Sobha rose 2.44% to Rs 487 at 12:10 IST on BSE after the company reported 5.12% rise in consolidated net profit to Rs 59.50 crore on 24.29% rise in total income to Rs 676.80 crore in Q2 September 2014 over Q2 September 2013.
Meanwhile, the S&P BSE Sensex was almost unchanged at 28,008.69.
On BSE, so far 13,401 shares were traded in the counter as against average daily volume of 25,827 shares in the past one quarter.
The stock hit a high of Rs 499 and a low of Rs 475.95 so far during the day. The stock had hit a 52-week high of Rs 581 on 9 June 2014. The stock had hit a 52-week low of Rs 260.20 on 30 January 2014.
The stock had outperformed the market over the past one month till 12 November 2014, rising 21.99% compared with the Sensex's 6.51% rise. The scrip had also outperformed the market in past one quarter, gaining 12.28% as against Sensex's 8.22% rise.
The mid-cap real estate firm has an equity capital of Rs 98.06 crore. Face value per share is Rs 10.
During Q2 September 2014, the company achieved new sales of 833,991 square feet valued at Rs 559 crore with an average realisation of Rs 6,703 per square feet. The company also collected Rs 725 crore and generated net operational cash flow of' Rs 92.80 crore. The current debt-equity ratio is 0.70 with a net debt of Rs 1678 crore as at 30 September 2014. The increase in the debt in mainly on account of investment in new opportunities in Cochin and Pune, dividend pay-out and capex. The unbilled revenue as of 30th September, 2014 is Rs 2210 crore on the sales made so far, out of which a minimum of Rs 708 crore is expected to be recognised during the second half of the financial year ending 31 March 2015 (FY 2015).
Talking about the growth prospects, Mr. J.C. Sharma Vice Chairman and Managing Director, Sobha said, We have a healthy pipeline of about 15 million square feet of new project launches planned in the next few quarters in our existing geographies. In the last 20 years, we have completed and delivered 95 real estate and 253 contractual projects totalling 65.83 million square feet of area. We are probably the only player in the real estate arena to deliver international quality projects to this size and scale. In addition to this, we have about 50 ongoing residential projects aggregating to 31.14 million square feet of developable area and 23.96 million square feet of saleable area.
On the contractual front, we have 31 ongoing projects covering 9.35 million square feet under various stages of construction. This is a mere indication of our delivery capabilities and we are hopeful that we will continue to cater to the emerging needs of the realty industry, he added.
Separately, Sobha said after market hours on Wednesday, 12 November 2014, that the company is planning to launch 'Aspirational Homes'in Balagere, Bengaluru, a first of its kind for the company. It will not just cater to the residential aspirations of the salaried professionals but will also be ideally suited to the requirements of the nuclear families in today's scenario. The project is expected to have a total developable area of 10.26 million square feet and total super built-up area of 7.57 million square feet, set on a total land area of 81 acres.
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