Sobha Developers builds on good sales in Q1

The announcement was made during trading hours today, 4 July 2013.

Meanwhile, the S&P BSE Sensex was up 210.34 points or 1.1% at 19,388.10.

On BSE, 5,759 shares were traded in the counter as against average daily volume of 7,931shares in the past one quarter.

The stock hit a high of Rs 345 and a low of Rs 332.30 so far during the day. The stock had hit a 52-week high of Rs 472.40 on 13 February 2013. The stock had hit a 52-week low of Rs 322 on 30 August 2012.

The stock had underperformed the market over the past one month till 3 July 2013, sliding 12.81% compared with the Sensex's 2.21% fall. The scrip had also underperformed the market in past one quarter, declining 9.33% as against Sensex's 2% rise.

The mid-cap real estate developer has equity capital of Rs 98.06 crore. Face value per share is Rs 10.

Sobha Developers said that its sales value surged 25.7% to Rs 602.80 crore in Q1 June 2013 over Q1 June 2012. The average price realization rose 14.1% to Rs 6,548 per square feet (sq. ft) in Q1 June 2013 over Q1 June 2012.

During Q1 June 2013, the company had launched two projects in Bangalore viz. Sobha Landscape, a plotted development project admeasuring 0.20 million sq. ft and a commercial project at St. Mark's Road, Bangalore admeasuring total developable area of 0.35 million sq. ft (super built-up area of 0.20 million sq. ft).

Sobha Developers said the company remains positive about achieving the guidance set for FY 2014, albeit in a challenging economic environment.

Sobha Developers' consolidated net profit declined 28% to Rs 69.60 crore on 12.1% growth in net sales to Rs 585.40 crore in Q4 March 2013 over Q4 March 2012.

Sobha Developers is a real estate developer. It is primarily focused on residential and contractual projects.

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