Sobha Limited — Important, 06-02-2025: General Updates

**Financial Highlights:** Total revenue for 9M FY25 reached Rs. 28.92 bn, up 19.2% year-over-year, primarily driven by a robust real estate sector contributing Rs. 23.9 bn. For Q3 FY25, revenue stood at Rs. 12.57 bn, marking a significant 76.1% increase from the previous year, with real estate revenue at Rs. 10.63 bn. EBITDA for 9M was Rs. 2.94 bn with a margin of 10.2%, while PAT showed a 27.9% rise, totaling Rs. 0.53 bn.

**Strategic Initiatives and Growth Drivers:** The company launched key projects, including SOBHA Ayana in Q3 FY25, enhancing its project portfolio with a total of 4.66 mnsft launched across five projects during the first nine months. The company continues to diversify its offerings, with a strong emphasis on sustainable practices.

**Business Developments:** SOBHA realized an impressive 42.3% growth in handovers, delivering 2,130 units totaling 3.4 mn sft this fiscal year. Operational efficiency and project velocity remained strong, with sustained cash inflows reinforcing the company's stability.

**Market Position and Competitive Advantage:** SOBHA maintains a strong competitive edge through its backward-integrated model and diverse portfolio across major Indian cities. Strong cash collections from completed projects also bolster its market position.

**Investor Implications:** With revenue projections from sold units reaching Rs. 153.61 bn and an increasing average sales realization, the outlook remains positive. Investors should watch the company’s continued expansion and operational improvements, signaling potential growth and resilience amidst market fluctuations.