Shares of real estate player Sobha Ltd jumped over 10 percent on Tuesday after the company reported strong quarterly numbers.

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The stock has gained after two days of consecutive fall and hit a 52-week high at Rs 976.7 today. At 11:05 am, shares of the company were up 3.3 percent at Rs 914.3.

The company reported a 57 percent jump in consolidated revenue at Rs 819.1 crore while net profit grew nearly three times at Rs 48.3 crore during the quarter ended September.

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Corresponding quarter last year, Sobha Ltd had posted a revenue of Rs 522 crore and net profit of Rs 16.2 crore.

The company's revenue from the real estate segment doubled on-year to Rs 654.4 crore but sales from the contractual and manufacturing segment fell to Rs 186.3 crore from Rs 210.1 crore a year ago.

The company said work from home, low-interest rates, increased affordability, financially stable developers, significant pickup in the prospects of the information technology sector and increase in salaries will serve as primary demand drivers in the real estate sector.

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During the quarter, Bengaluru has performed well which is Sobha Ltd’s key market followed by good performance in Gurugram, Pune and GIFT CITY.

Besides, with the festive season coming in and the company’s planned new launches in the coming quarters, Sobha Ltd sees the momentum sustaining in the second half of the financial year.

Further, Sobha Ltd's net debt has shrunk by Rs 0.39 billion during the quarter despite dividend payment and its completed unsold inventory stands at Rs 0.44 million square feet as of September 30, 2021, which is one of the lowest in the real estate sector.

Sobha Ltd achieved its best-ever share of sale value of Rs 14.25 billion.

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First Published:Nov 9, 2021 11:57 AM IST