Sobha gains after real estate operations update

Sobha was up 2.38% to Rs 573.50 at 09:17 IST on the BSE after the company reported 11% rise in sales volumes in Q1 June 2019 over Q1 June 2018.

The announcement was made after market hours yesterday, 4 July 2019.

Meanwhile, the S&P BSE Sensex was up by 119.96 points, or 0.30% to 40,028.02.

On the BSE, 1639 shares were traded in the counter so far compared with average daily volumes of 5.53 lakh shares in the past two weeks. The stock had hit a high of Rs 575 and a low of Rs 568.90 so far during the day. It hit a 52-week high of Rs 585 on 13 June 2019 and a 52-week low of Rs 380.50 on 10 October 2018.

Sobha said that the company has achieved new sales volume of 10.63 lakh square feet in total valued at Rs 778 crore, with a total average realisation of Rs 7,312 per square feet (Sobha share of sales value is at Rs 661 crore) in Q1 June 2019. The sales volume is up by 11% as compared to the corresponding quarter of last year.

The company reported a 7.91% fall in total average realization to Rs 7312 per square feet in Q1 June 2019 from Rs 7941 per square feet in Q1 June 2018. The company said that the average price realization will fluctuate quarter-on-quarter (Q-o-Q) due to change in sales mix across various projects.

On a consolidated basis, Sobha's net profit rose 73.2% to Rs 113.30 crore on a 81.6% rise in the net sales to Rs 1397.80 crore in Q4 March 2019 over Q4 March 2018.

Sobha is a real estate brand in India. It has made several developments in Bangalore, Kerela, Delhi - NCR, Chennai, Coimbatore, Mysore and Pune.

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