May 28, 2024: Brigade Group has announced record-breaking sales of Rs 6,013 crore and total revenue of Rs 5,064 crore for the financial year ending March 2024 (FY24). This marks the highest ever real estate sales for the company, reaching 7.55 million square foot (msf). The total revenue shows a growth of 42% over the previous fiscal year (FY23), with EBITDA increasing by 39% to Rs 1,362 crore. Total collections for the year amounted to Rs 5,915 crore, a 9% increase over FY23, and net cash flow from operations stood at Rs 1,575 crore.
The real estate business segment reported revenues of Rs 3,662 crore, representing a 51% increase over FY23. The leasing vertical achieved a 25% growth with revenues of Rs 938 crore and an overall occupancy rate of 97%. The hospitality portfolio also performed well, growing by 18% to achieve revenues of Rs 464 crore, with an occupancy rate of 72% and an average room rate (ARR) of Rs 6,483 during FY24.
Pavitra Shankar, managing director, Brigade Group, said “All verticals of the company contributed significantly to our growth in FY24 on the back of robust demand. With a strong pipeline of 22 msf of ongoing projects and around 16 msf of upcoming projects, we are confident of sustained performance in the coming quarters as well. We continue to focus on Bangalore, Chennai and Hyderabad for suitable land parcels that are at par with our quality standards and our consumer-first focus.”
Brigade Group’s revenue for Q4 FY24 stood at Rs 1,763 crore, marking an increase of 102% over Q4 FY23. Real estate revenue grew to Rs 1,390 crore in Q4 FY24, up by 143% from Q4 FY23. Leasing revenue grew to Rs 247 crore in Q4 FY24, showing a growth of 32% over Q4 FY23. Hospitality revenue witnessed a growth of 13%, from Rs 112 crore in Q4 FY23 to Rs 126 crore in Q4 FY24. The company’s EBITDA stood at Rs 493 crore in Q4 FY24, an increase of 113% from Rs 231 crore in Q4 FY23. PAT during Q4 FY24 stood at Rs 211 crore, up by 234% from Rs 63 crore in Q4 FY23. Collections for Q4 FY24 stood at Rs 1,838 crore, compared to Rs 1,463 crore in Q4 FY23.
The Board of Directors has recommended a final dividend of Rs 2 per equity share (20%) of Rs 10 each for the FY24. Moreover, Abraham Stephanos has been inducted as an Independent Director for a period of five years starting May 28, 2024, pending shareholder approval.
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