- 14 Nov 2024
- ICICI Securities
BRIGADE ENTERPRISES: HEALTHY SALES MOMENTUM
News: Brigade Group’s Q2 FY25 Real Estate Sales stood at ₹ 1821 Crore, up 46% YoY. It achieved pre-sales volumes of 1.68 million sqft in Q2 FY25. It achieved collections of ₹1936 crore, up 35% YoY with average sales realisation at ₹10,832 per sqft, up 45% YoY. On financial front, topline at ₹1072.2 crore was down 21.5% YoY. On segmental basis, Real Estate revenue was at ₹ 665 crore, down 35.7% YoY. Hospitality and leasing revenues were at ₹ 124.7 crore and ₹297 crore, up 13.4% and 26% respectively. EBITDA Margin at 27.2% was up 340 bps YoY. While bottom line at ₹115 crore was up 2.3% YoY.
Views: Brigade as of Q2 FY25, has 25 million sqft of ongoing projects with new launches of 16 million sqft planned for rolling 4 quarters and would include approximately 13 million sqft in the residential sector which should drive sales volumes ahead. With lean balance sheet, healthy pipeline, well placed hospitality portfolio and leasing ramping up, brigade is one of the well placed realty developers poised for growth ahead. We await management commentary on sales momentum ahead.
Impact: Positive