Sobha Q3 Results: Profit Drops 53%, Misses Estimates
The real estate player's net profit declined to Rs 15.1 crore in the October-December period, as compared with Rs 31.8 crore over the same period last year.
Bengaluru-based Sobha Ltd.'s net profit fell 52.6% for the third quarter of fiscal 2024, missing analysts' estimates.
The real estate player's net profit declined to Rs 15.1 crore in the October-December period, as compared with Rs 31.8 crore over the same period last year. Analysts polled by Bloomberg had estimated a profit of Rs 44.6 crore for the quarter.
The company's revenue was down to Rs 684.9 crore, as against Rs 942.9 crore consensus estimate of analysts tracked by Bloomberg.
Sobha Q3 FY24 Highlights (Consolidated, YoY)
Revenue down 21.1% to Rs 684.9 crore vs Rs 868.2 crore (Bloomberg estimate: Rs 942.9 crore).
Ebitda declined 16.5% to Rs 74.08 crore vs Rs 88.75 crore (Bloomberg estimate: Rs 104.2 crore).
Margin expanded 59 bps to 10.8% vs 10.2% (Bloomberg estimate: 11.1%).
Net profit down 52.6% at Rs 15.1 crore vs Rs 31.8 crore (Bloomberg estimate: Rs 44.6 crore).
The company recorded 11.8% growth in collections at Rs 1,493 crore from its real estate business, as compared with Rs 1,293 crore over the same period last year.
The company's sales value increased 37% to Rs 1,951.6 crore as compared with Rs 1,424.7 crore last year—supported by sale of 16,63,507 sq. ft., comprising 971 homes, at an average realisation of Rs 11,732 per sq. ft.
Net debt reduced by Rs 97 crore in the December quarter, with a total reduction of Rs 296 crore achieved in nine months of FY24.
Shares of Sobha were up 2.18% at Rs 1,472.15 apiece on the BSE on Tuesday, as compared with a 0.05% decline in the benchmark Sensex.