Bengaluru-based real estate firm Brigade Enterprises on August 5 reported that its profit in the April to June quarter of the current fiscal year grew nearly four-fold to ₹81 crore from ₹22 crore in the year-ago period.
The company’s consolidated revenue from operations grew to ₹1,113 crore during April to June FY25 period from ₹685.43 crore in the year-ago period, the real estate player said in a regulatory filing.
The company recorded presales of ₹1,086 crore during the period, alongside a sales volume of 1.15 million square feet in the quarter ended June 30. Average realisation stood at ₹9,483 per square feet during the three-month period, the statement said.
Also Read: Brigade Group to develop 8-acre housing project worth ₹1,100 crore in Bengaluru
“Nation-wide general election resulted in sluggishness in the revenue; fewer auspicious dates during the quarter added to the slower growth rate,” the company cited in its investor presentation.
Consequently, the company’s total expenses also grew 53% year-on-year to ₹1,005 crore during the first quarter of FY25, the exchange filing showed. It stood at ₹655 crore in the year-ago period.
“Real estate segment continued to be the primary driver of our growth, while other segments made healthy contributions,” said Pavitra Shankar, Managing Director, Brigade Enterprises Ltd.
Also Read: Brigade Group launches project in North Bengaluru with a revenue potential of ₹1100 crore
According to the company statement, real estate revenue stood at ₹707 crore during Q1 FY25, while leasing revenue fetched ₹259 crore to the company’s kitty. Simultaneously, hospitality revenue roped in ₹118 crore during the quarter.
During the first quarter of FY25, portfolio occupancies stood at 75%, the company said in its investor presentation. Meanwhile average room rental per paid occupied room amounted to ₹6,233 during the period under review. “Major events including IPL matches and MICE contributed significantly to occupancy and ARR,” the company said.
The company’s operating leasing portfolio measured 8.7 million square feet as of June 30, as per details cited in the investor presentation. Brigade Enterprises operates eight hotels across five cities with 1,474 keys, it added.
Also Read: Brigade Group to launch 15 mn sq ft in Chennai by 2030, to invest ₹8000 crore
Established in 1986, Brigade Enterprises Ltd has developed several landmark buildings across Bengaluru, Chennai, Hyderabad, Gift City-Gujarat and Thiruvananthapuram, among others, with developments across residential, office, retail and hotels.
