Realty firm Brigade Enterprises Ltd on Wednesday (January 29) reported a 221.36% year-on-year (YoY) surge in net profit at ₹236.2 crore for the third quarter that ended December 31, 2024, against ₹73.5 crore in Q3 FY24.
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Revenue from operations increased 24.7% to ₹1,463.9 crore compared to ₹1,173.8 crore in the corresponding period of the preceding fiscal. At the operating level, EBITDA jumped 57.8% to ₹413.7 crore in the third quarter of this fiscal over ₹262 year-on-year.
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The EBITDA margin stood at 28.3% in the reporting quarter versus 22.3% in the year-ago quarter. EBITDA is earnings before interest, tax, depreciation, and amortisation.
In the real estate division, the company achieved a pre-sales volume of 2.19 million square feet, reflecting a 30% increase over the previous quarter (Q2 FY25). The sales value for the quarter reached ₹2,492.2 crore, marking a 37% sequential growth.
Brigade’s average price realisation stood at ₹11,364 per square foot, up by 5% from Q2 FY25 and a 27% increase over Q3 FY24. The company currently has ongoing residential projects totalling 22 million square feet, with 1.89 million square feet of saleable area launched during Q3 FY25.
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In the leasing division, Brigade Enterprises achieved a leasing rate of 98% across its office portfolio, maintaining a strong rental collection rate of 99%. Leasing activity saw robust growth, up 14% over the previous quarter in India.
The retail segment also performed well, with overall mall consumption growing by 8% compared to Q3 FY24, driven by the festive season, Black Friday sales, and an early start to the end of season sale (EOSS).
Additionally, the company recorded the highest single-day footfall across all its malls on December 25, 2024, Christmas Day. Collections for the quarter stood at ₹1,777.1 crore, reflecting a 27% increase compared to Q3 FY24.
The results came after the close of the market hours. Shares of Brigade Enterprises Ltd ended at ₹1,094.10, up by ₹78.90, or 7.77%, on the BSE.
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