10 November 2017 Newsscroll BIZ-RESULTS-SOBHA

Sobha Q2 net profit up 30% at Rs 50.2 cr

New Delhi, Nov 10 Realty firm Sobha Ltd today reported a 30 per cent increase in its consolidated net profit at Rs 50.2 crore for the quarter ended September, on higher sales.

Its net profit stood at Rs 38.6 crore in the year-ago period, the company said in a statement.

Total revenue rose 19 per cent to Rs 657.8 crore for the second quarter of this fiscal from Rs 552.2 crore in the year ago period.

Sobha Ltd Vice Chairman and Managing Director J C Sharma said, "As far as the financial performance is concerned, the company performed well on all the major financial parameters - revenue recognised, EBITDA, margins, PBT and PAT vis-à-vis same quarter of last year.”

The company has achieved new sales volume of 8,61,084 sq ft in total, valued at Rs 675.1 crore (SOBHA’s share of sales value of Rs 592.7 crore) in the second quarter of the FY18.

The sales volume and total sales value are up by 5.6 per cent and 8.3 per cent respectively as compared to preceding quarter. Additionally, the sales volume is marginally higher and total sales value is up by 22.5 per cent as compared to Q2 of FY17.

"Brand Sobha's resillence is evident with these numbers at a time when the sector awaits for the demand to pick up. We are hopeful of carrying forward this steady growth in the coming quarters as well," Sharma said.

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OUTLOOK 10 November, 2017