India's Sobha posts profit surge on new home launches, rising prices
May 29 (Reuters) - Property developer Sobha (SOBH.NS), opens new tab posted a surge in fourth-quarter profit on Thursday, boosted by new apartment launches and strong price growth in its key Bengaluru market.
Consolidated net profit soared nearly six-fold to 408.6 million rupees ($4.8 million) in the January-March quarter, while revenues jumped 62.6%.
The company also announced a dividend of 3 rupees per share.
For further earnings highlights, click
KEY CONTEXT
India's Karnataka state's real estate regulatory body began greenlighting applications in the reported quarter, after approvals slowed down across the country last year due to national elections and delayed launch timelines.
This helped Bengaluru, the capital of Karnataka, defy a broader slowdown in launches and sales as the luxury homebuying spree cooled. Housing prices in the city rose 20% in the quarter, the second-highest among major Indian markets, according to consultancy Anarock.
COMPARISON WITH RIVALS
* The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT
JANUARY-MARCH STOCK PERFORMANCE
-- All data from LSEG
-- $1 = 85.4500 Indian rupees
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