Sobha hits 52-week low after poor Q2 result

Sobha lost 4.1% to Rs 227.95 at 10:51 IST on BSE after consolidated net profit fell 1.03% to Rs 38.40 crore on 8.36% increase in total income to Rs 552.20 crore in Q2 September 2016 over Q2 September 2015.

The result was announced after market hours yesterday, 21 November 2016.

Meanwhile, the BSE Sensex was up 80.09 points, or 0.31%, to 25,845.23

On BSE, so far 9,547 shares were traded in the counter, compared with average daily volume of 13,180 shares in the past one quarter. The stock hit a high of Rs 234.05 so far during the day. The stock hit a low of Rs 224.05 in intraday trade so far, which is 52-week low for the counter. The stock hit a 52-week high of Rs 346 on 26 July 2016. The stock had underperformed the market over the past 30 days till 21 November 2016, falling 18.44% compared with the 8.23% decline in the Sensex. The scrip also underperformed the market in past one quarter, sliding 18.25% as against Sensex's 7.95% decline.

The small-cap company has equity capital of Rs 98.06 crore. Face value per share is Rs 10.

In Q2 September 2016, Sobha achieved new sales of 8.55 lakh square feet, valued at Rs 551 crore with an average realisation of Rs 6443 per square feet (Sobha's share of sale value stood at Rs 518 crore with an average realisation of Rs 6056 per square feet).

J.C. Sharma, Vice Chairman and Managing Director, Sobha said that the company has seen consistent improvement in cash flow and generated net positive operational cash flow for the past five consecutive quarters.

Sobha is a backward integrated real estate player. The company is primarily focused on residential and contractual projects.

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