Consolidated Total Income at ₹ 685 Crores in Q1 FY24
Bengaluru, August 8, 2023: Q1 FY24 CONSOLIDATED FINANCIAL HIGHLIGHTS
Total Income at ₹ 685 Crores
EBITDA at ₹ 206 Crores
PAT after MI stood at ₹ 39 Crores
Total collections for the Q1 FY24 stood at ₹ 1,244 crores
Brigade Group reported a revenue of ₹ 685 Crores and PAT after Minority
Interest of ₹ 39 Crores in Q1 FY24. New bookings in real estate segment in Q1 FY 24 is 1.46 mn sft
valued at ₹ 996 Crores. Brigade also reduced its real estate debt by ₹ 45 Crores, of which residential
debt is fully repaid as of June 2023. The average cost of debt at the Group level is at 8.7%
“During the quarter under review, we maintained steady growth across all segments: residential,
office, retail, and hospitality. Our pipeline across business verticals remains strong, and we are
optimistic about sustained future growth. Our flagship sales event, Brigade Showcase, concluded
recently and witnessed excellent turnout with good inquiries. We expect to launch 9.70 mn sft in next
4 quarters out of which 7.87 mn sft is in the residential segment.” – Pavitra Shankar, Managing
Director, Brigade Enterprises Ltd
REAL ESTATE
The Real estate segment continued its consistent performance with new sales of 1.46 mn sft valued
at ₹ 996 Crores. This was complemented by collections of ₹ 879 Crores. The residential business
witnessed a steady increase in pricing realization across all products segments and markets. The
company has a strong pipeline of new launches planned for the second half of the year.
During the quarter, revenue stood at ₹ 371 Crores with an EBITDA of ₹ 9 Crores.
LEASING
In the quarter under review, Brigade leased 61,000 sft with existing tenants taking up additional space.
Leasing was muted as only SEZ office space was available. Brigade has achieved a leasing of 84% of its
available inventory, with 100% leasing under the non-SEZ category. With an increased momentum in
leasing enquiries in Q2 FY’24, Brigade has an active pipeline for the coming quarters.
During the quarter, revenue stood at ₹ 213 Crores with an EBITDA of ₹ 160 Crores
HOSPITALITY
The Hospitality business of the company continued its growth story in Q1 FY’24, with both top line
and bottom line registering higher than Q1 FY’23 numbers. The company’s focus on increasing ARRs
paid off with a growth of 16% across the portfolio and a revenue increase of 13% when compared with
Q1 FY’23. The hospitality business is expected to continue to perform well in the coming quarters.
During the quarter, revenue stood at ₹ 102 Crores with an EBITDA of ₹ 38 Crores.