Brigade Group sells over 1 Million sq. ft
Brigade Enterprises Limited’s Consolidated Revenues for the nine months ended 31st December, 2019 is at Rs. 2037 crores with EBITDA Margin of 28%. Consolidated Net Profit (after minority interest) is at Rs 128 Crores for the nine months ended 31st December, 2019.
Real Estate space aggregating to 1.1 Million sq ft was sold during Q3 FY20 which is 39% higher when compared to Q3 FY19. The total value of space sold was Rs. 604 Crores during Q3 FY20 which is 35 % higher when compared to Q3 FY19. Sales volume and Sales Value increased by over 60% for the nine months ended 31st December, 2019 as compared to same period in the previous year.
Commercial space of about 0.9 Million sq ft was leased during the quarter. Cumulatively for 9 months, commercial space of over 2 million sq ft has been leased.
Commenting on Company’s performance, Mr. M.R. Jaishankar, Chairman and Managing Director, Brigade Enterprises Limited said:
“The third quarter has been a robust quarter for the company. We have performed well across business segments. We have recorded strong residential sales, leased commercial space to high quality tenants and have witnessed continued growth in all our hotels across all geographies. We are happy to note that our third mall Orion uptown and eight hotel Holiday Inn Express uptown will open shortly as part of a mixed use development.”
Q3 FY20
Financial Highlights
Consolidated Performance ( 9 months ended 31st December, 2019 vs 9 Months ended 31st December, 2018)
Consolidated Q3 Performance (Q3FY20 Vs Q3FY19)
Outlook
The Group is currently developing about 20 million Sq. ft across Residential, Office, Retail and Hotel segments. Further, launches to the extent of about 7 million Sq. ft. are planned in the next few quarters across segments.
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