Rise in hous­ing de­mand pushes Sobha’s net by 22%

The Hindu Business Line - - NEWS -

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.”

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