New Delhi: Realty firm Brigade Enterprises Ltd’s sales bookings grew 48 per cent to Rs 1,009.7 crore in the third quarter of the current fiscal on higher volumes and value realizations amid strong housing demand. The Bengaluru-based company had 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 sale realization increased by 5 per cent to Rs 6,590 per sq ft during the third quarter of this fiscal from Rs 6,281 per sq ft in the year-ago period. ,Also Read: Bumper Returns! Pay Single Premium, Get Lakhs in this LIC Plan- Check Calculator Here,
In volume terms, its sales bookings grew by 41 per cent to 15,33,000 sq ft in the October-December period of FY 2022-23 from 10,90,000 sq ft in the year-ago period. ,Also read: Sukanya Samriddhi Yojana: How to get a return of Rs 50 lakh by investing Rs 300 daily? check calculator here,
Of the total sales bookings in the third quarter, residential properties contributed Rs 939.4 crore, while commercial properties contributed Rs 70.3 crore. On the financial front, Brigade Enterprises’ net profit declined to Rs 42.68 crore in the third quarter of this fiscal from Rs 46.41 crore in the year-ago period.
Total income also declined to Rs 858.63 crore in the quarter ended December, as against Rs 933.19 crore in the same period last year. Pavitra Shankar, Managing Director, Brigade Enterprises said, “With good contribution from retail, hospitality and office verticals, the real estate business has achieved the highest ever sales and continues to be the primary growth driver.”
“We expect to maintain the momentum and grow in the coming quarters with a good pipeline of new residential projects, leasing business, and continued growth in the hospitality business,” he 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 at Rs 495.10, down 1.39 per cent on the BSE on Friday.