With the number of Covid-19 cases declining, leading to the reopening of offices/shopping centers and resumption of international travel, we expect the annuity and hotel business of Brigade Enterprises Ltd. will see a significant increase from Q1 FY23.

We expect Brigade Enterprises’ share of net rental operating income to grow at a compound annual growth rate of 25% over FY21-24E to Rs 5.7 billion by March 2023, driven by incremental rentals of 2.4 million square feet of vacant area spread across assets in March 2023 in Bengaluru and Chennai. †

Furthermore, we expect the company’s hotel operations to achieve marginal EBITDA of Rs 0.3 billion in FY22E, Rs 0.8 billion in FY23E and Rs 1.1 billion in FY24E versus FY20 EBITDA of Rs 0.9 billion.

This post Brigade Enterprises – Building a Strong Building: ICICI Securities

was original published at “https://www.bloombergquint.com/research-reports/brigade-enterprises-building-a-strong-edifice-icici-securities”