Sobha Developers Ltd has posted a 11.33 per cent rise in profits to Rs 50.1 crore for the first quarter of the financial year 2013-14 as compared to Rs 45 crore recorded last financial year (2012-13).
The company’s total income from operations also went up 6.55 per cent to Rs 461.6 crore as compared to Rs 433.2 crore in the same period last year. Earnings per share stood at Rs 5.11 as compared to Rs 4.59 recorded last year.
J. C. Sharma, Vice-Chairman and Managing Director, Sobha Developers Ltd, said, “The company has done well in Bangalore, Chennai and Thrissur. Notwithstanding a slowing economy and a sliding rupee, there was a sustained momentum in sales.”
In the first quarter, the company sold 0.92 million sq ft of new space compared to 0.84 million sq ft in the corresponding period last year. Average sales price realisation improved to Rs 6,548 a sq ft compared to Rs 5,737 a sq ft last year, an increase of 14.1 per cent. This grew 4.02 per cent sequentially.
The value of new sales increased 25.7 per cent and of new area sold by 10.2 per cent compared to Q1 in the previous fiscal.
anil.u@thehindu.co.in