Brigade Enterprises net dips 12.1% to Rs 43.4 cr in Q4

The Bengaluru-based property developer sells 700,000 sq ft space in Q4, FY15

Bengaluru-based property developer Brigade Enterprises on Wednesday reported 12.1 per cent decline in consolidated net profit at Rs 43.4 crore for the fourth quarter-ended March, compared to Rs 49.4 crore in the corresponding quarter last year.

Its turnover for the quarter declined 13 per cent to Rs 354 crore compared to Rs 407 crore in the same quarter last year. The operating profit, however, went up 26 per cent to Rs 136 crore as against Rs 108 crore in the same period a year ago.

“The drop in profits is mainly due to higher depreciation at Rs 21 crore, which was not there in the same quarter last year. The decline in turnover was due to lesser number of recognition projects. Only three of its projects were complete to the extent of 25 per cent of the construction as against six in the fourth quarter last year,” Suresh Kris, chief financial officer, Brigade Enterprises, said.

During the fourth quarter, Brigade sold 0.7 million sq ft space, a growth of 17 per cent over the corresponding quarter last year. The value of sales was Rs 349 crore, a growth of 19.5 per cent over the same quarter last year, when it sold Rs 292 crore worth of space.

Brigade launched two new projects during the fourth quarter involving a total of 1.2 million sq ft space.

Going forward, in the current financial year, it plans to launch new projects having a total of 7.7 million sq ft space, Kris added.

The shares of Brigade closed the day at Rs 159.80 per share, a drop of 1.96 per cent over the previous close on BSE.