Companies

Brigade Enterprises returns to black with net profit of ₹12 crore in Q2

Our Bureau Bengaluru | Updated on November 11, 2021

Residential business continued to drive strong performance

Brigade Enterprises Ltd, a Bengaluru-headquartered real estate and hospitality player, said on Thursday that it achieved ₹831 crore in sales value in Q2 FY22, an increase of 73 per cent over Q1 FY22, with net area sales of 1.3 million sqft. The residential business, with contribution from the Bangalore, Chennai and Hyderabad markets, continued to drive the strong performance of the group, the company said in a release. Cash flows from operating activities were ₹213 crore, 37 per cent higher than Q1 FY22. In office business, Brigade said it had leased 1.7 lakh sqft during Q2 FY22 with an active pipeline of 1 million sqft.

The overall sales of Brigade’s Retail business recovered to 90 per cent of pre-Covid levels, the company added. Hospitality portfolio occupancies improved to 45 per cent in Q2 FY22 from 23 per cent in Q1 FY22. The company said it had reduced its average cost of borrowing to 7.92 per cent. Overall, there has been a sharp revival across businesses. Net profit stood at ₹12 crore in the second quarter compared to a loss of ₹17 crore in the same quarter, last year.

Commenting on the results, Chairman and Managing Director, MR Jaishankar, Brigade Enterprises Ltd, said, “Led by strong sales and significant growth in our residential business, we have had another strong quarter as the pandemic wanes. We have a strong pipeline of residential projects that will help continue the momentum. There are promising signs of revival in our Office business, supported by increased enquiries, physical site inspections and closures.”

While the results of the company after declared after the closing of trading hours, earlier in the day Brigade was up by a per cent to close at ₹489 on the bourses.

Published on November 11, 2021

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