Brigade Enterprises Limited

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Ref: BEL/NSEBSE/BMD/18052021

18[th] May, 2021

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

This is in continuation to our letter dated 6[th] May, 2021 and 11[th] May, 2021 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., 18[th] May, 2021 and the Board interalia took the following decisions:

(i) Approved the audited consolidated financial results for the fourth quarter and year ended 31[st] March, 2021 along with the Audit Report of the Statutory Auditors of the Company.
(ii) Approved the audited standalone financial results for the fourth quarter and year ended 31[st] March, 2021 along with the Audit Report of the Statutory Auditors of the Company.

The financial results are enclosed pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

(i) Recommended a final dividend of Rs. 1.20/- per equity share (12%) of Rs.10 each which is subject to approval of Shareholders in the ensuing Annual General Meeting of the Company. The dividend will be paid within 30 days from the date of Shareholders approval in the ensuing Annual General Meeting of the Company.
(ii) Pursuant to Regulation 33(3) (d) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended, we hereby declare that the Audit Reports issued by the M/s S.R. Batliboi & Associates LLP, (Firm Registration No. 101049W/E300004) Statutory Auditors of the Company on the audited standalone & consolidated financial statements of the Company for the financial year ended 31[st] March, 2021 are with unmodified opinion (i.e. unqualified opinion).
(iii) Approved the reconstitution of the following Committees of the Board of Directors with effect from 19[th] May, 2021 and the reconstitution is pursuant to the applicable provisions of the Companies Act 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015:

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a) Audit Committee:

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S. Name of the Member Designation in Category
No. the Committee
1. Mr. Pradeep Kumar Panja Chairman Independent Director
2. Mr. Aroon Raman Member Independent Director
3. Mr. Bijou Kurien Member Independent Director
4. Dr. Venkatesh Panchapagesan Member Independent Director
5. Ms. Pavitra Shankar Member Executive Director
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b) Risk Management Committee

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S. Name of the Member Designation in Category
No. the Committee
1. Mr. M. R. Jaishankar Chairman Chairman & Managing
Director
2. Mr. Roshin Mathew Member Executive Director
3. Mr. Amar Mysore Member Executive Director
4. Mr. Bijou Kurien Member Independent Director
5. Mr. Pradeep Kumar Panja Member Independent Director
6. Ms. Lakshmi Venkatachalam Member Independent Director
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c) CSR Committee

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S. Name of the Member Designation in Category
No. the Committee
1. Mr. M. R. Jaishankar Chairman Chairman & Managing
Director
2. Mr. Aroon Raman Member Independent Director
3. Ms. Lakshmi Venkatachalam Member Independent Director
4. Ms. Nirupa Shankar Member Executive Director
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The meeting started at 11.00 a.m. and ended at 4.40 p.m.

We are also enclosing herewith:

Investor Presentation titled “Investor Presentation – Q4 FY 21”
Press Release titled “Brigade Records Highest Ever Quarterly Sales of 1.66 mn. sft with a total value of Rs. 1,018 crores in Q4 FY21. FY 21 sales at 4.60 mn. sft with a total value of 2,767 crores; an increase of 16%”

The trading window of the Company was closed from 1[st] April, 2021 and shall open on 21[st] May, 2021.

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The above information is also hosted on the website of the Company at www.brigadegroup.com

Kindly take the same on your records.

Thanking you, SIGN Digitally signed by OM PRAKASH PALANIMUTHU OM Yours faithfully, DN: c=IN, o=Personal, postalCode=560075, st=Karnataka, PRAKASH For Brigade Enterprises Limited serialNumber=d9722869e1df22 a2205650954e5aa841555f1534 c9a02109b4d4019791ea2c50, PALANIM cn=OM PRAKASH PALANIMUTHU P. Om Prakash UTHU Date: 2021.05.18 16:49:38 +05'30'

P. Om Prakash Company Secretary & Compliance Officer

Encl.: a/a

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12th Floor “UB City” Canberra Block No. 24, Vittal Mallya Road Bengaluru – 560 001, India Tel: +91 80 6648 9000

Chartered Accountants

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

To The Board of Directors of Brigade Enterprises Limited

Report on the audit of the Consolidated Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date consolidated financial results of Brigade Enterprises Limited (“Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”) and its associates for the quarter ended March 31, 2021 and for the year ended March 31, 2021 (“Statement”), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”).

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on separate audited financial statements and other financial information of the subsidiaries and associates, the Statement:

i. includes the results of the following entities:
i. Brigade Enterprises Limited
ii. Brigade Properties Private Limited
iii. Perungudi Real Estates Private Limited
iv. WTC Trades and Projects Private Limited
v. Orion Mall Management Company Limited
vi. SRP Prosperita Hotel Ventures Limited
vii. BCV Developers Private Limited
viii. Brigade Hospitality Services Limited
ix. Brigade Tetrarch Private Limited
x. Brigade Estates and Projects Private Limited
xi. Brigade Infrastructure and Power Private Limited
xii. Brigade (Gujarat) Projects Private Limited
xiii. Mysore Projects Private Limited
xiv. Brigade Hotel Ventures Limited
xv. Augusta Club Private Limited
xvi. Celebrations Catering & Events LLP
xvii. Brigade Innovations LLP
xviii. Brigade Flexible Office Spaces LLP
xix. Tandem Allied Services Private Limited
xx. Prestige OMR Ventures LLP
ii. are presented in accordance with the requirements of the Listing Regulations in this regard; and
iii. gives a true and fair view in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of the consolidated net profit/(loss) and other comprehensive income/(loss) and other financial information of the Group for the quarter ended March 31, 2021 and for the year ended March 31, 2021.

S.R. Batliboi & Associates LLP, a Limited Liability Partnership with LLP Identity No. AAB-4295 Regd. Of fi ce : 22, Camac Street, Block ‘B’, 3rd Floor, Kolkata-700 016

Chartered Accountants

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Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under Section 143(10) of the Companies Act, 2013, as amended (“the Act”). Our responsibilities under those Standards are further described in the “Auditor’s Responsibilities for the Audit of the Consolidated Financial Results” section of our report. We are independent of the Group and its associates in accordance with the ‘Code of Ethics’ issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in “Other Matter” paragraph below, is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

We draw attention to:

Note 8 to the Consolidated financial results for the year ended March 31, 2021, which describes the Holding Company’s management’s evaluation of Covid-19 impact on the future business operations and future cash flows of the Group and its consequential effects on the carrying value of its assets as at March 31, 2021. In view of the uncertain economic conditions, the Holding Company’s management’s evaluation of the impact on the subsequent periods is highly dependent upon conditions as they evolve.
Note 9 to the Consolidated financial results for the year ended March 31, 2021, in connection with certain ongoing legal proceedings in the Group. Pending resolution of the legal proceedings, the underlying loans and advances are classified as good and recoverable in the accompanying consolidated financial results.

Our opinion is not modified in respect of the above matters.

Management’s Responsibilities for the Consolidated Financial Results

The Statement has been prepared on the basis of the consolidated annual financial statements. The Holding Company’s Board of Directors are responsible for the preparation and presentation of the Statement that give a true and fair view of the net profit and other comprehensive income and other financial information of the Group including its associates in accordance with the applicable accounting standards prescribed under section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies and of its associates and management of the limited liability partnerships (‘LLP’s’) included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and its associates and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.

In preparing the Statement, the respective Board of Directors of the companies and of its associates and management of LLP’s included in the Group are responsible for assessing the ability of the Group and of its associates to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors and management of LLP’s either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies and of its associate company and management of LLP’s included in the Group are also responsible for overseeing the financial reporting process of the Group and of its associates.

Chartered Accountants

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Auditor’s Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associates to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and its associates to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial results and financial information of the entities within the Group and its associates of which we are the independent auditors to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of the financial information of such entities included in the Statement of which we are the independent auditors. For the other entities included in the Statement, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Holding Company and such other entities included in the Statement of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

We also performed procedures in accordance with the Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019 issued by the Securities Exchange Board of India under Regulation 33 (8) of the Listing Regulations, to the extent applicable.

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Chartered Accountants

Other Matter

The accompanying Statement includes the audited financial statements and other financial information, in respect of:

14 subsidiaries, whose financial statements include total assets of Rs 419,606 lakhs as at March 31, 2021, total revenues of Rs. 14,687 lakhs and Rs.33,597 lakhs, total net profit after tax of Rs. 8 lakhs and total net loss after tax of Rs. 3,780 lakhs and total comprehensive income of Rs. 62 lakhs and total comprehensive loss of Rs. 3,729 lakhs, for the quarter and the year ended on that date respectively, and net cash inflows of Rs. 5,116 lakhs for the year ended March 31, 2021, as considered in the Statement which have been audited by their respective independent auditors.
2 associates whose financial statements include Group’s share of net profit (after elimination) of Rs. 51 lakhs and Rs. 257 lakhs and Group’s share of total comprehensive income of Rs. 51 lakhs and Rs. 257 lakhs for the quarter and for the year ended March 31, 2021 respectively, as considered in the Statement whose financial statements and other financial information have been audited by their respective independent auditors.

The independent auditor’s report on the financial statements and other financial information of these entities have been furnished to us by the Management and our opinion on the Statement in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and associates is based solely on the reports of such auditors and the procedures performed by us as stated in paragraph above.

Our opinion on the Statement is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors.

The Statement includes the results for the quarter ended March 31, 2021 being the balancing figures between the audited figures in respect of the full financial year ended March 31, 2021 and the published unaudited year-to-date figures up to December 31, 2020, being the date of the end of the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

For S.R. BATLIBOI & ASSOCIATES LLP

Chartered Accountants ICAI Firm Registration Number: 101049W/E300004

ADARSH Digitally signed by ADARSH RANKA RANKA Date: 2021.05.18 16:03:45 +05'30'

per Adarsh Ranka

Partner Membership No.: 209567 UDIN: 21209567AAAACR3024

Place: Bengaluru Date: May 18, 2021

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: +91-80-41379200, 2221 7017-18 Fax:+91-80-2221 0784 Email: [email protected] Website: www.brigadegroup.com

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A. St	atement ofprofit and loss	Statement of Audited Consolidated Financial Results for the quarter and year ended March 31, 2021 (Rs. in lakhs)	Statement of Audited Consolidated Financial Results for the quarter and year ended March 31, 2021 (Rs. in lakhs)	Statement of Audited Consolidated Financial Results for the quarter and year ended March 31, 2021 (Rs. in lakhs)	Statement of Audited Consolidated Financial Results for the quarter and year ended March 31, 2021 (Rs. in lakhs)	Statement of Audited Consolidated Financial Results for the quarter and year ended March 31, 2021 (Rs. in lakhs)	Statement of Audited Consolidated Financial Results for the quarter and year ended March 31, 2021 (Rs. in lakhs)
		Particulars	Quarter ended 31.03.2021 [Audited] (Refer note 6)	Preceding Quarter ended 31.12.2020 [Unaudited]	Quarter ended 31.03.2020 [Audited] (Refer note 6)	Current Year ended 31.3.2021 [Audited]	Previous Year ended 31.3.2020 [Audited]
1 2 3 4 5 6 7 8 9 10 (i) (ii) (iii) 11 12 13 14	Income Revenue from operations Other income		79,124 2,962	64,463 902	63,592 842	194,997 6,042	263,216 4,940
	Total Income		82,086	65,365	64,434	201,039	268,156
	Expenses (a) Sub-contractor cost (b) Cost of raw materials, components and stores consumed (c) Land purchase cost (d) (Increase)/ decrease in inventories of stock of flats, land stock and work-in-progress (e) License fees and plan approval charges (f) Architect and consultancy fees (g) Employee benefits expense (h) Depreciation and amortization expense (i) Finance costs (j) Other expenses		31,847 2,502 41,682 (31,258) 1,207 322 4,730 6,608 8,996 9,218	25,016 2,637 26,670 (15,230) 18 510 3,991 5,912 8,560 6,007	27,495 2,475 35,276 (31,309) 653 744 4,556 5,632 8,053 10,186	83,114 7,351 84,350 (69,519) 1,787 1,766 15,088 23,693 34,681 23,867	79,489 13,009 79,193 (40,152) 4,563 2,321 21,600 19,204 34,034 36,870
	Total expenses		75,854	64,091	63,761	206,178	250,131
	Profit/(Loss) before share of profit of Associate and Exceptional items (1-2) Share of profit/(loss) of Associate (net of tax) Profit/(Loss) before exceptional items and tax (3+4) Exceptional items (refer note 2, 7 & 8 below) Profit/(Loss) before tax ( 5-6) Tax expense (i) Current tax (ii) Deferred tax charge/(credit) Total Profit/(Loss) for the period ( 7-8) Attributable to: (i) owners of the parent company (ii) non-controlling interests Other comprehensive income/(loss) Items that will not to be reclassified to profit or loss in subsequent periods: Re-measurement gains/ (losses) on defined benefit plans Equity instruments Income tax relating to items that will not be reclassified to profit or loss Total other comprehensive income/(loss) Attributable to: (i) owners of the parent company (ii) non-controlling interests Total Comprehensive Income/(Loss) for the period [Comprising Profit/(Loss) for the period and Other Comprehensive Income/(Loss)] (9+10) Attributable to: (i) owners of the parent company (ii) non-controlling interests Earnings/(Loss) per equity share: (of Rs. 10/- each) (not annualised): a) Basic b) Diluted		6,232 51 6,283 3,628 2,655 4,128 (3,431) 697 1,958 3,957 (1,999) (143) 61 43 (39) (39) - 1,919 3,918 (1,999) 1.88 1.87 21,091	1,274 59 1,333 4,000 (2,667) 876 (1,396) (520) (2,147) (1,612) (535) 22 - (6) 16 16 - (2,131) (1,596) (535) (0.76) (0.76) 20,829	673 (2) 671 2,050 (1,379) 1,192 (1,469) (277) (1,102) 268 (1,370) 8 (178) 53 (117) (117) - (1,219) 151 (1,370) 0.13 0.12 20,438	(5,139) 257 (4,882) 7,628 (12,510) 5,764 (8,633) (2,869) (9,641) (4,632) (5,009) (128) 61 38 (29) (29) - (9,670) (4,661) (5,009) (2.24) (2.24) 21,091 213,675	18,025 160 18,185 2,050 16,135 7,190 (2,455) 4,735 11,400 13,058 (1,658) (41) (178) 66 (153) (153) - 11,247 12,905 (1,658) 6.39 6.34 20,438 207,675
	Paid-up equity share capital
	(Face value of Rs. 10/- each)

	Other equity (excluding Non-controlling interests)

Statement of Audited Consolidated Financial Results for the quarter and year ended March 31, 2021

B. B	alance Sheet	(Rs. in lakhs)	(Rs. in lakhs)
	Particulars	As at 31.03.2021 [Audited]	As at 31.03.2020 [Audited]

A	ASSETS

1	Non-Current Assets
	(a) Property, plant and equipment (b) Capital work in progress (c) Investment property	99,381 49,491 400,341	101,188 208,909 196,927
	(d) Goodwill on consolidation	430	430
	(e) Other Intangible assets (f) Intangible assets under development	1,836 -	1,239 838
	(g) Financial assets (i) Investments	3,771	5,594
	(ii) Loans (iii) Other non-current financial assets	33,913 10,646	27,470 8,336
	(h) Deferred tax assets (net)	22,209 4,240 14,722	14,745
	(i) Assets for current tax (net) (j) Other non-current assets		5,265 24,002
	Sub-total - Non Current Assets	640,980	594,943

2	Current Assets (a) Inventories
		590,197 5,129 2,187 52,719 31,366 24,576 3,043 31,812	520,936
	(b) Financial assets (i) Investments (ii) Loans (iii) Trade receivables (iv) Cash and cash equivalents (v) Bank balances other than cash and cash equivalents		1,620 2,035 43,061 23,989 6,502
	(vi) Other current financial assets		1,627
	(c) Other current assets		31,382
	Sub-total - Current Assets	741,029	631,152

	TOTAL ASSETS	1,382,009	1,226,095

B	EQUITY (a) Equity share capital
		21,091	20,438
	(b) Other equity attributable to:
	(i) owners of the parent company	213,675	207,675
	(ii) Non-controlling interests Sub-total - Equity	11,556	16,587
		246,322	244,700

C	LIABILITIES

1	Non-Current Liabilities
	(a) Financial liabilities (i) Borrowings (ii) Other non-current financial liabilities (b) Provisions	393,414 19,516 208	386,705 16,373 175
	(c) Deferred tax liabilities (net) (d) Other non-current liabilities	656 7,726	1,010 7,313
	Sub-total - Non Current Liabilities	421,520	411,576

2	Current Liabilities
	(a) Financial liabilities
	(i) Borrowings	7,322	4,368
	(ii) Trade payables
	- Total outstanding dues of micro enterprises and small enterprises - Total outstanding dues of creditors other than micro enterprises and small enterprises (iii) Other current financial liabilities	5,306 52,390 180,879	1,965 48,084 144,554
	(b) Other current liabilities	465,911	367,672
	(c) Provisions (d) Liabilities for current tax (net) Sub-total - Current Liabilities	681 1,678	876 2,300
		714,167	569,819

	TOTAL EQUITY AND LIABILITIES	1,382,009	1,226,095

	Statement of Audited Consolidated Financial Results for the quarter and year ended March 31, 2021	Statement of Audited Consolidated Financial Results for the quarter and year ended March 31, 2021
C. Statement of Cash flows	(Rs. In lakhs)
Particulars Cash flows from operating activities (Loss)/Profit before tax Adjustment to reconcile profit before tax to net cash flows: Depreciation and amortization expense Impairment of investment property and property, plant and equipment Finance cost Interest income from financial assets at amortized cost Profit on sale of investments Fair value gain on financial instruments at fair value through profit and loss Loans and advances written off Provision for doubtful debts Bad debts written off Provision for contract losses Profit on sale of property, plant and equipment Share of profit of Associate Share based payments to employees Provision for dimunition in value of investments Operating profit before working capital changes Movements in working capital : Increase/(Decrease) in trade payables Increase in other financial liabilities Increase in other liabilities (Decrease)/Increase in provisions (Increase) in trade receivables (Increase) in inventories (Increase)/Decrease in loans Decrease/(Increase) in other financial assets Decrease/(Increase) in other assets Cash generated from operations Direct taxes paid, net Net cash flow from operating activities (A) Cash flows from investing activities Purchase of property, plant and equipment, investment property and intangible assets (including capital work in progress and capital advances) Proceeds from sale of property, plant and equipment and investment property Purchase of investments Redemption of investments Investments in bank deposits Redemption of bank deposits Interest received Net cash flow used in investing activities (B) Cash flows from financing activities Proceeds from issuance of share capital (including securities premium) Proceeds from issuance of share warrants Capital contribution in subsidiary partnership firms by non-controlling interests Drawings in subsidiary partnership firms by non-controlling interests Proceeds from non-current borrowings Repayment of non-current borrowings Increase/(decrease) of current borrowings (excluding cash credit facilities from banks), net Interest paid Dividends paid (including tax on dividend) Net cash flow from financing activities (C) Net increase in cash and cash equivalents (A + B + C) Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of theperiod	As at 31.03.2021 [Audited]	As at 31.03.2020 [Audited]
	(12,510) 23,693 1,850 34,681 (2,965) (15) (80) - 304 41 60 (1,496) (257) 206 4,000	16,135 19,204 2,050 34,034 (2,410) (40) (23) 4 162 55 132 (6) (160) 201 -

















	47,512 7,632 9,979 100,432 (3) (9,210) (70,434) (6,123) 451 4,680 84,916	69,338 (10,749) 13,903 29,518 47 (991) (38,256) 1,794 (694) (11,001) 52,909











	(5,361)	(6,420)
	79,555	46,489
	(49,536) 2,839 (4,634) 1,218 (25,598) - 872	(74,145) 870 (1,253) 3,623 (14,096) 11,795 1,548









	(74,839)	(71,658)
	8,826 - - (14) 181,244 (150,922) 4,000 (39,427) -	136 2,875 200 (14) 129,751 (55,693) (818) (38,592) (5,747)










	3,707	32,098
	8,423 19,621	6,929 12,692




	28,044	19,621

Components of cash and cash equivalents	As at 31.03.2021 [Audited]	As at 31.03.2020 [Audited]
Balances with banks: – On current accounts – Deposits with maturity of less than 3 months Cash on hand Cash and cash equivalents reported in balance sheet Less: Cash credit facilities from banks Cash and cash equivalents reported in cash flow statement	25,935 5,224 207	23,206 622 161
	31,366 (3,322)	23,989 (4,368)
	28,044	19,621

Statement of Audited Consolidated Financial Results for the quarter and year ended March 31, 2021

Notes:

1 The above consolidated financial results of Brigade Enterprises Limited (‘the Company’), its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”) and its associates has been reviewed by the Audit Committee on May 17, 2021 and approved by the Board of Directors of the Company at their meeting held on May 18, 2021. The statutory auditors of the Company have audited the consolidated financial results of the Company for the quarter and year ended March 31, 2021.
2 The Scheme of Amalgamation between Brigade Properties Private Limited (‘BPPL’) and its wholly-owned subsidiary Brookefields Real Estates and Projects Private Limited (‘BREPPL’), and their respective shareholders and creditors (hereinafter referred to as “the Scheme”) in terms of the provisions of Sections 230 to 233 of the Companies Act, 2013 for amalgamation of BREPPL with BPPL has been approved by the Regional Director, Ministry of Corporate Affairs and Ministry of Commerce and Industry authorities. Pursuant to the Scheme, BPPL had accounted for the merger, being a business combination involving entities under common control, using the pooling of interests method as prescribed in Ind AS 103 - Business Combinations (‘Ind AS 103’).

Based on the ongoing proceedings with the relevant regulatory authorities and management's assessment thereon, the Group has ascertained Rs 1,778 lakhs as the amount of stamp duty payable pursuant to the aforesaid merger and the same has been provided for and disclosed as an exceptional item.

Details of segment-wise revenue, results and capital employed:	(Rs. in lakhs)	(Rs. in lakhs)	(Rs. in lakhs)	(Rs. in lakhs)	(Rs. in lakhs)
Particulars	Quarter ended 31.03.2021 [Audited] (Refer note 6)	Preceding Quarter ended 31.12.2020 [Unaudited]	Quarter ended 31.03.2020 [Audited] (Refer note 6)	Current Year ended 31.3.2021 [Audited]	Previous Year ended 31.3.2020 [Audited]
Segment Revenue Real Estate Hospitality Leasing Total Less: Inter Segment Revenues Revenue from operations	64,210 4,104 11,836	53,547 3,020 8,615	46,214 8,139 10,517	152,191 9,704 36,155	195,681 33,440 37,572
	80,150 (1,026)	65,182 (719)	64,870 (1,278)	198,050 (3,053)	266,693 (3,477)
	79,124	64,463	63,592	194,997	263,216
Segment Results Real Estate Hospitality Leasing Profit before Interest, Tax, Share of Profit of Associate and Exceptional items Less: Finance costs Less: Other unallocable expenditure Less: Exceptional items Add: Share of Profit of Associate Add: Other Income Profit/(Loss) before Tax	13,304 (983) 4,211	9,665 (1,904) 3,424	8,142 (42) 3,183	29,367 (8,769) 12,293	44,364 1,133 14,404
	16,532 (8,996) (4,266) (3,628) 51 2,962	11,185 (8,560) (2,253) (4,000) 59 902	11,283 (8,053) (3,399) (2,050) (2) 842	32,891 (34,681) (9,391) (7,628) 257 6,042	59,901 (34,034) (12,782) (2,050) 160 4,940
	2,655	(2,667)	(1,379)	(12,510)	16,135
Segment Assets Real Estate Hospitality Leasing Unallocated assets Total Segment Assets	716,870 94,680 450,996 119,463	673,482 98,055 434,844 94,795	631,773 97,383 416,860 80,079	716,870 94,680 450,996 119,463	631,773 97,383 416,860 80,079
	1,382,009	1,301,176	1,226,095	1,382,009	1,226,095
Segment Liabilities Real Estate Hospitality Leasing Unallocated liabilities Total Segment Liabilities	529,807 19,486 64,289 522,105	470,471 21,594 52,363 514,089	425,206 21,497 55,611 479,081	529,807 19,486 64,289 522,105	425,206 21,497 55,611 479,081
	1,135,687	1,058,517	981,395	1,135,687	981,395

4	Figures for audited standalone financial results of the Company for the quarter and year ended 31.03.2021 are as follows: (Rs. in lakhs)	Figures for audited standalone financial results of the Company for the quarter and year ended 31.03.2021 are as follows: (Rs. in lakhs)	Figures for audited standalone financial results of the Company for the quarter and year ended 31.03.2021 are as follows: (Rs. in lakhs)	Figures for audited standalone financial results of the Company for the quarter and year ended 31.03.2021 are as follows: (Rs. in lakhs)	Figures for audited standalone financial results of the Company for the quarter and year ended 31.03.2021 are as follows: (Rs. in lakhs)	Figures for audited standalone financial results of the Company for the quarter and year ended 31.03.2021 are as follows: (Rs. in lakhs)
	Particulars	Quarter ended 31.03.2021 [Audited] (Refer note 6)	Preceding Quarter ended 31.12.2020 [Unaudited]	Quarter ended 31.03.2020 [Audited] (Refer note 6)	Current Year ended 31.3.2021 [Audited]	Previous Year ended 31.3.2020 [Audited]
	Revenue from operations Profit before tax Profit after tax	61,346 11,406 9,863	52,485 3,768 2,668	44,053 5,607 4,061	152,398 17,769 14,456	184,933 34,437 26,080

The audited standalone financial results for the quarter and year ended 31.03.2021 can be viewed on the Company website www.brigadegroup.com and also be viewed on the website of NSE and BSE.

5 During the quarter ended 31.03.2021, the paid-up equity share capital of the Company has increased from Rs. 20,829 lakhs to Rs. 21,091 lakhs pursuant to conversion of convertible share warrants issued on a preferential basis by the Company under Chapter V “Preferential Issue” of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (the ‘SEBI ICDR Regulations’) and exercise of stock options by certain employees and allotment of 2,627,708 equity shares thereon.
6 The figures for the quarter ended March 31, 2021 and corresponding quarter ended March 31, 2020 are the derived balancing figures between audited figures in respect of full financial year ended March 31, 2021 and March 31, 2020 respectively and the unaudited figures of nine months ended December 31, 2020 and December 31, 2019 respectively.

Statement of Audited Consolidated Financial Results for the quarter and year ended March 31, 2021

Notes:

7 The Group had investment of Rs 4,000 lakhs in Tier II bonds of Lakshmi Vilas Bank ('LVB'). The Reserve Bank of India ('RBI'), in its communication in November 2020 advised the administrator of LVB to write down the Tier II bonds issued by LVB pursuant to the amalgamation of LVB with DBS Bank India Limited and LVB being non viable under Section 45 of the Banking Regulation Act. The Group had filed a writ petition in Karnataka High Court against the order of the RBI. Considering the overall uncertainty on recoverability of the aforesaid amount, the Group had made provision in this regard and the same is disclosed as an exceptional item in the accompanying audited consolidated financial results for the year ended March 31, 2021.
8 The outbreak of Covid-19 pandemic globally and in India has caused significant disturbance and slowdown of economic activities. Due to the lockdown announced by the Government, the Group's operations were slowed down/suspended for part of the current year and accordingly the audited consolidated financial results for the quarter and year ended March 31, 2021 are adversely impacted and not fully comparable with those of the earlier year. The Group has considered the possible effects that may result from the Covid-19 pandemic on the carrying value of assets [including property, plant and equipment, investment property, capital work in progress, intangible assets (including under development), goodwill, investments, inventories, land advances, deposits, loans and receivables]. In developing the assumptions relating to the possible future uncertainties in the economic conditions because of this pandemic, the Group, as at the date of approval of these financial results has used internal and external sources of information to assess the expected future performance of the Group. The Group has performed sensitivity analysis on the assumptions used and based on the current estimates, the Group expects that the carrying amount of these assets, as reflected in the balance sheet as at March 31, 2021, are fully recoverable. Further, the Group's management has also made assessment of the progress of construction work on its ongoing projects during the period of lockdown and has concluded that the same was only a temporary slowdown in activities and has accordingly capitalised/inventorised the borrowing costs incurred in accordance with Ind AS 23. The Group has also estimated the future cash flows with the possible effects that may result from the COVID-19 pandemic and does not foresee any adverse impact on realising its assets and in meeting its liabilities as and when they fall due. The actual impact of the Covid-19 pandemic may be different from that estimated as at the date of approval of these financial results.

During the quarter and year ended March 31, 2021, the leasing operations of the Group were impacted due to Covid-19 restrictions. Due to the prevailing circumstances, the Group has recognized revenue for the quarter and year ended March 31, 2021 and the underlying receivables after having regard to the Group’s ongoing discussions with certain customers on best estimate basis. During the quarter and year ended March 31, 2021 and March 31, 2020, an impairment loss of Rs 1,850 lakhs and Rs. 2,050 lakhs respectively has been recognised in the statement of profit and loss as an exceptional item, which represents the write-down value of certain investment properties in the leasing segment and certain property, plant and equipment in the hospitality segment to the recoverable amount as a result of the impact of Covid-19 pandemic.

9 The Group is subject to legal proceedings for recovery of joint development advances paid towards certain property aggregating to Rs 3,860 lakhs. Pending resolution of the aforesaid proceedings, no provision has been made and the underlying loans and advances are classified as good and recoverable in the accompanying audited consolidated financial results based on the legal evaluation by the management of the ultimate outcome of the proceedings.
10 The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified and the final rules/interpretation have not yet been issued. The Group will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
11 The Board of Directors of the Company at their meeting held on May 18, 2021 have recommended a final dividend of Rs. 1.20 per equity share of Rs. 10 each for the financial year ended March 31, 2021. The said proposed dividend are subject to approval at the ensuing annual general meeting and are not recognised as a liability as at March 31, 2021.

For and on behalf of the Board of Directors of

MYSORE RAMACHANDRASETTY JAISHANKAR Digitally signed by MYSORE RAMACHANDRASETTY JAISHANKAR DN: c=IN, o=Personal, pseudonym=b1917f7d22096b7ea89e448cd59540a001a87b57af9d5aa4f637738aaf38d057, postalCode=560052, st=KARNATAKA, serialNumber=c0b26cd49b68545846cff5d73cc2954adb3f6eb985549e06dbb89acb73923ccc, cn=MYSORE RAMACHANDRASETTY JAISHANKAR Date: 2021.05.18 15:11:17 +05'30'

M. R. Jaishankar

Chairman & Managing Director

Bengaluru, India May 18, 2021

12th Floor “UB City” Canberra Block No. 24, Vittal Mallya Road Bengaluru – 560 001, India Tel: +91 80 6648 9000

Chartered Accountants

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

To The Board of Directors of Brigade Enterprises Limited

Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date standalone financial results of Brigade Enterprises Limited (the “Company”) for the quarter ended March 31, 2021 and for the year ended March 31, 2021 (“Statement”), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).

In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the reports of the other auditors on the separate audited financial statements and other financial information of the limited liability partnerships, the Statement:

i. is presented in accordance with the requirements of the Listing Regulations in this regard; and
ii. gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information of the Company for the quarter ended March 31, 2021 and for the year ended March 31, 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013, as amended (“the Act”). Our responsibilities under those Standards are further described in the “Auditor’s Responsibilities for the Audit of the Standalone Financial Results” section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in “Other Matter” paragraph below is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

We draw attention to:

Note 6 to the Standalone financial results or the year ended March 31, 2021, which describes the management’s evaluation of Covid-19 impact on the future business operations and future cash flows of the Company and its consequential effects on the carrying value of its assets as at March 31, 2021. In view of the uncertain economic conditions, the management’s evaluation of the impact on the subsequent periods is highly dependent upon conditions as they evolve.
Note 7 to the Standalone financial results for the year ended March 31, 2021, in connection with certain ongoing legal proceedings in the Company. Pending resolution of the legal proceedings, the underlying loans and advances are classified as good and recoverable in the accompanying Standalone financial results.

Our opinion is not modified in respect of the above matters.

S.R. Batliboi & Associates LLP, a Limited Liability Partnership with LLP Identity No. AAB-4295 Regd. Of fi ce : 22, Camac Street, Block ‘B’, 3rd Floor, Kolkata-700 016

Chartered Accountants

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Management’s Responsibilities for the Standalone Financial Results

The Statement has been prepared on the basis of the standalone annual financial statements. The Board of Directors of the Company are responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit and other comprehensive income of the Company and other financial information in accordance with the applicable accounting standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Statement, the Board of Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.

Chartered Accountants

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We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter

The accompanying Statement of quarterly and year to date standalone financial results include the audited financial results in respect of two limited liability partnerships, whose annual financial statements and other financial information reflect total assets of Rs 2,287 lakhs as at March 31, 2021 and total revenues of Rs 162 lakhs and Rs 1,017 lakhs, total net profit after tax of Rs. 35 lakhs and Rs. 106 lakhs, total comprehensive income of Rs. 102 lakhs and Rs. 173 lakhs and net cash inflows of Rs. 6 lakhs for the year ended March 31, 2021, as considered in the Statement which have been audited by their respective auditors.

The reports of such other auditors on annual financial statements and other financial information of these limited liability partnerships, have been furnished to us and our opinion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these limited liability partnerships, is based solely on the report of such other auditors. Our opinion on the Statement is not modified in respect of the above matter.

The Statement includes the results for the quarter ended March 31, 2021 being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2021 and the published unaudited year-to-date figures up to December 31, 2020, being the date of the end of the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

For S.R. BATLIBOI & ASSOCIATES LLP

Chartered Accountants ICAI Firm Registration Number: 101049W/E300004

ADARSH Digitally signed by ADARSH RANKA RANKA Date: 2021.05.18 16:00:40 +05'30'

per Adarsh Ranka Partner Membership No.: 209567 UDIN: 21209567AAAACP2986

Place: Bengaluru Date: May 18, 2021

		BRIGADE ENTERPRISES LIMITED Corporate Identity Number (CIN): L85110KA1995PLC019126	BRIGADE ENTERPRISES LIMITED Corporate Identity Number (CIN): L85110KA1995PLC019126	BRIGADE ENTERPRISES LIMITED Corporate Identity Number (CIN): L85110KA1995PLC019126	BRIGADE ENTERPRISES LIMITED Corporate Identity Number (CIN): L85110KA1995PLC019126	BRIGADE ENTERPRISES LIMITED Corporate Identity Number (CIN): L85110KA1995PLC019126	BRIGADE ENTERPRISES LIMITED Corporate Identity Number (CIN): L85110KA1995PLC019126
		Regd. Office: 29th & 30th Floor, World Trade Center, Brigade Gateway Campus, 26/1, Dr Rajkumar Road, Malleswaram-Rajajinagar, Bangalore 560 055 Phone: +91-80-41379200, 2221 7017-18 Fax:+91-80-2221 0784 Email: [email protected] Website: www.brigadegroup.com
		Statement of Audited Standalo	ne Financial Results for the quarter and year ended March 31, 2021

A. Statement ofprofit and loss			(Rs. in lakhs)
	Par	ticulars	Quarter ended 31.03.2021 [Audited] (Refer note 3)	Preceding Quarter ended 31.12.2020 [Unaudited]	Quarter ended 31.03.2020 [Audited] (Refer note 3)	Current Year ended 31.03.2021 [Audited]	Previous Year ended 31.03.2020 [Audited]
1	Income			52,485 2,667			184,933 14,417
	(a) Revenue from operations		61,346		44,053 3,757	152,398 11,295
	(b) Other income		3,130
	Total income		64,476	55,152	47,810	163,693	199,350
2	Expenses			14,126 822 26,670 (6,910) 10 260 2,533 2,312 5,058 2,503			52,027 5,721 40,898 5,144 4,278 1,285 12,139 7,560 20,050 14,361
	(a) Sub-contractor cost (b) Cost of raw materials, components and stores consumed (c) Land purchase cost		14,741 1,050 24,151		16,094 989 11,681 (2,278) 440 337 2,130 1,771 4,844 4,745	46,170 2,832 50,821 (9,605) 1,738 913 8,972 8,658 19,759 10,316
	(d) (Increase)/ decrease in inventories of stock of flats, land stock and work-in-progress (e) License fees and plan approval charges (f) Architect and consultancy fees (g) Employee benefits expense (h) Depreciation and amortization expense (i) Finance cost (j) Other expenses		(3,259) 1,173 132
			2,790
			2,270
			4,540
			4,132
	Total expenses		51,720	47,384	40,753	140,574	163,463

3	Profit before exceptional items and tax (1-2)		12,756	7,768	7,057	23,119	35,887
				4,000			1,450
4	Exceptional items (refer note 5 and 6 below)		1,350		1,450	5,350

5	Profit before tax (3-4)		11,406	3,768	5,607	17,769	34,437
6	Tax expense (i) Current tax (ii) Deferred tax charge/(credit)		3,076 (1,533)	853 247 1,100	1,692 (146)	4,609 (1,296)	6,966 1,391 8,357
	Total		1,543		1,546	3,313
7	Net profit for the period (5-6)		9,863	2,668	4,061	14,456	26,080
				- - - 2,668			(12) 3
8	Other comprehensive income/(loss) (i) Items that will not be reclassified to profit and loss (ii) Income tax relating to above		(131) 34
					13 (3)	(145) 37
	Total		(97)		10	(108)	(9)
							26,071
9	Total Comprehensive Income for the period [Comprising Net profit for the period and Other Comprehensive Income/(Loss) (7+8)]		9,766		4,071	14,348

10	Earnings per equity share:
	(of Rs. 10/- each) (not annualised):
	a) Basic b) Diluted		4.69 4.67	1.29 1.28	1.98 1.95	6.99 6.96	12.76 12.66
				20,829			20,438
11	Paid-up equity share capital (Face value of Rs. 10/- each)		21,091		20,438	21,091

12	Other equity					256,638	233,915

Statement of Audited Standalone Financial Results for the quarter and year ended March 31, 2021

B. B	alance Sheet	(Rs. in lakhs)	(Rs. in lakhs)
	Particulars	As at 31.03.2021 [Audited]	As at 31.03.2020 [Audited]

A	ASSETS

1	Non-Current Assets
	(a) Property, plant and equipment (b) Capital work in progress (c) Investment property (d) Other Intangible assets (e) Financial assets (i) Investments (ii) Loans (iii) Other non current financial assets	2,362 398 136,031 127 199,955 38,304 6,030	2,580 7,465 137,820 99 177,660 45,390 4,828
	(f) Other non-current assets (g) Assets for current tax (net)	8,089 1,124	13,774 1,124
	Sub-total - Non Current Assets	392,420	390,740

2	Current Assets (a) Inventories
		306,978	297,569
	(b) Financial assets (i) Investments (ii) Loans (iii) Trade receivables (iv) Cash and cash equivalents (v) Bank balances other than (iv) above (vi) Other current financial assets	5,129 22,435 32,472 11,876 6,652 18,527	1,620 348 28,288 11,846 1,897 18,378
	(c) Other current assets	14,368	15,902
	Sub-total - Current Assets	418,437	375,848

	TOTAL ASSETS	810,857	766,588

B	EQUITY (a) Equity share capital
		21,091	20,438
	(b) Other equity Sub-total - Equity	256,638	233,915
		277,729	254,353

C	LIABILITIES

1	Non-Current Liabilities
	(a) Financial liabilities (i) Borrowings	142,327	151,054
	(ii) Other non current financial liabilities (b) Deferred tax liabilities (net) (c) Other non-current liabilities Sub-total - Non Current Liabilities	3,950 3,907 609	4,848 5,240 688
		150,793	161,830

2	Current Liabilities
	(a) Financial liabilities (i) Borrowings (ii) Trade payables - Total outstanding dues of micro enterprises and small enterprises - Total outstanding dues of creditors other than micro enterprises and small enterprises (iii) Other current financial liabilities (b) Other current liabilities (c) Provisions (d) Liabilities for current tax (net) Sub-total - Current Liabilities	6,810 3,889 27,681 77,594 264,221 482 1,658	1,360 1,865 28,129 87,109 229,014 649 2,279
		382,335	350,405

	TOTAL EQUITY AND LIABILITIES	810,857	766,588

Statement of Audited Standalone Financial Results for the quarter and year ended March 31, 2021

(Rs. in lakhs)

C. Statement of Cash flows

C. Statement of Cash flows		(Rs. in lakhs)
Cash flows from operating activities Profit before tax Adjustment to reconcile profit before tax to net cash flows: Depreciation and amortization expenses Impairment of investment property Finance costs Interest income from financial assets at amortized cost Profit on sale of investments Dividend income Fair value gain on financial instruments at fair value through profit and loss Loans and advances written off Bad debts written off Provision for contract losses Provision for bad and doubtful debts Profit on sale of property, plant and equipment Share in (profits)/loss of partnership firm investments Provision for dimunition in value of investments Share based payments to employees Operating profit before working capital changes Movements in working capital : Increase/(Decrease) in trade payables Increase in other financial liabilities Increase/(Decrease) in other liabilities (Decrease)/Increase in provisions (Increase)/Decrease in trade receivables (Increase)/Decrease in inventories (Increase) in loans (Increase) in other financial assets Decrease/(Increase) in other assets Cash generated from operations Direct taxes paid, net Net cash flow from operating activities (A) Cash flows from investing activities Purchase of property, plant and equipment, investment property and intangible assets (including capital work in progress and capital advances) Proceeds from sale of property, plant and equipment and investment property Purchase of investments Redemption of investments Redemption of bank deposits Investments in bank deposits Interest received Dividend income received Net cash flow (used in) investing activities (B) Cash flows from financing activities Proceeds from issuance of share capital (including securities premium) Proceeds from issuance of share warrants Proceeds from non-current borrowings Repayment of non-current borrowings Payment of Principal portion of lease liability Increase/(decrease) of current borrowings (excluding cash credit facilities from banks), net Interest paid Dividends paid (including tax on dividend) Net cash flow (used in) financing activities (C) Net (decrease)/increase in cash and cash equivalents (A + B + C) Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year	As at 31.03.2021 [Audited]	As at 31.03.2020 [Audited]
	17,769 8,658 1,350 19,759 (10,120) (15) - (80) - 19 60 - - (106) 4,000 179	34,437 7,560 1,450 20,050 (11,802) (32) (617) (69) 4 44 132 11 (4) 262 - 184
	41,473 1,573 3,286 35,130 (227) (4,031) (9,389) (27,093) (705) 7,142	51,610 (8,093) 5,444 (20,023) 39 7,661 7,094 (3,044) - (5,675)
	47,159 (5,230)	35,013 (5,839)
	41,929	29,174
	(1,988) - (15,975) 1,218 - (5,354) 6,959 -	(6,439) 674 (15,895) 2,511 17 (2,215) 1,329 617
	(15,140)	(19,401)
	8,826 - 38,759 (64,353) (33) 4,000 (15,408) -	136 2,875 43,395 (26,456) (31) (818) (19,278) (5,632)
	(28,209)	(5,809)
	(1,420) 10,486	3,964 6,522
	9,066	10,486

Components of cash and cash equivalents	March 31, 2021 Rs.	March 31, 2020 Rs.
Balances with banks: – On current accounts Cash on hand Cash and cash equivalents reported in balance sheet Less: Cash credit facilities from banks Cash and cash equivalents reported in cash flow statement	11,756 120	11,727 119
	11,876 (2,810)	11,846 (1,360)
	9,066	10,486

Statement of Audited Standalone Financial Results for the quarter and year ended March 31, 2021

Notes:

1 The above standalone financial results of Brigade Enterprises Limited (‘the Company’) has been reviewed by the Audit Committee on May 17, 2021 and approved by the Board of Directors of the Company at their meeting held on May 18, 2021. The statutory auditors of the Company have audited the standalone financial results of the Company for the quarter and year ended March 31, 2021.
2 Details of standalone segment-wise revenue, results and capital employed:

		(Rs. in lakhs)	(Rs. in lakhs)	(Rs. in lakhs)	(Rs. in lakhs)	(Rs. in lakhs)
	Particulars	Quarter ended 31.03.2021 [Audited] (Refer note 3)	Preceding Quarter ended 31.12.2020 [Unaudited]	Quarter ended 31.03.2020 [Audited] (Refer note 3)	Current Year ended 31.03.2021 [Audited]	Previous Year ended 31.03.2020 [Audited]
I	Segment Revenue Real Estate Leasing Total Add: Share of profits/(losses) in subsidiary partnership firms Revenue From Operations	54,213 7,098	47,178 5,273	37,023 7,069	130,268 22,024	157,093 28,102
		61,311 35 61,346	52,451 34 52,485	44,092 (39) 44,053	152,292 106 152,398	185,195 (262) 184,933
II	Segment Results Real Estate Leasing Profit before Interest, Tax and Exceptional items Less: Finance costs Less: Other unallocable expenditure Less: Exceptional items Add: Share of profits/(losses) in subsidiary partnership firms Add: Other Income Profit before Tax	13,045 4,455	9,218 3,005	7,523 4,049	28,301 11,515	38,052 16,485
		17,500 (4,540) (3,369) (1,350) 35 3,130	12,223 (5,058) (2,098) (4,000) 34 2,667	11,572 (4,844) (3,389) (1,450) (39) 3,757	39,816 (19,759) (8,339) (5,350) 106 11,295	54,537 (20,050) (12,755) (1,450) (262) 14,417
		11,406	3,768	5,607	17,769	34,437
III	Segment Assets	376,435 140,041 294,381	366,793 144,375 285,219	365,328 154,407 246,853	376,435 140,041 294,381	365,328 154,407 246,853
	Real Estate Leasing Unallocated assets Total Assets
		810,857	796,387	766,588	810,857	766,588
IV	Segment Liabilities Real Estate Leasing Unallocated liabilities Total Liabilities	311,403 22,620 199,105	296,171 21,191 214,673	274,301 22,565 215,369	311,403 22,620 199,105	274,301 22,565 215,369
		533,128	532,035	512,235	533,128	512,235

3 The figures for the quarter ended March 31, 2021 and corresponding quarter ended March 31, 2020 are the derived balancing figures between audited figures in respect of full financial year ended March 31, 2021 and March 31, 2020 respectively and the unaudited figures of nine months ended December 31, 2020 and December 31, 2019 respectively.

4 During the quarter ended 31.03.2021, the paid-up equity share capital of the Company has increased from Rs.20,829 lakhs to Rs. 21,091 lakhs pursuant to conversion of convertible share warrants issued on a preferential basis by the Company under Chapter V “Preferential Issue” of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (the ‘SEBI ICDR Regulations’) and exercise of stock options by certain employees and allotment of 2,627,708 equity shares thereon.

5 The Company had investment of Rs 4,000 lakhs in Tier II bonds of Lakshmi Vilas Bank ('LVB'). The Reserve Bank of India ('RBI'), in its communication in November 2020 advised the administrator of LVB to write down the Tier II bonds issued by LVB pursuant to the amalgamation of LVB with DBS Bank India Limited and LVB being non viable under Section 45 of the Banking Regulation Act. The Company had filed a writ petition in Karnataka High Court against the order of the RBI. Considering the overall uncertainty on recoverability of the aforesaid amount, the Company had made provision in this regard and the same is disclosed as an exceptional item in the accompanying audited standalone financial results for the year ended March 31, 2021.

Statement of Audited Standalone Financial Results for the quarter and year ended March 31, 2021

Notes:

6 The outbreak of Covid-19 pandemic globally and in India has caused significant disturbance and slowdown of economic activities. Due to the lockdown announced by the Government, the Company's operations were slowed down/suspended for part of the current year and accordingly the audited standalone financial results for the quarter and year ended March 31, 2021 are adversely impacted and not fully comparable with those of the earlier year.

The Company’s management has considered the possible effects that may result from the Covid-19 pandemic on the carrying value of assets [including property, plant and equipment, investment property, capital work in progress, intangible assets, investments, inventories, land advances, deposits, loans and receivables]. In developing the assumptions relating to the possible future uncertainties in the economic conditions because of this pandemic, the Company, as at the date of approval of these financial results has used internal and external sources of information to assess the expected future performance of the Company. The Company has performed sensitivity analysis on the assumptions used and based on the current estimates, the Company expects that the carrying amount of these assets, as reflected in the balance sheet as at March 31, 2021, are fully recoverable.

Further, the Company's management has also made assessment of the progress of construction work on its ongoing projects during the period of lockdown and has concluded that the same was only a temporary slowdown in activities and has accordingly capitalised/inventorised the borrowing costs incurred in accordance with Ind AS 23.

The management has also estimated the future cash flows for the Company with the possible effects that may result from the COVID-19 pandemic and does not foresee any adverse impact on realising its assets and in meeting its liabilities as and when they fall due.

During the quarter and year ended March 31, 2021, the leasing operations of the Company were impacted due to Covid-19 restrictions. Due to the prevailing circumstances, the Company has recognized revenue for the quarter and year ended March 31, 2021 and the underlying receivables after having regard to the Company’s ongoing discussions with certain customers on best estimate basis.

During the quarter and year ended March 31, 2021 and March 31, 2020, an impairment loss of Rs 1,350 lakhs and Rs.1,450 lakhs respectively has been recognised in the statement of profit and loss as an exceptional item, which represents the write-down value of certain investment properties in the leasing segment to the recoverable amount as a result of the impact of Covid-19 pandemic.

7 The Company is subject to legal proceedings for recovery of joint development advances paid towards certain property aggregating to Rs 3,860 lakhs. Pending resolution of the aforesaid proceedings, no provision has been made and the underlying loans and advances are classified as good and recoverable in the accompanying audited standalone financial results based on the legal evaluation by the management of the ultimate outcome of the proceedings.
8 The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified and the final rules/interpretation have not yet been issued. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
9 The Board of Directors of the Company at their meeting held on May 18, 2021 have recommended a final dividend of Rs. 1.20 per equity share of Rs. 10 each for the financial year ended March 31, 2021. The said proposed dividend are subject to approval at the ensuing annual general meeting and are not recognised as a liability as at March 31, 2021.

For and on behalf of the Board of Directors of

BRIGADE ENTERPRISES LIMITED MYSORE RAMACHANDRASETTY JAISHANKAR Digitally signed by MYSORE RAMACHANDRASETTY JAISHANKAR DN: c=IN, o=Personal, pseudonym=b1917f7d22096b7ea89e448cd59540a001a87b57af9d5aa4f637738aaf38d057, postalCode=560052, st=KARNATAKA, serialNumber=c0b26cd49b68545846cff5d73cc2954adb3f6eb985549e06dbb89acb73923ccc, cn=MYSORE RAMACHANDRASETTY JAISHANKAR Date: 2021.05.18 15:12:20 +05'30'

M. R. Jaishankar Chairman & Managing Director Bengaluru, India May 18, 2021

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Brigade Tech Gardens, Bangalore Brigade El Dorado, Bangalore
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BRIGADE ENTERPRISES LIMITED

Investor Presentation - FY 21

(CIN: L85110KA1995PLC019126)

About us • Leading property developer in South Indian real estate market with over three decades of experience

Presence

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• Leading property developer in South Indian real estate market with over three
decades of experience
• Reputation of developing Grade A properties
• Business Portfolio of Residential , Lease Rentals and Hospitality projects
• Consistent EBITDA margin of ~26%-28% for the past six years
• Ranked amongst the 100 Best Places to Work in India for ten consecutive years
by GPTW Institute
Our Values
GIFT City
• Shared Vision:
To be a World Class Organization in our Products, Processes, People &
Performance
• Shared Mission: Hyder a b a d
To be the Preferred Developer of Residential, Commercial & Hospitality Spaces in
the market in which we operate, without compromising on our values, for the Ben g aluru
benefit of all our stakeholders
M ys o re C hennai
• Core Values: K o chi
QC-First – Q uality, C ustomer Centricity, F air, I nnovative, R esponsible S ocially,
Thiru v ananthapuram
T rustworthy
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Real Estate – On Sale Basis

Achieved sales value is INR 27,667 Mn during FY21, an 16% increase from INR 23,768 Mn in FY 20 Revenue Share %
• Corresponding sales volume stood at ~ 4.60 Mn sft in FY21 , an 8% increase from 4.26 Mn sft in FY 20 6%
• Average realization increased by 8% to INR 6,011/sft in FY21 from INR 5,572/sft in FY 20 • Q4 FY21 witnessed sale value growth o f 56% YoY and 10% QoQ to INR 10,176 Mn and sale volume growth of 58% YoY and 8% QoQ to 1.66 million sq. ft .
• Launched ~6 Mn sq ft during the year FY21 .Strong pipeline of ongoing projects of ~18 Mn sft and 18% upcoming 1.43 Mn sft to be launched
• Reduction in Real Estate debt by Rs 1,946 Mn during FY21 Lease Rentals • Office rental collection stands at 99% in office portfolio, retained major tenants in operating assets • Increased momentum in office leasing enquiries, active pipeline of ~ 1 mn sq ft . • Retail portfolio witnessed 90% of pre-Covid consumption levels in Q4FY21 , footfall recovery of 75% • Retail mall performance under pressure due to recent lockdown restrictions announced in the state 76%
Hospitality • Increase in average occupancy to 43% in Q4 FY21 vis-a-vis 27% in Q3 FY21, GOP Margin stood at 22% Real Estate - On Sale Basis Lease Rentals Hospitality
Increase in average occupancy to 43% in Q4 FY21 vis-a-vis 27% in Q3 FY21, GOP Margin stood at 22% in Q4FY21 vis-à-vis 16% last quarter
Business significantly impacted by 2[nd] wave of Covid, continuous monitoring of costs to cut losses

Cash Flow from Operating activities for FY21 reported at Rs 9,170 Mn , 83% higher than FY20.

Summary: Ongoing Projects	Summary: Ongoing Projects
			Area in Mn sft
Projects	Project Area	Co Share	LO/JV share		Total Project Area

Real Estate projects for sale	8.45	5.81	2.64	8%	1%
Brigade Orchards *	1.82	0.91	0.91			Real Estate
Brigade Cornerstone Utopia*	4.89	3.25	1.64			Lease Rentals
Brigade Residences at WTC Chennai Brigade El Dorado	0.57 2.27	0.29 2.27	0.28 -		91%	Hospitality

Total Real Estate (A)	18.00	12.53	5.47
				Brigade’s share of Project Area
Brigade Southfield Brigade Twin Towers Total Leasing (B)	0.35 1.30 1.65	0.21 1.30 1.51	0.14 - 0.14	10%	1%		Real Estate
Ibis Style, Mysore*	0.11	0.11	-				Lease Rentals
Total Hospitality (C)	0.11	0.11	-				Hospitality
Total (A+B+C)	19.76	14.15	5.61		89%

Projects in SPV


1	Real estate sales and collections at all time high

2	Stable rental portfolio

3	Hospitality – Improvement in Q4 but impacted by 2nd wave

4	Financial Performance

5	Land Bank

6	Projects Launched and Upcoming Launches

Achieved all time high pre-sales of ~ 1.66 Mn sft in Q4 FY21 and 4.60 Mn sft in FY21. CAGR for last 3 years stands at 43%
Real estate sale increased by 58% from Q4 FY20 by sale value
Average selling price at INR 6,128 per sft in Q4 FY21
Sales realization increased by 2% from previous quarter and 8% over previous year

Strong pipeline of upcoming projects of 1.43 Mn sft with key projects -

Bangalore

Brigade Orchards – Goldspire Block
Brigade Millennium Annexe
Brigade Northridge Phase 2
Brigade Atmosphere Phase 2
Brigade Gem

Chennai

Brigade Xanadu Cluster 3
Brigade Residences at WTC Chennai – A3 Block

Artist’s impression of Brigade Citadel, Hyderabad

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Sales Performance – Real Estate (Annual)
Sales Area ('000 Sq Ft) Sales Value (INR Mn)
27,667
23,768
4,602
4,265
16,440
2,965
8,964
1,566
FY 18 FY 19 FY 20 FY 21 FY 18 FY 19 FY 20 FY 21
Achieved all time high pre-sales of ~4.6 Mn sft in FY 21 despite business being significantly affected by COVID-19
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Group Sales Snapshot
Twelve Months Quarterly
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Particulars	FY 21	FY 20	FY 21 on FY 20	Q4 FY21	Q3 FY21	Q4 FY20	Q4 FY21 on Q3 FY21	Q4 FY21 on Q4 FY20
*Area Sales (‘000 sft)*
Residential	4,470	3,976	12%	1,628	1,478	944	10%	72%
Commercial	133	289	(54%)	33	55	110	(41%)	(70%)
Total	4,602	4,265	8%	1,660	1,533	1,054	8%	*58%*
*Sale Value (INR Mn)*
Residential	26,579	21,348	25%	9,897	8,793	5,634	13%	76%
Commercial	1087	2420	(55%)	278	439	878	(37%)	(68%)
Total	27,667	23,768	*16%*	10,176	9,232	6,512	*10%*	*56%*

*Realization(INR/sft)***	6,011	5,572	8%	6,128	6,022	6,176	2%	*(1%)*


Particulars	Ongoing BEL Projects	Ongoing SPV Projects *	Stock Sales		Total
	*In Mn sft*
			BEL	SPV
Total super built-uparea ofprojects on sale basis	15.62	2.39	0.95	0.18	19.13
Less: Landowner share	4.28	-	-	-	4.28
Companyshare of saleable area	11.34	2.39	0.95	0.18	14.85
Sold till date	6.47	1.20	-	-	7.66
To be sold	4.87	1.19	0.95	0.18	7.19
	*INR Mn*
Estimated receipts	63,869	15,883	9,960	1,156	90,866
From sold units	35,862	7,412	4,516	332	48,121
From unsold units	28,007	8,471	5,444	824	42,745
Collections to date on sold units	16,599	4,105	2,136	219	23,058
Remainingto be collected from sold units	19,263	3,307	2,380	113	25,063
Remainingto be collected from sold and unsold units[A]	47,270	11,778	7,824	937	67,808
Estimated Total Cost	50,332	12,952	3,491	522	67,297
Cost incurred till date	16,936	9,384	3,491	522	30,333
RemainingCost to be incurred[B]	33,396	3,568	-	-	36,964
Gross Operating Cash Flows[A] –[B]	13,874	8,210	7,824	937	30,844
Present Borrowings[C]	1,266	1,944	1,155	608	4,973
Net Operating Cash Flowsprojected[A] -[B] -[C]	12,608	6,266	6,669	329	25,871

*** Brigade Orchards and Brigade Residences at WTC Chennai**

Contents	Contents

1	Real estate sales and collections at all time high

2	Stable rental portfolio

3	Hospitality – Improvement in Q4 but impacted by 2nd wave

4	Financial Performance

5	Land Bank

6	Projects Launched and Upcoming Launches


Particulars	Leasable Area	Leased	Hard Option	To be transacted
Brigade Tech Gardens	3.00	1.05	0.30	1.65
WTC Chennai	2.01	1.39	0.31	0.31
WTC Bangalore	0.62	0.61	-	0.01
Brigade Opus	0.30	0.22	-	0.08
Brigade Bhuwalka Icon	0.19	0.19	-	-
WTC Kochi	0.77	0.48	-	0.29
Brigade Financial Centre, Gift City	0.29	0.03	-	0.26
Orion Gateway	0.83	0.74	-	0.09
Orion Uptown	0.27	0.19	-	0.08
Orion Avenue (BEL Share)	0.15	0.12	-	0.03
Brigade Vantage, Chennai	0.06	0.06	-	-
Others	0.06	0.06	-	-
Total	8.55	5.14	0.61	2.80

Area in Mn sft

Particulars	Leasable Area	Leased	To be Leased
Brigade Southfield	0.35	0.35	-
Total	0.35	0.35	-

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Artist’s impression of Brigade Southfield
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Commercial Lease

(INR Mn)

	Estimated cost	Incurred	Balance^
Brigade Southfield	1,144	824	320
Brigade Twin Towers	5,999	1,092	4,907
Total Commercial Lease	7,143	1,916	5,227

Hospitality

Projects	Estimated cost	Incurred	Balance^	Planned No. of Keys
Ibis Style Mysore*	730	206	524	151
Total Hospitality	730	206	524	151

Through SPV ^ As of March ’21

Contents	Contents

1	Real estate sales and collections at all time high

2	Stable rental portfolio

3	Hospitality – Improvement in Q4 but impacted by 2nd wave

4	Financial Performance

5	Land Bank

6	Projects Launched and Upcoming Launches

• Occupancy improved to 43% in Q4FY21 vs 27% last quarter however ARRs continued to be under pressure having reached 60% of pre-Covid levels

GOP of INR 73 Mn recorded in this quarter. GOP Margin stood at 22% vis-à-vis 16% last quarter
F&B business in our hotels also registered gradual improvement with increased footfalls in our restaurants. The banquets business was limited mostly to smaller residential events
Despite strong signs of recovery this quarter , performance will remain subdued in the coming months due to renewed travel restrictions and lockdowns caused by the 2[nd] Covid-19 Wave
Continue to strictly monitor hotel operating costs and other
overheads. ECLGS* 2.0 un-availed limits and ECLGS 3.0 will help overcome short term cash flow mismatches in the segment

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Holiday Inn Express, OMR Bangalore
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Positive GOPs recorded in Q4FY21 in most hotels due to continued monitoring of operating costs

*Emergency Credit Line Guarantee Scheme

Portfolio Occupancy rate %

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43%
27%
15%
11%
Q1 FY 21 Q2 FY 21 Q3 FY 21 Q4 FY 21
Portfolio ARR (INR)
3,097 3,085
2,921
2,874
Q1 FY 21 Q2 FY 21 Q3 FY 21 Q4 FY 21
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Portfolio GOP (INR Mn) & GOP Margin %
73
41
22 %
16 %
( 45% )
(1 39% ) (55)
(84)
Q1 FY 21 Q2 FY 21 Q3 FY 21 Q4 FY 21
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Contents	Contents

1	Real estate sales and collections at all time high

2	Stable rental portfolio

3	Hospitality – Improvement in Q4 but impacted by 2nd wave

4	Financial Performance

5	Land Bank

6	Projects Launched and Upcoming Launches

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Consolidated Financials: Snapshot
(INR Mn)
Q4 FY21 on Q4 FY21 on FY 21 on
Particulars Q4 FY21 Q3 FY21 Q4 FY20 FY 21 FY 20
Q3 FY21 Q4 FY20 FY 20
Revenue 8,209 6,537 6,443 26% 27% 20,104 26,816 (25%)
EBITDA 2,183 1,575 1,435 39% 52% 5,323 7,126 (25%)
Finance costs 900 856 805 5% 12% 3,468 3,403 2%
Profit before depreciation 1,283 719 630 78% 104% 1,855 3,723 (50%)
Depreciation 660 591 563 12% 17% 2,369 1,920 23%
Profit before share from
623 127 67 391% 830% (514) 1,803 (129%)
Associate & Exceptional item
Add: Profit from Associate 5 6 - (17%) - 26 16 63%
Less: Exceptional Item 363 400 205 (9%) 77% 763 205 272%
PBT 265 (267) (138) (199%) (292%) (1,251) 1,614 (178%)
Tax charge / (credit) 69 (52) (28) (233%) (346%) (287) 474 (161%)
PAT 196 (215) (110) (191%) (278%) (964) 1,140 (185%)
PAT after MI 396 (161) 27 (346%) 1367% (463) 1,306 (135%)
EBITDA/Revenue 27% 24% 22% 26% 27%
PBT/Revenue 3% (4%) (2%) (6%) 6%
PAT/Revenue 2% (3%) (2%) (5%) 4%
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PAT: Profit After Tax, PBT: Profit Before Tax, EBITDA: Earnings Before Interest Tax Depreciation Amortization, MI: Minority Interest

(INR Mn)

Particulars	Real Estate	Hospitality	Lease Rental	Total	% of Revenue
Revenue	15,255	1,137	3,712	20,104	100%
as % of Total	76%	6%	18%	100%
Direct Expenses	10,736	140	69	10,945	54%
Admin Expenses	684	510	682	1,876	9%
Selling Cost	310	34	108	452	2%
Employee cost	865	397	246	1,508	8%
EBITDA	2,660	56	2,607	5,323	26%
EBITDA / Revenue %	17%	5%	70%	26%
Finance costs	1,116	526	1,826	3,468	17%
PBDT	1,544	(470)	781	1,855	9%
Depreciation	70	795	1,504	2,369	12%
PBTE	1,474	(1,265)	(723)	(514)	(3%)
PBTE/ Revenue %	10%	(111%)	(19%)	(3%)

*PAT: Profit After Tax, PBTE: Profit Before Tax & Exceptional Items, EBITDA: Earnings before Interest Tax Depreciation Amortization ,MI : Minority Interest

(INR Mn)

	Q4 FY 21	Q3 FY 21	Q2 FY 21	Q1 FY 21	FY 21	FY 20
Operating Activities
Total Collections	11,184	6,819	5,359	3,757	27,119	25,385
Direct Cost/Construction Cost	(4,452)	(2,676)	(2,145)	(1,859)	(11,132)	(12,784)
Landowner Payments	(618)	(524)	(353)	(358)	(1,853)	(1,288)
Employee and Admin Expenses	(692)	(635)	(524)	(370)	(2,221)	(3,176)
Sales & MarketingExpenses	(450)	(181)	(200)	(107)	(938)	(1,043)
StatutoryPayments	(918)	(296)	(255)	(238)	(1,707)	(2,020)
Other Payments	(33)	(9)	(53)	(3)	(98)	(52)
Net Cash Flow from Operating Activities(A)	4,021	2,498	1,829	822	9,170	5,022
Investment Activities
Cash from Investment Activities(FD & MF)	1,830	1,011	1,039	499	4,379	2,213
Construction Cost(CWIP/Capex Projects)	(1,272)	(1,357)	(1,379)	(1,192)	(5,200)	(7,618)
Investment in Land/JD/JV/TDR	(243)	112	(1,655)	(70)	(1,856)	(314)
Other Investments(FD & Mutual Fund)	(3,251)	(1,263)	(1,088)	(1,392)	(6,994)	(2,072)
Net Cash Flow from Investment Activities(B)	(2,936)	(1,497)	(3,083)	(2,155)	(9,671)	(7,791)
Financing Activities
Debt Drawdown	8,789	1,498	4,438	3,432	18,157	11,874
Investment byPE	350	10	500	-	860	1,070
Proceeds from ESOP/Share Warrants	363	250	269	-	882	302
Dividend Payment	-	-	-	-	-	(575)
Debt Repayment	(8,585)	(1,841)	(2,419)	(2,422)	(15,267)	(5,669)
Finance costs	(974)	(982)	(1,198)	(558)	(3,712)	(3,628)
Net Cash Flow from Financing Activities(C)	(57)	(1,065)	1,591	452	920	3,374
Net Cash Flows for the Period(A+B+C)	1,028	(64)	337	(881)	419	605

(INR Mn)

Segment	Equity (A)	Debt (B)	Capital Employed (A+B)	D/E Ratio (A/B)	*PBD/ Equity %**	Operating Capital Employed (OCE)	EBITDA/ OCE %	Capital Employed %
								32% 55% 13% Real Estate Lease Rentals Hospitality
Real Estate	18,794	4,973	23,767	0.26	8%	23,767	11%
Hospitality	3,459	5,858	9,317	1.69	(14%)	8,991	1%
Leasing	8,738	32,165	40,903	3.68	9%	36,280	7%
Less: Cash Balance		7,260
Total	30,991	35,736	73,987	1.15	3%	69,038	8%

* Note: PBD/Equity and EBITDA/OCE percentages are calculated based on trailing four quarter numbers

PBD: Profit Before Depreciation & Tax (After Interest)

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Consolidated Debt Profile
(INR Mn)
Particulars March-21 As on Dec-20 As on March-20
Real Estate 4,973 6,084 6,919
Hospitality 5,858 5,738 5,391
GOP Securitised 4,587 4,257 4,172
Capex 1,271 1,481 1,219
Leasing 32,165 31,169 27,246
Securitised Lease Rental 21,052 17,193 12,677
Capex 11,113 13,976 14,569
Less: Cash & Cash Equivalents 7,260 4,852 4,374
Net Debt 35,736 38,139 35,182
Less: SPV Partner’s share of debt 9,189 8,660 6,871
Exposure of BEL 26,547 29,479 28,311
Cost of Debt (Consolidated) 8.40% 9.00% 9.57%
Credit Rating CRISIL “A”; ICRA “A” CRISIL “A”; ICRA “A” CRISIL “A”; ICRA “A”
Gross debt figure for March-21 includes INR 18,704 Mn debt taken in SPV’s where BEL’s share is INR 9,515 Mn
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Debt Profile & Cost of Borrowing
Segment wise debt Reduction in Average Cost of Borrowing
2%
3%
10%
9.57% 9.56%
9.23%
9.00%
12% 8.40%
40% 7.75%
Net Debt – 7.00% 7.00% 7.00% 7.00%
35,736 Mn
33%
Commercial - LRD Commercial - CAPEX
Mar-20 Jun-20 Sep-20 Dec-20 Mar-21
Residential - CF Hospitality - LRD
Hospitality - CAPEX Commercial - CF SBI 1-Year MCLR % Average cost of borrowing for Brigade Group
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Average cost of borrowing is at all time low of 8.40%, reduction of 117 bps from Mar-20

(INR Mn)

Particulars	Q4 FY21	Q3 FY21	Q4 FY20	Q4 FY21 on Q3 FY21	Q4 FY21 on Q4 FY20	FY 21	FY 20	FY 21 on FY 20
Turnover	6,448	5,515	4,781	17%	35%	16,369	19,935	(18%)
EBITDA	1,957	1,514	1,366	29%	43%	5,154	6,349	(19%)
Finance costs	454	506	484	(10%)	(6%)	1,976	2,005	(1%)
Profit before depreciation	1,503	1,008	882	49%	70%	3,178	4,344	(27%)
Depreciation	227	231	177	(2%)	28%	866	756	15%
PBTE	1,276	777	705	64%	81%	2,312	3,588	(36%)
Less: Exceptional Items	135	400	145	(66%)	(7%)	535	145	269%
PBT	1,141	377	560	203%	104%	1,777	3,443	(48%)
Tax charge / (credit)	154	110	154	40%	-	331	835	(60%)
PAT	987	267	406	270%	143%	1,446	2,608	(45%)
EBITDA/Revenue	30%	27%	29%			31%	32%
PBT/Revenue	18%	7%	12%			11%	17%
PAT/Revenue	15%	5%	8%			9%	13%

PAT: Profit After Tax, PBTE: Profit Before Tax & Exceptional Items, PBT: Profit Before Tax, EBITDA: Earnings Before Interest Tax Depreciation Amortization

Contents 1 Real estate sales and collections at all time high 2 Stable rental portfolio 3 Hospitality – Improvement in Q4 but impacted by 2[nd] wave 4 Financial Performance 5 Land Bank 6 Projects Launched and Upcoming Launches

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Brigade’s Land Bank
Land Area (in acres) as on 31 [st] March 21
14 [2 1 ]
15
19 Bangalore
Chennai
41
Kochi
Mysore
GIFT City Thiruvananthapuram
Gujarat
243 Hyderabad
Hyderab a d
Ben g aluru
M ys o re C hennai Total Land Area Cost of Land Amount Paid Balance Payable
K o chi (Acres) (INR Mn) (INR Mn) (INR Mn)
Thiruv a nanthapuram 335 8,194 6,365 1,829
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Product	Land Area	Project Area (Mn Sft)	BEL Share (Mn Sft)
Residential	249	27.8	20.1
Commercial-Sale	12	1.2	0.7
Commercial-Lease	53	6.9	6.3
Hotel	21	0.4	0.4
Total	335	36.3	27.5

Location	Land Area	Project Area (Mn Sft)	BEL Share (Mn Sft)
Bangalore	243	29	22
Chennai	41	4	2
Thiruvananthapuram	14	2	2
Others (Mysore, Gift City, Hyderabad & Kochi)	37	1	1
Total	335	36	27

Project Area: Location

	80% 11% 6% 3% Bangalore Chennai Thiruvananthapuram Others


Project	Product	City	Project Area (Mn sft)	Quarter Launched
Brigade El Dorado – Jasper Block*	Residential	Bengaluru	0.62	Q1
Brigade Twin Towers*	Commercial	Bengaluru	1.30	Q1
Brigade Xanadu Cluster 2 – E, F & L Blocks	Residential	Chennai	0.40	Q3
Brigade Citadel – A1 & A2 Blocks	Residential	Hyderabad	0.75	Q3
Brigade Citadel Phase – B & C Blocks	Residential	Hyderabad	0.51	Q4
Brigade Citadel Phase – D & E Blocks	Residential	Hyderabad	0.58	Q4
Brigade El Dorado – F Block	Residential	Bengaluru	0.57	Q4
Brigade Cornerstone Utopia – Paradise Block*	Residential	Bengaluru	0.89	Q4
Brigade Xanadu Cluster 4 – S, T & U Blocks	Residential	Chennai	0.08	Q4
Brigade Cornerstone Utopia – Paradise Block*	Commercial	Bengaluru	0.22	Q4
Brigade Sapphire	Residential	Bengaluru	0.11	Q4
Total			6.03

*Projects in SPV

Upcoming Launches
Segment	Total Area (Mn sft)	Brigade Economic Interest (Mn sft)
Residential	1.43	0.91
Leasing	1.84	1.01
Total	3.27	1.92

Artist’s impression of Brigade El Dorado Artist’s impression of Brigade Gem Artist’s impression of Brigade Gem Artist’s impression of Brigade Cornerstone Utopia

CNN News 18 - Real Estate & Business Excellence Awards 2021

M R Jaishankar (CMD) – Lifetime Achievement of the Year in Real Estate

12[th] Realty Conclave & Excellence Awards

Brigade Group – Developer of the Year (Residential)
Brigade Tech Gardens – Commercial Project of the Year

REMAX Estate Awards

Brigade Utopia – Smart Project of the Year – Residential (National)
Brigade Tech Gardens – Commercial property of the year (South)
Brigade Orion Mall @ Gateway – Retail Property of the year – 1 to 10 Lac Sft (South)

Realty Plus Award

Brigade Group – Developer of the Year (Residential)
Brigade Tech Gardens – Commercial Project of the Year

South Asian Travel Awards

Sheraton Grand Hotel – Winner, Leading F&B Hotel/Resort

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Shareholding Pattern – March 31 [st] 2021
20%
48%
19%
13%
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Promoter Group FIIs and FPIs Mutual Funds Others

M. R. Jaishankar

Aroon Raman

Chairman and Managing Director Independent Director

MBA from Wharton School, University of Pennsylvania
• Author and Entrepreneur
Masters in Business Administration
• Promoter of the Brigade Group

Nirupa Shankar

Roshin Mathew

Executive Director

Masters of Management, Hospitality from Cornell University
• Part of Promoter Group
B Tech and Masters in Building Engineering and Management

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Lakshmi Venkatchalam
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Independent Director

MBA from Boston University
Retired IAS Officer

Amar Mysore

Executive Director

Masters in Engineering from Pennsylvania Sate University
• Part of Promoter Group

Dr. Venkatesh Panchapagesan

Independent Director

CA, CWA, IIM K Alumni
Faculty at IIM B

Pradeep Kumar Panja

Independent Director

Masters in Science
• Former MD of SBI

Pavitra Shankar

Executive Director

MBA, Real Estate & Finance, Columbia Business School
Part of Promoter Group

Bijou Kurien

Independent Director

PG Diploma in Business Management
Rich experience in Real Estate

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Artist’s impression of Brigade WTC Residences, Chennai Artist’s impression of Brigade Xanadu
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Artist’s impression of Brigade Triumph Artist’s impression of Brigade Deccan Heights
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Brigade Signature Towers
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Brigade Tech Gardens, BangaloreBrigade Opus
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Atul Goyal
Chief Financial Officer
[email protected]
Om Prakash P
Company Secretary
[email protected]
Rajiv Sinha
Dy. General Manager - Finance
[email protected]
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Thank you

Disclaimer: The information in this presentation contains certain forward-looking statements. These include statements regarding outlook on future development schedules, business plans and expectations of Capital expenditures. These statements are based on current expectations that involve a number of risks and uncertainties which could cause actual results to differ from those anticipated by the Company.

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PRESS RELEASE

BRIGADE RECORDS HIGHEST EVER YEARLY SALES OF 4.6 Mn Sqft; SALES INCREASE 16% TO Rs. 2767 Cr IN FY21

Highest Quarterly Sales of 1.66 Mn Sqft with a total value of Rs. 1,018 Cr in Q4 FY21

Bengaluru May 18, 2021: Brigade Enterprises Ltd., reported an all-time high, yearly sales at 4.60 Mn Sqft with a total value of Rs. 2767 Cr against Rs. 2377 Cr during the previous comparable period for the financial year ended March 2021. The company also reported the highest ever presales of 1.66 Mn Sqft valued at Rs. 1,018 Cr during Q4 FY21. Brigade recorded growth of 26% with total quarter-on-quarter revenue growing from Rs. 654 Cr in Q3 FY21 to Rs. 821 Cr in Q4 FY21. Total collections during FY21 were reported at Rs. 2712 Cr compared to Rs. 2538 Cr during FY20 an increase of 7%, despite the impact of the pandemic. The average cost of debt is at an all-time low of 8.40%.

Commenting on the results, Chairman and Managing Director, Mr. M.R. Jaishankar, Brigade Enterprises Ltd. said, “Despite businesses taking a hit due to the COVID-19 pandemic, Brigade has witnessed robust sales driven by our residential business along with continued stability in the commercial business. Our residential projects in Hyderabad and Chennai continue to deliver consistently high results, along with our projects in Bangalore. It is encouraging to end FY21 on a high note which we can safely attribute to customers continuing to trust Brigade for our quality and service. We hope the strong pipeline of our ongoing and upcoming projects, and favourable market conditions will help maintain the momentum in the coming months.”

Real Estate Highlights

The real estate business achieved pre-sales of 1.66 Mn Sqft in Q4 FY21 witnessing numbers that were higher than pre-Covid levels. In fact, the sales value is up 10% QoQ at Rs. 1,018 Cr and realization per Sqft has gone up by 2% compared to the previous Quarter. The residential Cash inflow for Q4 FY21 stands at Rs. 840 Cr when compared to Rs. 531 Cr in Q3 FY21. Currently Brigade has approximately 18 Mn Sqft of ongoing projects and 1.43 Mn Sqft of upcoming projects.

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Lease Rental

The leasing segment of the commercial business of Brigade remains stable and positive with around 99% collections. There has been an increased momentum in office leasing enquiries with an active pipeline of ~ 1 Mn Sqft. On the retail side, malls witnessed an increased occupancy and footfalls month-on-month, consumption was back to 90% of pre-covid levels. The company has a pipeline of 1.65 Mn Sqft office space under construction.

Hospitality

The hospitality business, which was impacted the most due to COVID-19 travel restrictions that are still in place has reported a 43% average occupancy compared to 27% in the previous quarter with better traction in the F&B and banquet business.

Dividend

The Board of Directors has recommended a final dividend of Rs. 1.20/- per equity share (12%) of Rs. 10 each for the Financial Year 2020-21.

Q4FY21 Financial Highlights (Consolidated):

EBITDA stood at Rs. 218 Cr in Q4 FY21 as against Rs. 157 Cr in Q3 FY21; an increase of 39%. PAT (after MI) during the quarter under review stood at Rs. 40 Cr in Q4 FY21 as compared to Rs. -16 crores in Q3 FY21.

FY21 Financial Highlights (Consolidated):

EBITDA stood at Rs. 532 Cr in FY21 as against Rs. 713 Cr in FY20; a decrease of 25%. PAT (after MI) during the year stood at Rs. -46 Cr as compared to Rs. 131 Cr in FY20.

About Brigade Enterprises

Established in 1986, Brigade Enterprises Ltd. is one of India’s leading property developers with over three decades of expertise in building positive experiences for all their stakeholders and winning their customers’ trust. Brigade has developed many landmark buildings and transformed skylines across South India in the cities of Bengaluru, Mysuru, Hyderabad, Chennai and Kochi with developments across Residential, Office, Retail, Hospitality and Education Sectors.

For information on Brigade Group, please visit BrigadeGroup.com or contact us at [email protected]

OM Digitally signed by OM PRAKASH PALANIMUTHU For more information, please contact: Miriam Macwana, Brigade Enterprises Ltd., PRAKASH DN: c=IN, o=Personal, postalCode=560075, st=Karnataka, serialNumber=d9722869e1df22a2205650954e5aa841555f1534c9a021 PALANI 09b4d4019791ea2c50, cn=OM PRAKASH PALANIMUTHU Sr. DGM- Corporate Communications, MUTHU Date: 2021.05.18 16:47:24 +05'30' Phone: + 91 80 41379200 E-mail: [email protected]

AI assistant

Brigade Enterprises Limited — Annual Report 2021

62248_rns_2021-05-18_947fb0e3-a087-4aaf-8111-5045bb45137b.pdf

Ref: BEL/NSEBSE/BMD/18052021

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

Sub.: Board Meeting Decisions

a) Audit Committee:

b) Risk Management Committee

c) CSR Committee

To The Board of Directors of Brigade Enterprises Limited

Report on the audit of the Consolidated Financial Results

Opinion

Basis for Opinion

Emphasis of Matter

Management’s Responsibilities for the Consolidated Financial Results

Auditor’s Responsibilities for the Audit of the Consolidated Financial Results

Chartered Accountants

Other Matter

For S.R. BATLIBOI & ASSOCIATES LLP

per Adarsh Ranka

BRIGADE ENTERPRISES LIMITED Corporate Identity Number (CIN): L85110KA1995PLC019126

Notes:

Notes:

BRIGADE ENTERPRISES LIMITED

To The Board of Directors of Brigade Enterprises Limited

Report on the audit of the Standalone Financial Results

Opinion

Basis for Opinion

Emphasis of Matter

Management’s Responsibilities for the Standalone Financial Results

Auditor’s Responsibilities for the Audit of the Standalone Financial Results

Other Matter

For S.R. BATLIBOI & ASSOCIATES LLP

Notes:

Notes:

BRIGADE ENTERPRISES LIMITED

Investor Presentation - FY 21

Presence

Real Estate – On Sale Basis

Cash Flow from Operating activities for FY21 reported at Rs 9,170 Mn , 83% higher than FY20.

Contents

Bangalore

Chennai

Commercial Lease

Hospitality

Portfolio Occupancy rate %

* Note: PBD/Equity and EBITDA/OCE percentages are calculated based on trailing four quarter numbers

Project Area: Location

CNN News 18 - Real Estate & Business Excellence Awards 2021

12[th] Realty Conclave & Excellence Awards

REMAX Estate Awards

Realty Plus Award

South Asian Travel Awards

Chairman and Managing Director Independent Director

Nirupa Shankar

Roshin Mathew

Executive Director

Executive Director

Independent Director

Amar Mysore

Executive Director

Independent Director

Independent Director

Executive Director

Independent Director

PRESS RELEASE

BRIGADE RECORDS HIGHEST EVER YEARLY SALES OF 4.6 Mn Sqft; SALES INCREASE 16% TO Rs. 2767 Cr IN FY21

Highest Quarterly Sales of 1.66 Mn Sqft with a total value of Rs. 1,018 Cr in Q4 FY21

Real Estate Highlights

Lease Rental

Hospitality

Dividend

Q4FY21 Financial Highlights (Consolidated):

FY21 Financial Highlights (Consolidated):

About Brigade Enterprises

More from Brigade Enterprises Limited

Brigade Enterprises Limited Annual Report 2021