NE BUSINESS BUREAU
BENGALURU, JUNE 19
Real estate developer Brigade Enterprises Limited achieved its highest ever sales since the inception of the company at 4.3 Mn sq ft. in FY20, a 44 % increase over FY19. The sale value also saw a 45% jump over FY19 to Rs. 2,377 crores in FY20. The company also reported collections of Rs. 2,539 crores during the reporting period, a company release said.
Mr. M R Jaishankar, CMD, Brigade Group, discusses the Q4 FY20 and year-ended 31st March 2020 results and sheds light on the way forward. #BrigadeGroup #RealEstate #BuildingPositiveExperiences https://t.co/fs8pDzMNbk
— Brigade Group (@BrigadeGroup) June 19, 2020
Brigade Enterprises launched 4 real estate projects aggregating to 2.5 Mn. Sqft. in Q4 FY20. The Group is currently developing about 21.4 million Sq. ft across the residential, office, retail, and hotel segments. Further, launches of about 4.5 million sq. ft. are planned for the financial year 2020-21.
For the full year, the company net profit was down 60% to Rs 114 crore, and revenue slipped by 11% to 2682 crore.
The company has reported a 115% drop in the fourth-quarter profit from a year ago, due to the change in accounting norms to AS-115 and nationwide lockdown impacting the hospitality business and the increase in CSR spend.
Net profit for the January-March quarter of FY20 stood at Rs 11 crore, Bengaluru-based Brigade Enterprises said on Thursday. The company’s turnover for the period was Rs 644 crore, a 17% drop over the same period of the previous fiscal.
Commenting on Company’s performance, M.R. Jaishankar, Chairman and Managing Director, Brigade Enterprises Limited said, “FY20 has been Brigade’s best operational performance where we have sold an area of 4.3 million sqft. All our business segments- Residential, Lease Rental, and Hospitality, have performed strongly in FY20 and the same is reflected in the numbers.
The unprecedented crisis due to the COVID-19 pandemic resulting in the nationwide lockdown has had a negative impact on all sectors.
However, we expect business to gradually pick up from the 3rd quarter of this financial year ”
The Board had declared and paid an Interim Dividend of Rs. 1.00 per equity share in March 2020 (10%). There is no final dividend recommended by the Board.
The Interim Dividend paid in March 2020 will be the final dividend for the financial year 2019-20.
COVID 19 relief efforts and initiatives
Around 9,500-10,000 migrant workers supported with ‘ Dry Ration’ and money was remitted to their Jan Dhan Bank Accounts/given in hand.
Provided 3,65,000 meals during the lockdown period to migrant workers and the economically weaker sections of the society.
Over 7 truckloads of rice distributed in Chennai. Dry rations provided to more than 3,500 families in Bangalore and bread loaves of over 11,500 provided in slums.
