Sobha shares shed 3% on shrinking operating margin in Q1

The company reported a surge in Q1 profits by 165 percent to Rs 12.05 crore, driven by other incomes and topline growth, despite a contraction in the operating margin

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Shares of Sobha Ltd opened around 3 percent lower on August 8, after the real estate developer reported 400 basis points decline in operating margins for the quarter ended June.

The company reported a surge in Q1 profits by 165 percent to Rs 12.05 crore, driven by  other incomes and topline growth, despite a contraction in the operating margin. Consolidated revenue from operations for Sobha also grew 60.8 percent YoY to Rs 907.9 crore for the June quarter. EBITDA for the quarter was Rs 967 crore as against Rs 820 crore last year. But, the EBITDA margin declined to 10.3 percent from 14.3 percent in Q1FY23. Sobha reported the fifth quarter of record high bookings with the pre-sales up up 28 percent on-year.

As of 10:37am, the shares were trading at Rs 584.10, around 3 percent lower than yesterday’s close. At the time, the share volume was 354,512 which was lower than the 20-day average of 767,150.

Bangalore-based Sobha deals in residential and retail real estate, institutional and commercial contracting, and manufacturing and also furniture and furnishings retail. The developer has so far completed nearly 130 million square feet area of projects across 27 Indian cities in 14 states. In February 2023, the company had announced plans to expand its presence in Hyderabad, bringing up the total number of cities with real estate projects to 12 and contractual projects to 26.

In June, the head office of Sobha Developers and other related offices were raided by Income Tax officials. In December 2022, the Enforcement Directorate (ED) made provisional attachment of Rs 202 crore against the company under the Prevention of Money Laundering Act, 2002.