Realty firm Sobha Ltd on Friday reported a 72 per cent increase in consolidated net profit at Rs 90.6 crore for the quarter ended June on higher sales.
Its net profit stood at Rs 52.6 crore in the year-ago period, the Bengaluru-based firm said in a regulatory filing.
Total income rose by 96 per cent to Rs 1,193.1 crore during the first quarter of the 2019-20 fiscal from Rs 610.1 crore in the corresponding period of the previous year.
Total sale value rose 2 per cent to Rs 777.7 crore.
"The momentum gathered during FY18-19 continued in Q1-20. This has helped the company to perform well on operational and financial parameters despite tough macro-economic and industry environment," Sobha Ltd's Vice Chairman and MD J C Sharma said.
"Sobha strongly believes that demand in the residential space will continue to grow as the benefits from the structural reforms begin to show results. It is clearly witnessing signs of consolidation, which will further accelerate in the future," he added.
The recent 35 basis points repo rate cut by RBI is expected to give further impetus to the residential demand, as the EMI for home buyers is likely to come down along with a reduction in interest cost for developers, he said.
Sharma also said the company is pursuing new opportunities in existing locations as well as in new cities like Hyderabad and Thiruvananthapuram.
During the first quarter of this fiscal, Sobha launched 0.61 million square feet projects and new projects to the tune of 10.65 million square feet will be launched in Bengaluru, Gurugram, Delhi, Hosur, Chennai, Thrissur and Hyderabad in the coming quarters.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)