Brigade Enterprises Ltd

About

Brigade Enterprises is engaged in the business of real estate development, leasing and related services.

  • Market Cap 11,590 Cr.
  • Current Price 502
  • High / Low 529 / 217
  • Stock P/E 422
  • Book Value 121
  • Dividend Yield 0.24 %
  • ROCE 4.11 %
  • ROE -1.31 %
  • Face Value 10.0

Pros

  • Company is expected to give good quarter

Cons

  • Stock is trading at 4.14 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -0.88% over past five years.
  • Company has a low return on equity of 5.10% for last 3 years.
  • Company might be capitalizing the interest cost
  • Debtor days have increased from 70.02 to 98.68 days.

Peer comparison

Sector: Realty Industry: Construction

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
688 760 709 735 552 636 203 311 645 791 383 753
512 545 526 545 397 501 156 223 496 602 272 560
Operating Profit 176 215 182 190 156 135 47 87 148 189 111 192
OPM % 26% 28% 26% 26% 28% 21% 23% 28% 23% 24% 29% 26%
Other Income 11 18 9 17 17 -12 11 12 -30 -6 -11 8
Interest 70 76 80 94 86 81 89 82 86 90 113 113
Depreciation 32 42 38 47 50 56 56 56 59 66 85 88
Profit before tax 85 115 73 66 36 -14 -86 -39 -27 27 -98 -0
Tax % 30% 37% 37% 43% -14% 20% 26% 22% 20% 26% 12% -12,309%
Net Profit 49 60 41 37 49 3 -53 -17 -16 40 -40 12
EPS in Rs 2.39 2.92 2.02 1.83 2.41 0.13 -2.58 -0.83 -0.77 1.88 -1.75 0.52

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
324 481 613 823 947 1,311 2,038 2,024 1,897 2,973 2,632 1,950 2,571
250 329 470 614 648 928 1,548 1,444 1,341 2,174 1,965 1,474 1,931
Operating Profit 75 152 143 209 298 383 490 580 557 799 667 476 641
OPM % 23% 32% 23% 25% 32% 29% 24% 29% 29% 27% 25% 24% 25%
Other Income 69 130 38 12 20 20 34 29 36 47 27 -17 -39
Interest 74 99 60 90 113 131 199 246 259 278 340 347 402
Depreciation 21 20 53 77 82 99 106 123 138 140 192 237 298
Profit before tax 48 163 67 54 124 172 219 240 196 427 161 -125 -98
Tax % 2% 26% 15% -12% 28% 33% 37% 31% 32% 34% 29% 23%
Net Profit 47 121 57 61 92 95 124 153 139 240 131 -46 -5
EPS in Rs 2.82 7.16 3.38 3.64 5.46 5.63 7.30 8.98 6.82 11.74 6.39 -2.20 -0.12
Dividend Payout % 28% 14% 0% 28% 24% 24% 18% 19% 20% 11% 31% -55%
Compounded Sales Growth
10 Years: 15%
5 Years: -1%
3 Years: 1%
TTM: 51%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: 255%
Stock Price CAGR
10 Years: 30%
5 Years: 38%
3 Years: 56%
1 Year: 130%
Return on Equity
10 Years: 6%
5 Years: 6%
3 Years: 5%
Last Year: -1%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 917 1,012 1,054 1,100 1,168 1,244 1,425 1,581 2,151 2,033 2,002 2,068 2,560
Borrowings 767 920 851 1,057 1,021 1,663 2,459 2,576 3,390 3,785 4,522 4,932 5,194
382 593 720 688 1,040 1,278 2,000 2,079 2,133 4,845 5,523 6,602 6,699
Total Liabilities 2,178 2,638 2,738 2,957 3,341 4,298 5,997 6,350 7,810 10,800 12,251 13,814 14,683
174 395 508 1,053 1,227 1,362 340 1,431 1,805 2,277 2,998 5,020 4,986
CWIP 911 834 925 389 246 486 1,411 1,564 2,129 2,010 2,097 495 502
Investments 3 1 2 7 82 34 994 54 236 98 72 89 456
1,090 1,408 1,303 1,507 1,787 2,416 3,252 3,302 3,640 6,416 7,083 8,210 8,739
Total Assets 2,178 2,638 2,738 2,957 3,341 4,298 5,997 6,350 7,810 10,800 12,251 13,814 14,683

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
106 30 249 29 490 26 339 398 49 467 465 803
-256 -70 -223 -84 -234 -384 -948 -335 -1,084 -452 -717 -748
146 45 -23 54 -262 373 631 -58 1,032 45 321 30
Net Cash Flow -4 5 4 -2 -5 16 21 5 -4 60 69 84

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 9 12 21 9 14 4 8 7 34 52 60 99
Inventory Days 1,978 3,042 3,244 3,898 2,040 3,653 9,712
Days Payable 185 559 740 942 258 351 949
Cash Conversion Cycle 9 12 21 1,802 14 4 2,491 2,511 2,991 1,834 3,362 8,861
Working Capital Days 729 331 419 340 148 204 178 178 205 124 131 123
ROCE % 7% 14% 6% 7% 10% 11% 12% 12% 9% 12% 8% 4%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
46.85 46.84 46.84 46.83 46.83 46.82 46.82 47.33 47.79 48.03 44.11 43.96
12.56 12.49 12.49 12.50 12.76 11.85 11.95 11.36 11.68 11.82 12.89 13.08
15.80 15.92 15.98 16.69 16.79 18.55 19.69 20.55 20.89 20.54 25.20 24.97
24.79 24.75 24.69 23.97 23.62 22.79 21.54 20.76 19.64 19.61 17.80 17.99

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