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Real estate developer Sobha Ltd reported a 86 per cent decline in consolidated profits to ₹7 crore in Q4 FY24 compared to ₹48.57 crore in Q4 FY23.
The revenue also declined year-on-year (y-o-y) to ₹791.25 crore in Q4 FY24 against ₹1,240.14 crore in Q4 FY23, but grew quarter-on-quarter (q-o-q) by 10.3 per cent to ₹791 crore in Q4 FY24 from ₹713 crore in Q3 FY24.
Additionally, in FY24, net profits fell to ₹49.11 crore from ₹104.20 crore in the previous year.
The company reported a 27.8 per cent growth in annual sales value to ₹6,644 crore from ₹5,198 crore and the sales area grew by 7.7 per cent to 6.08 million sq ft from 5.65 million sq ft in FY23.
Net cash flow stood at ₹81 crore in the fourth quarter of the year and ₹377 crore in FY24. Debt reduction continued for 14 consecutive quarters with Debt/Equity ratio now at 0.50 in Q4 FY24.
Jagadish Nangineni, Managing Director, Sobha Ltd, said, “Financial year 2023-24 was an exceptional year for SOBHA with best ever sales, collections, new project launches and an increased pace of project completions in the real estate segment.”
“In this year, not only did we deliver good operational performance, we have made significant progress to strengthen our foundation for future growth. We are now very well-positioned, financially and operationally, to capture the growth opportunities that India presents in an upbeat economic environment,” he added.
(Inputs from bl intern Vidushi Nautiyal)
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