Bengaluru : Brigade Group reported a total revenue of ₹ 1,138 Crores and PAT of ₹ 115 Crores in Q2 FY25. The company achieved pre-sales volume of ~1.68 million sqft in Q2 FY25. Average sales realization stood at ₹10,832 per sqft in the quarter under review, an increase of 45% over Q2 FY24. Brigade has 25 mn sqft of ongoing projects as of September 2024.
Commenting on the results, Pavitra Shankar, MD, Brigade Enterprises Ltd. said, “We attribute this growth to our commitment to delivering high quality residential spaces, coupled with a strong financial position and the robust demand for quality residential spaces. In the real estate space, we have upcoming projects of approximately 13 mn sqft over the next four quarters including eight in Bengaluru, four in Chennai, one in Hyderabad and two in Mysuru. We continue to have zero residential debt, primarily due to robust sales and collections. With a healthy pipeline, increasing demand and steady interest rates, we are confident to carry forward momentum in future quarters.”
REAL ESTATE
During the quarter, revenue from real estate stood at ₹ 727 Crores with an EBITDA of ₹ 107 Crores. Achieved presales volume of 1.68 mn sqft valued at ₹ 1,821 Crores. Real estate collections stood at ₹1,470 Crores, a highest ever quarterly collections.
LEASING
During the quarter under review, Revenue stood at ₹ 292 Crores with an EBITDA of ₹ 209 Crores. The Company’s portfolio occupancy stood at 97% with overall leasing of 8.46 mn sqft, including hard option. BuzzWorks – the flexible office venture arm of Brigade launched its first space in Hyderabad. BuzzWorks now has locations in Bangalore, Hyderabad, Chennai, Kochi and GIFT city, Gujarat.
HOSPITALITY
Brigade Hotel Ventures Limited, wholly owned subsidiary is proposing, subject to receipt of requisite approvals, market conditions and other considerations, an initial public offering of its equity shares and has filed a draft red herring prospectus dated October 30th 2024, with the Securities and Exchange Board of India and the relevant stock exchanges.
Q2 FY25 CONSOLIDATED FINANCIAL HIGHLIGHTS
During the quarter under review, total income stood at ₹ 1,138 Crores while EBITDA was ₹ 358 Crores. PAT stood at ₹ 115 Crores. Total collections for the Q2 FY25 stood at ₹ 1,936 crores. New launches of 16 mn sqft has been planned for rolling 4 quarters and would include approximately 13 mn sqft in the residential sector.
