Brigade Enterprises rose 1.07% to Rs 514.70 after the company forayed into plotted development space with 66-acre residential project in Devanahalli on the Satellite Town Ring Road (STRR) (Karnataka).
The project is a joint development that will offer plot sizes ranging from 1,200 sq. ft. to 2,400 sq. ft. North Bangalore has been witnessed significant growth, driven by IT/ BPM, aerospace and R&D which has created a huge demand for plotted developments.
In Q3 FY22, Brigade Enterprises reported 1.1 million sq. ft. valued at Rs 684 crore in its residential business. While Bangalore continued to be the primary contributor, the company plans to focus on the South Indian market, aiming to increase the contribution of Chennai and Hyderabad markets in its overall portfolio.
The net profit of Brigade Enterprises stood at Rs 78.36 crore in the quarter ended December 2021 as against net loss of Rs 16.12 crore during the previous quarter ended December 2020. Net sales jumped 42.88% to Rs 921.02 crore in the quarter ended December 2021 as against Rs 644.63 crore during the previous quarter ended December 2020.
Brigade Enterprises is Brigade group's flagship company. Brigade group was established in 1986, with property development as its main focus.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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