(Reuters) – India’s Brigade Enterprises reported a 29.2% rise in third-quarter profit on Tuesday on consistent demand in its mainstay real estate business.
The real estate developer’s net profit rose to 734.9 million rupees ($8.9 million) for the quarter ended Dec.
31 from 569 million rupees a year earlier.
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KEY CONTEXT
Real estate companies have been seeing improved demand in the residential and commercial sectors, especially as employees return to working from offices, benefitting firms like Brigade Enterprises.
The company, which is based in southern India, generates more than half of its revenue from developing residential, commercial office space and retail projects.
Peer DLF reported a 26% jump in profit in the quarter, aided by sustained housing demand. Oberoi Realty posted a dip in net profit, while Godrej Properties saw a 6% profit rise.
PEER COMPARISON
Valuation (next 12 Estimates (next 12 Analysts’ sentiment
months) months)
RIC PE EV/EBITDA Revenue Profit Mean # of Stock to
growth % growth % rating* analysts price
target**
Brigade Enterprises Ltd 46.26 20.17 20.43 52.23 Buy 11 1.28
DLF Ltd 61.07 73.03 19.33 28.48 Buy 15 1.01
Oberoi Realty Ltd 21.76 16.50 26.69 25.69 Hold 19 1.04
Godrej Properties Ltd 66.34 94.07 30.63 38.19 Hold 17 1.28
* Mean of analysts’ ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** Ratio of the stock is last close to analysts’ mean price target; a ratio above 1 means the stock is trading above the PT
OCT-DEC STOCK PERFORMANCE
— All data from LSEG
— $1 = 83.0200 Indian rupees
(Reporting by Anisha Ajith in Bengaluru; Editing by Sonia Cheema)
