Sobha Limited (SOBHA) announced its financial results for the quarter ending December 31, 2023 (Q3-FY24). Reported strong results with impressive sales and operational growth across all regions.
Achieved highest ever collection, realisation and sales value in Q3 and 9-month FY24. Quarterly sales value of Rs 19.52 bn, up 37.0% YOY and 13.2% from Q2-FY24. New sales area rose to 1.66 mn sft. from 1.48 mn sft. compared to Q3-FY23. Bengaluru achieved its highest-ever quarterly sales, totalling 1.25 mn. sft. valued at Rs 14.99 bn. The Average Price Realization rose to Rs 11,732 per sft. increase of 21.5% compared to Q3-FY23.
Launched two new projects in Q3 with a total saleable area of 3.84 mn sft. Achieved highest ever quarterly Real Estate collection of Rs 12.93 bn, up 11.8% YOY. Consistent positive cash flow resulted in reduction of net debt /equity ratio to 0.54. Successfully completed 1.04 million sft. of SBA. 9-month FY24 revenue was Rs 24.26 bn, up by 12.2% from 9-month FY23. Q3-FY24 revenue was Rs 7,137 mn. PAT was at Rs153 mn for Q3-FY24 and Rs 131 mn for Q2-FY24. Up by 16.8%
Jagadish Nangineni, Managing Director, SOBHA Limited said, "In Q3 of this fiscal year, SOBHA achieved its highest-ever sales value and realisation, driven by robust housing demand and the successful launch of SOBHA Neopolis in Bengaluru. Our steadfast dedication to delivering top-quality real estate has amplified the demand for SOBHA homes across all operating cities. With a keen focus on new launches and clear inventory visibility across projects at various stages, we are poised to execute our growth plans effectively. Our focus on cash flow and disciplined capital allocation strengthens our financial and operational capabilities while expanding our inventory for growth. Aided by a robust financial and operational model, we are well-positioned to leverage India's positive and growth oriented socio-economic environment."
