India's Brigade Enterprises posts Q3 profit spike on strong demand for luxury homes

Brigade Enterprises

29/01/2025 12:24

Jan 29 (Reuters) - Indian real-estate developer Brigade Enterprises  BRIG.NS  reported a sharp rise
in third-quarter profit on Wednesday, driven by rising demand for luxury homes and office spaces.
    The company's consolidated net profit more than trebled to 2.36 billion rupees ($27.3 million) for the
three months ended Dec. 31.
    Revenue from operations increased 25% to 14.64 billion rupees.
    For further results highlights, click  urn:newsml:reuters.com:*:nFWN3OO201.
    
    KEY CONTEXT
    India's real estate sector continued to benefit from sustained demand for home ownership, especially for
premium properties.
    With an increasingly affluent middle class in large cities looking to upgrade to more premium offerings
- from branded apparel to smartphones - demand for pricier real estate has also gained momentum.  
    Moreover, a return-to-office push by companies has further boosted rental demand for developers such as
Brigade.
    Earlier this month, rival Oberoi Realty  OEBO.NS  reported a higher quarterly profit on strong luxury
home demand. 
    
    PEER COMPARISON
    
                                 Valuation (next  Estimates (next 12   Analysts' sentiment          
                                   12 months)     months)                                           
                      RIC        PE     EV/EBITD  Revenue     Profit   Mean     # of      Stock to  Div
                                        A         growth (%)  growth   rating*  analysts  price     yield
                                                              (%)                         target**  (%)
 Brigade Enterprises   BRIG.NS   33.88     16.85    17.11      32.51   Strong         10    0.76        0.20
 Ltd                                                                   Buy                          
 Oberoi Realty Ltd     OEBO.NS   22.13     16.34    25.89      24.07   Buy            22    0.82        0.48
 DLF Ltd               DLF.NS    43.82     56.46    27.09      24.90   Buy            17    0.77        0.69
 Sobha Ltd             SOBH.NS   24.81     15.21    22.67     117.57   Buy            13    0.64        0.23
 * The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is
trading above the PT
    
    OCTOBER-DECEMBER STOCK PERFORMANCE
-- All data from LSEG
-- $1 = 86.5340 Indian rupees
    



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 (Reporting by Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala)
 ((Kashish.Tandon@thomsonreuters.com; 8800437922;))