Brigade Enterprises Soars to Record Q4 Pre-Sales Growth

18 Apr 2024 , 01:38 PM

Brigade Enterprises’ stock shot up about 6% in early trading on April 18 as buyers celebrated the company’s best-ever quarterly pre-sales for the months of January through March.

Brigade Enterprises’ shares were trading at ₹1,026.25 on the NSE at 13:01 p.m.

Pre-sales for the company totaled ₹2,243 Crore in Q4 and ₹6,013 Crore in FY24, which were both records for a quarter and a full fiscal year.

Sales growth was primarily driven by the residential business, with significant contributions from all other company verticals culminating in a good financial year. Brigade Enterprises managing director Pavitra Shankar stated, “This year we have been able to achieve our best ever operational performance, and we aim to leverage this performance in FY25.”

While group collections increased to ₹5,915 Crore in FY24 from ₹5,424 Crore the previous year, the average realisation for FY24 increased by 23% year over year.

Brigade’s operational leasing portfolio experienced a 14% annual growth in leasing, adding 1 Million square feet of new leased space over FY23. As a result, Brigade’s whole portfolio has a 97% occupancy rate.

The average room rate (ARR) in the hospitality vertical climbed by 8% in FY24 to roughly ₹6,480, while the average occupancy increased by 3% to 72%.

The management continues to have high hopes for the company’s future and anticipates sustained high demand for residential space.

“We’ve seen encouraging progress in our leasing activities, and our hospitality vertical has seen robust ARR growth. We actively look for opportunities to acquire land in our target markets, with the goal of expanding our land bank with high-quality properties,” Shankar stated.

Brigade Group is also well-prepared for future launches, with approximately 12.61 Million square feet of residential space, 6.33 Million square feet of commercial space.

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