fbpx
Friday, February 3, 2023
HomeNewsTop NewsBrigade Enterprises post net loss of Rs 21.47 crore in Q3 FY21

Brigade Enterprises post net loss of Rs 21.47 crore in Q3 FY21

The company's net consolidated income stood at Rs 653.65 crore in Q3 FY21, a 15 per cent growth from Rs 568.63 crore it recorded in the similar quarter last year.

Brigade Enterprises has reported net consolidated loss of Rs 21.47 crore in the third quarter of FY21. It had registered net consolidated profit of Rs 40.92 crore in the corresponding quarter previous fiscal, the company informed in the BSE filing.

The company’s net consolidated income stood at Rs 653.65 crore in Q3 FY21, a 15 per cent growth from Rs 568.63 crore it recorded in the similar quarter last year.

In the said quarter, its revenue from ‘real estate’ segment stood at 535.47 crore, a 45% growth from Rs 369.39 crore, ‘hospitality’ segment was Rs 30.20 crore a dip of 68% from Rs 92.96 crore and ‘leasing’ segment was Rs 86.15 crore a drop of 10% from Rs 96.04 crore it recorded in the corresponding quarter last year.

“We expect the Office business to gain momentum in the coming quarters as enquiries are building up and our office rental collections are stable. The Retail business is back to 70% of the Pre-COVID levels and will scale up further from here and all efforts are being made to improve the Hospitality business,” M.R. Jaishankar, chairman and managing director of the company said in a media release.

During the quarter ended December 31, 2020, one of the subsidiaries of the company entered into a limited liable partnership with Prestige Estate Projects under the name of Prestige OMR Ventures LLP in October 2020. The subsidiary company has contributed 30% of the capital of the LLP.

The group had investment of Rs 40 crore in tier II bonds of Lakshmi Vilas Bank (LVB). The RBI in its communication in November 2020 advised the administrator of LVB to write down the tier II bonds issued by LVB pursuant to amalgamation of LVB with DBS Bank India and PVB being non viable under Section 45 of the Banking Regulation Act. The group has filed a writ petition in Bengaluru HC against the order of RBI. It had made provision in this regard, the company said in the regulatory filing.

Average cost of borrowing as of December 31, 2020 is 9 per cent, which company claims is resulting in annualized savings of Rs 25 crore.

Its net debt is Rs 3,813.90 crore as of December 31, 2020, out of which Rs 3,116.90 crore is in the leasing segment, Rs 573.80 crore is in hospitality segment, Rs 608.40 crore is in real estate segment, the compand said in its investor’s presentation.

During the quarter it had raised Rs 25 crore (approx) via preferential issue of conversion of convertible warrants in to equity shares. The proceeds of the issue will be used for meeting funding requirements for real estate development, the company said in the regulatory filing.

RELATED ARTICLES

Most Popular

Hot News