Brigade Q1 net profit up 33% at Rs 30 cr

Realty firm Brigade Enterprises Ltd today reported a 33 per cent increase in consolidated net profit at Rs 30 crore for the first quarter ended June 30, 2017.

Its net profit stood at Rs 22.56 crore in the year-ago period, Bengaluru-based developer said in a regulatory filing.

Total income rose to Rs 564.72 crore in the first quarter of this fiscal from Rs 466.30 crore in the corresponding period of the previous year.

"Despite subdued market conditions, we have continued to perform well. The positive disruptions in the market i.e implementation of GST and RERA is a step in the right direction by the government which will provide the necessary impetus for growth of the economy, which in turn will propel demand in the real estate sector," company's CMD M R Jaishankar said.

He said the company would scale up performance in all domains of real estate that it operate in.

Brigade had raised Rs 500 crore through qualified institutional placement (QIP) in April this year.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)