Sobha Limited clocked its highest ever sales value of Rs 1,425 crore in Q3 2023, the real estate company said on February 7, 2023, announcing its financial results for the quarter ending December 31, 2022.
The company’s quarterly sales volume stood 1.48 mission square foot (msf), marking 12% YoY increase. It witnessed an average price realisation of Rs 9,653 psf, showing a rise of 22% YoY.
Sobha received total collections of Rs 1,407 crore with an YoY increase of 32.9%, with real estate contributing 82.2%. Total collections for 9M FY23 were yp 38% YoY, amounting to Rs 3,860 crore. The real estate collections for Q3 increased by 38% YoY to Rs 1,157 crore.
For the past six quarters, the company has recorded quarterly sales volume of over 1.3 msf. During the first 9M FY 23, the net operational cash flow was Rs 825 crore, marking a YoY increase of 61.2%. The net debt reduced to Rs 1,769 crore in Q3 FY23 from Rs 1,889 crore in the previous quarter. In Q3, the company’s net debt to equity reduced to 0.72 from 0.77 in the previous quarter.
Jagadish Nangineni, managing director, Sobha Limited, said, “Our geographical diversification has paid rich dividends this quarter, helping achieve our best ever real estate sales in volume, value and price realisation. Upbeat consumer confidence, increased affordability and aspirations continue to drive demand in the residential real estate space. Our momentum in project completion and customer handovers has picked up, delivering over one msft of space this quarter, the highest in recent times. With improved operational and financial performance in the past few quarters, investments in new opportunities, coupled with our disciplined growth mindset, we are well positioned to achieve consistent long-term growth.”
