Sobha grows on strong first quarter sales

Sobha jumped 8.29% to Rs 632.50 after the estate agent said it hit the highest ever quarterly sales volume of 1.36 million square feet in the first quarter of FY23, up 51.7% year-on-year (YoY).

Compared to Q4 FY22, the company’s sales volume increased by 1.21%.

The total sales value was Rs 1,145.5 crore in the first quarter of FY23, up 67.7% year on year and 3.24% quarter on year.

Sobha said it recorded the highest ever share in sales value since its inception, rising 66.7% to Rs 951.7 crore in the first quarter of FY23 from Rs 570.9 crore. rupees in the first quarter of FY22. Sequentially, it increased by 1.8% from the Rs 935.2 crore reported in the first quarter of FY23.

Total average price realization improved to Rs 8,431 per sq ft from Rs 7,626 per sq ft in Q1 FY22 and Rs 8,265 per sq ft in Q4 FY22. The average price increase is supported by ongoing project price increases, the company said.

Bengaluru’s sales volume and value were the highest since its inception thanks to the launch of 3 new projects, Sobha said.

The company added that cash flow remained healthy in the quarter, leading to a further reduction in net debt.

Sobha added, “We have continued our calibrated price increases across all projects and cities to counteract inflationary forces. Despite price increases, rising mortgage rates, demand for our homes continues to be strong. in all segments, especially in Bangalore and Gurugram Improved visibility in GIFT city has led to increased demand for our projects With new launches in Bengaluru and steady sales velocity in ongoing projects, we achieved the highest sales volume, value and price ever in this quarter.”

Sobha mainly focuses on residential and contract projects. Its residential projects include presidential apartments, villas, townhouses, luxury and luxury apartments, housing estates and aspirational homes.

The property developer’s consolidated net profit increased by 51.4% to Rs 27.70 crore on a 32.2% increase in net sales to Rs 731.60 crore in Q4 FY22 compared to Q4 FY21.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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