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Bangalore, Aug. 13 Buoyed by higher realisation on its new projects, Sobha Developers Ltd has recorded a 141 per cent growth in net profit during the first quarter of the current fiscal at Rs 40.79 crore, against Rs 16.88 crore in the same period of the previous fiscal. Turnover increased 30 per cent to Rs 267.79 crore (Rs 205.41 crore).

The company’s operating margin was 34 per cent (26 per cent). Its contractual projects registered a 25 per cent growth in revenues at Rs 114.4 crore (Rs 101.5 crore), while residential projects grew 48 per cent, a company press release said.

The company has 11.54 million sq ft of ongoing projects and plans to start 9.8 million sq ft of projects this financial year, Mr J.C. Sharma, its Managing Director, said.

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