Brigade Enterprises posts Rs 19.58 crore profit in Q4 FY21

NEW DELHI: Brigade Enterprises has recorded Rs 19.58 crore net consolidated profit during the quarter ended March 2021. It had reported a loss of Rs 11.02 crore in the corresponding quarter previous fiscal, the company said in a BSE filing.

The company’s net consolidated income stood at Rs 820.86 crore in Q4 FY21, a growth of 28 per cent from Rs 643.34 crore it registered in the similar quarter last year.

M.R. Jaishankar, chairman and managing director, Brigade Enterprises said, “Despite businesses taking a hit due to the COVID-19 pandemic, Brigade has witnessed robust sales driven by our residential business along with continued stability in the commercial business. Our residential projects in Hyderabad and Chennai continue to deliver consistently high results, along with our projects in Bangalore.”

The board of directors recommended a final dividend of Rs 1.20 per equity share (12%) of Rs 10 each for the financial year ended March 31, 2021.

The leasing segment of the commercial business of the company remains stable and positive with around 99% collections. There has been an increased momentum in office leasing enquiries with an active pipeline of about 10 lakh sq ft, it said in a media release.

During the quarter and year ended March 31, 2021 and March 31, 2020, an impairment loss of Rs 18.50 crore and Rs 20.50 crore respectively has been recognised in the statement of profit and loss as an exceptional item, which represents the write-down value of certain investment properties in the leasing segment and certain property, plant and equipment in the hospitality segment to the recoverable amount as a result of the impact of covid-19 pandemic, the company said in the regulatory filing.

Currently Brigade has approximately 18 million sq ft of ongoing projects and 1.43 million sq ft of upcoming projects.