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ICICI Securities Report
FY20 was Brigade Enterprises Ltd.'s best year with strong performance across residential, leasing and hospitality segments.
While Covid-19 has impacted operations in H1 FY21 across segments, with peak capex behind and gradual improvement expected from H2 FY21, we remain bullish on the company's longterm prospects.
We expect Brigade Enterprises' share of rental net operating income to grow at 12% compound annual growth rate over FY20-23E to Rs 5.2 billion driven by pre-leasing in Chennai/Bengaluru office projects.
The company's focus on affordable/mid-income housing projects in South India and expected recovery in hotel business in FY22E will enable the company to get its growth story back on track.
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