Sobha has reported a growth of 165.42 per cent in its net consolidated profit during the quarter ended June 30, 2023. Its profit after tax stood at Rs 12.05 crore in Q1 FY24 as against Rs 4.54 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 939.24 crore in Q1 FY24, a growth of 62.98 per cent from Rs 576.30 crore it recorded in the similar quarter last year.
“We have a healthy inventory visibility of both launched and forthcoming projects at various stages of development, which will aid our growth plans. Our focus on cashflow generation and disciplined capital allocation will also augment our financial and operational strength in the coming years,” said Jagadish Nangineni, managing director of the company.
During Q1 FY24, the company recorded sales value of Rs. 14.65 billion, up 27.9% year-on-year, average price realization of Rs. 10,506 per sq ft, up 24.6% year-on-year and real estate revenues grew by 66.1% year-on-year to Rs. 7.41 billion. Total collections in Q1 FY24 improved by 21.3% compared to Q1 FY23 to Rs 13.55 billion.