The India-based real estate developer, Brigade Group, has announced plans to develop residential projects valued at ₹2,700 crore ($362 million) across Bengaluru, Chennai, and Hyderabad. The company's primary focus will be on the northern part of Bengaluru, where over 80% of their launches are planned.
The most significant projects include the second phase of Brigade Eutopia in north Bengaluru and a new acquisition in Kokapet, Hyderabad. The company has recently bought properties worth ₹9.82 crore ($1.3 million) and over ₹500 crore ($67 million) at Mount Road, Chennai.
In addition to these residential projects, Brigade Group intends to add 2 million square feet of Grade A office space in Bengaluru. This move comes as apartment prices in the region have increased from ₹6,000 to ₹8,000 per square foot. This is consistent with Brigade Group's position as a prominent player in the Real Estate Management & Development industry, as noted by InvestingPro Tips.
Despite these ambitious development plans, Brigade Group maintains a conservative financial approach. The company currently holds a debt of ₹3,800 crore ($509 million) while maintaining a low debt ratio of 0.5%. Their land bank stands at an impressive 47 million square feet. This aligns with the InvestingPro Tips observation that the company operates with a moderate level of debt.
Brigade Group's market capitalization stands at $46.26 million, with a P/E ratio of 12.59, according to InvestingPro data. The company's revenue growth in the last twelve months (LTM2023.Q2) was 7.25%, with a gross profit margin of 100%. This aligns with the InvestingPro Tips observation that Brigade Group has high earnings quality, with free cash flow exceeding net income.
The company's strong earnings and consistent increase in earnings per share, as noted by InvestingPro Tips, should allow management to continue dividend payments, which have been maintained for 16 consecutive years. For more insightful tips and real-time metrics, consider InvestingPro, which includes 14 additional tips for Brigade Group and other companies.
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