Sobha skids after reporting weak Q3 results

Sobha skidded 4.96% to Rs 270.95 at 11:30 IST on BSE after consolidated net profit fell 46.58% to Rs 32.10 crore on 41.62% fall in total income to Rs 400.90 crore in Q3 December 2015 over Q3 December 2014.

The result was announced after market hours on Friday, 5 February 2016.

Meanwhile, the BSE Sensex was up 51.98 points, or 0.21%, to 24,668.95.

On BSE, so far 7,737 shares were traded in the counter, compared with an average volume of 7,067 shares in the past one quarter. The stock hit a high of Rs 277.40 and a low of Rs 265.70 so far during the day. The stock hit a 52-week high of Rs 504.50 on 4 March 2015. The stock hit a 52-week low of Rs 244.20 on 23 September 2015. The stock had underperformed the market over the past one month till 5 February 2016, sliding 9.04% compared with 3.77% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 12.8% as against Sensex's 6.41% fall.

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

Sobha said revenue declined in Q3 December 2015 on account of higher volume of sales from projects which are yet to meet the revenue recognition threshold. The company's new sales volume rose 22% at 8.06 lakh square feet in Q3 December 2015 over Q3 December 2014. New sales value rose 12% to Rs 478.30 crore in Q3 December 2015 over Q3 December 2014.

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

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