During early trade on November 17, Brigade Enterprises witnessed a significant 5 percent surge in its shares, propelled by the company’s strategic initiative to develop 2 million square feet in Bengaluru. The ambitious plan comes with a substantial gross development value of Rs 2,100 crore, showcasing the company’s commitment to expanding its footprint in the dynamic real estate market.
As of 12:23 pm, Brigade Enterprises’ stock was trading at ₹742.00, marking an impressive 3.83 percent increase. A regulatory filing on the same day revealed that Brigade Group, a subsidiary, had inked a Joint Development Agreement (JDA) with Krishna Priya Estates and Micro Labs for the development project. Spanning 14 acres in Yelahanka, North Bengaluru, the JDA aims to introduce 2 million square feet of residential housing to Brigade Group’s portfolio.
The latest endeavor aligns with Brigade Group’s overarching vision, adding to its existing project pipeline of approximately 13 million square feet slated for development in Bengaluru, Hyderabad, and Chennai over the next year.
The company’s robust performance was evident in the Q2FY24 results, with net profit surging to Rs 112.5 crore compared to Rs 51.8 crore in the previous fiscal. Revenue for the quarter also witnessed an impressive 55 percent growth, reaching Rs 1,366.6 crore against Rs 879 crore in Q2FY23. The earnings before interest, taxes, depreciation, and amortization (EBITDA) experienced a commendable 50 percent increase, reaching Rs 324.8 crore for the same period.
