A water tanker is parked outside Sobha city, a real estate property, in Gurugram, India, October 27, 2023. REUTERS
(Reuters) – Indian homebuilder Sobha on Monday reported a fourth-quarter profit that more than doubled from a year earlier, helped by higher prices and sustained demand for premium apartments.
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The Bengaluru-based real estate company’s consolidated net profit rose to 918.4 million Indian rupees ($9.66 million) in the quarter ended March 31 from 408.6 million rupees a year earlier.
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The residential real estate sector remained resilient despite global uncertainties, supported by robust domestic consumption and a stable home-buying environment.
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Sobha reported an 11% increase in fourth-quarter sales value to 20.39 billion rupees, and record annual sales of 81.36 billion rupees in fiscal 2026.
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Revenue from operations climbed 60.2% to 19.88 billion rupees in the quarter.
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Expenses rose 57% to 19.08 billion rupees.
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The company declared a dividend of 6 rupees per share for FY 2026.
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Peers Prestige Estates Projects and Brigade Enterprises have yet to report their earnings.
($1 = 95.0875 Indian rupees)
Reporting by Devika Nair in Bengaluru; Editing by Shinjini Ganguli
