Brigade Enterprises’ Net Profit jumps by 32%

Bangalore-based realty developer Brigade Enterprises has reported 32% on-year rise in consolidated net profit at Rs 29 crore for the quarter ended June. Revenue for the quarter grew 21% to Rs 565 crore, the developer said in a release.

The company sold 310,000 sq ft with a total value of Rs 183 crore during the first quarter with the average price realization was Rs 5,863 per sq ft. The developer launched three real estate project totaling over 2 million sq ft during the quarter.

Despite subdued market conditions, the company has continued to perform well. The positive disruptions in the market i.e. implementation of GST & RERA is a step in the right direction by the government which will provide the necessary impetus for growth of the economy, which in turn will propel demand in the real estate sector. We are confident of scaling up our performance in all domains of real estate that we operate in,” said M.R. Jaishankar, Chairman and Managing Director, Brigade Enterprises.

Leasing and Hospitality segments contributed Rs 71 crores and Rs 51 crores, respectively to the consolidated revenues for the first quarter ended 30th June, 2017.

During the quarter, Brigade Tech Gardens commenced the construction with 3.3 million sq ft of leasable area.

The company raised Rs 500 crore through a Qualified Institutional Placement (QIP) in April 2017. As on June end, Brigade Enterprises’ Debt-Equity ratio stood at 0.66 times.