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Indian real estate firm Brigade Enterprises reported a 72% rise in second-quarter profit on Wednesday, helped by strong demand for housing projects.

The property developer's consolidated net profit rose to 1.34 billion Indian rupees ($16.1 million) from 775.8 million rupees a year earlier.

Revenue from real estate, its largest unit, rose 70% to 10.34 billion rupees.

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KEY CONTEXT

The Indian real estate sector has seen strong housing demand in the quarter as consumer confidence drove purchases in the sector despite high borrowing rates.

Peers Prestige Estates Projects and DLF also reported a significant rise in their Q2 profits. Sobha, however, posted a fall in its second-quarter profit on higher land purchase costs.

PEER COMPARISON

Valuation (next 12 Estimates (next 12 Analysts' sentiment

months) months)

RIC PE EV/EBITDA Revenue Profit Mean # of Stock to Div

growth growth rating* analysts price yield

target** (%)

Brigade Enterprises 37.63 15.06 17.31 36.97 Strong 12 1.00 0.30

Buy

Prestige Estates 37.55 14.56 15.58 19.81 Buy 16 1.14 0.19

Projects

Sobha 21.23 11.61 16.17 83.95 Strong 12 0.90 0.39

Buy

DLF 46.66 56.17 17.27 30.55 Buy 16 1.05 0.68

* Mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** Ratio of the stock is last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

JULY-SEPT STOCK PERFORMANCE

-- All data from LSEG