MEET THE MANAGEMENT
M. R. JAISHANKAR
EXECUTIVE CHAIRMAN
maintaining the positive growth momentum
Dear Shareholders,
I am honoured to present Brigade Enterprises' annual report for
FY24, a year marked by remarkable growth. As we reflect on the last financial year, we
also look forward with optimism and a steadfast commitment to excellence in all our
endeavours.
The global economic landscape has experienced significant shifts
characterised by rapid technological advancements, evolving consumer preferences, and
emerging market dynamics. India, one of the world's fastest-growing economies, is
undergoing a growth phase. The IMF's World Economic Outlook hasprojected that India's GDP
could grow at a rate of 6-7.1% annually during 2024-2026, supported by continued robust
domestic demand and structural reforms. This growth is expected to significantly increase
our per capita income, promising tremendous prosperity and abundant business
opportunities. Amid these changes, Brigade has strategically positioned itself to
capitalise on these opportunities while adhering to our core values - QC-FIRST which is
Quality, Customer Centricity, Fairness, Innovation, Responsible Socially and Trust.
In FY24, Brigade Enterprises achieved record-breaking financial
performance. Our total revenue surged by 42%, with EBITDA growing by 39% to f1,362 crore.
This success is driven by strong contributions from all verticals, including residential,
commercial, and hospitality segments. Notably, our real estate segment achieved an
all-time high in pre-sales of f 6,013 Crores and a sales volume of 7.55 million square
feet. The consistent demand for our premium office and retail spaces resulted in rental
income increasing by 25% year-on-year which stood at f938 crores.
Our ESG initiatives have made substantial progress, including
integrating ESG elements into our supply chain management and implementing carbon
abatement strategies. We are proud to say that Brigade Enterprises has been consistently
recognised by the Great Place to Work Institute as a Great
Place to Work for 14 years in a row. I thank all Brigadiers for their
commitment to the organisation's objectives.
Our corporate governance principles are rooted in transparency,
accountability, and ethical practices, ensuring we maintain the highest standards of
integrity. This year, we welcomed new board members who bring fresh perspectives and
reinforce our commitment to governance excellence.
The Brigade Foundation has undertaken numerous CSR projects in
education, health, and community development. The Foundation is refurbishing the Bengaluru
Venkatappa Art Gallery to revitalise this iconic gallery and enhance Karnataka's cultural
heritage. Our non profit hospital, with 108 beds, in collaboration with St. John's Medical
College Hospital, is nearing completion.
As we look to the future, we envision transforming city skylines and
creating spaces that enhance the quality of life for our customers and communities. Our
strategic priorities focus on sustainable growth, leveraging cutting-edge technology, and
fostering innovation to meet the market's evolving needs.
For FY25, we aim to expand our footprint in our key markets of
Bengaluru, Chennai and Hyderabad, with planned launches totalling about 16 million square
feet in all verticals.
We anticipate sustained performance across all segments, driven by our
focus on balancing volume growth with premium product offerings. While weare excited about
the opportunities ahead, we are also mindful of the challenges of market volatility and
regulatory changes. However, our robust governance framework and strategic agility
position us well to navigate these uncertainties.
I thank our stakeholders for their steadfast support and confidence in
us. As we continue to push the boundaries of operational excellence and industry
leadership, we are assured that Brigade Enterprises is well-positioned for continued
excellence.
Together, we will continue building a legacy of outstanding
developments that enrich the lives of our customers and the communities we serve.