Brigade Enterprises’ net profit for the third quarter of FY23 dropped 8 per cent to ₹42.68 crore compared to ₹46.41 crore in the same quarter last year.
According to the company, the profit declined due to the revenue recognition policy under the Indian Accounting Standards. The net revenues shrank by 11 per cent to ₹820.31 crore . (₹921.02 crore).
Segment Revenue
The real estate business of the company posted revenues of ₹520.58 crore, a drop of 26.27 per cent compared to ₹706.12 in the previous year. The hospitality segment saw revenues improve by 60 per cent to ₹101.45 crore. (₹63.52 crore). , The leasing segment’s revenues increased by 34.55 per cent to ₹213.24 crore (₹158.48 crore).
For Q3, the company announced earnings per share of ₹2.27, compared to ₹3.41 in Q3 FY22.
“The primary growth drivers were the retail, hospitality and office verticals. We expect to sustain and grow the momentum in the coming quarters with a good pipeline of new residential projects, leasing business, and continued growth in the hospitality business to finish the year strong,” said Pavitra Shankar, Managing Director, Brigade Enterprises Ltd.