On August 5, Brigade Enterprises, a real estate firm based in Bengaluru, announced that its profit for the April to June quarter of the current fiscal year surged nearly four times, reaching Rs.81 crore compared to Rs.22 crore in the same period last year.
In a regulatory filing, the company reported that its consolidated revenue from operations increased to Rs.1,113 crore for the April to June FY25 period, up from Rs.685.43 crore in the same period last year.
The company reported presales of Rs.1,086 crore for the quarter ending June 30, along with a sales volume of 1.15 million square feet. The average realization during this three-month period was Rs.9,483 per square foot, according to the statement.
The company cited in its investor presentation, “Nation-wide general election resulted in sluggishness in the revenue; fewer auspicious dates during the quarter added to the slower growth rate.”
Consequently, the company's total expenses rose 53% year-on-year to Rs.1,005 crore in the first quarter of FY25, compared to Rs.655 crore in the previous year, as indicated in the exchange filing.
Pavitra Shankar, Managing Director, Brigade Enterprises Ltd. said,"Real estate segment continued to be the primary driver of our growth, while other segments made healthy contributions.”
According to the company's statement, real estate revenue was Rs.707 crore in Q1 FY25, leasing revenue contributed Rs 259 crore, and hospitality revenue amounted to Rs.118 crore for the quarter.
In its investor presentation, the company reported that portfolio occupancies were at 75% during the first quarter of FY25.
According to the investor presentation, the company’s operating leasing portfolio covered 8.7 million square feet as of June 30. Additionally, Brigade Enterprises manages eight hotels across five cities, with a total of 1,474 keys.
Brigade Enterprises Ltd was established in 1986, and has developed several iconic buildings across Bengaluru, Chennai, Hyderabad, Gift City-Gujarat, and Thiruvananthapuram, with a diverse portfolio including residential, office, retail, and hotel projects.
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