Sobha jumps after robust Q1 sales

Sobha gained 4.37% to Rs 497.70 at 14:28 IST on BSE after the company reported robust sales growth in Q1 June 2018.

The announcement was made after market hours yesterday, 5 July 2018.

Meanwhile, the S&P BSE Sensex was up 205.68 points, or 0.58% to 35,780.23

On the BSE, 57,000 shares were traded in the counter so far compared with average daily volumes of 16,000 shares in the past two weeks. The stock had hit a high of Rs 507 and a low of Rs 481 so far during the day. The stock hit a 52-week high of Rs 687 on 8 January 2018. The stock hit a 52-week low of Rs 344.50 on 11 August 2017.

Sobha announced that first quarter performance has been encouraging vis-a-vis the same quarter last year. The company during the first quarter achieved new sales volume of 960,085 square feet total valued at Rs 762.40 crore with an average realisation of Rs 7,941 per square feet (Sobha share of sales value at Rs 611.80 crore with an average realisation of Rs 6,373 per square feet). The sales volume and total sales value are up by 18% and 22% respectively as compared to corresponding quarter of last year.

The markets of Bengaluru, Gurugram and Kochi continue to perform well and are ably supported by the Coimbatore and Mysore. The company has received RERA approval for one of its Bangalore project during last week of June 2018, namely Sobha Lake Gardens having total saleable area of 0.89 million square feet. This project will be released for sale during July 2018.

On a consolidated basis, net profit of Sobha rose 39.15% to Rs 65.40 crore on 31.8% rise in net sales to Rs 769.60 crore in Q4 March 2018 over Q4 March 2017.

Sobha Group is one of the largest real estate organisations in India and the Middle East.

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