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Jan 30, 2013, 07.54 PM IST | Source: CNBC-TV18

Sobha Developers Q3 profit likely to grow 44% at Rs 58 cr

The Bangalore-based real estate firm Sobha Developers is going to declare its results for the third quarter of financial year 2012-13 on Thursday. Analysts on an average expect profit after tax of the company to grow by 44 percent year-on-year to Rs 58 crore in the quarter.

Sobha Developers Q3 profit likely to grow 44% at Rs 58 cr

The Bangalore-based real estate firm Sobha Developers is going to declare its results for the third quarter of financial year 2012-13 on Thursday. Analysts on an average expect profit after tax of the company to grow by 44 percent year-on-year to Rs 58 crore in the quarter.

Revenues are seen going up by 34 percent to Rs 420 crore from Rs 313.7 crore during the same period, according to CNBC-TV18 poll.

Earnings before interest, tax, depreciation and amortisation (EBITDA) are likely to go up by 72.6 percent in the October-December quarter. Operating profit margin is seen improving by 600 basis points YoY to 30 percent in December quarter.

Analysts expect moderate volume growth as there was no new launch in the third quarter. However, revenues will be strong due to good running project sales, analysts add.

Revenue recognition from NCR project is unlikely in Q3 while project will contribute Rs 200 crore in Q4, according analysts.

Sales run rate is likely to remain impressive, which was 0.95 million square feet in Q2 and 0.84 million square feet in Q1. Analysts feel the company is on track to meet annual guidance of 3.75 million square feel in sales.

The management maintained its FY13 sales volume and revenue guidance of 3.75 million square feet and Rs 2,000 crore, respectively.

In the second quarter of FY13, earnings were strong - in line with expectations. Revenues grew by 41 percent due to robust booking and strong realisations while profit after tax rose by 41.5 percent year-on-year.

Average sales realisations improved 7 percent YoY to Rs 5,575 per sq ft as against Rs 5,188 per sq ft.

Sobha launched projects to the tune of 1.14 million square feet during the first half of FY13.

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