Brigade Enterprises eyes Rs 11,200 cr revenue from land bank acquired in June quarter

New Delhi, Aug 22 (PTI) Realty firm Brigade Enterprises Ltd expects a total of Rs 11,200 crore revenue from 10 million sq ft of land bank that the company has acquired during the June quarter, a top company official said.

Bengaluru-based Brigade Enterprises buys land outright and also enters joint development agreements with the landowners to develop real estate projects.

"During the past quarter, we added 10 million square feet to our land bank across markets with a potential gross development value of Rs 11,200 crore," the company's Executive Chairman M R Jaishankar told analysts during a conference call.

He noted that the company remain focused on Tier 1 markets of south India.

Brigade Enterprises MD Pavitra Shankar said, "...We will focus on Bangalore, Chennai, and Hyderabad. We have a really strong presence in terms of business development for all three markets. And there is also much more room to grow for our presence in both Chennai and Hyderabad." She said there was lot of scope to increase the company's market share in Chennai and Hyderabad as well as maintain its leadership position in Bengaluru and grow on that as well.

"So, I think we are just focusing on that. We will be able to meet whatever growth expectations we have and others have of the organisation before we start looking at other markets. I am not sure if this is the right time to be looking aggressively at entering new markets. We are always studying them, of course," said Pavitra.

She said the company's has a very healthy launch pipeline.

According to its latest investor presentation, Brigade Enterprises sales bookings rose 3 per cent to Rs 1,118 crore in the first quarter of this fiscal year on better per square feet realisation from housing properties.

Its sales bookings or pre-sales stood at Rs 1,086 crore in the year-ago period.

The company's sales bookings in volume terms fell 17 per cent to 9.49 lakh sq ft from 11.45 lakh sq ft. However, sales realisation rose 24 per cent to Rs 11,782 per sq ft from Rs 9,483 per sq ft.

Recently, Brigade Enterprises Ltd reported a 79 per cent increase in its consolidated net profit to Rs 149.88 crore for the quarter ended June. Its net profit stood at Rs 83.72 crore in the year-ago period.

Total income rose to Rs 1,332.86 crore in the April-June period of this fiscal year from Rs 1,113.44 crore in the corresponding period of the preceding year.

Established in 1986, Brigade Enterprises is one of the leading real estate developers in the country. It builds residential projects, office complexes and shopping malls.

The company is also in the hotel and education sectors.

Brigade Group has a presence in Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, Thiruvananthapuram, and GIFT City (Gujarat). PTI MJH TRB