Brigade Enterprises Q4 earnings: Net profit zooms 30% YoY to ₹1,093 Cr, Board declares 20% dividend

For the fiscal year that ended in March 2023, Brigade Enterprises Ltd. announced its highest-ever real estate sales of 6.3 Mn sft. A 36% rise in total value from the previous financial year’s level of ₹3,023 Cr to ₹4,109 Cr. In FY23, the total collections were ₹5,424 Cr. The company’s cash flow from operating activities in FY23 was ₹1,517 Cr, up 35% from FY22. EBITDA rose 17% from FY22 to FY23, from ₹833 Cr to ₹978 Cr.

PAT was ₹222 Cr for the year under review compared to a loss of ₹65 Cr for FY22. From ₹272 Cr in FY22 to ₹46 Cr in FY23, real estate debt dropped by 83%. A record-breaking 6.3 million square feet, or ₹4,109 crore, were recorded in the real estate business. In terms of area, this is up 34%, and in terms of value, it’s up 36% from the prior fiscal year. Revenues for Brigade’s leasing vertical rose by 26%, from ₹596 crores in FY22 to ₹752 crores in FY23. From 0.9 million square feet in FY22 to 1.2 million square feet in FY23, office leasing climbed by 33% YoY. 

The company’s consolidated revenue reached ₹872 Cr in Q4 FY23 in comparison with ₹965 Cr in Q4 FY22. Real estate business sales value growth of 53% in the same period. Brigade’s leasing vertical revenues climbed from ₹181 Cr in Q4 FY22 to ₹188 Cr in Q4 FY 23 and its hospitality business witnessed a growth of 103% from ₹55 Cr in Q4 FY22 to ₹112 Cr in Q4 FY 23 on a consolidated basis. 

Collections for Q4 FY23 stood at ₹1,463 Cr in comparison to ₹1,333 Cr in Q4 FY22. EBITDA stood at ₹232 Cr in Q4 FY23 as against ₹228 Cr in Q4 FY22 an increase of 2% YoY. Its net profit during the quarter under review stood at ₹63 Cr as compared to a loss of ₹12 Cr in Q4 FY22. 

On a standalone basis, the company recorded a turnover of Rs 574.4 Cr in Q4FY23 down by 20% YoY from Rs 718.7 Cr in Q4FY22. Its EBITDA stood at ₹179.8 Cr during the quarter under review down by 2% from ₹182.7 Cr in the year-ago quarter. Brigade Enterprises said its standalone net profit stood at ₹109.3 Cr during Q4FY23 up by 30% YoY from Rs 83.9 Cr during Q4FY22. 

Commenting on the results, Pavitra Shankar, Managing Director, Brigade Enterprises Limited said, “We are happy to announce that our real estate business outperformed during the fourth quarter, enabling us to end the year with highest ever sales. Leasing and hospitality also contributed significantly to the overall growth of the company in FY 2022-23. We have a strong pipeline of ongoing projects of around 20 Mn sft and upcoming projects of 7.5 Mn sft. We are confident that we will sustain the momentum and will increase growth in the coming financial year.”

The Board of Directors has recommended a final dividend of ₹2/- per equity share (20%) of ₹10 each for the FY 2022-23.