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Q1 Returns of Shobha Developers shows a downward trend of Rs 13 Crores

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The net profit of Sobha Realtors for the first quarter which ended on 30th June shows a slump at Rs. 12.17 crores compared to Rs. 50.5 crores in the FY 2009. Returns from operations were at nearly Rs. 178 crores. The company which faced the global economic downtrend got a boost in the first quarter in comparison with fourth quarter as on 31 March 2009. The first quarter’s overall profit rose to nearly 77% from to Rs. 12.7 crore in the fourth quarter while the net returns saw a steady increase 16% at Rs. 179 crores.
There is a marked improvement in the realty sector in the first quarter, adds the source at www.propertykhazana.com. As the Indian economy would be looking forward to a increase in the growth rate in the next two years, realty segment may shave a more important role to play and would be a indigenous segment growing remarkably as told by a source. But the company has overcome its debt, having a private equity partner fruitfully effecting a qualified institutional placement (QIP) increasing to 500 crores.
As such the company can ease in its operations and concentrate in the progress of execution of different projects in the main cities like Bangalore. The company also wants to concentrate on reducing its debts and cost implementation and feels that it is prepared to capitalize on the recovery in Indian Economy. Till 30 June 2009, the company has finished 50 residential and commercial projects and 146 contract projects in a built up area of 31.0 million sq. ft.
It is said by the senior official of the group to the www.propertykhazana.com that the company has now 31 residential/commercial projects on 9.2 million sq. ft and also projects on contract basis in different states. But the stock market shows the scrips of the company at a downward trend. For more and latest realty updates follow www.propertykhazana.com.
Source: NBTVLIVE

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