Brigade Enterprises posts 73 pc rise in Q4 profit

Bangalore-based real estate major Brigade Enterprises has posted a 73 per cent jump in profit after tax to Rs 49.2 crore for the last quarter of 2013-14, compared to Rs 28.4 crore in the same period of FY13.
Total revenue of the company rose by 32 per cent to Rs 394.2 crore in the period under review, from Rs 299.4 crore in the year-ago period, the company said in a statement.
For the full fiscal, the company reported 40 per cent rise in profit at Rs 89.8 crore, up from Rs 64.2 crore recorded during the previous fiscal.
Total revenues were at Rs 915.8 crore for the financial year ended March 31, 2014, a 16 per cent rise over Rs 788.1 crore reported for the previous year, it said.

The growth for 2013-14 was a "result of the combination of good sales in ongoing residential projects, and sale of commercial spaces coupled with few big projects which have come for revenue recognition in the fourth quarter", Brigade Enterprises Limited CMD M R Jaishankar said.
He said the price segment of Rs 80 lakh - Rs 1.6 crore saw a good uptake across locations in Bangalore and also expected the trend to continue this year.
Brigade Group announced a spate of launches in the past one year across cities in South India: Hyderabad (Brigade at No 7), Mangalore (Brigade Pinnacle), Mysore (Brigade Palm Grove - villa project), and Bangalore (Brigade Lake Front -EPIP Zone in Whitefield).

Brigade Cosmopolis in Whitefield, Bangalore was also launched through their joint venture with GIC, Singapore. Totally, 4 million sq. Ft was launched in this period, the statement said.