Shobha Developers records 73% rise in profit
Sobha Developers Ltd posted a 73 per cent rise in net profit to Rs.45 crore for the June quarter.
It sold 25 per cent more space at sharply higher prices in its key market Bangalore. Revenue rose 57 per cent over a year ago to Rs.433.2 crore.
The realty firm sold 835,600 sq ft. of space during the quarter compared to 665,659 sq ft. in the corresponding period of last year.
Quarter-on-quarter basis though, Sobha’s net profit fell 53.5 per cent. Sobha targets to sell about 3.75 million sq ft. of new space for Rs.2,000 crore this fiscal year, as against 3.28 million sq ft. in 2011-12.
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