Brigade Enterprises’ shares dropped by as much as 2%, reaching a day low of Rs 868.10 on the BSE on December 15. This followed the announcement that the Income Tax Department had begun search operations at its registered office and other linked locations, which took place from December 9 to December 13.
In an official exchange statement over the weekend, Brigade Enterprises confirmed that it and its officers have fully cooperated with the authorities, supplying all necessary information. The company emphasized that its business operations are running smoothly without any interruptions.
Currently, the stock is trading at Rs 886, with analysts predicting a target price of Rs 1,279, indicating an upside potential of 44.3%. Among the 12 analysts evaluating the stock, the consensus rating is a Strong Buy, even though the stock has declined nearly 30% since the start of the year.
Recently, the company acquired a 4.04-acre land parcel in Neopolis Phase 3, Hyderabad, for approximately Rs 118 crore per acre through an auction by the Hyderabad Metropolitan Development Authority (HMDA). The total estimated deal value exceeds Rs 475 crore.
This marks the developer’s second significant investment in the rapidly growing office-retail corridor, following an earlier acquisition of Plot No. 8 in the same area, which is now under development as Brigade Gateway, Hyderabad.
Brigade Enterprises Ltd reported robust performance in the September quarter, achieving a consolidated net profit of Rs 163 crore, up 36.5% year-on-year from Rs 119 crore the previous year.
The Bengaluru-based real estate developer also noted a 29% increase in quarterly revenue to Rs 1,383 crore, compared to Rs 1,072 crore a year ago. Earnings before interest, tax, depreciation, and amortization (EBITDA) rose 12% to Rs 327.8 crore, although EBITDA margins softened to 23.7% from 27.3% in the same quarter last year.
Brigade Enterprises, based in Bengaluru, boasts nearly four decades of experience in developing office, retail, residential, hospitality, and educational properties. The group has successfully delivered landmark projects across several cities, including Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, Thiruvananthapuram, and GIFT City.
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