Sobha Developers (SOBHA) 3QFY17 net profit came in 3.4% ahead of estimates. The beat was on account of a new tower in the Sobha Dream Acres project contributing Rs 604mn to revenues. Net debt is stable at Rs 20.8bn (0.8x net D/E) and the company has guided for limited FY17E land/commercial assets capex, with debt likely to decline.