Sobha Ltd's Net Profit Jumps 11% For Q1FY20
New Delhi: Realty player Sobha Ltd’s consolidated net profit went up by 11 percent at Rs 67 crore for the second quarter of the current fiscal as compared to Rs 61.1 crore in the corresponding quarter of the previous fiscal.
The consolidated revenue of the company jumped 19 percent at Rs 804 crore for the second quarter of the ongoing fiscal as against Rs 676 crore in the same period of the previous financial year, it said in a statement.
“Despite the Government’s efforts for revival of the real estate sector, overall customer sentiments have not improved as expected. Liquidity situation remains tight in the sector, resulting in cash flow issues for developers,” said J C Sharma, Vice Chairman and Managing Director, Sobha Ltd.
The company clocked pre-sales volume of 1.04 million sq ft during the second quarter of the current fiscal. The total sales value during the quarter was Rs 682 crore out of which Sobha’s share of sales value was at Rs 561 crore.
During the second quarter of 2019-20, Sobha launched ‘SOBHA Blossom’, a plotted development project in Chennai. It has a total saleable area of 0.18 million sq ft.
The company will launch new housing projects with a total saleable area of 10.46 million sq ft in various cities in the coming quarters.
Sobha Construction Products Pvt Ltd has been incorporated on 7th November, 2019. The object of the company is manufacturing of various constructions products needed in the real estate industry. It is a wholly owned subsidiary of Sobha Ltd.