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  • Announces Q2 Results, Limited Review Report & Results Press Release For The Quarter Ended September 30, 2015 (Result)

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    Shyam Sunder
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    Announces Q2 results, Limited Review Report & Results Press Release for the Quarter ended September 30, 2015 [Result]

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    Announces Q2 Results, Limited Review Report & Results Press Release For The Quarter Ended September 30, 2015 (Result)

    Încărcat de

    Shyam Sunder

    Drepturi de autor:

    © All Rights Reserved
    Descărcați ca PDF sau citiți online pe Scribd
    Indicator pentru conținut neadecvat
    din 14
    S.R. BATLIBOI & Associates LLP SBE Cantera ce chartered Accountants Nou 24 ial Mallya Road Bengalure's60 003, Tel :+91.806727 5000 Fax: 491.80 2210 6000 Limited Review Report Review Report to the Board of Directors Sobha Limited 1 1. We have reviewed the accompanying statement of unaudited consolidated financial results of Soblia Limited [formerly known as Sobha Developers Limited] (‘the Company”) and its subsidiaries (together, ‘the Group’), for the quarter ended September 30, 2015 (the “Statement”), being submitted by the Company pursuant to the requirement of Clause 41 of the Listing ‘Agreement, except for the disclosures regarding “Public Shareholding’ and ‘Promoter and Promoter Group Shareholding’ which have been traced from disclosures made by. the management and have not been reviewed by us. This Statement is the responsibility of the ‘Company's management and has been approved by the Board of Directors. Our responsibility is to issue a report on the Statement based on our review. 2. We conducted our review in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Finaneial Information Performed by the Independent Auditor of the Entity” {soued by the Institute of Chartered Accountants of India. This standard requites that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material Inisstatement. A review is limited primarily to inguiries of Company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion, 3. In respect of unaudited consolidated financial results, we did not review the financial results of a ‘eleven subsidiaries whose audited quarterly Financial results (after consolidation adjustments) reflect total revenue of Rs. 572 million for the quarter ended September 30, 2015 and total assets Of Rs. 4301 million as at September 30, 2015. The financial information for these subsidiaries have been audited by the other auditors whose reports have been fumished to us, and our conelusion on the unaudited consolidated financial results is based solely on the reports of the other auditors. 4, Without qualifying our conclusion, we draw attention to Note 3 to the accompanying statement of ‘unaudited consolidated financial results for the quarter ended September 30, 2015 relating to the notice of termination issued to a buyer by the Company and invoking of the arbitration clause and other legal remedies by the Company under the agreement with such buyer to enforce its rights tunder the agreement. ‘The management of the Company is confident that it would be able to tenforce its rights under the aforesaid agreements and accordingly no adjustments are considered necessary in these financial results. ( © (Bengal es s S.R. BATLIBOI & Associates LLP Chartered Accountants 5, Based on our review condueted as above and on consideration of reports of other auditors on the separate quarterly financial results and on the other financial information of the components, nothing has come to our attention that causes us to believe that the accompanying Statement of ‘unaudited consolidated financial results prepared in accordance with recognition ‘and measurement principles laid down in Accounting Standard 25 “Interim Financial Reporting”, specified under section 133 of the Companies Act, 2013, read with rule 7 of the Companies (Accounts) Rules, 2014 and other recognised accounting practices and policies has not disclosed the information required to be disclosed in terms of Clause 41 of the Listing Agreement including ‘the manner in which it sto be disclosed, or that it contains any material misstatement. For SR, BATLIBOI & ASSOCIATES LLP ICAI Firm registration number: 101009 Chartered Accountants ome Partner Membership No.: 209567 Bengaluru, India November 13, 2015, SontA Ln TED (FORMERLY KNOWN AS SOBMA DEVELOPERS LIMITED) ‘Corpse ety Names (1N) 1ADOIKATOISPLCOTEAS ey Ofc SOBA, Sara Oe ig Rot (OF, Dereon en Pos, Bae 60109 i anoNne00 ae 1a. NUN Ea Enel Statement of wud ona acl ref the gure ded on Seem 8215 tin mito) Saeed] “Fescing | Carpong] Smatis | Coneyonine] Peven Nawmsors: | cumerent | Que efed | ended | sumonis[accutngyen Pts IWormavea} | looesois | sneszowe | soanams | ened [ene [Mimatea) | (Cum) | Woneaiay | sogsanie | 103205 {Wns | “taut i 1 |inme from eet (a) ss nae Eom oes oe i) ses] aga] as] sam] nasa] aaa (thOserapetar tae 1s in 2 6 % cf tat epertiginone i sa} ars | |» fespaione tr dene neuf ine rie esto] cm] ans} asin] cao} (ote sek ne, ee an woes [heen or mei cosaned 3 | = oes \e Sma rare 180 tm| Zan] an {tices nd tr cae ‘hs ~ vt Bs {hemes cts ee rt) si oe ms q is) apo sf oan em be om an a \irouer eae o a) am] ann |roatepees Ta sa 35 | a | |s fr om penis air name foment an ect vex] ue] ts samt] aa] sas Ls Joser come o “ “ 6 % | s sot om psn fr Semen sos a exci ens) ton] ass] ase] an] aa] se0 ls frees wt a oo ws| ton] a |Join conse neti 4) oo m oo] ran] tas) aan le espn ene fi i ho races a om ot a6 ws) aan rt} ram rary acti tet a a] 2 26 awe 2 lesnaninay tem not een) : 7 19 [ay Les mors es os} wl es| 1 frente ees 12.8) on 0 9s ee 1s [pissy arc on oa on on = oa nse shae 10) 16 fpsener cde vation ree rte sh ass a emis rst e¥5)-) [oso ted EPS ete eatin ems a 49 “or sos} use| a8 (beeen uct PS aercemrdry es in| re Se] its] us Sct norton fr he quarter ed Sete 3,205 Fecaing | Conspmdne] Simon | Cspot] Fev Seacins | ocean | seman | “ease [Tent | aman | sums 1 farts trenton miro ee sees sneaks] nasnaa| snes alps moms 9 ste lmtp ncomtel Notes sooo rezeee0| sa720900 | to7eaon0 Races of est a¥of el dg of ened a ears) gar ter [Rewer dea ofits al ein of Cony) too nom] rosie) 09 senso [Nora ce 730 nym] asza9a00) sa700 Porn of hres %o tel slg fenced ios rian] stam] a Freccnac of hace feta shaw cin oft Com “ 90 vom] oon] oon [errr [> [imeer Compas Peniaetdebermar ofc ner [dest of ane he coe Resunnywecated eof te : ae (1. Stan ona es ond ais ia = Wamate |_TAei [A EQUITY AND LIABILITIES g 1 Shure ins (Scat wt) at + es sae 316] — 218, (0) etd ite oe) ts] Tat {oaerongean hates, ts 3 = ‘ball _— 658 aa | 4 Coreen tiniis (seats ons aga] 123] (@htaepate tse] {[Qoxereaent bios nan] 385] {ahste tem proven el ast seb eul ——sunn [a {3 ceatet on conaon me) | » le)Neee mene 3 (intone ashe um] ne (Herm ce ee = at x 2 cuatases {a} caret vests ses (Grimes 2oses| at {3a cocoa ad art ess ie) tat (eee ass “uus| a. ‘stall —Sr8| sae ° » Aste avy oh Compu ae is sabi, pissy ill win ask bss and grog ep, reas tio lores 1b oie tnd Aco Smid Sea eparng ‘Wi ep ota amr exe om er etait ho ase fr le oui ie yrs he Compan te oranda denarii hrc arcenens eer ih. ener he bce ea snot cape he non pe aan et Conn sso mised et het dient at we elo enor: sheer hea eme, ‘The Coan is evi Sowerby € 220 ie se co tines ithe re pad 2 ef wich ro ele forte ms md rer eel Seer 0,215 5 “Thess cl eke low [oeareratl] Pang Coping] Sienis | Covegsaine]) Previn oka | qunerened | amet | ciel | sims |acuniese ern, meat | Sages | soman | seipans | "aa |"! ito) | tmnt) | 1ameaeay | scoosor | 31032018 Cie fase toma Tae] ao] as | ar a eetsbre mt Fs | Sat tn “Then wend Rn a te gun Stank 5,201 cme vie ont Copy wet we soabm ‘Do te que ed Spe 0,205. Cony biel ce smal mr dcence(NCL) sis es uti 9° 2000 in, ‘stots hen vee yt Ait Comite an anes hein fhe en of ier fh Comp ee Novem 13215. “Thema conluced iil ve fh ve an od the quer ended Sete 30,2015, “The fest ovine pd eben poe ei, eer ea vad nai Barto Dies of 2 = ove 1,205 ‘VeeChuma an Mogi Dresor S.R. BATLIBOI & Associates LLP “SB chy capers sock Chartered Accountants No 24a ais Road ‘engin S60 €D4 naa Tel :¥91 806727 5000 Fax: #91 802210 6000 Limited Review Report Review Report to the Board of Directors Soba Limited |. We have reviewed the accompanying statement of unaudited standalone financial results of Sobha Limited [formerly known as Sobha Developers Limited] (‘the Company’) for the quarter ended Soptember 30, 2015 (the “Statement”), being submitted by the Company pursuant to the requirement of Clause 41 of the Listing Agreement, except for the disclosures regarding ‘Public Shareholding? and ‘Promoter and Promoter Group Shareholding’ which have been traced from disclosures made by the management and have not been reviewed by us. This Statement is the responsibility of the Company's management and has been approved by the Board of Directors (Our responsibility isto issue a report on the Statement based on our review. 2, We conducted our review in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity” {soued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of Company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an aut and accordingly, we do not express an audit opinion. 3. Inrespect of unaudited standalone financial results, we did not review the financial information as regards Company's share in profits of partnership firm (post tax) amounting to Rs 41 million for the quarter ended September 30, 2015. The financial information has been audited by other ‘auditors whose reports have been fumished to us, and the Company's share in profits of partnership firm investments has been included in the unaudited standalone financial results solely ‘based on the report of other auditors 4. Without qualifying our conclusion, we draw attention to Note 3 to the accompanying statement of audited standalone financial results for the quarter ended September 30, 2015 relating to the notice of termination isued to a buyer by the Company and invoking ofthe arbitration clause and axher legal remedies by the Company under the agreement with such buyer to enforce its rights under the agreement. ‘The management of the Company is confident that it would be able to enforce is rights under the aforesaid agreements and accordingly no adjustments are considered ‘necessary in these financial results 5, Based on our review conducted as above, nothing has come fo our attention that causes US 10 believe that the accompanying Statement of unaudited standalone financial results prepared in accordance with recognition and measurement principles laid down in Accounting Standard 25 “Interim Financial Reporting”, specified under section 133 of the Companies Act, 2013, read with tule 7 of the Companies (Accounts) Rules, 2014 and other recognised accounting practices and policies has not disclosed the information requited to be disclosed in terms of Clause 4 of the {Listing Agreement including the manner in which it is to be disclosed, or that it contains any ‘material misstatement, S.R. BATLIBO! & Associates LLP Chartered Accountants 6. We have performed the review in accordance with requirements of clause 41 and clause 29 of the listing agreement /debt listing agreement entered into by the company with the respective stock exchanges. Accordingly, this report should not be used for any other purpose or referted to in any other document, or distributed to anyone other than the aforesaid purpose. a For $.R, BATLIBOI & ASSOCIATES LLP ICAI Firm registration number: 101049W ‘Chartered Accountants perAdarsh Ranka Partner Bengaluru, India ‘November 13, 2015 ‘SOBHA LIMITED (FORMERLY KNOWN AS SOMA DEVELOPERS LIMITED) Corporate eat Nom (IN) ASB KALSSPLCOLSITS Re Of: "SOBA Sap hal Oe ing Ress (O80, Destin Bet Pos Bugle 0108 Ph 1-720 Pa 9190-18004 Ena meat ct Semen twat stdsn i rea forth quarter ended September 3,205 nmin, [Geared] Fsaing [Carapmtng]| Scie [Conegming | Frei ‘watts | quieren | Quod | eaded | seman |acoinge] tae WWnomiteas | Snoezors | Soorsore | seosans | "ewdot |" ened ities) | (Unni) | Unmet) | sogpanis | 1002018 IWemaiea | “tans (aN sk coe om option ato ee es) sos] sss] es] aats| nas] ase (Se pes Owe ty pari Be rn So 2 " ™ ca [rot eer ncame a [ a ron nase] 1 | Esemione (oe des neve of wlg mri i es) usm x] aw) aa) sss] foods soa eeu und os od ek OS imdeat ve oa ra) tao] sat (cefotmnea maed » oe so co] ae. (Given pete gs) ae aan} se] dar (e)Sienrasoand oar hs sau] 1300 ame) hae] as {Oe sadn err cs S| % a ry 2 (i Brolee entregese cr as me vs) ton (Wigan seen gee | ie nm *° 33 ‘| {omer eae a Ey aa) sap] uats| as > psetom pon betcha ce cota pin so] to ai] ast 1+ rot nom neo er snmcecanzand xin ono) ws] tan] ase] tne] aeae] as [> fre ater nectar xen 4) v6 m ss] tam] tase] ao [> |e tmnt 7) 6 m ws] tam] we] ag 10 frexepees m 2a a 40] ss) 10m 1 fpee rot am rina atest 10) a sot 60 n) urs] tga 1a fxm ost me) : : : : Near fre ped 112) a “a sa ms} us] sot 1 frase cay sae cai on on oat ost on on feces 10) ts |Research aa nae ead ied EPS reais 330 an sn an nas an30| Sn EPS teary Home ao} a sot} tas} 30 1 | serie ose SCR rr 5 nas 00 Set tmnt tthe ani ded on September 02018 eared] Fase Coontne] Rimes | Conan] Res | Soonaots | Qurerenet | Guanes | easel | cts cing 4 lester stareetinn fre rst [Se fe ies sass sasisoe] scsesca| secsae ree nd promt ip shreds [rete exumbacs {Noe owe reno vernon] varmon} zoe Rovnngf reset tel sn of rome nd reo wrod “ead tor Pornon ois 8% theca fe Comey roar wor rear] sosi brennan er snr sxxo20| aaz0z0| 27020] [Peon of esol sh of roma 9 ‘sin] eran “ion ps aera fs [imcter Compt ete nin of He eer : fesvcdewae Se user : [emi ered no CO (0) Sttenet fsa ates (iano | women | “tants | Ik qurey aNpsaniries @smecnat on on (Rca tn mass] 2 seb a (tremor os {Deere ie et a {Chose ong om iter i {@tontom wosene iH sus ast 2 caren ties Gioicntem arog: non] ae {Tacs “ou | ten (Ge emetic uss) Sim 1 sour] —] tren sss {Gong trine ee ico (a) Tesrecaatie ‘ines (cjaierciren eet nas rs ® 6 o o ° Ate Comp ss ty rly wi se hin soil ee. he eso ain cone ke ovis Std Set pri ih sexu asa a fom alperptasing to sel fr se find exe oe Company nied i of teint adie ‘ert cre were resi prensa efres ees he ye aaa pont a so compe he acing teas Themen Copy ah nels pa emcee cn hat ol et tee eee ae aeons ‘he Conny a ods poet tina i the ae esd a el a hi te po fa ath mas we ue ena Sete 30,2018 i tower 230 mh CRs sit fm opt bre amo a hn em! ire parc et oe id eng hpi SCR ep Oa ‘pentane nan eco Hem See Ding he rsd Sept 3.2015, he Compe hits ema oncom oes (NCD) yao acs mein #2000 ion, “tute NCD aves ator BSE Lil “Tse cee ye id Commits a eed the esting fe and fete Capy elem Novenber 13,205 “Teams ie id Lin vw he sn leer ued Seber 30.2015. The geste peo et pride en eon i ame ——— Beni Le Sha ‘over 3,015 ‘Yes Cn nd Mang Dccor ul SOBHA For immediate publication “Delivers stable operational and financial performance in a challenging environment.” Bangalore, 13" November, 2015: Key Highlights ~ Q2 FY'16 + Revenues at Rs. 4.56 billion on a consolidated basis ‘+ EBITDA of Rs. 1.21 billion + PBT at Rs, 621 milion + PAT at Rs. 404 milion = Cash inflow of Rs. 6.12 billion Net operational cash flow of Rs. 1.43 billion 1 Registered new sales value of Rs. 4.95 billion + Registered new sales volume of 0.85 milion square feet * Achieved average price realisation of Rs. 5,822 per square feet Sobha Limited, on a consolidated basis, registered a turnover of Rs. 4.56 billion during the second quarter of the financial year 2015-16. The revenues have declined by 1% on a sequential basis and 33% year-on-year, The Profit before Tax (PBT) stood at Rs. 621 million, and the Profit after Tax (PAT) at Rs. 401 millon on a consolidated basis. The PET and PAT have declined by 14% and 11% respectively as compared to Q4'16 and by 35% and 33% as compared to Q2'15. Speaking on the accasion, Mr. J.C. Sharma, Vice Chairman and Managing Director, Sobha Limited, said, "Tt has been a difficult periad for the real estate sector and the overall demand is yet to show a clear upward trend, The rate cuts announced towards the close of the quarter along with the ‘additional relaxation in FDI norms for construction sector are positive steps for the revival of demand in the housing space. We remain hopeful that such initiatives should start yielding the desired results In the coming quarters. (On the operational front, Mr. 3. C. Sharma said, “The Company during the quarter achieved new sales of 850,329 square feet valued at RS. 4,950 milion with et averaye realisation of Rs. 5,822 per square SOBHA feet. The Bangalore market continued to perform consistently while there was an uptick in demand in the Chennai market.” Analysing the quarter's financial performance, Mr. J.C. Sharma stated, "During the quarter, the contribution from contractual and manufacturing operations was relatively higher. However, the sales in real estate projects which have reached the revenue recognition threshold were lower than expected, resulting in a low-key financial performance. We believe that, with the Sobha Dream Acres Project ‘qualifying for revenue recognition during this financial year, the next half of the fiscal should see an Improvement in the financial performance.” He further remarked, "On the positive side, the cash flows have shown improvement and the Company has generated positive net operational cash flows of Rs. 1,431 millon during the quarter. The debt levels have stabilised and debt-equity stands at 0.83 as at the end of the quarter.” Forthcoming Launches During Q3'16, the Company proposes to launch a Group Housing Project in NCR-Gurgaon with total saleable area of about 3.21 million square feet, one of the largest ever group housing developments in the region. The proposed development is located in close proximity to the IGI airport, Delhi and Dwarka Expressway and is adjacent to the existing villa / row house project of the Company which is currently under development. “The Project will comprise of approximately 1,700 units to be developed in phases - 2 BHK and 3 BHK inthe range of 1,400 ~2,400 square feet. The Project will be equipped with abundant outdoor & indoor sports facilites, social amenities through two clubhouses, large green spaces and water bodies. The Company plans to execute the Project over a span of 6-7 years. The project is being developed in partnership with the Company's existing Joint Development Partner for International City Project in NNCR-Gurgaon and wil complement the existing infrastructure the Company has set up in the NCR region, The Company is confident that the proposed product will drive the volumes in spite of the

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