New Delhi, Feb 8 (PTI) Bengaluru-based Sobha reported a 31 per cent rise in consolidated net profit at Rs 69.8 crore for December 2018 quarter.
Its net profit stood at Rs 53.4 crore in the year-ago period, the company said in a regulatory filing.
The total income of the company rose to Rs 807.7 crore during October-December period of this fiscal from Rs 700.4 crore in the corresponding period of the previous year.
“Sobha has entered 2019 with a positive performance backed by world-class products, multi-city operations and its distinctive backward integration model. This has enabled us to deliver 7.78 million square feet of developable area during the nine months of FY 18-19,” said J C Sharma, the company’s Vice Chairman and MD.
The launch of new project ‘Sobha Isle’ in Kochi has improved the sales in the Kerala market, which was impacted earlier due to the floods, he said in a statement on Tuesday.
“Additionally, Bengaluru remains a strong market for us with 68 per cent of the total sales volume in this quarter. With new project launches – Sobha Dream Gardens and Sobha Raj Vilas in Bengaluru, this market will continue to strengthen our overall sales numbers,” Sharma added.
Sobha currently has ongoing real estate projects aggregating to 39.09 million square feet of developable area and 27.23 million square feet of saleable area. That apart, it has ongoing contractual projects aggregating to 8.89 million square feet under various stages of construction.
The company has real estate presence in nine cities — Bengaluru, Gurugram, Chennai, Pune, Coimbatore, Thrissur, Calicut, Cochin and Mysore. Overall, Sobha has footprint in 26 cities and 13 states across India.
Shares of the company were trading 1.52 per cent lower at Rs 469 in afternoon trade on the BSE. PTI
This is published unedited from the PTI feed.