Sobha declined 4.01% to Rs 1,413.10 after the real estate developer's consolidated net profit dropped 52.58% to Rs 15.08 crore in Q3 FY24 as against Rs 31.80 crore posted in Q3 FY23.
Revenue from operations fell 21.10% to Rs 684.93 crore in Q3 FY24 from Rs 868.16 crore recorded in the corresponding quarter previous year.Profit before tax was at Rs 21.36 crore in Q3 FY24, registering de-growth of 39.18% as against Rs 35.12 crore reported in Q3 FY23.
EBITDA declined 13.23% to Rs 102.9 crore in the third quarter of FY24 as compared with Rs 118.6 crore recorded in Q3 FY23. EBITDA margin improved to 14.4% in Q3 FY24 as compared wirth 13.2% registered in Q3 FY23.
The companys sales value jumped 36.98% YoY to Rs 1,951.6 crore in Q3 FY24 from Rs 1,424.7 crore recorded in corresponding quarter last year.
The Average Price Realization stood at Rs 11,732 per sft in Q3 FY24, registering growth of 22% YoY as compared with 9,653 per sft recorded in Q3 FY23
During the quarter, the company has launched two new projects with a total saleable area of 3.84 million sft.
Meanwhile, the companys board has approved to acquire shares of C.V.S. Tech Park Private (associate company).
The company holds 49% shares of C.V.S. Tech Park and it will acquire remaining 51% shares, which will make C.V.S. Tech Park, wholly owned subsidiary of Sobha.
On 9-Month basis, the companys consolidated net profit decreased 24.32% to Rs 42.08 crore in 9M FY24 as compared to Rs 55.60 crore recorded in 9M FY23. Revenue from operations rose 11.13% YoY to Rs 2,334.08 crore in 9M FY24.
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."
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.
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