The company's revenue in Q2FY14 stood at Rs 171.50 crore versus Rs 184.50 crore, year-on-year (Y-o-Y). Its EBITDA in Q2 fell marginally to Rs 47.20 crore versus Rs 47.40 crore (Y-o-Y). Profit after tax rose to Rs 19 crore against Rs 14.80 crore (Y-o-Y).
Also Read: Eye Rs 1000cr revenue from new launch, says Brigade Enterprises
Meanwhile, the company had recently announced that it will open 10 Holiday Inn Express Hotels in South India. Speaking about the venture, Jaishankar said, the company will sign MoU for Holiday Inn Express hotels today and he expects Holiday Inn Express hotels to start in eight-12 months. These hotels will be owned by Brigade Group and managed by InterContinental Hotels Group (IHG).
Below is the edited transcript of MR Jaishankar's interview with CNBC-TV18
Q: What exactly was the residential space that was sold in the past quarter?
A: We have sold about 700,000 sq ft of space which is more or less similar to the previous quarter.
Q: Could you tell us what the average price realisations were this quarter because on the whole your real estate business has come down this quarter?
A: The average price realisation is better. It is Rs 5,050/sq ft as compared to about Rs 4,600/sq ft, so it is better to the extent of 8-9 percent. Though the performance is more or less similar to last quarter in terms of revenue, there is overall improvement in profitability. We expect the coming two quarters to be substantially better for the Brigade Group.
Q: With regard to your hospitality segment, the EBIT margins have approved on that particular segment and also early this morning we did get news that in fact the Brigade group as well as IHG are likely to open 10 Holiday Inn Express Hotels, what are the details of that, take us through that?
A: In fact the memorandum of understanding (MoU) is going to be signed only today afternoon. The intention is to build a 10 Holiday Inn Express Hotels in south India in the next five-seven years, which will be managed by the Intercontinental Hotel Group. Of this, we plan start two hotels within next eight-12 months time. We are already building a Holiday Inn Tidel Park Hotel in Chennai, which would be operational in about 15 months to 18 months.
Q: With respect to the two hotels that you are targeting in the next 8-12 months, could you tell us the investment that the company has lined up and what profitability you are expecting also from these?
A: The investment would be in the range of Rs 50 crore and Rs 80 crore for each hotel, depending on the number of rooms and normally the gross operating profit (GOP) for a Holiday Inn Express Hotel should be somewhere in the range of more than 50 percent. These are three-star hotels.
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