Sobha Q1 profit up 31% at Rs 47cr; announces share buyback

Realty firm Sobha Ltd today reported 31 per cent increase in its consolidated net profit at Rs 47 crore for the quarter ended June and announced buy- back of shares up to Rs 62 crore.

Its net profit stood at Rs 36 crore in the year-ago period, the Bengaluru-based company said in a regulatory filing.

Total income rose to Rs 689 crore in the first quarter of this fiscal from Rs 582 crore in the corresponding period of the previous year.

Sobha Ltd said the Board approved a proposal to buy back up to 14,58,823 equity shares of the company for an aggregate amount not exceeding Rs 62 crore only.

The buy-back of shares, at 1.5 per cent of the total paid up equity share capital, will be at Rs 425 per share. The buyback is proposed to be made from all existing shareholders including promoters of the company.

Sobha shares was trading at around Rs 387 apiece on the BSE.