India's Sobha posts near fourfold quarterly profit rise on demand for premium apartments
India's Sobha posts near fourfold quarterly profit rise on demand for premium apartments July 20 - Indian homebuilder Sobha SOBH.NS reported on Monday a near fourfold rise in first-quarter profit, helped by higher prices and sustained demand for premium apartments.
The Bengaluru-based real estate company's consolidated net profit rose to 508.5 million rupees ($5.27 million) in the quarter ended June 30 from 136.2 million rupees a year earlier.
Here are some key details:
Revenue from operations climbed 50% to 12.78 billion rupees.
Expenses rose 42.8% to 12.61 billion rupees.
India's residential real estate sector remained resilient despite global uncertainties, analysts said.
The sector was helped by steady domestic interest rates despite worries about inflation risks from higher oil prices, a key import for Asia's third-largest economy.
($1 = 96.4450 Indian rupees)
(Reporting by Mridula Kumar in Bengaluru; Editing by Ronojoy Mazumdar and Eileen Soreng)
((mridula.kumar@thomsonreuters.com))
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