NEW DELHI: Sobha has reported a dip of 85.55 per cent in its net consolidated profit during the quarter ended March 31, 2024. Its profit after tax stood at Rs 7.02 crore in Q4 FY24 as against Rs 48.57 crore it recorded in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s net consolidated total income stood at Rs 791.25 crore in Q4 FY24, a dip of 36.20 per cent from Rs 1,240.14 crore it recorded in the similar quarter last year.
The board of directors recommended a dividend of Rs 3 (30%) per equity share for the financial year ended March 31, 2024. The board approved the appointment of Vikram Kumar as the executive vice president – Legal and Land Purchase.
The board, on 22 January 2024, have approved the issuance of equity shares of the company for an amount not exceeding Rs 20,000 million by way of a rights issue to the eligible equity shareholders of the company.
During the quarter ended 31 March 2024, the company has acquired 51 % equity shares in C.V.S Tech Park, an associate company on 7 February 2024, which has resulted into 100% wholly-owned subsidiary of the company.
It achieved annual sales value of Rs. 66.44 billion, collections of Rs 57.9 billion, new area sales of 6.08 million sq ft and an average price realization of Rs. 10,922 per sq ft in FY24.
The net debt stands at Rs 12.62 billion and over the past 14 quarters the company has reduced its net debt by Rs 17.88 billion with debt/equity ratio now at 0.50 in Q4 FY24.
