Sobha Developers Q3 net surges by 49 per cent

Bangalore, Jan 20 (UNI) Riding on strong growth across all segments, Sobha Developers Ltd, posted a net profit of Rs 45.6 crore during the third quarter, up by 49 per cent from Rs 30.6 crore during the same period last year.

Announcing the results here today, Managing Director J C Sharma said consequently the nine month Profit After Tax(PAT) had improved to 85 per cent at Rs 99.6 crore and revenue rose by 92 per cent at Rs 830.6 crore.

The turnover for the quarter stood at Rs 298.6 crore marking a 77 per cent rise over the figures of corresponding quarter of previous fiscal of Rs 168.9 crore. It achieved an operating margin of 27 per cent with Rs 199 crore coming from real estate and the rest through construction contracts.

"The key driver of growth for us has been the robust demand in the construction space, both from residential as well as contractual segments. The last quarter saw the launch of four new residential projects and in contractual space we have added Dell International of Chennai, BF Utilities of Pune and Gold Star Plus in Uttaranchal," he said.

The company had eight projects in pipeline aggregating to approximately 9.5 million square feet to be launched in Trichur, Pune and Mysore besides Bangalore. They would be completed over the next 2-3 quarters. Sobha had entered into SPVs and joint ventures to fuel its growth in these cities, he said.

So far the 12-year-old company, which was successfully listed in NSE and BSE after is highly successful public issue recently, had executed 50 residential complexes in Bangalore alone and several turnkey projects for its corporate clients in Chennai, Hyderabad, Mysore, Pune, Mangalore and Chandigarh.

UNI