Brigade Enterprises (532929) Q4 12/13 earnings summary

Executive summary

• FY13 standalone revenue rose 30% YoY to ₹78,812 lakh and consolidated revenue rose 28% to ₹83,461 lakh; EBITDA increased 21% and 22%, respectively.

• Growth was constrained by delayed approvals for large projects; the business planned substantial launches in FY14 and targeted 40 million sft of development over 4–5 years.

Financial highlights

• Standalone EBITDA was ₹21,515 lakh vs ₹17,779 lakh; profit after tax was ₹6,425 lakh vs ₹5,809 lakh, and EPS was ₹5.72 vs ₹5.18.

• Consolidated EBITDA was ₹22,081 lakh vs ₹18,090 lakh; profit for the year was ₹6,122 lakh vs ₹5,693 lakh, and EPS was ₹5.45 vs ₹5.07.

• Standalone PBT declined to ₹6,003 lakh from ₹6,815 lakh as finance costs rose 37% to ₹8,288 lakh; EBITDA margin was 27% vs 29%.

Outlook and guidance

• FY14 launch plan: residential projects of 7.80 million sft, with 5.64 million sft attributable share; commercial and hospitality projects of 1.30 million sft, with 0.88 million sft share.

• Planned FY14 projects total 9.09 million sft of project area and 6.52 million sft of attributable share, across Bangalore, Mysore, Chennai and other South Indian locations.

• Development target: 40 million sft across South India over the next 4–5 years; management also cited a 10 million sft launch program for FY14.