iStockICICI Securities has buy call on with a target price of Rs 346. The current market price of Brigade Enterprises Ltd. is Rs 262.55.
Brigade Enterprises Ltd., incorporated in the year 1995, is a Mid Cap company (having a market cap of Rs 5483.75 Crore) operating in Real Estate sector.
Financials
For the quarter ended 31-03-2021, the company has reported a Consolidated Total Income of Rs 820.86 Crore, up 25.58 % from last quarter Total Income of Rs 653.65 Crore and up 27.40 % from last year same quarter Total Income of Rs 644.34 Crore. Company has reported net profit after tax of Rs 19.07 Crore in latest quarter.
Investment Rationale
The brokerage expects BRGD’s share of rental NOI to grow at 28% CAGR over FY21-23E to Rs4.8bn driven by leasing in Chennai/Bengaluru office projects. It reiterates BUY rating with an unchanged Mar-22 NAV based target price of Rs346/share. Key risks are prolonged weakness in office leasing and slowdown in residential demand.
Promoter/FII Holdings
Promoters held 48 per cent stake in the company as of March 31, 2021, while FIIs held 11.8 per cent, DIIs 20.6 per cent and public and others 19.6 per cent.
(Views and recommendations given in this section are the analysts' own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the stock/s mentioned.)
Brigade Enterprises Ltd., incorporated in the year 1995, is a Mid Cap company (having a market cap of Rs 5483.75 Crore) operating in Real Estate sector.
Financials
For the quarter ended 31-03-2021, the company has reported a Consolidated Total Income of Rs 820.86 Crore, up 25.58 % from last quarter Total Income of Rs 653.65 Crore and up 27.40 % from last year same quarter Total Income of Rs 644.34 Crore. Company has reported net profit after tax of Rs 19.07 Crore in latest quarter.
Investment Rationale
The brokerage expects BRGD’s share of rental NOI to grow at 28% CAGR over FY21-23E to Rs4.8bn driven by leasing in Chennai/Bengaluru office projects. It reiterates BUY rating with an unchanged Mar-22 NAV based target price of Rs346/share. Key risks are prolonged weakness in office leasing and slowdown in residential demand.
Promoter/FII Holdings
Promoters held 48 per cent stake in the company as of March 31, 2021, while FIIs held 11.8 per cent, DIIs 20.6 per cent and public and others 19.6 per cent.
(Views and recommendations given in this section are the analysts' own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the stock/s mentioned.)
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