Bengaluru, November 15, 2021: Sobha Limited announced its unaudited financial results today for the 2nd Quarter and half year ended 30th September 2021.
The housing sector continues to follow its growth trajectory with healthy traction and strong demand momentum across segments and geographies. Our all time high new sales bookings exhibited a strong performance during the quarter followed by healthy cash flows. This has enabled Sobha to continue with its stellar run in this quarter as well.
Speaking on the occasion, Mr. J C Sharma, Vice Chairman and Managing Director, SOBHA Limited said, ” Our all time high sales volume achieved during the quarter is very encouraging. We expect to sustain the momentum along with gain in market share. We are moving in the right direction with confidence. The real estate sector has been continuously exuding signs of optimism as the fear of COVID -19 wanes away gradually. The pandemic did take its toll but also threw up AI based technologies that created a convenient environment for buyers and developers. This emergence and acceptance of Proptech has redefined the real estate sector in India today. The credible builders with a proven track record of delivery excellence stand to gain immensely. It has augured well for Sobha.”
He further added, “The innumerable interactions between the developers and the buyers have moved to online platforms bringing in seamlessness in business transaction and ease of doing so. This shift has made the young Indian generation and NRIs the vital emerging prospective home buyers. There is definitely an urgent need for all credible developers to bring in best practices towards making quality homes, deliver on time with transparency and authenticity. This responsible behaviour alone will ensure long term sustainability to the sector with immense respectability that it deserves.”
Below are major highlights of the quarter ended 30th September 2021.
SALES HIGHLIGHTS Q2-22
Ø Achieved best ever quarterly sales volume of 1,348,864 square feet of super built-up area valued at Rs 10.30 billion.
Ø Achieved best ever Sobha Share of sale value of Rs 8.54 billion.
Ø Total sales volume, sale value, Sobha share of sale value are up by 51%, 49%, 61%, and respectively as compared to Q2-21.
Ø Total sales volume, sale value, Sobha share of sale value are up by 51%, 51%, 50%, and respectively as compared to Q1-22.
Ø During the quarter, we have launched 2 residential projects -‘Sobha Manhattan’ in Bengaluru and ‘Sobha Arbor‘ in Chennai with super built-up area of 875,242 square feet and 286,689 square feet, respectively.
Ø During the quarter, Bengaluru has performed well which is our key market followed by good performance in Gurugram, Pune and GIFT CITY.
Ø During the quarter other regions have contributed 41% of total sales volume as compared to 26% during Q1-22This reflects our potential and focus to grow in other operating markets apart from Bengaluru.
CASH FLOW HIGHLIGHTS-Q2-22
Ø Achieved total cash inflow of Rs. 9.14 billion during Q2-22 which is up by 33% as compared to Q2-21.
Ø Achieved Real Estate cash inflow of Rs 7.25 billion during Q2-22 which is up by 44% as compared to Q2-21.
Ø We have generated Net Operating Cashflow of Rs 1.77 billion during Q2-22. The same is up by 37% as compared to Q2-21.
Ø Net debt has shrunk by Rs. 0.39 billion during the quarter despite dividend payment.
Ø Our borrowing cost too has reduced during the quarter and stands at 8.85 % as on 30.09.2021.
Ø Expected real estate net cashflow at project level is Rs. 72.13 billion from current ongoing and completed projects.
Ø Balance receivables of Rs. 50.10 billion from residential units sold covers 97% as of Q2 -22 as compared to 89 % as of Q1 -21 of the balance project cost to be spent for completing these projects.
Ø Completed unsold inventory stands at Rs. 0.44 million square feet as on 30.09.2021 which is one of the lowest in the real estate sector.
FINANCIAL HIGHLIGHTS Q2-22
Ø Total Income for Q2 -22 stands at Rs. 8.23 billion, up by 59% as compared to Q1 -22.
Ø Real Estate Revenue for Q2 -22 stands at Rs. 6.54 billion, up by 74% as compared to Q1 -22
Ø Contractual & manufacturing vertical revenue for Q2 -22 stands at Rs. 1.65 billion.
Ø EBITDA for Q2 -22 stands at Rs. 1.60 billion.
Ø PBT for Q2 -22 stands at Rs. 0.65 billion.
Ø PAT for the Q2 -22 stands at Rs. 0.45 billion.
Ø Debt Equity stands at 1.13 as on 30.09.2021 as compared to 1.15 as on 30.06.2021.
Ø Contractual and manufacturing order book stands at Rs 22.80 billion as on 30.09.2021.
Ø Out of the cumulative sales done in residential business as on 30.09.2021, there is a balance revenue of Rs. 72.32 billion to be recognised in our books of accounts.
Exceptional Execution: Sobha’s superior execution capability is its core strength. The company currently has ongoing real estate projects aggregating to 30.59 million square feet of developable area and 19.95 million square feet of saleable area, and ongoing contractual projects aggregating to 5.90 million square feet under various stages of construction. As on 30th Sept 2021, the company has delivered about 114.71 million square feet of developable area. The company has a real estate presence in 10 cities, viz. Bengaluru, Gurugram, Chennai, Pune, Coimbatore, Thrissur, Kozhikode, Kochi, Gujarat (Gift City) and Mysore. Overall, SOBHA has footprint in 27 cities in 14 states across India.
Corporate Comm India (CCI Newswire)
