Brigade Enterprises’ share price surged over 8% in the early trading session on Wednesday, as the company reported a three-fold jump in net profit, reaching Rs 206.09 crore in the Q4 results year-on-year. The shares soared as much as 8.66%, reaching a two-day high of Rs 1,331.45 per share on the NSE.
Realty firm Brigade Enterprises reported a nearly three-fold increase in consolidated net profit to Rs 206.09 crore for the March quarter, driven by higher income. This marks a significant rise from the Rs 69.25 crore net profit recorded in the same period last year.
Total income for the fourth quarter of the last fiscal year rose to Rs 1,762.62 crore, up from Rs 872.11 crore in the corresponding period of the previous year.
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For the entire 2023-24 fiscal year, Brigade Enterprises’ net profit increased to Rs 451.61 crore, compared to Rs 291.41 crore the previous year. Total income also grew, reaching Rs 5,064.15 crore, up from Rs 3,563.21 crore in the 2022-23 fiscal year.
Motilal Oswal on Brigade Enterprise
Motilal Oswal reiterates a ‘Buy’ rating on Brigade Enterprises, with a target price of INR 1,260, based on a 22x EV/EBITDA multiple on FY26E. The report also forecasts an EBITDA margin of 24-25% over FY24-26, noting that the stock trades at 18.5x FY26E EV/EBITDA.
According to a report by Motilal Oswal on Brigade Enterprises, the company aims to increase the share of rail in the overall modal mix. The use of more double-stacked trains with direct port connections is expected to help the company capture a larger share of cargo volumes.
Additionally, the transportation of bulk cement and rising demand for packed cement are projected to drive volumes for Brigade Enterprises in FY25 and beyond.
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With the commissioning of Dedicated Freight Corridors (DFCs) and a continuous increase in the number of double-stacked trains, Motilal Oswal anticipates a 15% compound annual growth rate (CAGR) in blended volumes during FY24-26.
Share Performance in Last One Year
In terms of stock performance, Brigade Enterprise shares have demonstrated positive returns across multiple time frames. Over the past month, the stock has given a commendable 19.15% return, showcasing its stability and growth potential. The last six months have seen even more impressive results, with a substantial increase of 50.78%, indicating a strong upward trend.
Year-to-date, Brigade Enterprise shares have surged by 37.54%, reinforcing the stock’s positive momentum in the current fiscal year. Looking at the broader picture, the stock has delivered an impressive return of over 127.77% in the last twelve months, emphasizing its sustained growth and attractiveness to investors.
(Disclaimer: Views, recommendations, opinions expressed are personal and do not reflect the official position or policy of Financial Express Online. Readers are advised to consult qualified financial advisors before making any investment decisions. Reproducing this content without permission is prohibited.)
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