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Bangalore, July 24

Sobha Developers has posted a 24 per cent growth in net profit at Rs 50.5 crore for the quarter ended June 30, 2008, compared to Rs 40.8 crore for the corresponding quarter last year. Total income grew 30 per cent to Rs 348.8 crore (Rs 269.3 crore), said a company press release. The company’s operating margins for this quarter were at 29.7 per cent (25.5 per cent). The company has also informed the Bombay Stock Exchange that its board of directors at the meeting held on July 24 has unanimously decided to issue shares on a rights basis to existing shareholders for up to Rs 350 crore, in accordance with the present provisions of the law, rules and regulations. Mr J.C. Sharma, Managing Director, Sobha Developers Ltd, said in the release that the new financial year had started on a good note for the company, with $10 million of foreign investment for one of its residential projects in Bangalore. “In the current financial year, we propose to launch projects in Mysore, Chennai and NCR,” he added. —

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