Brigade Enterprises Q2 Profit Dips 10.9% to ₹119 Crore

14 Nov 2024 , 12:45 PM

Brigade Enterprises reported a 10.9% YoY drop in net profit to ₹119 crore for Q2 FY25, down from ₹133.5 crore in the same quarter last year.

Revenue from operations fell 21.5% YoY to ₹1,072.2 crore, compared to ₹1,366.6 crore in the prior year. Operating EBITDA declined by 10.1% YoY to ₹291.9 crore, though the EBITDA margin improved to 27.2% from 23.8%.

Brigade’s Q2 FY25 pre-sales volume reached 1.68 million square feet, with a 45% YoY rise in average realisation, hitting ₹10,832 per square foot. Total ongoing projects cover 25 million square feet as of September 2024.

Real estate revenue contributed ₹727 crore with an EBITDA of ₹107 crore; pre-sales were valued at ₹1,821 crore, while collections hit a record high of ₹1,470 crore. The leasing segment generated ₹292 crore in revenue, with an EBITDA of ₹209 crore and occupancy at 97% across 8.46 million square feet.

Brigade’s flexible office brand, BuzzWorks, expanded by opening its first office in Hyderabad and added new locations in Bengaluru, Chennai, Kochi, and GIFT City. Brigade Hotel Ventures, a subsidiary, has filed for an IPO, as detailed in its draft red herring prospectus with SEBI. The company plans 16 million square feet in new launches over the next year, with 13 million square feet dedicated to residential projects. Total collections for Q2 FY25 reached ₹1,936 crore.