Brigade Group reported a revenue of ? 685 Crores and PAT after Minority Interest of ? 39 Crores in Q1 FY24. New bookings in real estate segment in Q1 FY 24 is 1.46 mn sft valued at ? 996 Crores. Brigade also reduced its real estate debt by ? 45 Crores, of which residential debt is fully repaid as of June 2023. The average cost of debt at the Group level is at 8.7%.
"During the quarter under review, we maintained steady growth across all segments: residential, office, retail, and hospitality. Our pipeline across business verticals remains strong, and we are optimistic about sustained future growth. Our flagship sales event, Brigade Showcase, concluded recently and witnessed excellent turnout with good inquiries,” said Pavitra Shankar, Managing Director, Brigade Enterprises Ltd.
The Real estate segment continued its consistent performance with new sales of 1.46 mn sft valued at ? 996 Crores. This was complemented by collections of ? 879 Crores. The residential business witnessed a steady increase in pricing realization across all products segments and markets. The company has a strong pipeline of new launches planned for the second half of the year.
During the quarter, revenue stood at ? 371 Crores with an EBITDA of ? 9 Crores.
In the quarter under review, Brigade leased 61,000 sft with existing tenants taking up additional space. Leasing was muted as only SEZ office space was available. Brigade has achieved a leasing of 84% of its available inventory, with 100% leasing under the non-SEZ category. With an increased momentum in leasing enquiries in Q2 FY’24, Brigade has an active pipeline for the coming quarters.
During the quarter, revenue stood at ? 213 Crores with an EBITDA of ? 160 Crores.
The Hospitality business of the company continued its growth story in Q1 FY’24, with both top line and bottom line registering higher than Q1 FY’23 numbers. The company’s focus on increasing ARRs paid off with a growth of 16% across the portfolio and a revenue increase of 13% when compared with Q1 FY’23. The hospitality business is expected to continue to perform well in the coming quarters.
During the quarter, revenue stood at ? 102 Crores with an EBITDA of ? 38 Crores.
