Brigade Enterprises Limited, one of South India’s leading real estate developers, has announced the unaudited results for the second quarter & half year ended September 30, 2010 (Q2).
The total income for Q2FY10 stood at Rs 1.24bn as compared to Rs 855mn in Q2FY09; an increase of 45%. EBIDTA for Q2FY10 stood at Rs 31.14 crore; registering an increase of 117.15% as compared to Rs 14.34 crore in the corresponding period last year.
Profit Before Tax( PBT) was at Rs. 22.50 crore as compared to Rs. 60.7mn in Q2FY09, an increase by 270.86%.
Profit After Tax (PAT) for Q2FY10 improved to Rs 20 crore as against Rs 44.8mn in Q2FY09, an increase of 346.22%. The earnings per share (EPS) for Q2FY10 stood at Rs 1.78 per share.
The total income for H1FY10 was at Rs 2.17bn as compared to Rs 1.51bn in H1FY09; an increase of 42.96%. EBIDTA for H1FY10 stood at Rs 47.41 crore; registering an increase of 68.60% as compared to Rs 28.12 crore in the corresponding previous period. Profit After Tax for the H1FY10 improved to Rs 33.92 crore as against Rs 8.34 crore in H1FY09, an increase of 306.71%. The earnings per share (EPS) for H1FY10 stood at Rs 3.02 per share.
Commenting on the Company’s performance for Q2FY10, Mr. M R Jaishankar, Chairman and Managing Director, Brigade Enterprises Limited said, “Brigade Enterprises will continue to create shareholder value as has been our constant endeavor. The real estate sector seems to be on an upswing and the industry is poised to grow in the next few quarters. Being at the forefront of real estate development in South India, Brigade will cater to the retail, hospitality, serviced apartment, commercial and residential interests of its customers and set new performance benchmarks.”
Broad outlook
The sale of the hospital building at Brigade Gateway Project at Malleswaram, Bangalore, for a consideration of Rs. 1.27bn was completed recently.
Company has launched 5 projects aggregating to 1 million sq.ft during the current financial year.
3 million sq.ft of commercial space is nearly completed.
The Sheraton Bangalore Hotel at Brigade gateway is expected to be operational by this financial year.
Company is proposing to launch 25 projects aggregating to 9 million sq ft. in the next 12 months.
·Company is in the process of clinching lease deals aggregating 0.50 million square feet of office space in the World Trade Center Bangalore at Brigade Gateway, and summit at Brigade Metropolis. Further leasing activity in the Orion mall is at full swing which has received greater interest from leading international/national retail brands.
Company has entered into a joint development agreement for development of 21 acres at Arcot Road, Chennai. This is expected to generate a turnover of more than Rs. 550 crores.