Companies

Sobha posts ₹6.6-crore profit in first quarter

Our Bureau Bengaluru | Updated on August 07, 2020 Published on August 07, 2020

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Sobha Limited, Bengaluru-based real estate developer, has posted ₹6.6 crore profit for the first quarter of FY 2020-21 on a consolidated basis as against ₹90.9 crore posted last year.

The company’s Q1 income is ₹359.3 crore as against ₹1,193.1 crore in the same period last year. EPS for the quarter stood at ₹0.70 compared with ₹9.55 last year.

Segment revenue – Real estate ₹222.9 crore (last year ₹845.2 crore) while the contractual and manufacturing – ₹141.7 crore ( ₹360.6 crore).

J C Sharma, Vice-Chairman and Managing Director, Sobha Limited, said, “As we start FY-21 in the middle of an unprecedented pandemic, we are pleased to inform that we have posted a better than industry average sales performance. This was backed by increased use of digital platforms and technology in our sales and marketing efforts, along with an already existing self reliant- model of construction operations.”

The company has achieved a total sales volume of 0.65 million square feet valued at ₹488 crore during Q1 of FY 2020-21. “Total average price realisation also showed an upward trend as compared to Q1-20, as we saw good sales traction for our luxury and super luxury projects across cities. The level of inquiries from customers is now almost back to pre-Covid levels,” said Sharma.

“We have achieved a total cash inflow of ₹547 crore during the quarter despite various operational challenges. During the quarter we have generated net operational cash flow of ₹93 crore and we continue to focus on efficient cash flow management. Our average borrowing cost also came down during the quarter and stands at 9.64 per cent as on June 30. We continue to enjoy sufficient liquidity from banks/financial institutions at a much lower cost than industry average,” he added.

 

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Published on August 07, 2020
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