Brigade Group announces financial results for FY 2017- 18

Bengaluru, May 17, 2018: Brigade Enterprises Limited’s Real Estate and Commercial Leasing portfolio

The Group’s Performance on

  • Consolidated Revenues for the year ended FY 18 was Rs.1946 crores as against 2058 crores in FY 17
  • Consolidated Net Profits after Minority Interest (MI) and before exceptional item stood at Rs. 149 crores for the financial year ended 31st March, 2018 Vs Rs 153 crores for the previous financial year.
  • Consolidated EBITDA for the year ended FY 18 was at Rs. 603 crores Vs Rs. 609 crores for the previous financial year

 

Real Estate Business

The group has sold 1.6 million sq. ft of real estate space aggregating to Rs. 896 crores with an average realisation rate of Rs 5,721 per sq. ft. for the financial year 2017-18.                         

Lease Rental Business

The Lease Rental segment has contributed Rs. 286 crores to the topline of the Company in FY18 as against Rs.265 Crores for FY17 a growth of 8%. About 6.7 million sq. ft of commercial and retail lease space is currently under construction.

Hospitality Business

Brigade Group’s hospitality segment revenues for the financial year stood at Rs.237 crores. The Group has 5 operating hotels with 978 Keys as on 31st March 2018. 

Scheme of Arrangement

The Honourable National Company Law Tribunal, Bengaluru Bench (NCLT) passed the order approving the Scheme of Arrangement between Brigade Enterprises Limited, Brigade Hotel Ventures Limited, Brigade Hospitality Services Limited and Augusta Club Private Limited for transfer of Hospitality Business Undertakings in Brigade Enterprises Limited to the 3 wholly owned subsidiaries. The Company received the order on 28th March, 2018 and the same has been accounted   under the Indian Accounting Standards.

Brigade Group Unveils the Brigade International Financial Centre at GIFT City (BIFC)

Brigade Group had an exclusive preview of Brigade International Financial Centre (BIFC) located in Gujarat International Finance-Tec City (GIFT City). GIFT is India’s first operational smart city and India’s only International Financial Services Centre (IFSC). The preview event took place in Mumbai. This visionary project is a landmark development in the Indian infrastructure space.

Brigade’s BIFC is a futuristic development, with 1st tower of approximately 3,15,000 sq ft has already been launched and has 14 storeys. BIFC will be a much sought after space within the ambitious GIFT City. BIFC promises to be an iconic project that will set the stage for many corporates to establish themselves in GIFT City and also set the benchmark for future developments in GIFT City.

Financial Highlights

Consolidated FY 2017-18 Vs  FY 2016-17 Performance

  • Total Revenues stood at Rs. 1946 crores vis-a-vis Rs. 2058 crores, a decrease of 5 %
  • EBITDA stood at Rs.603 crores vis-a-vis Rs. 609 crores, a marginal decrease of 1%.
  • EBITDA margin stood at 31% vis-à-vis 30%.
  • PBT before exceptional items stood at Rs. 206 crores vis-a-vis Rs. 240 crores, a decrease of 14%.
  • PAT (after minority interest before exceptional items) stood at Rs. 149 crores vis-a-vis Rs. 153 crores, a marginal decrease of 3%.
  • Net debt of the Group is Rs 2,577 Crores and Net Debt to Equity as on 31st March 2018 stands at 0.89:1

 

Consolidated Q4 Performance (Q4 2017-18 Vs Q4 2016-17)

  • Total Revenues stood at Rs. 448 crores vis-a-vis Rs. 561 crores
  • EBITDA stood at Rs. 149 crores vis-a-vis Rs. 205 crores
  • EBITDA margin stood at 33% vis-à-vis 37%.
  • PBT before exceptional items stood at Rs.37 crores vis-a-vis Rs 113 crores
  • PAT (after minority interest before exceptional items) stood at Rs. 27 crores vis-a-vis Rs 74 crores

Dividend

The Board has recommended a dividend of Rs 2/- per equity share (20%)

Induction of Directors

Mr. Pradeep Kumar Panja and Dr. Venkatesh Panchapagesan have been inducted as Independent Directors on the Board with effect from 16th May 2018.  Mr. Pradeep Kumar Panja has over four decades of rich experience in the Banking Industry. Dr. Venkatesh Panchapagesan has over two decades of versatile experience  in Academia and  Global Financial Markets.

Mr. Amar Mysore, Ms Pavitra Shankar and Ms Nirupa Shankar have been inducted as whole time directors on the Board with effect from 16th May 2018.   They are professionals having   over a decade of rich  experience in  diverse fields and related to the Promoter Group.

Outlook

The Group is currently developing about 20 million Sq. ft across Residential, Office, Retail and Hotel segments. Further, launches to the extent of about 12million Sq. ft. are planned for the financial year 2018-19 across the 4 segments including about 5 million sq. ft in the affordable housing segment.

Commenting on the Company’s performance, Mr. M.R. Jaishankar, Chairman and Managing Director, Brigade Enterprises Limited, said “ The Financial Year 18 has been a  challenging year in the light of recent policy changes like Real Estate Regulation Act & Goods and Services Tax Act in the Real Estate Industry, We are optimistic on the future given our existing pipeline of projects across various  segments i.e. Real Estate, Commercial Leasing and Hospitality”

Awards and Recognitions

  • Brigade was recognised as one of Bengaluru’s Hot 50 Brands at the Brand Summit & Hot Brands 2018 event organised by Paul Writer.
  • Brigade Exotica won the Best Residential Project award at the CIA World Construction & Infra Awards 2018
  • Brigade Palmgrove, Mysore won the Premium Villa Project of the Year at the NDTV Property Awards 2018
  • M R Jaishankar was conferred the 'Entrepreneur Extraordinaire Award' by Builders Association of India, Mysuru Centre
  • Brigade won the first runner up  award for Excellence in Workplace Safety Award from CII, Institute of Quality

For information on Brigade Group, please visit BrigadeGroup.com or contact us at investors@brigadegroup.com


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