Real Estate

Real estate player Sobha’s second quarter revenue at ₹823 crore

Our Bureau Bengaluru | Updated on November 08, 2021

VC says company expects to sustain the momentum along with gain in market share

Sobha, a Bengaluru-headquartered real estate company, said in a release that it had recorded a 59 per cent year-on-year growth in its revenue to ₹823 crore in the quarter ending September 30. The company added that it saw a net profit of ₹45 crore for the same period.

The company said that the housing sector continued to follow its growth trajectory with healthy traction and strong demand momentum across segments and geographies.

Also see: Sobha's Q2 sales bookings up 49 per cent at ₹ 1,030 cr on improved demand

JC Sharma, Vice-Chairman and Managing Director, Sobha, said, “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 real estate sector has been continuously exuding signs of optimism as the fear of Covid-19 wanes.”

Online platforms

“The pandemic took 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. Credible builders with a proven track record of delivery excellence stand to gain immensely. It has augured well for Sobha,” he said.

Sharma added that 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.

Also see: Hot India property stocks seen extending run on demand surge

“This shift has made the young Indian generation and NRIs vital, emerging prospective home buyers. There is an urgent need for all credible developers to bring in best practices towards making quality homes, deliver on time with transparency and authenticity.”

While the results were declared by the company after market hours, shares of the company earlier in the day had closed 6.88 per cent lower at ₹885.2 apiece.

Published on November 08, 2021

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