Bengaluru-based property developer Brigade Enterprises reported a consolidated profit after tax (PAT) up by 2 percent year-on-year (YoY) at ₹115 crore for Q2FY25 from ₹112.5 crore in the previous year period.
The revenue fell by 19 per cent at ₹1,138.1 crore, from ₹1,407.9 crore in Q2FY24.
The group reported a consolidated EBITDA of ₹358 crore, down by 2 percent. The pre-sales volume was at 1.68 million sqft in Q2FY25. The average sales realisation stood at ₹10,832 per sqft with an increase of 45 percent over Q2FY24. Besides, Brigade has 25 mn sqft of ongoing projects as of September 2024.
Commenting on the future projects, Pavitra Shankar, MD, Brigade Enterprises Ltd. said, “We have upcoming projects of approximately 13 mn sqft over the next four quarters including eight in Bengaluru, four in Chennai, one in Hyderabad and two in Mysuru. We continue to have zero residential debt, primarily due to robust sales and collections. With a healthy pipeline, increasing demand, and steady interest rates, we are confident to carry forward momentum in future quarters.”
Key contributor
During the quarter, revenue from real estate stood at ₹727 crore, with an EBITDA of ₹107 crore. Real estate collections reached ₹1,470 crore, marking the highest-ever quarterly collections, according to the company. Leasing revenue was ₹292 crore. Additionally, the company reiterated its plans to list Brigade Hotel Ventures Limited, having filed a draft red herring prospectus on October 30, 2024, with SEBI and the relevant stock exchanges.
The shares of the company closed at ₹1,084.95, down by 3.30 percent on the BSE.