Brigade Enterprises net up 73% to Rs 49.2 crore in Q4

Bangalore-based real estate developer Brigade Enterprises Ltd said its net profit for the fourth quarter ended March 31, 2014 has increased 73% to Rs 49.2 crore compared to Rs 28.4 crore in the corresponding quarter last year.

Total revenues stood at Rs 394.2 crore as against Rs 299.4 crore, showing an increase of 32% over the corresponding quarter last year. The operating profit rose 32% to Rs 70 crore from Rs 53 crore in the year ago period.

During the fourth quarter, Brigade Enterprises launched a total of 200,000 sq ft of residential space. It sold residential space aggregating to 600,000 sq ft with a total value of Rs 292.2 crore during the fourth quarter ended March 2014. The average price realisation was Rs 4,892 per sq. ft.

Retail and hospitality segments contributed Rs 34.3 crore and Rs 32.5 crore respectively to the revenues for the fourth quarter ended March 2014.

The company has planned to launch 10 million sq ft of new projects in 2014-15. Of this, residential launches will be about 7 million sq ft and commercial space will be 2 million sq ft. The balance one million sq ft space will be in the hospitality sector.

The board of directors has recommended a dividend of Rs 2 (20%) per equity share for 2013-14.