Sobha Ltd share Price Today

Realty company Sobha announced Q3FY24 results:

Financial Performance
- Reached highest-ever collection and realisation figures in Q3FY24, as well as over nine months of FY24.
- Achieved a quarterly sales value of Rs 19.52 billion, marking a 37.0% YoY increase and a 13.2% rise from Q2FY24.
- Real Estate collection during the quarter stood at Rs 12.93 billion, an 11.8% YoY increase.
- Revenue for the first nine months of FY24 was Rs 24.26 billion, a 12.2% increase from the same period in FY23.
- Q3FY24 revenue registered at Rs 7,137 million.
- Profit After Tax (PAT) was reported at Rs 153 million for Q3FY24, up by 16.8% from the previous quarter.

Sales and Operational Growth
- The new sales area reached 1.66 million square feet, up from 1.48 million square feet in Q3FY23.
- Bengaluru recorded its highest-ever quarterly sales, with 1.25 million square feet valued at Rs 14.99 billion.
- A significant rise in Average Price Realization to Rs 11,732 per square foot, a 21.5% increase compared to Q3FY23.
- Two new projects launched in the third quarter, adding a total saleable area of 3.84 million square feet.
- Successfully completed 1.04 million square feet of Saleable Area (SBA).

Debt Management
- Positive cash flow contributed to reducing the net debt/equity ratio to 0.54.

Jagadish Nangineni, Managing Director, SOBHA 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."

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