Bengaluru-based Sobha Ltd.’s net profit fell 22% for the second quarter of fiscal 2024, missing analysts’ estimates.
The real estate player’s net profit declined to Rs 15 crore as compared with Rs 19 crore year-on-year. Analysts polled at Bloomberg expected a profit of Rs 24.6 crore for the July-September period.
The company’s revenue rose to Rs 741 crore, as against Rs 906 crore consensus estimate of analysts tracked by Bloomberg.
Sobha Q2 Highlights (Consolidated, YoY)
Net profit down 22% at Rs 15 crore vs Rs 19 crore.
Revenue up 10% to Rs 741 crore vs Rs 670 crore.
Ebitda down 20% to Rs 75 crore vs Rs 95 crore.
Ebitda margin at 10% vs 14%.
Revenue of the real estate segment rose 21% to Rs 543 crore, while the contractual and manufacturing segment revenue declined by 11% to Rs 235 crore.
Shares of Sobha closed more than 2% higher at Rs 787 apiece on the BSE on Monday, as compared with a 0.9% rise in the benchmark Sensex. The realty stock is up over 34% year-to-date.