Demand recovery, new launches help Sobha deliver record performance

Stock gains 16 per cent on Q4 show, expectations of sharp reduction in debt

Led by strong demand and launches, Bengaluru-based real estate developer Sobha reported its highest-ever sales in the March 2021 quarter. The company, which launched 3-million sqft projects in the quarter, reported bookings worth Rs 1,072 crore, up 54 per cent YoY. Volumes in the quarter were 48 per cent higher YoY to 1.33 million sqft. The increase in realisations was on account of a higher proportion of sales in Gurugram and Kochi.

The strong operational performance led to a sharp 16 per cent jump in the stock price on Tuesday.

Thanks to the March quarter performance, the overall volumes for FY21 recovered