Sobha has reported a dip of 21.98 per cent in its net consolidated profit during the quarter ended September 30, 2023. Its profit after tax stood at Rs 14.94 crore in Q2 FY24 as against Rs 19.15 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 773.64 crore in Q2 FY24, a growth of 12.03 per cent from Rs 690.58 crore in the similar quarter last year.During the current quarter, the holding company has entered into a settlement agreement with the land owner in respect of one of its project under Joint Development Arrangement (JOA).
During the current quarter, the chief civil metropolitan magistrate (CMM), Bengaluru, has passed an order dated September 19, 2023 (impugned order) to register a calendar case for the offences punishable under Indian Penal Code against the holding company and few employees of company, based on a separate complaint filed with the CMM by the aforementioned unit holder.
The holding company has filed a petition before High court of Karnataka praying for quashing of the complaint, the impugned order and the calendar case, wherein, the HC has passed an interim order dated October 11, 2023 staying the impugned order and the calendar case. The management, based on its overall assessment and independent legal opinion obtained, believes that allegations made by the unit holder are baseless, false and not sustainable and the impugned order suffers from arbitrariness and liable to be quashed under section 482 of the code of criminal procedure, 1973, the company informed in the regulatory filing.
Company’s total collections for the half-year period improved by 14.4%. Collections from real estate business stood at Rs. 24.08 billion.
For the quarter, collections improved by 8.6% over Q2-FY23 to Rs. 14.50 billion. Contribution from real estate business was Rs. 12.60 billion, with improvement of 16.5% compared to Q2-FY23.
Net debt of the company was reduced by Rs. 1.29 billion in Q2-FY24 and Rs. 1.99 billion in H1-FY24 and net debt to equity has reduced to 0.58 from 0.66 in Q4-FY23.
It achieved sale value of Rs. 17.24 billion in Q2-24, registering growth of 48.1% over Q2-23, with a sale of 1,686,196 sq ft comprising 1,007 homes at average realization of Rs. 10,223 per sq ft.
