May 30, 2023: Real estate developer Sobha on May 29, 2023, said its profit after tax (PAT) for the January-March period of the financial year 2022-23 (Q4FY23) increased by over 239% when compared to the corresponding period the previous financial year. PAT for Q4FY23 stood at Rs 47.1 crore, the Bangalore-based company said in a press statement.
Sobha’s net revenue for the three-month period ended March 31, 2023 jumped 67% year-on-year YoY to Rs 1,240 crore as compared to Rs 743.8 crore in Q4FY22. Collections for the analysed period also showed an upwards movement of 11% YoY to Rs 1,179 crore.
“Sobha maintained its strong and consistent quarterly sales performance and achieved its highest ever quarterly sales value of Rs 1,463 crore, with best average price realization of Rs 9,898 psf and recording the highest SBA sales at 1.48 million squatre foot. Bangalore continued to dominate the sales with 63%, followed by the NCR at 19% with GIFT City, Kerala and Tamil Nadu witnessing steady growth,” said the developer.
While stating that sales growth was fuelled by Sobha’s early adoption to cater to changing customer preferences for larger homes, the company pointed out that contribution from the luxury segment (units worth over Rs 2 crore) increased from 25% in the previous year to 36% in FY23.
The company handed over 854 units, comprising 1.36 million square foot of saleable area in Q4FY23. Sobha, with major presence in India’s IT capital, has till date delivered over 128 million square foot of developable area across residential, commercial and contractual projects.
“We have a strong platform to achieve further growth, improve our offerings to our customers and maintain a healthy financial structure. Having a solid financial and operational model in place, aided by a portfolio that addresses needs of customers, we are well-positioned to capitalise on an optimistic socio-economic environment that India presents today,” said Sobha managing director Jagadish Nangineni.
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