Brigade Enterprises shares rise 9%, hit 52-week high after Q4 profit jumps nearly 3-fold
Brigade Enterprises' shares surged 9% to a 52-week high after reporting a three-fold jump in net profit. Managing Director Pavitra Shankar expressed confidence in sustained performance with ongoing and upcoming projects in Bengaluru, Chennai, and Hyderabad.
of Brigade Enterprises rose 9% to hit a of Rs 1,331 in Wednesday's trade on after the firm reported a nearly three-fold jump in to Rs 206.09 crore for the March quarter on the back of higher . Its net profit stood at Rs 69.25 crore in the year-ago period.Meanwhile, its total income rose to Rs 1,762.62 crore in the fourth quarter of the last fiscal from Rs 872.11 crore in the corresponding period of the previous year.
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The company reported its highest-ever real estate sales of 7.55 Mn sq ft for the financial year ended March 2024. Its total stood at Rs 5,064 crore which grew by 42% over FY23. The for FY24 stood at Rs 1,362 crore which grew by 39% over FY23.
The total collections from customers stood at Rs 5,915 crore, which grew by 9% over FY23. Net cash flow from operations stood at Rs 1,575 crore.
"With a strong pipeline of 22 Mn sq ft of ongoing projects and around 16 Mn sq ft of upcoming projects, we are confident of sustained performance in the coming quarters as well. We continue to focus on Bengaluru, Chennai and Hyderabad for suitable land parcels that are at par with our quality standards and our consumer-first focus," said Pavitra Shankar, Managing Director of .
At 10:45 am, the scrip was trading 2.3% higher on BSE. The stock has also surged nearly 130% in the past one year, while it has jumped 365% in the last three years.
As per data, the average target price of the stock is Rs 984, which shows a downside of 21% from the current market prices. However, the consensus recommendation from 12 analysts for the stock is a 'Buy'.
In technical terms, the relative strength index (RSI) of the stock is currently at 64.8. The RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed. Additionally, the MACD is at 52.5, which is above its center and signal line, this is a bullish indicator.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Source: Stocks-Markets-Economic Times
