ICICI Direct's research report on Brigade Enterprises
Key highlight of Brigade Enterprises’ (BEL) Q3FY21 result was life-time high sales volume of ~1.5 million square feet (msf) worth Rs 923 crore, up 42% and 55% YoY, respectively, driven by strong traction of newly launched project in Hyderabad along with ongoing projects. On the financial numbers, reported revenues grew 16.7% YoY to Rs 644.8 crore, on account of strong revenue recognition in the residential segment. Reported EBITDA margins were down 520 bps YoY to 23%. BEL reported a loss of Rs 16.1 crore.
Outlook
We maintain BUY with an SoTP target price of Rs 320/share (Rs 240/share earlier).
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