Daily Mail India
Daily Mail India

Sobha FY20 net profit down 5% to Rs 281.5 crore, sales bookings at Rs 2,881 crore

New Delhi: Bengaluru-based realty agency Sobha Ltd has reported a 5 per cent decline in its consolidated net profit at Rs 281.5 crore for the final fiscal regardless of increased earnings and achieved robust sales bookings of Rs 2,881 crore.

Its net profit stood at Rs 297.1 crore within the monetary 12 months 2018-19.

Total earnings, nonetheless, rose to Rs 3,825.7 crore in 2019-20 from Rs 3,515.6 crore within the previous fiscal.

Net profit within the fourth quarter of FY20 fell to Rs 50.7 crore from Rs 113.3 crore within the year-ago interval.

Total earnings for the March quarter dipped to Rs 927.6 crore from Rs 1,421.6 crore within the corresponding interval of the earlier 12 months.

Sobha has achieved the very best ever whole sales quantity of 4.07 million sq. toes valued at Rs 2,881 crore throughout FY20, the corporate mentioned.

Total money influx for FY20 stands at all time excessive of Rs 3,647 crore. It delivered 5.86 million sq. toes of developable space throughout 2019-20.

“FY 2019-20 has been an exciting and a challenging year. As we started FY20 on the back of one of the strongest performances, a gamut of new events unfolded which to a larger extent reversed the benefit of reforms witnessed during the previous 3 to 4 years,” mentioned J C Sharma, Vice Chairman and Managing Director, Sobha.

“Major world economies slipping into recession followed by the unprecedented COVID-19 pandemic have put the largely labour intensive sectors like construction in a tight spot.The pandemic has adversely impacted both human lives and businesses world over,” he added.

Sharma mentioned the corporate is effectively outfitted to face the present problem due to “adoption of innovative technological tools, self-reliant model, strong brand, on time delivery, robust balance sheet, presence in major cities, availability of sufficient liquidity and huge land bank for future growth.”

Sobha at the moment has ongoing actual property initiatives aggregating to 39.36 million sq. toes of developable space and 27.41 million sq. toes of saleable space. It additionally has ongoing contractual initiatives aggregating to 9.44 million sq. toes.

As on March 31, 2020, the corporate delivered 109.74 million sq. toes of developable space.

Sobha has an actual property presence in 10 cities, viz. Bengaluru, Gurugram, Chennai, Pune, Coimbatore, Thrissur, Kozhikode, Kochi, Gujarat (Gift City) and Mysore. Overall, it has a footprint in 27 cities in 14 states.

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