Pavitra Shankar, Managing Director of Brigade Enterprises, mentioned in an interview that the company is ready to grow by engaging in joint developments as well as acquiring projects outright.
She also mentioned, “We are looking at both joint developments and outright project purchases for our land banking strategy."
Brigade Enterprises strategically executed the sale of a plotted project in the previous quarter, resulting in a decline in year-on-year realizations.
Nevertheless, Shankar emphasized that this was a deliberate decision, as nearly half of the sales were generated from new launches, indicating a strong demand for their fresh offerings. It is worth noting that the majority of these launches are scheduled for the latter half of the year.
The company is hopeful that the average price realization of new projects will be around Rs.10,000 per square foot.
She further added, “We have always been communicating our focus on the South Indian markets, we are going to continue doing that.”
Shankar highlighted that Brigade Enterprises is well-capitalized to finance new projects on its own, yet is willing to collaborate with private equity firms for extra funding when needed.
She explained, “We are fully capitalized to fund a project but can always look at a PE partner for fund raise."
Brigade Enterprises' leasing portfolio yielded a revenue of Rs.940 crore, and there is a possibility of exit rentals reaching Rs.1,050 crore. This expansion in the leasing industry reinforces the company's financial stability and diversification of income, enhancing its overall position.
The company's net profit for the fourth quarter ending on March 31, 2024, saw a significant 234.3% year-on-year increase, amounting to Rs.210.9 crore. The company's market capitalization currently stands at Rs.28,546 crore.
Brigade Group will continue to maintain its strong presence in South Indian market and utilize this prominence for their further growth.
Copyright © 2024 HomesIndiaMagazine. All Rights Reserved.
