Realty firm Sobha Developers today reported 5 per cent increase in its consolidated net profit at Rs 59.5 crore for the second quarter of this fiscal on higher sales.
It had posted a net profit of Rs 56.6 crore in the year-ago period, Bangalore-based Sobha Developers said in a filing to the BSE.
Total income increased by 24 per cent to Rs 676.8 crore during the July-September from Rs 544.5 crore in the corresponding period of the previous year.
Sobha said it achieved new sales of 8.33 lakh sq ft valued at Rs 559 crore with an average realisation of Rs 6,703 per sq ft during the period under review.
"We have a healthy pipeline of about 15 million sq ft of new projects launches planned in the next few quarters in our existing geographies," Sobha Vice Chairman and Managing Director J C Sharma said.
He also noted that recovery in the real estate sector is not "far away".
Sharma said the government's step to introduce Real Estate Investment Trusts (REITs) and easing of FDI rules should augur well for the realty sector.
Sobha's share price closed at Rs 474.95 apiece on BSE, down by 0.24 per cent.
The company is currently developing 50 projects covering 24 million sq ft of saleable area. It has presence in 24 cities across 13 states.
