SOBHA Limited achieves annual sales value of Rs 66.44bn for FY 2024
SOBHA Limited, a prominent real estate developer in India, announced its audited financial results for the fiscal year ending March 2024, marking its strongest performance to date. The company achieved a record annual sales value of Rs. 66.44 billion and launched several new projects, reinforcing its position in the industry.
Unprecedented Sales and Expansion
In FY 2024, SOBHA Limited not only surpassed previous records by achieving an annual sales value of Rs. 66.44 billion, a 27.8% increase from the previous year, but also expanded its market presence significantly. The company sold 6.08 million square feet, a 7.7% growth over FY 2023. This includes the launch of six new residential projects totaling 7.02 million square feet, demonstrating SOBHA’s ability to cater to diverse market segments with innovative and customer-centric offerings.
The average price realization improved by 18.7% to Rs. 10,922 per square foot, driven by customer preferences for large luxury homes from a trusted developer. Significant contributions to the sales value came from Bangalore, which accounted for 67.5% of the total, followed by Kerala with 15.2%, and Gurugram with 8.8%.
SOBHA Limited Achieves Record Sales in FY 2024, Launches Multiple New Projects
Strategic Financial Management
SOBHA’s prudent financial strategies have paid off, as evidenced by a continued reduction in debt for 14 consecutive quarters. The company’s Debt/Equity ratio now stands at 0.50. Real estate collections increased by 10% year-over-year, reaching Rs. 57.97 billion in FY 2024, with net cash flow at Rs. 3.77 billion. Despite economic fluctuations, SOBHA has maintained a strong financial foundation, ending the fiscal year with a net debt of Rs. 12.62 billion.
Leadership’s Vision for Future Growth
Jagadish Nangineni, Managing Director of SOBHA Limited, reflected on the year’s achievements, stating, “Financial year 2023-24 was an exceptional year for SOBHA with the best ever sales, collections, new project launches, and an increased pace of project completions in the real estate segment.” He emphasized the company’s readiness to seize growth opportunities in India’s buoyant economic environment, supported by SOBHA’s solid brand value and stakeholder trust.
SOBHA’s Market Position and Outlook
Founded in 1995, SOBHA Limited has become a national leader in the real estate sector, known for delivering international quality homes and commercial projects on time. The company’s unique backward integration model and commitment to quality and customer satisfaction have enabled it to deliver over 136.25 million square feet of developable area across 27 Indian cities. Looking forward, SOBHA is well-positioned to continue its growth trajectory, leveraging its strong foundation and market opportunities.
With record sales and strategic expansions in FY 2024, SOBHA Limited continues to set benchmarks in the real estate industry. The company’s robust performance and strategic initiatives are poised to drive further growth and success in the coming years.