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Nirmal Bang Report
Q4 FY22 results of Brigade Enterprises Ltd. reinforce our optimistic view on the company. The results showed:
continuation of volume momentum in residential sales,
optimism in office rentals with leasing of ~0.4 million square feet amid strong growth in enquiries,
revival in retail malls with 85% of the tenants showing sales at more than 85% of pre-Covid-19 levels and pick-up in business activities of food and beverage and multiplex,
strong revival in the hospitality business.
This was accompanied by very strong and consistent cash flows aiding reduction in net debt to Rs 25,403 million, down by 9% QoQ in Q4 FY22.
Brigade Enterprises' net debt to equity stood at 0.71 times in Q4 FY22 compared to 0.77 times in Q3 FY22.
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