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ICICI Securities Report
Brigade Enterprises Ltd.'s clocked Q1 FY23 residential sales bookings worth Rs 8.1 billion (our estimate of Rs 7.8 billion) in spite of muted launches of 0.5 million square feet.
With another 9.5 msf of residential launches lined up mainly in Bengaluru over remainder of FY23 and H1 FY24, we model for sales bookings of Rs 36.5 billion in FY23E.
The company also achieved incremental leasing of 0.4 msf (mainly in Tech Gardens of 0.27 msf) and with continued momentum in leasing, we expect Brigade Enterprises' share of rental net operating income to grow at 25% compound annual growth rate over FY21-24E to Rs 5.7 billion driven by Tech Gardens, Bengaluru and WTC, Chennai.
Further, we expect the company's hotel business to clock an Ebitda of Rs 1.0 billion in FY23E and Rs 1.2 billion in FY24E versus FY20 Ebitda of Rs 0.9 billion.
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