Monday, August 11, 2014

#Sobha Developers Q1 net profit reaches Rs.57 cr. but net debt crosses Rs.1500 cr.

Bangalore-based Sobha Developers has reported a 14 per cent increase in consolidated net profit at Rs 57 crore for the quarter ended June 30.The company had reported a net profit of Rs 50.1 crore in the corresponding quarter last fiscal.Its total revenues for the April-June quarter increased 25.83 per cent to Rs 582.6 crore from Rs 463 crore in the year-ago period.The company's total expenditure during the quarter increased to Rs 339.1 crore against Rs 327.4 crore a year ago.During the first quarter, the company recorded new sales of 7.54 lakh square feet valued at Rs 482.2 crore with an average realisation of Rs 6,388 per sqft.The company also collected Rs 593 crore of operational cash flows and net operational cash flow of Rs 73.9 crore.

Key Highlights – Q1 FY 15

 Revenues at Rs.5.83 billion on a consolidated basis, up 26% YoY
 EBITDA of Rs.1.58 billion, up 12.9% YoY
 PBT at Rs.903 million, up 7.1% YoY
 PAT at Rs.570 million, up 13.8% YoY
 Cash inflow of Rs.5.93 billion
 Net operational cash flow of Rs.739 million
 Registered new sales value of Rs.4.82 billion
 Registered new sales volume of 0.75 million square feet
 Achieved average price realisation of Rs.6,388 per square feet
 Debt equity ratio of 0.65

Speaking on the results, Mr. J.C. Sharma, Vice Chairman and Managing Director, Sobha Developers Limited, said “During Q1 of FY 15, the Company achieved new sales of 754,779 square feet valued at ` Rs.4,822 million with an average realisation of Rs.6,388 per square feet. The Company also collected  Rs.5.93 billion of operational cash flows and net operational cash flow of Rs.739 million. Our current debt-equity ratio is 0.65 and our net debt is Rs.15.31 billion. The increase in the debt is primarily on account of pursuing investment opportunities in Cochin and Pune. By the end of this fiscal, we hope to reduce our debt-equity ratio so as to contain it around 0.6.”