Sobha Limited reports record sales and operational growth in Q3-FY24

Sobha Limited (Sobha) announced its Q3-FY24 financial results, showcasing robust sales and operational growth across regions. Achieving highest-ever collection, realization, and sales value in Q3 and 9-month FY24, the company reported a quarterly sales value of INR 19.52 bn, up 37.0% YOY and 13.2% from Q2-FY24. Notably, Bengaluru recorded its highest-ever quarterly sales at 1.25 mn. sq ft., valued at INR 14.99 bn, with an Average Price Realization of INR 11,732 per sq ft., marking a 21.5% increase.

In Q3, Sobha launched two new projects totaling 3.84 mn sq ft. and achieved the highest-ever quarterly Real Estate collection of INR 12.93 bn, up 11.8% YOY. Positive cash flow led to a reduction in net debt/equity ratio to 0.54. Operational milestones include completing 1.04 million sft. of SBA. 9-month FY24 revenue stands at INR 24.26 bn, a 12.2% increase from 9-month FY23, with Q3-FY24 revenue reaching INR 7,137 mn. Profits show growth, with PAT at INR 153 mn for Q3-FY24 and INR 131 mn for Q2-FY24, up by 16.8%.

Jagadish Nangineni, Managing Director of Sobha Limited, attributes the success to robust housing demand and the launch of Sobha Neopolis in Bengaluru. With a focus on new launches and clear inventory visibility, Sobha aims to execute growth plans effectively. Emphasizing cash flow and disciplined capital allocation, Nangineni highlights the company's strengthened financial and operational capabilities. Leveraging India's positive socio-economic environment, Sobha is poised for growth, driven by a robust financial and operational model.

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Sobha Limited reports record sales and operational growth in Q3-FY24

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