Moneycontrol Bureau
Bangalore-based real estate company Sobha Developers' third quarter consolidated net profit grew 11 percent to Rs 58.3 crore on higher revenues compared to same quarter last year.
"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 FY14," JC Sharma, VC and MD said.
Total income from operations increased 26.6 percent to Rs 544.3 crore from Rs 430 crore during the same period.
Earnings before interest, tax, depreciation and amortisation rose 8.8 percent to Rs 149 crore but operating profit margin fell 460 basis points to 27.4 percent on higher expenses year-on-year.
Total expenses jumped 34 percent to Rs 412.5 crore.
The company generated Rs 162 crore of operational cash flows compared to Rs 111 crore in the previous year.
Meanwhile, during the quarter Sobha Developers launched two new projects measuring 0.46 million square feet. One project in Coimbator called "elan" (joint development residential project between company and Lakshmi Machine Works) having a total saleable area of 0.32 million square feet and second project is a plotted development in Mysore "Sobha Estate".
"Both our launches in the quarter have met with good response," JC Sharma said.
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