Bangalore: Bangalore-based Sobha Developers posted a 13.22% rise in its fourth quarter net profit for the three months ended March at Rs70.2 crore compared to Rs62 crore reported in the year ago period.
It plans to develop 12 million sq. ft in the financial year 2008-’09 in Bangalore, Coimbatore and other tier II cities.
The company’s turnover for the quarter also rose 33% to Rs476.5 crore compared to Rs358.9 crore in the corresponding quarter of the previous fiscal.
In its 13th year. Sobha would be taking up both luxury and lifestyle residential projects and ventures in tier II cities. Besides a luxury villa project near the new Bangalore airport in Devanahalli and another villa project in Coimbatore, the group has also entered the Middle East real estate market this year with its residential project Daffodils there. Besides Bangalore, projects are lined up in Chennai, Pune and New Delhi as well. Shares of the company closed at Rs498.85, up 2% or Rs9.80 on Friday on the Bombay Stock Exchange. Madhurima Nandy