Sobha shares in news after Q1 net profit falls 50%

Shares of real estate player Sobha Ltd are in news today after the firm reported a 50% fall in net profit for the June 2024 quarter. Profit fell to Rs 6.06 crore in the first quarter of FY25 from Rs 12.05 crore year ago. The company posted a revenue of Rs 669 crore in Q1 from Rs 901 crore in Q1 of FY24.

Sobha shares closed 1.32% lower at Rs 1693.45 on Thursday against the previous close of Rs 1716.15 on BSE. Market cap of the firm fell to Rs 18,112 crore. Total 0.14 lakh shares of the firm changed hands amounting to a turnover of Rs 2.38 crore on BSE today.

Collections from homebuyers climbed 14 percent to Rs 1,546 crore. Quarterly sales rose 28% year on year to Rs 1,874 crore. Sobha said. "Gurgaon contributed 45.5 percent to the total sales value, followed by Bangalore contributing 33.5 percent to the total sales value in Q1-25. Kerala saw year-on-year growth of 5.8 percent," it added.

The average price realization stood at Rs 15,941 per sq ft. The company sold 562 units with a total saleable area of 1.17 million sq ft across all regions in Q1 FY25. Sobha launched four new residential projects with a total saleable area of 3.04 million sq ft.