Sobha Ltd’s Q4 sales rise 26% y-o-y to ₹1,463 crore

Sobha Ltd reported pre-sales of ₹1,463.4 crore in the March quarter, up 26 per cent from a year ago and slightly up sequentially.

Its price realisation in the quarter also went up 13.7 per cent on year to ₹9,898 per square feet (psf), the company said in an exchange filing. In the December quarter, it sold houses at an average of ₹9,653 psf.

The bulk of the company’s sales were in its hometown of Bengaluru, with sales in the National Capital Region a distant second, closely followed by Kerala.

During the quarter under review, the real estate company launched three residential projects with a total saleable area of 10.6 lakh sq ft. It also launched its first project in Hyderabad, it said.

The company ended FY23 with sales of ₹5,197.8 crore, up 34.3 per cent on the year. Its average sale price for the whole year rose 16.7 per cent to ₹9,200 psf. During the year it started operations in two new cities, Trivandrum and Hyderabad.

In March, the company said the the Income Tax Department was carrying out a search at its registered office and other premises.