Brigade Enterprises : Press Release

Brigade Enterprises Limited

BRIGADE

Ref: BEL/NSEBSE/BMD/12112022	12th November, 2022
Listing Department	Department of Corporate Services - Listing
National Stock Exchange of India Limited	BSE Limited
Exchange Plaza,	P. J. Towers
Bandra Kurla Complex,	Dalal Street,
Bandra (East),	Mumbai - 400 001
Mumbai - 400 051

Re.: Scrip Symbol: BRIGADE/Scrip Code: 532929

Dear Sir/Madam,

Sub.: Board Meeting Decisions. Investor Presentation and Press Release

This is in continuation to our letter dated 28th October, 2022 and pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a Meeting of the Board of Directors of the Company was held as scheduled today i.e., 12th November, 2022 and the Board inter-alia took the following decisions:

1. Approved the unaudited consolidated financial results for the second quarter and half year ended 30th September, 2022 along with the Limited Review Report of the Statutory Auditors of the Company.
2. Approved the unaudited standalone financial results for the second quarter and half year ended 30th September, 2022 along with the Limited Review Report of the Statutory Auditors of the Company.
   The unaudited financial results and Limited Review Report are enclosed pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
3. Approved the reconstitution of the following Committees of the Board of Directors with effect from 13th November, 2022 and the reconstitution is pursuant to the applicable provisions of the Companies Act 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015:

Best

Workplaces'"

in Real Estate

INDIA 2020

	12th Floor
	"UB City" Canberra Block
	No. 24, Vittal Mallya Road
CHART ERED ACCOUNT ANT S	Bengaluru - 560 001, India
	Tel: [phone]

Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to

The Board of Directors

Brigade Enterprises Limited

1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Brigade Enterprises Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group") and its associate for the quarter ended September 30, 2022 and year to date from April 01, 2022 to September 30, 2022 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
2. This Statement, which is the responsibility of the Holding Company's Management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended ('the Act'), read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
   We also performed procedures in accordance with the Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.
4. The Statement includes the results of the following entities:
5. 1. Brigade Enterprises Limited
   2. Brigade Properties Private Limited
   3. Perungudi Real Estates Private Limited
   4. WTC Trades and Projects Private Limited
   5. SRP Prosperita Hotel Ventures Limited
   6. BCV Developers Private Limited
   7. Brigade Hospitality Services Limited
   8. Brigade Tetrarch Private Limited
   9. Brigade Estates and Projects Private Limited
   10. Brigade Infrastructure and Power Private Limited
   11. Brigade (Gujarat) Projects Private Limited
   12. Mysore Projects Private Limited
   13. Brigade Hotel Ventures Limited
   14. Augusta Club Private Limited
   15. Tetrarch Developers Limited
   16. Celebrations Private Limited
   17. Brigade Innovations LLP
   18. Brigade Flexible Office Spaces Private Limited
   19. Venusta Ventures Private Limited
   20. Zoiros Projects Private Limited

S.R. Bat liboi & Associat es LLP, a Limit ed Liabilit y Part nership wit h LLP Ident it y No. AAB-4295

Regd. Office : 22, Camac St reet , Block 'B', 3rd Floor, Kolkat a-700 016

CHART ERED ACCOUNT ANT S

1. 1. Vibrancy Real Estates Private Limited
   2. Propel Capital Ventures LLP
   3. BCV Real Estates Private Limited
   4. Tandem Allied Services Private Limited
   5. Prestige OMR Ventures LLP (Associate entity upto September 30, 2022)
2. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
3. Emphasis of Matter
   We draw attention to note 12 to the Statement, in connection with certain ongoing legal proceedings in the Group. Pending resolution of the legal proceedings in respect of disputed land advances and property tax matters, and based on legal evaluation, the management is reasonably confident of favourable outcome in these matters under dispute.
   Our conclusion on the Statement is not modified in respect of the above matter.
4. The accompanying Statement includes the unaudited interim financial results and other financial information, in respect of:
5. • 21 subsidiaries, whose unaudited interim financial results include total assets of Rs 731,324 lakhs as at September 30, 2022, total revenues of Rs 24,719 lakhs and Rs 46,464 lakhs, total net loss after tax of Rs. 476 lakhs and Rs 1,053 lakhs and total comprehensive loss of Rs. 476 lakhs and Rs 1,053 lakhs, for the quarter ended September 30, 2022 and for the period from April 01, 2022 to September 30, 2022 respectively and net cash outflows of Rs 5,601 lakhs for the period from April 01, 2022 to September 30, 2022, as considered in the Statement which have been reviewed by their respective independent auditors.
   • 1 associate whose unaudited interim financial results include Group's share of net profit of Rs. Nil and Rs 410 lakhs and Group's share of total comprehensive income of Rs. Nil and Rs 410 lakhs for the quarter ended September 30, 2022 and for the period from April 01, 2022 to September 30, 2022 respectively, as considered in the Statement whose interim financial results and other financial information has been reviewed by their independent auditor.

The independent auditor's reports on interim financial results of these entities have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures in respect of these subsidiaries and associates is based solely on the report of such auditors and procedures performed by us as stated in paragraph 3 above.

For S.R. BATLIBOI & ASSOCIATES LLP

Chartered Accountants

ICAI Firm registration number: 101049W/E300004

NAVIN

KUMAR AGARWAL

Digitally signed by

NAVIN KUMAR AGARWAL Date: 2022.11.12 15:31:12 +05'30'

Per Navin Agrawal

Partner

Membership No.: 056102

UDIN: 22056102BCWULX5144

Place: Kolkata

Date: November 12, 2022

BRIGADE ENTERPRISES LIMITED

Corporate Identity Number (CIN): L85110KA1995PLC019126

	Regd. Office: 26/1, 29th & 30th Floor, World Trade Center, Dr Rajkumar Road,
		Malleswaram-Rajajinagar, Bangalore 560 055
	Phone: [phone]	Fax:[phone]
	Email: [e-mail]	Website: www.brigadegroup.com
	Statement of Unaudited Consolidated Financial Results of Brigade Enterprises Limited for the quarter and six months ended September 30, 2022
A. Statement of profit and loss		Preceding Quarter	Corresponding	Six months	Six months	(Rs. in lakhs)
	Particulars	Quarter ended	Year ended
		30.09.2022	ended	Quarter ended	30.09.2022	30.09.2021	31.03.2022
		[Unaudited]	30.06.2022	30.09.2021	[Unaudited]	[Unaudited]	[Audited]
			[Unaudited]	[Unaudited]
1	Income
	(a) Revenue from operations	87,924		90,249	75,266	1,78,173	1,13,545	2,99,878
	(b) Other income	3,295		1,779	2,342	5,074	3,215	6,673
	Total Income	91,219		92,028	77,608	1,83,247	1,16,760	3,06,551
2	Expenses
	(a) Sub-contractor costs	42,559		38,097	34,904	80,656	55,658	1,31,650
	(b) Cost of raw materials, components and stores consumed	3,106		3,136	2,719	6,242	4,556	10,527
	(c) Land purchase cost	9,844		4,202	10,972	14,046	10,972	58,862
	(d) (Increase)/ decrease in inventories of	(8,679)		3,588	(8,390)	(5,091)	(14,292)	(42,622)
	stock of flats, land stock and work-in-progress
	(e) License fees and plan approval charges	1,244		993	804	2,237	1,073	3,078
	(f) Architect and consultancy fees	610		752	716	1,362	1,045	2,143
	(g) Employee benefits expense	6,404		6,256	4,951	12,660	9,006	20,685
	(h) Finance costs	10,963		10,609	11,280	21,572	22,596	44,360
	(i) Depreciation and amortization expense	7,799		7,508	8,813	15,307	17,265	35,054
	(j) Other expenses	11,190		9,960	9,353	21,150	15,164	38,922
	Total expenses	85,040		85,101	76,122	1,70,141	1,23,043	3,02,659
3	Profit/(Loss) before share of profit of Associates (1-2)	6,179		6,927	1,486	13,106	(6,283)	3,892
4	Share of profit of Associate (net of tax)	-		410	79	410	182	270
5	Profit/(Loss) before exceptional items and tax (3+4)	6,179		7,337	1,565	13,516	(6,101)	4,162
6	Exceptional items (refer note 6 to 11 below)	1,829		972	(1,576)	2,801	(3,670)	(5,666)
7	Profit/(Loss) before tax ( 5+6)	8,008		8,309	(11)	16,317	(9,771)	(1,504)
8	Tax expense
	(i) Current tax	4,089		3,534	1,746	7,623	2,924	8,723
	(ii) Tax pertaining to earlier years	-		-	-	-	-	1,158
	(iii) Deferred tax credit	(1,256)		(1,690)	(392)	(2,946)	(2,741)	(4,909)
	Total	2,833		1,844	1,354	4,677	183	4,972
9	Profit/(Loss) for the period (7-8)	5,175		6,465	(1,365)	11,640	(9,954)	(6,476)
	Attributable to:
	(i) owners of the parent company	7,758		8,768	1,203	16,526	(2,806)	8,277
	(ii) non-controlling interests	(2,583)		(2,303)	(2,568)	(4,886)	(7,148)	(14,753)
10	Other comprehensive income
(i)	Re-measurement gains/ (losses) on defined benefit plans	-		-	-	-	-	169
(ii)	Equity instruments	-		-	-	-	-	52
(iii)	Income tax relating to items that will not be reclassified to profit or loss	-		-	-	-	-	(56)
	Total other comprehensive income	-		-	-	-	-	165
	Attributable to:
	(i) owners of the parent company	-		-	-	-	-	165
	(ii) non-controlling interests	-		-	-	-	-	-
11	Total Comprehensive loss for the period (9+10)	5,175		6,465	(1,365)	11,640	(9,954)	(6,311)
	Attributable to:
	(i) owners of the parent company	7,758		8,768	1,203	16,526	(2,806)	8,442
	(ii) non-controlling interests	(2,583)		(2,303)	(2,568)	(4,886)	(7,148)	(14,753)

12 Earnings per equity share:

(of Rs. 10/- each) (not annualised):

	a) Basic	3.37	3.81	0.52	7.17	(1.27)	3.67
	b) Diluted	3.36	3.80	0.51	7.16	(1.27)	3.66
13	Paid-up equity share capital	23,057	23,042	22,985	23,057	22,985	23,026
	(Face value of Rs. 10/- each)
14	Other equity (excluding Non-controlling interests)						2,67,967