Sobha Ltd's Remarkable Profit Surge and Strategic Renewable Energy Move

Sobha Ltd, a major player in the real estate sector, reported a significant financial upswing, more than doubling its consolidated net profit to Rs 13.61 crore for the quarter ending in June, up from Rs 6.05 crore in the same timeframe last year.

The company's total income rose sharply to Rs 901.40 crore from the previous Rs 669.85 crore, verifying robust growth. In line with strategic enhancements, Sobha Ltd's board has sanctioned the procurement of renewable energy through a captive consumption arrangement with Altilium Energie Pvt Ltd.

Under this initiative, Sobha Ltd will acquire a 26 percent stake in a special purpose vehicle, Altilium Solar 1 Pvt Ltd, with the remaining 74 percent held by Altilium Energie. This move supports sustainable energy use while also enhancing business operations and is coupled with record-breaking sales and a successful project launch in Greater Noida.