Sobha Ltd., a prominent player in the realty sector, has released its financial results for the quarter ended December 31, 2023. Despite facing challenges within the real estate industry, the company has showcased resilience and posted its financial performance for Q3 FY24, reflecting its strategic initiatives and operational efficiency.
Quarterly Performance (Q3 FY24):
Sales: Sobha Ltd. reported sales of ?685 crores for Q3 FY24, representing a slight decrease compared to the previous quarter's ?741 crores.
EBITDA: Earnings Before Interest, Taxes, Depreciation, and Amortization stood at ?74 crores, remaining relatively stable compared to the previous quarter.
PAT: Profit After Tax reached ?15 crores, demonstrating Sobha Ltd.'s ability to maintain profitability amidst market challenges.
Quarterly Comparison (Q3 FY24 vs. Q2 FY24 and Q3 FY23):
While sales experienced a slight decline from Q2 FY24 to Q3 FY24, the company showcased resilience amidst challenging market conditions.
EBITDA and PAT remained relatively stable compared to the previous quarters, indicating Sobha Ltd.'s consistent operational performance.
9-Month Performance (9M FY24 vs. 9M FY23):
Sobha Ltd. reported cumulative sales of ?2,334 crores for the nine months ended December 31, 2023, compared to ?2,103 crores in the same period last year.
EBITDA for 9M FY24 stood at ?215 crores, reflecting the company's ability to maintain operational efficiency.
Profit After Tax witnessed a slight decrease compared to the previous year, indicating the impact of market dynamics on Sobha Ltd.'s bottom line.
Sobha Ltd.'s performance in Q3 FY24 reflects its resilience and ability to navigate through market uncertainties within the realty sector. Despite challenges such as regulatory changes and macroeconomic headwinds, the company has maintained a stable performance, driven by its strong brand presence and customer trust.
The real estate sector's recovery post-pandemic and increasing demand for residential and commercial properties present growth opportunities for Sobha Ltd. The company's focus on project execution excellence, customer satisfaction, and operational efficiency positions it well to capitalize on emerging market trends and further strengthen its market leadership.
Shares of Sobha Limited was last trading in BSE at Rs. 1440.70 as compared to the previous close of Rs. 1392.45. The total number of shares traded during the day was 24508 in over 2304 trades.
The stock hit an intraday high of Rs. 1457.35 and intraday low of 1392.30. The net turnover during the day was Rs. 35281834.00.