BRIGADE · Realty
Brigade Enterprises Ltd. reported revenue of ₹1,174 cr for October to December 2023, — on the year and −14.1% on the quarter.
Operating profit (EBITDA) was ₹262 cr, a margin of 22.3%, — on the year and −146 bps on the quarter.
Net profit was ₹56.0 cr, — on the year and −50.0% on the quarter, with earnings per share of ₹2.39.
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.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, 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 43% of profit before tax.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, 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).
| 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 ₹1,174 cr (— on the year) and net profit of ₹56.0 cr (— on the year) for October to December 2023.
1 check raised a question: Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
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