Brigade Enterprises Ltd (BRIGADE) announces Q1 FY 21 Financial Results

Bengaluru, 17th August 2020:                                

Brigade Group Announces Q1 FY21 Financial Results

Operational Highlights (Q1FY21):


  • Achieved 0.4 mn sq ft. of new sales in Q1 FY21 valued at Rs. 250 Crore vs 1 mn sq ft. valued at Rs. 593 Crore in the corresponding quarter of the previous year
  • Realization per sft has gone up by 14% compared to the same period in the previous year
  • Jasper Block at Brigade El Dorado of 0.62 mn sft launched during the quarter
  • Strong pipeline of 16.24 mn sq ft. and upcoming 2.06 mn sq ft. to be launched in FY21

 Lease rental

  • Leasing segment for offices remains stable with over 95% collections
  • Construction of the Brigade Twin Towers development has commenced


  • All hotels are operational with Ministry of Home Affairs and State Government protocols in place
  • Average occupancy of 11% due to impact of COVID-19 & lockdown
  • All non-essential capital expenditure and renovation has been deferred to reduce cash outflows
  • Various cost saving measures taken including reduction of manpower costs of about 40% and reduction of about 70% in other overheads during the quarter

Financial Highlights:

Consolidated Performance Q1FY21 vs Q1FY20:

  • Total Revenues at Rs.214 crores vis-à-vis Rs. 717 crores
  • EBITDA at Rs. 58 crores vis-à-vis Rs. 191 crores
  • EBITDA margin at 27%
  • PAT/(Loss) after Minority Interest at Rs. (53 crores) vis-à-vis profit of Rs. 41 crores

Commenting on the results, Chairman & MD Mr. M.R Jaishankar said“While this quarter was  impacted by COVID-19, our continued focus on digital marketing,  online booking of apartments  and collections have yielded results even though most of the first quarter was under lockdown.    Despite the pandemic, our total collections for the quarter was Rs. 376 crores. The rental collections from Office in the Leasing Segment is stable. Although the biggest impact has been in the hospitality and retail segment, all efforts are being taken to improve their performance and we are positive that these segments will normalize soon.”

COVID-19 Impact & Outlook

Company outlook:

  • Construction has resumed at 30% labour strength post unlock 1.0 & has now crossed 50%. We expect to reach 100% by end of Q3 FY21
  • Green shoots are visible in residential business with a pickup in enquiries and sales
  • Office business remains stable with 95% collections, retaining a positive outlook
  • Business in malls and hotels will pick up gradually along with the improvement in economy
  • Brigade has a strong balance sheet and is in a good position to manage operations while maintaining liquidity to meet business obligations

Industry outlook:

  • Rate reduction by RBI and consequent low rate of interest for housing loans is a big positive
  • Adequate liquidity in the economy has helped restrict the damage
  • Recent announcement by RBI to allow banks to restructure loans in impacted sectors is a step in the right direction
  • Economy is expected to rebound in the later part of the calendar year; however, GDP contraction is expected for the financial year

    Operational Impact:

  • Construction activity was impacted because of intermittent lockdowns
  • Lower revenue recognition in real estate segment was due to government office shutdowns
  • Malls and Hotels underperformed because of the lockdown, travel restrictions and weak consumer sentiment
  • Collections were impacted because of the reasons mentioned above though partially mitigated by prudent capital expenditure and reduction in overheads


Relief & Efforts:


  • John’s Health Centre at Brigade Meadows was inaugurated on June 24, 2020
  • Donation for purchase of an ambulance by St. John’s
  • Donation for purchase of prefabricated 5 bed ICU module to K C General Hospital
  • Donation for purchase of ventilator to Sri Vasavi Hospital
  • Dry ration to more than 3000 families in Bangalore
  • Sustenance allowance provided to migrant workers and supported them with ‘dry rations
  • 80,000 Meals provided during lock down period
  • Workers engagement programmes viz. exercises, aerobics, yoga, as well as workers’ counselling

Awards and Recognitions:

  • Brigade Enterprises Ltd. has been recognised as one of India’s Top 100 Best Companies to Work For 2020, in one of India’s largest workplace study conducted by the Great Place to Work®️ Institute and The Economic Times.

This year, Brigade Enterprises Ltd has been “Ranked 43”, in the coveted Top 50 category, across companies. Brigade Enterprises Ltd also has the distinction of being among India’s Top 100 Best Companies to Work For, 10 years in a row.


  • Brigade Hospitality Services Ltd. has been ranked 3rd amongst India’s Great Mid -Size Workplaces in 2020 by the Great Place to Work Institute and The Economic Times.

About Brigade Enterprises

Brigade is one of India’s leading property developers with over three decades of expertise in building positive experiences for all their stakeholders and winning customers’ trust. Brigade has developed many landmark buildings and transformed the city skyline of cities across South India, namely: Bengaluru, Mysuru, Hyderabad, Chennai and Kochi with developments across Residential, Offices, Retail, Hospitality and Education Sectors. Established in 1986, Brigade Enterprises is headquartered in Bengaluru, India and has a market cap of approx. ₹ 2,779cr as of June 30th, 2020.

For information on Brigade Group, please visit or contact us at

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