Brigade Enterprises Dec quarter sales bookings up 48% to Rs 1,009 crore

Realty firm Brigade Enterprises Ltd's sales bookings rose by 48 per cent to Rs 1,009.7 crore in the third quarter of this fiscal on higher volumes and price realisation amid strong housing demand.

The Bengaluru-based company sold residential and commercial properties worth Rs 684.2 crore in the year-ago period.

According to an investor presentation by the company, the average sales realisation rose 5 per cent to Rs 6,590 per square feet during the third quarter of this fiscal from Rs 6,281 per square feet in the year-ago period.

In volume terms, its sales bookings rose 41 per cent to 15,33,000 square feet in the October-December period of 2022-23 fiscal from 10,90,000 square feet in the year-ago period.

Out of the total sales booking in the third quarter, the residential properties contributed Rs 939.4 crore while the commercial properties Rs 70.3 crore.

On the financial front, Brigade Enterprises net profit fell to Rs 42.68 crore in the third quarter of this fiscal year from Rs 46.41 crore in the year-ago period.

Total income also fell to Rs 858.63 crore in the quarter that ended December as against Rs 933.19 crore in the corresponding period of the previous year.

Real estate business achieved one of the highest ever sales and continued to be the primary growth driver, with good contributions from the retail, hospitality and office verticals," said Pavitra Shankar, Managing Director, Brigade Enterprises.

"We expect to sustain and grow the momentum in the coming quarters with a good pipeline of new residential projects, leasing business, and continued growth in the hospitality business to finish the year strong," she added.

Brigade Enterprises is one of the leading real estate firms in the country with a strong presence in South India. Shares of Brigade Enterprises closed lower by 1.39 per cent at Rs 495.10 on BSE on Friday.