Sobha Q2 profit down 76% at Rs 16.2 crore
Realty firm Sobha Ltd on Saturday reported a 76 percent 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.