Sobha Ltd share Price Today

Realty company Sobha announced Q1FY24 results:

• Highest quarterly sales value of Rs 14.65 billion, up 27.9% YoY
• Sales area of 1.39 million sq ft. for Q1FY24, up by 2.5% YoY
• Best average price realization of Rs 10,506 per sq ft, up 24.6% YoY
• Total collections in Q1FY24 improved by 21.3% compared to Q1FY23 to Rs 13.55 billion supported by a healthy growth of 29.2% in real estate collections
• Net cashflow of Rs 0.7 billion in Q1FY24 and net debt to equity reduced to 0.63
• Real estate revenues for Q1FY24 grew by 66.1% YoY to Rs 7.41 billion
• PAT was at Rs 0.12 billion, a growth of 156.4% compared to Q1FY23

Jagadish Nangineni, Managing Director, SOBHA said, “SOBHA’s strong brand recognition through world-class quality delivery continues to drive demand for our homes across all our operating locations in 12 cities of the country. This is reflected in our record sales yet again, with the best price realisation in this quarter, moving above Rs 10,000 / sq ft. mark for the first time. Bangalore, SOBHA’s home market, contributed to 54% of the total sale value with other markets such as NCR, Kerala, GIFT City, etc contributing consistently. We have a healthy inventory visibility of both launched and forthcoming projects at various stages of development, which will aid our growth plans. Our focus on cashflow generation and disciplined capital allocation will also augment our financial and operational strength in the coming years.”

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