Sobha Developers' consolidated net profit during the April-June quarter of current financial year jumped more than 11 per cent year-on-year, despite a slowing economy and declining rupee.
The Bangalore-based reality developer on Thursday announced that its consolidated net profit jumped 11.11 per cent year-on-year, from Rs 45 crore in the April-June quarter of 2012 to Rs 50 crore in the same quarter of this year.
The developer's consolidated net sales for the three months under review jumped 7 per cent to Rs 461 crore.
Sobha Developers had recognized Rs 95.6 crore from land monetization in the April-June quarter of last year. Excluding this, the company's core revenues and net profit this quarter grew 37 per cent and 46 per cent, respectively.
During the three months ended June 30, 2013, Sobha Developers sold 0.92 million square feet of new space as compared with 0.84 million square feet in the year ago period. Average sales realization improved from Rs 5,737 per square foot to Rs 6,548 per square foot.
The company's managing director J. C. Sharma also announced that the developer had already started working on two projects worth Rs 168 crore awarded by computer maker Dell and automotive giant Bosch.
The Indian reality developer is constructing new office spaces for Dell and Bosch in Bangalore's IT hub of Whitefield and Adugodi, respectively.
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