BRIGADE · Realty
Brigade Enterprises Ltd. reported revenue of ₹1,072 cr for July to September 2024, −21.6% on the year and −0.6% on the quarter.
Operating profit (EBITDA) was ₹292 cr, a margin of 27.2%, +346 bps on the year and +6 bps on the quarter. It is the widest margin of the last 6 quarters (range 22.3% to 27.2%). Operating costs grew −25.1% against revenue growth of −21.6%, so more of each rupee of sales reached operating profit.
Net profit was ₹115 cr, +2.7% on the year and +42.0% on the quarter, with earnings per share of ₹3.65. Profit before other income, one-offs and tax fell 28.1%, so 31 points of the headline growth came from outside the core business. The tax rate of 31% is in line with its recent average.
Real estate revenue is booked when projects complete, so the quarterly statements lag the business; pre-sales and collections show where it actually is. The quarterly statements do not carry pre-sales, collections and launches; those come with the filing read.
On earnings per share of ₹15.45 over the last four quarters, the stock at ₹575.05 trades at 37.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Other income was 40% of profit before tax, against 23% a year earlier.
Source: Quarterly statements
Headline profit grew much faster than core profit. What made up the difference?
Reported profit +2.7% on the year; profit before other income, exceptional items and tax −28.1%.
Source: Quarterly statements
Margin rose sharply on flat revenue. Which cost fell, and will it stay down?
EBITDA margin 27.2%, +346 bps on the year (+6 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,367 cr | ₹1,174 cr | ₹1,702 cr | ₹1,078 cr | ₹1,072 cr | ₹1,464 cr | ₹1,460 cr | ₹1,281 cr | ₹1,383 cr | ₹1,575 cr | ₹1,458 cr | ₹1,116 cr |
| YoY | — | — | — | +65% | −22% | +25% | −14% | +19% | +29% | +8% | −0% | −13% |
| EBITDA margin | 23.8% | 22.3% | 25.4% | 27.2% | 27.2% | 28.3% | 28.5% | 25.2% | 23.7% | 26.1% | 25.0% | 32.3% |
| Other income, % of PBT | 23% | 43% | 22% | 33% | 40% | 23% | 24% | 27% | 23% | 11% | 29% | 38% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 38% | 30% | 24% | 26% | 31% | 18% | 18% | 18% | 13% | 24% | 22% | 24% |
| Net profit | ₹112 cr | ₹56.0 cr | ₹211 cr | ₹81.0 cr | ₹115 cr | ₹236 cr | ₹249 cr | ₹158 cr | ₹170 cr | ₹206 cr | ₹191 cr | ₹217 cr |
| YoY | — | — | — | +268% | +3% | +321% | +18% | +95% | +48% | −13% | −23% | +37% |
| Core profit YoY | — | — | — | — | −28% | +396% | +7% | +97% | +50% | +8% | −26% | +25% |
| EPS | ₹4.34 | ₹2.39 | ₹6.69 | ₹2.72 | ₹3.65 | ₹7.25 | ₹7.58 | ₹4.60 | ₹4.98 | ₹5.72 | ₹4.46 | ₹6.14 |
| Flags | · | 1 | · | 1 | 2 | ✓ | ✓ | ✓ | 1 | ✓ | 1 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Brigade Enterprises Ltd. reported revenue of ₹1,072 cr (−21.6% on the year) and net profit of ₹115 cr (+2.7% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved −28.1% on the year, against +2.7% for reported profit.
2 checks raised a question: Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.