Realty firm Sobha reports 33% rise in Q1 net profit
Bengaluru-based Real estate company Sobha on Friday reported 32.8% increase in consolidated net profit at Rs 47.7 crore for the quarter ended June as against Rs 35.9 crore profit in the same period last year, according to the regulatory filing. The company had reported a consolidated net profit of Rs 47 crore for the quarter ended March. Total income for the company rose to Rs 688.6 crore in the April to June period this year, from Rs 581.8 crore in the same period last year. It registered new sales of 815,230 square feet, valued at Rs 623 crore, with an average realisation of Rs 7,647 per square feet, the company said in a release. The developer also announced buyback of up to 1,458,823 equity share for Rs 62 crore. JC Sharma, vice chairman and managing director, Sobha believes the economy in general, and the real estate sector in particular is structurally moving towards a sustainable and steady growth. "We are confident of capitalising on this transition and continue our growth momentum in the subsequent quarters," he said. The company is present in nine cities of Bangalore, Gurgaon, Chennai, Pune, Coimbatore, Thrissur, Calicut, Cochin and Mysore, with 42.18 million square feet of ongoing projects and about 8.81 million square feet of ongoing contractual projects.
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