Bengaluru, August 4, 2016: Brigade Enterprises Limited’s Consolidated Revenues for the first quarter ended 30th June, 2016 were Rs. 466.4 crores, up from Rs. 441.1 crores recorded during the first quarter of the previous fiscal. The Consolidated EBIDTA increased by 11% to Rs.124.7 crores, up from Rs. 112.1 crores for the first quarter of the previous fiscal.
Commenting on the company’s performance, Mr. M.R. Jaishankar, Chairman and Managing Director, Brigade Enterprises Limited, said “We have done reasonably well in these challenging times. This is the first quarter in which the financials are declared under the new Indian Accounting Standards. The increasing commercial space demand will spruce up the residential demand in the coming quarters. Brigade Showcase event 2016, our annual property event held recently was well received and we are quite optimistic about the inherent demand in all the domains that we operate in the near future.”
Financial Highlights
Consolidated Q1 Performance ( Q1FY 2016-17 Vs Q1FY 2015-16)
Ø Total Revenues stood at Rs 466.4 crores vis-a-vis Rs 441.1 crores, an increase of 6%
Ø EBITDA stood at Rs. 124.7 crores vis-a-vis Rs. 112.1 crores, an increase of 11%.
Ø EBITDA margin stood at 26.7% vis-à-vis 25.4%.
Ø PBT stood at Rs. 34.2 crores vis-a-vis Rs. 41.2 crores, a decrease of 17%.
Ø PAT stood at Rs. 22.2 crores vis-a-vis Rs. 25.3 crores, a decrease of 12%.
Standalone Q1 Performance ( Q1FY 2016-17 Vs Q1FY 2015-16)
Ø Total Revenues stood at Rs. 407.4 crores vis-a-vis Rs. 384.8 crores, an increase of 6%
Ø EBITDA stood at Rs 116.8 crores vis-a-vis to Rs. 101.7 crores, an increase of 15%.
Ø EBITDA margin stood at 28.7% vis-à-vis 26.4%.
Ø PAT stood at Rs. 26.5 crores vis-a-vis Rs. 27.8 crores, a decrease by 5%.
Consolidated Operational Performance
Ø Real Estate space aggregating to 0.37 million sq. ft with a total value of Rs. 212.2 crores was sold during the first quarter ending 30th June, 2016. The average price realisation was Rs. 5,715 per sq. ft.
Ø During the quarter, two projects were launched – WTC Kochi Phase II and Four Points by Sheraton (Kochi)
Ø Leasing and Hospitality segments contributed Rs. 57.5 crores and Rs. 46.1 crores respectively to the consolidated revenues for the first quarter ended 30th June, 2016.
Ø The Debt Equity ratio (net) of the Company on 30th June, 2016 is 0.98:1 . Credit rating of "A" has been assigned by both CRISIL and ICRA with stable and positive outlook respectively.
Brigade Showcase 2016
The 9th edition of Brigade Group’s exclusive property exhibition ‘Brigade Showcase 2016’ was held on 23rd July, 2016 and 24th July, 2016 at the Sheraton Grand Hotel at Brigade Gateway. The event featured over 30 of the Group’s projects in South India across residential, offices and retail segments The event was well received and was successful as many prospective customers made the most of the best offers during the event.
Future Outlook
Launches to the extent of 6.36 million sq. ft are planned for the next three quarters, of which Residential will amount to 3.21 million sq ft, Commercial & Retail space – 2.92 million sq ft and Hospitality would be 0.23 million sq ft.
Awards and Recognitions
§ Brigade Group has retained Rank No 1 in the Real Estate Industry for the second consecutive year and No. 39 across all industries in India as India’s Great Companies to Work for 2016 by Great Place to Work Institute and The Economic Times.
§ Brigade Exotica received the ‘Best Design Apartment Project of the Year- East Bangalore’ award at the Silicon India Bangalore Real Estate Awards 2016
§ Orion East Mall won "Retail Property of the Year-South" at the 5th Indian Retail & e-Retail Awards 2016
§ Orion Mall won the IMAGES Most Admired Shopping Centre of the Year: Metro( South) and Socially Responsible ( South).
§ Mr. Vishal Mirchandani, CEO - Retail & Commercial won the IMAGES Most Admired Shopping Centre Professional of the Year.
§ Nirupa Shankar, Director – Brigade Hospitality won the ‘Restaurant Owner of the Year’ award and Saurabh Bakshi, General Manager – Sheraton Grand Bangalore won the ‘General Manager of the Year’ award at the Hospitality Leaders’ Industry Choice Awards (HLICA) at the 7th edition of the Hotelier Summit India.
§ Mr. Suresh Kris was conferred the ‘100 Most Influential CFO’s of India’ title by Chartered Institute of Management Accounts (CIMA) at the National Awards for CFO Excellence.