Brigade Enterprises' Q3 FY23 net profit fall by 8%

Brigade Enterprises' consolidated net profit decreased by 8 percent during the quarter ending on December 31, 2022. Its profit after tax (PAT) was Rs 42.68 crore in the third quarter of FY23 as opposed to Rs 46.41 crore in the same period of the previous fiscal, the business stated in a BSE filing. The company's consolidated total income for the second quarter of FY23 was Rs 858.63 crore, down 7.99% from Rs 933.19 crore it earned in the same quarter of FY22.

The company sold pre-sales of around 1.53 million square feet, a 29% increase over Q2 FY23 for a total sale price of Rs 10,097 million in Q3 FY23. When compared to 9M FY22, its sales volume climbed by 25% to around 4 million sq ft. It was able to lease 1 million square feet During the first nine months of FY23 and it currently has a pipeline of 1.44 million square feet.

The company's real estate debt decreased by 72% during 9M FY23 to Rs 770 million due to increased collections and repayment. Due to the allotment of 96,363 equity shares upon the execution of stock options by employees, the company's paid-up equity share capital increased from Rs 23,057 lakhs to Rs 23,066 lakhs during the quarter that ended on December 31, 2022.

The company’s managing director Pavitra Shankar spoke to ET Realty regarding the company’s vision stating that they intend to sustain and grow the momentum in the coming quarters with a solid pipeline of new residential projects, leasing activity and ongoing development in the hotel division.

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Brigade Enterprises' Q3 FY23 net profit fall by 8%

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