Sobha Q3 sales bookings up 36% to Rs 1,425 cr on strong revival in demand

Bengaluru-based realty firm Sobha Ltd on Friday reported a 36 per cent growth in its sales bookings to Rs 1,424.7 crore for the quarter ended December 2022 on strong revival in demand.

In a regulatory filing, Sobha Ltd informed that its sales bookings stood at Rs 1,047.5 crore in the year-ago period.

Sobha Ltd achieved highest-ever quarterly sales bookings in the December quarter in terms of both volume and value.

The average price realisation improved to Rs 9,650 per square feet, up 21.9 per cent from the corresponding quarter of last year.

Achieved highest-ever quarterly sales volume of 1.47 million square feet, with an increase of 11.6 per cent compared to the previous year.

During April-December period of this fiscal, Sobha Ltd's sales bookings rose to Rs 3,734.4 crore from Rs 2,760.6 crore a year ago.

In the first nine months of this fiscal, the company achieved total sale of 4.17 million square feet, an increase of 16.9 per cent over the preceding year.

The average price realisation during April-December period of FY23 improved to Rs 8,952 per square feet, up by 15.7 per cent as against last financial year.

"Requirement for larger homes has been the consistent theme we have witnessed in the past couple of years," the company said.

"Q3, FY2023 has been the best-ever sales quarter for Sobha, both in volume and value. While Bengaluru continues to contribute to significant share of real estate sales, our projects from other cities have contributed 40 per cent of the total sales volume, one of the highest in recent years," it said.

Gurugram has achieved its highest-ever quarterly sale, aided by the launch of new towers.

Kerala and GIFT City (Gujarat) have been consistent in their sales.

"We believe diversification in multiple regions, with presence in 11 cities, through long term investments are enabling the growth," it stated.

The company's operations in contractual and manufacturing too have witnessed increased demand from corporate and institutional clients, it said.

"Cash flows were strong during this (December) quarter and has resulted in net debt reduction," it highlighted.

Sobha is one of the leading real estate players in the country.