Adoption of IND-AS norms impacted margins: Sobha

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Property developer Sobha Limited expects the company to do well in the coming quarters despite a lacklustre start. In the June quarter, Sobha’s revenue grew 24 percent to Rs 570 crore, but EBITDA or operating profit slipped 8 percent to Rs 99.7 crore on year. Operating margin fell to 17.4 percent (YoY) from 23.6 percent.

Ascribing the weak margins to adoption of IND-AS, JC Sharma, Vice-chairman and Managing Director of Sobha Limited told CNBC-TV18 that the company is confident of achieving its FY17 guidance of 3.5 million square feet. He said the company has already launched one project each in Bengaluru and Kochi and has more launches lined up. The company already has got Rs 100 crore from its land monetisation drive so far.

 

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