Sobha slips 4% amid profit-booking after record sales in December quarter

Sobha’s sales climbed 56.2 percent year-on-year to Rs 1,735 crore in the December quarter

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Shares of Sobha slipped 4 percent to Rs 1,245 in the early trade on January 5 as investors rushed to book profit, a day after the real estate company reported its highest-ever quarterly sales in the October-December period.

Sobha’s sales climbed 56.2 percent year-on-year (YoY) to Rs 1,735 crore in the December quarter, the company said in a business update on January 4. Average price realisation improved to Rs 11,732 a square feet, supported by the launch of Sobha Neopolis project.

In the past month, the stock has surged more than 33 percent against a 14 percent rise in the Nifty realty index. The counter touched a 52-week high of Rs 1,339 on January 4.

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Sobha’s quarterly new sales area remained steady at 1.6 million square feet, with a growth of 12.7 percent from the year-ago period. it achieved highest-ever quarterly sales of 1.25 million square feet in Bengaluru.

During the quarter, it launched two residential projects — Sobha Neopolis and Sobha Metropolis. Sobha Neopolis, which is in Bengaluru, has 19 wings and 1,875 apartments of sizes ranging from 660 to 2,481 square feet.

ALSO READ: Godrej Properties buys 4-acre land in Bengaluru to build premium homes; eyes Rs 1,000 crore revenue

Sobha Metropolis, launched in Kerala’s Thrissur, has 160 apartments. The units are spread over 1,885 to 2,843 square feet.

Analysts at Motilal Oswal shared a “buy” call on Sobha, with a target price of Rs 1,400 a share.

“After underperforming its listed peers on pre-sales growth over FY21-23, we believe Sobha is set to outperform in terms of growth given its focus on unlocking its vast land reserve and exploring external growth opportunities through its healthy balance sheet,” the brokerage firm said in its recent note.

The outperformance is also expected to be driven by improvements in profitability.

The monetisation of some of its large land parcels in Bengaluru will lead to a re-rating in its implied land valuation, analysts said.

Some of the key concerns include slowdown in residential absorption and  delay in monetisation of large land parcels.

The stock had pared some of the opening losses and was trading at Rs 1,278.70 on the National Stock Exchange at 9.24 am, down 1.28 percent from the previous close.

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