Brigade Enterprises Q2 FY21 net loss narrows to Rs 17 cr

Bengaluru-based Brigade Enterprises on Wednesday reported a consolidated net loss of Rs 17 crore for July-September quarter this fiscal against a loss of Rs 53 crore in Q1 FY21 as sales in its residential segment bonded back to pre-Covid levels. The real estate developer had posted a consolidated net profit of Rs 37 crore in the same quarter, last fiscal.

Consolidated total income of the company rose 50% sequentially to Rs 322 crore in the September quarter. The company achieved pre-sales of 1 million sq ft in Q2 FY21 despite the global pandemic. Sales were back to pre-Covid levels and the sales value also went up 9% y-o-y at Rs 576 crore, the company said.

Commenting on the performance, Brigade Enterprises chairman & MD, MR Jaishankar said, “The quarter continued to witness uncertainty around the Covid-19, however, we will continue to focus on our businesses which helped deliver growth amidst this challenging environment. Despite the headwinds, we have seen a bounce back in our residential segment with sales value back to pre-Covid levels”.

Brigade’s total collections for the quarter stood at Rs 536 crore and cashflows are positive. The office business will gain momentum in the coming quarters as enquiries are building up and the office rental collections are stable, he added.

“With the gradual opening of the economy, we are modestly optimistic with respect to the hospitality and retail businesses, all efforts are being taken to improve their performance and we are positive that even these businesses will normalise soon,” Jaishankar said.

In the residential segment during Q2 FY21, the company witnessed an increased demand for larger homes in the price segment of `1.5 crore and above. On Leasing segment for offices remains stable and positive with around 99% collections.