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Brigade Enterprises’ net profit dips 8.04% in Q3 FY23

Brigade Enterprises' consolidated total income stood at Rs 858.63 crore in Q2 FY23, a dip of 7.99 per cent from Rs 933.19 crore it recorded in the similar quarter last year.

Brigade Enterprises has witnessed a dip of 8.04 per cent in its consolidated net profit during the quarter ended December 31, 2022. Its profit after tax (PAT) stood at Rs 42.68 crore in Q3 FY23 as against Rs 46.41 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s consolidated total income stood at Rs 858.63 crore in Q2 FY23, a dip of 7.99 per cent from Rs 933.19 crore it recorded in the similar quarter last year.

“We expect to sustain and grow the momentum in the coming quarters with a good pipeline of new residential projects, leasing business, and continued growth in the hospitality business to finish the year strong,” said Pavitra Shankar, managing director of the company.

During the quarter ended December 31, 2022, the paid-up equity share capital of the company has increased from Rs 23,057 lakhs to Rs. 23,066 lakhs pursuant to allotment of 96,363 equity shares on exercise of stock options by employees.

The company achieved pre-sales of about 1.53 million sq ft, an increase of 29% over Q2 FY23, with sale value of Rs 10,097 million during Q3 FY23. Its sales volume increased by 25% to about 4 million sq ft during 9M FY23 as compared to 9M FY22. It achieved leasing of 1 million sq ft during 9M FY23 and has an active pipeline of about 1.44 million sq ft.

Company’s real estate debt reduced by 72% during 9M FY23 to Rs 770 million, owing to higher collections and repayment, it said in its investor presentation.

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