BRIGADE · Realty
Brigade Enterprises Ltd. reported revenue of ₹1,464 cr for October to December 2024, +24.7% on the year and +36.6% on the quarter.
Operating profit (EBITDA) was ₹414 cr, a margin of 28.3%, +596 bps on the year and +104 bps on the quarter. It is the widest margin of the last 7 quarters (range 22.3% to 28.3%). Operating costs grew +15.1% against revenue growth of +24.7%, so more of each rupee of sales reached operating profit.
Net profit was ₹236 cr, +321.4% on the year and +105.2% on the quarter, with earnings per share of ₹7.25. Profit before other income, one-offs and tax grew faster, at +395.6%; other income, one-offs or tax held the headline back. The tax rate was 18% against an average of 29% over the previous 6 quarters, which lifted profit this quarter.
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 ₹20.31 over the last four quarters, the stock at ₹575.05 trades at 28.3 times trailing earnings.
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.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +321.4% on the year; profit before other income, exceptional items and tax +395.6%.
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.
| 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 ₹1,464 cr (+24.7% on the year) and net profit of ₹236 cr (+321.4% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved +395.6% on the year, against +321.4% for reported profit.
None of the 7 checks that could run raised a question.
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