Rise in housing demand pushes Sobha’s net by 22%
Sobha Limited profits on consolidated basis are up 22.06 per cent at ₹61.4 crore for the second quarter (Q2) of FY 201819 as against ₹50.3 crore recorded in the same period last year.
The company’s income from operations is also higher by 2.79 per cent at ₹676.2 crore ( ₹657.8 crore). EPS for Q2 stood at ₹6.47 compared with ₹5.22 last year.
The company has generated an operational cash flow of ₹23.8 crore after meeting interest and tax expenses. For the quarter under review, the company achieved new sales volume of 1,031,602 sq ft valued at ₹740.8 crore with an average realisation of ₹7,181 per sq ft.
Commenting on Q2 performance, JC Sharma, ViceChairman and Managing Director, said, “We continue to maintain the growth momentum with our second quarter performance despite the impact of recent floods in Kerala. While Bengaluru, our principal market, has once again performed well, the second quarter sales volume of Gurugram market is the highest in the last 23 quarters. This highlights that the demand across all markets and segments is improving steadily. We are hopeful of strengthening our performance further with new project launches across Bengaluru, Thrissur, Pune and Kochi.”
He further added, “As the Indian real estate sector enters the consolidation phase at the back of progressive reforms, we are witnessing the emergence of a stable, transparent and accountable ecosystem that will drive home buyer sentiments going forward. Additionally, the continuous push from the Ggvernment on affordable housing projects with the recent revision of carpet area and other schemes are expected to further augment the housing demand in the country.”