Sobha Developers Ltd’s profits are higher by 26.16 per cent at Rs 51.6 crore on a standalone basis for the second quarter of the financial year 2013-14 compared with the corresponding period last year (Rs 40.9 crore).
Its income from operations rose 34.54 per cent to Rs 531.2 crore from Rs 394.8 crore a year ago. Earnings per share stood at Rs 5.26 against Rs 4.17.
In the second quarter, the company’s sales value has increased to Rs 632.3 crore from Rs 527.4 crore in the last corresponding period. The average price realisation has increased to Rs 6,304 per square feet from Rs 5,575 per sq ft.
“Despite a sluggish economy, increasing concerns on high interest rates and continuing inflationary pressures, we have sold one million square feet of new space compared with 0.95 million square feet in the same quarter last year,” said J.C. Sharma, Managing Director.
“The unbilled revenue as of September 30, 2013, is Rs 2,197 crore on the sales made so far, out of which we expect a minimum of Rs 497 crore to be recognised during the second-half of the financial year. In addition to this, income from new sales will also contribute to the revenue.”
The company has generated Rs 136 crore of operational cash in the September quarter and Rs 258 crore in the first-half of the current fiscal.
Sobha has secured orders worth around Rs 220 crore from four clients which ensures a healthy pipeline, it said.