Real estate player Sobha’s net profit stood at ₹47.1 crore, reflecting a 210 per cent growth compared to ₹15.2 crore in the corresponding quarter of the previous year.
Its net income for Q4 experienced substantial growth, reaching ₹1240.1 crore, a 67 per cent YoY increase compared to ₹743.8 crore in Q4 FY22.
During this quarter, it handed over 854 units comprising 1.36 million square feet of saleable area; of which 80.7 per cent was in Bangalore and 13.1 per cent in NCR. Net cash flow dropped by 59 per cent to ₹129 crore compared to ₹317.4 crore. Financial performance was marked by a significant decrease in net debt, with debt to equity now at 0.66.
“We have a strong platform to achieve further growth, improve our offerings to our customers, and maintain a healthy financial structure. Having a solid financial and operational model in place, aided by a portfolio that addresses the needs of customers, we are well-positioned to capitalise on the optimistic socio-economic environment that India presents today,” said Jagadish Nangineni, Managing Director, SOBHA Limited.
For the entire year, its net consolidated income stood at₹3,402.4 crore compared to ₹2,645.3 crore in FY22, while net profit for the year was down by 42 per cent to ₹100.2 crore as against ₹172.3 crore last year.