Sobha Developers' net profit for the fourth quarter of the last fiscal more than doubled to Rs 89 crore, compared with Rs 40.2 crore recorded during the corresponding quarter of the previous fiscal.
The growth was on the back of higher sales, Mr J.C. Sharma, Vice-Chairman and Managing Director, Sobha Developers, told Business Line .
The company informed the Bombay Stock Exchange that its board of directors, at its meeting held on May 6, 2012, inter alia, has recommended dividend of Rs 5 per equity share of Rs 10 each (at the rate of 50 per cent).
A press release from the company also said that Mr Ravi Menon was appointed its Co-Chairman, while Mr Sharma was appointed the Vice-Chairman.