Brigade records highest ever yearly sales

Bengaluru: Brigade Enterprises Ltd reported an all-time high yearly sales of 4.60 million Sqft with a total value of Rs 2,767 crore against Rs 2,377 core during the previous comparable period for the financial year ended March 2021. The company also reported the highest ever presales of 1.66 Mn Sqft valued at Rs 1,018 crore during Q4 FY21. Brigade recorded growth of 26% with total quarter-on-quarter revenue growing from Rs 654 crore in Q3 FY21 to Rs 821 crore in Q4 FY21. Total collections during FY21 were reported at Rs 2,712 crore compared to Rs 2,538 crore during FY20 an increase of 7%, despite the impact of the pandemic. The average cost of debt is at an all-time low of 8.40%.

Commenting on the results, Chairman and Managing Director M.R. Jaishankar, Brigade Enterprises Ltd. said, "Despite businesses taking a hit due to the Covid-19 pandemic, Brigade has witnessed robust sales driven by our residential business along with continued stability in the commercial business. Our residential projects in Hyderabad and Chennai continue to deliver consistently high results, along with our projects in Bangalore. It is encouraging to end FY21 on a high note which we can safely attribute to customers continuing to trust Brigade for our quality and service. We hope the strong pipeline of our ongoing and upcoming projects, and favourable market conditions will help maintain the momentum in the coming months."

According to reports, the real estate business achieved pre-sales of 1.66 Mn Sqft in Q4 FY21 witnessing numbers that were higher than pre-Covid levels. In fact, the sale value is up 10% QoQ at Rs. 1,018 Cr and realization per Sqft has gone up by 2% compared to the previous quarter. The residential cash inflow for Q4 FY21 stands at Rs 840 crore when compared to Rs 531 crore in Q3 FY21. Currently Brigade has approximately 18 Mn Sqft of ongoing projects and 1.43 Mn Sqft of upcoming projects.

The leasing segment of the commercial business of Brigade remains stable and positive with around 99% collections. There has been an increased momentum in office leasing enquiries with an active pipeline of ~ 1 Mn Sqft. On the retail side, malls witnessed an increased occupancy and footfalls month-on-month, consumption was back to 90% of pre-covid levels. The company has a pipeline of 1.65 Mn Sqft office space under construction.

"The hospitality business, which was impacted the most due to COVID-19 travel restrictions that are still in place has reported a 43% average occupancy compared to 27% in the previous quarter with better traction in the F&B and banquet business" says the statement.

It has claimed that the Board of Directors has recommended a final dividend of Rs. 1.20/- per equity share (12%) of Rs. 10 each for the Financial Year 2020-21.