Sobha Q1 sales bookings up 40% at Rs 683 cr despite 2nd Covid wave

Bengaluru-based realty firm Sobha Ltd's sales bookings rose by 40 per cent to Rs 682.9 crore during the first quarter of this fiscal on better demand for its properties despite the second wave of COVID-19.

The company had clocked sales bookings of Rs 487.7 crore in the year-ago period.

"Achieved total sales volume of 895,539 square feet of super built-up area valued at Rs 6.83 billion," Sobha said in an operational update for the April-June quarter of FY'22.

In terms of volume, sales bookings rose to 8,95,539 sq ft in the first quarter of this fiscal, from 6,50,400 sq ft in the corresponding period of the previous year.

Bengaluru sales volume rose 37 per cent as compared to Q1 FY21 despite stringent impact of the second wave of COVID-19 during the quarter.

During the quarter, Gurugram, Kochi, Thrissur, Pune and GIFT CITY have done quite well as compared to Q1 FY21 despite the impact of the second wave, it said.

"We believe, with the increased vaccination drive and effective lockdowns, the second wave has been contained. Economic activities have started opening, and it is expected that normalcy will return in the second half of FY-2021-22.

"However, we cannot completely rule out uncertainties and likely impact caused by second wave of the pandemic. We are also unsure about how and when the third wave will strike and with what consequences," Sobha said.

However, Sobha said it is going ahead with its plans to launch 13.35 million square feet area.

"We believe Sobha is strong enough to withstand any impact with resilience and is confident of keep improving its market share in the residential space," the company added.

Sobha Ltd had recorded sales bookings of Rs 3,137 crore during the last fiscal year as against Rs 2,880.6 crore in 2019-20.