Total Income for the first quarter of FY21 was at Rs. 517 cr up by 45% as compared to Q1FY21.
The firm achieved total sales volume of 895,539 square feet of super built-up area valued at Rs 683 cr.
“Despite the adverse impact of covid second wave during the quarter, we remained resilient due to our strong backward integrated business model which resulted in good operational performance across all the operating ciities.Cashflows during the quarter remained healthy which resulted in net debt reduction,” said
J C Sharma, Vice Chairman and Managing Director, SOBHA Limited.
He further said, “With stable demand outlook,low interest rates, increased vaccination ,cost control measures,efficient cash flow management and planned new launches across various cities, we remain positive and confident to perform better on all parameters in the coming quarters”.
Bengaluru sales volume has grown by 37% as compared to Q1-21 despite stringent impact of covid second wave during the quarter. During the quarter, Bengaluru, Gurugram, Kochi, Thrissur, Pune and GIFT CITY have done quite well as compared to Q1-21 despite impact of COVID second wave.
The company currently has ongoing real estate projects aggregating to 30.53 million square feet of developable area and 19.81 million square feet of saleable area, and ongoing contractual projects aggregating to 5.24 million square feet under various stages of construction.
As on June 2021, the company has delivered about 113.88 million square feet of developable area. The company has a real estate presence in 10 cities including Bengaluru, Gurugram, Chennai, Pune, Coimbatore, Thrissur, Kozhikode, Kochi, Gujarat (Gift City) and Mysore.
Sobha’s net debt reduced by Rs 36 cr during the quarter with borrowing cost at 8.98 % as on June.
