SOBHA · Realty
Sobha Ltd. reported revenue of ₹1,241 cr for January to March 2025, +62.6% on the year and +1.4% on the quarter. It is the highest quarterly revenue in the last 8 quarters on record. Over the last four quarters revenue comes to ₹4,039 cr, +30.4% on the four before.
Operating profit (EBITDA) was ₹94.0 cr, a margin of 7.6%, −55 bps on the year and +210 bps on the quarter. Over the last 8 quarters the margin has ranged from 5.5% to 10.8%, averaging 8.3%. Operating costs grew +63.6%, faster than revenue at +62.6%, so operating profit grew less than sales.
Net profit was ₹41.0 cr, +485.7% on the year and +86.4% on the quarter, with earnings per share of ₹3.82. The tax rate was 27% against an average of 33% over the previous 7 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹95.0 cr, +93.9% on the four before.
Real estate revenue is booked when projects complete, so the quarterly statements lag the business; pre-sales and collections show where it actually is. The quarterly statements do not carry pre-sales, collections and launches; those come with the filing read.
On earnings per share of ₹8.86 over the last four quarters, the stock at ₹1,257.80 trades at 142.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹741 cr | ₹685 cr | ₹763 cr | ₹640 cr | ₹934 cr | ₹1,224 cr | ₹1,241 cr | ₹852 cr | ₹1,408 cr | ₹943 cr | ₹1,988 cr | ₹1,278 cr |
| YoY | — | — | — | −30% | +26% | +79% | +63% | +33% | +51% | −23% | +60% | +50% |
| EBITDA margin | 10.1% | 10.8% | 8.1% | 8.8% | 8.2% | 5.5% | 7.6% | 2.8% | 6.8% | 4.1% | 7.6% | 6.1% |
| Other income, % of PBT | 128% | 138% | 255% | 264% | 89% | 114% | 54% | 258% | 63% | 190% | 34% | 75% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 39% | 29% | 36% | 45% | 28% | 26% | 27% | 27% | 27% | 25% | 25% | 26% |
| Net profit | ₹15.0 cr | ₹15.0 cr | ₹7.0 cr | ₹6.0 cr | ₹26.0 cr | ₹22.0 cr | ₹41.0 cr | ₹14.0 cr | ₹73.0 cr | ₹15.0 cr | ₹92.0 cr | ₹51.0 cr |
| YoY | — | — | — | −50% | +73% | +47% | +486% | +133% | +181% | −32% | +124% | +264% |
| Core profit YoY | — | — | — | — | — | — | — | — | +825% | — | +208% | — |
| EPS | ₹1.40 | ₹1.41 | ₹0.66 | ₹0.57 | ₹2.44 | ₹2.03 | ₹3.82 | ₹1.27 | ₹6.78 | ₹1.44 | ₹8.59 | ₹4.76 |
| Flags | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 2 | 1 | 1 | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Sobha Ltd. reported revenue of ₹1,241 cr (+62.6% on the year) and net profit of ₹41.0 cr (+485.7% on the year) for January to March 2025.
1 check raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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