The real estate firm experienced a substantial 21% year-on-year decline in revenue, amounting to Rs 685 crore in Q1FY24. Conversely, its net sales from residential projects demonstrated a robust 33% year-on-year increase, reaching Rs 991 crore during the same period.
The company’s net profit for the April-to-June quarter plummeted by 65% year-on-year. Brigade Enterprises’ consolidated net profit stood at Rs 38.5 crore in Q1FY24.
The hospitality sector experienced a 5% year-on-year decrease in occupancy levels during Q1FY24. Brigade Enterprises is anticipating that upcoming conferences, trade shows, and events will contribute to an increase in occupancies and subsequent growth.
Brigade Enterprises has established its real estate developments across various regions in South India, encompassing Bengaluru, Mysuru, Hyderabad, Chennai, and Kochi. Their projects span residential spaces, offices, retail outlets, and hotels.
The company’s shares concluded trading at Rs 565.95 on Wednesday, marking a decrease of 3.82% on the NSE.