Brigade Enterprises - On A Strong Footing: ICICI Securities

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Securities Report.We expect Brigade Enterprises Ltd. to see continued traction across business segments in FY24-25E. With a residential launch pipeline of ~8 million square feet over the 12 months along with the recently acquired ~10acre land parcel in Kokapet, Hyderabad, we model for residential sales bookings of Rs 45.8 billion in FY24E and Rs 51.3 billion in FY25E. Further, we expect Brigade Enterprises to clock rental net operating income compound annual growth rate of 16% over FY22-25E to Rs 6.2 billion led by lease-up of vacant space in Tech Gardens, Bengaluru and Brigade Twin Towers office project becoming fully operational in FY25E. With the Indian hotel industry seeing buoyant demand, we estimate the company to clock hotel Ebitda of Rs 1.4 billion in FY24E and Rs 1.6 billion in FY25E with the hotel portfolio capable of clocking Rs 1.8 billion of stabilised annual Ebitda beyond FY25E. We retain our 'Buy' rating with an unchanged target price of Rs 695/share based on one time FY24E net asset value. Key risks are weakness in office leasing and slowdown in residential demand..Click on the attachment to read the full report:.IIFL Finance - Expanded Footprint, Diverse Portfolio To Drive >20% RoE In Near-Term: ICICI Securities.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Brigade Enterprises - On A Strong Footing: ICICI Securities

Residential segment to see continued momentum.

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