Realty Developer, Brigade Enterprises reported a net loss of Rs 39 crore for the Q2 FY21 as compares to profit of Rs 66 during the same period last year due to the outbreak of Covid-19.
The firm’s net revenue for the quarter also saw a 52 per cent drop at Rs 322 crore for the Q2 of the current fiscal as compared to Q2 last year.
M.R. Jaishankar said, “The quarter continued to witness uncertainty around the Covid-19 pandemic, however, we will continue to focus on our businesses which helped deliver growth amidst this challenging environment. Despite the headwinds, we have seen a bounce back in our residential segment with sales value back to pre-Covid levels. Our total collections for the quarter at Rs. 536 Crore and cashflows are positive”.
In the residential segment the firm pre-sales of 1 mn sqft in Q2 FY21 despite global pandemic and increase of sales value by 9 per cent YoY at Rs. 576 crore. Realization per sqft has gone up 10 per cent compared to the previous year
In the residential segment, the firm has a pipeline of 15.93 mn sqft of ongoing projects and planned projects of 3.12 mn sqft, to be launched in coming quarters.
”The office business will gain momentum in the coming quarters as enquiries are building up and our office rental collections are stable. With the gradual opening of the economy, we are modestly optimistic with respect to the hospitality and retail businesses, all efforts are being taken to improve their performance and we are positive that even these businesses will normalize soon, ” said Jaishankar.
In the commercial segment, it leased 0.04 mn sqft. of new office area in Brigade Tech Gardens, Phase. Brigade group witnessed stable and positive growth with 99 per cent rentalcollections. Growth of 62 per cent in Office rental revenue in H1 FY21 was reported as compared to H1 FY20. however, hospitality segment remained a low performer due to Covid-19 travel restrictions. The occupancy across hotels increased to 15 per cent vs 11 per cent in the previous quarter.
