Sobha's Q3 net profit up 6% quarter-on-quarter

Real estate developer Sobha has reported a 6% quarter-on-quarter increase in its net profit during the Q3 FY18. Its profit after tax (PAT) increased from Rs 50.3 crore in Q2 FY18 to Rs Rs 53.4 crore in the quarter ending December.The company’s revenue also increased by 6% quarter-on-quarter during the said period and stood at Rs 700.4 crore. Interestingly, company’s revenue from real estate segment grew by mere 2% while its revenue from contractual and manufacturing increased by 25% during the quarter ending December. Sobha has 48.54 million sq ft of developable area in progress, it said in a media release.The company is planning to launch 5-7 new projects in Bengaluru, Chennai, Mysore and Cochin in coming quarters.