Brigade revenue rises 43% to Rs 921 cr in Q3, net profit at Rs 78 cr

Realty company Brigade Enterprises saw its revenue from operations rise 43 per cent to Rs 921 crore in the December quarter (Q3) compared to Rs 645 crore in the year-ago period. It also registered a net profit of Rs 78 crore in Q3 of FY22 whereas it had recorded a loss of Rs 16 crore in the corresponding period of FY21.

On a sequential basis, the company’s revenue has grown 22 per cent compared to Rs 753 crore in the September quarter (Q2) while net profit has grown 550 per cent compared to Rs 12 crore in the preceding quarter.

The company has reported sales of 1.1 million square feet valued at Rs 684 crore during Q3 of FY22. It reported cash flow from operating activities at Rs 341 crore, 60 per cent higher than Q2 of FY22. During the quarter under review, Brigade reduced its real estate debt by Rs 52 crore and with a consistent decrease in cost of debt, the average cost of debt stood at 7.81 per cent.

“Buyer sentiment remains positive as witnessed by the demand in our ongoing and completed projects, with Brigade continuing to be the brand of choice for customers seeking to buy a new home. While Bangalore continues to be the primary contributor, Hyderabad and Chennai have made significant contributions to the business,” said M R Jaishankar, CMD, Brigade Enterprises Limited.

“The momentum in our residential business will continue with the launch of around 2.4 million square feet of new projects in the upcoming quarters. Our Office, Retail and Hospitality businesses have made a strong comeback post the first and second Covid waves,” he added.