Sobha Ltd posts Rs 16 cr profit in Q2

Sobha Limited, a Bengaluru-based real estate developer, has posted Rs 16.2 crore profit for the second quarter of FY 2020-21 on a consolidated basis against Rs 67 crore reported last year. The company’s Q2 income was Rs 545.9 crore against Rs 803.8 crore in the same period last year. EPS for the quarter stood at Rs 1.71 compared with Rs 7.07 last year.

Segment revenue for the quarter was lower with Real Estate at Rs 333.4 crore (last year Rs 427.6 crore), while the contractual and manufacturing at Rs 210.1 crore (last year Rs 388 crore).

J C Sharma, Vice Chairman and Managing Director, Sobha Limited said, “We have achieved total sales volume of 8,91,700 square feet valued at Rs 690 crore, with an average price realization of Rs 7,737 per square feet during Q2-21 despite lockdown being imposed in Bengaluru in July and without any new project launch during the quarter.”

He further added “In addition there were uncertainties in the macro-economy with a tough real estate sector scenario. Sales volume, total sales value and Sobha’s share of sales value during Q2 were up by 37 per cent, 41 per cent, 35 pe rcent respectively as compared to Q1 of 2020-21. During the first half of this fiscal, we have achieved sales volume of 15,42,100 square feet valued at Rs 1,178 crore, with an average price realization of Rs 7,636 per square feet.”