Brigade Enterprises witnessed a substantial boost, with its shares surging over 7 percent on November 9, following the company’s impressive fiscal second-quarter earnings.
The Bengaluru-based real estate developer reported a remarkable 72 percent year-on-year increase in net profit, attributed to robust demand for housing projects. Notably, revenue from the real estate segment, its largest unit, soared by 70 percent compared to the previous year.
As of 10:45 am, Brigade Enterprises shares were trading more than 4.87 percent higher at ₹728.50 on the National Stock Exchange. The stock’s remarkable performance in 2023, having rallied nearly 60 percent, underscored investor confidence in the company’s growth trajectory.
The strong growth in Q2 FY24 was attributed to contributions from all business verticals. The residential segment, in particular, continued to excel, driven by high absorption rates in key markets, heightened interest from end-users, stable registration processes, consistent home loan rates, and a positive response to new project launches.
