Sobha consolidated net profit rises 51% to Rs 32.7 crore in Dec quarter

Realty firm Sobha Ltd on Friday reported a 51 per cent increase in its consolidated net profit at Rs 32.7 crore for the quarter ended December.

Its net profit stood at Rs 21.6 crore in the year-ago period.

Total income rose marginally to Rs 697.5 crore in the third quarter of this fiscal, from Rs 696.3 crore in the corresponding period of the previous year, according to a regulatory filing.

J C Sharma, vice chairman and managing director, Sobha Ltd, said the company has reported another good quarter and achieved sustained sales volume and sale value with improved price realisation.

"Bengaluru, which is our primary market has shown outstanding sales performance during the quarter. Gurugram, Pune and GIFT CITY have also performed well during the quarter and as a result for nine months they have already crossed sales volumes achieved during FY 20-21," he said.

The Kerala region sales performance was subdued due to sustained COVID restrictions and impact of flood, he said, adding the company expects the performance to improve in the coming quarters.

"During the quarter, cash flows remained healthy which has resulted in highest ever cash inflow achievement .This has helped the company to reduce debt by Rs 1.23 billion. Our average cost of borrowing has further come down to 8.65 per cent as on December 31, 2021," Sharma added.