Latest News | Realty Firm Sobha Net Profit Falls 50 Pc to Rs 6 Crore in June Quarter
Get latest articles and stories on Latest News at LatestLY. Realty firm Sobha Ltd on Thursday reported a 50 per cent fall in its consolidated net profit to Rs 6.05 crore in the June 2024 quarter.
New Delhi, Aug 8 (PTI) Realty firm Sobha Ltd on Thursday reported a 50 per cent fall in its consolidated net profit to Rs 6.05 crore in the June 2024 quarter.
Its net profit stood at Rs 12.05 crore in the year-ago period.
Total income also declined to Rs 669.85 crore during the April-June period of this fiscal year from Rs 939.24 crore a year ago, according to a regulatory filing.
The strong performance in Q1FY25 was supported by robust housing demand across all our operational markets and a steady focus on efficient execution, Jagadish Nangineni, Managing Director at Sobha Ltd, said.
"This resulted in impressive sales, exceptional real estate collections, and the highest average price realization of Rs 15,941 per sq ft. A significant portion of this price realization can be attributed to our shift in inventory mix towards luxury and super-luxury projects," he said.
With a healthy pipeline of 18.30 million sq ft of residential projects set to be launched in the coming quarters, Nangineni said the company anticipate further enhancement of its growth trajectory.
"Additionally, the recently concluded rights issue will enhance our financial and operational strength, positioning us to capitalise on growth opportunities in India's vibrant economic environment and enter new markets," he added.
Sobha is one of the leading real estate firms in the country.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)