Brigade Enterprises reports 32% on-year surge in Q1 net profit
Net profit for the April-June quarter of Bangalore-based realty developer Brigade Enterprises saw a 32% on-year rise at Rs. 29 crore. Revenue for the quarter grew 21% to Rs. 565 crore, the developer said in a release.
The developer launched three real estate projects totaling over 2 million sq ft during the quarter. The company sold 3,10,000 sq ft with a total value of Rs. 183 crore during the first quarter with the average price realization was Rs. 5,863 per sq ft.
“Despite subdued market conditions, we have continued to perform well. The positive disruptions in the market i.e. implementation of GST & RERA is a step in the right direction by the government which will provide the necessary impetus for growth of the economy, which in turn will propel demand in the real estate sector. We are confident of scaling up our performance in all domains of real estate that we operate in,” said M.R. Jaishankar, Chairman and Managing Director, Brigade Enterprises.
Leasing and Hospitality segments contributed Rs. 71 crores and Rs. 51 crores, respectively to the consolidated revenues for the first quarter ended 30th June, 2017. During the quarter, Brigade Tech Gardens commenced the construction with 3.3 million sq ft of leasable area.
The company also raised Rs. 500 crore through a Qualified Institutional Placement (QIP) in April. As on June end, Brigade Enterprises’ Debt-Equity ratio stood at 0.66 times.