Shares of Sobha Ltd were marginally higher on Wednesday after the property developer reported a 23 percent rise in June-quarter profit.
JC Sharma, vice chairman and managing director of the company, spoke to CNBC-TV18 about the Q1 performance.
Sharma said that they expect a double-digit growth going forward. According to him, the second half of the year is better than first year.
Talking about revenue, Sharma said, “As far as revenue recognition is concerned, I do understand that all of us have to follow accounting standard 115. This is basically a change in only the accounting method. Our context with the customers, our billing, our cash flows, our tax payments to the authorities will continue to remain the same.”
On business front, he said," We should be able to sell 4 million square feet of area in FY19. We are launching 1-2 projects every quarter and have a launch pipeline of 9 million square feet."