Shares of realty firm Sobha Limited spurted to hit the 20% upper circuit at Rs 411.90 (52-week high) today after the company said it registered new sales area of 3 million square feet valued at Rs 1866 crore at an average price realisation of Rs 6216 per sq.ft.
During the fourth quarter, Sobha achieved new sales volume of 723,265 sq.ft., valued at Rs 5048 million. Sales volume and values are up 18% and 35%, respectively, as compared to previous quarter performance. The company says it is encouraging to observe it has witnessed revival in demand in Delhi - NCR market.
Sobha Ltd reported standalone net profit of Rs 28.4 crore for the quarter ended December 31, 2016 as compared to Rs 34.1 crore for the quarter ended December 31, 2015. Total income increased from Rs 448.1 crore for the quarter ended December 31, 2015 to Rs 541.6 crore for the quarter ended December 31, 2016.
On consolidated basis, Sobha posted a net profit of Rs 39.4 crore in the October - December 2016 quarter, as compared to Rs 36.5 crore in the corresponding quarter of the previous year.
