rs 685 crore and profit after tax (PAT) after minority interest of Rs 39 crore. The EBITDA stood at Rs 206 crore, while the total collections touched Rs 1,244 crore in Q1 FY24. The real estate firm reduced its net debt by Rs 45 crore, of which the residential debt is fully paid as of June 2023. The average cost of debt at the group level is at 8.7%. Brigade Group plans to launch 9.7 million square foot (msf) in next four quarters out of which 7.87 msf is accounted for by the residential segment.
Pavitra Shankar, managing director, Brigade Enterprises, said, “During the quarter under review, we maintained steady growth across all segments: residential, office, retail and hospitality. Our pipeline across business verticals remains strong, and we are optimistic about sustained future growth. Our flagship sales event, Brigade Showcase, concluded recently and witnessed excellent turnout with good inquiries.”
Brigade Group Q1 FY24 highlights: Residential segment
New bookings in the residential segment during Q1 FY24 stood at 1.46 msf valued at Rs 996 crore. In addition, the company’s residential segment saw collections of Rs 879 crore, revenue of Rs 371 crore and EBITDA of Rs 9 crore. During these three months, the residential business witnessed a steady increase in pricing realisation across all product segments and markets. The company has a strong pipeline of new launches planned for the second half of the year.
Brigade Group Q1 FY24 highlights: Leasing segment
In Q1 FY24, Brigade Group leased an area of 61,000 sqft. Leasing was muted as only SEZ office space was available. The company has achieved a leasing of 84% of its available inventory, with 100% leasing under the non-SEZ category. With an increased momentum in leasing enquiries in Q2 FY24, Brigade has an active pipeline for the coming quarters. During the quarter, revenue from leasing stood at Rs 213 crore with an EBITDA of Rs 160 crore.
Brigade Group Q1 FY24 highlights: Hospitality segment
The hospitality segment of Brigade group continued its upward trajectory in Q1 FY24. The company’s focus on increasing ARRs paid off with a growth of 16% across the portfolio and a revenue increase of 13% YoY. During the quarter, revenue from the hospitality segment stood at Rs 102 crore with an EBITDA of Rs 38 crore.
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