Bangalore, February 2, 2015: Bangalore-based real estate major Brigade Enterprises Ltd’s consolidated sales for the third quarter of the financial year 2014-15 has shown a 109% growth to Rs 4,116 million, up from Rs 1,970 million recorded during the same quarter of the previous fiscal. The Board of Directors of Brigade Enterprises Ltd. met on January 31stand approved the financial results for Q3 FY 2014-15.
Commenting on the company’s performance, Mr. M.R. Jaishankar, Chairman and Managing Director, Brigade Enterprises Limited,said that the residential segment contributed to increase in revenues and profits during the third quarter, on a consolidated basis. “We have seen a growth in bookings and also the company’s ongoing development at Whitefield – Brigade Cosmopolis – came under revenue recognition.
“Our turnover has doubled in Q3 this year over the corresponding quarter last fiscal. In the nine months till December 31, 2014, we have surpassed last fiscal’s numbers. We have seen a 75% year-to-date growth over the last fiscal,” he added.
The high growth in profits is seen inspite of providing for higher depreciation in this quarter compared to the previous year, in line with the New Companies Act,” he added.
For the third quarter ended December 31, 2014, the company recorded total revenues of Rs 4,116 million, up about 12% from the previous Quarter.
Further, Unrecognized Revenue on sold units in the Ongoing Real Estate projects stood at about Rs. 19,000 million, which will get reflected in the coming quarters.
Induction of Independent Director:
Mr.Bijou Kurien has been inducted as an independent director of the Company. He has done Business Management from XLRI, Jamshedpur and has been associated with Marquee Brands in the fast moving consumer products, consumer durables and retail industry in India for over 33 years.
Significant Developments during the quarter
- Brigade Northridge at North Bangalore with an area of 0.6 mn sq. ft and Brigade Mountain View at Mysore with an area of 0.4 mn sq. ft of residential space were launched.
- Brigade Golden Triangle Signature Tower with an aggregate area of 0.55 mn sq. ft of commercial space was launched
- Launched online booking platform for customers which coincided with the Great Online Shopping Festival (GOSF)
- Rolled out Customer portal which is the first by a Bangalore Developer. This portal allows residential buyers to access details of the home they purchased.
- Partnered with Housing.com to exclusively sell homes online through the revolutionary Slice View Technology for two of the luxury projects of the Company i.e. Brigade Northridge and Wisteria at Brigade Meadows.
Financial Highlights
Consolidated:
Quarterly performance on a Y-o-Y basis (Q3 of FY 2014-15 vs Q3 of FY 2013-14)
Total Revenues stood at Rs.4,116 million vis-a-vis Rs. 1,970 million, an increase of 109%.
EBITDA stood at Rs. 1,139 million vis-a-vis to Rs. 732 million, an increase of 56%.
EBITDA margin stood at 28% vis-a-vis 37%.
PAT stood at Rs. 445 million vis-a-vis Rs. 147 million.
EPS was Rs. 2.46 /- per share vis-a-vis Rs. 1.36/- per share
Quarterly performance on a Q-o-Q basis (Q3 vs Q2 of FY 2014-15)
Total Revenues stood at Rs. 4,116 million vis-a-vis Rs. 3,677 million, an increase of about 12 %.
EBITDA stood at Rs. 1,139 million vis-a-vis to Rs. 921 million, an increase of 24%.
EBITDA margin stood at 28% vis-a-vis 25%.
PAT stood at Rs. 445 million vis-a-vis Rs. 208 million.
EPS was Rs. 2.46 /- per share vis-a-vis Rs. 2.04/- per share.
Standalone:
Quarterly performance on a Y-o-Y basis (Q3 of FY 2014-15 vs Q3 of FY 2013-14)
Total Revenues stood at Rs 2,037 million vis-a-vis Rs. 1,835 million, an increase of 11%.
EBITDA stood at Rs. 645 million vis-a-vis to Rs. 690 million, adecrease of 7%.
EBITDA margin stood at 32% vis-a-vis 38%.
PAT stood at Rs. 114 million vis-a-vis Rs. 148 million.
EPS was Rs. 1.01/- per share vis-a-vis Rs. 1.32/- per share
Quarterly performance on a Q-o-Q basis (Q3 vs Q2 of FY 2014-15)
Total Revenues stood at Rs. 2,037 million vis-a-vis Rs. 3,292 million, a decrease of about 38%.
EBITDA stood at Rs. 645 million vis-a-vis to Rs. 927 million, a decrease of 30%.
EBITDA margin stood at 32% vis-a-vis 28%.
PAT stood at Rs. 114 million vis-a-vis Rs. 215 million.
EPS was Rs. 1.01/- per share vis-a-vis Rs. 1.92/- per share.
Operational Performance and Future Outlook (Consolidated)
Real Estate Space aggregating to 0.81 million sq. ft., with value of Rs. 4,152 million, was sold during the third quarter ended December 31st, 2014. This is the highest sales the company has recorded in a single quarter.
Lease Rental and Hospitality segments contributed Rs. 469 million and Rs. 330 million respectively to the revenues for the third quarter ended December 31st, 2014.
Debt equity Ratio of the Company was at 0.70 : 1. Around 50% of the debt is towards Office, Retail and Hospitality assets which are income yielding assets to service their debts.On a standalone basis, debt equity ratio was at 0.76 : 1.
Launched over 1 million sq. ft of Residential space during the third quarter ended December 31st, 2014.
Launched 0.55 million sq. ft of commercialspace in Bangalore during the third quarter ended December 31st, 2014.
Plans to launch about 4 million sq. ft. during Q4 of FY 2014-15 across all segments.
Awards & Recognition
Mr. Jaishankar (Chairman & Managing Director, Brigade Group) was awarded the Scroll of Honour in appreciation and recognition of his contribution in the real estate sector
Brigade Rubix won the “Jury appreciation award- 2014″ by Indian Concrete Institute, Karnataka Chapter and the “Best Architectural Design – Commercial” at the National Real Estate Development Council( NAREDCO) Award function
Mr. Viswa Prathap Desu (VP – Sales & Marketing, Brigade Group) received the ‘100 Most Talented Marketing Leaders’ Award at World Marketing Congress 2014
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