Wednesday, February 28News That Matters

Strong sales momentum and operational discipline continues to drive SOBHA’s performance

Bangalore, 6 November 2023
Sobha Limited (SOBHA) announced its financial results for the quarter ending September 30, 2023 (Q2-FY24).SOBHA delivered a strong quarter yet again on account of remarkable sales and operational performance. Robust growth in sales has been recorded across all operating regions quarter on quarter, reinforcing strong commitment towards sustainable growth

Brief highlights include:
• Highest ever quarterly sales value of Rs. 17.24 billion, up 48.1% compared to Q2-FY23
• Historically highest quarterly new sales area of 1.69 mn sft, up 26.1% over Q2-FY23
• Average Price realization Rs. 10,223 per sft, increase of 17.4% compared to Q2-FY23
• A new milestone of over 1,000 homes sold in a quarter
• Highest ever quarterly Real Estate collections at Rs. 12,598 mn (Rs 24,076 mn in H1-FY24) an increase of 9.8% over previous quarter
• Debt reduction continued for 12 consecutive quarters, with Debt / Equity ratio now at 0.58
• PAT was at Rs. 131 mn for Q2-FY24 and Rs. 254 mn for H1-FY24

PHOTO COURTESY :SOBHA

Mr. Jagadish Nangineni, Managing Director, SOBHA Limited said, “The first half of the financial year 2023-24 has been phenomenal with the company achieving its highest ever real estate sales of Rs. 31,885 mn. It underlines our teams’commitment to execute our plans and customer confidence in SOBHA’s quality homes and products. We have built a robust pipeline of projects across cities to cater to the growing residential demand in a solid economic environment.Focus on cashflow generation, disciplined capital allocation acts as our guiding principles to build our financial, operational strength and deliver a long-term profitable growth.”

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