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Sobha reports 22 pct increase in net profit during Q2 2018-19


Devdiscourse News Desk new delhi Last Updated at 09-11-2018 19:29:16 IST India
Sobha reports 22 pct increase in net profit during Q2 2018-19
  • (Image Credit: Pixabay)

Realty firm Sobha Ltd Friday reported a 22 per cent increase in its consolidated net profit at Rs 61.4 crore for the quarter ended September.

The company's net profit stood at Rs 50.3 crore in the year-ago period, it said in a regulatory filing.

Total income rose to Rs 676.2 crore in the second quarter of this fiscal from Rs 657.8 crore in the corresponding period of the previous year.

J C Sharma, vice chairman and MD, Sobha Ltd, said the company continued to maintain the growth momentum despite the impact of recent floods in the Kerala market.

"While Bengaluru, our principal market, has once again performed well, the second quarter sales volume of Gurugram market is the highest in the last 23 quarters," he added.

Sharma said the demand across all markets and segments is improving steadily.

The company expects to strengthen its performance further with new project launches across Bengaluru, Thrissur, Pune and Kochi, he added.

Since inception, Sobha has completed real estate projects and contractual projects covering about 96.48 million square feet of area.

The company currently has ongoing real estate projects aggregating to 39.64 million square feet of developable area and 27.09 million square feet of saleable area. It also has ongoing contractual projects aggregating to 8.59 million square feet.

The company has real estate presence in nine cities -- Bengaluru, Gurugram, Chennai, Pune, Coimbatore, Thrissur, Calicut, Cochin and Mysore.

(With inputs from agencies.)


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