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Sobha’s Net Profit Reduces By 76% At Rs 16.2 Cr In Q2 FY21

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Total income declined to Rs 545.9 crore in the second quarter of this fiscal from Rs 803.8 crore in the corresponding period of the previous year, according to a regulatory filing.

Realty firm Sobha Ltd on Saturday reported a 76 per cent decline in its consolidated net profit at Rs 16.2 crore for the quarter ended September on lower-income amid COVID-19 pandemic. Its net profit stood at Rs 67 crore in the year-ago period.

Total income declined to Rs 545.9 crore in the second quarter of this fiscal from Rs 803.8 crore in the corresponding period of the previous year, according to a regulatory filing.

J C Sharma, vice chairman and managing director, Sobha, said: “The ongoing Pandemic and resultant crisis has opened up certain avenues on the operational front for the businesses like ours. We are making efforts to further improve our existing practices and expand the base of the advanced technologies operationally to reach out to our customers.”

The investments in digitisation have started yielding results, which is evident in our operational performance during H1 FY21, he said.

“Our ‘atmanirbhar’ business model is helping us to meet the project delivery timelines with world class quality. With some green-shoots visible in consumer spending we are hopeful that the inherent demand for quality homes will help us to perform well during second half of FY 21,” Sharma said

Source: PTI

(This story has been published from a wire feed without modifications to the text. Only the heading has been changed)

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