Sobha Developers Q4 Net marginally up at Rs 70.2 crore

Realty player Sobha Developers today reported a marginal increase in consolidated net profit at Rs 70.2 crore in the fourth quarter ended March 31 from Rs 69.6 crore in the corresponding period of last fiscal.
Total income for the January-March period stood at Rs 630.7 crore as against Rs 587.8 crore in Q4 FY13, registering a growth of 7 per cent, the Bangalore-based real estate developer said in a release here.
For the entire fiscal (FY14), the company reported a 8.19 per cent increase in consolidated net profit at Rs 235 crore from Rs 217.2 crore in FY'13.
Total revenues stood at Rs 2173.4 crore as against Rs 1864.5 crore in the last fiscal, a growth of 16.56 per cent.

"FY14 was filled with challenges for the Indian economy as also the real estate sector. Overall, the company's performance in the fiscal has been better than the average industry performance," Sobha Developers Vice-Chairman and Managing Director J C Sharma said.
Despite the challenges, the company was able to consistently generate positive cash flows on a quarter-on- quarter as well as year-on-year basis, he said.

"This financial year had been the best ever for Sobha as far as collections are concerned. During Q4 FY14, the company generated Rs 241 crore of operational cash flows compared to Rs 162 crore in the previous quarter. Our cash inflow for the year was Rs 2,689 crore compared to Rs 2,020 crore in FY13, which is a 33 per cent growth," he said.

In FY14, Sobha launched 10 new projects with 7.73 million sq ft of developable area and 5.57 million sq ft of saleable area and expanded operations in two new geographies - Calicut and Kochi.
The company completed and handed over seven projects of 2.34 million sq ft of developable area in the fiscal. The realty firm's debt-equity ratio on consolidated basis for FY14 stood at 0.54.
Expecting better days ahead for the sector, Sharma said, "We are optimistic about the new Government and its development plans. The year ahead looks promising and we hope to see the long-pending reforms materialise that will assist in the growth of Indian economy and our industry.