Sobha Ltd Highest Ever Quarterly Sales Value of Rs. 11.64 Bn
Sobha Ltd announced its financial results for the quarter and half-year ending September 2022. Brief highlights include the highest ever quarterly sale value of Rs. 11.64 bn with a 13% increase YoY aided by the highest ever sales price realization of Rs 8,709 / sq ft and consistent sales volume at 1.34 mn sq ft. Highest ever quarterly operational collections at Rs. 13.36 bn, supported by the increased pace of construction, sustained sales momentum, and improved operations in contracts and manufacturing. Launched 3 new projects in Q2-FY23 with a total saleable area of 0.88 mn sq ft. Thiruvananthapuram, the capital of Kerala becomes the eleventh city where Sobha has its residential presence with the launch of Sobha Meadows – Whispering Hill. PAN India’s launch pipeline of 10.93 mn sq ft ensures good visibility to capture growth. Completed projects with a developable area of 1.27 mn sqft and saleable area of 0.8 mn sq ft in Q2-FY23. Jagadish Nangineni, Managing Director, Sobha Ltd said, “Our continued focus on operational excellence coupled with strong customer confidence in the brand has helped significantly improve our key business metrics and reflects in the healthy financial and operational numbers. We are uniquely positioned through our vertically integrated operating model and geographical diversification to capitalize on the opportunities in the residential real estate space in a high urban growth economic environment. Our disciplined growth mindset and investment in technology, people, and process improvements will accelerate growth across all our business segments. With an inventory pipeline of 23 mn sft, improved financial structure after eight consecutive quarters of debt reduction by Rs. 11.6 bn through internal accruals, and high visibility of future cash flows, we aim to deliver consistent long-term performance.”
Tags : Sobha Ltd financial results sales operational collections Jagadish Nangineni Managing Director Sobha Ltd