Sobha said that its consolidated net profit declined 85.55% to Rs 7.02 crore in Q4 FY24 as compared with Rs 48.57 crore in Q4 FY23.
Revenue from operations fell 36.95% YoY to Rs 762.86 crore in Q4 FY24.Profit before tax dropped 83.71% to Rs 10.9 crore from Rs 66.93 crore in Q4 FY23.
EBITDA stood at Rs 90.5 crore in Q4 FY24, registering the de-growth of 37.97% as compared with Rs 145.9 crore in Q4 FY23. EBITDA margin reduced at 11.4% in Q4 FY24 as against 14.4% in Q4 FY23.
The companys sales stood at Rs 1.50 crore in Q4 FY24 as compared wth Rs 1.46 crore posted in Q4 FY23.
The Average Price Realization stood at Rs 11,230 per sft in Q4 FY24, registering growth of 13% YoY as compared with 9,898 per sft recorded in Q4 FY23.
On full year basis, the companys consolidated net profit declined 52.87% to Rs 49.11 crore on 6.44% fall in revenue from operations to Rs 3096.94 crore in FY24 over FY23.
The company said that the impressive growth in sale was driven by customer preference for large luxury homes from a trusted developer, which led the way for Bangalore to contribute a significant 67.5% to the overall sales value followed by Kerala with 15.2% and Gurugram with 8.8%.
Meanwhile, the companys board has declared a dividend of Rs 3 per share for financial year 2023-2024.
Jagadish Nangineni, managing director, SOBHA, said, Financial year 2023-24 was an exceptional year for SOBHA with best ever sales, collections, new project launches and an increased pace of project completions in the real estate segment. It underscores our team's focus and commitment to growth, SOBHA's strong brand value in the consumer minds and deep stakeholder trust. In this year, not only did we deliver good operational performance, we have made significant progress to strengthen our foundation for future growth. We are now very well positioned, financially and operationally, to capture the growth opportunities that India presents in an upbeat economic environment.
Sobha is engaged in the business of real estate construction, development, sale, management and operation of all or any part of townships, housing projects, commercial premises and other related activities. The company is also engaged in manufacturing activities related to interiors, glazing and metal works and concrete products which also provides backward integration to Sobhas turnkey projects.
The scrip declined 1.75% to end at Rs 1830 on the BSE.
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