MUMBAI: Realty developer Brigade Enterprises has reported 63.5% on-year decline in consolidated net profit at Rs 27 crore for the quarter ended March. Total consolidated revenue also recorded a 20% on-year dip at Rs 448 crore, the company said in a release.
The Bengaluru-based company’s operating profit decreased to Rs 149 crore as against Rs 205 crore a year ago.
During the year 2017-18 (April-March), the company’s net profit declined 3% to Rs 149 crore, while revenue also declined 5% to Rs 1,946 crore.
“The financial year 18 has been a challenging year in the light of recent policy changes like Real Estate Regulation Act & Goods and Services Tax Act in the Real Estate Industry, We are optimistic on the future given our existing pipeline of projects across various segments i.e. real estate, commercial leasing and hospitality,” said M.R. Jaishankar, Chairman and Managing Director, Brigade Enterprises.
The group is currently developing about 20 million sq ft across residential, office, retail and hotel segments. Further, launches to the extent of about 12 million sq ft are planned for the financial year 2018-19 across the 4 segments including around 5 million sq ft in the affordable housing segment.
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