Brigade Enterprises

₹1042.6 -9.3 | 0.9%

WEBSITE BSE:532929 NSE : BRIGADE 10 May, 16:01

Market Cap ₹24094 Cr.

Stock P/E 76.5

P/B 7

Current Price ₹1042.6

Book Value ₹ 148.4

Face Value 10

52W High ₹1151.9

Dividend Yield 0.19%

52W Low ₹ 520

Edit Ratio

Brigade Enterprises Research see more...

Brigade Enterprises Limited: Growth likely to stem from recovery in economic activities

Equity Research Report - Brigade Enterprises Ltd

Overview Inc. Year: 1995Industry: Construction - Real Estate

Brigade Enterprises Ltd is an primarily India-based business enterprise, that is carrying on the commercial enterprise of real estate improvement, leasing and associated offerings. The Company operates via two segments: Residential and Lease Rental. The Company's portfolio covers assets development, assets control offerings, hospitality and education. Its projects are positioned in towns in South India, which includes Chennai, Chikmagalur, Hyderabad, Kochi, Mangalore and Mysore. The Company's commercial tasks are designed for software development and enterprise functions. All its buildings are state of art and are provided on a built-to-suit and geared up-to-occupy foundation. They are placed in high commercial, enterprise and information technology (IT) localities. The Company through its subsidiary, Brigade Hospitality Services Ltd (BHSL) operates its hospitality tasks.

Brigade Enterprises Share Price

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Brigade Enterprises Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	753	921	942	902	879	820	843	654	1367	1174
Other Income	23	12	22	18	33	38	30	31	41	34
Total Income	776	933	965	920	912	859	872	685	1408	1208
Total Expenditure	560	664	737	670	663	612	641	479	1042	912
Operating Profit	216	270	228	250	249	246	232	206	366	296
Interest	113	108	109	106	110	118	100	108	110	135
Depreciation	88	87	91	75	78	78	83	68	76	82
Exceptional Income / Expenses	-16	0	-20	10	18	0	17	0	0	0
Profit Before Tax	-1	74	7	79	80	50	65	30	180	79
Provision for Tax	14	29	19	18	28	7	2	8	68	24
Profit After Tax	-14	46	-12	61	52	43	63	22	113	56
Adjustments	26	33	44	27	26	14	6	17	21	18
Profit After Adjustments	12	78	32	88	78	57	69	39	134	73
Adjusted Earnings Per Share	0.5	3.4	1.4	3.8	3.4	2.5	3	1.7	5.8	3.2

Brigade Enterprises Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	823	947	1311	2038	2024	1897	2973	2632	1950	2999	3445	4038
Other Income	12	20	20	33	34	48	54	49	60	67	119	136
Total Income	835	967	1331	2071	2058	1946	3027	2682	2010	3066	3563	4173
Total Expenditure	614	648	928	1548	1450	1343	2183	1969	1478	2232	2586	3074
Operating Profit	221	318	403	523	609	603	844	713	532	833	978	1100
Interest	90	113	131	199	246	259	279	340	347	444	434	453
Depreciation	77	82	99	106	123	138	140	192	237	351	315	309
Exceptional Income / Expenses	-0	0	0	0	0	-12	0	-21	-76	-57	45	17
Profit Before Tax	54	124	172	219	240	196	427	161	-125	-15	278	354
Provision for Tax	-6	35	58	80	73	63	146	47	-29	50	56	102
Profit After Tax	60	89	115	139	166	133	282	114	-96	-65	222	254
Adjustments	1	-1	-20	-15	-13	7	-42	17	50	148	69	62
Profit After Adjustments	61	88	95	124	153	140	240	131	-46	83	291	315
Adjusted Earnings Per Share	3.6	5.2	5.6	7.3	9	6.9	11.8	6.4	-2.2	3.6	12.6	13.7

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	15%	9%	13%	15%
Operating Profit CAGR	17%	11%	10%	16%
PAT CAGR	0%	25%	11%	14%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	92%	60%	46%	35%
ROE Average	7%	0%	4%	6%
ROCE Average	9%	6%	8%	9%

Brigade Enterprises Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	1212	1280	1357	1538	1695	2287	2169	2281	2348	2910	3245
Minority's Interest	5	0	26	124	227	223	188	166	116	-32	-101
Borrowings	843	533	893	1500	1588	2633	3316	3867	3934	4385	4193
Other Non-Current Liabilities	214	155	158	177	175	198	54	101	59	-11	-55
Total Current Liabilities	682	1374	1866	2657	2665	2468	4958	5698	7142	7585	8752
Total Liabilities	2957	3341	4298	5997	6350	7810	10686	12114	13598	14837	16034
Fixed Assets	1053	1227	1362	340	484	821	929	1029	1016	945	919
Other Non-Current Assets	614	757	1027	2826	3066	3884	3995	4773	5171	5371	5403
Total Current Assets	1286	1357	1910	2830	2800	3105	5762	6312	7410	8521	9712
Total Assets	2957	3341	4298	5997	6350	7810	10686	12114	13598	14837	16034

Brigade Enterprises Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	49	43	38	44	65	71	67	127	196	280	374
Cash Flow from Operating Activities	29	490	26	339	398	49	467	465	803	1032	966
Cash Flow from Investing Activities	-84	-234	-388	-948	-335	-1084	-452	-717	-748	-971	-271
Cash Flow from Financing Activities	54	-262	373	631	-58	1032	45	321	30	33	-695
Net Cash Inflow / Outflow	-2	-5	12	21	5	-4	60	69	84	94	1
Closing Cash & Cash Equivalent	47	38	54	65	71	67	127	196	280	374	375

Brigade Enterprises Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	3.64	5.22	5.63	7.3	8.98	6.88	11.78	6.39	-2.2	3.59	12.63
CEPS(Rs)	8.16	10.14	12.66	14.43	16.95	13.25	20.65	14.97	6.66	12.41	23.26
DPS(Rs)	1.5	2	2	2	2.5	2	2	1	1.2	1.5	2
Book NAV/Share(Rs)	71.79	76.03	80.22	90.02	98.87	111.62	105.7	109.63	110.69	125.86	139.96
Core EBITDA Margin(%)	25.39	31.53	29.22	24.05	28.38	29.23	26.56	25.2	24.2	25.55	24.94
EBIT Margin(%)	17.43	25	23.18	20.52	24.01	23.99	23.75	19.06	11.37	14.29	20.67
Pre Tax Margin(%)	6.51	13.05	13.16	10.76	11.84	10.32	14.38	6.13	-6.42	-0.5	8.07
PAT Margin (%)	7.3	9.4	8.77	6.82	8.22	7	9.48	4.33	-4.94	-2.16	6.45
Cash Profit Margin (%)	16.7	18.03	16.34	12.02	14.28	14.26	14.19	11.63	7.21	9.53	15.58
ROA(%)	2.11	2.82	3.01	2.7	2.7	1.88	3.05	1	-0.75	-0.46	1.44
ROE(%)	5.06	7.15	8.72	9.64	10.36	6.7	12.71	5.18	-4.21	-2.48	7.25
ROCE(%)	6.48	10.04	11.42	11.94	11.78	9.16	12.16	7.88	3.15	5.71	9.18
Receivable days	12.27	10.98	7.26	5.19	7.24	20.62	36.7	59.03	89.64	62.77	51.17
Inventory Days	383.74	391.88	371.38	344.87	412.09	427.43	429.46	695.11	1039.92	737.89	717.9
Payable days	99.55	2455.83	3670.86	335.79	673.52	932.38	240.3	388.69	886.46	835.93	3833.83
PER(x)	10.43	7.81	16.98	13.35	17.37	23.78	14.13	20.66	0	143.97	37.55
Price/Book(x)	0.53	0.54	1.19	1.08	1.58	1.46	1.57	1.2	2.49	4.11	3.39
Dividend Yield(%)	2.64	3.27	1.39	1.37	1.07	0.82	0.8	0.76	0.44	0.29	0.42
EV/Net Sales(x)	2.18	1.76	2.44	1.96	2.52	3.47	2.34	2.63	5.23	5.27	4.07
EV/Core EBITDA(x)	8.13	5.25	7.93	7.66	8.38	10.92	8.25	9.7	19.14	18.97	14.33
Net Sales Growth(%)	34.21	15.08	38.45	55.47	-0.68	-6.27	56.69	-11.46	-25.92	53.79	14.87
EBIT Growth(%)	12.32	65.03	28.4	37.65	16.2	-6.37	55.11	-28.93	-55.81	93.3	66.17
PAT Growth(%)	5.43	48.2	29.23	20.99	19.65	-20.15	112.15	-59.56	-184.57	32.83	443.07
EPS Growth(%)	7.54	43.6	7.86	29.64	22.99	-23.43	71.3	-45.75	-134.37	263.67	251.36
Debt/Equity(x)	1	0.8	1.23	1.61	1.53	1.49	1.75	2.02	2.11	1.67	1.41
Current Ratio(x)	1.88	0.99	1.02	1.07	1.05	1.26	1.16	1.11	1.04	1.12	1.11
Quick Ratio(x)	0.55	0.17	0.2	0.2	0.2	0.37	0.19	0.19	0.21	0.3	0.27
Interest Cover(x)	1.6	2.09	2.31	2.1	1.97	1.75	2.53	1.47	0.64	0.97	1.64
Total Debt/Mcap(x)	1.89	1.49	1.03	1.49	0.97	1.02	1.11	1.68	0.85	0.41	0.42

Brigade Enterprises Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	43.91	43.88	43.85	43.82	43.81	43.79	43.78	43.77	43.75	43.72
FII	13.93	13.64	13.31	13.44	14.24	14.32	13.68	13.4	13.73	14.87
DII	23.86	23.86	24.69	25.28	24.55	24.62	25.45	25.4	25.01	23.84
Public	18.3	18.62	18.15	17.46	17.4	17.27	17.09	17.43	17.51	17.57
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	10.1	10.1	10.1	10.1	10.1	10.1	10.1	10.1	10.1	10.1
FII	3.2	3.14	3.07	3.1	3.28	3.3	3.16	3.09	3.17	3.44
DII	5.49	5.49	5.69	5.83	5.66	5.68	5.87	5.86	5.77	5.51
Public	4.21	4.29	4.18	4.03	4.01	3.98	3.94	4.02	4.04	4.06
Others	0	0	0	0	0	0	0	0	0	0
Total	23.01	23.03	23.04	23.06	23.07	23.07	23.08	23.09	23.09	23.11

Pros

Company has reduced debt.

Cons

Promoter holding is low: 43.72%.
Company has a low return on equity of 0% over the last 3 years.
Debtor days have increased from 835.93 to 3833.83days.
Stock is trading at 7 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Brigade Enterprises News

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Brigade Enterprises

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Brigade Enterprises Research see more...

Overview Inc. Year: 1995Industry: Construction - Real Estate

Brigade Enterprises Share Price

Alert Data

Quarterly Price

Peer Comparison

Brigade Enterprises Quarterly Results

Brigade Enterprises Profit & Loss

Growth Rates

Brigade Enterprises Balance Sheet

Brigade Enterprises Cash Flow

Brigade Enterprises Ratios

Brigade Enterprises Shareholding Pattern

Brigade Enterprises News

IPO

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