City-based real estate major Brigade Enterprises has posted a 13 per cent jump in profit after tax to Rs 21.5 crore for the second quarter of the current financial year that ended on September 30.
The company had posted a net profit of Rs 19 crore during the corresponding period last year.
It said total revenue of the company stood at Rs 329.2 crore in the period under review, up from Rs 180.8 crore in the year-ago period.
"When you see the y-o-y number, PAT is 13 per cent higher. It should have been more, but the provision we have made is about extra Rs 4 crore," Brigade Enterprises CFO Suresh K said. "The profit after tax which we have shown is very conservative," he added.
Suresh also said "going forward we expect we will be able to have 30 to 40 per cent higher volume of sales compared to last year. Last year, we performed around 2.6 million sq ft of sales. This year we are confident of doing around 3 to 3.5 million sq ft sales."
"We had told you on plan for about 7 million sq ft of residential space to be launched during this year. So far we have already launched about 3 million sq ft of this. We are planning to do the balance during rest of this year, most of this is in Bangalore," he pointed out.
Earnings per share (EPS) were Rs 1.92 per share vis-a-vis Rs 1.69 per share.
M R Jaishankar, Chairman and Managing Director, Brigade Enterprises, said a combination of sales from ongoing projects and new projects that have come for revenue recognition in this quarter contributed to the growth in revenues in the residential segment.
"A stable government at the centre and improving business environment have revived the consumer sentiment in the country," he said.
"Q2 has been very good for Brigade Enterprises Limited and the company is well positioned to leverage its performance with planned launches of about 6 mn sq.Ft within the next 2 quarters," he added.
On the company's operational performance, Suresh said that real estate space aggregating to about 0.8 million sq. ft., valued at Rs 408.7 crore was sold during the second quarter ended September 30, 2014.
Brigade Enterprises launched 1.05 million sq. Ft of residential space in Bengaluru during the second quarter ended September 30, 2014. It also launched 0.17 million sq. Ft of hospitality space in the city during the quarter.
