Sobha Q1 Results: Profit Down 50%, Misses Estimates
The real estate player's net profit declined to Rs 6 crore in the April-June period, as compared with Rs 12 crore over the same period last year.
Bengaluru-based Sobha Ltd.'s net profit fell 50% for the first quarter of fiscal 2025, missing analysts' estimates.
The real estate player's net profit declined to Rs 6 crore in the April-June period, as compared with Rs 12 crore over the same period last year. Analysts polled by Bloomberg had estimated a profit of Rs 33 crore for the quarter.
The company's revenue was down 29.5% to Rs 640 crore, as against Rs 927 crore consensus estimate of analysts tracked by Bloomberg.
Sobha Q1 FY25 Highlights (Consolidated, YoY)
Revenue down 29.5% to Rs 640 crore (Bloomberg estimate: Rs 927 crore).
Ebitda declined 15.4% to Rs 55 crore (Bloomberg estimate: Rs 101 crore).
Margin narrowed to 8.6% versus 7.1% (Bloomberg estimate: 10.90%).
Net profit down 50% to Rs 6 crore (Bloomberg estimate: Rs 33 crore).
Sales Highlights
Pre-sales up 28% YoY at Rs 1,874 crore.
Average price realisation up 51.7% YoY at Rs 15,941 per sq. ft.
Sold 562 units, with total saleable area of 1.17 million sq. ft.
Launched four new residential projects with a total saleable area of 3.04 million sq. ft.
Financial Performance
Debt reduction continued for 15 consecutive quarters with debt/equity ratio at 0.47.
Collections up 14% at Rs 1,546 crore.
Net cashflow increased 5% to Rs 74 crore.
Shares of Sobha were down 1.32% at Rs 1,693.45 apiece on Thursday, as compared with a 0.73% decline in the benchmark Sensex.
