Real Estate

Sobha posts 5.12% growth in Q2 profits

| | Updated on: Nov 12, 2014
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Sobha Limited on unaudited consolidated basis has posted 5.12 per cent growth in its profits to Rs 59.5 crore for second quarter of 2014-15 compared with Rs 56.6 crore recorded in the same period last year.

The company’s total income has gone up 23.98 per cent to Rs 669.5 crore as against Rs 540 crore in the same period last year. EPS for Q2 stood at Rs 6.07 compared with Rs 5.77 last year.

Commenting on the company’s perforance, J.C. Sharma, Vice Chairman and Managing Director, Sobha Limited, said, “We have seen an improvement in the market sentiments post the formation of the new government. The economy is most certainly showing signs of recovery and there has been an uptick in the investor sentiments. The inflation is under control, the crude oil prices have declined and the interest rates, having peaked, will most likely taper down. Despite this, the real estate sector is yet to be benefited by the positive change in the economic conditions. Given the current scenario, we are of the opinion that recovery is not far away for the real estate sector.”

Talking about the company’s growth prospects, Sharma said, “We have a healthy pipeline of about 15 million square feet of new project launches planned in the next few quarters in our existing geographies. In the last 20 years, we have completed and delivered 95 real estate and 253 contractual projects totalling 65.83 million square feet of area. We are probably the only player in the real estate arena to deliver international quality projects to this size and scale. In addition to this, we have about 50 ongoing residential projects aggregating to 31.14 million square feet of developable area and 23.96 million square feet of saleable area. On the contractual front, we have 31 ongoing projects covering 9.35 million square feet under various stages of construction. This is a mere indication of our delivery capabilities and we are hopeful that we will continue to cater to the emerging needs of the realty industry.”

Published on November 28, 2017

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