ICICI Securities research report on Brigade Enterprises
FY22 was another challenging year for Brigade Enterprises’ (BRGD) with Covid impacting the leasing and hospitality segments in H1FY22. However, the company clocked a resilient performance with FY22 residential sales of 4.7msf worth Rs30.2bn (up 9% YoY in value terms) and also reduced its share of net debt by Rs9.0bn YoY to Rs17.5bn as of Mar’22 aided by a QIP fund raise of Rs5.0bn in Q1FY22. The company’s liquidity position is comfortable and we expect BRGD’s share of rental NOI to grow at 20% CAGR over FY22-25E to Rs6.8bn along with continued traction in residential sales and revival in hotels.
We reiterate our BUY rating with a revised target price of Rs595/share (earlier Rs573) as we roll forward to Mar’24 NAV.
At 14:29 hrs Brigade Enterprises was quoting at Rs 499.60, up Rs 8.80, or 1.79 percent.
It has touched an intraday high of Rs 502.85 and an intraday low of Rs 487.50.
It was trading with volumes of 3,133 shares, compared to its thirty day average of 17,370 shares, a decrease of -81.96 percent.
In the previous trading session, the share closed down 4.91 percent or Rs 25.35 at Rs 490.80.
The share touched its 52-week high Rs 585.00 and 52-week low Rs 385.25 on 15 September, 2022 and 12 May, 2022, respectively.
Currently, it is trading 14.6 percent below its 52-week high and 29.68 percent above its 52-week low.
Market capitalisation stands at Rs 11,519.10 crore.
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