Sobha shares jump 3.80 pc on back of strong quarterly earnings

New Delhi [India], May 30 (ANI): Shares of realty firm Sobha went up 3.80 per cent or Rs 19.25 to Rs 526.20 apiece around midday on Tuesday. The Bengaluru-headquartered firm declared its strong quarterly earnings yesterday evening.

In a span of five days, there was an upward movement of 0.87 per cent while it jumped 12.46 per cent in a period of one month.

Real estate company Sobha reported a 242.25 per cent growth in its net profit to Rs 48.60 crore for the quarter ended March 31, 2023, against Rs 14.20 crore in the year-ago period.

The company’s total income went up 66.75 per cent to Rs 1,240.10 crore in Q4 FY23, against Rs 743.70 crore in the corresponding quarter the previous year, according to a company statement.

Jagadish Nangineni, managing director of the company said, “Financial year 2022-23 has been an excellent year for Sobha, achieving new milestones in sales and cashflow, made possible by concerted team effort and contribution from our stakeholders.”

The board of directors recommended a dividend of Rs 3, which is 30 per cent per equity share, for the financial year ended March 31, 2023.

The company on its website said it created landmark developments in Kerala and has stepped into Delhi – National Capital Region, Chennai, Coimbatore, Mysuru and Pune. Sobha was founded on August 7, 1995, by P N C Menon. The company said it has a geographic presence in 27 cities in 14 states. Internationally, Sobha has operations running in Oman and Dubai, according to the company.

According to the statement, the commendable growth in sales for the company was fuelled by its early adoption to cater to changing customer preferences for larger homes. Additionally, the contribution from the luxury segment increased from 25 per cent in the previous year to 36 per cent in fiscal 2022-23, which was aided by the launch of redesigned and new projects including one in Hyderabad during the year.