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Indian homebuilder Sobha reported a first-quarter profit on Friday that more than doubled, helped by higher prices and sustained demand for premium apartments.
The Bengaluru-based real estate company, which logged record sales in the June-quarter, said its consolidated net profit rose to 136.2 million Indian rupees ($1.58 million) from ₹60.56 million year. Revenues rose 33 per cent to ₹8.52 billion.
In recent years, Indian real estate developers have capitalized on a post-pandemic shift in buyer preferences towards larger, amenity-rich apartments by securing land deals and swiftly launching new projects.
But with the frenzy cooling in some parts of the country, homebuilders have pivoted from chasing higher sales towards timing their launches as per shifts in demand, analysts have said.
National elections delayed approvals for project launches last year across the real estate industry - which hampered timelines for Sobha as well until recently.
With approvals-related bottlenecks easing, analysts at HSBC expect the current fiscal year to mark a "turnaround" for the company
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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