Brigade Records Highest Ever Sales of 6.3 Mn Sft for March 2023
Brigade Enterprises Ltd. reported its highest ever real estate sales of 6.3 Mn sft for the financial year ended March 2023. The total value of Rs 4,109 Cr against Rs 3,023 Cr in the previous financial year, an increase of 36%. Total collections stood at Rs 5,424 Cr during FY23. Cash flow from operating activities for the company in FY23 stood at Rs 1,517 Cr an increase of 35% from FY22. EBITDA stood at Rs 978 Cr in FY23 as against Rs 833 Cr in FY22; an increase of 17%. PAT for the year under review stood at Rs 222 Cr, against loss of Rs 65 Crs over FY22. Real estate debt reduced to Rs 46 Cr as on FY23 from Rs 272 Cr as on FY22, a reduction of 83%. The real estate business registered an all-time high of 6.3 Mn sft translating to a value of Rs 4,109 Crs. This is a 34% increase in terms of area and 36% increase in value over the previous fiscal. Brigade’s Leasing vertical witnessed an increase of 26% in revenues, growing from Rs 596 Crs in FY 22 to Rs 752 Crs in FY 23. Office leasing grew 33% from 0.9 mn sq ft in FY 22 to 1.2 mn sft in FY 23. Brigade’s Retail rental segment footfalls increased by 106% over the past fiscal year for the retail malls and we have witnessed 78% growth in retail sales consumption during FY23 over FY22 The company’s hospitality portfolio occupancy reached 69% as against 62% of pre-COVID occupancy. ARR touched 112% of pre-COVID levels during FY’ 2023 and an increase of 69% over ARR of FY22. Revenue grew Rs 179 Cr in FY22 to Rs 394 Cr in FY23, an increase of 120%. Commenting on the results, Pavitra Shankar, Managing Director, Brigade Enterprises Limited said, “We are happy to announce that our real estate business outperformed during the fourth quarter, enabling us to end the year with highest ever sales. Leasing and hospitality also contributed significantly to the overall growth of the company in FY 2022-23. We have a strong pipeline of ongoing projects of around 20 mn sft and upcoming projects of 7.5 mn sq ft. We are confident that we will sustain the momentum and will increase growth in the coming financial year.” Revenue for FY 23 is Rs 3,563 Cr; increased 16% from FY22. EBITDA for FY 23 is Rs 978 Cr; increased 17% from FY22. PBT for FY 23 stands at Rs 278 Cr, when compared to a loss of Rs 15 Cr for FY22. In the Q4 FY23 the company’s revenue is at Rs 872 Cr in comparison with Rs 965 Cr in Q4 FY22. The real estate business continued to report positive numbers, with sales value growth of 53% in the same period. Brigade’s leasing vertical revenues, growing from Rs181 Cr in Q4 FY22 to Rs188 Cr in Q4 FY 23. Brigade’s Hospitality business witnessed a growth of 103% from Rs 55 Cr in Q4 FY22 to Rs112 Cr in Q4 FY 23. Collections for Q4 FY23 stood at Rs1,463 Cr in comparison to Rs 1,333 Cr in Q4 FY22. Sales value in Q4 FY23 was at Rs 1,489 Cr with area of 2.4 million square feet, an increase of 53% over Q4 FY 22. EBITDA stood at Rs 232 Cr in Q4 FY23 as against Rs 228 Cr in Q4 FY22 an increase of 2%. PAT during the quarter under review stood at Rs 63 Cr as compared to loss of Rs 12 Cr in Q4 FY22.
Tags : Brigade Enterprises Ltd real estate sales financial year activities company debt hospitality retail sales Pavitra Shankar Managing Director Brigade Enterprises Limited