Brigade Enterprises experienced a significant surge of nearly 6% in morning trading on April 18, buoyed by the company’s record-breaking quarterly pre-sales in the January-March period.
At 10:42 am, Brigade Enterprises shares were trading at Rs 1,045.25 on the NSE.
The company achieved pre-sales of Rs 2,243 crore in Q4 and Rs 6,013 crore in FY24, marking its highest-ever quarterly and annual pre-sales figures.
Pavitra Shankar, Managing Director of Brigade Enterprises, stated, “The residential business continued to drive sales growth, with all other verticals of the company contributing significantly and finishing strong in the financial year. This year, we have been able to achieve our best-ever operational performance, and we aim to leverage this performance in FY25.”
In FY24, the average realization grew by 23% year-on-year, and collections across the group increased to Rs 5,915 crore from Rs 5,424 crore in the previous year.
The operational leasing portfolio witnessed a 14% year-on-year growth, with an additional 1 million square feet of leased area over FY23, resulting in a 97% occupancy rate across Brigade’s entire portfolio.
In the hospitality vertical, the average occupancy increased by 3% to 72%, and the average room rate (ARR) reached approximately Rs 6,480, marking an 8% growth in FY24.
The management remains optimistic about the company’s future, anticipating continued strong demand for residential space.
Shankar added, “Momentum has been gained in our leasing efforts, and healthy growth in ARR has been observed in our hospitality vertical. Opportunities for land acquisition in our target markets are also actively pursued, with a focus on adding high-quality assets to our land bank.”
Brigade Group has a robust pipeline of new launches lined up, including around 12.61 million square feet in residential, 6.33 million square feet in commercial, and 1.06 million square feet in hospitality segments.
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