SOBHA Limited announced its financial results for the quarter ending December 2022 (Q3-FY23). The brief highlights include increased construction activity and sustained cash management result in highest ever quarterly and 9-month collection. The improved total collections up 32.9% YoY at Rs. 14.07 bn with real estate contributing 82.2%. At Rs. 38.60 bn for 9M-FY23 up by 43.4% YoY. The increased real estate collections by 38% YoY to Rs. 11.57 bn. The contracts and manufacturing collections was also consistent at Rs. 2.50 bn, up by 14.3% YoY.
The strong and robust sales performance continues with its highest ever quarterly sales volume of 1.48 mn sq ft up to 12 % YoY. It registered the highest sales values of Rs 14.25 bn. The best average price realisations of Rs 9,653 sq ft up 22% YoY. The consistent quarterly sales volume of over 1.3 mn sq ft for past 6 quarters.
The net operating cashflow of Rs 8.25 bn up by 61.2% YoY (9M- FY 22). The net debt reduced to Rs 17.69 bn from Rs 18.89 bn in Q2- FY23. The net debt to equity reduced to 0.72 from 0.77 in Q2- FY23.
Jagadish Nangineni, Managing Director, SOBHA Limited said, “Our geographical diversification has paid rich dividends this quarter, helping achieve our best ever real estate sales in volume, value and price realization. Upbeat consumer confidence, increased affordability & aspirations continue to drive demand in the residential real estate space. Our momentum in project completion and customer handovers has picked up, delivering over one mn sft of space this quarter, the highest in recent times. With improved operational and financial performance in the past few quarters, investments in new opportunities, coupled with our disciplined growth mindset, we are well positioned to achieve consistent long-term growth.”
