Brigade Enterprises shares soared in morning deals on BSE on Thursday (November 9), continuing their rally for the second straight session, and clocked an all-time high of Rs 749.85 apiece. The uptrend in the stock can be attributed to a strong July–September quarter (Q2 FY24) posted by the company.

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At around 10:28 a.m. on Thursday, shares of Brigade Enterprises traded 5.63 per cent or Rs 39.1 higher at Rs 733.05 apiece. The market capitalisation of the company at around the same time stood at Rs 16,922.49 crore. 

On Wednesday, after market hours, Brigade Enterprises announced its Q2 results, which showed that its consolidated profit rose by 72 per cent to Rs 133.5 crore for the September quarter as against Rs 77.6 crore in the year-ago quarter.

The real estate company's consolidated revenue rose by 55 per cent to Rs 1,367 crore from Rs 879 crore in the same quarter last fiscal. The earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 50 per cent to Rs 324.8 crore in the second quarter of the current fiscal as compared to Rs 216.5 crore a year ago.

The company's margin, a key to measuring profitability, stood at 24.6 per cent against 24 per cent YoY.

All business verticals contributed to the growth in Q2 FY24. The residential segment continued to outperform with strong absorption across key markets, heightened end-user interest, stable registration processes, steady home loan rates, and an excellent response to new launches.

Brigade Enterprises share price: Past performance 

In 2023 so far, shares of Brigade Enterprises have gained over 57 per cent, a sharp rise against Nifty 50's rise of over 6 per cent.

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