1) BRIGADE ENTERPRISES LIMITED
- Brigade Enterprises Ltd. (BRGD) is one of India’s leading property developers, with over three decades of expertise. Since its inception, Brigade has completed 280+ buildings, amounting to over 86msf. of developed space across a diverse real estate portfolio.
- Brigade Enterprises Limited reported strong Q1 FY2025 results, with consolidated gross revenue reaching INR 1077.72crores, up 164.8% YoY. The company’s primary driver has been the real estate segment while other made health contributions. They continue to have adequate liquidity and credit lines from the financial institutions to support their growth plan.
- The Net profit rose 3-fold to reach INR 80.53Crores in Q1FY25 compared to INR 21.89crores in Q1FY24. Operating profit climbed by 110.5% YOY to reach INR 224.66crores in Q1FY25.
- Real estate segment to see continued momentum
- In Q1FY25 the real estate segment saw sales of 1.15MSF and revenue of INR 707.2crores, the overall price realization trajectory is upwards coming at Rs. 9,438 per sq foot as compared to Rs. 7,970per sq foot in Q4FY24 with strong demand for the new launches and under-construction properties. Management believes looking at a positive impact from the indexation benefit for capital gains on realty investments.
- Leasing traction to see gradual improvement
- Company achieved leasing revenue of INR 259.4crores inQ1FY25 with the leasing portfolio standing at 8.7million sq ft. with consistent office rental collections. GCPs, flex space operators, CFSI, and technology firms continued to drive leasing activities. New brands added in the electronics category that propelled the retail category. There is a positive leasing transaction across retail portfolio in terms of new family entertainment centers and F&B restaurants.
- Hospitality segment on a stable footing
- This segment saw highest year-on-year ARR growth of INR 6,233 in Chennai and Bangalore only behind Hyderabad, with INR 118crores in revenue and average occupancy of 75% inQ1FY25 as compared to INR 464crores in revenue and 72% occupancy rate in Q4FY24 .The competitive markets in Mysore is leading to improvement in amenities. Events like Indian Super League and Indian Premier League matches led to higher occupancy across the country. However, dry days owing to nationwide elections hampered restaurant, lounge, and catering revenue. There were also fewer weddings across the country due to fewer auspicious dates.
- There will be upcoming pipeline project launches skewed to the second half off the year. Company will be launching their 9th hotel under the management of French multinational Accor. This will be their second hotel in Maison, complementing the existing Grand Mercure Maison with 130 rooms.