Total expenses skid 5.83% year on year to Rs 656.2 crore while cost of raw materials and components consumed spiked 98.9% year on year to Rs 90.1 crore in the quarter ended 30 September 2022.

During the quarter, the company recorded highest ever quarterly sales value of Rs 1,164 crore with 13% increase YoY aided by highest ever sales price realization of Rs 8709 per square feet and consistent sales volume at 1.34 million square feet.

The company said that it has reported highest ever quarterly operational collections at Rs 1336 crore, supported by increased pace of construction, sustained sales momentum and improved operations in contracts and manufacturing.

Net cashflow for the quarter was at Rs 221 crore, after dividend payment of Rs 3 per share during the quarter, an increase of 464% from Q2 FY22. Net debt stood at Rs 1,888 bn with reduction of Rs 221 bn in the quarter; net debt to equity reduced to 0.77.

Jagadish Nangineni, managing director, SOBHA, said, “Our disciplined growth mindset, investment in technology, people and process improvements will accelerate growth across all our business segments. With an inventory pipeline of 23 mn sft, improved financial structure after eight consecutive quarters of debt reduction by Rs. 11.6 Bn through internal accruals, high visibility of future cashflows, we aim to deliver consistent long-term performance.”

Sobha is primarily focused on residential and contractual projects. Its residential projects include presidential apartments, villas, row houses, super luxury & luxury apartments, plotted developments and aspirational homes.

The scrip rose 2.95% to currently trade at Rs 651.70 on the BSE.