Brigade net proft soars 10.79% for Q1

Real estate developer Brigade Enterprises has posted 10.79 per cent increase in net profit at Rs 7.39 crore, for the first quarter of the current financial year that ended on June 30.

The city-based company had posted net profit of Rs 6.67 crore during the corresponding period last year. It said total revenue of the company rose by seven per cent to Rs 168 crore in the period under review, from Rs 157 crore in the corresponding period last year.

“There is around 10 per cent increase in PAT, it could have been much more, but the depreciation during this quarter was higher because of the new companies act, wherein the useful life of the asset we had to consider,” Brigade Enterprises CFO Suresh K said.