Real estate company Sobha Ltd recorded quarterly sale value of Rs 11.64 billion with 13% increase YoY. The company saw consistent sales volume at .34 mn sq ft with sales price realization of Rs 8,709 per sq ft.
Sobha’s quarterly operational collections stood at Rs 13.36 billion and this was attributed to increased pace of construction, sustained sales momentum and improved operations in contracts and manufacturing. Also, in Q2FY23, the company’s completed projects total to a developable area of 1.27 mn sq.ft and a saleable area of 0.8 mn sq.ft
Jagadish Nangineni, managing director, Sobha Ltd said, “Our continued focus on operational excellence coupled with strong customer confidence in the brand has helped significantly improve our key business metrics and this reflects in the healthy financial and operational numbers. With an inventory pipeline of 23 mn sft, improved financial structure after eight consecutive quarters of debt reduction by Rs. 11.6 bn through internal accruals, high visibility of future cash flows, we aim to deliver consistent long-term performance.”