Realty firm Sobha Ltd on Thursday (August 8) reported a 49.2% year-on-year (YoY) decline in net profit at ₹6.1 crore for the first quarter that ended June 30, 2024.

The company said in a regulatory filing that it posted a net profit of ₹12 crore in the corresponding quarter last year. The company’s revenue from operations falls 29.5% to ₹640.3 crore as against ₹907.9 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA dropped 14.7% to ₹55.7 crore in the first quarter of this fiscal over ₹65.3 crore in the corresponding period in the previous fiscal.

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EBITDA margin stood at 8.7% in the reporting quarter as compared to 7.2% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

Sobha’s overall sales value increased sequentially by 24.6%. Gurugram led the contribution with ₹852 crore, making up 45.5% of the total sales value and achieving its highest-ever quarterly sales. Bengaluru followed, contributing 33.5% to the sales value. Kerala experienced year-on-year growth of 5.8%, while GIFT City achieved its highest-ever quarterly sales value with an 81.2% growth compared to the same quarter last year.

The quarterly sales value reached ₹1,874 crore, up 28% year-over-year and 24.6% sequentially. Sobha also realised its best-ever average price of ₹15,941 per square foot, a 51.7% increase year-over-year. The company sold 562 units with a total saleable area of 1.17 million square feet across all regions in Q1 FY25. It launched four new residential projects with a total saleable area of 3.04 million square feet.

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Sobha continued its debt reduction strategy for the 15th consecutive quarter, with the Debt/Equity ratio now at 0.47%. Collections reached their highest ever at ₹1,546 crore in Q1 FY25, a 14% increase from ₹1,355 crore in Q1 FY24. The net cash flow for Q1 FY25 was ₹74 crore, reflecting a 5% increase year-over-year from ₹70 crore in Q1 FY24.

The results came after the close of the market hours. Shares of Sobha Ltd ended at ₹1,686.15, down by ₹30.00, or 1.75% on the BSE.