Sobha Q4 profit jumps 73 pc to Rs 113.3 cr

Realty firm Sobha Ltd has posted 73 per cent growth in its consolidated net profit at Rs 113.3 crore for the quarter ended March on higher sales.

Its net profit stood at Rs 65.4 crore in the year-ago period.

Total income rose to Rs 1,421.6 crore in the fourth quarter of 2018-19 fiscal from Rs 789.2 crore in the corresponding period of the previous year.

During the full 2018-19 fiscal year, the company's net profit rose to Rs 297.1 crore from Rs 216.8 crore in the previous year.

Total income increased to Rs 3,515.6 crore last fiscal from Rs 2,836.5 crore in the 2017-18 fiscal. Despite the real estate sector facing the headwind, Sobha has delivered a record operational and financial performance during the year. The performance for Q4-19 in particular was quite satisfactory on all parameters, Sobha Ltd Vice Chairman and MD J C Sharma said in a statement.

The company achieved the highest-ever total income of Rs 3,516 crore, EBITDA of Rs 747 crore, profit before tax (PBT) of Rs 448 crore, profit after tax (PAT) of Rs 296 crore, total cash inflow of Rs 3,236 crore and pre sales of 4.03 million square feet valued at Rs 3,123 crore during last fiscal, he added.

We have accomplished a record completion of 5.41 million square feet of saleable area with 3,516 units in the residential space. More importantly, these numbers were achieved in the backdrop of uncertainty over revision of GST rate, Sharma said.

The FY18-19 also witnessed a strong performance by its contracts and manufacturing verticals, he added.