Sobha records sales volume of 1.34 mn square feet in Q2 FY23

Sobha's total sales declined 0.89% to 1.34 million square feet in Q2 FY23 as compared with 1.35 million square feet recorded in the same period last year.

As compared with Q1 FY23, the company's sales volume fell by 1.61%.

The realtor said that it has achieved the highest ever sales value in this quarter, with a steady sales volume and have improved on the previous best of average price realization. Cash flow management continues to be company's focus area and has resulted in further net debt reduction, it added.

Total sales value increased to Rs 1,164.2 crore in Q2 FY23, up 13.01% YoY and up 1.63% QoQ.

Sobha said that it has also recorded highest ever share of sales value, rising 12.5% to Rs 961 crore in Q2 FY23 from Rs 854.2 crore in Q2 FY22. It is higher by 0.98% as compared with 951.7 crore reported in Q1 FY23.

Total average price realization improved to Rs 8,709 per square feet in Q2 FY23, registering a growth of 14% YoY and 3.3% QoQ.

The company said that it has launched 3 new residential projects towards the end of this quarter - two in Bangalore and one in Thiruvananthapuram with a total saleable area of 880,893 sft.

Sobha is primarily focused on residential and contractual projects. Its residential projects include presidential apartments, villas, row houses, super luxury & luxury apartments, plotted developments and aspirational homes.

The company's consolidated net profit rose 26.9% to Rs 13.70 crore on a 13.5% increase in net sales to Rs 581.6 crore in Q1 FY23 over Q1 FY22.

Shares of Sobha slipped 2.70% to Rs 631.50 on the BSE.

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