Sobha Developers Q2 net zooms 114%

Sobha Developers registered a net profit of Rs 58.9 crore for the quarter ended September, up 114 per cent from the corresponding quarter last fiscal.

The company has posted a net profit of Rs 27.5 crore in the second quarter last fiscal, a release said here today.

The company's revenue grew to Rs 431.3 crore as compared to Rs 226.3 crore in the second quarter, up by 91 per cent

In terms of half-yearly, revenues grew to Rs 750.3 crore up by 85 per cent compared to first half of last fiscal. Net profit grew to Rs 93.2 crore, compared to Rs 40.2 crore last fiscal, up by 132 per cent.

The company sold 744,678 square feet in Q2 FY11, volume up 90 per cent from Q2 FY10.

The company in the 2nd Quarter of FY11 sold 744,678 sq ft as compared to 392,022 sq ft in the same period of FY10, volume was up by 90 per cent. The company in the 1st Half of FY11 sold 1,415,561 sq ft of area, as compared to 642,407 sq ft.

J C Sharma, managing director, Sobha Developers, said: "The performance of the last two quarters clearly show that demand is back into the market. Not only has our sales increased but we have also been able to launch two new projects. Also we have done a select price increase in some of our projects."

"Also during the 2nd quarter we have succeeded in monetising land for Rs 114 crore. With this we hope to achieve our projected land monetisation of Rs 200 crore for the current financial year. On the contractual front, which is our other vertical, we have seen a growth of about five per cent compared to the 1st quarter of the current financial year and 100 per cent jump during the current quarter compared to the corresponding period of the previous year and a jump of 75 per cent in the top line during 1st Half compared to the corresponding period of the last year," Sharma said.

Elaborating on the company's growth plans Sharma said, "There would about 6.48 million sq ft of new launches this year. Currently Sobha has ongoing projects in Bangalore, Thrissur, Coimbatore and Pune. Apart from these four cities, we have planned to launch our projects in Gurgaon and Chennai in the current fiscal."