Sobha registers a turnover of Rs 5.09 million

Tuesday, May 12, 2015,21:02 IST By metrovaartha A A A

Kochi | Reality major Sobha Limited, on a consolidated basis, registered a turnover of Rs 5.09 million during the fourth quarter FY 2014-2015, which ended on March 31, 2015.
The profit before Tax stood at Rs 955 million, and the profit after tax was Rs 616 million on a consolidated basis.
For the financial year ended March 31, the company registered a turnover o Rs 24.55 million on a consolidated basis and the profit stood at Rs 3.72 billion, and the profit after tax was Rs 2.38 million, a release said here today.
Announcing this Sobha Limited Vice Chairman J C Sharma said that the financial year 2015 was a mixed bag; on the macro-economic front, we could see visible improvements  uptick in GDP growth rate, reduction in current account deficit and manageable inflation levels to name a few.
For the real estate sector though, the financial year continued to be challenging  subdued demand, lower absorption rates and higher inventory levels  all evidencing a
general slowdown in the market, he said adding that in such a scenario, we are pleased to report that the Companys top line has recorded a double-digit growth. The overall revenues is up 12 per cent YoY at Rs. 24.55 billion on a consolidated basis. It is also notable that our Contractual and Manufacturing business have generated highest ever revenues of Rs 7.96 billion which is up by 23 per cent YoY.
On the operational front, he said the company had launched a total of 14.12 million square feet of developable area and 10.74 million square feet of saleable area in FY15 and the company had also successfully completed and handed-over 10 real estate projects and 15 contractual projects
aggregating to 7.61 million square feet of developable area.
Regarding new launches in Q4 FY 2014-15, he said the company had launched one of its most distinctive projects, Sobha Dream Acres, the first of its kind under its new segment – Sobha Dream Series at Bangalore.
With a total developable area of 10.65 million square feet, Sobha Dream Acres was  a residential development which would cater to the aspirations of salaried professionals and is perfectly suited to the requirements of nuclear families and those who prefer premium quality compact luxury homes replete with world-class amenities.
Commenting on the outlook for fiscal 2016, Mr  Sharma stated, Considering the present macroeconomic environment and industry absorption levels, the Company is targeting to sell 4 million square feet of new area valued at Rs 26 Billion during the financial year 2015-16.