Brigade Enterprises

₹453.3 -12.1 | 2.6%

WEBSITE BSE:532929 NSE : BRIGADE 28 Mar, 16:01

Market Cap ₹10493 Cr.

Stock P/E 41.0

P/B 3.4

Current Price ₹453.3

Book Value ₹ 134.7

Face Value 10

52W High ₹585

Dividend Yield 0.33%

52W Low ₹ 376.2

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.

Quarterly Price

Quarterly Monthly

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Peer Comparison

Brigade Enterprises Quarterly Results

#(Fig in Cr.)	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022
Net Sales	311	645	791	383	753	921	942	902	879	820
Other Income	11	9	30	9	23	12	22	18	33	38
Total Income	322	654	821	392	776	933	965	920	912	859
Total Expenditure	223	496	603	272	560	664	737	670	663	612
Operating Profit	99	157	218	120	216	270	228	250	249	246
Interest	82	86	90	113	113	108	109	106	110	118
Depreciation	56	59	66	85	88	87	91	75	78	78
Exceptional Income / Expenses	0	-40	-36	-21	-16	0	-20	10	18	0
Profit Before Tax	-40	-27	26	-99	-1	74	7	79	80	50
Provision for Tax	-9	-5	7	-12	14	29	19	18	28	7
Profit After Tax	-31	-22	19	-87	-14	46	-12	61	52	43
Adjustments	14	6	21	47	26	33	44	27	26	14
Profit After Adjustments	-17	-16	40	-40	12	78	32	88	78	57
Adjusted Earnings Per Share	-0.8	-0.8	1.9	-1.7	0.5	3.4	1.4	3.8	3.4	2.5

Brigade Enterprises Profit & Loss

#(Fig in Cr.)	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	TTM
Net Sales	613	823	947	1311	2038	2024	1897	2973	2632	1950	2999	3543
Other Income	38	12	20	20	33	34	50	55	49	60	67	111
Total Income	651	835	967	1331	2071	2058	1947	3028	2682	2010	3066	3656
Total Expenditure	470	614	648	928	1548	1450	1343	2183	1969	1478	2232	2682
Operating Profit	181	221	318	403	523	609	605	845	713	532	833	973
Interest	60	90	113	131	199	246	259	279	340	347	444	443
Depreciation	53	77	82	99	106	123	138	140	192	237	351	322
Exceptional Income / Expenses	0	-0	0	0	0	0	-12	0	-21	-76	-57	8
Profit Before Tax	67	54	124	172	218	240	196	427	160	-128	-18	216
Provision for Tax	10	-6	35	58	80	73	64	146	47	-29	50	72
Profit After Tax	57	60	89	115	138	166	132	281	112	-99	-67	144
Adjustments	0	1	-1	-20	-14	-13	8	-40	18	53	150	111
Profit After Adjustments	57	61	88	95	124	153	140	240	131	-46	83	255
Adjusted Earnings Per Share	3.4	3.6	5.2	5.6	7.3	9	6.9	11.8	6.4	-2.2	3.6	11.1

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	54%	0%	8%	17%
Operating Profit CAGR	57%	-0%	6%	16%
PAT CAGR	0%	NAN%	NAN%	NAN%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	-11%	55%	23%	28%
ROE Average	-3%	-1%	4%	6%
ROCE Average	6%	6%	8%	9%

Brigade Enterprises Balance Sheet

#(Fig in Cr.)	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Shareholder's Funds	1166	1212	1280	1357	1538	1695	2287	2169	2281	2348	2910
Minority's Interest	0	5	0	26	124	227	223	188	166	116	-32
Borrowings	683	843	533	893	1500	1588	2633	3316	3867	3934	4385
Other Non-Current Liabilities	236	214	155	158	177	175	198	54	101	59	-11
Total Current Liabilities	652	682	1374	1866	2657	2665	2468	4958	5698	7142	7585
Total Liabilities	2738	2957	3341	4298	5997	6350	7810	10686	12114	13598	14837
Fixed Assets	508	1053	1227	1362	340	484	821	929	1029	1016	945
Other Non-Current Assets	990	614	757	1027	2826	3066	3884	3995	4773	5171	5371
Total Current Assets	1237	1286	1357	1910	2830	2800	3105	5762	6312	7410	8521
Total Assets	2738	2957	3341	4298	5997	6350	7810	10686	12114	13598	14837

Brigade Enterprises Cash Flow

#(Fig in Cr.)	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Opening Cash & Cash Equivalents	45	49	43	38	44	65	71	67	127	196	280
Cash Flow from Operating Activities	249	29	490	26	339	398	49	467	465	803	1032
Cash Flow from Investing Activities	-223	-84	-234	-388	-948	-335	-1084	-452	-717	-748	-971
Cash Flow from Financing Activities	-23	54	-262	373	631	-58	1032	45	321	30	33
Net Cash Inflow / Outflow	4	-2	-5	12	21	5	-4	60	69	84	94
Closing Cash & Cash Equivalent	49	47	38	54	65	71	67	127	196	280	374

Brigade Enterprises Ratios

#	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Earnings Per Share (Rs)	3.38	3.64	5.22	5.63	7.3	8.98	6.88	11.78	6.39	-2.2	3.59
CEPS(Rs)	6.54	8.16	10.14	12.66	14.36	16.95	13.24	20.6	14.9	6.54	12.29
DPS(Rs)	1.5	1.5	2	2	2	2.5	2	2	1	1.2	1.5
Book NAV/Share(Rs)	69.08	71.79	76.03	80.22	90.02	98.87	111.62	105.7	109.63	110.69	125.86
Core EBITDA Margin(%)	23.31	25.39	31.53	29.22	24.05	28.38	29.23	26.56	25.2	24.2	25.55
EBIT Margin(%)	20.83	17.43	25	23.18	20.46	24.01	24	23.72	19	11.24	14.2
Pre Tax Margin(%)	10.98	6.51	13.05	13.16	10.7	11.84	10.33	14.35	6.07	-6.55	-0.59
PAT Margin (%)	9.29	7.3	9.4	8.77	6.76	8.22	6.98	9.45	4.27	-5.08	-2.25
Cash Profit Margin (%)	17.97	16.7	18.03	16.34	11.96	14.28	14.24	14.16	11.57	7.07	9.44
ROA(%)	2.12	2.11	2.82	3.01	2.68	2.7	1.87	3.04	0.99	-0.77	-0.47
ROE(%)	4.98	5.06	7.15	8.72	9.55	10.36	6.68	12.66	5.11	-4.33	-2.58
ROCE(%)	6.29	6.48	10.04	11.42	11.9	11.78	9.17	12.14	7.85	3.12	5.68
Receivable days	15.44	12.27	10.98	7.26	5.19	7.24	20.62	36.7	59.03	89.64	62.77
Inventory Days	426.23	383.74	391.88	371.38	344.87	412.09	427.43	429.46	695.11	1039.92	737.89
Payable days	206.12	96.94	151.95	156.88	335.79	673.52	932.38	240.3	388.69	886.46	835.93
PER(x)	11.48	10.43	7.81	16.98	13.35	17.37	23.78	14.13	20.66	0	143.97
Price/Book(x)	0.56	0.53	0.54	1.19	1.08	1.58	1.46	1.57	1.2	2.49	4.11
Dividend Yield(%)	2.58	2.64	3.27	1.39	1.37	1.07	0.82	0.8	0.76	0.44	0.29
EV/Net Sales(x)	2.38	2.18	1.76	2.44	1.96	2.52	3.47	2.34	2.63	5.23	5.27
EV/Core EBITDA(x)	8.05	8.13	5.25	7.93	7.66	8.38	10.88	8.24	9.7	19.14	18.97
Net Sales Growth(%)	27.17	34.21	15.08	38.45	55.47	-0.68	-6.27	56.69	-11.46	-25.92	53.79
EBIT Growth(%)	-28.89	12.32	65.03	28.4	37.23	16.56	-6.3	54.82	-29.07	-56.18	94.33
PAT Growth(%)	-52.76	5.43	48.2	29.23	19.87	20.77	-20.39	111.96	-59.97	-188.06	31.84
EPS Growth(%)	-52.76	7.54	43.6	7.86	29.64	22.99	-23.43	71.3	-45.75	-134.37	263.67
Debt/Equity(x)	0.73	1	0.8	1.23	1.61	1.53	1.49	1.75	2.02	2.11	1.67
Current Ratio(x)	1.9	1.88	0.99	1.02	1.07	1.05	1.26	1.16	1.11	1.04	1.12
Quick Ratio(x)	0.64	0.55	0.17	0.2	0.2	0.2	0.37	0.19	0.19	0.21	0.3
Interest Cover(x)	2.11	1.6	2.09	2.31	2.1	1.97	1.76	2.53	1.47	0.63	0.96
Total Debt/Mcap(x)	1.31	1.89	1.49	1.03	1.49	0.97	1.02	1.11	1.68	0.85	0.41

Brigade Enterprises Shareholding Pattern

#	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022
Promoter	47.33	47.79	48.03	44.11	43.96	43.91	43.88	43.85	43.82	43.81
FII	11.36	11.68	11.82	12.89	13.08	13.93	13.64	13.31	13.44	14.24
DII	20.55	20.89	20.54	25.2	24.97	23.86	23.86	24.69	25.28	24.55
Public	20.76	19.64	19.61	17.8	17.99	18.3	18.62	18.15	17.46	17.4
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022
Promoter	9.77	9.95	10.13	10.13	10.1	10.1	10.1	10.1	10.1	10.1
FII	2.34	2.43	2.49	2.96	3.01	3.2	3.14	3.07	3.1	3.28
DII	4.24	4.35	4.33	5.79	5.74	5.49	5.49	5.69	5.83	5.66
Public	4.29	4.09	4.14	4.09	4.13	4.21	4.29	4.18	4.03	4.01
Others	0	0	0	0	0	0	0	0	0	0
Total	20.64	20.83	21.09	22.96	22.98	23.01	23.03	23.04	23.06	23.07