Shares of Brigade Enterprises surged as much as 8 percent on Wednesday after the real estate company reported a strong set of numbers.

Shares of the real estate developer closed 5.3 percent higher at Rs 507.8 on the BSE.

#1QWithCNBCTV18 | Brigade Enterprises reports Q1 earnings.

▶️Net profit at Rs 87.7 cr Vs loss of Rs 40 cr (YoY)▶️Revenue at Rs 902.5 cr Vs Rs 382.8 cr (YoY)▶️EBITDA at Rs 232.7 cr Vs Rs 111.3 cr (YoY) pic.twitter.com/HMMQwzSLgQ— CNBC-TV18 (@CNBCTV18Live) August 2, 2022

On a consolidated basis, the company’s net profit came in at Rs 87.7 crore during April-June as compared to a loss of Rs 40.1 crore.

Meanwhile, revenue jumped from Rs 902.5 crore during the June quarter as against Rs 382.8 crore posted a year ago.

Pavitra Shankar, Executive Director at Brigade Enterprises, told CNBC-TV18 that overall, she is still quite bullish about the real estate sector.

“Our growth is generally based on new launches in the residential sector, which we are still feeling very positive about. So, we do have pretty strong targets for this year. But we are working towards that, for sure,” she said.

She is confident of meeting the targets for the rest of the financial year, plus maybe one quarter or so.

“For the hospitality sector, the business has really looked up for the first time consistently over the last quarter or so, and there is improvement in retail. So, all segments are doing well for us in our business. So, we are confident of doing well in the coming financial year. Currently, the occupancies are definitely at pre-COVID levels or very close to pre-COVID levels. Our average room rates (ARRs) and occupancies have seen 60 percent increase,” Shankar said.

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