Property developer Brigade Enterprises’ net revenues for the fourth quarter of FY23 saw a marginal decline of 9.6 per cent to ₹872 crore compared with ₹965 crore in the same quarter last year.

Profit after tax (PAT) during the quarter under review stood at ₹63 crore (₹12 crore loss) in Q4 FY22. While for the entire year, PAT stood at ₹222 crore (₹65 crore).

Highest-ever sales

It reported its highest-ever real estate sales of 6.3 million square feet in 2023 with the total value of ₹4,109 crore(₹3,023 crore) , an increase of 36 per cent. For the entire year, revenue grew by 16 per cent to ₹3,563 crore compared to FY22.

Brigade’s leasing vertical witnessed an increase of 26 per cent in revenuesat ₹ 752 crore (₹596 crore). While office leasing grew 33 per cent from 0.9 million square feet in FY22 to 1.2 million square feet in FY23.

Its retail rental segment footfalls increased by 106 per cent over the past fiscal year for the retail malls and it witnessed 78 per cent growth in retail sales consumption during FY23 over FY22.

“We are happy to announce that our real estate business outperformed during the fourth quarter, enabling us to end the year with the highest-ever sales. We have a strong pipeline of ongoing projects of around 20 million (m) square feet (sft) and upcoming projects of 7.5 m sft. We are confident that we will sustain the momentum and will increase growth in the coming years,” said Pavitra Shankar, Managing Director, Brigade Enterprises Limited.

The board of directors has recommended a final dividend of ₹ 2 per equity share (20 per cent) of ₹10 each for FY23.

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