Brigade Enterprises Q2 Results: Profit Rises On Deferred Tax Credit, Revenue Up 55%
It had a deferred tax credit of Rs 23 crore for the July-September period.
Brigade Enterprises Ltd's consolidated net profit rose for the second quarter of fiscal 2024, meeting analysts' estimates.
The Bengaluru-based realty firm's net profit increased to Rs 112.5 crore from Rs 51.8 crore year-on-year. That compares with the Rs 91 crore consensus estimate of analysts tracked by Bloomberg.
It had a deferred tax credit of Rs 23 crore for the July-September period. The company's expenses rose by 44% to Rs 1,227.5 crore from Rs 850 crore over the same period last year.
Brigade Enterprises Q2 FY24 (Consolidated, YoY)
Net profit rises to Rs 112.5 crore vs Rs 51.8 crore.
Revenue up 55% at Rs 1,366.6 crore vs Rs 879 crore.
Ebitda up 50% at Rs 324.8 crore vs Rs 216.5 crore.
Ebitda margin at 23.7% vs 24.6%.
Other Highlights
New bookings in the real estate segment in Q2 FY24 was at 1.67 million square feet, valued at Rs 1,249 crore.
Collections for Q2 stood at Rs 1,439 crore as compared with Rs 1,244 crore in Q1, an increase of 15%.
"All business verticals contributed significantly to the growth of the company in Q2 of FY24. With a robust pipeline of launches in Bengaluru, Chennai and Hyderabad, we are confident that we will sustain the momentum, going forward," said Pavitra Shankar, managing director, Brigade Enterprises.
Shares of Brigade Enterprises closed over 4% higher at Rs 696 apiece on the BSE ahead of the earnings announcement, as compared with a 0.05% rise in the benchmark Sensex on Wednesday.