Buy Brigade Enterprises, target price Rs 745: ICICI Direct

ICICI Direct has buy call on Brigade Enterprises with a target price of Rs 745. The current market price of Brigade Enterprises is Rs 641. Time period given by analyst is 6-12 months when Brigade Enterprises price can reach defined target.

Brigade Enterprises, incorporated in the year 1995, is a Mid Cap company (having a market cap of Rs 14511.08 Crore) operating in Real Estate sector.

Brigade Enterprises key Products/Revenue Segments include Income From Real Estate Development, Lease Rentals, Other Services, Other Operating Revenue for the year ending 31-Mar-2022.


Financials
For the quarter ended 30-06-2023, the company has reported a Consolidated Total Income of Rs 685.43 Crore, down -21.41 % from last quarter Total Income of Rs 872.11 Crore and down -25.52 % from last year same quarter Total Income of Rs 920.28 Crore. Company has reported net profit after tax of Rs 21.89 Crore in latest quarter.

Investment Rationale
The brokerage likes the stock given robust residential sales volumes traction as well as outlook (led by strong end user demand & new launches) and strong balance sheet. Furthermore, the brokerage expects sustained recovery in commercial leasing/hospitality to drive overall traction in stable cashflows/growth momentum.

Promoter/FII Holdings
Promoters held 43.78 per cent stake in the company as of 30-Jun-2023, while FIIs owned 13.67 per cent, DIIs 25.45 per cent.