Sobha Developers, the Bangalore-based publicly-held realtor, has posted a good 1.3 times growth in its fourth quarter net profit to Rs 94 crore on a good uptake in sales boosting the turnover to Rs 524 crore, which was up by 64 per cent. The profit before tax stood at Rs 144 crore, up 172 per cent. During the last quarter of FY 2011-12, the Company sold 0.86 Million Square Feet of new space at a sales value of Rs 464 crore with an average price realisation of Rs 5,380 per Square Feet and launched 1.83 million square feet of new projects.
The company sold 3.28 million square feet of new space valued at Rs 1,700 crore during the financial year 2011-12, compared to 2.78 million square feet in 2010-11 valued at Rs 1,133 crore. During fiscal 2011-12, Sobha launched new real estate projects totalling to 10.45 million square feet and entered three new territories - NCR, Chennai and Mysore. Nine residential projects, aggregating to 3.14 million square feet of developable area were completed during the year. The company also completed 18 contractual projects aggregating to 2.08 million square feet.
Commenting on the results, J C Sharma, Vice Chairman and Managing Director, Sobha Developers Limited, said, “The last year was the best ever as the company registered a 50 per cent increase in new sales and outperformed its guidance for the fiscal year, despite market headwinds. Sobha has achieved a PBT margin of 22 per cent.”
Sobha Developers also announced that Ravi Menon, son of the Sobha Developers chairman P N C Menon, has been appointed co-chairman from his earlier position as vice-chairman. J C Sharma has been appointed as vice CMD, from his earlier position of MD.