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had reported substantial sales volumes in the March quarter. At 1.34 million square feet (MSF), volumes were up 48 per cent year-on-year (YoY), with value at Rs 1,072 crore, up 54 per cent.
The FY21 sales value was at Rs 3,137 crore, an increase of 9 per cent YoY – the highest ever. Bengaluru continued to be a key market for the company and accounted for 67 per cent of the total volume. It should be noted that the sales volume achieved in Bengaluru was the highest ever.
However, this robustness couldn’t translate into a better headline and bottom-line numbers. Sobha reported a 64.65 per cent YoY decline in consolidated net profit in the March quarter to Rs 17.90 crore. Total income fell 37 per cent to Rs 588.90 crore in Q4 FY21.
The company’s consolidated performance was hit by a subdued performance of its contractual and manufacturing business. This business reported revenue of Rs 264 crore in Q4FY21, a fall of 45 per cent YoY.
Collection of Rs 263 crore in the March quarter of FY21 was 24 per cent lower than the same quarter last year.
Reacting to the earnings, shares of the company fell nearly 3 per cent on the National Stock Exchange in opening deals on Wednesday.
Meanwhile, among other highlights was reducing the company’s net debt by Rs 123 crore to Rs 2,852 crore with debt/equity at 1.17 times. Its borrowing cost came down by 65 basis points during FY21 and stands at 9.04 per cent as of March FY21. One basis point is one-hundredth of a percentage point.
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