Sobha share price up 4 % on strong Q1 business data

Bengaluru contributed 54 percent to the total sale value, with improved price realisation and product mix moving more towards luxury segment, the company has said

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Sobha share price rose 4 percent in the early trade on July 7 after the real estate developer achieved its highest-ever quarterly sale in the April-June period of the current financial year.

Sobha has reported a sale value of Rs 14.65 billion, with a growth of 27.9 percent over Q1FY23 and an marginal increase over Q4FY23. This was achieved with the highest-ever price realisation of Rs 10,506 per sft on a total saleable area of 1,394,117 sft, the company said.

Bengaluru contributed 54 percent to the total sale value, with improved price realization and product mix moving more towards luxury segment, the company said.

Kerala region sales witnessed a significant improvement of 55 percent growth over the previous quarter with the release of new inventory in Marina One in Kochi and SOBHA Metropolis in Thrissur.

The National Capital Region (NCR) has continued to do well with an established market presence. Demand for GIFT City projects is on the rise with improved development and visibility, it added.

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The company completed the construction of 0.97 mn sft of saleable area (624 homes) in Q1FY24.

Revival in housing demand, coupled with Sobha’s focus on cash flows and geographical expansion, should hold it in good stead. Cash flow improvement is a key stock catalyst, Nuvama Institutional Equities said.

The broking house awaits clarity on the ongoing regulatory/legal issues, and believes their resolution will be a key variable.

It maintains a “buy” rating on the stock with an unchanged SoTP-based target price of Rs 679.

At 9.24 am, Sobha was quoting at Rs 571.65, up Rs 16.25, or 2.93 percent on the BSE.