Realty firm Sobha Developers’ net debt has increased marginally by Rs 46 crore during the first quarter of the current fiscal at Rs 1,181 crore as the company made investment in its subsidiary and bought fixed assets.

In an analyst presentation, Bangalore-based Sobha said its net debt stood at Rs 1,180.6 crore as on June 30, as against Rs 1,134.2 crore at the end of last fiscal. The net debt/equity ratio currently stands at 0.58.

The company repaid loan of Rs 156 crore during April-June quarter and another Rs 201 crore needs to be repaid during the 2012-13 fiscal, it added.

Citing reasons for increase in loans, Sobha said that it invested Rs 55 crore for buying back of subsidiary at Sobha City, Thrissur and spent Rs 25.1 crore in fixed assets.

Last week, Sobha reported 73 per cent rise in net profit at Rs 44.9 crore for the quarter ended June against Rs 26 crore in the year-ago period. The revenue was up by 57 per cent to Rs 435 crore during April-June quarter against Rs 278 crore in the corresponding period of last year.

The company’s sales booking rose by 58 per cent during the first quarter of this fiscal at Rs 479 crore from Rs 303 crore a year-ago on the back of higher realisation and more volumes.

During April-June quarter, sales in volume terms increased by 25 per cent at 0.84 million sq ft as against 0.67 million sq ft in the corresponding period of the last year.

Sobha is targeting “sales value of Rs 2,000 crore for the financial year 2012-13” against Rs 1,701 crore in last fiscal.

At present, the company has 38 housing projects and 42 contractual projects under various stages of construction at Bangalore, Gurgaon, Chennai, Pune, Thrissur, Coimbatore and Mysore.

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