Sobha spurts after strong Q4 sales

Sobha rose 8.64% to Rs 552 at 10:56 IST on BSE after the company reported impressive sales growth in Q4 March 2018.

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

Meanwhile, the S&P BSE Sensex was down 41.75 points, or 0.12% to 33,555.05.

On the BSE, 1.66 lakh shares were traded in the counter so far compared with average daily volumes of 22,000 shares in the past two weeks. The stock had hit a high of Rs 564 and a low of Rs 535 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 said its operational performance for the fourth quarter and for the financial year 2017-2018 has been the best ever in value terms, with growth across regions and product categories.

For the fourth quarter, the company has achieved new sales volume of 1.02 million square feet, total valued at Rs 812 crore at an average price realisation of Rs 7,993 per square feet (Sobha share of sales value at Rs 656 crore, at an average price realization of Rs 6,457 per square feet). Sales volume and values are up by 40% and 31% respectively as compared to corresponding quarter of last year and are up by 9% and 7.5% as compared to preceding quarter.

The company registered new sales volume of 3.63 million square feet, total valued at Rs 2861 crore at an average price realisation of Rs 7,892 per square feet at the close of financial year 2017-2018 (Sobha share of sales value at Rs 2422 crore, at an average price realization of Rs 6,680 per square feet, Sobha said.

The company's core market, Bangalore, has registered highest ever sales performance both in volume and value terms for the financial year 2017-18. The firm also registered improved performance in the markets of Kochi and Gurgaon.

During the fourth quarter, the company had launched two projects namely, 'Sobha Forest Edge', in Bangalore and 'Sobha Gardenia', in Chennai, measuring total saleable area of 0.63 million square feet.

On a consolidated basis, net profit of Sobha rose 35.53% to Rs 53.40 crore on 28.13% rise in net sales to Rs 691.90 crore in Q3 December 2017 over Q3 December 2016.

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

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