Sobha Developers Ltd profits were up 47.78 per cent at Rs 50.1 crore on consolidated basis for the second quarter this fiscal.
The company’s revenues were also 40.94 per cent higher at Rs 414.8 crore. EPS stood at Rs 5.11 (Rs 3.45). During the quarter, the company sold 0.95 million square feet of new space valued at Rs 527 crore at an average price realisation of Rs 5,575 per square feet. The average sales price realisation also improved 7.45 per cent to Rs 5,575 per square feet (Rs 5,188 per square feet).
J.C. Sharma, Vice-Chairman and Managing Director, said “During the quarter, the company launched two new projects — Sobha Morzaria Grandeur in Bangalore and Sobha Jade in Thrissur in Kerala-- with a total built up area of 8,68,578 square feet.”
“We believe the industry is emerging from the recessionary impact and moving towards consolidation and see improvement in volume. As far as Sobha is concern, we have already achieved more than Rs 1,000 crore of new sales. We remain bullish about our growth in the next six months,” he added.
Sharma said “On the contractual side, we have completed and handed over projects measuring 0.71 million square feet during Q2. We have a clear visibility for the next three years and we hope to have a steady income from this vertical as well.”