Brigade Enterprises arm acquires 5 acres in Bengaluru for Rs 123 crore, plans Rs 800 crore residential project

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Realty firm Brigade Enterprises Ltd on Friday (September 15) said its wholly owned subsidiary Brigade Tetrarch Private Ltd has acquired 5 acres of land parcel in Bengaluru for Rs 123.50 crore From Bangalore Ceramics

“We would like to inform that Brigade Tetrarch Private, a wholly owned subsidiary of the company has entered into a sale deed today for acquiring 5 Acres 35.25 guntas of land parcel located at Venkatala Village, Yelahanka Hobli, Bangalore North Taluk, Bangalore for an overall consideration of Rs 123,50,62,500 from Bangalore Ceramics,” according to a stock exchange filing.Brigade Enterprises said the company will be developing a residential project on this land parcel with an overall development of nearly one million square feet with an overall revenue potential of around Rs 800 crore.
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The company reported a 56.1 percent year-on-year drop in net profit at Rs 38.5 crore for the first quarter that ended June 30, 2023. The total revenue stood at Rs 654 crore during the period under review, falling 27.5 percent against Rs 902.5 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA declined 24.9 percent to Rs 174.8 crore in the first quarter of this fiscal over Rs 232.7 crore in the corresponding period in the previous fiscal.EBITDA margin stood at 26.7 percent in the reporting quarter as compared to 25.8 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.The new bookings in the real estate segment in Q1 of FY24 are 1.46 million square feet valued at Rs 996 crore. This was complemented by collections of Rs 879 crore.The company also reduced its real estate debt by Rs 45 crore, of which residential debt is fully repaid as of June 2023. The average cost of debt at the group level is 8.7 percent. During the quarter, revenue stood at Rs 371 crore with an EBITDA of Rs 9 crore.

source : cnbctv18

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