Brigade Enterprises Shares Surge Over 8% – New Record High!

Brigade Enterprises Shares Soar 8% on Q4 Profit Jump

Shares of Brigade, one of India’s leading property developers, surged 8.66% to reach a historic peak of ₹1,331.45 each in early daytime trading today, driven by the company's robust performance for Q4 and the full financial year (FY24). On Tuesday, the company reported a 233% surge in its consolidated profit to ₹210 crore for the March quarter compared to a net profit of ₹63 crore in the same period last year.

Its revenue from operations soared to ₹1,762 crore, a growth of 100% compared to ₹872 crore in Q4 FY23. The company achieved a pre-sales volume of approximately 2.72 million square feet in Q4 FY24, representing 61% growth over Q3 FY24. 

The sales value reached ₹2,243 crore in Q4 FY24, marking a 47% increase from Q3 FY24. Currently, there are ongoing projects covering 21 million square feet, with 1.82 million square feet launched during Q4 FY24. Collections during the March quarter stood at ₹1,838 crore compared to ₹1,463 crore in Q4 FY23.

During the 2023-24 financial year, Brigade Ventures' net profit rose to ₹451.61 crore from ₹291.41 crore the previous year. Revenue from operations increased to ₹5,064.15 crore from ₹3,563.21 crore in the 2022-23 financial year. The average realization stood at ₹7,968 per square foot during FY24, a 23% increase over FY23. In FY24, the real estate business recorded revenues of ₹3,662 crore, a 51% increase over FY23.

 The leasing vertical grew by 25% over FY23, with revenues of ₹938 crore and an overall occupancy rate of 97%. The hospitality portfolio grew by 18% over FY23, generating revenues of ₹464 crore, with an occupancy rate of 72% and an average room rate (ARR) of ₹6,483 during FY24. Total collections amounted to ₹5,915 crore, reflecting a 9% growth over FY23. Net income from operations was ₹1,575 crore.