Buy Brigade Enterprises, target price Rs 695: ICICI Securities
Brigade Enterprises with a target price of Rs 695. The current market price of Brigade Enterprises Ltd.
is Rs 591.75.
Brigade Enterprises Ltd., incorporated in the year 1995, is a Mid Cap company (having a market cap of Rs 13680.23 Crore) operating in Real Estate sector.
Brigade Enterprises Ltd. key Products/Revenue Segments include Income From Real Estate Development, Lease Rentals, Other Services, Other Operating Revenue for the year ending 31-Mar-2022.
Financials For the quarter ended 30-06-2023, the company reported a Consolidated Total Income of Rs 685.43 Crore, down -21.41 % from last quarter Total Income of Rs 872.11 Crore and down -25.52 % from last year same quarter Total Income of Rs 920.28 Crore.
Company reported net profit after tax of Rs 21.89 Crore in latest quarter.
Investment Rationale
While the company now has 100% occupancy in non-SEZ space, the Tech Gardens and World Trade Centre, Chennai projects continue to see higher vacancies owing to delay in SEZ de-notification policy. The company continuesto target 100% occupancy at a portfolio level by Mar’24 (84% currently).
