Brigade Enterprises (532929) Q2 24/25 earnings summary

Executive summary

• Achieved strong Q2 FY25 performance with pre-sales of 1.68 million sq ft valued at INR 1,821 crores, robust price realization, and collections, reflecting high demand and execution across segments.

• Maintained consistent EBITDA margins, received multiple industry recognitions and awards, and saw positive sales growth in retail and leasing segments.

• Brigade Hotel Ventures filed a DRHP for an IPO, indicating strategic capital market activity.

• Hospitality segment data excluded in some reports due to regulatory restrictions.

• The Board approved a final dividend of ₹2 per share for FY24, paid in the current quarter.

Financial highlights

• Q2 FY25 consolidated revenue was INR 1,138 crores (₹11,381 Mn), down from INR 1,408 crores year-over-year but up 2% sequentially; H1 FY25 revenue grew 8% year-over-year to INR 2,251 crores.

• Q2 FY25 consolidated EBITDA was INR 358 crores (31% margin), up 9% sequentially; PAT was INR 115 crores, up from INR 113 crores year-over-year.

• Net cash flow from operations in H1 FY25 was INR 1,100 crores, up 53% year-over-year; cash generated from operations for six months was ₹93,341 lakhs.

• Real estate collections in Q2 FY25 rose 47% year-over-year to INR 1,454 crores; overall collections hit a record INR 1,937 crores, up 35%.

• Basic EPS for Q2 FY25 was ₹4.94, and for the six months, ₹8.40.

Outlook and guidance

• Robust launch pipeline for FY25 with 16 million sq ft planned, including 12.93 Mn sft residential and 3.07 Mn sft commercial projects; first Net Zero residential project expected to launch in FY25.

• Management expects to maintain 15%-20% pre-sales growth over last year, contingent on timely project approvals; Q3 pre-sales may decline if approval delays persist, but a strong rebound is expected in Q4.

• Brigade Hotel Ventures Limited filed a DRHP for an IPO, subject to regulatory approvals and market conditions.