Real estate developer Brigade Enterprises has reported a net loss of Rs 53 crore as compared to a net profit of Rs 41 crore in the first quarter of FY21, due to the outbreak of Covid-19 and consequent lockdown.
Bengaluru-based builder said on Wednesday that the company’s turnover for the period was Rs 214 crore, a 70 per cent drop over the same period of the previous fiscal.
M.R Jaishankar said, “While this quarter was impacted by Covid-19, our continued focus on digital marketing, online booking of apartments and collections have yielded results even though most of the first quarter was under lockdown.”
The company achieved 0.4 mn sq ft. of new sales in Q1 FY21 valued at Rs. 250 crore vs 1 mn sq ft. valued at Rs. 593 crore in the corresponding quarter of the previous year. Average Price realisation per sft has gone up by 14 per cent compared to the same period in the previous year.
“Despite the pandemic, our total collections for the quarter was Rs. 376 crores. The rental collection from office is stable. Although the biggest impact has been in the hospitality and retail segment, all efforts are being taken to improve their performance and we are positive that these segments will normalize soon.”
The firm has a residential pipeline of 16.24 mn sq ft. and upcoming 2.06 mn sq ft. to be launched in FY21.
The company’s net debt stood at Rs 3624 crore as on June 2020