Sobha's Net Profit Up 73% in Q1 FY22

Sobha has reported a 73 per cent rise in its consolidated net profit in the first quarter of the financial year 2021-22, the company said in a BSE filing. Its profit after tax (PAT) stood at Rs 11.4 crore in Q1 FY22, as against Rs 6.6 crore it recorded in the correspo

BY Realty Plus
Published - Tuesday, 17 Aug, 2021

Sobha has reported a 73 per cent rise in its consolidated net profit in the first quarter of the financial year 2021-22, the company said in a BSE filing. Its profit after tax (PAT) stood at Rs 11.4 crore in Q1 FY22, as against Rs 6.6 crore it recorded in the corresponding quarter previous year. The company's net consolidated income stood at Rs 525 crore in Q1 FY22, a 46 per cent growth from Rs 359.3 crore it registered in the similar period of last year. J C Sharma, vice chairman and managing director of the company said, "Despite the adverse impact of covid second wave during the quarter, we remained resilient due to our strong backward integrated business model which resulted in good operational performance across all the operating cities. Cashflows during the quarter remained healthy which resulted in net debt reduction." The debt equity stands at 1.15 as on June 2021 while the net debt stood at 28.17 billion as on June 30, 2021. Average cost of borrowing has been reduced by 66 basis points as on June 2021 compared to June 2020 and stands at 8.98% as of June 30, 2021, according to a regulatory filing.