Shares of Brigade Enterprises Ltd.'s hit an all-time high on Thursday after its second-quarter profit doubled beating analysts' estimates.
The property developer's net profit rose 117.18% to Rs 112.5 crore in the quarter ended September, according to an exchange filing on Wednesday. The figures are above Bloomberg's estimate of Rs 91 crore profit for the quarter.
Brigade Enterprises Q2 FY24 Highlights (Consolidated, YoY)
Revenue up 55% at Rs 1,366.6 crore. (Bloomberg estimate: Rs 951.3 crore).
Ebitda up 50% at Rs 324.8 crore. (Bloomberg estimate: Rs 252.6 crore).
Margin down 85 basis points at 23.76% vs 24.61% (Bloomberg estimate: 26.6%).
Net profit at Rs 112.5 crore. (Bloomberg estimate: Rs 91 crore).
Brigade Enterprises' stock rose as much as 7.99% during the day to a lifetime high of Rs 750.20 apiece. It pared gains to trade 4.15% higher at Rs 723.15 apiece, compared to a 0.69% decline in the benchmark NSE Nifty 50 as of 11.19 a.m.
The stock has risen 27.68% on a year-to-date basis. The total traded volume so far in the day stood at 24 times of its 30-day average. The relative strength index was at 77.85.
Fourteen out of 15 analysts tracking Brigade Enterprises maintain a 'buy' rating on the stock and one recommends a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 43.3%.
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