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Sobha Q3 profit rises 31 pc to Rs 69.8 cr

Press Trust of India  |  New Delhi 

Bengaluru-based Sobha reported a 31 per cent rise in consolidated net profit at Rs 69.8 crore for December 2018 quarter.

Its net profit stood at Rs 53.4 crore in the year-ago period, the company said in a regulatory filing.

The total income of the company rose to Rs 807.7 crore during October-December period of this fiscal from Rs 700.4 crore in the corresponding period of the previous year.

"Sobha has entered 2019 with a positive performance backed by world-class products, multi-city operations and its distinctive backward integration model. This has enabled us to deliver 7.78 million square feet of developable area during the nine months of FY 18-19," said J C Sharma, the company's and MD.

The launch of new project 'Sobha Isle' in Kochi has improved the sales in the market, which was impacted earlier due to the floods, he said in a statement on Tuesday.

"Additionally, remains a strong market for us with 68 per cent of the total sales volume in this quarter. With new project launches - Sobha Dream Gardens and Sobha in Bengaluru, this market will continue to strengthen our overall sales numbers," added.

Sobha currently has ongoing aggregating to 39.09 million square feet of developable area and 27.23 million square feet of saleable area. That apart, it has ongoing contractual projects aggregating to 8.89 million square feet under various stages of construction.

The company has in nine cities -- Bengaluru, Gurugram, Chennai, Pune, Coimbatore, Thrissur, Calicut, and Overall, Sobha has footprint in 26 cities and 13 states across

Shares of the company were trading 1.52 per cent lower at Rs 469 in afternoon trade on the BSE.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, February 08 2019. 13:00 IST