Sobha hits 52-week high on strong Q4 results

The stock surged 9% to Rs 448, also its 52-week high on BSE in early morning trade.

Sobha  surged 9% to Rs 448, also its 52-week high on the BSE in early morning trade, after the company reported 68% jump in its consolidated net profit at Rs 46.6 crore for the quarter ended March 2017 (Q4FY17). The real estate developer had logged profit of Rs 27.7 crore in the same quarter last year.

Total income during the reporting quarter increased 6% to Rs 601 crore from Rs 566 crore in the corresponding period of the previous year.

Earnings before interest, tax, depreciation and amortization (EBITDA) margin declined marginally to 22% from 22.7% in previous year quarter.

Commenting on the outlook for this fiscal, Sobha's Vice Chairman and MD J C Sharma said, "The Company is confident of performing better in both operational and financial parameters in FY18".

"In view if RERA and GST getting implemented, the Board has deemed it appropriate to defer in giving guidance for the current financial year," he added.

At 09:30 am; the stock was up 7% at Rs 441 on BSE, as compared to 0.02% decline in the S&P BSE Sensex. A combined 785,300 shares changed hands on the counter on the BSE and NSE so far.