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Sobha Shares Tank To Hit 52-Week Low After Flat Q2 Numbers
The company's total income from operations rose by 8.22 per cent at Rs 541.10 crore against Rs 500 crore during the same period last year.
Real estate firm Sobha tanked 6% after the company reported net profit flat at Rs 38.4 crore for the quarter ended September 30, 2016. Earlier, the company had reported a net profit of Rs 38.8 crore for the same quarter last year.
The company's total income from operations rose by 8.22 per cent at Rs 541.10 crore against Rs 500 crore during the same period last year.
Check Sobha stock quote.
J C Sharma, Vice-Chairman and Managing Director, said: "During the quarter, the company generated net positive operational cash flow of Rs 85.2 crore after meeting interest and tax expenses."
"The company has seen consistent improvement in cash flow and generated net positive operational cash flow for the past five consecutive quarters. The cost of borrowing has reduced from 12.14 per cent in Q2 2016 to 11.26 per cent in Q2 2017," he further added.
The real estate firm has been recognized as one of India's top builders for the year 2016 at the 11th construction World Architect & Builder (CWAB) award function.
Shares of Sobha were seen trading at Rs 228, lower by 4.04 per cent on BSE at 12.20 pm IST. It touched an intra-day and 52-week low of Rs 224 during trade.
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