Sobha Developers Q2 Net up 47 per cent to Rs 50 crore; revenue up 40 per cent
Bangalore-based Sobha Developers today reported 47 per cent rise in consolidated net profit to Rs 50 crore for the quarter ended September 30.
By ET Bureau | Updated:
BANGALORE: Real estate firm Sobha Developers reported a 47% year-on-year increase in second-quarter net profit to Rs 50 crore. Net sales for the July-September quarter rose 40% over the year-ago period to Rs 416 crore.
The Bangalore-based builder said the market looks promising with banks slashing home loan charges and offering competitive rates. “We believe the industry is emerging from the recessionary impact and moving towards consolidation and improvement in volumes,” vice-chairman and managing director JC Sharma said
The builder, which sold 0.95 million sq ft of new space in the second quarter valued at Rs 5.27 crore, is targeting sales volume of 3.75 million sq ft for the full year. “This has been the best quarter in terms of new sales in the history of the company,” Sharma said.
The company has already garnered over Rs 1,000 crore in new sales. Its average sale price realisation has improved to Rs 5,575 per sq ft from Rs 5,188 per sq ft in the year-ago period.
Sobha has 39 ongoing residential projects aggregating 24.54 million sq ft of developable area and 41 contractual projects totalling 9.93 million sq ft under various stages of construction.
“On the contractual side, we have completed and handed over projects measuring 0.71 million sq ft during the second quarter of FY12-13. We have a clear visibility for the next three years and we hope to have a steady income from this vertical as well,” Sharma said.
The developer has a land bank of 2,600 acre across the country. The company’s debt equity ratio is 0.62 with a net debt of Rs 1,292 crore.
The company’s shares closed 0.60% up at Rs 363.05 on the Bombay Stock Exchange on Friday.
The Bangalore-based builder said the market looks promising with banks slashing home loan charges and offering competitive rates. “We believe the industry is emerging from the recessionary impact and moving towards consolidation and improvement in volumes,” vice-chairman and managing director JC Sharma said
The builder, which sold 0.95 million sq ft of new space in the second quarter valued at Rs 5.27 crore, is targeting sales volume of 3.75 million sq ft for the full year. “This has been the best quarter in terms of new sales in the history of the company,” Sharma said.
The company has already garnered over Rs 1,000 crore in new sales. Its average sale price realisation has improved to Rs 5,575 per sq ft from Rs 5,188 per sq ft in the year-ago period.
Sobha has 39 ongoing residential projects aggregating 24.54 million sq ft of developable area and 41 contractual projects totalling 9.93 million sq ft under various stages of construction.
“On the contractual side, we have completed and handed over projects measuring 0.71 million sq ft during the second quarter of FY12-13. We have a clear visibility for the next three years and we hope to have a steady income from this vertical as well,” Sharma said.
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The developer has a land bank of 2,600 acre across the country. The company’s debt equity ratio is 0.62 with a net debt of Rs 1,292 crore.
The company’s shares closed 0.60% up at Rs 363.05 on the Bombay Stock Exchange on Friday.
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