Brigade Enterprises - Southern Comfort: ICICI Securities

ICICI Securities Report

FY22 was another challenging year for Brigade Enterprises Ltd. with Covid-19 impacting the leasing and hospitality segments in H1 FY22.

However, the company clocked a resilient performance with FY22 residential sales of 4.7 million square feet worth Rs 30.2 billion (up 9% YoY in terms) and also reduced its share of net debt by Rs 9.0 billion YoY to Rs 17.5 billion as of March 2022 aided by a qualified institutional placement fund raise of Rs 5.0 billion in Q1 FY22.

Brigade Enterprises’ liquidity position is comfortable and we expect the company’s share of rental net operating income to grow at 20% compound annual growth rate over FY22-25E to Rs 6.8 billion along with continued traction in residential sales and revival in hotels.

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