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Brigade Q4 results: Profit up 234%, revenue rises 102% on strong demand

In FY24, Brigade launched 5.26 million square feet in the residential sector and 0.94 million square feet in the commercial sector

World Trade Centre- Brigade Enterprises

World Trade Centre- Brigade Enterprises

Aneeka Chatterjee Bengaluru

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Real estate developer Brigade Enterprises reported a 234 per cent rise in net profit to Rs 211 crore for the fourth quarter ended March. The total revenue stood at Rs 1,763 crore, up 102 per cent, on the back of strong demand.

"All verticals of the company contributed significantly to our growth in FY24 on the back of robust demand. With a strong pipeline of 22 million sq ft of ongoing projects and around 16 million sq ft of upcoming projects, we are confident of sustained performance in the coming quarters as well. We continue to focus on Bengaluru, Chennai and Hyderabad for suitable land parcels that are at par with our quality standards and our consumer-first focus,” said Pavitra Shankar, managing director, Brigade Enterprises.

EBITDA stood at Rs 493 crore in Q4 FY24 as against Rs 231 crore in Q4 FY23, an increase of 113 per cent. Brigade approved a final dividend of Rs 2 per equity share (20 per cent) of Rs 10 each.

Brigade achieved presales of Rs 2,243 crore in Q4 FY24 and Rs 6,013 crore for the entire FY24. The company recorded real estate sales volumes of 2.72 million square feet in Q4 FY24 and 7.55 million square feet in FY24, with average realisations for FY24 increasing by 23 per cent over FY23. Total collections across the Group for FY24 amounted to Rs 5,915 crore.

Leasing grew by 14 per cent year-on-year, with an additional 1 million square feet leased in FY23, achieving 97 per cent occupancy across the portfolio. In Q4 FY24, incremental leasing reached 0.20 million square feet.


In FY24, Brigade launched 5.26 million square feet in the residential sector and 0.94 million square feet in the commercial sector.

“The residential business continued to drive sales growth, with all other verticals of the company contributing significantly and finishing strong in the financial year. This year, we have been able to achieve our best ever operational performance, and we aim to leverage this performance in FY25. Our outlook is optimistic, as we believe demand for residential space will continue to be strong. Our leasing efforts gained momentum and healthy growth in ARR in our hospitality vertical as well. We are aggressively pursuing land acquisition opportunities in our target markets and continue to add high-quality assets to our land bank,” Shankar added.

In the hospitality vertical, average occupancy stood at 72 per cent (grown 3 percentage points) and ARR stood at around Rs 6,480, which recorded around 8 per cent growth in FY24.

Brigade Group said it has a robust pipeline of new launches, encompassing approximately 12.61 million square feet in residential projects, 6.33 million square feet in commercial developments, and 1.06 million square feet in hospitality ventures.

Brigade announced its fourth-quarter earnings after market hours on Tuesday. Ahead of the earnings, the company’s shares were down 4.34 per cent to close at Rs 1,221.10 on the BSE.

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First Published: May 28 2024 | 7:49 PM IST

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