Brigade Enterprises Surges 5% as it Unveils 2 Million Sq. Ft. Development Plan in Bengaluru

17 Nov 2023 , 01:15 PM

Brigade Enterprises shares surged by 5% in early trade on November 17, driven by plans to develop 2 million square feet in Bengaluru. The development project, located in Yelahanka, North Bengaluru, involves a Joint Development Agreement (JDA) signed with Krishna Priya Estates and Micro Labs.

The gross development value (GDV) of the residential housing plan is Rs 2,100 crore. Brigade Group’s project pipeline includes around 13 million square feet in Bengaluru, Hyderabad, and Chennai over the next year.

In Q2FY24, Brigade Enterprises reported a net profit increase to Rs 112.5 crore, up from Rs 51.8 crore in the previous fiscal. Quarterly revenue grew by 55% to Rs 1,366.6 crore compared to Rs 879 crore in Q2FY23. Earnings before interest, taxes, depreciation, and amortization (EBITDA) also saw a 50% increase to Rs 324.8 crore for the same period.

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