Sobha has reported a dip of 93 per cent in its consolidated net profit in the first quarter of the financial year 2020-21. Its profit after tax (PAT) stood at Rs 6.6 crore in Q1 FY21 as against Rs 90.6 crore in the corresponding quarter previous fiscal, the company said in a BSE filing.
The company’s consolidated income stood at Rs 359.30 crore in Q1 FY21, a dip of 70 per cent from Rs 1,193.10 crore it recorded in the similar quarter last year.
“We expect that due to COVID, construction activities will be impacted at the site which may delay revenue recognition. However, this is only an accounting aspect in the near term. In the long run, once the revenue of the projects is recognized upon completion, the same will be neutralized,” the company said.
Sobha availed Covid-19 moratorium interest worth Rs 47.4 crore in Q1 FY21. Its net debt as June 30,2020 was Rs 30.21 billion as against Rs 27.52 billion as on June 30, 2019, the company said in the regulatory filing.
“Our average borrowing cost also came down during the quarter and stands at 9.64% as of June 30, 2020. We continue to enjoy sufficient liquidity from banks/financial institutions at a much lower cost than industry average,” the company said in a media release.
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