Brigade posts 11% rise in profit for Q1

Real estate major Brigade Enterprises has posted a 10.79 per cent increase in net profit at Rs 7.39 crore, for the first quarter of the current financial year that ended on June 30.

The city-based company had posted a net profit of Rs 6.67 crore during the corresponding period last year.

It said total revenue of the company rose by seven per cent to Rs 168 crore in the period under review, from Rs 157 crore in the year-ago period.

"There is around 10 per cent increase in PAT, it could have been much more, but the depreciation during this quarter was higher because of the new companies act, wherein the useful life of the asset we had to consider.....," Brigade Enterprises CFO Suresh K said.

Suresh said: "our EBITDA stood at Rs 48 crore compared to Rs 47 crore which is more or less same; there is just about 2 per cent increase."

The company's EBITDA margins in Q1 stood at 29 per cent as against 30 per cent in the same period last year, and earnings per share (EPS) was Rs 0.66 against Rs 0.59.

Commenting on the operational performance of the company, Suresh said real estate space aggregating to 0.48 million sq ft with value of Rs 247.8 crore was sold during the quarter ended on 30 June 2014. The average price relisation is Rs 5,187 per sq ft.

He said lease rental and hospitality segments contributed Rs 37.8 crore and Rs 27.2 crore respectively to revenues for the first quarter ended on June 30.

The company said it has launched 1.91 million sq ft of residential space in Bangalore during the first quarter, and 0.37 million sq ft of office and retail space was also launched in the first quarter that ended on June 30.

Suresh said during the quarter credit rating agency ICRA has upgraded the credit rating of the company A- (minus) to A, for the line of credit facilities of the company.