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Sobha spurts on impressive sales growth in Q2

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Sobha jumped 17.25% to Rs 458.75 at 15:11 on after the company reported impressive growth in sales value in Q2 September 2017 over Q2 September 2016.

The announcement was made after market hours on Friday, 6 October 2017.

Meanwhile, the S&P Sensex was up 39.39 points or 0.12% at 31,853.61. The S&P Mid-Cap index fell 8.73 points or 0.06% at 15,831.42.

On the BSE, 3.56 lakh shares were traded on the counter so far as against the average daily volumes of 30,192 shares in the past one quarter. The stock had hit a high of Rs 469.50 so far during the day, which is a 52-week high. The stock hit a low of Rs 411 so far during the day. The stock had hit a 52-week low of Rs 224.05 on 22 November 2016.

The stock had underperformed the market over the past one month till 6 October 2017, sliding 2.37% compared with the Sensex's 0.48% rise. The stock had also underperformed the market over the past one quarter, declining 1.22% as against the Sensex's 1.42% rise. The scrip had, however, outperformed the market over the past one year, gaining 26.41% as against the Sensex's 13.19% rise.

The mid-cap company has equity capital of Rs 96.30 crore. Face value per share is Rs 10.

Sobha's sales value rose 14.37% to Rs 592.70 crore in Q2 September 2017 over Q2 September 2016. The company's new sales volume grew marginally by 0.63% to 8.61 lakh square feet in Q2 September 2017 over Q2 September 2016.

Sobha continued to perform well in its principal market Bengaluru. This was supported adequately by an improved performance in the Kochi market followed with a consistent traction in other markets. Further, it is notable that the company has achieved this without launching any new projects, Sobha said in a statement.

On a consolidated basis, Sobha's net profit rose 32.9% to Rs 47.70 crore on 18.4% growth in net sales to Rs 674.90 crore in Q1 June 2017 over Q1 June 2016.

Sobha Group is one of the largest real estate organisations in India and the Middle East.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, October 09 2017. 15:10 IST
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