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Bengaluru's Brigade Group, a listed real estate developer, achieved significant financial milestones in Q2 FY24, recording a net profit after minority interest of Rs 134 crore, accompanied by a total revenue of Rs 1,408 crore. This marked a substantial increase from the Q2 FY23 net profit of Rs 51.8 crore. Collections for Q2 FY24 amounted to Rs 1,439 crore, reflecting a 15% rise from Q1 FY24's Rs 1,244 crore, with EBITDA reaching Rs 366 crore during the same period. Q2 FY24 witnessed real estate bookings totalling 1.67 million sq ft, valued at Rs 1,249 crore. The real estate giant has ambitious plans, announcing new launches totalling 13 million sq ft over the next four quarters, with the residential sector accounting for 11 million sq ft. Brigade Group's residential segment demonstrated robust performance in Q2 FY24, contributing to revenue of Rs 1,063 crore and an EBITDA of Rs 155 crore. The sale value reached Rs 1,249.1 crore, marking a 25% increase from Q1 FY24's Rs 996 crore. Notably, new sales in this segment amounted to 1.67 million sq ft, with collections reaching Rs 1,029 crore. The average realization stood at Rs 7,466 per sq ft during Q2 FY24, reflecting a 9% increase from Q1 FY24. The commercial segment experienced remarkable growth. 3 lakh sq ft of commercial space was leased in Q2 FY24, a 5x quarterly increase, resulting in revenue of Rs 230.7 crore. The investor presentation highlighted a 7% growth in retail sales consumption in Q2 FY24 compared to Q1 FY24. Total leasing constituted 89% of the available inventory, recording an 8% quarter-on-quarter increase in leasing revenue, from Rs 213 crore in Q1 FY24 to Rs 230.7 crore in Q2 FY24. The hospitality segment also contributed positively, with revenue standing at Rs 114 crore, reflecting a 12% quarter-on-quarter increase. Occupancy rose significantly supported by an EBITDA of Rs 40 crore. Overall, Brigade Group's diverse segments showcase its resilience and strategic growth, responding to market dynamics and maintaining a strong financial stance in the real estate sector.
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