ICICI Direct: Washout Quarter For Brigade Enterprises Sans Stable Commercial Segment  
Cranes operate at a property development in Noida, Uttar Pradesh, India. (Photographer: Prashanth Vishwanathan/Bloomberg)

ICICI Direct: Washout Quarter For Brigade Enterprises Sans Stable Commercial Segment  


BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Direct Report

Brigade Enterprises Ltd. reported a weak set of numbers, as expected, owing to Covid-19. The weakness was seen across the residential (lower sales volume), retail and hospitality segment, while office leasing remained stable.

The company reported sales volume of 0.42 million square feet, down 63% YoY. Pre-sales were down 58% YoY at Rs 249.9 crore, as realisations were up 14% YoY.

Reported revenues de-grew 71% YoY to Rs 203.3 crore, on account of lower-than-expected revenue recognition in residential segment (down approximately 78% YoY at Rs 121 crore) and weaker traction in hospitality (down approximately 86% YoY at Rs 10.5 crore) and malls segment (rental waivers of 50% during lockdown).

Reported Ebitda margins were down 240 basis points YoY to 23.3%. Brigade Enterprises reported loss of Rs 52.7 crore.

Click on the attachment to read the full report:

ICICI Direct Brigade Entertainment Q1FY21 Result Update.pdf


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