Brigade Enterprises posts net loss of Rs 13.65 crore in Q2 FY22

 Brigade Enterprises has reported net consolidated loss of Rs 13.65 crore in the quarter ended September 2021. The company had reported net consolidated loss of Rs 30.62 crore in the corresponding quarter of the previous fiscal, it said in the BSE filing.

The company’s net consolidated total income stood at Rs 776.08 crore in Q2 FY22, a growth of 141 per cent from Rs 322.06 crore it recorded in the similar quarter last year.

In the real estate segment it achieved Rs 831 crore in sales value in Q2 FY22, an increase of 73% over Q1 FY22, with net area sales of 1.3 million sq ft in Q2 FY22. Average realization increased by 8% to Rs 6,322 per sq ft in Q2 FY22. Currently, it has approximately 17.78 million sq ft of ongoing projects and 2.18 million sq ft of upcoming projects. Real estate debt reduced by Rs 121 crore during Q2 FY22, the company said in a media release.

On the retail side, 1.15 lakh sq ft are under fit-outs across the three Orion malls, which will be operational in Q3 FY22 with overall consumption at 90% of pre-covid levels, it said in the release.

In office business, Brigade leased 1.7 lakh sq ft during Q2 FY22 with an active pipeline of 1 million sq ft. Hospitality portfolio occupancy improved to 45% in Q2 FY22 from 23% in Q1 FY22.

According to the company, it registered overall collections of Rs 937 crore in Q2 FY22. Cash flows from operating activities for Q2 FY22 is Rs 213 crore.

The company reduced its average cost of borrowing to 7.92%. Its net debt to equity stood at 0.83 and average cost of debt stood at 7.92%. CRISIL has upgraded Brigade’s rating to A+ with a stable outlook.