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Bengaluru based Sobha Limited, has declared its earnings after tax (PAT) to be Rs 19.20 crore, indicating a dip of almost 70 per cent from Rs. 63 crores in the equivalent quarter of the previous fiscal year. The company's net consolidated income in the second quarter of FY23 was Rs 690.60 crore, down 11.52 percent from Rs 780.40 crore in the same quarter of FY22. Although profits dipped, the company claims to have had the highest-ever quarterly sales value of Rs 11.64 billion and the greatest operational revenue of Rs. 13.36 billion. The company also achieved an all-time sales price high of Rs 8,709/- per square foot.
Bengaluru based Sobha Limited, has declared its earnings after tax (PAT) to be Rs 19.20 crore, indicating a dip of almost 70 per cent from Rs. 63 crores in the equivalent quarter of the previous fiscal year. The company's net consolidated income in the second quarter of FY23 was Rs 690.60 crore, down 11.52 percent from Rs 780.40 crore in the same quarter of FY22.
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The company has focused extensively on debt reduction in the last two years, having brought their cumulative debt down by Rs. 11.6 billion. With over 23 million square feet in development and an improved financial structure, promoters are confident of future cash flows and timely delivery.
Although profits dipped, this quarter has been exceptionally promising for the company. In a press statement, the company claims to have had the highest-ever quarterly sales value of Rs 11.64 billion and the greatest operational revenue of Rs. 13.36 billion. The company also achieved an all-time sales price high of Rs 8,709/- per square foot. Having delivered over 1.27 million square feet and sold 1.34 million square feet, the future looks promising for Sobha.
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