Brigade Enterprises Ltd. share price target

Strong all-round performance, BD gathers pace

Brigade Enterprises has been beefing up its land reserves so far in YTDFY24 with three large land acquisitions (one each in Hyderabad, Chennai and Bengaluru) having a cumulative estimated GDV of INR53bn. With a residential launch pipeline of ~8msf over the 12 months, we model for residential sales bookings of INR45.8bn in FY24E and INR51.3bn in FY25E.

We expect Brigade Enterprises (BRGD) to see continued traction across business segments in FY24-25E. With a residential launch pipeline of ~8msf over the 12 months along with the recently acquired ~10acre land parcel in Kokapet, Hyderabad, we model for residential sales bookings of INR45.8bn in FY24E and INR51.3bn in FY25E.

Q1FY24 saw Brigade Enterprises (BRGD) clocking sales bookings of 1.5msf worth INR10.0bn (I-sec estimate of INR9.0bn) which rose 22% YoY in value terms. We model for residential sales bookings of INR45.8bn in FY24E and INR51.3bn in FY25E driven by a residential launch pipeline of ~8msf over next 12 months.

Growth momentum continues with in line margin

Q4FY23 saw Brigade Enterprises (BRGD) clocking record sales bookings of 2.4msf worth Rs14.9bn (I-sec estimate of Rs12.8bn) led by six new residential launches across 2.8msf during the quarter which contributed 60% of the quarters sales bookings.