Sobha Limited reports 198% jump in net profit at Rs 48.30 cr in Q2

Real estate developer Sobha Limited has registered a 198% hike in its consolidated net profit for the quarter ended September 2021. Its profit after tax (PAT) reached Rs 48.30 crore in Q2 FY22 compared to Rs 16.20 crore it registered in a similar quarter the preceding fiscal, the firm declared in a BSE filing. The firm's net consolidated total revenue reached Rs 832.30 crore in Q2 FY22, an increase of 52% from Rs 545.90 crore it listed in a similar quarter last year. The board of directors authorised the issue of unregistered secured non-convertible redeemable debentures (NCDs) on a private placement basis. In the regulatory filing, it said that the size of the issue is Rs 140 crore in one or more tranches. Sobha gained a total cash inflow of Rs 9.14 billion during Q2 FY22 surging by 33%, as against Q2 FY21. Its net debt dropped by Rs 0.39 billion during the quarter and reached Rs 27.78 billion despite dividend payment. Debt equity reaches 1.13 as of September 30, 2021, it said in the regulatory filing. The borrowing cost has decreased during the quarter and reached 8.85 % as of September 30, 2021. Vice-chairman and managing director of the firm, J C Sharma, told the media that the multiple interactions between the developers and the buyers have shifted to online platforms bringing in seamlessness in business transactions and efficiency of doing so. This transformation has made the young Indian generation and NRIs the essential rising prospective home buyers. There is an urgent requirement for all credible developers to draw in the best methods towards making quality homes, delivering on time with clarity and authenticity. This responsible behaviour alone will guarantee long term sustainability to the sector with the enormous respectability that it deserves. Image Source Also read: Godrej Properties notes 18% jump in sales bookings in FY22