Wednesday, May 20, 2015

Less revenue recognition pulls down Brigade Group's Q4 net

Real estate major Brigade Enterprises has reported a drop in its net profit by 12% to Rs 43 crore from the year-ago quarter. Net sales also dropped by 13% to Rs 354 crore. "Last year more projects came into revenue recognition as compared to this year. Also we have to take extra depreciation due to change in company's act.
However, for the full year, the company's net profits increased by 29% to Rs. 115 crore million for the financial year ended March 2015. The company's revenues for the fiscal FY15 has gone up by 38% to Rs. 1331 crore, due to better performance of residential commercial segment.

M.R. Jaishankar, Chairman and Managing Director, Brigade Enterprises Limited, said "The Company has set up a strong foundation with a stabilized revenue stream from our lease rental & hospitality portfolio al ..