Brigade Enterprises gains on Chennai land deal for residential project

The 6.54 acres land parcel is located at Rajiv Gandhi Salai (Old Mahabalipuram Road), Sholinganallur, Chennai and will be used for a residential project.

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Shares of Brigade Enterprises traded 1.5 percent higher at the open on August 22, a day after the company entered into a sale deed to acquire a land parcel in Chennai for developing a residential project there.

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The land parcel, according to a filing  acquired by Brigade Enterprises, is located at Rajiv Gandhi Salai, Chennai. The total area of the acquisition is 6.54 acres.

For the quarter ended June 2023, the real-estate company saw an on-year increase in net sales from residential projects by 33 percent to Rs 991 crore. Brigade Enterprises has over eight projects across real estate, lease rentals and hospitality and around nine projects lined up for the upcoming quarters.

As of 9:44am, the shares were trading at Rs 600, up from 595.15 at the close on August 21.

For Q1FY24, Brigade Group reported a 26 percent year-on-year revenue growth to Rs 685 crore and a decline in net profit from Rs 87.7 crore in Q1FY23 to Rs 39 crore in Q1FY24. Earnings before interest, depreciation, taxes and amortisation (EBIDTA) also declined 18 percent to Rs 206 crore for the quarter ended June 2023.

Also read: Brigade Enterprises falls 4% as Q1 net profit, revenue dip

Brigade Enterprises is a leading property developer in South India with office, retail and hotel projects in Bengaluru, Mysuru, Hyderabad, Chennai and Kochi.

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