Brigade Enterprises Q4 profit at Rs 63 cr, FY23 profit stands at 222 cr

Realty firm Brigade Enterprises Ltd on Wednesday reported a consolidated net profit of Rs 63 crore for the quarter ended March 2023.

The company posted a net loss of Rs 11.63 crore in the year-ago period.

Total income fell to Rs 872.11 crore in the fourth quarter of the last fiscal from Rs 964.72 crore in the corresponding period of the previous year, according to a regulatory filing.

Net profit stood at Rs 222.17 crore in the last fiscal as against a net loss of Rs 64.76 crore in the 2021-22 financial year.

Total income rose to Rs 3,563.21 crore in the 2022-23 fiscal from Rs 3,065.51 crore in the previous year.

Commenting on the results, Pavitra Shankar, Managing Director, Brigade Enterprises Ltd said, "...our real estate business outperformed during the fourth quarter, enabling us to end the year with highest ever sales. Leasing and hospitality also contributed significantly to the overall growth of the company in 2022-23."

The company has a strong pipeline of ongoing projects of around 20 million square feet and upcoming projects of 7.5 million square feet, she said.

"We are confident that we will sustain the momentum and will increase growth in the coming financial year," Shankar said.

Established in 1986, Brigade Enterprises is one of the leading property developers.

The company has developed many projects across the cities of Bengaluru, Mysuru, Hyderabad, Chennai, Kochi and Gift City, Gujarat with developments across residential, office, retail, hospitality and education sectors.