Sobha Developers Q1 net up 11% at 50 crore

MUMBAI: Bangalore-based Sobha Developers on Thursday reported 11% year-on-year rise in consolidated net profit at 50 crore for the quarter ended June. Consolidated net sales for the quarter rose 7% to 461 crore, the company said in a release. Net profit for the quarter rose 46% on-year excluding profit on account of land monetization in the previous year.

During the quarter, the realty developer sold 0.92 million sq ft of new space against 0.84 million sq ft a year ago. Average sales realization improved to Rs 6,548 per sq ft against Rs 5,737 per sq ft a year ago.

"The unbilled revenue as of June 30, 2013 is Rs 19.70 billion (Rs 1,970 crore) on the sales made so far, out of which we expect a minimum of Rs 5.11 billion (Rs 511 crore) to be recognized during the next 3 quarters of FY13-14. In addition to this, income from new sales will also contribute to the revenue," said J.C. Sharma, vice chairman & MD, Sobha Developers.

The company launched two new projects during the quarter measuring 0.40 million sq ft in addition to 0.53 million sq ft of area from existing projects for sale.