Brigade Enterprises (532929) Q4 10/11 earnings summary

Executive summary

• FY11 revenue rose 26.16% YoY to ₹45,746.63 lakh; reported net profit was ₹8,040.40 lakh, while profit available for appropriation reached ₹11,927.56 lakh after prior-period income and a tax-provision reversal.

• Six projects were completed; residential and commercial sales/leases totaled 0.67 million sft and 0.98 million sft, respectively.

• Sheraton Bangalore Hotel began operations, and World Trade Center Bangalore commenced occupancy; plans called for ~10 million sft of launches in FY12.

Financial highlights

• Standalone total income was ₹52,349.77 lakh, including a ₹6,603.14 lakh increase in closing stock; net sales and other income were ₹45,746.63 lakh versus ₹36,259.08 lakh in FY10.

• Standalone PBT rose to ₹12,258.67 lakh from ₹4,633.85 lakh; PAT was ₹8,040.40 lakh versus ₹4,595.21 lakh.

• Consolidated total income was ₹55,713.71 lakh; consolidated PAT was ₹8,171.10 lakh, versus ₹4,657.46 lakh in FY10.

• Commercial-project sales contributed ₹9,575.21 lakh of standalone receipts; the cash-flow statement recorded ₹9,578.13 lakh profit from commercial-project sales.

Outlook and guidance

• FY12 launch plans targeted ~10 million sft across residential, commercial and hospitality; ~31 million sft across ~40 projects in seven cities was planned for delivery over 4–5 years.

• Brigade Meadows phase 1, ~1.3–1.4 million sft, was slated for launch in South Bangalore in Q2 FY12; a North Bangalore value-homes project was also planned for FY12.

• An integrated North Bangalore enclave of 7 million sft was planned for phased development, with launch in Q2 FY12.