India's Brigade Enterprises Ltd said on Tuesday its first-quarter profit fell 56.1%, hurt by weaker sales at its core real estate segment.
The property developer's consolidated net profit fell to 385.3 million rupees ($4.65 million) in the quarter ended June 30 from 876.8 million rupees a year earlier, while revenue from operations fell 27.5% to 6.54 billion rupees.
KEY CONTEXT
Some Indian real estate firms are seeing sales fall as near-term demand for housing cooled off during the quarter after a year of high growth.
Real estate consulting firm Anarock said in July factors like inflation, any potential rise in interest rates and corporate layoffs could weigh on growth in the next two quarters.
PEER COMPARISON
More From This Section
Valuation (next Estimates (next 12 Analysts' sentiment 12 months) months) RIC PE EV/EBITDA Revenue profit Mean # of Stock to Div growth growth rating analyst price target yield s (%) Brigade Enterprises 34.47 13.65 17.34 41.75 STRONG 14 0.93 0.34 Ltd BUY DLF Ltd 40.44 50.30 19.32 29.85 BUY 17 0.94 0.82 Godrej Properties 50.70 73.33 26.56 27.50 HOLD 19 0.97 -- Ltd Oberoi Realty Ltd 20.66 15.95 24.02 5.02 HOLD 23 1.01 0.36
APRIL-JUNE STOCK PERFORMANCE
($1 = 82.8310 Indian rupees)
(Reporting by Ashna Teresa Britto in Bengaluru; Editing by Nivedita Bhattacharjee)