Bengaluru, November 14, 2017: SOBHA Limited today announced unaudited financial results for the quarter ended September 30, 2017. A brief snap shot of the key operational and financial parameters for the second quarter of the financial year ending 2018 is given below:
- Revenues at Rs.6.58 billion on a consolidated basis
- EBITDA of Rs.1.36 billion; EBITDA margin improves at 7%
- PBT at Rs. 710 million; PBT margin at 10.8%
- PAT at Rs. 502 million; PAT margin at 6%
- Revenue, PBT and PAT are up by 19%,10% and 30% Y-o-Y respectively
- CRISIL & ICRA long term rating ‘A+ / Stable’ (upgrade from A / Stable)
- Cash inflow of Rs.6.94 billion
- Net operational cash flow of Rs.594 million
- Average Cost of Borrowings at 88%
- Bagged 2 major contractual orders valued at Rs.5.21 billion from LuLu and Biocon
- Registered 36 ongoing real estate projects in RERA
- Registered new sales volume of 0.86 million square feet
- Registered new sales value of Rs. 6.75 billion (SOBHA Share of Rs.5.93 billion)
- Achieved average price realisation of Rs. 7,840 per square feet (SOBHA Share of Rs.6,883 per square feet)
SOBHA Limited, on a consolidated basis, registered a turnover of Rs. 6.58 billion during the second quarter of the financial year 2017-18. The Profit before Tax (PBT) stood at Rs.710 million and the Profit after Tax (PAT) at Rs.502 million on a consolidated basis. During the quarter, the Company generated net positive operational cash flows of Rs.594 million after meeting interest and tax expenses.
Speaking on the occasion, Mr. J.C. Sharma, Vice Chairman and Managing Director, SOBHA Limited said, “Two of the most historic reforms – RERA for the real estate sector and GST for the economy as a whole – were implemented in the midst of the financial year. SOBHA has transitioned seamlessy, both in operational and financial sphere, reflecting the innate strength of the Company and the sector as a whole.
As far as the financial performance is concerned, the Company performed well on all the major financial parameters – revenue recognised, EBITDA, margins, PBT and PAT vis-à-vis same quarter of last year.”
Elaborating further, he said, “Continuing with the positive momentum of the first quarter, the Company has achieved new sales volume of 861,084 square feet in total, valued at INR 6,751 million with an average realisation of INR 7,840 per square feet (SOBHA’s share of sales value of INR 5,927 million with an average realisation of INR 6,883 per square feet) in the second quarter of the FY18. The sales volume and total sales value are up by 5.6% and 8.3% respectively as compared to preceding quarter. Additionally, the sales volume is marginally higher and total sales value is up by 22.5% as compared to Q2 FY17. Brand SOBHA’s resillence is evident with these numbers at a time when the sector awaits for the demand to pick up. We are hopeful of carrying forward this steady growth in the coming quarters as well.”
Mr. Sharma further added, “India has recently entered the top 100 of global rankings in World Bank’s Ease of Doing Business report. This is an indication of the positive impact of several reforms implemented by the Governmnet over the last couple of years. It is also reflection of the fact that the economy is steadily inching towards a recovery, including the real estate sector. As we move forward, the realty sector is poised to contribute significantly to India’s economic growth.”
SOBHA’s superior execution capability is its core strength. Since inception, SOBHA has completed about
88.61 million square feet of area. The Company currently has ongoing real estate projects aggregating to 40.30 million square feet of developable area and 27.63 million square feet of saleable area, and ongoing contractual projects aggregating to 7.06 million square feet under various stages of construction. The Company has a real estate presence in 9 cities, viz. Bangalore, Gurgaon, Chennai, Pune, Coimbatore, Thrissur, Calicut, Cochin and Mysore. Overall, SOBHA has footprint in 26 cities and 13 states across India.
Corporate Comm India(CCI Newswire)