Sobha reported a growth of 39.66 per cent in its net consolidated profit during the quarter ended March 2022. Its profit after tax (PAT) stood at Rs 250 millions in Q4 FY22 as against Rs 179 millions it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s total consolidated income stood at Rs 7,668 millions in Q4 FY22, a growth of 30.21 per cent from Rs 5,889 millions it recorded in the similar quarter last year.
The board of directors recommended a dividend of Rs 3 (30%) per equity share for the financial year ended March 31, 2022.
The company realized highest ever quarterly sales value of Rs 11.10 billion with a sales volume of 1.34 million sq ft. It also achieved highest ever sales volume in FY22 at 4.91 million sq ft, which is ~22% higher than its sales volume in pre-pandemic FY19 as well as FY21, it said in a media release.
Jagadish Nangineni, managing director of the company said, “We registered some of our best quarter figures during the year on the back of improved operations and steady sales with positive customer sentiment that resonated throughout the year. Sobha will prioritize operational excellence and cashflow, as it embarks on the next growth cycle in the real estate sector.”
The company currently has ongoing real estate projects aggregating to 29.33 million square feet of developable area and 19.16 million sq ft of saleable area, and ongoing contractual projects aggregating to 3.29 million sq ft under various stages of construction. As on March 31, 2022, the company has delivered about 120.08 million sq ft of developable area.
It reduced its net debt by Rs 3.17 billion in Q4-22, highest ever reduction in a quarter, taking the net debt down to Rs 23.37 billion; net debt to equity is down to 0.93 from 1.07 in Q3-22 & 1.17 in Q4-21. Net debt reduced by a total of Rs. 5.16 billion in FY22. As on March 31, 2022, borrowing cost stood at 8.40%, lowest ever for the company.
