...

SOBHA

PASSION AT WORK

Date: February 07, 2023

To To
The Deputy Manager The Manager
Department of Corporate Services The National Stock Exchange of India Limited
BSE Limited Exchange Plaza, Plot No C/1, G Block
PJ Towers, Dalal Street Bandra Kurla Complex
Mumbai - 400 001 Mumbai - 400 051
Scrip Code: 532784 Scrip Code: SOBHA

Dear Sir/ Madam,

Sub: Outcome of Board Meeting held on February 07, 2023.

This is to inform that the Board of the Directors at their meeting held today, i.e. Tuesday,
February 07, 2023, took on record the Unaudited Financial Results for the quarter ended
December 31, 2022.

In this connection, please fmd enclosed herewith:

1. Unaudited Consolidated Financial Results for the quarter ended December 31, 2022 along with the
Limited Review Report.

2. Unaudited Standalone Financial Results for the quarter ended December 31, 2022 along with the
Limited Review Report.

3. Press Release, the Company intends to disseminate through media.

The Board Meeting commenced at 03:10 P.M. and concluded at 06:31 P.M.

Kindly take the aforesaid information on record in compliance of SEBI (Listing Obligations and Disclosure
Requirements), Regulations 2015.
Yours sincerely,
FOR SOBHA LIMITED

�J-
VIGHNESHWAR G BHAT
COMPANY SECRETARY AND COMPLIANCE OFFICER
MEMBERSHIP NO.: 16651

SOBHA LIMITED
REGD & CORPORATE OFFICE: 'SOBHA', SARJAPUR - MARATHAHALLI OUTER RING ROAD, BELLANDUR POST, BANGALORE- 560103, INDIA
CIN: L4520 I KAI 995PLC0l8475 I TEL: +91-80-49320000 I FAX: +9180 493204441 www.sobha.com
 Walker Chandiok &._Co LLP

Walker Chandiok & Co LLP

5th Floor, No.65/2, Block "A",
Bagmane Tridib, Bagmane
Tech Park, CV Raman Nagar,
Bengaluru
560093
T +91 80 4243 0700
F +918041261228

Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results and Year
to Date Financial Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of Sobha Limited

1. We have reviewed the accompanying statement of unaudited consolidated financial results ('the Statement')
of Sabha Limited ('the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries
together referred to as 'the Group'), its associate and joint venture (refer Annexure 1 for the list of subsidiaries,
associate and joint venture included in the Statement) for the quarter ended 31 December 2022 and the
consolidated year to date results for the period 01 April 2022 to 31 December 2022, being submitted by the
Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (as amended} ('Listing Regulations').

2. This Statement, which is the responsibility of the Holding Company's management and approved by the
Holding Company's Board of Directors, has been prepared in accordance with the recognition and
measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS
34'), prescribed under section 133 of the Companies Act, 2013 ('the Act') , and other accounting principles
generally accepted in India and is in compliance with the presentation and disclosure requirements of
Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement
based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE)
2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by
the Institute of Chartered Accountants of India. A review of interim financial information consists of making
inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and
other review procedures. A review is substantially less in scope than an audit conducted in accordance with
the Standards on Auditing specified under section 143(10) of the Act, and consequently, does not enable us
to obtain assurance that we would become aware of all significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion .

We also performed procedures in accordance with the SEBI Circular CIR/CFD/CMD1/44/2019 dated 29
Marc ·-------·• he SEBI under Regulation 33 (8) of the Listing Regulation, to the extent applicable.

Chartered Accountants Walker Chandiok & Co LLP is registered

with limited liability with identification
Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune number AAC-2085 and its registered office
at L-41 Connaught Circus, New Delhi,
110001 , India
Walker Chandiok &..Co LLP
4. Based on our review conducted and procedures performed as stated in paragraph 3 above and upon
consideration of the review reports of the other auditors referred to in paragraph 7 below, nothing has come
to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the
recognition and measurement principles laid down in Ind AS 34, prescribed under section 133 of the Act, and
other accounting principles generally accepted in India, has not disclosed the information required to be
disclosed in accordance with the requirements of Regulation 33 of the Listing Regulations, including the
manner in which it is to be disclosed , or that it contains any material misstatement.

5. We draw attention to note 6 that explains that during the previous years, the Company had entered into a
joint development agreement ('JDA') in which the counter party, i.e. , land owners had obtained a license for
setting up a residential township on land parcels. The license is based on the Bilateral Agreement which was
entered into between the land owners and District Town and Country Planner (DTCP), Haryana and is
governed under the development policy of Haryana Development and Regulation of Urban Areas Act, 1975
(HDRUAA).

In respect of this transaction, the Enforcement Directorate ('ED') after due investigation has filed a complaint
with Adjud icating Authority, Prevention of Money Laundering ('AA-PML'), alleging certain irregularities in the
manner of allotment and pricing of certain plots under this project by the Company, with respect to the terms
and conditions of the license and HDRUAA regulations and also non-payment of concerned charges
pursuant to the change in beneficial interest, resulting in provisional attachment under the Prevention of
Money Laundering Act, 2002 ('PMLA') of land parcels with value of~ 2,016 million held by Technobuild
Developers Private Limited (TDPL) over wh ich the Company has absolute rights through a Memorandum of
Understanding entered with TDPL as explained in the said note.

Subsequent to 31 December 2022, the Company is in receipt of a Show Cause Notice (SCN) under the
PMLA from AA-PML and the Company is in the process of filing responses to the allegations made in SCN .
The management, based on its overall assessment and independent legal opinion obtained, believes that
these transactions have been carried out in accordance with all the applicable laws and regulations and the
said bilateral agreement. Pending outcome of the ongoing regulatory proceedings including the duration of
such proceedings and recoverability of land advance given against such provisionally attached ~ 2,016
million land parcels is presently uncertain.

Our conclusion on the Statement is not modified in respect of this matter.

6. We draw attention to note 8 to the accompanying consolidated financial results, wh ich describes the
restatements made to the comparative financial information for quarter and nine months period ended
31 December 2021 and for the year ended 31 March 2022, in accordance with the principles of Ind AS 8
Accounting Policies, Changes in Accounting Estimates and Errors, for correction of certain identified material
prior period errors, wh ich are further described in the aforesaid note.

Our conclusion is not modified in respect of this matter.

7. We did not review the interim financial results of 18 subsidiaries included in the Statement, whose financial
information reflect total revenues of~ 215 million and ~ 852 million, total net profit after tax of~ 15 million
and ~ 159 million, total comprehensive income of ~ 15 million and ~ 159 million , for the quarter and
nine-month period ended on 31 December 2022, respectively, as considered in the Statement. These interim
financial results have been reviewed by other auditors whose review reports have been furnished to us by
the management, and our conclusion in so far as it relates to the amounts and disclosures included in respect
of these subsidiaries is based solely on the review reports of such other auditors and the procedures
performed by us as stated in paragraph 3 above.

Our conclusion is not modified in respect of this matter with respect to our reliance on the work done by and
the reports of the other auditors .

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Chartered Accountants
Walker Chandiok&._Co LLP
8. The Statement includes the Group's share of net profit after tax of~ Nil and ~ Nil, and total comprehensive
income of~ Nil and~ Nil for the quarter and nine-month period ended on 31 December 2022 respectively, in
respect of 1 associate and 1 joint venture, based on their interim financial information, which have not been
reviewed by their auditors, and have been furnished to us by the Holding Company's management. Our
conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of
these associate and joint venture, are based solely on such unreviewed interim financial information.
According to the information and explanations given to us by the management, these interim financial
information are not material to the Group.

Our conclusion is not modified in respect of this matter with respect to our reliance on the financial information
certified by the Board of Directors.

9. The review of unaudited consolidated quarterly and nine-month period financial results for the period ended
31 December 2021 and audit of consolidated financial results for the year ended 31 March 2022 included in
the Statement was carried out and reported by BS R & Co. LLP, who have expressed unmodified conclusion
vide their review report dated 11 February 2022 and unmodified opinion vide their audit report dated
20 May 2022, respectively , whose reports have been furnished to us and which have been relied upon by us
for the purpose of our review of the Statement.

Our conclusion is not modified in respect of this matter.

For Walker Chandiok & Co LLP

Chartered Accountants
Firm r ion No: 001076N/N500013

~ .

Manish Agrawal
Partner
Membership No. 507000
UDIN: 23507000BGYEPU7263

Bengaluru
07 February 2022

Chartered Accountants
Walker Chandiok&_Co LLP
Annexure 1

List of subsidiaries, associates and joint venture included in the Statement

s. Name of the Company/Entity Relationship

No.

1 Sobha City Subsidiary

2 Sobha Hiqhrise Ventures Private Limited Subsidiary

3 Sobha Developers (Pune) Limited Subsidiary

4 Sobha Assets Private Limited Subsidiary

5 Sobha Tambaram Developers Limited Subsidiary

6 Sobha Nandambakkam Developers Limited Subsidiary

7 Sobha Construction Products Private Limited Subsidiary

8 Vavaloor Properties Private Limited Step-down subsidiary

9 Vayaloor Builders Private Limited Step-down subsidiary

10 Vayaloor Developers Private Limited Step-down subsidiary

11 Vavaloor Real Estate Private Limited Step-down subsidiary

12 Vayaloor Realtors Private Limited Step-down subsidiary

13 Valasai Vettikadu Realtors Private Limited Step-down subsidiary

14 Sobha Contractinq Private Limited Step-down subsidiary

15 Kilai Builders Private Limited Step-down subsidiary

16 Kuthavakkam Builders Private Limited Step-down subsidiary

17 Kuthavakkam Realtors Private Limited Step-down subsidiary

18 Sobha Interiors Private Limited Step-down subsidiary

19 Kondhwa Projects LLP Joint Venture

20 CVS Tech Park Private Limited Associate

Chartered Accountants
 SOBHA LIMITED
Corporate Identity Number (CIN) : L45201KA1995PLC018475
Regd. Office: 'SOBHA', Sarjapur - Marathahalli Outer Ring Road (ORR), Devarabisanahalli, Bellandur Post, Bengaluru- 560 103
Ph: +91-80-49320000 Fax: +91-80-49320444 Email: investors@sobha.com
Website: www.sobha.com

Statement of consolidated unaudited financial results for the quarter and nine months ended 31 December 2022

(fin million)
3 months Preceeding 3 Corresponding 3 Year to date Year to date Previous year
ended months ended months ended figures for figures for the ended
31.12.2022 30.09.2022 31.12.2021(*) current period period ended 31.03.2022(*)
Particulars [Unaudited] [Unaudited] [Unaudited] ended 31.12.2021(*) [Audited]
31.12.2022 [Unaudited]
[Unaudited]

1 Income
(a) Revenue from operations 8,682 6,700 6,223 21,002 18,510 25,613
(b) other income 235 75 201 360 271 553
(c) Finance income · 63 131 76 261 235 287
Total income 8,980 6,906 6 500 21623 19 016 26 453
2 Expenses
(a) Land purchase cost 5,318 425 232 6,064 799 2,072
(b) Cost of raw materials and components 974 901 457 2,531 1,283 1,982
consumed
(c) Purchase of project materials 2,210 2,964 1,910 6,101 3,765 5,195
(d) Changes in inventories (5,195) (2,806) (982) (8,324) (711) (1,533)
(e) Subcontractor and other charges 2,404 2,147 1,569 6,240 4,497 6,413
(f) Employee benefits expense 745 765 621 2,154 1,860 2,512
(g) Rnance costs 660 631 788 1,879 2,401 3,083
(h) Depreciation and amortisation expense 175 179 180 500 539 719
(i) Other expenses 1,338 1,356 913 3,698 2,464 3,644
Total expenses 8,629 6,562 5,688 20,843 16,897 24,087

3 Profit before tax and share of profit/{loss) 351 344 812 780 2,119 2,366
in associate/joint venture (1-2)

4 Share of profit/(loss) in associate/joint venture - - - - - -

5 Profit before tax (3+4) 351 344 812 780 2,119 2,366
6 Tax expense
(a) Current tax 43 63 368 138 505 611
(b) Deferred tax (credit)/charge (10) 89 (166) 86 24 23
Total tax expense 33 152 202 224 529 634
7 Profit for the period/year (5-6) 318 192 610 556 1,590 1,732
8 Other comprehensive income
Items that will not be reclassified to profit or loss
in subsequent periods:
Re-measurement (losses)/ gains on defined 0 (33) 5 (25) (18) (9)
benefit plan (net of tax expenses)**
Total other comprehensive income, net of 0 (33) 5 (25) (18) (9)
tax
9 Total comprehensive income for the 318 159 615 531 1,572 1,723
period/year {7+8)
10 Paid-up equity share capital 948 948 948 948 948 948
(Face value per share - f 10)
11 Other equity 23,281
12 Earnings per share (EPS) - (in f)
Basic and diluted EPS (not annualised, except for 3.35 2.03 6.43 5.86 16.77 18.27
the year ended 31 March 2022)

{*) refer note 8

(**) certain amounts that are required to be disclosed and do not appear due to rounding off are disclosed as 'O'
 SOBHA LIMITED
Corporate Identity Number (CIN) : L45201KA1995PLC018475
Regd. Office: 'SOBHA', Sarjapur - Marathahalli Outer Ring Road (ORR), Devarabisanahalli, Bellandur Post, Bengaluru- 560 103
Ph : +91-80-49320000 Fax: +91-80-49320444 Email: investors@sobha.com
Website: www.sobha.com

Statement of consolidated unaudited financial results for the quarter and nine months ended 31 December 2022

Notes:
(1) The consolidated unaudited financial results of Sobha Limited ('the Holding Company') and its subsidiaries (the Holding Company, along with its subsidiaries
referred to as 'the Group') and its associate and joint venture for the quarter and nine months ended 31 December 2022 have been prepared in accordance with
the recognition and measurement principles laid down in the applicable Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies
Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 as amended and in terms of Regulation 33 of the SEBI (Listing and
Other Disclosure Requirements) Regulations, 2015. These consolidated unaudited financial results have been reviewed and recommended by the Audit
Committee and approved by the Board of Directors at their meeting held on 07 February 2023.
(2) The Statutory auditors of the Holding Company have carried out a limited review as required under regulation 33 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations 2015 of the above consolidated unaudited financial results for the quarter and nine months ended 31 December 2022 and have
issued an unmodified review report

(3) The above consolidated unaudited financial results along with limited review report of the Statutory Auditors is being filed with the Bombay Stock Exchange and
the National Stock Exchange and shall be available on the Company's website www.sobha.com .

(4) Consolidated segment wise revenue, results, segment assets and liabilities
Based on the "management approach" as defined in Ind AS 108 - Operating Segments, the Chief Operating Decision Maker (CODM) evaluates the Group's
performance and allocates resources based on an analysis of various performance indicators by business segments. Accordingly, information has been presented
along these business segments viz., Real estate and Contractual and manufacturing business. Details of consolidated segment-wise revenue, results, assets and
liabilities is given below :

(fin million)
3 months Preceeding 3 Corresponding 3 Year to date Year to date Previous year
ended months ended months ended figures for figures for the ended
31.12.2022 30.09.2022 31.12.2021(*) current period period ended 31.03.2022(*)
Particulars [Unaudited] [Unaudited] [Unaudited] ended 31.12.2021(*) [Audited]
31.12.2022 [Unaudited]
[Unaudited]

I Segment revenue
Real estate 6,774 4,513 4,117 15,777 13,285 18,514
Contractual and manufacturing 2,328 2,646 2,330 6 443 5,788 7,891
Total 9,102 7,1S9 6,447 22,220 19,073 26,405
Less: Inter segment revenues /420) /459) (224) (1 218) (563) (792'
Net revenue from operations 8,682 6,700 6,223 21002 18,510 25,613
II Segment results
Real estate 1,456 1,402 2,036 4,115 6,123 7,587
Contractual and manufacturing (88' 152 (33) 34 (61) (119)
Profit before other adjustments 1,368 1,554 2,003 4,149 6,062 7,468
Less: Finance cost (660) (631) (788) (1,879) (2,401) (3,083)
Less: Other unallocable expenditure (604) (667) (610) (1,876) (1,837) (2,602)
Add: Unallocable finance and other income 247 88 207 386 295 583
Profit before tax 351 344 812 780 2119 2 366
III Segment assets(#)
Real estate 98,565 93,045 94,243 98,565 94,243 92,891
contractual and manufacturing 6,985 7,855 7,880 6,985 7,880 7,879
Unallocated assets 18 045 16 537 13 280 18 045 13 280 14 299
Total assets 123 595 117 437 115403 123 595 115403 115069
N Segment liabilities(#)
Real estate 65,447 58,786 51,631 65,447 51,631 51,854
Contractual and manufacturing 6,530 6,529 6,062 6,530 6,062 6,373
Unallocated liabilities 27143 27,962 33,632 27,143 33 632 32,613
Total liabilities 99.120 93,277 91325 99120 91,325 90 840
.. .
(#) capital employed; Segment assets - Segment hab1ht1es

(5) The figures of standalone unaudited financial results are as follow:

(fin million)
3 months Preceeding 3 Corresponding 3 Year to date Year to date Previous year
ended months ended months ended figures for figures for the ended
31.12.2022 30.09.2022 31.12.2021(*) current period period ended 31.03.2022(*)
Particulars [Unaudited] [Unaudited] [Unaudited] ended 31.12.2021(*) [Audited]
31.12.2022 [Unaudited]
[Unaudited]

Total income 9,190 6,695 6,380 21,733 18,879 26,352

Profit before tax 421 250 707 690 - 2,034 2,310
Profit for the oeriod/ vear 366 138 536 512 1,523 1,690
(*) refer note 8
 SOBHA LIMITED
Corporate Identity Number (CIN) : L45201KA1995PLC018475
Regd. Office: 'SOBHA', Sarjapur - Marathahalli Outer Ring Road (ORR), Devarabisanahalli, Bellandur Post, Bengaluru- 560 103
Ph: +91-80-49320000 Fax: +91-80-49320444 Email: investors@sobha.com
Website: www.sobha.com

Statement of consolidated unaudited financial results for the quarter and nine months ended 31 December 2022

(6) The Holding Company had entered into a joint development arrangement with certain land owners in Gurugram, Haryana, in earlier years. In respect of this
transaction, the Enforcement Directorate ('ED') after due investigation has filed a complaint with Adjudicating Authority, Prevention of Money Laundering ('AA-
PML'), alleging certain irregularities in respect of the manner of allotment and pricing of certain plots under this project or payment of applicable fees and
charges by the Holding Company or the landowners, with respect to the tenms and conditions mentioned in the development policy of Haryana Development and
Regulation of Urban Areas Act (HDRUAA), 1975 and the bilateral agreement between the land owners and Directorate of Town and Country Planning, Haryana
(DTCP) resulting in provisional attachment under the Prevention of Money Laundering Act, 2002 ('PMLA') of land parcels with value of~ 2,016 million held by
Technobuild Developers Private Limited ('TDPL'). The Holding Company has entered into a Memorandum of Understanding ('MoU') with TDPL for acquiring land
parcels using advances extended by the Holding Company. As per the MoU, TDPL and its affiliates cannot transfer land parcels without prior approval of the
Holding Company and the Holding Company has absolute rights over land parcels acquired by TDPL and its affiliates acquired from such advance given by the
Holding Company.

As part of the inquiry process, the Holding Company and its officers have been asked to provide contracts, documents and justification in respect of this
. transaction by the concerned authorities. Toe Holding Company and its officers have been responding to the queries raised / documents sought from time to
time. Subsequent to 31 December 2022, the Holding Company is in receipt of Show Cause Notice (SCN) under the PMLA from AA-PML and the Holding Company
is in the process of filing responses to allegations made in SCN.

Toe Holding Company management, based on its overall assessment and independent legal opinion obtained, believes that these transactions have been carried
out in accordance with all the applicable laws and regulations and the said bilateral agreement and has not identified any adverse material impact to the financial
results as at 31 December 2022 or for earlier periods including the recoverability of land advance given against such provisionally attached S: 2,016 million land

(7) During the quarter, one of the customers of Sabha Assets Private limited (SAPL), a wholly owned subsidiary of the Holding Company has terminated a project
development contract entered by it and demanded compensation of s: 2,956 million in addition to forfeiture of ~ 227 million performance guarantee and S: 26
million of deposits alleging that SAPL has not commenced the contract work. Toe carrying value of aforesaid project related assets/receivables as at 31 December
2022 is S: 354 million. SAPL has filed petition with the court of jurisdiction challenging the tenmination and its grounds and also filed a counter claim from the
customer towards business loss and other receivables. The Holding company based on its overall assessment and independent legal opinion, believes that the
aforesaid termination is illegal and will not have any adverse impact to the financial results and accordingly no provision has been made.

(8) Toe financial infonmation for the previous reporting periods were restated for correction of certain items in accordance with Ind AS 8, Accounting Policies,
Changes in Accounting Estimates and Errors which are described in more detailed as below:

(i) Toe Group had accrued for notional interest on advance from customers involving sale of real estate unit and had capitalised such interest to project cost.
However, the Group received such consideration in accordance with the tenms of the contract in proportion to the completion of such real estate project and
accordingly does not involve any significant financing element.

(ii) Toe Holding Company has restated the accounting for revenue from the development and transfer of constructed area/revenue sharing arrangement in
exchange of such development rights acquired under Joint Development Arrangement (JDAs) [not being jointly controlled operations] on gross basis in
accordance with guidance on 'non-cash consideration' under Ind AS 115, Revenue from Contract with Customer.

(iii) The Holding Company has restated the capitalisation of borrowing cost on lands and land advances wherein no significant development activity had
commenced and projects wherein substantially all activities necessary for their sale had been completed to capitalise appropriate borrowing cost and other
directly attributable project cost to projects under construction in accordance with relevant Ind AS.

(iv) rectification of certain other items pertaining to (a) accounting of construction contracts, other operating income and expense (b) right of use asset (c)
discounting of retention money and (d) reclassification of borrowings. Consequential impact of deferred tax has been recorded on these adjustments.
 SOBHA LIMITED
Corporate Identity Number (CIN) : L45201KA1995PLC018475
Regd. Office: 'SOBHA', Sarjapur - Marathahalli Outer Ring Road (ORR), Oevarabisanahalli, Bellandur Post, Bengaluru- 560 103
Ph: +91-80-49320000 Fax: +91-80-49320444 Email: investors@sobha.com
Website: www.sobha.com
Statement of consolidated unaudited financial results for the quarter and nine months ended 31 December 2022

The effect of restatement on financial results line items for the previous periods/ year is as follows:
Impact on Statement of consolidated unaudited financial results (? in millions)
3 months Year to date Previous year
ended figures for the ended
31.12.2021 period ended 31.03.2022
Particulars Note [Unaudited] 31.12.2021 [Audited]
[Unaudited]

Revenue from operations (i},(ii},(iv) (459) (1,486) (1,696)

Finance income (iv) (17) (46' (67)
Total income (475) (1,532) (1,763)
Land purchase cost (ii) - - 112
Changes in inventories (i),(ii},(iii} 298 777 1,620
Employee benefits expense (iv} 58 158 217
Finance expenses (i),(iii} (1,160) (3,251) (4,414)
Depreciation and amortization expense (iv) 2 7 (2)
Other expenses (iv) (43) (125' (80)
Total expenses (845) (2,434) (2,547)
Profit before tax 370 902 785
Deferred tax charge (i), (ii), (iii), (iv) 87 230 221
Total comprehensive income for the period
283 672 564
before OCI

Restatement in the earninq oer share

3 months Year to date Previous year
ended figures for the ended
31.12.2021 period ended 31.03.2022
Particulars
[Unaudited] 31.12.2021 [Audited]
[Unaudited]

Earning per equity share (face value at 10 Each)

Earnings per share (EPS) - (in at) - Reported 3.45 9.68 12.32
Earninqs oer share (EPS) - (in at) - Restated 6.43 16.77 18.27

(9) In the earlier year, the Holding Company, in process of renewal of Fire Department clearance for one of the project, procured by an entrusted person was found
to be defective. On becoming aware of this fact, the Holding Company immediately took remedial steps and obtained renewed approvals, which were then re-
submitted with the local body for regularization. Subsequent to 31 December 2022, the local body has cancelled the OC, against which the Holding Company has
filed an appeal with Karnataka Appellate Tribunal challenging the cancellation of OC. The Karnataka Appellate Tribunal has pleased to stay the cancellation order
of local body. The Holding Company is continuously working with the local body for resolution of the aforesaid matter. The management is of the view that the
aforementioned event shall not have a material impact on the financial results of the Group.

(10) Previous period's/ year's figures have been regrouped or reclassified wherever necessary to conform with the current period figures.

For and on behalf of the Board of Directors of

Sobha Limited

Bengaluru, India d
-~ish Nangineni
07 February 2023 Managing Director

~--=-- ·=
.~
 Walker Chandiok &_Co LLP

Walker Chandiok & Co LLP

5th Floor, No.65/2, Block "A",
Bagmane Tridib, Bagmane
Tech Park, CV Raman Nagar,
Bengaluru
560093
T +91 80 4243 0700
F +91 80 4126 1228

Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results and Year to
Date Financial Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of Sobha Limited

1. We have reviewed the accompanying statement of standalone unaudited financial results ('the Statement')
of Sobha Limited ('the Company') for the quarter ended 31 December 2022 and the year to date results for
the period 01 April 2022 to 31 December 2022, being submitted by the Company pursuant to the
requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 (as amended) ('Listing Regulations').

2. The Statement, which is the responsibility of the Company's management and approved by the Company's
Board of Directors, has been prepared in accordance with the recognition and measurement principles laid
down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), prescribed under Section
133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and
is in compliance with the presentation and disclosure requirements of Regulation 33 of the Listing
Regulations. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE)
2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by
the Institute of Chartered Accountants of India. A review of interim financial information consists of making
inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and
other review procedures. A review is substantially less in scope than an audit conducted in accordance with
the Standards on Auditing specified under section 143(10) of the Act, and consequently, does not enable us
to obtain assurance that we would become aware of all significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion.

Chartered Accountants Walker Chandiok & Co LLP is registered

with limited liability with identification
Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Naida and Pune number AAC-2085 and its registered office
at L-41 Connaught Circus, New Delhi,
110001, India
Walker Chandiok &.Co LLP
4. Based on our review conducted as above and upon consideration of the review reports of the other auditors
referred to in paragraph 8 below, nothing has come to our attention that causes us to believe that the
accompanying Statement, prepared in accordance with the recognition and measurement principles laid
down in Ind AS 34, prescribed under section 133 of the Act, and other accounting principles generally
accepted in India, has not disclosed the information required to be disclosed in accordance with the
requirements of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed ,
or that it contains any material misstatement.

5. We draw attention to note 5 that explains that during the previous years, the Company had entered into a
joint development agreement ('JOA') in which the counter party, i.e., land owners had obtained a license for
setting up a residential township on land parcels. The license is based on the Bilateral Agreement which was
entered into between the_land owners and District Town and Country Planner (DTCP), Haryana and is
governed under the development policy of Haryana Development and Regulation of Urban Areas Act, 1975
(HDRUAA).

In respect of this transaction , the Enforcement Directorate ('ED') after due investigation has filed a complaint
with Adjudicating Authority, Prevention of Money Laundering ('AA-PML'), alleging certain irregularities in the
manner of allotment and pricing of certain plots under this project by the Company, with respect to the terms
and conditions of the license and HDRUAA regulations and also non-payment of concerned charges
pursuant to the change in beneficial interest, resulting in provisional attachment under the Prevention of
Money Laundering Act, 2002 ('PMLA') of land parcels with value of~ 2,016 million held by Technobuild
Developers Private Limited(TDPL) over which the Company has absolute rights through a Memorandum of
Understanding entered with TDPL as explained in the said note.

Subsequent to 31 December 2022, the Company is in receipt of a Show Cause Notice (SCN) under the
PMLA from AA-PML and the Company is in the process of filing responses to the allegations made in SCN.
The management, based on its overall assessment and independent legal opinion obtained, believes that
these transactions have been carried out in accordance with all the applicable laws and regulations and the
said bilateral agreement. Pending outcome of the ongoing regulatory proceedings including the duration of
such proceedings and recoverability of land advance given against such provisionally attached ~ 2,016
million land parcels is presently uncertain.

Our conclusion on the Statement is not modified in respect of this matter.

6. We draw attention to note 7 to the accompanying Statement, which describes the restatements made to the
comparative financial information for the quarter and nine months period ended 31 December 2021 and for
the year ended 31 March 2022, in accordance with the principles of Ind AS 8 Accounting Policies, Changes
in Accounting Estimates and Errors, for correction of certain identified material prior period errors, which are
further described in the aforesaid note.

Our conclusion is not modified in respect of this matter.

7. The review of standalone unaudited quarterly and year-to-date financial results for the period ended
31 December 2021 and audit of standalone financial results for the year ended 31 March 2022 included in
the Statement was carried out and reported by BS R & Co. LLP, who has expressed unmodified conclusion
vide their review report dated 11 February 2022 and unmodified opinion vide their audit report dated 20 May
2022, respectively , whose reports have been furnished to us and which have been relied upon by us for the
purpose of our review of the Statement.

Our conclusion is not modified in respect of this matter.

Chartered Accountants
Wa lker Chandiok&_Co LLP
8. The Statement also includes Company's share of net (loss)/profit of~ (23.12) million and ~ 5.13 million and
total comprehensive (loss)/income of~ (23.12) million and ~ 5.13 million for the quarter and year-to-date
period ended on 31 December 2022 in respect of one partnership firm, whose interim financial information
have not been reviewed by us. Such interim financial information has been reviewed by another auditor
whose review report has been furnished to us by the management, and our conclusion in so far as it relates
to the amounts and disclosures included in respect of such partnership firm is based solely on the review
report of such other auditor.

Our conclusion is not modified in respect of the above matter with respect to our reliance on the work done
by and the report of other auditor.

For Walker Chandiok & Co LLP

Chartered Accountants
~ on No: 001076N/NS00013

,~~
?.
Manish Agrawal
Partner
Membership No. 507000
UDIN: 23507000BGYEPV9469 ~
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J;:; .
Bengaluru --==-
07 February 2023

Chartered Accountants
 SOBHA LIMITED
Corporate Identity Number (CIN) : l45201KA1995PLC018475
Regd. Office: 'SOBHA', Sarjapur - Marathahalli Outer Ring Road (ORR), Devarabisanahalli, Bellandur Post, Bengaluru - 560 103
Ph: +91-80-49320000 Fax: +91-80-49320444 Email: investors@sobha.com
Website: www.sobha.com

Statement of standalone unaudited financial results for the quarter and nine months· ended 31 December 2022
(,: in million)
3 months Preceeding 3 Corresponding 3 Year to date Year to date Previous year
ended months ended months ended figures for figures for the ended
31.12.2022 30.09.2022 31.12.2021(*) current period period ended 31.03.2022(*)
Particulars
[Unaudited] [Unaudited] [Unaudited] ended 31.12.2021(*) [Audited]
31.12.2022 [Unaudited]
[Unaudited]
1 Income
(a) Revenue from operations 8,905 6,473 6,095 21,086 18,351 25,471
(b) Other income 214 85 200 364 269 549
(c) Finance income 71 137 85 283 259 332
Total income 9190 6,695 6,380 21,733 18,879 26,352
2 Expenses
(a) Land purchase cost 5,581 418 232 6,291 798 2,071
(b) Cost of raw materials and components 974 901 457 2,531 1,283 1,982
consumed
(c) Purchase of project materials 2,150 2,881 1,951 6,063 3,720 5,180
(d) Changes in inventories (5,059) (2,758) (953) (7,945) (502) (1,225)
(e) Subcontractor and other charges 2,365 2,147 1,567 6,178 4,493 6,382
(f) Employee benefits expense 745 765 621 2,154 1,860 2,512
(g) Finance costs 624 614 763 1,828 2,315 2,994
(h) Depreciation and amortisation expense 169 171 169 470 508 678
(i) Other expenses 1,220 1,306 866 3,473 2,370 3,468
Total expenses 8,769 6,445 5,673 21,043 16,845 24,042
3 Profit before tax (1-2) 421 250 707 690 2,034 2,310
4 Tax expense
(a) Current tax 31 25 346 67 472 581
(b) Deferred tax charge/ (credit) 24 87 (175) 111 39 39
Total tax expense 55 112 171 178 511 620
5 Profit for the period/year (3-4) 366 138 536 512 1,523 1,690
6 Other comprehensive income
Items that will not be reclassified to profit or
loss in subsequent periods:
Re-m<;asurement (losses)/ gains on defined 0 (33) 5 (25) (18) (9)
benefit plan (net of tax expenses)"
Total other comprehensive income, net of 0 (33) 5 (25) (18) (9)
tax
7 Total comprehensive income for the 366 105 541 487 1,505 1,681
period/year (5+6)
8 Paid-up equity share capital 948 948 948 948 948 948
(Face value per share - ~ 10)
9 Other equity 21,834
10 Earnings per share (EPS) - (in i)
Basic and diluted EPS (not annualised except 3.86 1.45 5.65 5.40 16.06 17.82
for the year ended 31 March 2022)

(*) refer note 7

( ") certain amounts that are required to be disclosed and do not appear due to rounding off are disclosed as '0'
 SOBHA LIMITED
Corporate Identity Number (CIN) : l45201KA1995PLC018475
Regd. Office: 'SOBHA', Sarjapur - Marathahalli Outer Ring Road (ORR), Devarabisanahalli, Bellandur Post, Bengaluru - 560 103
Ph : +91-80-49320000 Fax: +91-80-49320444 Email: investors@sobha.com
Website: www.sobha.com

Statement of standalone unaudited financial results for the quarter and nine months ended 31 December 2022

Notes:
(1) The standalone unaudited financial results for the quarter and nine months ended 31 December 2022 have been prepared in accordance with the recognition
and measurement principles laid down in the applicable Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013
read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 as amended and in terms of Regulation 33 of the SEBI (Listing and Other
Disclosure Requirements) Regulations, 2015. These Standalone unaudited financial results have been reviewed and recommended by the Audit Committee
and approved by the Board of Directors at their meeting held on 07 February 2023.
(2) The Statutory auditors of the Company have carried out a limited review as required under regulation 33 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations 2015 of the above standalone unaudited financial results for the quarter and nine months ended 31 December 2022 and have
issued an unmodified review reoort.
(3) The above standalone unaudited financial results along with limited review report of the Statutory Auditors is being filed with the Bombay Stock Exchange
and the National Stock Exchange and shall be available on the Company's website www.sobha.com.

(4) Standalone segment wise revenue, results, segment assets and liabilities
Based on the "management approach" as defined in Ind AS 108 - Operating Segments, the Chief Operating Decision Maker (CODM) evaluates the Company's
performance and allocates resources based on an analysis of various performance indicators by business segments. Accordingly, information has been
presented along these business segments viz., Real estate and Contractual and manufacturing business. Details of standalone segment-wise revenue, results,
assets and liabilities is given below:

(~ in million)
3 months Preceeding 3 Corresponding 3 Year to date Year to date Previous year
ended months ended months ended figures for figures for the ended
31.12.2022 30.09.2022 31.12.2021(*) current period period ended 31.03.2022(*)
Particulars
[Unaudited] [Unaudited] [Unaudited] ended 31.12.2021(*) [Audited]
31.12.2022 [Unaudited]
runauditedl
I Segment revenue
Real estate 6,615 4,149 3,902 15,031 12,926 18,049
Contractual and manufacturing 2 710 2 783 2400 7 273 5 988 8 214
Total 9,325 6,932 6,302 22,304 18,914 26,263
Less: Inter segment revenues (420) (459) (207) (1 218) (563) (792)
Net revenue from ooerations 8 905 6473 6095 21086 18,351 25471
II Segment results
Real estate 1,387 1,262 1,706 3,791 5,726 7,385
Contractual and manufacturing 27 165 161 190 143 190'
Profit before other adjustments 1,414 1,427 1,867 3,981 5,869 7,295
Less: Finance cost (624) (614) (763) (1,828) (2,315) (2,994)
Less: Other unallocable expenditure (604) (667) (620) (1,876) (1,828) (2,596)
Add: Share of (loss) / profit in a subsidiary (23) 12 8 5 (10) (6)
partnership firm
Add: Unallocable finance and other income 258 92 215 408 318 611
Profit before tax 421 250 707 690 2034 2 310
III Segment assets ( #)
Real estate 94,553 89,198 89,955 94,553 89,955 88,843
Contractual and manufacturing 6,985 7,855 7,880 6,985 7,880 7,879
Unallocated assets 18 045 16 537 13 280 18 045 13 280 14299
Total assets 119.583 113 590 111115 119 583 111115 111021
IV Segment liabilities{#)
Real estate 62,926 56,481 48,817 62,926 48,817 49,253
Contractual and manufacturing 6,530 6,529 6,062 6,530 6,062 6,373
Unallocated liabilities 27143 27 962 33 632 27143 33 632 32613
Total liabilities 96 599 90972 88 511 96 599 88,511 88 239
(*) refer note 7
{#) Capital employed= Segment assets - Segment liabilities
 SOBHA LIMITED
Corporate Identity Number (CIN) : L45201KA1995PLC018475
Regd. Office: 'SOBHA', Sarjapur - Marathahalli Outer Ring Road (ORR), Devarabisanahalli, Bellandur Post, Bengaluru - 560 103
Ph: +91-80-49320000 Fax: +91-80-49320444 Email: investors@sobha.com
Website: www.sobha.com

Statement of standalone unaudited financial results for the quarter and nine months ended 31 December 2022
(5) The Company had entered into a joint development arrangement with certain land owners in Gurugram, Haryana, in earlier years. In respect of this
transaction, the Enforcement Directorate ('ED') after due investigation has filed a complaint with Adjudicating Authority, Prevention of Money Laundering
('AA-PML'), alleging certain irregularities in respect of the manner of allotment and pricing of certain plots under this project or payment of applicable fees
and charges by the Company or the landowners, with respect to the terms and conditions mentioned in the development policy of Haryana Development and
Regulation of Urban Areas Act (HDRUAA), 1975 and the bilateral agreement between the land owners and Directorate of Town and Country Planning,
Haryana (DTCP) resulting in provisional attachment under the Prevention of Money Laundering Act, 2002 ('PMLA'} of land parcels with value of ~ 2,016
million held by Technobuild Developers Private Limited ('TDPL').lhe Company has entered into a Memorandum of Understanding ('MoU') with TDPL for
acquiring land parcels using advances extended by the Company. As per the MoU, TDPL and its affiliates cannot transfer land parcels without prior approval
of the Company and the Company has absolute rights over land parcels acquired by TDPL and its affiliates acquired from such advance given by the
Company.

As part of the inquiry process, the Company and its officers have been asked to provide contracts, documents and justification in respect of this transaction
by the concerned authorities. The Company and its officers have been responding to the queries raised / documents sought from time to time. Subsequent to
31 December 2022, the Company is in receipt of Show Cause Notice (SCN) under the PMLA from AA-PML and the Company is in the process of filing
responses to allegations made in SCN.

The management, based on its overall assessment and independent legal opinion obtained, believes that these transactions have been carried out in
accordance with all the applicable laws and regulations and the said bilateral agreement and has not identified any adverse material impact to the financial
results as at 31 December 2022 or for earlier periods including the recoverability of land advance given against such provisionally attached ~ 2,016 million

(6) During the quarter, one of the customers of Sabha Assets Private Limited (SAPL), a wholly owned subsidiary of the company has terminated a project
development contract entered by it and demanded compensation of 't 2,956 million in addition to forfeiture of 't 227 million performance guarantee and ~ 26
million of deposits alleging that SAPL has not commenced the contract work. The carrying value of aforesaid project related assets/receivables as at 31
December 2022 in the book of the Company and SAPL is ~ 24 million and ~ 330 million respectively. SAPL has filed petition with the court of jurisdiction
challenging the termination and its grounds and also filed a counter claim from the customer towards business loss and other receivables. The company
based on its overall assessment and independent legal opinion, believes that the aforesaid termination is illegal and will not have any adverse impact to the
financial results and accordingly no provision has been made.

(7) The financial information for the previous reporting periods were restated for correction of certain items in accordance with Ind AS 8, Accounting Policies,
Changes in Accounting Estimates and Errors which are described in more detailed as below:

(i) The Company had accrued for notional interest on advance from customers involving sale of real estate unit and had capitalised such interest to project
cost. However, the Company received such consideration in accordance with the terms of the contract in proportion to the completion of such real estate
project and accordingly does not involve any significant financing element.

(ii) The Company has restated the accounting for revenue from the development and transfer of constructed area/ revenue sharing arrangement in exchange
of such development rights acquired under Joint Development Arrangement (JDAs} [not being jointly controlled operations] on gross basis in accordance with
guidance on 'non-cash consideration' under Ind AS 115, Revenue from Contract with Customer.

(iii) The Company has restated the capitalisation of borrowing cost on lands and land advances wherein no significant development activity had commenced
and projects wherein substantially all activities necessary for their sale had been completed to capitalise appropriate borrowing cost and other directly
attributable project cost to projects under construction in accordance with relevant Ind AS.

(iv) rectification of certain other items pertaining to (a) accounting of construction contracts, other operating income and expense (b) right of use asset (c)
discounting of retention money and (d} reclassification of borrowings. Consequential impact of deferred tax has been recorded on these adjustments.
 SOBHA LIMITED
Corporate Identity Number (CIN) : L45201KA199SPLC018475
Regd. Office: 'SOBHA', Sarjapur - Marathahalli Outer Ring Road (ORR), Devarabisanahalli, Bellandur Post, Bengaluru - 560 103
Ph: +91-80-49320000 Fax: +91-80-49320444 Email: investors@sobha.com
Website: www.sobha.com

Statement of standalone unaudited financial results for the quarter and nine months ended 31 December 2022

The effect of restatement on financia l results line items for the previous period/ years is as follows:

Impact on Statement of standalone unaudited financial results (~ in millions)

3 months Year to date Previous year
ended figures for the ended
Particulars Note 31.12.2021 period ended 31.03.2022
[Unaudited] 31.12.2021 [Audited]
[Unaudited]

Revenue from operations (i), (ii), (iv) (459) (1,474) (1,670)

Finance income (iv) (17) (47) (67)
Total income (476) (1,521) (1,737)
Land purchase cost (ii) - - 112
Changes in inventories (i),(ii),(iii) 265 698 1,521
Employee benefits expense (iv) 58 158 217
Finance expenses (i),(iii) (1,127) (3,160) (4,289)
Depreciation and amortization expense (iv) 1 7 (2)
Other expenses (iv) (43) (125) (80)
Total expenses (846) (2,422) (2,521)
Profit before tax 370 901 784
Deferred tax charge (i), (ii), (iii), (iv) 86 229 222
Total comprehensive income for the period
284 672 562
beforeOCI

Restatement in the earning per share

3 months Year to date Previous year
ended figures for the ended
31.12.2021 period ended 31.03.2022
Particulars [Unaudited] 31.12.2021 [Audited]
[Unaudited]

Earning per equity share (face value ~ 10 Each)

Earnings per share (EPS) - (in ~) - Reported 2.66 8.97 11.90
Earnings per share (EPS) - (in ~) - Restated 5.65 16.06 17.82

(8) In the earlier year, the Company, in process of renewal of Fire Department clearance for one of the project, procured by an entrusted person was found to
be defective. On becoming aware of this fact, the Company immediately took remedial steps and obtained renewed approvals, which were then re-submitted
with the local body for regu larization. Subsequent to 31 December 2022, the local body has cancelled the OC, against which the Company has filed an appeal
with Karnataka Appellate Tribunal challenging the cancellation of OC. The Karnataka Appellate Tribunal has pleased to stay the cancellation order of local
body. The Company is continuously working with the local body for resolution of the aforesaid matter. The management is of the view that the
aforementioned event shall not have a material impact on the financial results of the Company.

(9) Previous period's / year's figures have been regrouped or reclassified wherever necessary to conform with the current period figures.

For and on behalf of the Board of Directors of

Sobha Limited

cJ>}>I.A..J

~ix :
r

Bengaluru, India
07 February 2023 Managing Director
 SOBHA

Press Release For immediate publication

Strong operational discipline and record sales boosts performance.

Bengaluru, February 7, 2023

SOBHA Limited announced its financial results for the quarter ending December 2022 (Q3-FY23). Brief highlights include:

Increased construction activity and sustained cash management result in

- Highest ever quarterly and 9-month collection
- Improved total collections up 32.9% YoY at Rs. 14.07 bn with Real Estate contributing 82.2%
- At Rs. 38.60 bn for 9M-FY23 up by 43.4% YoY
- Increased Real Estate collections by 38% YoY to Rs. 11.57 bn
- Contracts & manufacturing collections was also consistent at Rs. 2.50 bn, up by 14.3% YoY

Strong and robust sales performance continues

- Highest ever quarterly sales volume of 1.48 mn sft, up 12% YoY
- Highest sales value of Rs. 14.25 bn
- Best average price realization of Rs. 9,653/sft, up 22% YoY
- Consistent quarterly sales volume of over 1.3 mn sft for past 6 quarters

Sound financial health

- Net Operational Cashflow of Rs. 8.25 bn, up by 61.2% YoY (9M-FY22)
- Net debt reduced to Rs. 17 .69 bn from Rs. 18.89 bn in Q2-FY23
- Net Debt to Equity reduced to 0.72 from 0.77 in Q2-FY23

Mr. Jagadish Nangineni, Managing Director, SOBHA Limited said, "Our geographical diversification has paid rich
dividends this quarter, helping achieve our best ever rea l estate sales in volume, value and price realization. Upbeat
consumer confidence, increased affordability & aspirations continue to drive demand in the residential real estate
space. Our momentum in project completion and customer handovers has picked up, delivering over one mn sft of
space this quarter, the highest in recent times. With improved operational and financial performance in the past few
quarters, investments in new opportunities, coupled with our disciplined growth mindset, we are well positioned to
achieve consistent long-term growth."

About SOBHA Limited: Founded in 1995, SOBHA Limited is one of the fastest growing and backward integrated leading
real estate brands in the country. The SOBHA DNA hinges on customer-centricity built on a foundation of strong values
of trust and transparency. The unwavering commitment to continually raising and bettering quality standards through
relentless execution and technology adaptation have helped del iver over 123.71 million square feet of developable area
across residential, commercial, and contractual projects. The company lays strong emphasis on sustainability and
highest safety standards, and epitomizes 'Passion at work', engrained in each of the 3000 plus strong Sobhaites across
its offices and manufacturing units.

For further information, please contact:

SOBHA Limited
Vikram V Kanth
Senior Vice President - Corporate Communications & PR
Off: +9180 49320000 Ext. 6005 vikram.kanth@sobha.com