Sobha Developers's Q3 net profit rises 7% to Rs 52.6 crore
The developer has a land bank of 2,600 acre across the country.
By Sobia Khan, ET Bureau | Updated:
BANGALORE: Real estate firm Sobha Developers has reported 7% increase in this quarter profit for the fiscal year 2013 at Rs 52.6 crore. Net sales for the October-December quarter rose 37% over the year-ago period to Rs 431.crore.
"The higher margins are due to increasing sale, which is up by 11% for the nine month of the current financial year. Sales realisation for the quarter also increased by 7.9% as compared to Q3 of last financial year," vice-chairman and managing director JC Sharma said
The builder, which sold 0.90 million sq ft of new space in the third quarter valued at Rs 533 crore, is targeting sales volume of 3.75 million sq ft for the full year. Its average sale price realisation has improved to Rs 5,910 per sq ft from Rs 5475 per sq ft in the year-ago period.
"Sobha had set a target of Rs 2000 crore and had already sold property worth Rs 1540 crore. This has been the best quarter ever in terms of cash realisation from our operations," Sharma said
The Company currently has 43 ongoing residential projects aggregating to 24.18 million sq. ft. of and 39 ongoing contractual projects aggregating to 10.06 million sq. ft. under various stages of construction. Additionally it will launch 12 million square feet by end of current financial year. In the coming fiscal, it will enter markets like Kochi, Calicut, Noida/Ghaziabad region and Hyderabad.
"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 Rs1320 crore.
The company's shares closed 1.13% up at Rs 428.15 on the Bombay Stock Exchange on Thursday.
"The higher margins are due to increasing sale, which is up by 11% for the nine month of the current financial year. Sales realisation for the quarter also increased by 7.9% as compared to Q3 of last financial year," vice-chairman and managing director JC Sharma said
The builder, which sold 0.90 million sq ft of new space in the third quarter valued at Rs 533 crore, is targeting sales volume of 3.75 million sq ft for the full year. Its average sale price realisation has improved to Rs 5,910 per sq ft from Rs 5475 per sq ft in the year-ago period.
"Sobha had set a target of Rs 2000 crore and had already sold property worth Rs 1540 crore. This has been the best quarter ever in terms of cash realisation from our operations," Sharma said
The Company currently has 43 ongoing residential projects aggregating to 24.18 million sq. ft. of and 39 ongoing contractual projects aggregating to 10.06 million sq. ft. under various stages of construction. Additionally it will launch 12 million square feet by end of current financial year. In the coming fiscal, it will enter markets like Kochi, Calicut, Noida/Ghaziabad region and Hyderabad.
"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 Rs1320 crore.
The company's shares closed 1.13% up at Rs 428.15 on the Bombay Stock Exchange on Thursday.
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