Covid-19 impact: Brigade Enterprises posts pre-tax loss of Rs 86 cr in Q1

With sales and operations hit by the Covid-19 pandemic and the subsequent lockdown, Bengaluru-based real estate company Brigade Enterprises registered a pre-tax loss of Rs 85.8 crore in Q1FY21. It had posted a PBT of Rs 73.34 crore in the corresponding period of the last year.

The company reported a net loss of Rs 53 crore for the period vis-a-vis a net profit of Rs 41 crore in Q1FY20, while total consolidated revenues fell 70 per cent to Rs 214 crore compared to the corresponding quarter of the last year.

The company achieved 0.4 msft of new sales during the quarter valued at Rs 250 crore vs 1 msft valued at Rs 593 crore in the corresponding period of the previous year. The hospitality sector was majorly hit with average occupancy of 11 per cent in hotels because of the impact of the pandemic. However, the leasing segment for offices remained stable with over 95 per cent collection.

“Despite the pandemic, our total collections for the quarter were Rs 376 crores. Although the biggest impact has been in the hospitality and retail segment, all efforts are being taken to improve their performance and we are positive that these segments will normalise soon,” said MR Jaishankar, chairman & MD, Brigade Enterprises.

While construction has resumed and has now crossed 50 per cent, the company expects to reach 100 per cent by the end of third quarter. “Green shoots are visible in residential business with a pickup in enquiries and sales,” said the company.