Sobha Limited shares attained a growth of 4 per cent on the National stock exchange in opening deals on Monday after the real estate developer reported sturdy sales performance for the December quarter.
The company shares are valued at Rs 864.00 apiece with a rise of 1.36 per cent on NSE Sensex(+11.60) today at 11.14 IST. The Bengaluru based company said that it has acquired a sales volume of 1.32 million square feet (MSF), up 17% year-on-year (YoY) with the sale value at Rs 1,048 crores, up 18% year-on-year buy including its shares in joint development projects in its operational update. Despite the growth, sales declined to 2%. Average receipts on a per square foot basis rose by 4% sequentially but were flat as compared to Q3FY21.
Sales volume in the Bengaluru region was approximately 0.96 MSF, up 20% sequentially and 22% year-on-year. Bengaluru continued to be the apex market for the company, contributing 72% to the total sales volume in Q3FY22.
In its press release, they have already exceeded the sales volume achieved during FY2011. The company said that Gurugram, Pune and GIFT City also performed well during the quarter. It added that Gurugram’s sales volume grew by 97% in Q3FY22.
During the July-September period, Sobha achieved its best quarterly sales volume of 13.48 lakh square feet of super built-up area valued at Rs 1,030 crore. It rose as much as 10.36 per cent to hit a record high of Rs 976.70 after its profit tripled in the September quarter.
“Overall cash flow with significant collections from real estate business. With a focus on rapidly monetising its land bank and not expected to do significant investment in land, Sobha is expected to maintain such cashflow momentum and continue to deleverage (expected to surpass the target debt/equity of 1:1) going forward,” the domestic brokerage house said in a report on 10 January.
Sobha Limited (SL) is a leading real estate developer engaged in the business of construction development sale management & operation of all or any part of townships housing projects commercial premises and other related activities.