Suresh K, Chief Financial Officer, Brigade Enterprises Ltd has joined the company on 5 December, 2011. Suresh is a qualified Cost accountant, Chartered Accountant and Company Secretary having 22 years of post qualification experience in various fields.
Brigade Group is a multi domain organization into property development, hospitality, property management services and education for over 24 years. In the area of property development—its flagship domain—Brigade Enterprises Ltd has developed many landmark buildings in Bangalore and Mysore and has expanded its operations to other south Indian cities - Chennai, Chikmagalur, Hyderabad, Mangalore and Kochi. Its residential properties include integrated lifestyle enclaves & apartment buildings. Our integrated lifestyle enclaves are conceptualized as self-contained, gated communities, which generally include a combination of apartments, office & retail space, recreational club, parks, school, convention centre etc. Our commercial properties include state of the art office space, software & IT Parks, SEZs, Malls with multiplex.
Speaking with Yash Ved of IIFL, Suresh K says “The prices in Bangalore are not high as compared to other cities. We expect prices to be stable in the Bangalore market”.
Brief us about your current and upcoming projects?
We are planning to launch various projects in Bangalore, Chennai, Mysore and Hyderabad.
The company’s upcoming residential projects include Omega tower A, Omega Tower B, Golden Triangle, Meadows Phase-II and Zenith in Hyderabad.
The company also plans to launch hotel and retail projects in Chennai and Mysore.
We are also planning to launch projects in Bangalore which include Magnum, IVR Centre besides an IT Park in Cochin.
Share your Business Highlights for the quarter?
The first quarter was a very significant one, as the company signed a Private Equity deals with the Government of Singapore Investment Corporation for developing a residential project in Bangalore.
Orion Mall, formally launched in April 2012, generated revenues of Rs. 69mn during the quarter.
What is the total area under development?
We have developed over 20mn sq ft and plan to launch 6mn sq ft in FY 2012-13.
Brief us about your financials?
The Board of Directors of Brigade Enterprises has approved the financial results for Q1 FY13. The total revenue stood at Rs1412mn as compared to Rs1322.3mn in earlier quarter.
The net profit stood at Rs143.8mn as compared to Rs80.4mn, up by 79%.
While EBITDA margin was stood at 31%.
What are your targeted sales for FY13?
Our targeted sales for FY13 are Rs 10bn.
What is the outlook for the real estate industry?
The prices in Bangalore are not high as compared to other cities. We expect prices to be stable in the Bangalore market.