Sobha Q2 profit down 76 pc at Rs 16.2 crore

Realty firm Sobha Ltd on Saturday reported a 76 per cent decline in its consolidated net profit at Rs 16.2 crore for the quarter ended September on lower income amid COVID-19 pandemic. J C Sharma, vice chairman and managing director, Sobha, said: "The ongoing Pandemic and resultant crisis has opened up certain avenues on the operational front for the businesses like ours.

PTI | New Delhi | Updated: 07-11-2020 18:09 IST | Created: 07-11-2020 18:02 IST
Sobha Q2 profit down 76 pc at Rs 16.2 crore
Representative Image Image Credit: Pixabay

Realty firm Sobha Ltd on Saturday reported a 76 per cent decline in its consolidated net profit at Rs 16.2 crore for the quarter ended September on lower income amid COVID-19 pandemic. Its net profit stood at Rs 67 crore in the year-ago period. Total income declined to Rs 545.9 crore in the second quarter of this fiscal from Rs 803.8 crore in the corresponding period of the previous year, according to a regulatory filing. J C Sharma, vice chairman and managing director, Sobha, said: "The ongoing Pandemic and resultant crisis has opened up certain avenues on the operational front for the businesses like ours. We are making efforts to further improve our existing practices and expand the base of the advanced technologies operationally to reach out to our customers." The investments in digitisation have started yielding results, which is evident in our operational performance during H1 FY21, he said. "Our 'atmanirbhar' business model is helping us to meet the project delivery timelines with world class quality. With some green-shoots visible in consumer spending we are hopeful that the inherent demand for quality homes will help us to perform well during second half of FY 21," Sharma said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

Blockchain in Healthcare: Opportunities and challenges

The use of blockchain in healthcare is a relatively new innovation with many of its uses still being explored and related technologies being developed, improved, and scaled. ...

Debate surrounding vaccine passports and development misses bigger picture

... ...

Blockchain vs IOTA: Looking for a better alternative

... ...

For stability, Iraq needs to crack down on corruption

... ...

Videos

Latest News

Lockdown-like restrictions extended in Maharashtra till June 1

The Maharashtra government on Thursday extended the lockdown-like restrictions in the state till June 1 to break the chain of COVID-19.Chief Secretary Sitaram Kunte in an order said the curbs will remain in force till 7 am on June 1.As per ...

Bharat Biotech's Covaxin approved for phase 2/3 trials on children

Indias apex drug regulator has granted permission for conducting the phase IIIII clinical trial of Bharat Biotechs Covaxin COVID-19 vaccine in the age group of 2 to 18 years, the Union Health Ministry said on Thursday.The trial will be cond...

Death of student in China triggers questions, protests

It was a call no parent wants to receive. On Mothers Day, around 9 p.m., a woman in Chengdu in southwestern China was told that her son, who she had dropped off at school just hours ago, had died.Distraught, she went to Chengdu No. 49 Middl...

Lupin reports 18 pc increase in Q4 net profit at Rs 460 cr; FY21 profit at Rs 1,216 cr

Drug maker Lupin on Thursday reported an 18 per cent increase in its consolidated net profit at Rs 460 crore for the fourth quarter ended March 31, 2021, driven by robust sales across domestic and international markets.The Mumbai-based comp...

Give Feedback