Sobha Ltd - Highest ever collections, highest quarterly sales value and healthy inventory setting up company for sustained growth

SOBHA Limited announced its financial results for the quarter and half-year ending September 2022. Brief highlights include:

− Highest ever quarterly sale value of Rs. 11.64 Bn with 13% increase YoY aided by highest ever sales price realization of Rs. 8709 / sft and consistent sales volume at 1.34 mn sft.

− Highest ever quarterly operational collections at Rs. 13.36 Bn, supported by increased pace of construction, sustained sales momentum and improved operations in Contracts and Manufacturing

− Launched 3 new projects in Q2-FY23 with total Saleable area of 0.88 mn sft

− Thiruvananthapuram, capital of Kerala becomes the eleventh city where SOBHA has its residential presence with the launch of Sobha Meadows - Whispering Hill

− PAN India launch pipeline of 10.93 mn sft ensures good visibility to capture growth

− Completed projects with a developable area of 1.27 mn sft and Saleable area of 0.8 mn sft in Q2-FY23

Mr. Jagadish Nangineni, Managing Director, SOBHA Limited said, "Our continued focus on operational excellence coupled with strong customer confidence in the brand has helped significantly improve our key business metrics and reflects in the healthy financial & operational numbers. We are uniquely positioned through our vertically integrated operating model and geographical diversification to capitalize on the opportunities in the residential real estate space in a high urban growth economic environment. Our disciplined growth mindset, investment in technology, people and process improvements will accelerate growth across all our business segments. With an inventory pipeline of 23 mn sft, improved financial structure after eight consecutive quarters of debt reduction by Rs. 11.6 Bn through internal accruals, high visibility of future cashflows, we aim to deliver consistent long-term performance."

Shares of Sobha Limited was last trading in BSE at Rs. 633.00 as compared to the previous close of Rs. 609.60. The total number of shares traded during the day was 13109 in over 1247 trades.

The stock hit an intraday high of Rs. 642.00 and intraday low of 609.65. The net turnover during the day was Rs. 8273655.00.

Source : Equity Bulls

Keywords

Sobha INE671H01015 RealEstate Q2FY23 H1FY23 ResultUpdate KeyHighlights