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Realty company Sobha announced Q4FY24 & FY24 results:
- Sales area grew by 7.7% over FY23 to 6.08 million sq ft from 5.65 million sq ft, crossing the 6 million 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 billion from Rs 51.98 billion.
- Average realization improved by 18.7% to Rs 10,922 per sq ft compared to FY23.
- Four new residential projects launched with a total saleable area of 3.18 million sq ft. in Q4FY24.
- 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 Q4FY24.
- Real estate collections: Q4FY24 was at Rs 14.98 billion and FY24 at Rs 57.97 billion, marking a 10% increase YoY.
- Net cashflow: Rs 0.81 billion for Q4FY24 and Rs 3.77 billion in FY24.
- Net revenue up 10.3% to Rs 7.91 billion in Q4FY24 compared to Q3-24 at Rs 7.13 billion.
- PAT was at Rs 0.07 billion in Q4FY24, and Rs 0.49 billion in FY24.
Jagadish Nangineni, Managing Director, SOBHA Limited said, “FY24 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.”
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