Sobha Developers to enter Coimbatore !
BUOYED by a robust 20% yearon-year rise (y-o-y) in realisation, Bangalore-headquartered realty firm Sobha Developers (SDL) has reported a 51% y-o-y rise in net profit for the second quarter (Q2) ended September 30, 2007. Turnover in Q2 of the current fiscal stood at Rs 333 crore. Operating margins for this quarter stood at 27% as against 20% for the corresponding quarter of previous year. For the half-year ended September 30, 2007, SDL clocked net profit of Rs 97 crore, an 80% increase over the corresponding period of the previous fiscal. SDL intends to launch projects in Coimbatore, Chennai and Mysore this fiscal. “The results validate customers’ trust in Sobha as it enters new territories We stand committed to expanding in tier-II cities,” he said. The company has a land bank in excess of 4000 acres spread across the country. As of September 30, 2007, SDL has completed 41 residential/commercial in-house projects and 105 contractual projects covering about 19 million sqft of area. It currently has 60 ongoing projects spread across 10 cities, translating into 11.85 million sqft of real estate development and 8.47 million sqft of contractual development.
