Sobha's sales momentum to continue in FY19, stock rises nearly 8%

Achieved record sales in FY18; expects to maintain growth on launches

Shares of Sobha on Friday settled with gains of nearly 8 per cent after the company reported strong sales for the second consecutive quarter and 2017-18.

In the March quarter, the company sold over a million square feet which fetched Rs 8.1 billion. Of this total amount, Sobha’s share was Rs 6.5 billion.

Realisations were also strong at Rs 7,993 per square feet, up 3.75 per cent year-on-year (y-o-y), reflecting higher share of premium projects. While projects in Kochi and Gurugram received good response, about three quarters of the company’s sales come from Bengaluru.

Sales on an annual basis, too,