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Brigade Hospitality occupancy increased by 16 %
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Posted by Hoteliersweb . - Filed in Business - 788 views
Brigade Hospitality occupancy increased by 16%
The hospitality business, which was impacted the most due to COVID-19 travel restrictions that are still in place has reported a 43 percent average occupancy compared to 27 percent in the previous quarter with better traction in the F&B and banquet business.
Brigade Enterprises Ltd., reported an all-time high, yearly sales at 4.60 Mn Sqft with a total value of INR 2767 Cr against INR 2377 Cr during the previous comparable period for the financial year ended March 2021. The company also reported the highest ever presales of 1.66 Mn Sqft valued at INR 1,018 Cr during Q4 FY21. Brigade recorded growth of 26 percent with total quarter-on-quarter revenue growing from INR 654 Cr in Q3 FY21 to INR 821 Cr in Q4 FY21. Total collections during FY21 were reported at INR 2712 Cr compared to INR 2538 Cr during FY20 an increase of 7 percent, despite the impact of the pandemic. The average cost of debt is at an all-time low of 8.40 percent.
The hospitality business, which was impacted the most due to COVID-19 travel restrictions that are still in place has reported a 43 percent average occupancy compared to 27 percent in the previous quarter with better traction in the F&B and banquet business.
Commenting on the results, Chairman and Managing Director, M.R. Jaishankar, Brigade Enterprises Ltd. said, “Despite businesses taking a hit due to the COVID-19 pandemic, Brigade has witnessed robust sales driven by our residential business along with continued stability in the commercial business. Our residential projects in Hyderabad and Chennai continue to deliver consistently high results, along with our projects in Bangalore. It is encouraging to end FY21 on a high note which we can safely attribute to customers continuing to trust Brigade for our quality and service. We hope the strong pipeline of our ongoing and upcoming projects, and favourable market conditions will help maintain the momentum in the coming months.”Source:ETHospitalityworld
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