Brigade Enterprises on a roll, posts record pre-sales in FY24 and Q4
Realty firm Brigade Enterprises Ltd on Tuesday (April 16) reported an impressive financial and operational performance for the fiscal year 2023-24 (FY24), marked by record pre-sales and robust growth across its various verticals.
In a milestone, the company achieved pre-sales of ₹6,013 crore in FY24, representing the highest figure recorded for both a quarter and a financial year. The fourth quarter of FY24 alone saw pre-sales of ₹2,243 crore.
The real estate sales volumes also saw substantial growth, with 7.55 million square feet sold in FY24 and 2.72 million square feet in Q4 FY24. The average realisation for FY24 increased by 23% compared to FY23. Collections across the group for FY24 stood at ₹5,915 crore.
In addition to its core real estate business, Brigade Enterprises reported significant progress in its operational leasing portfolio, which grew 14% year-on-year with one million square feet of additional leased area versus FY23. The overall portfolio achieved a 97% occupancy rate, with incremental leasing of 0.20 million square feet in Q4 FY24.
The hospitality vertical also delivered strong results, with average occupancy reaching 72% and an average revenue per available room (ARR) of around ₹6,480, recording an 8% growth in FY24.
Brigade Enterprises continued its expansion efforts, launching 5.26 million square feet in the residential vertical and 0.94 million square feet in the commercial vertical during FY24.
Brigade Group has a healthy pipeline of new launches of around 12.61 million square feet in residential, 6.33 million square feet in commercial and 1.06 million square feet in hospitality.
Shares of Brigade Enterprises Ltd ended at ₹985.10, up by ₹1.80, or 0.18% on the BSE.
17 Apr 2024
