Sobha wins after sales volume increases 17% year-on-year in third quarter
Sobha rose 1.18% to Rs 862.50 after the company announced a third quarter sales volume of 1,322,684 square feet of super metropolitan area, an increase of 17% year-on-year.
The sales volume was valued at Rs 1,048 crore. The company had reported a sales volume of 1,133,574 square feet valued at Rs 887.6 crore in the third quarter of fiscal 21.
It also reported the highest share of the sale value on record of Rs 908 crore in the quarter, up 34% year-on-year.
The average realized price during the quarter was 7,920 rupees per square foot (up 1% year-on-year).
Sobha said that Bengaluru, which is the company’s primary market, posted exceptional sales performance during the quarter. Gurugram, Pune and GIFT CITY also performed well in the quarter and as a result for nine months they have already exceeded sales volumes achieved in fiscal year 20-21. Sales performance in the Kerala region was moderate due to persistent covid restrictions and the impact of flooding.
“Cash flow remained healthy during the quarter, resulting in further reduction in net debt. Our average cost of borrowing also fell during the quarter, the company said in a statement.
Sobha mainly focuses on residential and contract projects. Its residential projects include presidential apartments, villas, townhouses, luxury and luxury apartments, plotted developments and ambitious homes.
The real estate developer’s consolidated net profit jumped 198.15% to Rs 48.30 crore on a 56.92% increase in net sales to Rs 819.10 crore in the second quarter of September 2021 compared to the second quarter of September 2020.
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(This story was not edited by Business Standard staff and is auto-generated from a syndicated feed.)
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