Sobha Q1 profit up 31%

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For the first quarter ended June 30, SOBHA Limited reported a net profit of Rs.470mn.

The company reported a turnover of Rs. 6.89 bn , while PBT was at Rs.728 mn.

During the quarter, the Company generated net cash flow  at Rs.999 million.

The Company achieved new sales of 815,230 square feet total valued at Rs.6.23bn with an average realisation of Rs.7,647 per square feet.

J.C. Sharma, Vice Chairman and Managing Director, SOBHA Limited said, “SOBHA has performed well on all important parameters despite uncertainty of GST and RERA act and in terms of new sales volume, cash flows, booking revenues for the quarter or growth in profits.

Sharma added, “The real estate sector is moving towards a steady growth. We are confident of growth momentum in the subsequent quarters.”

Since inception, SOBHA has completed 118 real estate projects and 288 contractual projects covering about 86.73 million square feet of area. The Company currently has ongoing real estate projects aggregating to 42.18 million square feet of developable area and 30.22 million square feet of saleable area, and ongoing contractual projects aggregating to 8.81 million square feet under various stages of construction.