Realty firm Brigade Enterprises share price surged five percent in early trade on May 29 after the real estate developer reported a 3x jump in net profit for the quarter ended March.
Brigade Group has posted profit after tax of Rs 211 crore in the fourth quarter of FY24, up by 234 percent YoY. During the quarter, the firm reported revenue of Rs 1,763 crore, an increase of 102 percent over Q4 FY23, according to a regulatory filing on May 28.
At 9.18 am, Brigade Enterprises shares were quoting Rs 1,285 on the NSE, higher by 4.8 percent compared to the previous close.
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The profit after tax in FY24 stood at Rs 569 crore, up by 105 percent compared to the last financial year. In FY24, the company clocked a revenue of Rs 5,064 crore, an increase of 42 percent over FY23. The EBITDA for FY24 stood at Rs 1,362 crore.
The total collections from customers stood at Rs 5,915 crore, which grew by 9 percent over FY23. Net cash flow from operations stood at Rs 1,575 crore.
Domestic brokerage Motilal Oswal reiterated its buy rating on the firm, saying that Brigade Enterprises reported encouraging performance across all fronts. Additionally, the strong launch pipeline provides growth visibility in the near-term.
Over the past year, shares of the realty player have jumped 125 percent, as compared to the 25 percent rise in the frontline index Nifty 50.
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