ICICI Direct has given Buy recommendation for Brigade Enterprises with a target price of Rs. 320 in its research report issued on Feb 08, 2021

ICICI Direct’s research report on Brigade Enterprises

Key highlight of Brigade Enterprises’ (BEL) Q3FY21 result was life-time high sales volume of ~1.5 million square feet (msf) worth Rs 923 crore, up 42% and 55% YoY, respectively, driven by strong traction of newly launched project in Hyderabad along with ongoing projects. On the financial numbers, reported revenues grew 16.7% YoY to Rs 644.8 crore, on account of strong revenue recognition in the residential segment. Reported EBITDA margins were down 520 bps YoY to 23%. BEL reported a loss of Rs 16.1 crore.

Outlook

We maintain BUY with an SoTP target price of Rs 320/share (Rs 240/share earlier).

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