Brigade Enterprises reports record sale bookings of ₹6,013 crore in FY24

The company’s presales in the fourth quarter of FY24 were ₹2,243 crore, the highest ever for a quarter.

It registered real estate sales volumes of 7.55 million square feet in FY24 and 2.72 million square feet in Q4FY24. The average realisation for FY24 increased by 23% annually. Collections across the group for FY24 stood at ₹5,915 crore as against ₹5,424 crore for FY23, Brigade Enterprises said in a regulatory filing.

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“The residential business continued to drive sales growth, with all other verticals of the company contributing significantly and finishing strong in the financial year. This year, we have been able to achieve our best ever operational performance, and we aim to leverage this performance in FY25,” said Pavitra Shankar, Managing Director, Brigade Enterprises. 

Under the operational Leasing portfolio, leasing grew by 14% YoY with 1 million square feet of additional area leased over FY23, achieving 97% occupancy in the overall portfolio. 

In the Hospitality vertical, average occupancy stood at 72%, growing 3 percentage points, and ARR stood at around ₹6,480 which recorded around 8% growth in FY24. 

“Our outlook is optimistic, as we believe demand for residential space will continue to be strong. Our leasing efforts gained momentum and healthy growth in ARR in our hospitality vertical as well. We are aggressively pursuing land acquisition opportunities in our target markets and continue to add high quality assets to our land bank,” Shankar added.

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In FY24, Brigade Enterprises launched 5.26 million square feet in the Residential vertical and 0.94 million square feet in the Commercial vertical.  

Brigade Group has a healthy pipeline of new launches of around 12.61 million square feet in Residential, 6.33 million square feet in Commercial and 1.06 million square feet in Hospitality, the company said.

Brigade Enterprises share price has gained over 14% in one month and over 10% year-to-date (YTD). In the past one year, Brigade Enterprises shares have jumped more than 106%.

On Tuesday, Brigade Enterprises shares ended 1.16% higher at ₹994.75 apiece on the BSE.

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Published: 17 Apr 2024, 10:21 AM IST