Brigade Enterprises said on posted a consolidated net loss of Rs 86 crore in Q1 FY22 as against a net loss of Rs 64 crore in the year-ago period. However, the Bangalore-based developer reported a 92% year-on-year (y-o-y) growth in new sales with a value of Rs 480 crore during the quarter.

The company’s consolidated revenue rose 83% y-o-y to Rs 391 crore during April-June this fiscal. Ebitda stood at Rs 120 crore in Q1 FY22 against Rs 58 crore in Q1 FY21.

Brigade Enterprises CMD MR Jaishankar said, “Given the current scenario, our residential business has performed reasonably well, especially in key markets. With a favourable macro-economic environment in the residential sector, the outlook remains bright. In commercial, we expect to see renewed demand driven by continued hiring in IT-ITES, which is likely to enhance the need for office space.”

Retail business is back to 60% of pre-Covid footfalls and will scale up further. All efforts are being made to improve the hospitality business, which is gaining traction, he said.

The real estate segment achieved new bookings of 0.76 million sq ft (MSF) with a value of Rs 480 crore, a growth of 82% by area and 92% by value over Q1 FY21. Average realisation grew 5% y-o-y to Rs 6,275 per sq ft in Q1 FY22. At present, Brigade has around 18.11 MSF of ongoing projects and 1.91 MSF of upcoming projects, the company said.

The office segment of commercial business remains stable and positive with around 99% collections. Overall, there was increased momentum in terms of leasing enquiries, RFP releases and site inspections. Hospitality business, which was impacted the most due to Covid travel restrictions, reported a 23% average occupancy compared to 11 % in Q1 FY21 with better traction in F&B and banquet business.

“We will continue to see sales move in the upward direction with market consolidation and established players growing at higher levels. Furthermore, Brigade Enterprises also successfully raised over Rs 500 crore through QIP — a clear indication of the continued confidence our investors have in our business,” Jaishankar said.