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Last Updated : Jun 23, 2020 06:21 PM IST | Source: Moneycontrol.com

Buy Brigade Enterprises; target of Rs 180: ICICI Direct

ICICI Direct is bullish on Brigade Enterprises has recommended buy rating on the stock with a target price of Rs 180 in its research report dated June 22, 2020.

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ICICI Direct's research report on Brigade Enterprises

Brigade Enterprises (BEL) reported a mixed performance as it reported better-than-expected sales volume but financial reported numbers were marred by one-time impairment loss in investment and hospitality segment on account of Covid-19. The company reported sales volume of 1.05 mn sq feet vs. 0.96 mn sq feet (msf) in Q4FY19, reporting healthy growth of 10% YoY. The presales value was up 25.3% YoY at Rs 651.2 crore, as realisations were up 13.8% YoY at Rs 6176/sq feet. Reported revenues de-grew 16.3% YoY to Rs 635.9 crore, on account of weaker traction in hospitality and malls segment due to Covid-19 impact in the second half of March, 2020. The company provided for one-time impairment loss in investment and hospitality segment on account of Covid-19, of Rs 20.5 crore. Consequently, reported PAT declined 95% YoY to Rs 2.7 crore.


Hence, we maintain BUY on the stock with revised SoTP target price of Rs 180/share.

For all recommendations report, click here

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First Published on Jun 23, 2020 06:21 pm