Reality

Oberoi Realty lost 6.58% after consolidated net profit fell 49.4% to Rs 68.06 crore on 40.7% decline in net sales to Rs 169 crore in Q3 December 2013 over Q3 December 2012. The Q3 result was announced on Saturday, 1 February 2014. Commenting on the company's financial performance, Mr. Vikas Oberoi, CMD, Oberoi Realty said, "Domestic and global economic headwinds continue to be challenging. While business sentiments are likely to improve only after the results of the general elections, there will now also be opportunities for companies that have shown financial prudence and discipline. The recent Supreme Court order clearing the way for the development of our Mulund property is a great positive for Oberoi Realty". Oberoi Realty said that the private forest issue relating to the Mulund property has been resolved in favour of the company by the order dated 30 January 2014 of the Supreme Court of India. Sobha Developers rose 2.19% after net profit rose 10.46% to Rs 58.10 crore on 26.48% increase in total income to Rs 545.50 crore in Q3 December 2013 over Q3 December 2012. The result was announced on Saturday, 1 February 2014. Sobha Developers registered new sales value of Rs 502 crore in Q3 December 2013. The company reported new sales volume of 0.74 million square feet in Q3 December 2013. The company achieved average price realisation of Rs 6,786 per square feet during the quarter. The firm said it launched two new projects: 0.66 million square feet of developable area and 0.46 million square feet of saleable area. Sobha Developers completed and handed over 2 real estate projects of 1.10 million square feet of developable area and 8 contractual projects of 2.76 million square feet of developable area. Commenting on the company's performance, J C Sharma, Vice Chairman and Managing Director, Sobha Developers said, "Despite the prevailing economic headwinds, the company's unbilled revenue as of 31 December 2013 is Rs 2264 crore on the sales made so far, out of which we expect a minimum of Rs 355 crore to be recognised in the last quarter (Q4) of the fiscal year ending March 2014 (FY 13-14). In addition to this, income from new sales will also contribute to the revenue."

Commenting on the company's growth plans, J C Sharma said, "We are bullish about the industry and the markets in which we operate. We have scheduled 11 million square feet of new launches in the coming four to five quarters. We also plan to enter the Kochi market in Kerala during this financial year."