Sobha Limited shares fell over 2% despite the company reporting its best-ever annual sales value of Rs 6,644 crore in the fourth quarter of FY24.

In the fiscal year 2024, Sobha saw an impressive surge of 235%, making it the top gainer in the Nifty Realty index, which itself rallied by 132%.

Sobha achieved a significant milestone by surpassing 6 million square feet of new sale area and reaching an annual sale value of Rs 6,500 crore.

The company launched six residential projects during the financial year and completed sales for some notable projects, including Sobha Dream Acres in Bangalore, Sobha City Gurgaon in NCR, and GIFT City projects.

In a regulatory filing, Sobha informed us that Q4FY24 was a steady sales quarter valued at Rs 1,504 crore, with an average price realisation of Rs 11,230 per square foot (sq ft).

Sobha achieved a milestone by surpassing 6 million square feet of new sale area in Q4 and reaching an annual sale value of Rs 6,500 crore.

Bangalore contributed 77.5% to the overall sales value for the quarter, supported by the performance of Sobha Neopolis, which was launched in Q3FY24.

The Kerala region saw a growth of 24.4% over the previous quarter and 75.3% year-on-year, driven by steady demand and new inventory releases in Marina One (Kochi) and Sobha Metropolis (Thrissur).

The company also added that the continued momentum at GIFT City led to the sale of complete inventory across both projects this quarter. Sobha also launched four new projects during the quarter, with a total saleable area of 3.18 million square feet (mn sqft), two of which were launched in the last week of March.

Moreover, there were four new residential launches in India in Q4-FY24, namely SOBHA Crystal Meadows, SOBHA Elysia, SOBHA Ridge – Whispering Hill and SOBHA Atlantis Phase 2.

At 12:11 pm, the shares of Sobha Ltd. were trading 1.06% lower at Rs 1,547.05 on NSE.