Brigade Enterprises’ has reported a growth of 117.39 per cent in its net consolidated profit during the quarter ended September 30, 2023. Its profit after tax stood at Rs 112.50 crore in Q2 FY24 as against Rs 51.75 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s net consolidated total income stood at Rs 1,407.92 crore in Q2 FY24, a growth of 54.35 per cent from Rs 912.19 crore it recorded in the similar quarter last year.
“All business verticals contributed significantly to the growth of the company in Q2 of FY24. With a robust pipeline of launches in Bengaluru, Chennai and Hyderabad we are confident that we will sustain the momentum going forward.” said Pavitra Shankar, managing director of the company.
During the quarter ended September 30, 2023, the paid-up equity share capital of the Company has increased from Rs.23,079 lakhs to Rs. 23,085 lakhs pursuant to allotment of 57,921 equity shares on exercise of stock options by employees.
New bookings in the real estate segment in Q2 FY24 is 1.67 million sq ft valued at Rs 1,249 crore. Collections for Q2 FY24 stood at Rs 1,439 crore as compared to Rs 1,244 crore in Q1 FY24, an increase of 15%.
In Q2 FY24, the company achieved leasing of three lakh sq ft recording a 5x quarter-on-quarter growth. Total leasing stands at 89% of the available inventory and recorded a 8% quarter-on-quarter increase in leasing revenue, from Rs 213 crore in Q1 FY24 to Rs 231 crore in Q2 FY24.