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ICICI Securities Report
Q1 FY22 was a steady quarter for Brigade Enterprises Ltd.’s with residential sales bookings of 0.8 million square feet worth Rs 4.8 billion (up 82% YoY in volume and 92% in terms) while incremental leasing and hotel segment operations remained weak on account of Covid-19.
The recent qualified institutional placements issuance of Rs 5.0 billion led to company’s share of net debt reducing by Rs 5.4 billion QoQ to Rs 21.2 billion.
With peak capex behind and recent QIP fund raise, the company’s liquidity position is comfortable and we expect Brigade Enterprises’ share of rental net operating income to grow at 25% compound annual growth rate over FY21-24E to Rs 5.7 billion driven by incremental leasing in Chennai/Bengaluru office projects from H2 FY22.
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