Brigade Enterprises gains 5% on plans to develop 2 million square feet in Bengaluru

In Q2FY24, Bangalore-based Brigade Enterprises reported an increase in net profit to Rs 112.5 crore. (Representative Image)

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Shares of Brigade Enterprises gained 5 percent during early trade on November 17 on plans to develop 2 million square feet in Bengaluru. The gross development value of the plan is Rs 2,100 crore. By 10:10 am, the stock was trading at Rs 748.50, around 4.74 percent higher.

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In a regulatory filing on November 17, Brigade Enterprises said that Brigade Group had signed a Joint Development Agreement (JDA) with Krishna Priya Estates and Micro Labs to develop around 2 million square feet of residential housing in Bengaluru with a gross development value (GDV) of Rs 2,100 crore. According to the release, located in Yelahanka in
North Bengaluru and spread over 14 acres, the JDA will add to Brigade Group’s residential portfolio. Brigade Group has a project pipeline of around 13 million square feet over next year in Bengaluru, Hyderabad, and Chennai.

Also read: Buy Brigade Enterprises; target of Rs 695: ICICI Securities

In Q2FY24, Bangalore-based Brigade Enterprises reported an increase in net profit  to Rs 112.5 crore, against Rs 51.8 crore in the previous fiscal. Revenue  for the quarter also grew 55 percent to Rs 1,366.6 crore vs Rs 879 crore in Q2FY23. Earnings before interest, taxes, depreciation and amortisation (Ebitda) also grew 50 percent to Rs 324.8 crore for the same period.

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