Building on Our Momentum
Annual Report 2023
A pattern of excellence
Founded in 1995, SOBHA is a leading national real estate brand known for international quality delivered at scale through its unique backward integration model. The company is recognized for on-time delivery of homes while offering the highest standards of excellence and living experiences. SOBHA has completed 128 mn. sft. across 528 projects in 27 cities spanning 14 states as of March 31, 2023.
SOBHA lays a strong emphasis on product quality achieved by adopting new methodologies, technology and sustainability practises while adhering to the highest safety standards.
The Company epitomizes 'Passion at work,' ingrained in each Sobhaite across all its locations and operations.
Annual Report 2022 - 2023 | 1 |
Foreword
SOBHA is renowned for providing homes with international quality standards since its inception. It has established itself as a trusted and preferred brand in the real estate sector known for unmatched reliability and dependability. SOBHA is seen as a leading organization that establishes new industry benchmarks through innovative designs and engineering while embracing modern sustainability practises. As the brand continues to grow and diversify, SOBHA remains steadfast in its dedication to delivering exceptional products and enriching living experiences, driven by a deep-rooted passion for excellence.
SOBHA's success and evolution as a leading national brand lies in its DNA - understanding of the markets and customer needs, together with the strong competence of its people, robust processes, operational discipline and the highest standards of execution. The fully backward integration model continues to be the backbone of SOBHA's commitment to timely delivery of exceptional homes.
SOBHA's expansion into the new residential markets of Trivandrum and Hyderabad this year, clearly reflects its ability to capitalize, scale and execute on the opportunities arising from growing demand while meeting the evolving needs. The high sales velocity and consistent quarterly performance witnessed during the year across most markets reiterate the continuing affinity and preference that customers have for the SOBHA brand.
In addition to SOBHA's strong real estate performance, the Concrete Products, and Glazing and Metals Works divisions did exceptionally well during the year, recording their highest annual revenues since inception, contributing significantly to the Company's performance.
Upholding its promise to deliver exceptional quality, SOBHA employs a robust training and certification program that ensures continuous enhancement of skills and competencies of its teams. Periodic training and recertification are carried out for engineers and technicians through the SOBHA Academy, while other functional teams are provided with regular professional training opportunities.
SOBHA has also been conferred with some of the leading renowned real estate awards. During the year Economic Times awarded SOBHA as one of the best Real Estate Brands in the country, while the Brand X Report from Track2Realty recognized SOBHA at the top spot across six categories. SOBHA was also conferred the BAM's Builder of the Year - Large Category award that it won in 2018 and 2019 as well.
SOBHA's sustainability focus is seen across its operations and projects, with many practises in this area regarded as industry benchmarks. As part of its continuing sustainability commitment, SOBHA has made provisions for EV charging in its projects as there is a growing acceptance of EV vehicles in India.
CSR efforts have been an integral part of SOBHA's compassionate social development. As part of its focus to provide quality education, SOBHA Icon was set up in 2010. SOBHA is thrilled to share that this year, children from SOBHA Icon won scholarships from prestigious institutions and also secured good positions in leading companies across the country.
As SOBHA embarks on new opportunities and challenges alike, the people behind its ongoing success pride themselves for delivering consistent excellence. SOBHA's thirst for delivering nothing but the best is fundamental to its DNA that assures of a brighter future with strong financials.
Riding on the strong performance we have had, we foray into the future by 'building on our momentum,' and continue on our journey of excellence.
2 Building on Our Momentum
Annual Report 2023
Our Momentum
Building on
Contents
Annual Report 2022 - 2023 | 3 |
20 | Chairman's Message | ||||||
05 | 22 | Board of Directors | |||||
24 | Board Committees | ||||||
1 | 24 | Corporate Information | |||||
Building on | 25 | Directors' Report | |||||
Our Momentum | |||||||
86 | Corporate Governance Report | ||||||
111 | Share Price Performance | ||||||
Markets and Operating Environment | 114 | ||||||
Projects and Work Done in 2022-23 | 121 | ||||||
Environment, Health and Safety | 124 | 114 | |||||
Corporate Social Responsibility | 127 | 2 | |||||
Research and Development | 132 | Management | |||||
Employees | 133 | Report | |||||
Risk Management Report | 135 | ||||||
Operational and Financial Analysis | 140 | ||||||
147 | 147 | CEO & CFO Certification | |||||
3 | 148 | Independent Auditors' Report | |||||
Financial Statements | 166 | Standalone Financial Statements | |||||
- Standalone | 171 | Notes to the Standalone Financial Statements | |||||
Independent Auditors' Report | 248 | 248 | |||||
Consolidated Financial Statements | 264 | 4 | Financial Statements | ||||
Notes to Consolidated Financial Statements | 269 | - Consolidated | |||||
355 | 5 | ||||||
Notice of the Annual | |||||||
General Meeting | |||||||
Glossary | 366 | 366 | |||||
Fiscal 2023 - Quarterly Highlights | 367 | 6 | Additional | ||||
3 years Financial Highlights | 368 | Information | |||||
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Disclaimer
Sobha Limited published this content on 16 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 July 2023 04:48:03 UTC.