Brigade Enterprises Ltd

₹ 500 3.64%
Jan 25 9:43 a.m.
About

Brigade Enterprises Ltd was established in 1986. It is a real estate developer in South India, based in Bengaluru, and expanding its area of operations in other parts of India. It has completed over 250 buildings aggregating to over 70 mn. sqft of developed space in residential, offices, retail, and hospitality sectors across Bengaluru and Mysuru, Chennai, Ahmedabad, Hyderabad, Kochi [1] [2] [3]

Key Points

Development Range
Villas, villaments, penthouses, premium residences, luxury apartments, value homes, urban studios, independent living for seniors and mixed-use lifestyle enclaves and townships, Residential, Offices, Retail, Hospitality, and Education sectors. [1]

  • Market Cap 11,511 Cr.
  • Current Price 500
  • High / Low 531 / 220
  • Stock P/E 42.9
  • Book Value 146
  • Dividend Yield 0.25 %
  • ROCE 9.32 %
  • ROE 6.96 %
  • Face Value 10.0

Pros

  • Company is expected to give good quarter

Cons

  • Stock is trading at 3.31 times its book value
  • The company has delivered a poor sales growth of -0.62% over past five years.
  • Company has a low return on equity of 9.26% for last 3 years.
  • Dividend payout has been low at 12.32% of profits over last 3 years

* 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.

Peer comparison

Sector: Realty Industry: Construction

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
439 465 507 550 352 441 152 233 525 613 240 565
331 322 377 400 240 341 115 158 400 449 177 436
Operating Profit 108 143 130 149 112 99 38 76 125 164 63 129
OPM % 25% 31% 26% 27% 32% 23% 25% 32% 24% 27% 26% 23%
Other Income 26 30 37 39 31 23 29 26 -13 18 27 40
Interest 45 49 50 51 51 48 50 51 51 45 39 36
Depreciation 16 21 18 18 22 18 20 21 23 23 20 22
Profit before tax 73 103 99 118 71 56 -4 30 38 114 31 110
Tax % 34% 37% 36% 36% -14% 28% 22% 25% 29% 14% 27% 25%
Net Profit 48 65 64 75 81 41 -3 22 27 99 23 82
EPS in Rs 2.34 3.19 3.13 3.69 3.96 1.99 -0.15 1.09 1.28 4.68 0.99 3.57

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
324 449 571 776 899 988 1,563 1,484 1,249 1,798 1,837 1,514 1,943
224 299 431 573 614 693 1,192 1,081 848 1,316 1,347 1,112 1,462
Operating Profit 100 150 140 203 285 295 371 402 401 482 491 402 481
OPM % 31% 33% 25% 26% 32% 30% 24% 27% 32% 27% 27% 27% 25%
Other Income 40 45 38 12 17 20 90 86 103 123 130 59 72
Interest 74 17 60 83 102 115 150 180 183 178 200 198 172
Depreciation 18 17 49 72 77 92 98 76 69 68 76 87 88
Profit before tax 47 161 68 60 123 109 212 233 252 359 344 178 293
Tax % 2% 26% 15% -7% 27% 36% 31% 30% 28% 35% 24% 19%
Net Profit 46 119 58 64 90 70 147 164 181 234 261 145 230
EPS in Rs 2.74 7.08 3.45 3.82 5.33 4.14 8.68 9.62 8.84 11.46 12.76 6.85 10.52
Dividend Payout % 29% 14% 29% 26% 25% 32% 15% 17% 15% 12% 8% 18%
Compounded Sales Growth
10 Years: 13%
5 Years: -1%
3 Years: 7%
TTM: 65%
Compounded Profit Growth
10 Years: 4%
5 Years: 5%
3 Years: 2%
TTM: 78%
Stock Price CAGR
10 Years: 28%
5 Years: 36%
3 Years: 52%
1 Year: 95%
Return on Equity
10 Years: 8%
5 Years: 9%
3 Years: 9%
Last Year: 7%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
112 112 112 112 112 113 113 114 136 136 204 211 230
Reserves 913 1,013 1,051 1,096 1,160 1,204 1,414 1,581 2,192 2,171 2,310 2,566 3,122
Borrowings 655 780 851 995 843 1,241 1,716 1,648 1,959 1,907 2,035 1,874 1,665
308 477 614 550 838 1,005 1,587 1,379 1,469 3,246 3,116 3,458 3,477
Total Liabilities 1,988 2,382 2,628 2,752 2,953 3,563 4,829 4,721 5,756 7,460 7,666 8,109 8,494
152 358 449 993 1,162 1,087 224 975 1,015 1,280 1,405 1,385 1,449
CWIP 898 820 925 356 188 377 435 250 432 179 75 4 4
Investments 15 20 21 92 133 192 1,631 827 1,353 1,498 1,793 2,051 2,517
923 1,185 1,234 1,311 1,470 1,906 2,540 2,669 2,957 4,503 4,393 4,669 4,525
Total Assets 1,988 2,382 2,628 2,752 2,953 3,563 4,829 4,721 5,756 7,460 7,666 8,109 8,494

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
104 43 243 125 449 -16 213 414 69 230 292 419
-248 -52 -211 -114 -159 -240 -473 -342 -638 103 -194 -151
139 14 -29 -15 -288 251 273 -92 557 -261 -58 -282
Net Cash Flow -5 5 3 -4 2 -5 13 -19 -12 72 40 -14

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 5 9 21 7 14 6 11 14 43 73 56 78
Inventory Days 1,311 3,942 1,946 2,203 5,741 2,269 2,098 2,544
Days Payable 170 1,005 397 518 1,569 284 212 262
Cash Conversion Cycle 5 9 21 1,148 2,950 6 1,560 1,698 4,216 2,058 1,943 2,360
Working Capital Days 638 205 361 233 34 88 121 148 193 138 124 139
ROCE % 8% 10% 7% 7% 10% 10% 12% 13% 11% 12% 13% 9%

Shareholding Pattern

Numbers in percentages

Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021
46.84 46.84 46.83 46.83 46.82 46.82 47.33 47.79 48.03 44.11 43.96 43.91
12.49 12.49 12.50 12.76 11.85 11.95 11.36 11.68 11.82 12.89 13.08 13.93
15.92 15.98 16.69 16.79 18.55 19.69 20.55 20.89 20.54 25.20 24.97 23.86
24.75 24.69 23.97 23.62 22.79 21.54 20.76 19.64 19.61 17.80 17.99 18.30

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