Brigade Enterprises Limited, one of South India’s leading real estate developers, has announced the standalone unaudited results for the third quarter ended December 31, 2010 (Q3).
The total income for Q3 FY10-11 stood at Rs 1.44bn as compared to Rs 653.1mn in Q3 FY09-10; an increase of 121%. EBIDTA for Q3 FY10 - 11 stood at Rs 942.8mn; registering an increase of 580% as compared to Rs 138.8mn in the corresponding period last year.
Profit Before Tax( PBT) was at Rs.848.2mn as compared to Rs. 50.7mn in Q3 FY09-10, an increase by 1573%.
Profit After Tax (PAT) for Q3 FY 2010-11 improved to Rs 581.2mn as against Rs 59.3mn in Q3 FY 2009 -10, an increase of 880%. The earnings per share (EPS) for Q3 FY 2010 - 11 stood at Rs 5.18 per share.
Commenting on the Company’s performance for Q3FY10-11, 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. Being at the forefront of real estate development in South India, Brigade will cater to the growing demands in the residential, commercial and hospitality sectors and continue to set new performance benchmarks and create landmarks.”
Highlights of the Quarter
The sale of the hospital building at Brigade Gateway Project at Malleswaram-Rajajinagar, Bangalore, for a consideration of Rs. 127 crores was completed.
The company has entered into a joint development agreement of 16.5 acres of land for development of 1.8 million sq.ft in Whitefield.
The company has entered into a joint development agreement of 21 acres of land at Arcot Road, Chennai.
The Sheraton Bangalore Hotel at Brigade Gateway will be operational by end of Q4 FY 2010-11
The 8,00,000 sq.ft Orion Mall & Multiplex will be operational early 2011-12.
Company is proposing to launch 25 projects aggregating to 9 million sq ft. in the next 6-12 months of which 75% will be residential and the remaining 25% a mix of commercial and hospitality projects.
There is good response to leasing of Commercial space .
The total area sold during Q3 aggregated 3.71 lakh square feet.