Brigade Enterprises rallied 4.70% to Rs 1,041.50 after the company announced that it has achieved pre- sales of Rs 2,243 crore in Q4 FY24.
The companys sales volume stood at Rs 2.72 million square feet (sq.ft) in Q4 FY24.On FY24 basis, the company has achieved pre-sales of Rs 6,013 crore in FY24. Additionally, real estate sales volumes of 7.55 Mn. Sft. in FY24 and 2.72 Mn. Sft. in Q4 FY24, along with average realisation for FY24 increasing by 23% over FY23. Collections across the Group for FY24 stood at Rs 5,915 crore as against Rs 5,424 crore for FY23.
In the Hospitality vertical, average occupancy stood at 72% (grown 3 percentage points) and ARR stood at around Rs 6,480 which recorded around 8% growth in FY24.
In FY24, the company has launched 5.26 Mn. Sft. in the Residential vertical and 0.94 Mn. Sft. in the Commercial vertical.
Pavitra Shankar, managing director, Brigade Enterprises, said, The residential business continued to drive sales growth, with all other verticals of the company contributing significantly and finishing strong in the financial year. This year, we have been able to achieve our best ever operational performance, and we aim to leverage this performance in FY25. Our outlook is optimistic, as we believe demand for residential space will continue to be strong. Our leasing efforts gained momentum and healthy growth in ARR in our hospitality vertical as well. We are aggressively pursuing land acquisition opportunities in our target markets and continue to add high quality assets to our land bank.
Brigade Enterprises is one of Indias leading property developers. The company has developed properties in cities like Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, Gift City-Gujarat, Thiruvananthapuram, Mangaluru and Chikkamagaluru with developments across residential, office, retail and hotels.
The company reported 31% rise in consolidated net profit to Rs 55.8 crore on a 41% increase in revenue to Rs 1,208.2 crore in Q3 FY24 as compared with Q3 FY23.
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