SOBHA Limited announced its audited financial results for the for the fourth quarter and full year ending March 2024. SOBHA, a leading real estate developer with pan India presence, marked its strongest year (FY-24) so far, achieving its best ever annual sales value of Rs. 66.44 billion. This remarkable achievement is complemented by generating record collections of Rs 57.9 bn, new area sales of 6.08 mn sq ft and an average price realization of Rs. 10,922/sq ft. Notably, SOBHA has successfully launched six residential projects during the fiscal year, adding 7.02 mn sq ft to its illustrious portfolio catering to diverse market segments, reflecting SOBHA's commitment to innovation and customer-centricity.
Sales area grew by 7.7% over FY-23 to 6.08 mn sq ft from 5.65 mn sq ft, crossing the 6 mn sq ft milestone of new sale volume and Rs. 6,500 crore of annual sale value. Sales value registered growth of 27.8% to Rs. 66.44 bn from Rs. 51.98 bn. Average realization improved by 18.7% to Rs. 10,922 per sq ft compared to FY-23.
Four new residential projects launched with a total saleable area of 3.18 mn sq ft. in Q4-24. Launched 7.02mn sq ft. spread over six projects across various cities of operation, showcasing a substantial increase from the previous fiscal year.
Debt reduction continued for 14 consecutive quarters with Debt/Equity ratio now at 0.50 in Q4-24. Real estate collections: Q4-24 was at Rs 14.98 bn and FY-24 at Rs. 57.97 bn, marking a 10% increase YoY. Net cashflow: Rs 0.81 bn for Q4-24 and Rs 3.77 bn in FY-24. Net revenue up 10.3% to Rs. 7.91 bn in Q4-24 compared to Q3-24 at Rs. 7.13 bn. PAT was at Rs. 0.07 bn in Q4-24, and Rs. 0.49 bn in FY-24.
The impressive growth in sales for the company was driven by customer preference for large luxury homes from a trusted developer, which led the way for Bangalore to contribute a significant 67.5% to the overall sales value followed by Kerala with 15.2% and Gurugram with 8.8%. Additionally, in FY-24, 30% of our sales value came from houses priced at Rs. 2 crore and above, 28% from houses priced above Rs. 3 crores, and 24% from houses priced between less than Rs. 1 crore and Rs. 2 crores. The net debt stands at Rs 12.62 bn and over the past 14 quarters the company has successfully reduced its net debt by Rs 17.88 bn through prudent financial planning and discipline.
Jagadish Nangineni, Managing Director, SOBHA Limited said, “Financial year 2023-24 was an exceptional year for SOBHA with best ever sales, collections, new project launches and an increased pace of project completions in the real estate segment. It underscores our team's focus and commitment to growth, SOBHA's strong brand value in the consumer minds and deep stakeholder trust. In this year, not only did we deliver good operational performance, we have made significant progress to strengthen our foundation for future growth. We are now very well positioned, financially and operationally, to capture the growth opportunities that India presents in an upbeat economic environment.”
