Brigade Enterprises Limited — Interim / Quarterly Report 2021

Feb 4, 2021

Brigade Enterprises Limited Corporate Identity Number (CIN) : L85110KA1995PLC019126 Registered Office: 29th & 30th Floor, World Trade Center Brigade Gateway Campus, 26/1, Dr. Rajkumar Road

Malleswaram - Rajajinagar, Bengaluru - 560 055, India T: +91 80 4137 9200

E: enquiry@prigadegroup.com W: www.brigadegroup.com
Ref: BEL/NSEBSE/BMD/04022021

Listing Department National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (East) Mumbai - 400 051

Department of Corporate Services - Listing BSE Limited P. J. Towers Dalal Street. Mumbai - 400 001

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

Dear Sir/Madam

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

This is in continuation to our letter dated 28^th January, 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., 4^th February, 2021 and the Board inter-alia took the following decisions:

• (i) Approved the unaudited consolidated financial results for the third quarter and nine months ended 31st December, 2020 along with the Limited Review Report of the Statutory Auditors of the Company.
• (ii) Approved the unaudited standalone financial results for the third quarter and nine months ended 31st December, 2020 along with the Limited Review 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.

The meeting started at 12.30 p.m. and ended at $3.20$ p.m.

We are also enclosing herewith:

• Investor Presentation titled "Investor Presentation 9M FY 21"
• Press Release titled "Brigade records highest ever presales of 1.53 mn. Sft. with a sale value of Rs.923 crores in Q3 of FY21."

The trading window of the Company was closed from 1st January, 2021 and shall open on 7^th February. 2021.

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, Yours fairhfully. Limited Brigade Enterpris e.s P Om Ploakash Company Secretary & Compliance Officer Encl.: a/a

Building Positive Experiences 4^th February, 2021

S.R. BATLIBOL& ASSOCIATES LLP

Chartered Accountants

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

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

Review Report to The Board of Directors Brigade Enterprises Limited

• We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Brigade $1$ Enterprises Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group") and its associates for the quarter ended December 31, 2020 and year to date from April 01, 2020 to December 31, 2020 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
• This Statement, which is the responsibility of the Holding Company's Management and approved by the $\overline{2}$ Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) $3.$ 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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

• The Statement includes the results of the following entities:
• a. Brigade Enterprises Limited

$\Lambda$

• b. Brigade Properties Private Limited
• c. Perungudi Real Estates Private Limited
• d. WTC Trades and Projects Private Limited
• Orion Property Management Services Limited $e$
• SRP Prosperita Hotel Ventures Limited f.
• BCV Developers Private Limited g.
• h. Brigade Hospitality Services Limited
• i. Brigade Tetrarch Private Limited
• Brigade Estates and Projects Private Limited j.
• k. Brigade Infrastructure and Power Private Limited
• $\mathbf{L}$ Brigade (Gujarat) Projects Private Limited
• m. Mysore Projects Private Limited
• n. Brigade Hotel Ventures Limited
• Augusta Club Private Limited $O₁$
• Celebrations LLP p.
• Brigade Innovations LLP $q_{\cdot}$
• Brigade Flexible Office Spaces LLP r.
• $\mathcal{S}$ Tandem Allied Services Private Limited
• Prestige OMR Ventures LLP $\mathbf{t}$

S.R. BATUROL& ASSOCIATES LLP

Chartered Accountants

1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Emphasis of Matter 6.

We draw attention to:

• Note 6 to the Statement, which describes the Holding Company's management's evaluation of Covid-19 $i)$ impact on the future business operations and future cash flows of the Group and its consequential effects on the carrying value of its assets. 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.
• ii) Note 9 to the Statement, 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 unaudited consolidated financial results.

Our conclusion on the Statement is not modified in respect of the above matters.

The accompanying Statement includes the interim reviewed financial results and other unaudited financial 7. information in respect of 14 subsidiaries whose interim results reflect total revenues of Rs. 9,974 lakhs and Rs. 18,910 lakhs, total net loss after tax of Rs. 1,005 lakhs and Rs. 3,788 lakhs and total comprehensive loss of Rs. 1,034 lakhs and Rs. 3,791 lakhs for the quarter and nine months period ended December 31, 2020 respectively, as considered in the considered in the Statement which have been reviewed by their respective independent auditors. The statement also includes Group's share of net profit of Rs. 59 lakhs and Rs. 206 lakhs and Group's share of total comprehensive income of Rs. 59 lakhs and Rs. 206 lakhs for the quarter and nine months period ended December 31, 2020 respectively, as considered in the Statement, in respect of 2 associates, whose interim financial results and other financial information have been reviewed by their respective independent auditors. The independent auditor's reports on interim financial results of these entities have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures in respect of these subsidiaries and associates is based solely on the report of such auditors and procedures performed by us as stated in paragraph 3 above.

Our conclusion on the Statement is not modified in respect of this matter.

For S.R. BATLIBOI & ASSOCIATES LLP

Chartered Accountants ICAI Firm registration number: 101049W/E300004

Per Adarsh Ranka Partner

Membership No.: 209567 UDIN: 21209567AAAAAAY3163

Place: Bengaluru Date: February 04, 2021

BRIGADE ENTERPRISES LIMITED
Corporate Identity Number (CIN): L85110KA1995PLC019126 Corporate Hentity Number (CIN): LOSTIURATYSTIC UTILE Read.

Read. 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

Statement of Unaudited Consolidated Financial Results for the quarter and nine months ended December 31, 2020

	Particulars	Quarter ended 31.12.2020	Preceding	Corresponding	Year to date	Year to date	(Rs. in lakhs) Year ended
		[Unaudited]	Quarter ended 30.09.2020 [Unaudited]	Quarter ended 31.12.2019 [Unaudited]	figures for the current period ended 31.12.2020 [Unaudited]	figures for the preceding period ended 31.12.2019 [Unaudited]	31.03.2020 [Audited]
$\mathbf{1}$	Income Revenue from operations
	Other income	64,463	31,077	55,225	1,15,873	1,99,624	2,63,216
	Total Income	902 65,365	1,129 32,206	1,638	3,080	4,098	4,940
				56,863	1,18,953	2,03,722	2,68,156
$\mathbf 2$	Expenses (a) Sub-contractor cost
	(b) Cost of raw materials, components and stores consumed	25,016	17,451	20,633	51,267	51,994	79,489
	(c) Land purchase cost	2,637 26,670	1,265 15,998	3,343	4.849	10,534	13,009
	(d) (Increase)/ decrease in inventories of	(15, 230)	(20, 649)	÷ (25)	42,668 (38, 261)	43,917	79,193
	stock of flats, land stock and work-in-progress					(8, 843)	(40, 152)
	(e) License fees and plan approval charges	18	394	358	580	3,910	4,563
	(f) Architect and consultancy fees (g) Employee benefits expense	510	401	560	1,444	1,577	2,321
	(h) Depreciation and amortization expense	3,991 5,912	2,686	5,639	10,358	17,044	21,600
	(i) Finance costs	8,560	5,615 8,214	5,008 8,628	17,085	13,572	19,204
	(j) Other expenses	6,007	4,796	9,161	25,685 14,649	25,981 26,684	34,034 36,870
	Total expenses	64,091	36,171	53,305	1,30,324	1,86,370	2,50,131
3	Profit before share of profit of Associate(1-2)	1,274	(3,965)	3,558	(11, 371)	17.352	18,025
$\ddot{4}$	Share of profit of Associate (net of tax)	59	47	45	206	162	160
5	Profit before exceptional items and tax $(3+4)$	1,333	(3,918)	3,603	(11, 165)	17,514	18,185
6	Exceptional items (refer note 6 and 8)	4,000			4,000	٠	2,050
7 8	(Loss)/ Profit before tax (5-6) Tax expense	(2,667)	(3,918)	3,603	(15, 165)	17,514	16,135
	(i) Current tax
	(ii) Deferred tax charge/(credit)	876 (1, 396)	705 (1, 561)	1,821 (2, 310)	1,636	5,998	7.190
	Total	(520)	(856)	(489)	(5, 202) (3, 566)	(986) 5,012	(2, 455) 4,735
9	Profit for the period (7-8) Attributable to	(2, 147)	(3,062)	4,092	(11, 599)	12,502	11,400
	(i) owners of the parent company	(1,612)	(1,708)	4.933
	(ii) non-controlling interests	(535)	(1, 354)	(841)	(8, 589) (3,010)	12,790 (288)	13,058
10	Other comprehensive income						(1,658)
(1)	Re-measurement gains/ (losses) on defined benefit plans	22	64
	(ii) Equity instruments			37	15	(49)	(41)
	(iii) Income tax relating to items that will not be reclassified to profit or loss	(6)	(16)	(15)	(5)	13	(178) 66
	Total other comprehensive income Attributable to	16	48	22	10	(36)	(153)
	(i) owners of the parent company (ii) non-controlling interests	16	48	22 $\blacksquare$	10	(36)	(153)
11	Total Comprehensive Income for the period [Comprising Profit for the period and Other Comprehensive Income] $(9+10)$	(2, 131)	(3, 014)	4,114	(11, 589)	12,466	11,247
	Attributable to
	(i) owners of the parent company	(1, 596)	(1,660)	4,955	(8, 579)	12,754
	(ii) non-controlling interests	(535)	(1, 354)	(841)	(3,010)	(288)	12,905 (1,658)
12	Earnings per equity share: (of Rs 10/- each) (not annualised).
	a) Basic	(0.76)
	b) Diluted	(0.76)	(0.83) (0.83)	2.40 2.38	(4.17) (4.17)	6.26 6.22	6.39 6.34
13	Paid-up equity share capital
	(Face value of Rs. 10/- each)	20,829	20,638	20,432	20,829	20,432	20,438
14	Other equity (excluding Non-controlling interests)						2,07,675

Page 1 of 3

$\frac{1}{2}$

Notes to the unaudited consolidated financial results for the quarter and nine months ended December 31, 2020

The above consolidated financial results of Brigade Enterprises Limited ('the Company') and its subsidiaries (together referred to as "the Group") and its associates has been reviewed by the Audit Committee and approved by $\bar{1}$

Details of segment-wise revenue, results and capital employed:						(Rs. in lakhs)
Particulars	Quarter ended 31.12.2020 [Unaudited]	Preceding Quarter ended 30.09.2020 [Unaudited]	Corresponding Quarter ended 31.12.2019 [Unaudited]	Year to date figures for the current period ended 31.12.2020 [Unaudited]	Year to date figures for the preceding period ended 31.12.2019 [Unaudited]	Year ended 31.03.2020 [Audited]
Segment Revenue
Real Estate	53,547	22,146	36,939	87,981	1,49,467	1,95,681
Hospitality	3,020	1,616	9,296	5,600	25,301	33,440
Leasing	8,615	8,030	9,604	24,319	27,055	37,572
Total	65,182	31,792	55,839	1,17,900	2,01,823	2,66,693
Less: Inter Segment Revenues	(719)	(715)	(614)	(2,027)	(2, 199)	(3, 477)
Revenue from operations	64,463	31,077	55,225	1,15,873	1,99,624	2,63,216
Segment Results
Real Estate	9,665	4,501	8,958	16,063	36,222	44,364
Hospitality	(1,904)	(2,703)	934	(7,786)	1,175	1,133
Leasing	3,424	2,445	3,781	8,082	11,221	14,404
Profit before Tax and Interest	11,185	4,243	13,673	16,359	48,618	59,901
Less: Finance costs	(8, 560)	(8, 214)	(8,628)	(25, 685)	(25,981)	(34,034)
Less: Other unallocable expenditure	(2, 253)	(1, 123)	(3, 125)	(5, 125)	(9, 383)	(12, 782)
Less: Exceptional items	(4,000)			(4,000)		(2,050)
Add: Share of Profit of Associate	59	47	45	206	162	160
Add: Other Income	902	1,129	1,638	3.080	4,098	4,940
Profit before Tax	(2,667)	(3,918)	3,603	(15, 165)	17,514	16,135
Segment Assets Real Estate
Hospitality	6,73,482	6,59,258	6,10,893	6,73,482	6,10,893	6, 31, 773
Leasing	98,055 4,34,844	91,996	97,827	98,055	97,827	97,383
Unallocated assets	94,795	4,30,889 94,152	3,83,551 73,127	4,34,844 94,795	3,83,551	4,16,860 80,079
Total Segment Assets	13,01,176	12,76,295	11,65,398	13,01,176	73,127 11,65,398	12,26,095
Segment Liabilities
Real Estate	4,70,471	4,42,102	3,90,260	4,70,471	3,90,260	4,25,206
Hospitality	21,594	21,785	19,523	21,594	19,523	21,497
Leasing	52,363	53,768	42,059	52,363	42,059	55,611
Unallocated liabilities	5,14,089	5,20,637	4,65,280	5,14,089	4,65,280	4,79,081
Total Segment Liabilities	10,58,517	10,38,292	9,17,122	10,58,517	9,17,122	9,81,395

Particulars	Quarter ended 31.12.2020 [Unaudited]	Preceding Quarter ended 30.09.2020 [Unaudited]	Corresponding Quarter ended 31.12.2019 [Unaudited]	Year to date figures for the current period ended 31.12.2020 [Unaudited]	Year to date figures for the preceding period ended 31.12.2019 [Unaudited]	Year ended 31.03.2020 [Audited]
Revenue from operations	52,485	23,336	35,176	91.052	1,40,880	1,84,933
Profit Before Tax	3,768	2,999	7,070	6,363	28,830	34,437
Profit After Tax	2,668	2,241	8,081	4,593	22,019	26,080

The unaudited standalone financial result
viewed on the website of NSE and BSE. ncial results for the quarter and nine months ended 31.12.2020 can be viewed on the Company website www.brigadegroup.com and also be

offer

$\overline{2}$

Notes to the unaudited consolidated financial results for the quarter and nine months ended December 31, 2020

• In accordance with the Indian Accounting Standard (IND AS) 33 Earnings Per Share, specified under Section 133 of the Companies Act 2013, read with relevant rules issued thereunder, the impact of employee stock options and share warrants which are anti-dilutive in nature, have been ignored in the computation of diluted EPS, wherever
• During the quarter ended December 31, 2020, the paid-up equity share capital of the Company has increased from Rs.20,638 lakhs to Rs. 20,829 lakhs pursuant to $\overline{\phantom{0}}$ 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 1,905,611 equity shares thereon
• 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 6 Government, the Group's operations were slowed down/suspended for part of the current period and accordingly the unaudited consolidated financial results for the current quarter and nine months period ended December 31, 2020 are adversely impacted and not fully comparable with those of the earlier periods.

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 the accompanying 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 at the period-end are fully recoverable. The management has estimated the future cash flows for the Group with the possible effects that may result from the COVID-19 pandemic and does not fully recoverable. The management has estimated the futu 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 the accompanying financial results.

During the quarter and year ended March 31, 2020, an impairment loss of Rs. 2,050 lakhs was recognised in the statement of profit and loss, which represented the writedown 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

During the quarter ended and nine months period ended December 31, 2020, the leasing and hospitality 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 nine months period ended December 31, 2020 and the underlying receivables after having regard to the Group's ongoing discussions with certain customers on best estimate basis.

• During the quarter ended 31.12.2020, one of the subsidiaries of the Holding Company has entered into a limited liability partnership agreement with Prestige Estates Projects
  Limited under the name of Prestige OMR Ventures agreement, the LLP is considered as an Associate in the accompanying unaudited consolidated financial results and accounted as per Ind AS 28 - Investment in Associates and Joint Ventures
• 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 $\alpha$ 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 has filed a writ petition in Bangalore High Court against the order of the RBI. Considering the overall uncertainty on recoverability of the aforesaid amount, the Group has made provision in this regard and the same is disclosed as an exceptional item in the accompanying unaudited consolidated financial results
• $\overline{9}$ The Group is subject to legal proceedings for recovery of joint development advances paid towards certain property aggregating to Rs 3,000 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 unaudited consolidated financial results based on the legal evaluation by the Holding Company's management of the ultimate outcome of the proceedings.

For and on behalf of the Board of Directors of
BRIGADE ENTERPRISES LIMITED ENTERA $\omega$ 7 $M. R$ BANGALORE Jaish ď $\epsilon$ Chairman & Aanaging Director 560 055 k hostin ndia February $2021$

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Page 3 of 3

S.R. BATLIBOL& ASSOCIATES LLP

Chartered Accountants

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

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

Review Report to The Board of Directors Brigade Enterprises Limited

• $\mathbf{L}$ We have reviewed the accompanying statement of unaudited standalone financial results of Brigade Enterprises Limited (the "Company") for the quarter ended December 31, 2020 and year to date from April 01, 2020 to December 31, 2020 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
• 1. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 ("the Act") as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• $3.$ We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
• $4.$ Based on our review conducted as above and based on the consideration of the review reports of other auditors of the limited liability partnership firms ("LLP's") referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Act, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

5. Emphasis of Matter

We draw attention to:

• $i)$ Note 4 to the Statement, 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. 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.
• $\overline{ii}$ Note 7 to the Statement, 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 unaudited standalone financial results.

Our conclusion on the Statement 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. Office : 22, Camac Street, Block 'B', 3rd Floor, Kolkata-700 016

S.R. BATLIBOI & ASSOCIATES LLP

Chartered Accountants

The accompanying Statement of quarterly and year to date interim standalone financial results includes 6. the reviewed financial results in respect of 2 LLP's whose interim financial results and other financial information reflect total revenues of Rs 263 lakhs and Rs 755 lakhs, total net profit after tax of Rs. 34 lakhs and Rs. 71 lakhs and total comprehensive income of Rs. 34 lakhs and Rs. 71 lakhs for the quarter ended and for the nine months period ended on December 31, 2020 respectively, as considered in the Statement which have been reviewed by their respective auditors. The reports of such other auditors on interim financial results of these LLP's have been furnished to us, and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these LLP's, is based solely on the reports of such other auditors.

Our conclusion on the Statement is not modified in respect of the above matter.

For S.R. BATLIBOI & ASSOCIATES LLP Chartered Accountants

ICAI Firm registration number: 101049W/E300004

per Adarsh Ranka Partner Membership No.: 209567 UDIN: 21209567AAAAAAX3108

Place: Bengaluru Date: February 04, 2021

$\begin{tabular}{l|c|c|c} \hline \multicolumn{4}{l}{\textbf{BRIGADE ENTERRISES LIMITED}} \ \hline \multicolumn{4}{l}{\textbf{Corporate Identity Number (CIN): LSS110KA1995PLC019126}} \ \hline \textbf{Regd. Office 29th & 30th Floor, World Trade Center, Bragade Gateway Campus, 26/1. \ \multicolumn{4}{l}{\textbf{Dr} Rajkumar Road, Mallssvaram-Rajajimagar. Bargador 560 055} \ \hline \textbf{Phone: +91-80-41379200, 22217017-18} & \multicolumn{4}{l}{$

Statement of Unaudited Standalone Financial Results for the quarter and nine months ended December 31, 2020

	Particulars	Quarter ended 31.12.2020 [Unaudited]	Preceding Quarter ended 30.09.2020 [Unaudited]	Corresponding Quarter ended 31.12.2019 [Unaudited]	Year to date figures for the current period ended 31.12.2020 [Unaudited]	Year to date figures for the preceding period ended 31.12.2019 [Unaudited]	(Rs. in lakhs) Year ended 31.03.2020 [Audited]
r	Income
	(a) Revenue from operations	52,485
	(b) Other income Total income	2,667	23,336 2,646	35,176 3,124	91,052	1.40,880	1,84,933
$\overline{2}$		55,152	25,982	38,300	8,165 99,217	10,660 1,51,540	14,417 1,99,350
	Expenses
	(a) Sub-contractor cost	14.126
	(b) Cost of raw materials, components and	822	11.021 586	12.641	31.429	35.933	52,027
	stores consumed (c) Land purchase cost			1.497	1.782	4,732	5,721
	(d) (Increase)/ decrease in inventories of	26.670			26.670	29.217	40.898
	stock of flats. land stock and work-in-progress	(6,910)	88	2,842	(6.346)	7,422	5.144
	(e) License fees and plan approval charges (f) Architect and consultancy fees	10	390	354
	(g) Employee benefits expense	260	261	297	565 781	3,838 948	4,278
	(h) Depreciation and amortization expense	2,533 2.312	1.464	3,251	6,182	10,009	1.285 12,139
	(i) Finance cost (j) Other expenses	5.058	2,056 5.148	2,154	6,388	5,789	7,560
	Total expenses	2.503	1,969	5,089 3,105	15,219 6.184	15,206 9,616	20,050
		47,384	22,983	31,230	88,854	1,22,710	14,361 1,63,463
3	Profit/(Loss) before exceptional items and tax (1-2)	7,768	2,999	7,070	10,363	28,830	35,887
$\overline{4}$	Exceptional items (refer note 4 and 6 below)	4.000	z
5	Profit/(Loss) before tax (3-4)			۰	4.000		1.450
6		3.768	2,999	7,070	6,363	28,830	34,437
	Tax expense (i) Current tax
	(ii) Deferred tax charge/(credit)	853	680	1.499	1.533	5,274	6.966
	Total	247 1,100	78	(2.510)	237	1.537	1,391
	Net profit for the period (5-6)		758	(1, 011)	1,770	6,811	8,357
		2,668	2,241	8,081	4,593	22,019	26,080
	Other comprehensive income
	(i) Items that will not be reclassified to profit and loss	٠	$\overline{4}$	37	(14)
	(ii) Income tax relating to items that will not be reclassified to	٠	(2)			(25)	(12)
	profit and loss Total			(16)	3	6	3
		÷	$\mathbf{2}$	21	(11)	(19)	(9)
	Total Comprehensive Income for the period [Comprising Net profit for the period and Other Comprehensive Income (7+8)]	2,668	2,243	8,102	4,582	22,000	26,071
	Earnings per equity share: (of Rs. 10/- each) (not annualised)
	a) Basic	1.29
	b) Diluted	1.28	1.09 1.08	3.95 3.92	2.23	10.78	12.76
	Paid-up equity share capital (Face value of Rs. 10/- each)	20,829	20.638	20.432	2.21 20,829	10.71 20.432	12.66 20.438
	Other equity
							2,33,915

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Notes to the unaudited standalone financial results for the quarter and nine months ended December 31, 2020

The above standalone financial results of Brigade Enterprises Limited ('the Company') has been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their meeting held on February 04, 2021

Details of standalone segment-wise revenue, results and capital employed:

		Quarter ended					(Rs. in lakhs)
	Particulars	31.12.2020 [Unaudited]	Preceding Quarter ended 30.09.2020 [Unaudited]	Corresponding Quarter ended 31.12.2019 [Unaudited]	Year to date figures for the current period ended 31.12.2020 [Unaudited]	Year to date figures for the preceding period ended 31.12.2019 [Unaudited]	Year ended 31.03.2020 [Audited]
	Segment Revenue
	Real Estate	47.178	18.257	27,839	76.055
	Leasing	5.273	5.056	7.394	14,926	1,20,070 21,033	1.57.093
	Total	52,451	23.313	35,233	90,981	1.41.103	28,102 1,85,195
	Add: Share of profits/(losses) in subsidiary partnership firms	34	23	(57)	71	(223)	(262)
	Revenue From Operations	52,485	23,336	35,176	91,052
п	Segment Results Real Estate Leasing	9.218 3.005	4.465 2,307	7.844	15.256	1,40,880 30.529	1,84,933 38.052
	Profit before Tax and Interest	12,223	6,772	4,257 12,101	7.060	12.436	16,485
	Less: Finance costs	(5.058)	(5.148)	(5.089)	22.316 (15.219)	42.965 (15, 206)	54,537
	Less: Other unallocable expenditure	(2.098)	(1.294)	(3.009)	(4.970)	(9.366)	(20.050) (12.755)
	Less: Exceptional items Add: Share of profits/(losses) in subsidiary partnership	(4.000)		۰	(4,000)		(1.450)
	firms	34	23	(57)	71	(223)	(262)
	Add: Other Income Profit before Tax	2.667	2.646	3,124	8.165	10,660	14,417
Ш	Segment Assets	3,768	2,999	7,070	6,363	28,830	34,437
	Real Estate Leasing Unallocated assets	3.66.793 1.44.375	3.61.420 1.45,545	3.68,468 1,52,020	3.66.793 1.44.375	3.68.468 1.52.020	3.65.328 1.54.407
	Total Assets	2,85,219	2.79.554	2.40.196	2,85,219	2,40,196	2,46,853
IV	Segment Liabilities	7,96,387	7,86,519	7,60,684	7,96,387	7,60,684	7,66,588
	Real Estate Leasing Unallocated liabilities	2.96.171 21.191 2.14.673	2.81.989 21.772 2.23.717	2.72.359 20.821 2,14,945	2.96.171 21.191 2.14.673	2.72.359 20.821 2,14.945	2.74.301 22.565 2,15,369
	Total Liabilities	5.32.035	5.27.478	5.08125	E 23.035	200000	$-$

During the quarter ended December 31, 2020, the paid-up equity share capital of the Company has increased from Rs.20,638 lakhs to Rs. 20,829 lakhs pursuant to conversion of conversion of conversion of conversion of convers $\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\over$

The outbreak of Covid-19 pardemic globally and in India has caased significant disturbance ard alowdown of economic activities. Due to the lockdown announced by the Government, the Company's eperations were slowed down/sus $\overline{a}$

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

During the quarter and year ended March 31, 2020, an impairment loss of Rs. 1.450 lakhs was recognised in the statement of profit and loss, which represented 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

During the quarter and nine mont's period ended December 31, 2020, the leasing operations of the Company were impacted due to Covid-19 restrictions. Due to the prevailing circumstances, the Company has recognized revenue f

In accordance with the Indian Accounting Standard (IND AS) - 33 Earnings Per Share, specified under Section 133 of the Companies Act 2013, read with relevent rules issued thereunder, the impact of employee stock options an

The Company had investment of Rs 4,000 lakhs in Tier II bonds of Lakshmi Vilas Bank (LVB). The Roserve Bank of India ('RBI'), in its communication in November 2070 advised toe administrator of LVB to write down the Tier II $\overline{6}$

The Company is subject to legal proceedings for recovery of joint development advances paid towards certain property aggregating to Rs 3,000 lakhs. Pending resolution of the aforesad proceedings, no provision has been made

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Fer and on tehalf of the Board of Directors of
BRIGADE/ENTERPRISES LIMITED NTERA $\omega$ anka Q b & Managing Directo Chair NGALORE $\tilde{\circ}$ 560 055 04.2021 ૪ $\ddot{\phantom{0}}$

$\overline{1}$

& Association tigoi ó $\overline{a}$ S Ə Bengaluru $\omega$ S δ

BRIGADE ENTERPRISES LIMITED

Investor Presentation 9M FY21

(CIN: L85110KA1995PLC019126)

1

• decades of experience • Reputation of developing Grade A properties • Business Portfolio of Residential, Lease Rentals and Hospitality projects by GPTW Institute

What we stand for -

• Shared Vision: To be a World Class Organization in our Products, Processes, People & Performance
• Shared Mission:

To be the Preferred Developer of Residential, Commercial & Hospitality Spaces in the market in which we operate, without compromising on our values, for the benefit of all our stakeholders QC-First – Quality, Customer Centricity, Fair, Innovative, Responsible Socially,

• Core Values:

Trustworthy

Our presence

Segments highlights and share of business by revenue Real Estate – On Sale Basis

• an increase of 29% • Launched 1.2 Mn sft during Q3 FY21

Lease Rentals

• 26% occupancy *EOSS – End of Season Sale

Hospitality

Summary: Ongoing Projects

Summary: Ongoing Projects
Projects	Project Area	Co Share	Area in Mn sft LO/JV share
Real Estate projects for sale	7.87	5.57	2.30
Brigade Orchards *	1.82	0.91	0.91	29%
Brigade Cornerstone Utopia*	4.00	2.66	1.34
Brigade Residences at WTC Chennai*	0.57	0.29	0.28
Brigade El Dorado*	1.70	1.70	-
Total Real Estate (A)	15.96	11.13	4.83
Brigade Southfield	0.35	0.21	0.14	Brigade's share of Project Area
Brigade Tech Gardens*^	3.20	1.63	1.57
WTC Chennai*	2.00	1.02	0.98
Brigade Twin Towers	1.30	1.30	-	27%
Total Leasing (B)	6.85	4.16	2.69
Ibis Style, Mysore*	0.11	0.11	-
Total Hospitality (C)	0.11	0.11	-
Total (A+B+C)	22.92	15.40	7.52
* Projects in SPV ^ 1.2 Mn sft has been completed and is operational in Brigade Tech Gardens

Contents

1	Real estate sales at all time high
2	Stable rental portfolio
3	Hospitality performance improving but remains subdued
4	Financial Performance
5	Land Bank
6	Projects Launched and Upcoming Launches

• projects like:
• Hyderabad

• Bangalore

• Brigade Millennium Annexe

• Brigade Northridge Phase 2

• Brigade Atmosphere Phase 2

• Brigade Gem

• Chennai

Group Sales Snapshot

	Group Sales Snapshot
			Quarterly				Nine Months
Particulars	Q3 FY21	Q2 FY21	Q3 FY20	Q3 FY21 on Q2 FY21	Q3 FY21 on Q3 FY20	9M FY21	9M FY20	9M FY21 on 9M FY20
				Area Sales ('000 sft)
Residential	1,478	970	979	52%	51%	2,842	3,032	(6%)
Commercial	55	18	103	205%	(47%)	100	179	(44%)
Total	1,533	988	1,082	55%	42%	2,942	3,211	(8%)
				Sale Value (INR Mn)
Residential	8,793	5,656	5,157	55%	71%	16,682	15,714	6%
Commercial	439	104	878	322%	(50%)	809	1,542	(48%)
Total	9,232	5,760	6,035	60%	53%	17,491	17,256	1%
Realization (INR/sft)	6,022	5,833	5,580	3%	8%	5,945	5,375	11%

Consolidated synopsis of Real Estate Projects

Consolidated synopsis of Real Estate Projects
Particulars	Ongoing BEL Projects	Ongoing SPV Projects *		Stock Sales	Total
			In Mn sft
			BEL	SPV
Total super built-up area of projects on sale basis	13.57	2.39	1.00	0.20	17.16
Less: Landowner share	3.64	-	-	-	3.64
Company share of saleable area	9.93	2.39	1.00	0.20	13.52
Sold till date	5.96	1.06	-	-	7.02
To be sold	3.97	1.33	1.00	0.20	6.50
			INR Mn
Estimated receipts	55,388	15,821	9,223	1,449	81,881
From sold units	32,595	6,367	3,816	550	43,328
From unsold units	22,793	9,454	5,407	899	38,553
Collections to date on sold units	14,625	3,601	1,905	492	20,623
Remaining to be collected from sold units	17,970	2,766	1,911	58	22,705
Remaining to be collected from sold and unsold units [A]	40,763	12,220	7,318	957	61,258
Estimated Total Cost	43,281	12,749	3,405	566	60,001
Cost incurred till date	15,829	9,094	3,405	566	28,894
Remaining Cost to be incurred [B]	27,452	3,655	-	-	31,107
Gross Operating Cash Flows [A] –[B]	13,311	8,565	7,318	957	30,151
Present Borrowings [C]	2,202	1,841	1525	516	6,084
Net Operating Cash Flows projected [A] - [B] - [C]	11,109	6,724	5,793	441	24,067
* Brigade Orchards and Brigade Residences at WTC Chennai

Contents

1	Real estate sales at all time high
2	Stable rental portfolio
3	Hospitality performance improving but remains subdued
4	Financial Performance
5	Land Bank
6	Projects Launched and Upcoming Launches

Our Leasing Portfolio: Operating Assets

Our Leasing Portfolio: Operating Assets
			Area in Mn
Retail 1.05 0.26
			Leased Out
Office 2.46		1.01	To Be Leased Out
Particulars	Leasable Area	Leased	To be Leased
Brigade Tech Gardens Phase 1	1.24	0.80	0.44*
WTC Bangalore	0.62	0.62	-
Brigade Opus	0.30	0.21	0.09

Our Leasing Portfolio: Operating Assets
Retail 1.05 0.26			Leased Out
Office 2.46		1.01	To Be Leased Out
Particulars	Leasable Area	Leased	To be Leased
Brigade Tech Gardens Phase 1	1.24	0.80	0.44*
WTC Bangalore	0.62	0.62	-
Brigade Opus	0.30	0.21	0.09
Brigade Bhuwalka Icon	0.19	0.19	-
WTC Kochi	0.77	0.55	0.22
Brigade Financial Centre, Gift City	0.29	0.03	0.26
Orion Gateway	0.83	0.71	0.12
Orion Uptown	0.27	0.18	0.09
Orion Avenue (BEL Share)	0.15	0.10	0.05
Brigade Vantage, Chennai	0.06	0.06	-
Others	0.06	0.06	-
	4.78	3.51	1.27

Our Pre- Leasing Portfolio:				Area in Mn sft
Particulars	Leasable Area	Leased	Hard option	To be transacted
Brigade Tech Gardens Phase 2	1.76	0.19	0.01	1.56
WTC Chennai	2.01	1.37	0.31	0.33
Brigade Southfield	0.35	0.35	-	-
Total	4.12	1.91	0.32	1.89
	Artist's impression of Brigade Southfield			Artist's impression of WTC Chennai

Capex Commitment: Commercial

Capex Commitment: Commercial
Projects	Estimated cost	Incurred	(INR Mn) Balance^
	Commercial Lease
Brigade Southfield	1,144	801	343
Brigade Tech Gardens*	11,900	10,908	992
WTC Chennai*	8,000	7,043	957
	5,999	747	5,252
Brigade Twin Towers
Total Commercial Lease	27,043	19,499	7,544

^ As of December '20

Contents

1	Real estate sales at all time high
2	Stable rental portfolio
3	Hospitality performance improving but remains subdued
4	Financial Performance
5	Land Bank
6	Projects Launched and Upcoming Launches

Hospitality performance improving but remains subdued

• quarter

Positive GOPs in most hotels due to continued monitoring of operating costs

*Emergency Credit Line Guarantee Scheme

Hospitality Business Performance

Witnessing improvement in occupancy Q-o-Q

Capex Commitment: Hospitality

	Capex Commitment: Hospitality
				(INR Mn)
Projects	Estimated cost	Incurred	Balance	Planned Number of Keys
Ibis Style Mysore*	730	206	524	151
Total Hospitality	730	206	524	151

* Through SPV

Contents

1	Real estate sales at all time high
2	Stable rental portfolio
3	Hospitality performance improving but remains subdued
4	Financial Performance
5	Land Bank
6	Projects Launched and Upcoming Launches

Consolidated Financials: Snapshot

Consolidated Financials: Snapshot
			9M FY21 on				Q3 FY 21 on	(INR Mn) Q3 FY 21 on
Particulars	9M FY21	9M FY20	9M FY20	Q3 FY 21	Q2 FY 21	Q3 FY 20	Q2 FY 21	Q3 FY 20
Revenue	11,895	20,372	(42%)	6,537	3,221	5,686	103%	15%
EBITDA	3,140	5,691	(45%)	1,575	986	1,719	60%	(8%)
Finance costs	2,568	2,598	(1%)	856	821	863	4%	(1%)
Profit before depreciation	571	3,092	(82%)	719	165	857	336%	(16%)
Depreciation	1,709	1,357	26%	591	562	501	5%	18%
Profit before share from Associate & Exceptional item	(1,137)	1,735	(166%)	127	(397)	356	(132%)	(64%)
Add: Profit from Associate	21	16	27%	6	5	5	26%	31%
Less: Exceptional Item	400	-	-	400	-	-	-	-
PBT	(1,516)	1,751	(187%)	(267)	(392)	360	(32%)	(174%)
Tax charge / (credit)	(357)	501	(171%)	(52)	(86)	(49)	(39%)	6%
PAT	(1,160)	1,250	(193%)	(215)	(306)	409	(30%)	(152%)
PAT after MI	(859)	1,279	(167%)	(161)	(171)	493	(6%)	(133%)
EBITDA/Revenue	26%	28%		24%	31%	30%
PBT/Revenue	(13%)	9%		(4%)	(12%)	6%
PAT/Revenue	(10%)	6%		(3%)	(10%)	7%

Business Segment Performance: 9M FY21

Business Segment Performance: 9M FY21
Particulars	Real Estate	Hospitality	Lease Rental	Total	(INR Mn) % of Revenue
Revenue	8,809	588	2,498	11,895	100%
as % of Total	74%	5%	21%	100%
Direct Expenses	6,316	88	54	6,458	54%
Admin Expenses	236	339	407	982	8%
Selling Cost	210	20	50	280	2%
Employee cost	539	296	201	1,036	9%
EBITDA	1,509	(155)	1,786	3,140	26%
EBITDA / Revenue %	17%	(26%)	71%	26%
Finance costs	816	394	1,358	2,568	22%
PBDT	692	(549)	428	571	5%
Depreciation	56	587	1,066	1,709	14%
PBTE	637	(1,136)	(638)	(1,137)	(10%)
PBTE/ Revenue %	7%	(193%)	(26%)	(10%)

Consolidated Cash Flows

Consolidated Cash Flows
						(INR Mn)
Particulars	Q3 FY21	Q2 FY21	Q1 FY21	Q3 FY20	9M FY21	9M FY20
Operating Activities
Total Collections	6,819	5,359	3,757	7,362	15,935	18,201
Direct Cost/Construction Cost	(2,676)	(2,145)	(1,859)	(3,698)	(6,680)	(9,747)
Landowner Payments	(524)	(353)	(358)	(341)	(1,235)	(793)
Employee and Admin Expenses	(635)	(524)	(370)	(851)	(1,529)	(2,523)
Sales & Marketing Expenses	(181)	(200)	(107)	(273)	(488)	(696)
Statutory Payments	(296)	(255)	(238)	(520)	(789)	(1,467)
Other Payments	(9)	(53)	(3)	(1)	(65)	(41)
Net Cash Flow from Operating Activities (A)	2,498	1,829	822	1,678	5,149	2,934
Investment Activities
Cash from Investment Activities (FD & MF)	1,011	1,039	499	376	2,549	1,804
Construction Cost (CWIP/Capex Projects)	(1,357)	(1,379)	(1,192)	(2,016)	(3,928)	(5,711)
Investment in Land/JD/JV/TDR	112	(1,655)	(70)	310	(1,613)	(313)
Other Investments (FD & Mutual Fund)	(1,263)	(1,088)	(1,392)	(209)	(3,743)	(1,317)
Net Cash Flow from Investment Activities (B) Financing Activities	(1,497)	(3,083)	(2,155)	(1,539)	(6,735)	(5,537)
Debt Drawdown	1,498	4,438	3,432	2,132	9,368	8,200
Investment by PE	10	500	-	150	510	920
Proceeds from ESOP/Share Warrants	250	269	-	2	519	299
Dividend Payment	-	-	-	(30)	-	(352)
Debt Repayment	(1,841)	(2,419)	(2,422)	(967)	(6,682)	(3,445)
Finance costs	(982)	(1,198)	(558)	(936)	(2,738)	(2,680)
Net Cash Flow from Financing Activities (C)	(1,065)	1,591	452	351	977	2,942
Net Cash Flows for the Period (A+B+C)	(64)	337	(881)	490	(609)	339

Capital Allocation: Segment-wise as of 31st December 2020

	Capital Allocation: Segment-wise as of 31st				December 2020
							(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 %
Real Estate	17,991	6,084	24,075	0.34	7%	24,075	9%
Hospitality	3,627	5,738	9,365	1.58	(14%)	9,038	-
Leasing	8,504	31,169	39,673	3.67	6%	15,737	15%
Less: Cash Balance		4,852
Total	30,122	38,139	73,113	1.27	2%	48,850	9%

Consolidated Debt Profile

Consolidated Debt Profile
Particulars	As on Dec-20	As on Sept-20	As on Dec-19
Real Estate	6,084	7,495	6,975
Hospitality	5,738	5,575	5,387
GOP Securitised	4,257	4,302	4,173
Capex	1,481	1,273	1,214
Leasing	31,169	30,341	25,800
Securitised Lease Rental	17,193	17,010	12,417
Capex	13,976	13,330	13,383
Less: Cash & Cash Equivalents	4,852	5,133	3,980
Net Debt	38,139	38,277	34,182
Less: SPV Partner's share of debt	8,660	8,367	6,337
Exposure of BEL	29,479	29,910	27,845
Cost of Debt (Consolidated)	9.00%	9.23%	9.62%
Credit Rating	CRISIL "A"; ICRA "A"	CRISIL "A"; ICRA "A"	CRISIL "A"; ICRA "A"

Debt Profile

Average cost of borrowing is at all time low of 9.0%, resulting in annualized savings of ~INR 25 Cr

Standalone Financial Statements

Particulars 9M FY21 9M FY20 9M FY21 on 9M FY20 Q3 FY 21 Q2 FY 21 Q3 FY 20 Q3 FY 21 on Q2 FY 21 Q3 FY 21 on Q3 FY 20 Turnover 9,922 15,154 (35%) 5,515 2,598 3,830 112% 44% EBITDA 3,197 4,983 (36%) 1,514 1,020 1,431 48% 6% Finance costs 1,522 1521 - 506 515 509 (2%) (1%) Profit before depreciation 1,675 3,462 (52%) 1,008 505 922 100% 9% Depreciation 639 579 10% 231 205 215 13% 8% PBTE 1,036 2,883 (64%) 777 300 707 159% 10% Less: Exceptional Items 400 - - 400 - - - - PBT 636 2,883 (78%) 377 300 707 26% (47%) Tax charge / (credit) 177 681 (74%) 110 76 -101 45% (209%) PAT 459 2202 (79%) 267 224 808 19% (67%) EBITDA/Revenue 32% 33% 27% 39% 37% PBT/Revenue 6% 19% 7% 12% 18% PAT/Revenue 5% 15% 5% 9% 21% * 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 at all time high
2	Stable rental portfolio
3	Hospitality performance improving but remains subdued
4	Financial Performance
5	Land Bank
6	Projects Launched and Upcoming Launches

Brigade's Land Bank

Developable Area Details

Developable Area Details
Product	Project Area in Mn sft	BEL Share in Mn sft	Project Area: Location
Residential	30.1	21.7
Commercial-Sale	1.2	0.7
Commercial-Lease	7.2	6.5
Hotel	0.4	0.4
Total	38.9	29.3
Location	Project Area in Mn sft	BEL Share in Mn sft
Bangalore	30.7	23.4
Chennai	3.9	2.2
Thiruvananthapuram	2.2	2.2
Hyderabad	1.1	0.7
Mysore	0.6	0.4
GIFT City	0.3	0.3
Kochi	0.1	0.1
	38.9	29.3	Kochi

1	Real estate sales at all time high
2	Stable rental portfolio
3	Hospitality performance improving but remains subdued
4	Financial Performance
5	Land Bank
6	Projects Launched and Upcoming Launches

Projects Launched: 9M FY21

Projects Launched: 9M FY21
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

Upcoming Launches

Upcoming Launches
Segment	Total Area (Mn sft)	Brigade Economic Interest (Mn sft)
Residential	2.62	1.94
Leasing	0.76	0.50
Total	3.38	2.44

Awards and Accolades

12th Realty Conclave & Excellence Awards

Commercial Project of the Year

32

Awards and Accolades

REMAX Estate Awards

Brigade Utopia (National)

Brigade Tech Gardens Commercial property of the year (South)

Brigade Orion Mall @ Gateway

Shareholding Pattern

34

Board of Directors

• Masters in Business Administration
• Promoter of the Brigade Group

Executive Director

• Masters of Mgmt, Hospitality from Cornell University
• Part of Promoter Group

Independent Director

• MBA from Wharton School, University of Pennsylvania
• Author and Entrepreneur

Executive Director

• B Tech and Masters' in Building Engineering and Management

Independent Director

• MBA from Boston University
• Retired IAS Officer

Executive Director

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

Panchapagesan Pavitra Shankar

Independent Director

• CA, CWA, IIM K Alumni
• Faculty at IIM B

Independent Director

• Former MD of SBI

Executive Director

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

Independent Director

• Masters in Science • PG Diploma in Business Management
• Rich experience in Real Estate

Ongoing Residential Projects

Ongoing Commercial Projects

Completed Projects

Atul Goyal Chief Financial Officer

Om Prakash P Company Secretary

Rajiv Sinha rajivsinha@brigadegroup.com

Malleswaram-Rajajinagar, Bangalore 560055 Thank you

Brigade Enterprises Limited

29th & 30th Floor, World Trade Center Brigade Gateway Campus, Dr Rajkumar Road,

Email:investors@brigadegroup.com (CIN: L85110KA1995PLC019126)

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.

PRESS RELEASE

BRIGADE RECORDS HIGHEST EVER PRESALES OF 1.53 MN SFT WITH TOTAL VALUE OF ₹923 CR IN Q3 OF FY21

Bengaluru, February 4, 2021: Brigade Enterprises Ltd. has reported its highest ever presales of 1.53 mn sft valued at ₹923 Crores during Q3 FY21. The company reported revenue growth of 103% for the quarter ended December 2020 with total quarter-on-quarter revenue, growing from ₹322 Crores in Q2 FY21 to ₹654 Crores in Q3 FY21. The residential business continued to report positive numbers, with QoQ presales value growth of 60%. During the quarter under review, Brigade reduced its real estate debt by ₹141 Crores with consistent decrease in cost of debt, the average cost of debt stood at 9%.

Commenting on the results, Chairman and Managing Director, Mr. M.R. Jaishankar, Brigade Enterprises Ltd. said, "We witnessed resilience across all verticals of our business during the quarter, with the residential segment taking the lead. The comeback in the residential sector has been sharp driven by the current favourable environment for consumers to buy a home. Our total collections for the quarter stood at ₹ 682 Crores. Furthermore, November witnessed the launch of our new project in Moti Nagar, Hyderabad - Brigade Citadel - which has been received very well in the market and registered record pre-launch bookings. Projects in Chennai and Bengaluru also continue to deliver consistently high results. We expect the Office business to gain momentum in the coming quarters as enquiries are building up and our office rental collections are stable. The Retail business is back to 70% of the Pre-COVID levels and will scale up further from here and all efforts are being made to improve the Hospitality business. We will continue to see sales move in the upward direction with market consolidation and established players growing at higher levels."

Real Estate Highlights

The real estate segment achieved the highest presales in a quarter of 1.53 mn sq ft in Q3 FY21. In fact, the sales value is up 60% QoQ at Rs. 923 Crores and realization per sq ft (of 6022 per sq ft) has gone up 3% compared to the previous quarter. Cash inflow for Q3 FY21 stands at Rs. 532 Crores in this segment when compared to Rs. 426 Crores in Q2 FY21. Mid-segment housing, where the ticket size ranges from 50 lakhs to 1.5 crores, continued to show strong momentum in the last quarter. Brigade will go into the next quarter with a strong pipeline of ongoing projects at 15.96 mn sq ft and upcoming projects of 2.62 mn sq ft.

Lease Rental

The leasing segment of the commercial business of Brigade remains stable and positive with around 99% collections, overall, there was improved traction in enquiries and a healthy pipeline of 1 mn sq ft. Even the malls are witnessing increased occupancy and footfalls month-on-month.

Brigade Enterprises Limited, 29th & 30th Floor, World Trade Center, Brigade Gateway Campus. 26/1, Dr Rajkumar Road, Malleswaram-Rajajinagar, Bangalore-560 055, Karnataka, India.

Hospitality

The hospitality business, which was impacted the most due to COVID-19 travel restrictions that are in place has reported a 27% average occupancy compared to 15% in the previous quarter with better traction in the F&B and banquet business.

Financial Highlights (Consolidated):

Revenue in Q3 FY21 stood at ₹ 654 Crores as against ₹ 322 Crores in Q2 FY21; an increase of 103% EBITDA stood at ₹157 Crores in Q3 FY21 as against ₹99 Crores in Q2 FY21; an increase of 60%. Real estate debt was reduced by ₹ 141 Crores in Q3 FY21; average cost of debt stood at 9%. PAT (after MI) during the quarter under review stood at ₹-16 Crores in Q3 FY21 as compared to ₹-17 Crores in Q2 FY21. The upward trend can be attributed to the strong performance of the residential sector and the uptick in the commercial, retail and hospitality verticals of the company.

About Brigade Enterprises

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 investors@brigadegroup.com

For more information, please contact: Miriam Macwana, Brigade Enterprises Ltd., Sr. DGM- Corporate Communications, Phone: +91 80 41379200 E-mail: miriammacwana@brigadegroup.com

ER BANGALORE З 560 055

Brigade Enterprises Limited, 29th & 30th Floor, World Trade Center, Brigade Gateway Campus, 26/1, Dr Rajkumar Road, Malleswaram-Rajajinagar, Bangalore-560 055, Karnataka, India.