Brigade Enterprises’ (BEL) operating performance was stable with core residential sales value sustaining despite high base, while other segment such as leasing and hospitality continued its strong recovery. The sales value at Rs 795 crore was stable (down 4% YoY), despite a high base, indicating sustainable demand. On financial reported numbers, reported revenues grew ~17% YoY to Rs 879 crore, while EBITDA at Rs 216.4 crore, was up ~14% YoY.
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Q2 saw a stable performance. We believe volume trajectory should remain robust ahead with new projects launches and given the strong underlying demand in its key market. We also seek further clarity on cost inflation, pricing and office leasing traction, going ahead.
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