Brigade Enterprises (532929) Q4 11/12 earnings summary

Executive summary

• FY12 revenue rose to Rs 60,931.70 lakh from Rs 46,937.37 lakh; net profit fell to Rs 5,809.35 lakh from Rs 11,927.58 lakh, reflecting higher finance costs and depreciation.

• Brigade Gateway was completed as an integrated enclave; Orion Mall began operations in March 2012, and Sheraton Bangalore Hotel completed its first year of operations.

• The Group completed over 100 buildings and delivered more than 20 million sft; approximately 30 million sft was planned for development over five years, with 9 million sft then under development.

Financial highlights

• Standalone revenue from operations was Rs 57,174.74 lakh vs Rs 45,061.25 lakh; total income was Rs 60,931.70 lakh vs Rs 46,937.37 lakh.

• Standalone EBITDA was Rs 16,855.62 lakh vs Rs 16,854.69 lakh; finance costs increased to Rs 6,039.28 lakh from Rs 1,678.69 lakh.

• Standalone net profit was Rs 5,809.35 lakh vs Rs 11,927.58 lakh; EPS was Rs 5.18 vs Rs 10.63.

• Consolidated revenue was Rs 65,103.29 lakh vs Rs 52,991.71 lakh; EBITDA was Rs 17,167.04 lakh vs Rs 19,957.12 lakh, and net profit was Rs 5,693.43 lakh vs Rs 12,052.25 lakh.

• Recommended dividend of Rs 1.50 per equity share (15%); total payout including dividend tax was Rs 1,956.93 lakh.

Outlook and guidance

• Planned FY13 launches totaled 11.69 million sft: 8.40 million sft residential and 3.29 million sft commercial.

• The five-year development plan covered 30 million sft across seven South Indian cities; 9 million sft was under development at FY12 year-end.

• Brigade Meadows value homes launched 1,850 units in its first 31-acre phase; reported sales were robust, and the value-homes component of Brigade Orchards was expected to launch.