Brigade Group Records Highest Ever Sales -Revenue In FY24

Brigade Group reported its highest ever real estate sales of 7.55 Mn sft for the financial year ended March 2024. Total revenue stood at Rs 5,064 Cr which grew by 42% over FY23. EBITDA stood at Rs 1,362 Cr which grew by 39% over FY23. Total collections stood at ?5,915 Cr which grew by 9% over FY23. Net cash flow from operations stood at Rs 1,575 Cr.

In FY24, the Real Estate business registered revenues of Rs 3,662 Cr which is an increase of 51% over FY23. The leasing vertical grew by 25% over FY23 with revenues of Rs 938 Cr with overall occupancy standing at 97%. Growing by 18% over FY23, the hospitality portfolio clocked revenues of Rs 464 Cr, with occupancy at 72% and ARR of Rs 6,483 during FY24.

Commenting on the Group’s performance, Pavitra Shankar, Managing Director, Brigade Group, said, “All verticals of the company contributed significantly to our growth in FY24 on the back of robust demand. With a strong pipeline of 22 Mn sft of ongoing projects and around 16 Mn sft of upcoming projects, we are confident of sustained performance in the coming quarters as well. We continue to focus on Bengaluru, Chennai and Hyderabad for suitable land parcels that are at par with our quality standards and our consumer-first focus.”

Revenue for FY 24 stood at Rs 5,064 Cr; an increase of 42% over FY23.EBITDA for FY 24 stood at Rs 1,362 Cr; an increase of 39% over FY23.PBT for FY 24 stood at Rs 569 Cr; an increase of 105% over FY23.

Revenue for Q4 FY24 stood at Rs 1,763 Cr; an increase of 102% over Q4 FY23Real estate revenue grew to Rs1,390 Cr in Q4 FY24; an increase of 143% over Q4 FY23.Leasing revenue grew to Rs 247 Cr in Q4 FY24; an increase of 32% over Q4 FY23.Hospitality witnessed a growth of 13% from Rs 112 Cr in Q4 FY23 to Rs 126 Cr in Q4 FY24.

EBITDA stood at Rs 493 Cr in Q4 FY24 as against Rs 231 Cr in Q4 FY23, an increase of 113%. PAT during Q4 FY24 stood at Rs 211 Cr as compared to Rs 63 Cr in Q4 FY23, an increase of 234%.Collections for Q4 FY24 stood at Rs 1,838 Cr as compared to Rs 1,463 Cr in Q4 FY23.

The Board of Directors has recommended a final dividend of Rs 2/- per equity share (20%) of Rs 10/- each for the Financial Year 2023-24.

Abraham Stephanos has been inducted as an Independent Director for a period of five years with effect from May 28, 2024, subject to shareholders approval. Abraham Stephanos holds a Bachelor of Science degree in Mechanical Engineering with a Post Graduate Diploma in Management from IIM, Calcutta (specialisation in Marketing and Strategic Management), and has around 4 decades of rich and versatile experience including sales and marketing. He was associated with the Tata Group for over 25 years in various capacities. He was Managing Director of Tata Steel Downstream Products Ltd for around 10 years.