Shares of Brigade Enterprises Ltd rallied 8% and hit a 52-week high of Rs 1,331.45 on 29 May after the company announced its quarterly earnings for January-March. 

The real estate developer, in its quarterly earnings, reported a 234.3% year-on-year (YoY) increase in net profit to Rs 210.9 crore from Rs 63.1 crore net profit reported in the same quarter last year. 

The revenue from operations of the company during Q4FY24 stood at Rs 1,702.4 crore, marking a 102.04% YoY increase from Rs 842.6 crore reported in the same quarter of the previous fiscal year. 

At the operation level, the earnings before interest, tax, depreciation, and amortisation (EBITDA) stood at Rs 432.8 crore for the quarter ending 31 March 2024 against Rs 202 crore reported in the corresponding period of the previous fiscal year. The EBITDA margins expanded to 25.4% during the quarter from 24% recorded in Q4FY23. 

Pavitra Shankar, managing director of Brigade Enterprises, said, “All verticals of the company contributed significantly to our growth in FY24 on the back of robust demand. With a strong pipeline of 22 million sq ft of ongoing projects and around 16 million sq ft of upcoming projects, we are confident of sustained performance in the coming quarters as well.”

Shankar added that they continue to focus on Chennai, Hyderabad, and Bengaluru for suitable land parcels, which are on par with the company’s quality standards and their consumer. 

The Board of Directors of the company have also declared a final dividend of Rs 2 per share for the fiscal year 2024, which is subject to shareholder approval during the upcoming annual general meeting. 

At 12:06 pm, the shares of Brigade Enterprises were trading 1.44% higher at Rs 1,243 on NSE.