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Real estate major, Brigade Group, has achieved remarkable milestones in Q3 FY24 by booking 1.7 million square feet with a sale value of INR 1,524 crores. Collections for the quarter amounted to INR 1,394 crores, indicating strong financial performance and stability.
The residential sector witnessed strong growth in both pricing and volume, with a promising pipeline for upcoming launches in the fourth quarter of FY24. Additionally, the office segment experienced its best leasing quarter post-COVID, setting the stage for a robust finish to the financial year. Retail leasing and hospitality sectors also exhibited positive momentum, reflecting a favourable market outlook.
Looking ahead, the company aims to launch approximately 10.8 million square feet of residential projects valued at around INR 10,000 crores in the next year, alongside 5 million square feet of office and retail projects. These initiatives are projected to generate approximately INR 500 crores in annual exit rentals. Moreover, Brigade Group plans to start construction on 1,000 hotel rooms across four projects within the coming year.
In Q3 FY24, Brigade Group reported a revenue of INR 839 crores, marking a significant 50% increase compared to the same period in the previous fiscal year, with an EBITDA of INR 73 crores, indicating strong operational performance.
Additionally, the group leased 0.49 million square feet during the quarter, achieving an impressive 95% occupancy rate across its portfolio. Revenue for this segment reached INR 247 crores, reflecting a 24% increase compared to Q3 FY23, with EBITDA standing at INR 179 crores.
Hospitality revenues witnessed a remarkable surge of 22% to INR 123 crores in the same quarter, accompanied by a 7% increase in ARR (average room rate) and a 5% rise in occupancy compared to Q3 FY23. Hospitality EBITDA stood at INR 45 crores, underscoring the sector's strong performance.
Overall, Brigade Group reported consolidated revenue of INR 1,208 crores for Q3 FY24, representing a notable 41% increase from INR 859 crores in Q3 FY23. EBITDA for the quarter reached INR 296 crores, marking a 20% increase from INR 246 crores in Q3 FY23. PAT (Profit After Tax) stood at INR 56 crores, reflecting a significant 31% growth from INR 43 crores in Q3 FY23.
Brigade Group's impressive performance in Q3 FY24 and its ambitious expansion plans underscore its resilience, strategic vision, and commitment to driving growth in the real estate industry. With a strong foundation and promising prospects, the company is set to witness continued success in the years to come.
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