Realty firm Sobha's credit rating upgraded to 'A+' by ICRA

Rating agency ICRA has upgraded realty firm Sobha's long-term credit rating for non convertible debentures issued by the firm from 'A' to 'A+', according to a regulatory filing. The outlook has been kept at 'stable’. In a BSE filing yesterday, the company said, “We are pleased to inform you that, after considering the latest developments in the company, ICRA Limited has revised the long term credit rating and upgraded the long term credit rating for Non-Convertible Debentures (NCDs) issued by the Company and Line of Credit of the Company from ICRA A (Stable) to ICRA A+ (Stable),” Sobha recently reported a 32.8% increase in consolidated net profit at Rs 47.7 crore for the quarter ended June, against Rs 35.9 crore profit in the same period last year. The Bengaluru-based developer also announced buyback of up to 1,458,823 equity share for Rs 62 crore. 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 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.