Brigade Enterprises Limited Achieved Net Sales of 1.53 Mn Sft with a Sale Value of INR 1,010 Crores in Q3 FY23

Brigade Enterprises Limited posted a revenue of INR 859 crores in Q3 FY23 with EBITDA of INR 246 cores and PAT of INR 43 crores. Collections continued to remain robust at INR 1,328 crores in Q3FY23.

“Real estate business achieved one of the highest ever sales and continued to be the primary growth driver, with good contributions from the Retail, Hospitality and Office verticals. We expect to sustain and grow the momentum in the coming quarters with a good pipeline of new residential projects, leasing business, and continued growth in the hospitality business to finish the year strong.” said Pavitra Shankar, Managing Director, Brigade Enterprises Ltd.

In a recent press release the company elaborated on it earnings, as below.

Real Estate:

The Real Estate business of the company achieved net new bookings of 1.53 mn sft valued at INR 1010 crores in Q3 FY23.  Collections for the quarter stood at INR 936 crores.


The company had leased 0.3 mn sft for the quarter and leasing for 9MFY23 stands at 1 mn sft. Collections remained stable and demand is high across all properties.

During Q3 FY23, there was a 27% growth on like-to-like sales consumption over pre-covid level across all its Malls.


The company’s hospitality business has continued its growth story in Q3 as well. There has been an all-round improvement in our numbers, with both the topline and bottom-line.

ARR witnessed a growth of 58% and occupancy grew by 14% in Q3 FY23 over Q3 FY22

Revenue of INR 101 crores during Q3 FY23, an increase of 61% from INR 63 crores in Q3 FY22

EBITDA of INR 21 Crores in Q3 FY23, an increase of 17% from INR 18 Crores in Q3 FY22

Financial Highlights (Consolidated):

Revenue in Q3 FY23 stood at INR 859 Crores as against INR 933 Crores in Q3FY22;  decrease of 8%. EBITDA stood at  INR 246 Crores in Q3 FY23 as against INR 270  Crores in Q3 FY22; decrease  by 9% PAT for Q3FY23 stood at INR 43 Crores as compared  to INR 46 Crores in Q3 FY22. Real estate debt was reduced by INR 77 Crores in Q3 FY23 with average cost of debt at 8.46%.

During the quarter, the credit rating outlook has been upgraded to A+/Positive from A+/Stable by CRISIL and ICRA.

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