Sobha Ltd
Sobha Ltd hit a new high on the back of an impressive performance for Q4FY17. On a 5% (YoY) rise in consolidated total income at Rs.60 crore, it posted a 150% rise in net profit at Rs.5 crore. It ended the fiscal FY17 with a net profit at Rs.15 crore, up 15% on a 14% rise in total income at Rs.228 crore.
Keeping a tight leash on costs, the company has managed to improve its bottomline. Of its total expense of Rs.52 crore, Rs.45 crore has gone towards land purchase.
The good part about Sobha is that it is not heavy on the debt – net debt as at 31st March 2017 stands at Rs.2074 crore and interest outgo for the year was at Rs.15 crore.
In terms of project completion, 5.09 million square feet of developable area was completed in FY17 and in Q4, it delivered 3 towers, 17 months ahead of time. Its annual collection in Q4 was higher by 20% (YoY) and by 14% for FY17. It also generated positive cash outflow of Rs.300 crore after tax and interest expense but before capital expenses.
The company’s equity capital has come down from Rs.9.81 crore in Fy16 to Rs.9.63 crore in Fy17 on account of its buy back of 17.59 lakh shares at Rs.330/share. EPS stands at Rs.16.59 (FV of Rs.10).