Brigade Group achieves record sales of Rs 6,013cr in FY24

Brigade Group, one of India’s leading real estate developers, has reported a record-breaking performance for the financial year ended March 2024. The company’s total sales reached an unprecedented ₹6,013 crores, with a profit before tax (PBT) of ₹569 crores, marking significant year-over-year growth.

Brigade Group Financial Highlights of FY24

The total revenue for the financial year stood at ₹5,064 crores, representing a 42% increase compared to the previous fiscal year. The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) also saw a robust increase, rising by 39% to ₹1,362 crores. The net cash flow from operations was reported at ₹1,575 crores, emphasizing the company’s strong financial health and operational efficiency.

Sector-wise Performance Breakdown

Brigade Group’s real estate business was the primary growth driver, generating revenues of ₹3,662 crores, a 51% increase from FY23. The leasing vertical also showed impressive growth, with revenues up by 25% to ₹938 crores and maintaining an overall occupancy rate of 97%. The hospitality sector, despite a lower occupancy rate of 72%, managed to increase its revenues to ₹464 crores.

Pavitra Shankar, Managing Director of Brigade Group, commented on the results, stating, “All verticals of the company contributed significantly to our growth in FY24 on the back of robust demand. With a strong pipeline of 22 million square feet of ongoing projects and around 16 million square feet of upcoming projects, we are confident of sustained performance in the coming quarters as well. We continue to focus on Bengaluru, Chennai, and Hyderabad for suitable land parcels that are at par with our quality standards and our consumer-first focus.”

Brigade Group Quarterly Performance and Dividends

The fourth quarter of FY24 alone brought in revenues of ₹1,763 crores, a 102% increase from the same period last year. The real estate segment achieved ₹1,390 crores in revenue during this quarter, a 143% increase year-over-year. The Board of Directors has recommended a final dividend of ₹2 per equity share for the fiscal year.

New Appointment to the Board

In addition to financial achievements, the company announced the induction of Mr. Abraham Stephanos as an Independent Director. Mr. Stephanos brings nearly four decades of experience, including a significant tenure at Tata Steel Downstream Products Ltd.

The remarkable financial results reported by Brigade Group reflect the overall health and growing dynamism of India’s real estate market. The company’s strategic focus on key metropolitan areas and diversified portfolio across various real estate sectors positions it well for future growth.