Sobha Developers rose 3.61% to Rs 276.85 at 11:07 IST on BSE after net profit rose 10.46% to Rs 58.10 crore on 26.48% increase in total income to Rs 545.50 crore in Q3 December 2013 over Q3 December 2012.
The result was announced on Saturday, 1 February 2014.
Meanwhile, the BSE Sensex was down 91.89 points, or 0.45%, to 20,421.96.
On BSE, so far 6,008 shares were traded in the counter, compared with an average volume of 14,154 shares in the past one quarter.
The stock hit a high of Rs 284.80 and a low of Rs 271 so far during the day. The stock hit a 52-week high of Rs 472.40 on 13 February 2013. The stock hit a 52-week low of Rs 214.10 on 4 September 2013.
The stock had underperformed the market over the past one month till 31 January 2014, sliding 14.13% compared with the Sensex's 3.10% fall. The scrip had underperformed the market in past one quarter, falling 15.09% as against Sensex's 3.07% fall.
The small-cap company has an equity capital of Rs 98.06 crore. Face value per share is Rs 10.
Sobha Developers registered new sales value of Rs 502 crore in Q3 December 2013. The company reported new sales volume of 0.74 million square feet in Q3 December 2013. The company achieved average price realisation of Rs 6,786 per square feet during the quarter.
The firm said it launched two new projects: 0.66 million square feet of developable area and 0.46 million square feet of saleable area.
Sobha Developers completed and handed over 2 real estate projects of 1.10 million square feet of developable area and 8 contractual projects of 2.76 million square feet of developable area.
Commenting on the company's performance, J C Sharma, Vice Chairman and Managing Director, Sobha Developers said, "Despite the prevailing economic headwinds, the company's unbilled revenue as of 31 December 2013 is Rs 2264 crore on the sales made so far, out of which we expect a minimum of Rs 355 crore to be recognised in the last quarter (Q4) of the fiscal year ending March 2014 (FY 13-14). In addition to this, income from new sales will also contribute to the revenue."
Commenting on the company's growth plans, J C Sharma said, "We are bullish about the industry and the markets in which we operate. We have scheduled 11 million square feet of new launches in the coming four to five quarters. We also plan to enter the Kochi market in Kerala during this financial year."
Delineating the company's core markets, Mr Sharma said, "We are optismistic that our key southern markets will drive the sales. With a strong pipeline of proposed new launches, we expect the sales to gain momentum in the coming few quarters. Our core market, Bangalore, has been the most resilient Indian real estate market. Thanks to the IT boom, this market has gained popularity as the preferred market for real estate investment. In the current financial year (until September), Bangalore alone has accounted for 18% of the nation-wide sales, making the city the fastest growing as well as the largest real estate market in India. We expect the trend to continue in the coming year and Bangalore to remain the most lucrative real estate market."
Headquartered in Bangalore, Sobha Developers is primarily focused on residential and contractual projects.
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