Brigade Enterprises Limited reported impressive performance and growth across all business segments for the year ended March 31, 2024. The company has achieved presales of INR 6,013 Cr in FY24 and INR 2,243 Cr in Q4 FY24 – the highest ever for both in terms of a quarter as well as financial year. Additionally, real estate sales volumes of 7.55 Mn. Sft. in FY24 and 2.72 Mn. Sft. in Q4 FY24, along with average realisation for FY24 increasing by 23% over FY23. Collections across the Group for FY24 stood at INR 5,915 Cr as against INR 5,424 Cr for FY23.
Under the operational Leasing portfolio, leasing grew by 14 % YoY with 1 Mn. Sft. of additional area leased over FY23, achieving 97% occupancy in the overall portfolio. Incremental leasing of 0.20 Mn. Sft. in the leasing portfolio in Q4 FY24.
In the Hospitality vertical, average occupancy stood at 72% (grown 3 percentage points) and ARR stood at around INR 6,480 which recorded around 8% growth in FY 24.
In FY 24, we have launched 5.26 Mn. Sft. in the Residential vertical and 0.94 Mn. Sft. in the Commercial vertical.
Commenting on the company’s performance, Pavitra Shankar, Managing Director, Brigade Enterprises Limited said, “The residential business continued to drive sales growth, with all other verticals of the company contributing significantly and finishing strong in the financial year. This year, we have been able to achieve our best ever operational performance, and we aim to leverage this performance in FY25. Our outlook is optimistic, as we believe demand for residential space will continue to be strong. Our leasing efforts gained momentum and healthy growth in ARR in our hospitality vertical as well. We are aggressively pursuing land acquisition opportunities in our target markets and continue to add high quality assets to our land bank.”
Brigade Group has a healthy pipeline of new launches of around 12.61 Mn Sft in Residential, 6.33 Mn Sft in Commercial and 1.06 Mn Sft in Hospitality.
