Brigade Enterprises

₹838.6 22.3 | 2.7%

WEBSITE BSE:532929 NSE : BRIGADE 01 Dec, 16:07

Market Cap ₹19365 Cr.

Stock P/E 0.0

P/B 5.7

Current Price ₹838.6

Book Value ₹ 146.1

Face Value 10

52W High ₹933.6

Dividend Yield 0.24%

52W Low ₹ 431

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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Peer Comparison

Brigade Enterprises Quarterly Results

#(Fig in Cr.)	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Net Sales	383	753	921	942	902	879	820	843	654	1367
Other Income	9	23	12	22	18	33	38	30	31	41
Total Income	392	776	933	965	920	912	859	872	685	1408
Total Expenditure	272	560	664	737	670	663	612	641	479	1042
Operating Profit	120	216	270	228	250	249	246	232	206	366
Interest	113	113	108	109	106	110	118	100	108	110
Depreciation	85	88	87	91	75	78	78	83	68	76
Exceptional Income / Expenses	-21	-16	0	-20	10	18	0	17	0	0
Profit Before Tax	-99	-1	74	7	79	80	50	65	30	180
Provision for Tax	-12	14	29	19	18	28	7	2	8	68
Profit After Tax	-87	-14	46	-12	61	52	43	63	22	113
Adjustments	47	26	33	44	27	26	14	6	17	21
Profit After Adjustments	-40	12	78	32	88	78	57	69	39	134
Adjusted Earnings Per Share	-1.7	0.5	3.4	1.4	3.8	3.4	2.5	3	1.7	5.8

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	3684
Other Income	12	20	20	33	34	50	55	49	60	67	119	140
Total Income	835	967	1331	2071	2058	1947	3028	2682	2010	3066	3563	3824
Total Expenditure	614	648	928	1548	1450	1343	2183	1969	1478	2232	2586	2774
Operating Profit	221	318	403	523	609	605	845	713	532	833	978	1050
Interest	90	113	131	199	246	259	279	340	347	444	434	436
Depreciation	77	82	99	106	123	138	140	192	237	351	315	305
Exceptional Income / Expenses	-0	0	0	0	0	-12	0	-21	-76	-57	45	17
Profit Before Tax	54	124	172	219	240	198	428	161	-125	-15	278	325
Provision for Tax	-6	35	58	80	73	64	146	47	-29	50	56	85
Profit After Tax	60	89	115	139	166	134	283	114	-96	-65	222	241
Adjustments	1	-1	-20	-15	-13	6	-42	17	50	148	69	58
Profit After Adjustments	61	88	95	124	153	140	240	131	-46	83	291	299
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

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	67%	56%	45%	36%
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	13.31	20.69	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	24.08	23.78	19.06	11.37	14.29	20.67
Pre Tax Margin(%)	6.51	13.05	13.16	10.76	11.84	10.41	14.41	6.13	-6.42	-0.5	8.07
PAT Margin (%)	7.3	9.4	8.77	6.82	8.22	7.06	9.51	4.33	-4.94	-2.16	6.45
Cash Profit Margin (%)	16.7	18.03	16.34	12.02	14.28	14.32	14.21	11.63	7.21	9.53	15.58
ROA(%)	2.11	2.82	3.01	2.7	2.7	1.89	3.06	1	-0.75	-0.46	1.44
ROE(%)	5.06	7.15	8.72	9.64	10.36	6.76	12.74	5.18	-4.21	-2.48	7.25
ROCE(%)	6.48	10.04	11.42	11.94	11.78	9.2	12.17	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	10.88	8.24	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	-5.99	54.69	-29.02	-55.81	93.3	66.17
PAT Growth(%)	5.43	48.2	29.23	20.99	19.65	-19.47	110.86	-59.66	-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	1.76	2.54	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

#	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Promoter	44.11	43.96	43.91	43.88	43.85	43.82	43.81	43.79	43.78	43.77
FII	12.89	13.08	13.93	13.64	13.31	13.44	14.24	14.32	13.68	13.4
DII	25.2	24.97	23.86	23.86	24.69	25.28	24.55	24.62	25.45	25.4
Public	17.8	17.99	18.3	18.62	18.15	17.46	17.4	17.27	17.09	17.43
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Promoter	10.13	10.1	10.1	10.1	10.1	10.1	10.1	10.1	10.1	10.1
FII	2.96	3.01	3.2	3.14	3.07	3.1	3.28	3.3	3.16	3.09
DII	5.79	5.74	5.49	5.49	5.69	5.83	5.66	5.68	5.87	5.86
Public	4.09	4.13	4.21	4.29	4.18	4.03	4.01	3.98	3.94	4.02
Others	0	0	0	0	0	0	0	0	0	0
Total	22.96	22.98	23.01	23.03	23.04	23.06	23.07	23.07	23.08	23.09

Pros

Company has reduced debt.

Cons

Promoter holding is low: 43.77%.
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 5.7 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.