Sobha sees 64% jump in net profit

Real estate developer Sobha has reported an increase of 63% in fourth-quarter profit from a year ago, helped by higher sales and better realisation. Net profit for the January-March quarter of FY19 stood at Rs 113 crore, Bengaluru-based Sobha said on Friday. The company’s turnover for the period was Rs 1,423 crore, a 76% jump over the same period of the previous fiscal. Speaking on the occasion, J.C. Sharma, Vice Chairman and Managing Director, SOBHA Limited said, “Despite the real estate sector facing the headwind, SOBHA has delivered a record operational and financial performance during the year. The performance for Q4-19 in particular was quite satisfactory on all parameters.We have achieved the highest ever total income of Rs 35.16 billion, EBITDA of Rs 7.47 billion, PBT of Rs 4.48 billion, PAT of Rs 2.96 billion, total cash inflow of Rs 32.36 billion and pre sales of 4.03 million square feet valued at Rs 31.23 billion. To top it, we have accomplished a record completion of 5.41 million square feet of saleable area with 3,516 units in the residential space. More importantly, these numbers were achieved in the backdrop of uncertainty over revision of GST rate. This demonstrates the strength of our processes, unique backward integration model and unmatched execution capabilities.”