Brigade sells `2,618-cr properties in Apr-Dec of FY'23

New Delhi: Realty firm Brigade Enterprises has sold housing and commercial properties worth Rs 2,618.5 crore during the first three quarters of 2022-23 fiscal, up 31 per cent from the year-ago period, on better demand and higher price realisation.

Bengaluru-based Brigade Enterprises is one of the leading real estate firms in the country with a strong presence in South India. In its investor presentation, the company highlighted that it has "achieved sales value of Rs 26,185 million (Rs 2,618.5 crore) during 9 months of FY23, a growth of 31 per cent over 9 month of FY22". Its sales bookings stood at Rs 1,994.8 crore in the year-ago period.

In volume terms, the sales bookings rose 25 per cent to 39,58,000 square feet during the April-December period of 2022-23 fiscal from 31,68,000 square feet in the corresponding period of the previous fiscal. The average sales realisation grew 5 per cent to Rs 6,616 per square feet from Rs 6,298 per square feet.

Out of the total sales bookings in the first nine months, residential properties contributed Rs 2,443.6 crore, up 25 per cent from the year-ago period. Commercial properties contributed Rs 174.9 crore in total sales during April-December period of 2022-23 fiscal, a sharp jump from just Rs 37.4 crore in the corresponding period of the previous fiscal.

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 December quarter, 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, MD, 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 also provides commercial spaces on lease basis and has hotels as well.