Sobha Q4 Results: Profit Drops 85.6%, Misses Estimates
Sobha's Q4 profit declined to Rs 7 crore in the January-March period, as compared with Rs 48.6 crore over the same period last year.
Bengaluru-based Sobha Ltd.'s net profit fell 85.6% for the fourth quarter of fiscal 2024, missing analysts' estimates.
The real estate player's net profit declined to Rs 7 crore in the January-March period, as compared with Rs 48.6 crore over the same period last year. Analysts polled by Bloomberg had estimated a profit of Rs 52.1 crore for the quarter.
The company's revenue was down 36.8% to Rs 762.8 crore, as against the Rs 1,180.8-crore consensus estimate of analysts tracked by Bloomberg.
Sobha Q4 FY24 Highlights (Consolidated, YoY)
Revenue down 36.9% to Rs 762.8 crore versus Rs 1,209.9 crore (Bloomberg estimate: Rs 1,180.8 crore).
Ebitda declined 46.5% to Rs 62.1 crore versus Rs 115.7 crore (Bloomberg estimate: Rs 143.6 crore).
Margin narrowed 150 bps to 8.1% versus 9.6% (Bloomberg estimate: 12.2%).
Net profit down 85.6% to Rs 7.0 crore versus Rs 48.6 crore (Bloomberg estimate: Rs 52.1 crore).
Other Operational Highlights
Total sales value up 2.8% to Rs 1,504 crore.
Total collections increased by 5.3% to Rs 1,498 crore.
Average price realisation was up 13.4% to Rs 11,230 per sq ft.
Launched four new projects, with a total saleable area of 3.18 million sq. ft.
In FY24, the company launched six residential projects and registered a growth of 27.8% to Rs 6,644 crore in terms of sales booking.
Net debt stood at Rs 1,262 crore as of March 2024, as against Rs 1,640 crore in the previous fiscal.
Shares of Sobha were up 8.15% at Rs 1,862.55 apiece on Friday, as compared with a 0.34% advance in the benchmark Sensex.
