Sobha Ltd Q1 Profit Jumps 2-Fold to Rs 13.61 cr
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Sobha Ltd's Q1 net profit surged over 200% to Rs 13.61 crore, with revenue reaching Rs 901 crore. The company also announced a renewable energy initiative.
New Delhi, Jul 25 (PTI) Realty firm Sobha Ltd on Friday reported a more than two times increase in its consolidated net profit to Rs 13.61 crore for the quarter ended June.
Its net profit stood at Rs 6.05 crore in the year-ago period.
Total income rose to Rs 901.40 crore in the first quarter of this fiscal from Rs 669.85 crore in the corresponding period of the preceding year.
The board also approved a proposal to procure renewable energy through a captive consumption route in consortium with Altilium Energie Pvt Ltd.
Sobha Ltd will acquire 26 per cent stake in a special purpose vehicle (SPV) in Altilium Solar 1 Pvt Ltd to avail the facility of captive consumption.
The remaining 74 per cent stake in the SPV will be held by Altilium Energie.
"We achieved our highest-ever quarterly sales, fuelled by robust demand across the cities of our real estate operations. The successful launch of our first project in Greater Noida marks a pivotal milestone, reinforcing our brand's strength," Jagadish Nangineni, Managing Director of Sobha Ltd, said.
He said the company's backwards-integrated delivery model helps in driving consistent performance.
"With a strong balance sheet and a stable demand environment, we are well-positioned for sustained growth," the company's MD said.
Bengaluru-based Sobha Ltd is one of the leading real estate developers in the country.
Its net profit stood at Rs 6.05 crore in the year-ago period.
Total income rose to Rs 901.40 crore in the first quarter of this fiscal from Rs 669.85 crore in the corresponding period of the preceding year.
The board also approved a proposal to procure renewable energy through a captive consumption route in consortium with Altilium Energie Pvt Ltd.
Sobha Ltd will acquire 26 per cent stake in a special purpose vehicle (SPV) in Altilium Solar 1 Pvt Ltd to avail the facility of captive consumption.
The remaining 74 per cent stake in the SPV will be held by Altilium Energie.
"We achieved our highest-ever quarterly sales, fuelled by robust demand across the cities of our real estate operations. The successful launch of our first project in Greater Noida marks a pivotal milestone, reinforcing our brand's strength," Jagadish Nangineni, Managing Director of Sobha Ltd, said.
He said the company's backwards-integrated delivery model helps in driving consistent performance.
"With a strong balance sheet and a stable demand environment, we are well-positioned for sustained growth," the company's MD said.
Bengaluru-based Sobha Ltd is one of the leading real estate developers in the country.
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