Indian realty developer Sobha's fourth-quarter profit slumps on weak Bengaluru sales
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 17 2024
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Source: reuters
- Decline in Profit: Indian real estate developer Sobha reported an 86% decrease in fourth-quarter profit due to weak sales in Bengaluru.
- Bengaluru Market Performance: Housing sales in Bengaluru dropped by 2% during January-March, contrasting with other top seven cities.
- Revenue and Sales: Total areas sold by Sobha reached a 1.5-year low, leading to a 37% decline in consolidated revenues to 7.63 billion rupees.
- Net Profit: The company's net profit fell to 70.3 million rupees from 485.8 million rupees in the same quarter last year.
- Stock Performance: Sobha's stock has increased by 89% this year compared to a 27.3% gain in the Nifty realty index, ending Friday 8.4% higher before the results were announced.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
