Published On: Thu, Nov 12th, 2020

Brigade Group Announces Q2 FY21 Financial Results

Share This


  • Residential pre-sales of 1 mn sqft back to pre-Covid levels
  • Total collections at Rs. 536 crores


Bengaluru, November 11, 2020: Brigade Group, a leading property developer in India, announced its financial results for the second quarter and half year ended September 30, 2020.

Operational Highlights (Q2 FY21):

Real Estate

  • Achieved pre-sales of 1 mn sqft in Q2 FY21 despite global pandemic. Back to pre-Covid levels. Sales value up 9% YoY at Rs. 576 Crore
  • Realization per sqft has gone up 10% compared to the previous year
  • Collections at Rs. 400 Crore in Q2 FY21 as compared to Rs. 277 Crore in Q1 FY21
  • Increased demand for larger homes in the price segment of Rs. 1.5 Crore and above
  • Strong pipeline of ongoing projects of 15.93 mn sqft
  • Upcoming projects of 3.12 mn sqft planned for launch in coming quarters


Lease rental

  • Leased 0.04 mn sqft. of new office area in Brigade Tech Gardens, Phase I
  • Leasing segment for offices remains stable and positive with ~99% collections
  • Growth of 62% in Office rental revenue in H1 FY21 as compared to H1 FY20
  • Improved traction in enquiries and healthy pipeline of 1.4 mn sft
  • Witnessed month on month increase in footfall and occupancy in malls


  • Average occupancy increased to 15% vs 11% in the previous quarter
  • Witnessing better traction in F&B and banquet business
  • Hospitality business impacted because of the COVID-19 travel restrictions in place. However, we are modestly optimistic with respect to the hospitality business.


Financial Highlights:

Consolidated Performance

  Half Yearly   Quarterly
Financials (INR Mn) H1 FY21 H1 FY20 YoY change   Q2 FY21 Q1 FY21 Q2 FY20 Q2 FY21 on Q1FY21 Q2 FY21 on Q2 FY20
Revenue 536 1,469 -64% 322 214 752 51% -57%
EBITDA 157 397 -61% 99 58 207 70% -52%
EBITDA Margin 29% 27% 31% 27% 27%
Profit / (Loss) Before Tax -125 139 -190% -39 -86 66 54% -159%
PAT/LAT after MI* -70 79 -189% -17 -53 37 68% -146%

PAT – Profit after Tax           LAT – Loss after tax


Commenting on the results, Chairman & MD Mr. M.R. Jaishankar said“The quarter continued to witness uncertainty around the COVID-19 pandemic, however, we will continue to focus on our businesses which helped deliver growth amidst this challenging environment. Despite the headwinds, we have seen a bounce back in our residential segment with sales value back to pre-Covid levels. Our total collections for the quarter at Rs. 536 Crore and cashflows are positive. The office business will gain momentum in the coming quarters as enquiries are building up and our office rental collections are stable. With the gradual opening of the economy, we are modestly optimistic with respect to the hospitality and retail businesses, all efforts are being taken to improve their performance and we are positive that even these businesses will normalize soon.

Awards and Recognitions during Q2 FY21:

Brigade was recognized and awarded as ‘India’s Top Builders 2020’ at the Construction World Architects and Builders Awards in August 2020.

About the Author


Powered By Indic IME