Shares of Brigade Enterprises fell over 4.18 percent to Rs 563.85 at 9.17 am on August 9 after the company's net profit fell 65 percent year-on-year (YoY) in the April-to-June quarter. Brigade Enterprises' consolidated net profit came at Rs 38.5 crore for Q1FY24.
Company's revenue also fell 21 percent YoY to Rs 685 crore in Q1FY24. Its net sales from commercial projects was down at Rs 4.3 crore in Q1FY24 as compared with Rs 71 crore in Q1FY23. Muted leasing lowered sales in the said quarter, said the company in an exchange filing dated August 8.
Meanwhile, the real-estate company’s net sales from residential projects rose 33 percent YoY to Rs 991 crore in the same period. But occupancy levels in the hospitality industry fell 5 percent YoY in Q1FY24. Brigade Enterprises expects conferences, trade shows, events planned in the coming days to boost growth in occupancies.
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In the hospitality segment, Brigade Enterprises achieved EBITDA of Rs 38 crore, an increase of 31 percent YoY in the April-to-June quarter. The company launched Padmini Tech Valley-Tower C in Bengaluru in the April-to-June quarter. The real-estate company plans to launch 9.7 million sq.ft in residential and commercial segment in the next four quarters.
Brigade has developed real-estate across South India in Bengaluru, Mysuru, Hyderabad, Chennai and Kochi with developments across residential spaces, offices, retail and hotels.
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