Shares of Brigade Enterprises jumped 1% on February 28 after the Brigade Group announced expansion plans for its hosted office brand, BuzzWorks.

Range-bound swings in the benchmark index hinted at subdued investor sentiment. The company’s shares were up 0.1% at Rs 476.05 on the BSE at 9:39 am amid subdued overall sentiment.

BuzzWorks will add seats in Bengaluru, Cochin, Chennai and Gift City, the company said in FY24.

The Brigade Group currently has 2,400 seats at BuzzWorks locations nationwide, with an occupancy rate of approximately 99.5%.

Since the first quarter of fiscal 2023, the real estate business has generated more than Rs 250 crore in net operating cash flow, helping it deleverage its balance sheet. In Q3FY23, it reported a net operating cash flow of Rs 267 crore, up 2% YoY but down 6% QoQ. While collections rose 21% YoY to Rs 1,328 crore, construction costs rose 48% YoY to Rs 617 crore, limiting net operating cash flow growth.

Steady cash flow in the first nine months of FY23 helped reduce its net debt by Rs 799 crore YoY to Rs 1,992 crore.

Consolidated sales for December 2022 stood at Rs 820.31 crore, down 10.93% YoY, while net profit fell 27% YoY to Rs 56.9 crore.