Brigade Enterprises Surges 4% on Record FY24 Pre-sales: Buy Signal?

Brigade Enterprises Stock Surges Over 4% on Record FY24 Sales Bookings The share price of Brigade Enterprises witnessed a robust rally of over 4% in early trading on Thursday following the company's announcement of record sale bookings in FY24. As per reports, Brigade Enterprises shares soared as much as 4.85% to ₹1,043.05 apiece on the BSE.

The Bengaluru-based real estate developer revealed that its sale bookings for FY24 reached an all-time high of ₹6,013 crore, marking a remarkable 46% annual increase. This surge was primarily driven by heightened demand for its housing projects. Furthermore, the company disclosed that its presales in the fourth quarter of FY24 also hit a record high of ₹2,243 crore.

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In terms of real estate sales volumes, Brigade Enterprises achieved 7.55 million square feet in FY24, with Q4FY24 witnessing 2.72 million square feet sold.

Additionally, the company reported a 23% annual increase in average realization for FY24, with collections across the group rising to ₹5,915 crore from ₹5,424 crore in FY23.

In its quarterly business update, Brigade Enterprises highlighted a 14% year-on-year growth in leasing under the operational leasing portfolio. Moreover, in the Hospitality vertical, the average occupancy rate stood at 72%, experiencing a 3 percentage point increase, with an average revenue per room (ARR) of around ₹6,480, recording an approximate 8% growth in FY24.

Antique Stock Broking expressed optimism regarding Brigade Enterprises' expanding presence outside its home market of Bengaluru, particularly in Chennai and Hyderabad. The brokerage firm cited a robust launch pipeline of approximately 12.6 million square feet (residential), which enhances the company's growth prospects.

Furthermore, Antique Stock Broking revised its sales booking estimates upwards for FY25 and FY26E to ₹65 billion and ₹71 billion, respectively. It maintained a 'Buy' rating on Brigade Enterprises shares and raised its price target to ₹1,439 from the previous ₹1,344. The valuation is based on a Sum of the Parts (SoTP) approach with an EV/EBITDA multiple of 8x on implied EBITDA of FY26.

Brigade Enterprises' stock has demonstrated strong performance, recording a gain of over 21% in the past month and more than 15% year-to-date (YTD). Over the past year, the shares have surged by more than 107%.

As of 9:40 am, Brigade Enterprises shares were trading 4.22% higher at ₹1,036.70 apiece on the BSE.

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