Brigade Group Reports Sales of 1 Million sq. ft

Brigade Group Reports Sales of 1 Million sq. ft
08/11/2019 , by , in News/Views

Brigade Enterprises Limited’s Consolidated Revenues for the half year ended 30th September 2019 is at Rs. 1,469 crores. EBITDA Margin stood at 27% for both H1 FY20 and H1 FY19. Consolidated Net Profit (after minority interest) is at Rs 79 Crores for H1FY20.

Real Estate space aggregating to 1 Million sft was sold during Q2 FY20 which is 24% higher when compared to Q2 FY19. The total value of space sold was Rs. 529 Crores during Q2 FY20 which is 15% higher when compared to Q2 FY19. Sales volume increased by over 70% in H1 FY20 when compared to H1 FY19.

Revenue and EBITDA have both increased in Q2 FY20 when compared to Q1 FY20. The Net Profit has reduced due to increase in depreciation and interest of lease rental yielding and hotel projects which were capitalised.

Commenting on Company’s performance, Mr. M.R. Jaishankar, Chairman and Managing Director, Brigade Enterprises Limited said:

“The Company has witnessed robust sales in its residential business. The sales volume has increased substantially despite challenges at both, macro and micro economic levels. This is testament to the strong Brand Value of Brigade and is a recognition of the Quality of our products and to the wide range of product offerings that are available to our customers. On the commercial operations front, we are nearing completion in some of our marquee office projects and leasing on the same is progressing well.”

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