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ICICI Direct Report
Brigade Enterprises Ltd. reported healthy sales volumes led by recovery post second wave.
The company reported sales volume of 13.1 million square feet, reporting strong growth of ~33% YoY. The pre-sales (sales value) was up ~44% YoY at Rs 831 crore, with realisations up 8.4% YoY at Rs 6322/sqft (led by price hikes/ project mix).
On financial front, reported revenues grew ~142% YoY to Rs 753 crore, with strong revenue recognition from real estate at Rs 598 crore.
Revenues from hospitality (up 131% YoY) and rental revenues at Rs 136 crore, up 22% YoY, also saw smart recovery.
Reported Ebitda margins were down 281 basis points YoY to 25.3%. Brigade Enterprises reported profit after tax of Rs 12 crore.
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