Brigade Q2 profit rises 29%, income falls 13%

BENGALURU: Property developer Brigade Enterprises reported a 29% rise in net profit to Rs 219 crore in the September quarter, from Rs 170 crore a year earlier.Total income fell 13% to Rs 1,250 crore from Rs 1,430 crore.Brigade recorded property sales worth Rs 1,827 crore across 1.3 million sft during the quarter. Property sales are a separate measure from revenue recognised in its accounts. The company also launched projects covering 2.4 million sft, with an estimated total sales value of about Rs 3,000 crore.Managing director Pavitra Shankar said residential demand remained resilient. “Customers are increasingly prioritising quality, location, larger homes and better amenities, and we continue to see resilient demand across the mid and premium segments,” she said.Shankar said the festive period had strengthened customer engagement across the company’s residential and retail businesses.The real estate business contributed Rs 760 crore to quarterly revenue. Leasing generated Rs 329 crore, while the hospitality business brought in Rs 161 crore.Occupancy in the leasing portfolio stood at 90% at the end of September. Brigade completed two projects, adding 2.7 lakh sft of space available for leasing.Collections, or money received from customers, totalled Rs 1,633 crore during the quarter and Rs 3,489 crore in the first half of the financial year.For the six months ended September, consolidated net profit rose 33% to Rs 436 crore from Rs 328 crore a year earlier. Total income declined 12% to Rs 2,429 crore from Rs 2,763 crore.You use AI every day. Now get your AI Quotient. Take the AIQ test.