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ICICI Direct Report
Brigade Enterprises Ltd.’s performance was a mixed bag. Residential sales was flattish YoY amid high base while other segment such as leasing recovered strongly.
Sales at Rs 1028 crore was up 1% YoY. Realisations were up ~8.4% YoY at Rs 6644/square feet (led by project mix). Brigade Enterprises reported sales volume of 1.5 million square feet, reporting decline of ~8% YoY, on a high base (56% growth in the base).
On financial reported numbers, reported revenues grew ~19.1% YoY to Rs 942 crore, with revenue recognition from real estate at Rs 729 crore, up 13% YoY.
Revenues from hospitality (flat YoY) were at Rs 55.3 crore while rental revenues at Rs 180.7 crore, up 48.8% YoY, saw strong recovery.
Reported Ebitda margins were down 210 bps YoY to 21.8% mainly on account of higher sub-contractor cost and other expenses.
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