Sobha's Q3 net rises 57% to Rs 33 cr, revenue dips 2% to Rs 668 cr

Realty major Sobha saw its net profit rise 57 per cent to Rs 33 crore in the December quarter (Q3), compared to the year-ago period. However, its revenue dipped 2 per cent to Rs 668 crore in Q3.

Net debt reduced by Rs 123 crore. “We were able to reduce net debt by Rs 439 crore in the last 9 quarters. Borrowing cost has further come down during the quarter and stands at 8.65 per cent as on December 31,” the company said.

The company said it achieved a quarterly sales volume of 1,322,684 square feet of super built-up area valued at Rs 1048 crore. In the Bengaluru market, sales volume during the quarter has grown by 20 per cent and 22 per cent as compared to Q2 of FY22 and Q3 of FY21, respectively.

Gurugram sales volume in Q3 of FY22 rose by 97 per cent as compared to the year-ago period. It has also launched ‘Sobha Avalon’ residential project in GIFT CITY with a super built-up area of 329,550 square feet.

The company achieved total cash inflow of Rs 1,059 crore during Q3 of FY22 which is the highest in its lifetime.  Total cash inflow was up by 22 per cent and 16 per cent as compared to Q3 of FY21 and Q2 of FY22, respectively.

J C Sharma, Vice Chairman and Managing Director of Sobha, said, “Bengaluru, which is our primary market, has shown outstanding sales performance during the quarter. Gurugram, Pune and GIFT CITY have also performed well during the quarter and as a result for nine months they have already crossed sales volumes achieved during FY21.”