Bengaluru-based real estate firm Brigade Group has booked residential units across 1.2 million square feet (msf) worth Rs 795 crore in the second quarter of FY23. The company posted a profit of Rs 52 crore in the quarter compared to a loss of Rs 14 crore in Q2 FY22. Net revenue in Q2FY23 stood at Rs 912 crore against Rs 776 crore a year earlier, an increase of 18 percent, according to a statement.
Net sales for the first half of this fiscal rose 23 percent and collection 45 percent over the previous year.
Brigade Enterprises executive chairman M R Jaishankar said, “We expect to sustain and grow the momentum in the coming quarters with a good pipeline of new residential projects and leasing business and continued growth in the hospitality business in H2FY23."
In the first half of this fiscal, the company leased 0.7 msf and has planned over 1 msf of development over the next two quarters across all properties in the pipeline.
Retail sales showed 38 percent growth during H1FY23 while multiplexes posted a growth of 8 percent in sales, surpassing pre-COVID levels. Average occupancy across the hospitality portfolio increased by 51 percent in Q2FY23 over Q2FY22.
The company’s real estate debt was reduced by Rs 59 crore in the reporting quarter, while the average cost of debt stood at 8.09 percent.
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