Sobha Developers achieves 24% hike in sales
New Delhi – Bangalore-based leading realtor, Sobha Developers has sold properties worth Rs 1,540 crore during the first nine months of this fiscal. Compared to the previous fiscal, the developer has achieved 24 percent hike in its sales value.
The net debt of the developer stood at Rs 1,320.8 crore as on December 31, 2012, which was increased by Rs 28.6 crore from previous quarter.
According to an analyst presentation, Sobha Developers has made a new record in sales value of Rs 1,540 crore during April-December period of this fiscal, as against Rs 1,237 crore in the last fiscal. It has sold around 2.68 million square feet of newly developed space during last three quarters while it had sold 2.42 million square feet in the same period of last year.
There was an increase in average sales realisation of 12 percent at Rs 5,738 per sq ft against Rs 5,110 a sq ft during the period under review.
The consolidated net debt rose to Rs 1,320.8 crore as on December 31, 2012 from Rs 1,292.2 crore as on September 30. The average cost of debt stood at 13.58 percent.
The developer, by the end of January 2013, witnessed 7 percent hike in consolidated net profit at Rs 52.6 crore for the quarter ended December 31, as against Rs 49.4 crore in the year-ago period.
The revenue of Sobha Developers increased by 37 percent to Rs 431 crore in the third quarter of this fiscal. It’s revenue stood at Rs 315 crore in the corresponding period of the previous year.
Renowned Sobha Developers has marked its presence in seven cities of India, namely, Bangalore, Gurgaon, Chennai, Coimbatore, Pune, Mysore and Thrissur.
Totally it has completed 83 real estate projects across different cities and 43 projects are under construction presently. In terms of saleable area, Sobha has already developed 20.78 million sq ft and 17.4 million sq ft is under construction.
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