Brigade Enterprises soars 6% on highest ever quarterly pre-sales in Q4

Brigade’s management remains positive on the company’s future outlook, anticipating strong demand to sustain in the residential space.

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Shares of Brigade Enterprises zoomed nearly 6 percent in morning trade on April 18 as investors rejoiced in the company’s highest ever quarterly pre-sales in the January-March period.

At 10.41am, shares of Brigade Enterprises were trading at Rs 1,045.25 on the NSE.

The company clocked in pre-sales of Rs 2,243 crore in Q4 and Rs 6,013 crore in FY24, both being the highest ever for a quarter as well as full fiscal.

“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 of Brigade Enterprises.

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The average realisation for FY24 grew 23 percent on-year, while collections across the group rose to Rs 5,915 crore in FY24, up from Rs 5,424 crore a year ago.

In the operational leasing portfolio, leasing swelled 14 percent year-on-year, adding 1 million square feet of additional leased area over FY23, resulting in a 97 percent occupancy rate across Brigade’s entire portfolio.

In the hospitality vertical, average occupancy increased 3 percent to reach 72 percent, and the average room rate (ARR) reached approximately Rs 6,480, reflecting an 8 percent growth in FY24.

Going ahead, the management has also retained an optimistic outlook for the company, with an expectation of continued strong demand for residential space.

“Momentum has been gained in our leasing efforts, and healthy growth in ARR has been observed in our hospitality vertical. Opportunities for land acquisition in our target markets are also actively pursued, with a focus on adding high-quality assets to our land bank,” Shankar said.

Brigade Group also has a robust pipeline of new launches lined up, with around 12.61 million square feet in residential, 6.33 million square feet in commercial, and 1.06 million square feet in hospitality segments.

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