Brigade Enterprises LTD. posts a Revenue of INR 1,833 crores in H1FY23, an increase by 57% as compared to H1FY22 and PAT of INR 116 Crores for H1 FY23 with robust collections of ₹ 2,632 crores in H1FY23 and a growth of 17% in pre-sales area, 23% growth in value and 59% growth in collection in H1 of the current financial year. The company witnessed sales of 1.2 mn sft valued at INR 795 Crores in Q2 FY23.
“Our real estate business vertical continued to lead the growth with contributions from all other verticals including retail and hospitality. We expect to sustain and grow the momentum in the coming quarters with a good pipeline of new residential projects and leasing business and continued growth in hospitality business in H2FY23.” said M R Jaishankar, Executive Chairman, Brigade Enterprises Ltd.
The real estate business of the company continued to exhibit a strong track record with net new bookings of 1.2 Mn sqft at a value of ₹ 795 crores in Q2 FY’23. Buoyed by strong sales performance and pace of construction, the collection trend has also been stellar with a net value of INR 1,036 crores.
H1FY23 net sales increased by 17% in area, value by 23% and collection by 45% compared to H1FY22.
Revenue for the quarter is ₹ 189 Crores which is increased from INR 136 crores of Q2 FY22 with a growth of 39% Y-o-Y.
In H1FY23, the company leased 0.7mn sft and maintains that the outlook for the next 2 quarters looks positive with over 1 mn sft across all properties in the pipeline.
Retail sales consumption showed 38% growth during H1 FY23 and growth of 8% in sales consumption for multiplexes, surpassing pre-covid levels.
Average occupancy across the portfolio increased by 51% in Q2 FY23 as against Q2 FY22. Revenue for the quarter is INR 91 crores which is increased by 122% against Q2 FY22 and EBDITA for the quarter is INR 29 crores which is increased by 292% against Q2 FY22. While international business is yet to contribute to its full potential, the company is confident of continued growth in coming quarters and is hopeful of a quick revival of international travel.