Brigade Enterprises Signs Agreement To Acquire Land For Residential Project In Bengaluru
The land acquisition on Whitefield-Hoskote Road will enable Brigade Enterprises to develop a residential project with a gross development value of Rs 2,700 crore.
Brigade Enterprises Ltd. signed a definitive agreement to acquire land on Whitefield-Hoskote Road, Bengaluru, for a residential project.
The land to be acquired will have a saleable area of approximately 2.5 million square feet and a gross development value of Rs. 2,700 crore, according to an exchange filing on Friday.
The project will reflect Brigade's commitment to high-quality, sustainable spaces that complement Bengaluru's urban landscape. Whitefield, the city's largest IT hub, has become a highly desirable neighbourhood, attracting homebuyers due to its thriving job market and proximity to workplaces, the filings said.
"The project plays a significant role in supporting our long-term residential expansion strategy. We are committed to developing a property that upholds the highest standards of quality and sustainability while meeting the evolving needs and preferences of our future residents,” according to Pavitra Shankar, managing director of Brigade Enterprises Ltd.
Brigade Enterprises Q2 Performance
Brigade Enterprises recorded a revenue of Rs 1,072 crore, representing a 22% fall for the second quarter of the current fiscal as compared to Rs 1,367 crore for the same period last year.
The company's net profit rose by 2.3% to Rs 115 crore for the July-September quarter as against Rs 113 crore for the same quarter of the corresponding financial year.
Its earnings before interest, tax, depreciation, and amortisation dipped to Rs 292 crore, denoting a 10% fall for the three months ended Sept. 30, 2024, in contrast to Rs 325 crore for the year-ago period. Margins expanded by 340 basis points to 27.2% in the second quarter as compared to 23.8% for the same period in the last fiscal 2024.
Shares of Brigade Enterprises closed 1.41% higher at Rs 1,295.10 apiece on the National Stock Exchange, compared to a 0.76% fall in the benchmark Nifty. The share price has fallen 48.97% in the last 12 months.
Out of the 14 analysts tracking the company, all have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 12.4%.
