Brigade Group Records Highest Ever Sales Of Rs 6,013 Cr, Total Revenue Of Rs 5,064 Cr In FY24

Brigade Group has reported its highest ever real estate sales of 7.55 million square feet for the financial year ending March 2024. The group's total revenue stood at Rs 5,064 crores, marking a 42 per cent increase over FY23.

The EBITDA for FY24 reached Rs 1,362 crores, growing by 39 per cent over the previous fiscal year. Total collections were Rs 5,915 crores, showing a 9 per cent increase, and net cash flow from operations was Rs 1,575 crores.

In FY24, the Real Estate business recorded revenues of Rs 3,662 crores, a 51 per cent increase over FY23. The leasing segment saw a 25 per cent growth with revenues of Rs 938 crores, maintaining an overall occupancy rate of 97 per cent. The hospitality portfolio also grew by 18 per cent, achieving revenues of Rs 464 crores with an occupancy rate of 72 per cent and an Average Room Rate (ARR) of Rs 6,483.

Commenting on the group’s performance, Pavitra Shankar, Managing Director of Brigade Group, stated, “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 meet our quality standards and our consumer-first focus.”

For the fiscal year 2024, Brigade Group achieved significant financial milestones with consolidated revenue reaching Rs 5,064 crores, marking a 42 per cent increase over FY23. The company's EBITDA grew by 39 per cent to Rs 1,362 crores, and profit before tax (PBT) soared by 105 per cent to Rs 569 crores.

In the fourth quarter of FY24, consolidated revenue surged to Rs 1,763 crores, reflecting a 102 per cent increase compared to Q4 FY23. The real estate segment alone generated Rs 1,390 crores, up by 143 per cent, while leasing revenue rose by 32 per cent to Rs 247 crores. The hospitality sector also saw growth, with revenue increasing by 13 per cent to Rs 126 crores. EBITDA for Q4 FY24 stood at Rs 493 crores, a 113 per cent rise from the previous year's Rs 231 crores. Additionally, profit after tax (PAT) for the quarter reached Rs 211 crores, an impressive 234 per cent increase from Rs 63 crores in Q4 FY23.

Collections for the fourth quarter were Rs 1,838 crores, up from Rs 1,463 crores in Q4 FY23.

The Board of Directors has recommended a final dividend of Rs 2 per equity share (20 per cent) of Rs 10 each for the financial year 2023-24.

Induction of Independent Director
Abraham Stephanos has been inducted as an Independent Director for a five-year term starting 28 May 2024, pending shareholder approval. Stephanos brings nearly four decades of rich experience, including extensive time in sales and marketing roles, and was previously Managing Director of Tata Steel Downstream Products.

Established in 1986, Brigade Group is one of India’s leading property developers with over three decades of expertise. Brigade has developed many landmark buildings and transformed skylines across cities such as Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, Thiruvananthapuram, and Gift City, Gujarat. The group operates in various sectors including Residential, Office, Retail, Hospitality, and Education.