Brigade Enterprises Q3 Results Review - Strong Performance Across All Segments: Motilal Oswal

Motilal Oswal Report

Brigade Enterprise Ltd.'s reported bookings of Rs 15.2 billion, up 51% YoY/22% QoQ (6% above estimate). For 9M FY24, pre-sales jumped 44% YoY to Rs 37.7 billion (90% of FY23 pre-sales). Growth was driven by strong sustenance sales, as new launches contributed 50% to the overall pre-sales in Q3 FY24 and 44% in 9M FY24.

Brigade Enterprise launched 2.7 marginal standing facility of area across four new phases/projects. Sales volume stood at 1.7 msf, up 11% YoY; Brigade Enterprise reported the best ever realization of Rs 9,000/sft, up 37% YoY/20% QoQ in Q3 FY24.

The company recorded collections of Rs 13.9 billion, up 5% YoY. However, higher land owner payments and overheads led to a 24% decline in operating cash flow to Rs 2.7 billion.

Gross debt increased Rs 2 billion QoQ to Rs 43 billion, and Brigade Enterprise share of net debt stood at Rs 21 billion (versus Rs 16 billion in Q2 FY24).

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