Brigade Enterprises Ltd Management Discussions

1. ECONOMIC OVERVIEW

In FY 25, the global economy experienced steady but uneven growth across regions. While manufacturing slowed down particularly in Europe and parts of Asia due to ongoing supply chain disruptions and subdued external demand, the services sector provided much of the momentum. Inflationary pressures eased in most countries, although services inflation remained persistent. Although commodity prices have stabilised, the risk of synchronised price increases persists. These dynamics have led central banks to adopt varied approaches to monetary easing, increasing uncertainty around future interest rates and inflation paths. Geopolitical tensions and trade related uncertainties also continued to weigh on global economic prospects.

In this global context, India displayed steady economic growth. This growth was buoyed by strong agricultural output, especially due to record Kharif production and favorable rural conditions, as well as the steady expansion of the services sector. Although the manufacturing sector faced global headwinds and seasonal slowdowns, stable private consumption and adherence to fiscal discipline bolstered overall macroeconomic stability. Additionally, a strong services trade surplus and rising remittances helped maintain a healthy external balance, reinforcing Indias growth momentum amid global uncertainties.

According to the Second Advance Estimates by the National Statistics Organisation (NSO), Indias GDP growth is expected at 6.5% in FY 25, much lower than 9.2% GDP growth in FY 24. The growth is attributable to strong rural demand, supported by favourable monsoon conditions, and increased government spending. The construction sector recorded the highest growth at 8.6%, followed by financial, real estate, and professional services at 7.2%, and trade, hotels, transport, communication, and broadcasting-related services at 6.4%. Private final consumption expenditure (PFCE) rose by 7.6%, reflecting a rebound in consumer spending.

The Consumer Price Index (CPI) inflation for FY 25 is estimated at 4.8%, reflecting an improvement from 5.4% in FY 24. To address liquidity challenges, the Reserve Bank of Indias Monetary Policy Committee (MPC) reduced the repo rate by 25 basis points to 6.25% on 7^th February 2025, marking the first rate cut since May 2020. The governments strong commitment to foster economic growth, strengthen financial resilience, and create an inclusive development environment- Viksit Bharat bodes well for economic development.

1.1 Outlook

RBI has estimated the annual GDP growth rate at 6.7% for FY 26 led by revival in industrial activity, heightened household consumption aided by tax reliefs in Union Budget 2025-26, and good agricultural produce. An uptick in agricultural and industrial output, coupled with resilient rural demand, is expected to support Indias growth trajectory. Retail inflation has been pegged at 4.2% for FY 26. The governments push for digital transformation, financial inclusion and ease of doing business has created a favourable environment to attract foreign direct investment. This is further aided by the attractive production- linked incentive (PLI) schemes aimed at boosting domestic manufacturing.

The real estate sector is expected to maintain stable growth in FY 26, backed by key drivers like urbanisation, infrastructure push, capital market reforms, and digital adoption. Despite global challenges and affordability pressures, the sector is likely to progress toward more institutionalised, tech-enabled, and sustainable development.

2. INDUSTRY OVERVIEW

The real estate industry in India plays an integral role in the economy, accounting for over 7% of the overall Gross Value Added (GVA) in the past decade. Following two challenging years of pandemic-related lockdowns and economic instability, the real estate sector, the second-highest employment generator, has undergone a robust recovery. Several factors have contributed to the sectors growth, including rapid urbanization, rising income levels, enabling government reforms, the growing tech sector and improved credit availability for developers. Moreover, the stronger-than-anticipated growth afforded the RBI leeway to keep the repo rate unchanged at 6.5%, demonstrating a prudent and measured approach to ensure that inflation aligns durably and sustainably with the target of 4%. These promising indicators signal favourable conditions for the real estate sector to thrive and expand in the coming years.

Real estate sector growth is to a great extent fuelled by strong government policies leading to increased transparency, greater compliance, investment and inclusivity through policies like FDI policies, the Real Estate Regulation and Development Act (RERA), Real Estate Investment Trust (REIT) guidelines, the Benami Transactions (Prohibition) Amended Act, the Goods and Services Tax (GST), Smart Cities Mission, Housing for All, and AMRUT (Atal Mission for Rejuvenation and Urban Transformation).

Indias real estate market, comprising four subsectors - residential, retail, hospitality and commercial- witnessed remarkable growth in FY 25, with record-breaking leasing and sales, and a growing appetite for new launches. Equity investments in the sector are projected to reach USD 10 billion in FY 25, driven by robust inflows in commercial spaces and a strong momentum in residential real estate. The momentum in the residential segment sustained through FY 25 with annual sales volumes scaling a 12-year high at 0.35 million units sold during the year, representing a healthy 7% YoY growth. Sales are at a multi-year high in Hyderabad and Pune. NCR was the only market that saw sales dip marginally, though on a high base. There is a remarkable shift in homebuyers preferences towards products that enable an upgraded lifestyle with more space, amenities and differentiated experiences.

Similar growth momentum was seen in other segments, including office spaces, malls, co-working, co-living and industrial & warehousing. The positive sentiment around the economy is a major driver of occupier activity in the office market, sustaining the momentum gathered since 2022. Office markets beat the previous high in 2019, with leasing activity surging to 71.9 million sq. Ft. (square feet). The Indian office market is firmly back on the growth trajectory it was set on before the pandemic.

Retail, hospitality, and commercial real estate are also growing significantly, providing the much- needed infrastructure for Indias growing needs. Flexible office spaces and the adoption of the Core + Flex model continue to remain popular. With more employees returning to offices, the demand for office spaces has risen steadily. Consequently, overall vacancy rates have dropped 17% - the lowest recorded in 14 quarters. In FY 25, retailers leased 8.1 million sq. ft. in shopping malls and prominent high streets across Indias top seven cities. During the year, the industrial & warehousing segment accounted for the highest share in overall real estate investment volumes at 39%, surpassing the office segment. There is a sustained rise in demand for superior quality Grade A developments and evolving supply-chain models.

2.1 Residential Segment

The Indian residential markets strong growth momentum persists, with the fourth quarter of the FY 25 recording the highest-ever sales across all metro cities combined. Notably, 86% of new project launches originated from Mumbai Metropolitan Region, Hyderabad, Delhi-NCR, Pune, and Bangalore, which also accounted for 86% of total residential sales during the period.

The fourth quarter witnessed total sales of 88,274 units which was 2% YoY growth with Mumbai, Delhi- NCR, and Pune leading the supply.

The Bengaluru market saw the most growth in launches during the quarter at 26% YoY. Mumbai and Bengaluru saw the highest volume of units launched in Q4 FY 25 and together constituted 44% of the units launched. Sales in the Rs.10-20 mn segment grew by 2% YoY and those in the Rs.20-50 mn category have grown by 28% YoY respectively.

However, sales lagged in NCR and Bengaluru by 8% and 5% YoY respectively. Interestingly, both markets have also seen the highest growth in prices which has contributed to the dip in volumes in these markets. Price levels in Bengaluru and NCR saw exceptional growth at 16% and 12% YoY as the focus sharpened toward development of premium, high- rise properties.

Governments thrust on mega-infrastructure projects will catalyze the growth across all real estate sectors.

FY 25 was a historic year which witnesses the highest numbers in terms of sales revenue, collections and registrations owing to price hikes and larger unit sizes in most categories. We have strategically streamlined our sales cycle, prioritizing the sale of a significant portion of our inventory at launch to capitalize on strong demand.

We have a robust pipeline of upcoming launches across Bangalore, Chennai, Hyderabad, and Mysore, positioning us to further expand our market share in FY 26. With major projects like Brigade Cornerstone Utopia, Brigade El Dorado, Brigade Xanadu, and Brigade Citadel reaching completion, our commitment to enhancing livability remains strong. Additionally, new developments such as Brigade Insignia, Brigade Icon, and Brigade Gateway (Neopolis) will further strengthen our super luxury portfolio.

2.2 Office Segment

Indias commercial office real estate sector reached a significant milestone in FY 25, with leasing activity across the top six cities totalling 68.6 Mn sq. ft., reflecting an 11% year-on-year growth. Bengaluru led this surge, achieving its highest-ever leasing volume of 22.2 Mn sq. ft., a remarkable 36% increase from the previous year. Hyderabad also demonstrated a robust performance, with leasing activity reaching 11.3 Mn sq. ft., surpassing the 10 Mn sq. ft. mark for the first time.

FY 25 witnessed a notable shift in demand dynamics, with domestic firms playing a crucial role alongside multinational corporations. Global Capability Centres (GCCs) reinforced Indias position as a global business hub, with occupiers prioritizing quality and sustainable office spaces. On the supply side, developers demonstrated strategic agility by delivering premium assets to meet evolving needs, despite challenges posed by rising construction costs.

Rental trends in FY 25 exhibited a 5-8% increase in prime markets such as Bengaluru, primarily due to the demand for Grade A spaces. This trend is anticipated to persist in FY 26, driven by robust GCCs and flexible workspace demand, limited prime supply, and occupiers preference for sustainable, modern, amenity-rich, tech-enabled spaces that continue to command premium pricing rates.

The commercial office segment of Brigade Group achieved stable results in FY 25, with demand primarily driven by Engineering & Manufacturing and Technology firms. Brigade Twin Towers in Yeshwanthpur experienced a rise in interest with increased demand for sales from investors and leasing from manufacturing, flex space, and retail tenants highlighting the growing demand for office spaces in the North-West Bangalore micro-market.

In FY 25, Brigade launched ~2 Mn sq. ft. of commercial office space development and continues to focus on further developments in FY 26. With the rising demand for Grade A office spaces in Tier II cities and encouraging support from respective state governments, Brigade planned for its new upcoming launches in Ahmedabad, Kochi, Trivandrum, Coimbatore, Mysore, including its primary Tier I focus cities Bangalore, Chennai, and Hyderabad.

The FY 26 outlook is supported by Indias projected economic growth of 6.5-7% and anticipated policy support, including potential interest rate cuts by the Reserve Bank of India to boost investment. While challenges such as inflationary pressures on construction costs and global economic volatility could temper growth, the sectors diversified demand and adaptive supply dynamics offer resilience.

2.3 Retail Segment

Driven by changing consumer behaviour and rising e-commerce competition, malls are becoming an experience-driven destination, where shopping is just one part of a larger lifestyle offering. Brands are focusing on experiential retail, integrating AR/ VR shopping and interactive flagship stores. Another growing trend is that of Direct-to-Consumer (D2C) brands shifting from local stores to malls, leveraging higher footfalls and omnichannel fulfilment.

For Shopping Malls, entertainment and leisure have become the key drivers, with VR gaming zones, escape rooms, and trampoline parks drawing visitors. Live performances, movie premieres, and art exhibitions are turning malls into cultural hubs. The F&B sector is expanding, with gourmet food halls and microbreweries replacing traditional food courts.

Technology is enhancing customer experience through AI-driven navigation, smart parking, and contactless payments. Malls are adopting omnichannel strategies, such as self check-out services and digital-first stores, to integrate online and offline retail.

Orion Malls are continuously evolving with these trends, ensuring they remain dynamic and engaging destinations for both consumers and retailers. Through strategic upgrades and tenant churn, we are enhancing the shopping experience and maximizing performance. Despite a muted market in FY 25, which was after a strong growth in the prior year, and the underperformance of multiplexes, our proactive approach has driven approximately 5% growth in consumption, led by Electronics, Specialty Lifestyle, Watches, and Accessories.

2.4 Hospitality Segment

The Hospitality and Tourism sector witnessed a transformative period in FY 25, surpassing expectations and setting new benchmarks. It was truly a year when recovery transformed into reinvention. With the continued surge in travel demand, and as travellers increasingly sought meaningful, sustainable, and immersive experiences, hotels and resorts experienced record occupancy rates?indicating the dynamic growth potential of Indias hospitality industry. The country is growing in importance as a domestic hotel market, an inbound market, a destination for global brands, and now, an important outbound travel market.

FY 25 continued the positive trend with record results and growth observed in the areas of Occupancy, Average Room Rate (ARR), and Revenue Per Available Room (RevPAR), due to sustained domestic leisure travel, demand from Meetings, Incentives, Conferences, and Exhibitions (MICE) including weddings and business travel, despite a temporary lull during the general elections in the first quarter. The industry also saw an increase in international arrivals despite global uncertainties, augmented by India hosting various global events.

Domestic travel within the country increased as well, facilitated by expanded airport capacity and the return to work-from-office or hybrid mode policies for many IT companies. Between April 2024 and March 2025, 410 million passengers (domestic and international) were handled by airports in India vs. 376 million in the previous year. As per current trends, India is projected to become the 3^rd largest domestic and 5^th largest outbound market in the world by 2027.

Many city and state specific events such as Aero India 2025, IPL matches, IMTEX, the Global Investor Summit, pharma conferences, the STONA event at BIEC, and various music concerts helped increase occupancies in their respective cities. The government has also maintained its focus on promoting tourism in the country, benefiting states like Kerala, which saw increased tourism that positively contributed to the growth of its hospitality industry. Mysore has been growing as an industrial hub, primarily due to investments in manufacturing, logistics, and infrastructure. This trend suggests a rising demand for hospitality infrastructure beyond major metropolitan areas.

The year also witnessed the largest increase in supply, with 14,400 new keys added. More projects from prominent operators are in the pipeline, indicating operator confidence in the continued growth of the industry. The Make in India initiatives push for manufacturing has driven economic growth, prompting several companies to establish new offices, outlets, and manufacturing units across the country.

The trend of hosting weddings in city hotels or as destination weddings is expected to continue and in fact, gain momentum as the practice spreads to the mid-market segment. Additionally, the trend of giving greater importance to celebratory occasions (anniversaries and personal milestones) is generating social demand at both city hotels and resorts.

Sport-based demand has also gained momentum and is likely to strengthen in the future. International, national, and league events across various sports (cricket, hockey, kabaddi, and football) are creating sizeable demand across various price segments. Newer formats and leagues are also launching, including those for women. Demand includes team members, officials, support staff, visiting spectators, and those training in the lead-up to tournaments.

This remarkable growth of the industry has been largely driven by the increase in domestic travellers in both the business and leisure segments. As Indias economy continues its upward trajectory, business- related travel remains strong. With 17 new airports added since 2020, exploring India has never been easier for both domestic and international tourists. Weddings, social events, and spiritual/religious tourism have all positively impacted the growth of the industry.

In Q4 FY 25, India-wide occupancy surged, reaching 66-68%?a 2-4 percentage point increase compared to the same period last year. In metro markets, occupancy rates surpassed 80%, an 18-20% year-on-year increase. The hotel industry reported a 10-12% growth in ADRs nationwide. South Indian markets observed the highest RevPAR growth, with Bengaluru leading the charts. We expect this positive trend to continue into the new financial year.

2.5 Outlook:

The overall outlook for our business segments remains positive supported by a continued focus on land acquisition in our key markets of Bengaluru, Chennai and Hyderabad. In FY 26, we are expecting to launch about 12.33 Mn sq. ft of residential business. In the Commercial segment we are expected to launch about 3.07 Mn sq. ft.

3. OPPORTUNITIES AND THREATS

The Indian real estate market post-pandemic has exhibited strong resilience and is poised for greater opportunities in the coming decade, despite the global economic uncertainty.

Opportunities

Indias housing market is booming, especially in mid to high-end segments. Premium and luxury homes are gaining popularity, outpacing demand for affordable housing. Integrated townships with modern amenities and smart homes featuring AI, automation, and sustainable energy are in high demand. Multigenerational living is also becoming a favoured choice, as families seek spaces that suit all age groups. With growing consumer interest and supportive financial conditions, the market is expected to maintain strong momentum.

The commercial real estate market is on a steady growth path, driven by a resilient economy and rising demand from sectors like IT, finance, and manufacturing. Big cities like Bengaluru, Delhi NCR, and Mumbai lead the market, but tier-2 cities are also growing. Companies now prefer modern, smart, and eco-friendly offices. The popularity of flexible workspace models continues, supporting hybrid work trends as more professionals return to offices. With decreasing vacancy rates and business optimism on the rise, the sector is set for continued expansion in FY 26.

As Consumer spending is raising in the Country, it is creating a strong growth opportunities in both retail and hospitality sectors. Retail demand is increasing in areas like fashion, food, and entertainment, with malls turning into experience centers that attract more visitors. With regard to hospitality, more travel and business activity are driving hotel demand and investment. With urbanization and changing lifestyles, these sectors are expected to grow further in FY 26.

Threats for the real estate growth:

• Global economic uncertainty

• Cyclicity trends in the housing market

• Interest rate volatility

• Lack of availability and quality of infrastructure is crucial for residential set-ups and office real estate markets

• Limited access to financing options, high interest rates, and strict eligibility criteria for loans

• Complex regulatory environment

• Construction Quality and Delays

• Evolving Workplace Preferences

• Growing preference for green buildings

• Limited availability of prime land in major commercial hubs

The Company remains committed to identifying and addressing all potential threats. Mitigation measures are implemented to minimize risks & threats and ensure business continuity.

4. PERFORMANCE

4.1 Business performance

During FY 25, all our business segments exhibited robust performance with strong contributions from the residential, office, retail and hospitality segments. The year topped all our previous yearly performance, with the highest ever Presales and collections in Real Estate Segment. Demand remained solid, led by strong home sales, a recovery in the leasing industry and strong performance from our hotel business. We launched 11 projects totaling 9.5 Mn sq. ft in Real Estate segment. Further, launched 2 Mn sq. ft of commercial development. The overall launch was stronger than the previous year.

4.2 Business Segment

4.2.1. Real Estate

In FY 25, Brigade Group achieved its highest ever Presales of Rs.7,847 Crores with a sales volume of 7.05 Mn sq. ft. The Revenue has shown an increase of 31% YoY during FY 25. We saw a healthy contribution from Hyderabad and Chennai with each market contributing 18% & 12% respectively. We also launched a Net Zero Project - Brigade Citrine in East Bangalore as we move towards a sustainability focus. Brigade is committed to reach a Net Zero status by 2045.

The average realization stood at Rs.11,138/sq. ft. during FY 25, an increase of 40% over FY 24. Total collections stood at Rs.7,250 Crores which grew by 23% over FY 24.

The projects that we launched in FY 25 are as follows:

# Project	City	Segment	Project Area (in Mn sq. ft.)	BEL Interest (in Mn sq. ft.)
1 Brigade Insignia	Bengaluru	Residential	0.89	0.89
2 Brigade El Dorado - Cobalt	Bengaluru	Residential	0.51	0.51
3 Brigade Padmini - Tower B	Bengaluru	Commercial	0.73	0.37
4 Brigade Residences at WTC - Nebula	Chennai	Residential	0.07	0.04
5 Brigade Tech Boulevard	Chennai	Commercial	0.84	0.51
6 Brigade Valencia - Brillio	Bengaluru	Residential	1.19	0.85
7 Brigade El Dorado - Beryl	Bengaluru	Residential	0.43	0.43
8 Paradise @ Brigade Cornerstone Utopia	Bengaluru	Commercial	0.21	0.14
9 Brigade Icon	Chennai	Residential	0.62	0.62
10 Brigade Citrine	Bengaluru	Residential	0.70	0.70
11 Brigade Gateway - Tower A	Hyderabad	Residential	1.19	1.19
12 Brigade Vantage	Mysuru	Commercial	0.13	0.07
13 Brigade Altius	Chennai	Residential	1.42	1.42
14 Bigade Eternia	Bengaluru	Residential	2.05	1.25
15 Brigade Orchards - Ebony	Bengaluru	Residential	0.43	0.29
Total			11.41	9.28

The projects under development as on March 31, 2025

(Million sq. ft.)

Projects	Project Area	Co. Share	LO/JV Share
Real Estate projects for sale	16.38	12.09	4.29
Brigade El Dorado*	3.60	3.60	-
Brigade Orchards*	1.54	1.06	0.48
Brigade Cornerstone Utopia*	1.51	1.00	0.51
Brigade Residences at WTC Chennai*	0.35	0.18	0.17
Total Real Estate	24.27	18.82	5.45

*Through Special Purpose Vehicles (SPVs)

4.2.2. Lease Rental (Office & Retail)

The Lease Rental business witnessed net absorption of more than 0.35 Mn sq. ft. during the year. The demand was driven Engineering & Manufacturing and Technology firms.

Revenue stood at Rs.1,16,493 lakhs during FY 25, a growth of 24% over FY 24. With 90% occupancy across operational office portfolio, of which ~100% leasing was observed in operational SEZ projects.

The Orion Malls maintained an average occupancy of 91%, with our flagship property, Orion Gateway, achieving 96% occupancy. Fashion and F&B emerged as the top-performing leasing categories, driven by a continued focus on premiumising the brand mix.

Operating Office and retail projects as on March 31, 2025 are as follows:

(Million Sq. ft.)

Name of the Project	Location	Leasable Area	Leased	To be Transacted
Brigade Tech Gardens*	Bangalore	3.00	2.84	-
WTC Chennai*	Chennai	1.98	1.98	-
WTC Kochi*	Kochi	0.77	0.77	-
Brigade Twin Towers - Tower A & C	Bangalore	0.66	0.02	0.64
WTC Bangalore	Bangalore	0.62	0.62	-
Brigade Opus	Bangalore	0.30	0.30	-
Brigade Intl Financial Center, GIFT City*	Gift City	0.27	0.27	-
Brigade Bhulwalka Icon	Bangalore	0.19	0.19	-
Brigade Southfield	Bangalore	0.16	0.16	-
Orion Gateway Mall	Bangalore	0.83	0.80	0.03
Orion Uptown Mall	Bangalore	0.27	0.24	0.03
Orion Avenue Mall	Bangalore	0.15	0.13	0.02
Brigade Vantage, Chennai	Chennai	0.06	0.06	-
Others	Bangalore	0.12	0.09	0.03
Total		9.38	8.47	0.75

* Special Economic Zone Projects

Projects under development as on March 31, 2025

(Million Sq. ft.)

Lease Rental Projects	Location	Project Area	Co. Share	LO/ JV Share
Brigade Square, Thiruvananthapuram	Thiruvananthapuram	0.19	0.19	-
Arcadia @ Brigade Cornerstone Utopia*	Bengaluru	0.12	0.08	0.04
Brigade Padmini Tech Valley- Tower B	Bengaluru	0.73	0.37	0.36
Brigade Tech Boulevard	Chennai	0.84	0.51	0.33
Brigade Vantage, Mysore	Mysuru	0.13	0.07	0.06
Total Leasing		2.01	1.22	0.79

*Through Special Purpose Vehicles (SPVs)

4.2.3. Hospitality

The hospitality segment continued its growth trajectory from last years revival and demonstrated record results. Our portfolio benefited from this positive trend, with occupancy rates and ADR witnessing healthy growth. Our portfolios occupancy rate for FY 25 grew to 76% from 72% the previous year. RevPAR for our portfolio saw a growth of 10% over the previous financial year. This led to overall revenue growth of 17% and an AGOP growth of 20% over FY 24.

The segments positive trend was supported by increases in domestic leisure travel, MICE events, weddings, and foreign tourist arrivals.

Looking ahead, domestic business and leisure travellers remain the primary demand drivers for the hotel industry. While international travel continues its steady recovery and contributes significantly through Global Distribution Systems, the focus will remain on attracting domestic travellers through competitive pricing and tailored experiences. The Indian hospitality industry is poised for continued growth this year, driven by robust domestic travel, a rebound in foreign tourism, and the expansion of the MICE segment.

5. FINANCIAL REVIEW

5.1 Equity Share Capital

The Brigade Group has an authorised share capital of Rs.25,000 Lakhs. As of March 31, 2025, the paid-up equity share capital was Rs.24,437 Lakhs, compared to Rs.23,110 Lakhs as of March 31, 2024.

5.2 Total Debt

As of March 31, 2025, the net bank debt was Rs.96,215 Lakhs, compared to Rs.2,59,030 Lakhs as of March 31, 2024. The net debt-to-equity ratio was 0.14. The average cost of debt is 8.67%.

5.3 Credit Rating

The credit rating upgrade for the credit facilities being availed from banks and financial institutions during the financial year 2024-25 is as follows:

Rating Agency	Present Rating & Outlook	Previous rating & Outlook
ICRA Limited	AA-/ Stable	AA-/ Stable
CRISIL Ratings	AA-/ Positive	AA-/ Stable

The credit rating upgrade is a testimony of the financial discipline as well as sound business performance.

5.4 Revenue

• We achieved our highest-ever sales and collection figures, with revenue from operations up by 3.63% to Rs.5,07,421 Lakhs in FY25 from Rs.4,89,669 Lakhs in FY24 growth is driven by better performance in segments of leasing and hospitality.

• The highest ever pre-sales of ~ 7.05 Million sq. ft. with a sales value of Rs.7,84,564 Lakhs in FY25, an increase of 31% from FY24 with an increase in average realisation by 40% to Rs.11,138 per sq. ft. in FY25.

• Revenue from Real Estate segment recorded at Rs.3,33,325 Lakhs in FY25 compared Rs.3,47,526 Lakhs in FY24 and the revenue reduced for the year is due to lower project closures compared to last year.

• Revenue from leasing services climbed 26% in FY25 to Rs.95,514 Lakhs from Rs.75,933 Lakhs in FY24, owing to a higher leasing in Brigade Tech Gardens, WTC Chennai and Kochi.

• Revenue from hospitality services climbed 15% in FY25 to Rs.51,905 Lakhs from Rs.45,152 Lakhs in FY24.

• Our revenue from maintenance services increased by 28% Rs.19,397 Lakhs in FY25 from Rs.15,160 Lakhs owning to a higher leasing in Brigade Tech Gardens, WTC Chennai and Kochi.

• Other operational revenue has been increased by 10% in FY 25 to Rs.4,017 Lakhs from Rs.3,066 Lakhs in FY24.

5.5 Other Income

Other income increased by 43% in FY25 to Rs.23,933 Lakhs from Rs.16,746 Lakhs in FY24. This increase was caused by an increase in bank deposit interest.

5.6 Expenses

• Sub-contractor cost: Our subcontractor cost increased by 10% in FY25, from Rs.1,38,989 Lakhs in FY24 to Rs.1,53,368 Lakhs in FY25.

• Cost of raw materials, components and stores consumed: Increased from Rs.40,894 Lakhs in FY24 to Rs.50,444 Lakhs in FY25, our cost of raw materials, components and stores consumed grew by 23% in FY25. This growth was the result of increased operations and the launch of new projects.

• Purchase of land stock: Our purchase of land stock cost was Rs.1,62,672 Lakhs in FY 25 compared to Rs.1,75,056 Lakhs in FY25, Increase is due to the acquisition of land in Bangalore and Chennai.

• Increase in inventories of flat stock, land stock and work-in-progress: Increase in inventories of flat stock, land stock and work-in-progress increased to Rs.1,34,804 Lakhs in FY25 from Rs.81,113 Lakhs in FY24. This was attributed to higher number of new joint developments and new land acquisitions, which resulted in higher costs for inventories.

• Employee benefits expense: Our employee benefits expense grew by 27% to t 40,743 Lakhs in FY25 from t 31,987 Lakhs in FY24, owing to an increase in employee cost due to increase in operations of all segments.

• Finance costs: Our finance costs increased by 1% in FY25 to t 49,549 Lakhs from t 49,104 Lakhs in FY24.

• Depreciation and amortisation expense: From t 30,209 Lakhs in FY24 to t 28,878 Lakhs in FY25, our depreciation and amortisation expense reduced by 4%, with asset additions of Brigade Twin towers and Ibis Styles Mysore.

• Other expenses: Our other expenses increased by 46% in FY25, from t 64,421 Lakhs in FY24 to t 93,847 Lakhs in FY25. This was a result of an increase in Architect & Consultancy fees, Licence fees and plan approval charges, Sales and Marketing and Security charges.

5.7 Profit before taxes:

In FY25, our profit before tax increased to t 86,927 Lakhs, up from t 56,868 Lakhs in FY24. This is due to increase in all segments i.e. real estate, leasing and Hospitality.

5.8 Tax Expenses

In FY25, Tax expenses increased to 18,880 lakhs from 16,764 lakhs due to increase in profits.

5.9 Cash flows

(Rs. in Lakhs)

	FY25	FY24
Net cash flow from operating activities	99,531	33,398
Net cash flow used in investing activities	(58,990)	(37,946)
Net cash flow from financing activities	85,966	24,062
Net increase in cash and cash equivalents	1,26,507	19,514

5.10 Operating Activities:

Net cash flow from operating activities was t 99,531 Lakhs for FY25 as compared to t 33,398 Lakhs for FY24 due to better operating cashflows in all the segments.

5.11 Investing Activities:

Net cash flow used in investing activities was t (58,990) Lakhs for FY25 as compared to net cash flow used in investing activities for FY24, which was t(37,946) Lakhs, the increase is due to higher investments in Fixed deposits/Investments from operating activities surplus.

5.12 Financing Activities:

Net cash flow from financing activities was t 85,966 Lakhs for FY25 as compared to t 24,062 Lakhs for FY24, this increase is due to Issue of equity shares pursuant to Qualified institutions placement ("QIP") scheme.

Liquidity

Our liquidity needs are primarily driven by our operating activities, capital expenditures for new project construction, loan repayment, and debt servicing obligations. Historically, our primary sources of funding have been cash from operations, short- and long-term bank borrowings, demand- repayable overdraft facilities, cash and cash equivalents, and stock and financing provided by our shareholders. We have also entered into several revolving credits and other working capital arrangements, which offer adequate liquidity for our Companys needs. Our cash and cash equivalents consist of cash in hand, cheques in hand, current accounts at banks, and other amounts kept with banks as short-term deposits. As of March 31, 2025 and March 31, 2024, we had cash and cash equivalents of t 3,26,100 Lakhs and t 1,73,727 Lakhs, respectively.

5.13 Capital Expenditure

During FY25 and FY24, our total capital expenditure was t 1,43,491 Lakhs and t 30,440 Lakhs, respectively.

Segmental capital expenditure

(Rs. in Lakhs)

Segment	FY25	FY24
Real Estate	2,952	1,125
Hospitality	20,357	11,878
Leasing	1,16,452	17,437
Total	1,39,761	30,440

5.14 Key financial ratios as per consolidated financial statements for FY25 compared with FY24

Particulars	FY25	FY24	Variance%	Rationale
Quick Asset Ratio	0.43	0.31	41%	Ratio is increased due to higher
Cash Ratio	0.29	0.20	46%	cash and cash equivalence on account of better collections
Equity Ratio	0.55	0.40	38%	Ratio is higher due to issue of shares on account of QIP and increase in Profit for the year.
Debt Service coverage ratio	1,74	1.15	51%	Ratio is higher due to increase in Earnings before interest, tax and depreciation.

6. RISK & ENTERPRISE RISK MANAGEMENT

The business paradigm is continuously shifting owing to changes in customer expectations, regulatory updates, and volatility in the economic environment. Effective risk management enhances capital by reducing financial losses, improves investment decision, build confidence among stakeholders and strengthens stakeholder relationships by demonstrating a commitment to minimizing potential negative impacts and fostering trust. Our continuous focus towards achieving our vision "to be a world-class organization in products, processes, people, and performance" is dependent on recognizing and effectively addressing key risks that impact the business.

Brigade operates across all sectors of real estate, including residential, commercial (office and retail leasing), and hospitality. The Company has constituted a Risk Management Committee of the Board which is responsible for monitoring and reviewing the risk management plan and ensuring its effectiveness. The Board of Directors have devised roles and responsibilities of the Committee, which are in line with the prevailing regulations and ensures that the whole process of risk management is well coordinated and carried out as per the risk management framework.

Brigade has a robust risk management policy approved by the Board. The policy outlines the aims and principles of risk management, as well as an overview of the risk management process, procedures, and associated responsibilities of the Committee members that helps in identifying and assessing risks such as financial, operational, regulatory, reputational, extended enterprise, strategic, sectoral, cyber security and other risks.

Risk Management Approach and Framework

Brigade has a comprehensive risk management framework that includes a well-defined governance structure, which is established keeping in mind the organization structure of the Company to ensure integration of Enterprise Risk Management (ERM) process. This ERM framework helps in identifying, assessing, monitoring, and reporting on risks arising out of internal and external categories. Internal risks encompass factors such as land bank management, project execution, and talent attraction and retention. External risks include macro-economic conditions and political uncertainties. Several management and leadership team members including Board of Directors periodically review the risk management policies and systems to incorporate any changes in the risk profile due to changes in the external environment and strategic priorities.

Brigade has been prudent in pre-empting the potential risks, which can pose a challenge to the Company through its comprehensive risk management and mitigation strategy enabling it to withstand and navigate challenges. The Board of Directors is assisted by risk management team in monitoring the risk profile and effectiveness of mitigation plans to manage the identified business risks. The major risks identified by the business and functional head are systematically addressed through mitigating actions on a continuing basis.

Outlined below are several major risks that could impact our operations, along with the corresponding mitigation measures we have implemented:

Risks	Significance and meaning	Mitigation
Market Risk	Market risk, also known as systemic risk, refers to the potential for financial losses due to factors that impact overall market performance. These risks arise from macroeconomic variables such as interest rate fluctuations, foreign trade policies, industrial output indicators, political instability, natural disasters, and geopolitical events. While diversification cannot eliminate market risk, various hedging strategies can help mitigate its impact. Although such risks are not specific to our business or industry, they can influence investor sentiment and affect overall earnings performance.	Our residential and annuity businesses contribute to a solid business model. The residential business is directly exposed to market dynamics and risks, whereas the annuity business, which generates consistent revenue flows, will not be affected to the same extent. To mitigate this risk, we perform detail and thorough market research before making any investment decisions. This includes analyzing local economic indicators, population growth, employment rates, and market trends. We believe in investing and developing in diverse property types and different geographic locations which also help spread out market risk.
Raw Material Risks	Raw materials represent a significant cost component of our operations. Fluctuations in the price or availability of these materials can substantially impact our profitability, cash flow, and operational performance. As we do not currently engage in long-term vendor agreements or hedging strategies to mitigate commodity- related risks, the volatility in fuel and logistics prices directly affects raw material costs, contributing to periodic inflation.	Brigade manages raw material costs by establishing fixed base prices at the time of contract award. Any subsequent price variations are tracked and reconciled throughout the procurement process, with adjustments made as necessary to ensure financial transparency and fairness.
		At our project sites, we maintain optimal inventory levels of critical commodities such as steel, cement, copper, and aluminium. We continuously monitor trends in commodity pricing and availability, drawing on insights from various sources to inform our decision-making. To further mitigate the impact of cost increases, we adopt a range of proactive strategies, including efficient design, value engineering, and effective waste management and reduction practices. Additionally, our budgeting process includes a contingency allocation that accounts for potential price increases, ensuring financial flexibility in the face of market fluctuations.
Land Related Risk	Land is a critical input for our any construction projects. Nonavailability of suitable land at strategic locations and reasonable prices can drive up costs. Such price increases can have a negative impact on the companys overall performance.	The Company takes strategic decisions with respect to land acquisition and has adopted hybrid model of outright acquisition, joint venture, and collaborative development. In circumstances when land costs are high, the option of developing the site through joint venture or joint development rather than outright acquisition is available to ensure that there is no significant outflow for acquiring land.
		Further, our in-house Legal Department conducts extensive due diligence on land titles. Apart from that, experienced legal counsels specializing in the real estate sector are recruited for thorough due diligence before we sign any land acquisition, joint venture, or joint development agreement. Limited availability of land at strategic locations, and of the desired quality and acceptable prices always impact the ability to grow existing land bank. But using aggregators we maximize the leads which in turn maximize options of feasible lands and mitigate potential risks.
Execution Risk	Real estate projects are vulnerable to several implementational problems such as availability of raw materials and their cost, regulatory compliances which may cause project start up delays, construction delays, cost overruns and unavailability of skilled labor, weather conditions, logistics, accidents and quality gaps.	• The act of execution, and its effective management, is paramount to ensuring successful project outcomes. Comprehensive Project Execution Plans (PEPs) are developed prior to commencement, and detailed project orientation sessions are conducted with all stakeholders. These initiatives are aimed at ensuring full awareness and alignment with the processes and procedures essential for execution and their subsequent implementation requirements.
		• Throughout the development phase, we ensure strict adherence to established policies and procedures by all relevant stakeholders. Regular coordination and evaluation meetings are held with cross-functional teams to review progress, assess quality benchmarks, and address any challenges. We prioritize the engagement of reputable, best-in-class contractors and adopt a strategy-driven approach to planning and monitoring. Daily tracking mechanisms are in place to maintain project timelines and uphold high standards of quality.
		• Health & Safety being the major risk, maximum construction fatalities result from falls from heights and being struck by moving vehicles, whilst most of non-fatal injuries result from slips, trips and falls, and from being struck by a moving or falling object. Having robust E&S policy and monitoring in place we mitigate these risks effectively.
Interest Rate Risk	We are exposed to market risk from fluctuations in interest rates on our borrowings. As all our borrowings are linked to floating interest rates, an increase in rates could elevate our finance costs and negatively impact earnings. These rates are influenced by changes in the Reserve Bank of Indias monetary policy, as well as broader economic factors such as inflationary pressures, many of which are beyond our direct control.	We maintain one of the lowest borrowing rates in the real estate industry. During development, we secure construction loans, which are repaid through project cash flows. Upon completion, loans for commercial projects are typically converted to low-interest lease rental discounting loans. Interest rate fluctuations may impact the overall returns on real estate investments, as rising rates could lead investors to seek higher returns elsewhere. To mitigate this risk, we diversify our real estate investments across various geographic locations and property types.
Inflation Risk	Inflationary pressures arise from various factors impacting both domestic and global economic growth, such as pandemic outbreaks and geopolitical tensions that disrupt supply chains. Domestic inflation can directly increase operational and procurement costs. Additionally, changes in monetary policy may lead to higher interest rates, indirectly raising the cost of debt servicing.	We proactively manage inflationary risks by incorporating an inflation premium into the interest rate or required rate of return (RoR) for investments, ensuring minimal impact on operations while maintaining a prudent and cautious approach.
IT Risk	Any disruption or delay in the functioning of our existing IT systems, or in the implementation of new systems, could impair the Companys ability to effectively track, record, and analyze work in progress, potentially leading to the loss of critical data.	• Brigade is ISO 27000 certified organization with adequately defined policies and procedures that have been implemented across the organization.

7. INTERNAL CONTROLS

We have comprehensive processes, guidelines and procedures in to our internal control systems based on the scale, nature and complexity of our business. Strong internal controls assure the resilience and adaptability of business operations, resulting in high operational efficacy. A management information and monitoring system is in place to support internal controls.

Our Internal Audit Department within the Company and external audit firm conduct periodic audits. Audits guarantee the integrity of internal control systems and adherence to management policies. The internal control system was designed with a firm commitment to complying with all applicable laws. The scope of work includes:

• Strict internal control review to verify accounting, productivity, and economy of operations;

• Submission of the internal auditors audit report to the Audit Committee;

• Suggesting improved practices by the internal auditors;

• Providing a status report on the implementation of their recommendations;

• Continuous review of various audit reports from our internal audit team, the Internal Auditors Audit;

• Committee and the Board to enhance the efficacy and efficiency of internal controls.

8. HUMAN RESOURCES

At Brigade, we recognize that people are our most valuable asset. As we navigated a dynamic business environment in FY 25, the Human Resource (HR) function played a pivotal role in driving business resilience, innovation, and transformation. The HR strategy was anchored on four strategic pillars: Talent Acquisition & Development, Employee Experience & Engagement, Future-Ready Capabilities, and Digital HR Transformation. The year marked a shift towards a more agile, inclusive, and purpose-driven workforce. Through structured people initiatives, we ensured that our talent base remains aligned with evolving business goals, market dynamics, and stakeholder expectations.

a) Workforce Composition

As of March 31, 2025, Brigades permanent employee strength is 3,043 across its core business segments like Residential, Commercial, Retail, Hospitality, Facility management, Engineering and corporate functions. The overall strength of employees at group level including both permanent and contractual employees is 5,527. This reflects a 20 % growth over the previous year.

• Gender Diversity:

- Overall women representation: [18.93%]

- Women in mid-to-senior leadership roles: [6%]

We continued to maintain a balance of experienced professionals and young talent, fostering a healthy mix of expertise and innovation.

b) Learning, Leadership & Capability Development

Building internal capability remained a cornerstone of our HR agenda. Through a blend of classroom, experiential, and digital learning, we nurtured leadership potential and enhanced technical proficiency across functions.

Highlights from FY 2024-25: i. Key training topics

• Code of Conduct.

• Ethical Business practices: Anti-bribery & Anti-Corruption

• Communication

• Conflict of interest

• ESG/Sustainability- Environment/

Climate Risk

• Skill-upgradation

• PoSH

• Business Continuity & Disaster Management plan

• Diversity Equity Inclusion Awareness workshops

• Customer Engagement

• Data Privacy & cyber security

• Design Thinking

• Financial Wellness

• Strategic Change Management

ii) Training & Development Sessions: 28,136

iii) Total training hours: 1,43,930 hours

iv) Average training hours: 43.4 hours

c) Performance Management & Total Rewards

Our performance management philosophy is anchored on transparency, development, and fairness. The appraisal system focuses on clear goal setting, ongoing feedback, and career conversations.

Highlights:

• Clearly defined Organisational and departmental Balanced Score card.

• Top aligned goal setting to align individual objectives with business goals.

• Integrated performance feedback with career development plans.

• Conducted Annual Compensation Benchmarking to ensure market competitiveness.

d) Digital HR & Process Transformation

To support scale, agility, and experience, HR processes were digitally transformed across the employee lifecycle.

Initiatives:

• Deployed a new-generation cloud-based HRMS- HR Connect platform

• Enabled mobile HR services for leave, payslips, and helpdesk management.

• Launched SAP - Concur for Travel and claim reimbursement.

• Developed HR dashboards for insights on attrition, hiring, and productivity.

• Shifted 100% of appraisals and goal tracking to digital platforms, increasing transparency and auditability.

e) Employee Engagement & Culture Building

Brigade prides itself on a high-trust, high- performance culture. This year, we doubled down on engagement with initiatives that brought people together, celebrated achievements, and gave voice to employees across levels.

Our Engagement Framework:

Our approach to engagement spans four dimensions:

1. Connect- Strengthening emotional bonds and leadership accessibility

2. Celebrate- Recognizing excellence and shared wins

3. Care- Focusing on physical, mental, and emotional well-being

4. Collaborate- Fostering team spirit and innovation Below is the glimpse of EE initiatives conducted in FY 25

a) Annual Outbound Team Bonding: As part of this initiative, we have organised 3 days outbound team bonding activity for all the teams/departments across the organization. Approximately 800+ employees participated in this activity at Ocean Spray Resort at Pondicherry. As part of this event various team building activities were organized.

b) Thankyou Card: A Small moment with Big Ripples of Camaraderie and Compassion among Brigadiers. Just a verbal thank you may not be enough to express the literal feeling of gratitude for fellow Brigadiers, hence our thank you cards act as a medium for all Brigadiers to express their feeling of perceptiveness in right words. We have designed physical and digital "Thank you" cards that are made available at ease at designated places and on the HRMS platform which makes exchange of gratitude very convenient.

c) BRIGADE FIESTA: "Brigade Foundation Day" to Commensurate our 38 years of excellence and as a part of Founders Day, we organized an eventful week filled with Fun, laughter, and Togetherness for a week and that ended up with a Grand Celebration & we have named the event "BRIGADE FIESTA". Employees across all the locations participated in this program that was scheduled from 21^st to 26^th October 2024. We created curiosity among the staff by sending mailers, posters, and GIF images about the event. On the Brigade Fiesta Day, we had set up various zones all over including the grand Stage for employee performances. The icing on the cake was a performance by the Top Management which includes Chairmans Office. Event concluded with DJ on the dance floor.

d) WOMONEYSTA: Financial Wellness program for women: A financially empowered person is both informed and skilled, understands how they spend their money, makes wise financial decisions, and have access to resources to help them reach their goals. In this context we have curated a financial wellness program for all the women employees of Brigade. In the journey of making women empowered and stronger, we are partnering with WOMONEYSTA to make Women@Brigade financially confident. There were six sessions conducted by WOMONEYSTA, every third Saturday of a month for a period of six months.

Following topics were covered.:

• To the world of Finance - Introduction

• Equity - Building Wealth

• Getting started with mutual funds

• Shortlisting your fund

• Investing in safe products

• Retirement, taxation and goal planning

Post attending the program, women employees in Brigade had the below attributes.

• Knowledge of investment & Returns, Shares & Mutual funds.

• Knowledgeable sessions - clarity about the short-term and long-term investments & about mutual funds.

e) GPTW Award- Brigade Group has been recognised as a Great Place to Work for 14 years in a row. The company ranked 38^th and was also recognised as a laureate for being in the top 100 workplaces 10 years in a row. It is one of the few real estate developers in the country to obtain such recognition. This is a positive testimonial from its employees. Brigade Enterprises has effectively built a Great Place to Work for all its employees by excelling in the five aspects of a High-Trust, High-Performance Culture viz. credibility, respect, fairness, pride, and camaraderie.

f) Counselling sessions to Labours: We started conducting counselling session to our construction labourers across various construction projects. This initiative has been curated to support labourers to overcome psychological & emotional stress. During these sessions we found three of our labourers facing psychological issues & as per doctors suggestions mediations have been supported to the labourers.

g) Mother to Be: Maternity Care & Rejoicing the "Motherhood": We create a WOW experience for our women employees who are expecting bundle of joy by gifting "mother to be" card and box of chocolates.

h) Birthday Gifts: We celebrate Birthday of our employees by delivering a gift, Book & personalised greeting card to their desk.

i) Nadahabba-3.0- To bring out the talent in Brigadiers we conducted Best Dressed, Ethnic wear, under the banner of Nadahabba during Dasara festival. Its a 2-day celebration filled with fun and joy.

j) Womens Day- Celebrating the elegance of Womanhood: As part of womens day celebration, we organized various events for Women @ Brigade like motivational speech by renowned guests on the topic importance of mental health, & how to practice simple, easy & effective Yoga-Asanas. Women @ brigade reconnected again after six months to brainstorm the challenges faced by women employees. Based on the suggestions from Women folks in Brigade we curated programs like financial wellness, Women Leadership Program, Advanced Excel Training, AI based communication skills etc.

k) Stories from Battlefield and Beyond: This event was a unique platform to highlight the experiences and reflections of our veteran employees, providing listeners with an engaging and insightful conversation on the significance of Independence Day. This event was very insightful and inspiring for all the Brigadiers.

l) Celebrations of Festivals & Important days in the year: We celebrate various festivals & important days during the year to engage employees in a positive way & ensure employees come out of their daily routine & enjoy the same with fellow colleagues.

Following celebrations were organised during this year:

• Earth Day

• Environment Day

• Safety Day

• Childrens Day

• Dasara, Christmas, Sankranthi, Ganesh Chaturthi, Christmas.

m) Employee Wellness Programs:

Fitness@Brigade: "Fitness is not about being better than someone else ... its about being better than what you used to be", to ensure this, we conduct 28-day Fitness@Brigade competition to help Brigadiers lead a healthier, happier, and a more productive lifestyle. Split over four weeks, the challenge includes motivating participants to walk at least 10,000 steps a day which are monitored digitally. All participants can track and check leaderboard for live updates. Winners will be announced on a weekly basis and overall championship winners will be announced at the end of the activity. This was a fun way to engage the employees, with the top performers walking away with interesting prizes.

n) Corporate Sponsorship for Sports: To encourage sportsmanship among brigadiers, we sponsor employees to participate in various corporate sports activities.

• SILA Corporate Box Cricket: We are two times champions in a row (2022 & 2023) in this tournament. 10 of our employees who are passionate about cricket were chosen to participate.

• TCS Bengaluru & Uru Marathon: We sponsored 35 Brigadiers to participate in this marathon.

• Shuttleboi Mix Corp Badminton League

2: We sponsored Mr. Vivek, one of our Brigadier for this championship. He won across categories.

i) Mens Doubles - 1^st Place.

ii) Mixed Doubles & Mens Singles - 2^nd place.

o) "Yoga for you"- online desk yoga sessions:

We organized online Mindfulness & Meditation sessions on International Yoga Day. More than 230 brigadiers participate in the yoga sessions.

p) Corporate Sports Events: To ensure work life balance, we conduct corporate sports events.

• Brigade Premier League: BPL is a 3-week cricket tournament which brings together all the cricket enthusiasts for a healthy competition. Winners are awarded a Championship trophy followed by recognizing individual performers. This year we had 44 Teams participating in the championship. This event was conducted across Bangalore, Chennai & Hyderabad.

• Brigade Women Premier League: BWPL is a cricket tournament curated exclusively for women brigadiers. This was a Box cricket format with 6 members in each team this was launched for the first time and we had 9 teams participating in the same & it was conducted during evening hours (4pm to 6pm).

• Brigade Badminton Tournament: For this first time we have curated this sport for the Badminton enthusiasts. We conducted this event across four locations in Bangalore, Chennai, Hyderabad & Mysore. Under this program we planned Doubles & Mixed doubles tournaments & overall we had 220+ Brigadiers participating in this tournament.

q) Service Desk: An Employee Service Desk is a centralized and accessible point of contact for employees to seek assistance. Timely responses to inquiries or issues contribute to a positive perception of the organisations commitment to employee wellbeing. In our continued commitment towards digitization, we are glad to announce the launch of "HR & Admin Helpdesk" on 5^th July 2024 module integrated with our HRMS - "HR Connect".

r) CIEL HR Award - Brigade Group is pleased to be recognised as one of the Top 30 Future- Ready Workplaces in India. This prestigious recognition was awarded by Fortune India in collaboration with CIEL HR. It further solidifies the companys commitment to excellence in the workplace. This acknowledgment serves as evidence of Brigades dedication to cultivating a forward-thinking and captivating work environment.

Outlook for FY 2025-26

In the coming year, we intend to focus on:

• Agility & Adaptability: Evolving org structures and skill sets to meet future business needs.

• Leadership Pipeline Development: Strengthening succession and cross functional growth.

• Digital Fluency: Embedding digital thinking and capabilities across roles.

• Culture of Purpose & Belonging: Deepening employee connection with Brigades vision and values.

We are committed to building a workplace that inspires performance, promotes diversity, and supports the holistic well-being of every Brigadier.

9. AWARDS AND RECOGNITION

As on date of this report, your Company and Management has received numerous awards and accolades which were conferred by reputable organizations. Some of the awards and recognitions received are as under:

• Recognised as a Great Place To Work for the 14^th year in a row. Brigade Group was also recognized as a Laureate for being in the top 100 workplaces, 10 years in a row.

• Executive Chairman, M R Jaishankar, has been honoured with the prestigious Lifetime Achievement Award by Karnataka Aryavysya Mahasabha at the 5^th Vasavi Awards of Excellence 2024.

• Recognised in the Top 30 list of Future-ready Workplaces in India, 2024 by Fortune India and CIEL HR.

• Brigade El Dorado won the second prize at a state-level safety award arranged by the

Department of Factories, Boilers, Industrial Safety and Health, Karnataka on account of the 53^rd National Safety Day.

• Brigade Komarla Heights won the Bronze at the CII- SR Excellence Awards 2023 for our commitment to Environment Health and Safety practices.

• Executive Chairman, M R Jaishankar, has been honored with the Lifetime Achievement Award by CNBC Awaaz Real Estate Awards 2024.

• Executive Chairman, M R Jaishankar, has been honored with the Real Estate Visionary of the Decade Award by HURUN INDIA and GROHE.

• Recognised as one of Indias Top Builders at the CWAB Awards 2024

• World Trade Center Chennai is now a Premier Accredited Member of the World Trade Centers Association, New York, the highest level of certification from WTCA for a WTC which specializes in Business and Member Services, Trade Services, Real Estate and Conference and Exhibition services. WTC Bengaluru is also a Premier Accredited Member since 2023. Out of 320 WTCs globally, only 17 have attained Premier Accredited status so far and this includes our two WTCs.

• Recognised among Indias Top 50 Best Workplaces for Millennials 2024.

• Pavitra Shankar, Managing Director and Nirupa Shankar, Jt. Managing Director were recognised by Business Today as the Most Powerful Women in Business 2024.

• Pavitra Shankar, Managing Director, was conferred with the Pride of India by Construction Week India Awards 2024.

• M R Jaishankar, Executive Chairman, was felicitated as the Visionary Entrepreneur and Philanthropist of the Year.

• Pavitra Shankar, Managing Director and Nirupa Shankar, Jt. Managing Director were honored with the Women Icon of the Year-South

Award at the 16^th Realty+ Conclave & Excellence Awards 2024.

• Executive Chairman, MR Jaishankar, was inducted into the Hall of Fame and conferred with the Pride of India by The Global Editorial Board of ITP Media Group at the Commercial Design Awards 2024.

• Brigade Cornerstone Utopia won Residential Project of the Year at the GRI Awards India 2024.

• Brigade Twin Towers was conferred with the Outstanding Concrete Structure by the Indian Concrete Institute, Karnataka in the Building Category Award 2024.

• Brigade Citadel won Residential Project of the Year at the 2^nd Realty+ Excellence and Conclave Awards - Hyderabad 2025.

• Brigade Tech Gardens has been awarded the Shotcrete and Waterproofing award by the American Shotcrete Association.

• Brigade Parkside North has been awarded the 11A Awards for Excellence in Architecture 2023 under the category Architecture A1.1 - Residential by The Indian Institute of Architects.

• Brigade Group ranked 10^th in the Future Ready Employers 2024 Survey by Fortune India powered by CIEL HR.

• Brigade has received following sustainability awards:

- Sustainability Impact Award 2024 & Sustainable Initiative of the Year 2024 - Achieve Net Zero at the 4^th Edition Sustainability Summit & Awards 2024 by UBS FORUMS.

- IGBC Green Champion Award at IGBCs flagship event, the 22^nd Green Building Congress.

- Corporate Excellence in Sustainable Business Practices Award from RIMs Sustainability Summit-2024.

10. ENVIRONMENT, HEALTH AND SAFETY (EHS)

The Environment, Health, and Safety (EHS) policy of ISO 14001:2015 and ISO 45001:2018 (OHS)- certified Brigade outlines elaborate procedures for EHS operational controls. This demonstrates our sincerity and dedication to EHS. Through proactive periodic review of statutory approvals, we ensure adherence to all compliances and timely application of all extensions. Effective EHS management is achieved through a well-defined control mechanism that specifies the controls objective, scope, and responsible departments/teams, followed by tested procedures and a list of required documents for the process. All foreseeable hazards, risks, and environmental impacts are managed in accordance with the procedures and EHS plans outlined in place.

Our EHS Annual Activity Plan, which includes Safety Hazard and Risk Assessment (HIRA) and Environmental Aspect Impact Evaluation, Compliance to Statutory Requirement, monthly Helmet of Honour rating, internal audits, external audits, and a training calendar, identifies the key activities to be carried out during construction, as well as their frequency. Any activity affecting EHS is managed through HIRA. Before implementing any of the safe work method statements submitted by our vendor partners, we exhaustively examine each one. For high-rise buildings, we perform focused height work, deep excavation, and heated work, and we equip our employees with the necessary protective and safety equipment. In addition, we conduct periodic inspections and routine maintenance on all equipment with third-party certification.

For worker and workplace safety, activity-specific protocols and permits are adhered to. In accordance with the tasks designated to the emergency response team, we compile a comprehensive emergency response plan for all construction emergencies. To ensure the resilience and readiness of the emergency response team, routine training and simulated exercises are conducted. Regular EHS awareness training is provided to vendor partners to inform them about system implementations, monitoring, and ensuring a safe workplace. Every employee receives an EHS orientation, job-specific training, and regular toolbox discussions. This enables us to educate them on the appropriate use of the applicable personal protective equipment and to raise awareness about the hazards and risks associated with the job.

We hold monthly Safety Committee meetings with 50% contractor participation to encourage EHS commitment among our vendor partners. In these meetings, all issues are recorded and resolved. Effective since 2009, the Helmet of Honour rating evaluates the EHS system implemented at project sites and awards the highest-scoring contractors the Helmet of Honour at the monthly engineers meeting.

Similarly, the Brigade Platinum Star, Golden Star, and Silver Star are awarded for the finest EHS implementation on an annual basis.

The EHS performance is enhanced by initiatives such as the Monthly Cross site audits, Monthly EHS activity plan, weekly activity plan, EHS training calendar and adhering to the planned activity and trainings, sharing of safety alerts time to time which helps in improving the EHS awareness and performance.

As part of the safety week celebrations, skits, quiz, poster-painting competitions, athlete meets and displays of Personal Protective Equipment are held. This event is held annually in March and serves to motivate and educate the workforce. Also observed are World Environment Day, Road Safety Week, and Fire Safety Week.

For workers well established workers colony with all welfare facility, premedical checkups, workers counselling programmes are held. During summer distribution of lemon juice and buttermilk, clean drinking water facility in multiple locations at site, workers rest area are provided.

Regular visit to colony by male nurse to check the upkeep of colony, workers health condition and training on the hygiene.

11. CORPORATE SOCIAL RESPONSIBILITY (CSR)

The social and environmental commitment of the Brigade Group is ingrained into its very structure. In the spirit of being responsible developers, we have carried out significant environmental improvement projects within our projects as well as the surrounding community. These projects include the planting of trees within and around our projects, the revitalisation of lakes, the preservation of historic trees, and the creation of green lung areas within our projects. Brigade is fully committed to proactively support inclusive and environmentally sustainable growth in India.

During the financial year, we undertook several initiatives for the enhancement of the lives of communities and the natural environment in and around our operation sites. Brigade Foundation carried out various developmental activities in the areas of:

a) Health

b) Skill Development/ Education

c) Promotion of music and other culture

d) Environment

Cautionary statement

This report contains statements that may be forward-looking, including, but without limitation, statements relating to the implementation of strategic initiatives and other statements relating to the Companys future business developments and economic performance. While these forwardlooking statements indicate our assessment and future expectations concerning the development of our business, several risks, uncertainties, and other unknown factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, general market, macroeconomic, governmental, and regulatory trends, movements in currency exchange and interest rates, competitive pressures, technological developments, changes in the financial conditions of third parties dealing with your Company, legislative developments and other key factors that could affect our business and financial performance. The Company undertakes no obligation to publicly revise any forwardlooking statements to reflect future/likely events or circumstances.