Real estate developer Brigade Group reported a profit of Rs 39 crores in the quarter that ended June 30, 2023, with a revenue of Rs 685 crore, the company said in an August 8 regulatory filing.
However, the company's profit in Q1 FY24 fell by about 61 percent from Rs 63 crore from the previous quarter in Q4 FY23.
In Q1 FY24, the company developed 1.46 million square feet (msf) in the residential segment with a sale value of Rs 996 crore.
In the same quarter, Brigade Group reduced its real estate debt by Rs 45 crore, of which residential debt is fully repaid as of June 2023. The average cost of debt at the Group level is at 8.7 percent.
"Our flagship sales event, Brigade Showcase, concluded recently and witnessed an excellent turnout with good inquiries. We expect to launch 9.70 msf in the next four quarters out of which 7.87 msf is in the residential segment," Pavitra Shankar, Managing Director, Brigade Enterprises Ltd said.
The collections in the first quarter of FY24 stood at Rs 1,244 crore and EBIDTA was Rs 206 crore.
Residential segment
For the residential segment, the collection stood at Rs 879 crore.
In Q1 FY24, the pre-sales volume stood at 1.46 msf, according to the investors' presentation.
The average realization for residential sales stood at Rs 6,839 per sq ft during the quarter.
In Q1, revenue from the residential segment touched Rs 371 crore with an EBITDA of Rs 9 crore.
Commercial and retail
In Q1 FY24, Brigade Group leased 61,000 square feet with existing tenants taking up additional space.
Leasing was muted as only SEZ office space was available, the company said. Brigade achieved a leasing of 84 percent of its available inventory, with 100 percent leasing under the non-SEZ category.
During the quarter, revenue stood at Rs 213 crore with an EBITDA of Rs 160 crore.
The company also witnessed a 12 percent growth in retail sales consumption in Q1 FY24 over the same quarter last year.
Hospitality
The company's ARR grew by 16 percent across the portfolio and a revenue increase of 13 percent when compared with Q1 FY23.
During the quarter, revenue stood at Rs 102 crore with an EBITDA of Rs 38 crore.
Brigade Group plans to add about 2 msf of Grade A office space in Bengaluru by the end of the current financial year. Separately, construction of a little over 0.2 msf of office space in Trivandrum is ongoing. The company will double its office portfolio across Bengaluru, Hyderabad and Chennai within four years.
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