Brigade Group’s net profit jumps 117% in Q2
Brigade Group reported a significant jump in net profit and sales for the second quarter of FY24, with all business segments seeing high growth.
The company’s reported total revenue of Rs 1,408 crore, a 54% jump in the second quarter of FY24 as compared to the same period last year, while the net profit more than double at Rs 134 crore in Q2 FY24.
The company’s new bookings in the real estate segment in Q2 FY 24 is 1.67 mn sft valued at Ra 1,249 crore. The collections for Q2 FY24 stood at Rs 1,439 crore, an increase of 15%.
«All business verticals contributed significantly to the growth of the company in Q2 of FY24.
The residential segment continues to outperform with strong absorption across our key markets, heightened end-user interest, stable registration processes, steady home loan rates and excellent response to new launches. With a robust pipeline of launches in Bengaluru, Chennai and Hyderabad we are confident that we will sustain the momentum going forward.» said Pavitra Shankar, Managing Director, Brigade Enterprises.
In Q2 FY24, the real estate segment witnessed a steady increase in pricing realization and continued its consistent performance with strong absorption trends across Bengaluru and Chennai.
“During the quarter, revenue stood at Rs 1,063 crore with an EBITDA of Rs 155 crore, new sales of 1.67 mn sft valued at Rs 1,249 crore.
This is a 14% increase in terms of area 25% increase in value over the previous quarter. Collections stood at Rs 1,029 crore”, the company said.
In Q2 FY24, Brigade achieved an incremental leasing of 3 lakh sft recording a 5x q-o-q growth.
