Brigade Enterprises trades higher as Q1 net profit surges 267%

For the quarter ended June 30, 2024, the company reported its real estate revenue at ₹707 crore and leasing revenue at ₹259 crore. The revenue from the hospitality segment stood at ₹118 crore. The pre-sales booking in the real estate segment came in at 1.15 million square feet, resulting in a value of ₹1,086 crore.

At the end of Q1FY25, Brigade Enterprises’ land bank stood at 517 acres. Bangalore, with 345 acres, made up most of the land bank, while Chennai was the second-largest, with 125 acres.

Pavitra Shankar, managing director of Brigade Enterprises, stated that the real estate segment was the company’s primary driver during the quarter, while other segments made healthy contributions. The company’s diverse portfolio will help capture opportunities.

“Real estate segment continued to be the primary driver of our growth, while other segments made healthy contributions. We believe that our diverse portfolio will help us capitalise on emerging opportunities,” she said.

The company also announced on Tuesday that its wholly-owned subsidiary, Brigade Tetrarch, has entered into a limited liability partnership to develop a 1.4 million square feet of leasable office space on Airport Road, Bangalore. The project is expected to generate an annual lease income of ₹100 crore per year on investment of ₹750 crore.

The company's shares have risen by nearly 32% since the beginning of the year, and the stock has gained over 100% in the past year.