Sobha hits 52-week low on disappointing Q2 results

The company's operational cash flows (OCFs) turned negative for the first time in the past five years

Shares of Sobha hit a 52-week low of Rs 402 on Wednesday, down 6 per cent, falling 9 per cent in the past two trading days on the BSE after it reported a disappointing set of numbers for the quarter ended September 2019 (Q2FY20).

In Q2FY20, the real estate developer’s profit before tax (PBT) grew in single digit by 4 per cent to Rs 187 crore over the previous year quarter. EBITDA (earnings before interest, tax, depreciation and amortisation) margin remained unchanged at 23 per cent. Operational revenue increased by 19 per cent to Rs 784 crore on year-on-year