Brigade Enterprises Q4 Results: Profit Jumps On Exceptional Gain, Revenue Dips
Net profit rose to Rs 69 crore for Q4 as compared with Rs 34 crore in the same quarter last year.
Bengaluru-based Brigade Enterprises Ltd. reported a jump in its net profit for the fourth quarter of fiscal 2023.
Net profit rose to Rs 69 crore for the fourth quarter, as compared with Rs 34 crore over the same quarter last year. The company had an exceptional gain of Rs 17 crore during the quarter under review.
Its revenue from operations fell over 10% to Rs 842 crore in Q4 from Rs 942 crore year-on-year, according to the company’s exchange filing.
Brigade Enterprises Q4 Highlights (YoY)
Revenue from operations declined 10.6% to Rs 842 crore versus Rs 942 crore in the same quarter last year.
Ebitda fell 1.5% to Rs 202 crore from Rs 205 crore.
Ebitda margin expanded to 24% versus 22%.
Consolidated net profit surged to Rs 69 crore, as against Rs 34 crore.
The board has recommended a final dividend of Rs 2 per equity share of face value of Rs 10, which is subject to the approval of shareholders at the ensuing 28th Annual General Meeting of the company.
Other Highlights
The real estate business witnessed sales value growth of 53% during the January–March period, the company said. Collections stood at Rs 1,463 crore, as compared with Rs 1,333 crore in the same quarter of the previous fiscal.
"The net debt to equity ratio is at 0.55:1 as of March 31. The average cost of debt is 8.67%. There is no debt in the residential segment of Brigade Enterprises, owing to robust sales and collections," it said.
The real estate company reported its highest ever real estate sales of 6.3 million square feet in FY23, with a total value of Rs 4,109 crore, against Rs 3,023 crore in the previous financial year—an increase of 36%.
Its total collections stood at Rs 5,424 crore during FY23. Cash flow from operating activities for the company during the fiscal stood at Rs 1,517 crore, an increase of 35% from FY22.
"We have a strong pipeline of ongoing projects of around 20 million square feet and upcoming projects of 7.5 million square feet," said Pavitra Shankar, managing director at Brigade Enterprises.
Shares of Brigade Enterprises rose 1.47% to Rs 540 apiece on the BSE on Wednesday, as compared with a 0.3% decline in the benchmark Sensex.
