Shares of real estate company Sobha gained 8 per cent and hit an intra-day high of Rs 465 on the BSE on Tuesday after the company said it has reported record sales bookings of Rs 1,072 crore during the last quarter of fiscal year 2020-21 (Q4FY21) despite the Covid-19 pandemic. Its sales bookings stood at Rs 695 crore in the Q4FY20 financial year.
In Q4FY21, the company’s gross sales volumes stood at 1.34 million square feet, up 48 per cent year on year (YoY) in volume terms, driven by a healthy uptick in Bengaluru and continued momentum in Kochi/Gurugram markets.
The company said Q4FY21 has been the best-ever quarter in the history of the company on all the operational parameters. The company’s foray into multiple regions is yielding results with market share gains across all the operating cities. Due to consistent demand across all the product segments at sustainable prices, the company was able to achieve the best-ever price realization of Rs 8,014 per square feet amongst la
Sobha Ltd - Record quarter for sales bookings - ICICI Securities
Posted On: 2021-04-06 02:27:56 (Time Zone: Arizona, USA)
As per Sobha s business update, the company has achieved its highest ever quarterly gross sales bookings in Q4FY21 at 1.34msf worth Rs10.7bn which is up 48% YoY in volume terms and 54% YoY in value terms. A strong QoQ uptick in Bengaluru and continued momentum in Kochi/Gurugram markets has enabled Sobha to cross pre-COVID sales bookings. For H2FY21, the company has achieved its guidance of achieving a YoY growth in sales bookings (up 25% YoY in volume and 38% YoY in value) and has ended FY21 with flattish gross sales volumes of 4.01msf worth Rs31.4bn (Sobha share at Rs24.8bn). We maintain our FY22/23E sales volume estimates of 4.7/5.0msf, respectively and retain our BUY rating with an unchanged SOTP based target price of Rs505/share. Key risks to our call are a slowdown in residential demand and rise in the company s debt levels.
Sobha Ltd - Sales bookings cross pre-COVID levels - ICICI Securities
Posted On: 2021-01-07 06:44:07 (Time Zone: Arizona, USA)
Sobha s Q3FY21 gross sales volumes of 1.13msf worth Rs8.9bn were up 6% YoY in volume terms and 22% YoY in value terms. A strong QoQ uptick in Bengaluru and continued momentum in Kochi/Gurugram markets has enabled Sobha to cross pre-COVID sales bookings inspite of minimal launches. The company maintains its guidance of achieving a YoY growth in H2FY21 sales bookings on the back of new launches and monetisation of existing inventory. We have raised our FY21/22E volume estimates by 25% to 3.9/4.7msf respectively (earlier 3.2/3.8msf) to reflect the improved performance. We retain our BUY rating with a revised SOTP based target price of Rs505/share (earlier Rs382) as we roll forward to Mar-22 NAV and build in higher sales volumes over FY21-23E. Ability to keep debt levels in check remains the key monitorable.
Realty scrips gain ground on Maharashtra fee waiver
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Realty stocks were in demand on Thursday after Sobha Ltd came out with strong Q3 volumes and the Maharashtra government slashed premiums and levies charged on construction by 50 per cent till December 31.
Analysts turned bullish on real estate counters, as they expect other State governments will also announce similar concession to the sector, which is one of the top job creator.
The BSE Realty index jumped 1.23 per cent on Thursday with Indiabulls Real Estate registering highest gains of 14.3 per cent at ₹89.65. Sobha jumped 7.6 per cent, while Brigade Enterprises, Mahindra Lifespace, Sunteck Relaty, DLF and Prestige Estates gained between 0.5 per cent and 2.5 per cent.