Realty company Sobha announced Q2FY23 results:

• Q2FY23:
  • Highest ever quarterly sale value of Rs 11.64 billion with 13% increase YoY aided by highest ever sales price realisation of Rs 8709/sft and consistent sales volume at 1.34 million sft
  • Highest-ever quarterly operational collections at Rs 13.36 billion, supported by the increased pace of construction, sustained sales momentum and improved operations in contracts and manufacturing
  • Launched three new projects in Q2FY23 with total saleable area of 0.88 million sft
  • Thiruvananthapuram, the capital of Kerala, becomes the 11th city where Sobha has its residential presence with the launch of Sobha Meadows – Whispering Hill
  • PAN India's launch pipeline of 10.93 million sft ensures good visibility to capture growth
  • Completed projects with a developable area of 1.27 million sft and Saleable area of 0.8 million sft in Q2FY23

Jagadish Nangineni, Managing Director, SOBHA Ltd, said, “Our continued focus on operational excellence coupled with strong customer confidence in the brand has helped significantly improve our key business metrics and reflects in the healthy financial & operational numbers. We are uniquely positioned through our vertically integrated operating model and geographical diversification to capitalise on the opportunities in the residential real estate space in a high urban growth economic environment. Our disciplined growth mindset and investment in technology, people and process improvements will accelerate growth across all our business segments. With an inventory pipeline of 23 million sft, improved financial structure after eight consecutive quarters of debt reduction by Rs. 11.6 Billion through internal accruals, high visibility of future cash flows, we aim to deliver consistent long-term performance.”

Result PDF