Brigade Enterprises has reported a 2.29% increase in net consolidated profit for Q2 FY25, with a profit after tax of INR 115.08 crore. However, its total income for the quarter dropped by 19.16% to INR 1,138.13 crore. The company has several upcoming projects, including 13 million square feet of development planned across cities like Bengaluru, Chennai, Hyderabad, and Mysuru. Brigade's pre-sales volume reached approximately 1.68 million square feet, with an increase in average sales realization. Additionally, its subsidiary, Brigade Hotel Ventures, is preparing for an IPO.
Brigade Enterprises has reported a 2.29% increase in its net consolidated profit for the quarter ending September 30, 2024. The company's profit after tax stood at INR 115.08 crore in Q2 FY25, compared to INR 112.50 crore during the same period of the previous fiscal year, as stated in a filing with the Bombay Stock Exchange (BSE).
The company's net consolidated total income for Q2 FY25 was INR 1,138.13 crore, marking a 19.16% decline from INR 1,407.92 crore recorded in the corresponding quarter of the prior year. Pavitra Shankar, the Managing Director, mentioned that Brigade has upcoming projects of nearly 13 million square feet scheduled for the next four quarters, with eight projects planned for Bengaluru, four in Chennai, one in Hyderabad, and two in Mysuru.
For the quarter ending September 30, 2024, the paid-up equity share capital of the holding company increased from INR 23,114 lakh to INR 24,422 lakh, following the allotment of 45,131 equity shares through employee stock options and a Qualified Institutional Placement (QIP) issuing 1,30,43,478 shares.
Brigade Hotel Ventures, a wholly-owned subsidiary of Brigade Enterprises, filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on October 30, 2024, for an Initial Public Offering (IPO) of equity shares with a face value of INR 10 each, consisting of a fresh issue of shares amounting to up to INR 900 crore. The company achieved pre-sales of approximately 1.68 million square feet in Q2 FY25, with average sales realisation standing at INR 10,832 per square foot-an increase of 45% compared to Q2 FY24. Brigade Enterprises currently has 25 million square feet of ongoing projects as of September 2024.
Brigade Enterprises has experienced moderate profit growth but faced a decline in total income for the quarter. The company's strong pipeline of upcoming projects and impressive pre-sales figures reflect its ongoing expansion plans. With a significant increase in average sales realisation and a promising IPO on the horizon through Brigade Hotel Ventures, the company is positioning itself for sustained growth in the coming months. Despite short-term income fluctuations, its strategic developments offer potential for long-term success.
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