Sobha has reported a growth of 242.25 per cent in its net consolidated profit during the quarter ended March 31, 2023. Its profit after tax stood at Rs 48.60 crore in Q4 FY23 as against Rs 14.20 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s net consolidated total income stood at Rs 1,240.10 crore in Q4 FY23, a growth of 66.75 per cent from Rs 743.70 crore it recorded in the similar quarter last year.
Jagadish Nangineni,managing director of the company said, “Financial year 2022-23 has been an excellent year for SOBHA, achieving new milestones in sales and cashflow, made possible by concerted team effort and contribution from our stakeholders.”
The board of directors recommended a dividend of Rs 3 (30%) per equity share for the financial year ended March 31, 2023.
In FY23, the company saw net debt reduction of Rs 6.97 billion and now stands at Rs. 16.40 billion with net debt-equity ratio of 0.66, finance related outflows was reduced by 27.8% year-on-year to Rs 2.06 billion, construction spends were Rs. 18.37 billion, up by 61.4% compared to FY22, increased allocation of Rs. 6.98 billion; delivered 3.97 million sq ft.
During Q4 FY23, total collections improved by 10.2% compared to Q4-FY22 to Rs 14.22 billion, net operating cashflows was at Rs. 3.31 billion and land related payments were Rs. 1.43 billion, it said in its investors presentation.
The company achieved quarterly sales value of Rs 14.63 billion, with average price realization of Rs 9,898 per sq ft and recording SBA sales at 1.48 million sq ft.