Brigade Enterprises Ltd. reports Rs 708 Crores of revenue with Rs.63 Crores of profit

Brigade Enterprises Limited’s Consolidated Revenue for the first quarter ended 30^th June, 2018wasRs.708 crores and the Consolidated Net Profits (after minority interest)was Rs.63 crores. Commenting on the company’s performance, Mr. M.R. Jaishankar, Chairman and Managing Director, Brigade Enterprises Limited, said“We have adopted INDAS115 for revenue recognition which has been mandated by Ministry of Corporate Affairs for all real estate companiesw.e.f. 1^st April, 2018. The financial performance of the Group for Q1 FY19   is good and we expect the performance toscale up   in the coming quarters.   Further the   Sales volume has gone up and our annual Brigade Showcase event held recently witnessed good response   and we are optimistic   that the same momentum will continue going forward.” Consolidated Operational Performance

• Real Estate space aggregating to 0.43million sq. ft with a total value of 218.5crores was sold during the first quarter ending 30^th June, 2018 an increase of 37% over the corresponding quarter last year. The average price realisation was Rs. 5,122 per sq. ft.
• During the quarter, 2 Real Estate projects were launched aggregating to about 0.7million sq. ft of which BEL economic interest is 0.6 million sq ft.
• Leasing and Hospitality segments contributed Rs. 77crores and Rs.65crores respectively to the consolidated revenues for the first quarter ended 30^th June, 2018.
• The net Debt Equity ratio of the Company on 30^th June, 2018 is 0.97:1as per AS 115 and 0.83:1 as per AS18
• The Weighted average cost of debt as on 30^th June, 2018 has reduced to 9.18 % as compared to 9.21% as on 31^st March, 2018. 

Future Outlook Launches to the extent of 13million sq. ft are planned, of which Residential space aggregating to 8million sqft, Commercial & Retail space totalling to 5million sqft and Hospitality would be2 hotels with ~300 keys.