Brigade Enterprises Ltd (NSE: BRIGADE): Q3FY23 Results Out; Total Income fell 8% YoY

Brigade Enterprises Ltd. (NSE:BRIGADE) is a real estate development company based in India. The company is involved in the development and construction of residential, commercial, and hospitality properties. It also provides property management services. Brigade Enterprises Ltd. has completed over 250 real estate projects and has a presence in various cities across India.

Brigade Enterprises Ltd is a real estate company that has reported its Q3FY23 results. In Q3FY23, the company’s revenue decreased by 8% to Rs 859 crore, and EBITDA decreased by 9% to Rs 246 crore compared to the same period in the previous year. PAT for Q3FY23 stood at Rs 43 crore, a decrease from Rs 46 crore in Q3FY22. However, the company reduced its real estate debt by Rs 77 crores with an average cost of debt at 8.46%. The real estate business achieved one of the highest-ever sales, and the retail, hospitality, and office verticals contributed to the primary growth. The company expects to sustain and grow the momentum in the coming quarters with new residential projects, leasing business, and continued growth in the hospitality business.

For the period ended December 31, 2022, the company reported a total income of Rs 858.63 crores and a net profit of Rs 56.90 crores. The EPS for the period was Rs 2.46. In comparison, for the 9 Months period ended December 31, 2022, the company reported a total income of Rs 2691.10 crores and a net profit of Rs 222.16 crores, with an EPS of Rs 9.61. Compared to the same period in the previous year, the company’s total income increased by 28% for the 9 Months period, while net profit increased by 341%. The EPS for the 9 Months period ended December 31, 2022, was higher than the previous year, indicating positive growth.

Brigade Enterprises Ltd, a real estate company, saw a decrease in revenue and EBITDA for Q3FY23 compared to the same period in the previous year. The real estate business remained the primary growth driver, with contributions from the retail, hospitality, and office verticals. The company also reported a good pipeline of new residential projects and continued growth in the hospitality business. For the 9 months period ended December 31, 2022, the company reported an increase in total income and net profit compared to the same period in the previous year. Despite the decrease in Q3FY23, the company appears to be in a good position to sustain and grow its business in the coming quarters.