Sobha Q1 Review - Gradual Improvement In Balance Sheet Health: Nirmal Bang
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Nirmal Bang Report
Sobha Ltd.'s net profit grew by 64% YoY due to base effect since Q1 FY21 was strongly impacted by Covid-19 induced lockdown.
The QoQ decline in net profit to Rs 108 million was due to:
decline in revenue by 7% QoQ to Rs 5.1 billion
increase in interest expenses by 23% QoQ
tax payment of Rs 18 million in Q1 FY22 compared to tax refund of Rs 33 million in Q4 FY21.
Sobha's residential sales volume declined from 1.3 million square feet in Q4 FY21 to 0.89 million square feet in Q1 FY22.
Further, the average sales price reduced from Rs 8,014/ square feet in Q4 FY21 to Rs 7,626/ square feet in Q1 FY22.
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