Brigade Enterprises shares jumped as much as 9.7 per cent on Thursday after the Bangalore-based property developer reported a 73 per cent rise in its quarterly profits. The company’s net profit rose to Rs. 49.2 crore in the March quarter against 28.4 crore in the same period a year earlier.
The company’s income rose 29 per cent year-on-year to Rs. 386.5 crore during the March quarter.
Brigade Enterprises CFO, Suresh Kris told, “Some of the good projects had come into the revenue recognition ambit this quarter. This revenue contributed significantly during this quarter with good margins, and that is why the increase in sales has been substantial during this quarter compared to the last quarter.”
Brigade Enterprises plans to launch about 10 million square feet of realty projects this year. 7 million sq feet of this could be on residential segment, 2 million for commercial-retail segment and 1 million for the hospitality.
“For fiscal 2015, a lot of projects have already been launched and sales are also substantially good. We expect at least 45-50 per cent growth in FY15 in terms of top line which may be around about Rs. 1,500 crore. We expect profits to grow around 50 odd per cent,” Mr Kris said.
The company’s ebitda (earnings before interest, taxes, depreciation and amortization) was up 49 per cent at Rs. 97.5 crore, though ebitda margins declined to 25 per cent during the March quarter as compared to 36 per cent in the corresponding quarter last year.