Sobha Limited Witnessed a Growth of 21.8% in Sales Value During FY2024

On April 05, 2024, Sobha Ltd released its operational update for the quarter ended March 31, 2024.

The company reported consistent sales for the quarter, reaching a value of ₹15.04 billion at an average price realisation of ₹11,230 per square foot. Due to the success of SOBHA Neopolis, which opened in Q3 of FY2024, Bangalore’s sales of 1.01 million square feet contributed 77.5% of the total sales value for the quarter.

Due to consistent demand in the area and fresh inventory releases in Marina One (Kochi) and SOBHA Metropolis (Thrissur), the Kerala region saw growth of 24.4% over the previous quarter and 75.3% over the same period in the previous fiscal year. This quarter, the entire inventory for both of GIFT City’s projects was sold, thanks to the company’s ongoing growth.

During FY2024, it achieved its best-ever annual sales value of ₹66.44 bn, new area sales of 6.08 mn sft, and an average price realisation of ₹10,922 / sft. This was supported by the positive economic environment. During FY2024, the company successfully launched 6 residential projects, adding 7.02 mn sft to its portfolio. Four projects were launched during Q4 FY2024, including SOBHA Crystal Meadows, SOBHA Elysia, SOBHA Ridge—Whispering Hill, and SOBHA Atlantis Phase 2. These four projects have a total saleable area of 3,179,114.23 sft.

During the year ended March 31, 2024, the company finished sales for some of its marquee projects, such as SOBHA Dream Acres (Bangalore) and SOBHA City Gurgaon (NCR), GIFT City projects. During the year, the company surpassed the milestone of 6 mn sft of new sale area and ₹6,500 crore annual sale value.

On April 02, 2024, Sobha Developers (Pune) Limited (SDPL), a wholly owned subsidiary of Sobha Limited, entered into a Share Purchase Agreement (SPA) with BNB Builders Private Limited (BBPL) to acquire 100% stake in BBPL.

About Sobha Ltd

Sobha Limited is engaged in the construction and operations of townships, housing projects, commercial premises, and other related activities. On April 05, 2024, the shares of the company opened at ₹1,543.15 and touched the day high of ₹1,549.95 at 11:05 AM.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.