Sobha’s Q2 net profit jumps almost three-fold to Rs48.3 crore
- The Bengaluru-based firm’s total income also jumped to ₹832.3 crore in the September quarter
BENGALURU : Real estate firm Sobha Ltd on Monday reported a nearly three-fold rise in its net profit to ₹48.3 crore for the September-ended quarter, compared to ₹16.2 crore in the corresponding year-ago period.
The Bengaluru-based firm’s total income also jumped to ₹832.3 crore in the September quarter, from ₹545.9 crore during the period.
The board has approved the issue of unlisted secured non-convertible redeemable debentures (NCDs) on a private placement basis. The size of the issue is ₹140 crore in one or more tranches, according to a regulatory filing.
“Our all-time high sales volume achieved during the quarter is very encouraging. We expect to sustain the momentum along with gain in market share. We are moving in the right direction with confidence. The pandemic did take its toll but also threw up AI based technologies that created a convenient environment for buyers and developers. This emergence and acceptance of Proptech has redefined the real estate sector in India today. The credible builders with a proven track record of delivery excellence stand to gain immensely," said JC Sharma, vice -chairman and managing director, Sobha Ltd.
During the quarter, the developer said its key market Bengaluru performed well, followed by good performance in Gurugram, Pune and GIFT City.
Other regions contributed 41% of total sales volume during the quarter, compared to 26% during the June quarter.
Sharma added, “The innumerable interactions between the developers and the buyers have moved to online platforms bringing in seamlessness in business transaction and ease of doing so. This shift has made the young Indian generation and NRIs the vital emerging prospective home buyers. There is definitely an urgent need for all credible developers to bring in best practices towards making quality homes, deliver on time with transparency and authenticity."