Sobha Developers Q1 PAT seen up 48% at Rs 46 cr
The co is expected to post a net profit of Rs 46 cr for the quarter ended June 2012, up 48%, against a net profit of Rs 31 crore year-on-year (YoY).
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| Updated: BANGALORE: Bangalore-based, real estate company, Sobha Developers reported a 73% rise in net profit at Rs 45 crore in the first quarter of FY 2013 over the corresponding figure a year ago.
The builder's net sales were up by 57% over the year ago to Rs 433.2 crore.
"The cash flow from operations continues to remain positive. During the quarter, the Company generated an operational cash flow of Rs. 730 million. We are confident of achieving our guidance for the current fiscal as well," says J C Sharma, the company's vice chairman and managing director.
The Company during the quarter sold 8, 35,600 sq. ft. compared to 6, 65,659 sq. ft. in the corresponding period of last year. The average sales price realisation has also improved to Rs. 5,737 per sq. ft. as compared to Rs. 4,547 in the year-ago period.
Sobha currently has 38 ongoing residential projects aggregating to 23.50 million sq. ft. of developable area and 42 ongoing contractual projects aggregating to 9.22 million sq. ft. under various stages of construction.
The company is targeting a new sales volume of 3.75 million sft valued at Rs 2,000 crore for FY 2013. It sold 3.28 mn sft of new space in financial year 2011-12.
The company stock closed 2.82% up on the BSE on Tuesday at Rs 364.
The builder's net sales were up by 57% over the year ago to Rs 433.2 crore.
"The cash flow from operations continues to remain positive. During the quarter, the Company generated an operational cash flow of Rs. 730 million. We are confident of achieving our guidance for the current fiscal as well," says J C Sharma, the company's vice chairman and managing director.
The Company during the quarter sold 8, 35,600 sq. ft. compared to 6, 65,659 sq. ft. in the corresponding period of last year. The average sales price realisation has also improved to Rs. 5,737 per sq. ft. as compared to Rs. 4,547 in the year-ago period.
Sobha currently has 38 ongoing residential projects aggregating to 23.50 million sq. ft. of developable area and 42 ongoing contractual projects aggregating to 9.22 million sq. ft. under various stages of construction.
The company is targeting a new sales volume of 3.75 million sft valued at Rs 2,000 crore for FY 2013. It sold 3.28 mn sft of new space in financial year 2011-12.
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The company stock closed 2.82% up on the BSE on Tuesday at Rs 364.
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