Bengaluru-based realty firm SOBHA Ltd on Thursday (November 14) reported a 73.3% year-on-year (YoY) jump in net profit at ₹26 crore for the second quarter that ended September 30, 2024. In the corresponding quarter of the previous fiscal, SOBHA posted a net profit of ₹15 crore.

The company’s revenue from operations surged 26% to ₹933.5 crore against ₹741.2 crore in the year-ago period.

At the operating level, EBITDA was up 2.3% to ₹77 crore in the second quarter of this fiscal over ₹75.3 crore in Q2 FY24.

Also Read: Glenmark Pharma Q2 Results | Drug firm returns to profit, revenue up 7%

The EBITDA margin stood at 8.3% in the reporting quarter versus 10.2% in the same quarter last fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

In Q2 FY25, SOBHA reported real estate collections totalling ₹1,222.7 crore, with ongoing debt reduction efforts bringing its net debt-to-equity ratio down to 0.08. Sales performance for the quarter reached ₹1,178 crore, supported by an average price realisation of ₹12,674 per square foot, marking a 24% YoY increase.

During this period, SOBHA sold new area of 0.93 million square feet across various regions. Kerala contributed significantly, achieving its highest quarterly sales of 0.30 million square feet, valued at ₹338.1 crore. Additionally, SOBHA launched a total saleable area of 0.48 million square feet in Bengaluru.

Also Read: Easy Trip Planners Q2 revenue up on strong bookings; net profit, margin slide

Jagadish Nangineni, Managing Director, SOBHA, said, “Our Q2 FY25 performance reflects continued strength in our operations, fuelled by our team’s efforts across functions and sustained demand in residential real estate. The geographical diversification of our project portfolio is paying rich dividends, with the ability to cater to demand across all our eleven operating cities.”

The results came after the close of the market hours. Shares of SOBHA Ltd ended at ₹1,533.95, down by ₹11.55, or 0.75%, on the BSE.