Sobha Ltd backed by backward integration and its execution capabilities has posted higher profits. The company’s profits on consolidated basis jumped 73.24 per cent to ₹113.3 crore for the fourth quarter of FY 2018-19 from ₹65.4 crore in the same period last year.
The company’s income was also increased by 80.13 per cent to ₹1,421.6 crore from ₹789.2 crore in the same period last year. EPS for the quarter stood at ₹11.95 compared with ₹6.90 last year.
The company has achieved total average price realisation of ₹8,152 per square feet, up by 6 per cent quarter-on-quarter (Q-o-Q). Sobha’s share of sales value is at ₹712 crore, up by 19 per cent Q-o-Q. Sales volume of Bengaluru, Gurugram and Chennai markets have grown by 37 per cent, 34 per cent and 43 per cent Q-o-Q, respectively.
JC Sharma, Vice-Chairman and Managing Director, Sobha Ltd, said: “Despite the real estate sector facing the headwind, Sobha has delivered a record operational and financial performance during the year. The performance for Q4-19 in particular was quite satisfactory on all parameters. We have achieved the highest ever total income. To top it, we have accomplished a record completion of 5.41 million square feet of saleable area with 3,516 units in the residential space. More importantly, these numbers were achieved in the backdrop of uncertainty over revision of GST rate. This demonstrates the strength of our processes, unique backward integration model and unmatched execution capabilities.”