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Sobha shares jump after financial performance improves from June quarter

Sobha shares jump after financial performance improves from June quarter

Sobha shares jump after financial performance improves from June quarter
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By CNBCTV18.com Nov 15, 2022 1:21 PM IST (Published)

The company’s consolidated profit after tax stood at Rs 19.2 crore, a decline of 69.57 percent year-on-year from Rs 63.1 crore reported in Q2FY22.

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Real estate player Sobha Ltd. saw its revenue and net profit decline in the September quarter. However, the numbers improved compared to the June quarter.


Revenue from operations declined 15 percent from last year to Rs 667.3 crore.

The company’s net profit declined as much as 70 percent to Rs 19.2 crore from Rs 63.1 crore in the same period a year ago. The company reported a net profit of only Rs 45 lakh in the June quarter.

In the September quarter, the company also recorded the highest-ever quarterly sale value of Rs 1,164 crore aided by the highest-ever sales price realisation of Rs 8,709 per square foot and sales volume of 1.34 million square feet.

Bengaluru, the company's core market, achieved over 1 million square feet of sales for the second consecutive quarter. 80 percent of the total sale volume during the first half of the current financial year came from Bengaluru.

The stock is currently trading at Rs 650.95, up 2.75 percent.

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