Brigade Enterprises shares jump more than 5% on impressive sales numbers in FY24
Upstox
2 min read • Updated: April 18, 2024, 12:45 PM
Summary
Brigade Enterprises reported pre-sales of ₹6,013 crore in FY 2023-24 and ₹2,243 crore in the March quarter. The property developer reported impressive performance and growth across all business segments for the year ended March 31, 2024.
Brigade Enterprises Ltd shares jumped more than 5% on Thursday, April 18, after the leading realty firm reported record pre-sales for both the March quarter and 2023-24 financial year.
Brigade Enterprises shares opened higher at ₹1,029.9 apiece and rallied further 5.6% to hit an intraday high of ₹1,051.65 apiece on the NSE in morning trade. More than 6.52 lakh shares of the company changed hands on the NSE.
Brigade Enterprises shares have rallied more than 118% in the past year. The stock hit a 52-week low of ₹481 per share on April 17, 2023. However, the stock is nearly 5% down from the 52-week high level hit on February 7.
Brigade Enterprises reports record pre-sales numbers for FY24
The property developer reported impressive performance and growth across all business segments for the year ended March 31, 2024.
Brigade recorded presales of ₹6,013 crore in FY 2023-24 and ₹2,243 crore in the March quarter, the highest ever figures for both in terms of a quarter as well as financial year.
In volume terms, the company sold 7.55 million sqft area in FY24 and 2.72 million sqft in the last quarter of FY24.
Average realisation for FY24 jumped by 23% over FY23, Brigade Enterprises said in a statement.
Collections across the Brigade Group rose to ₹5,915 crore in FY24 from ₹5,424 crore for FY23.
Strong growth across segments
Brigade Enterprises’ Leasing portfolio grew by 14 % YoY with 1 million sqft of additional area leased over FY23, achieving 97% occupancy in the overall portfolio.
Average occupancy in the Hospitality vertical stood at 72% (up by 3 percentage points) and ARR stood at around ₹6,480 which was around 8% higher in FY 24.
In FY 24, the company launched 5.26 million sqft in the residential vertical and 0.94 million sqft in the commercial vertical.
Brigade Enterprises has developed many projects across Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, Gift City-Gujarat, Thiruvananthapuram, Mangaluru and Chikmagalur. These projects span across residential, retail and commercial segments.