Sobha Developers Ltd's Q2FY17 consolidated net profit declines 11.6% yoy to Rs.35.10 crore : Estimates Mixed

India Infoline Research Team | November 21, 2016 17:47 IST

Sobha Developers Ltd Q2FY17

Consolidated Results Q2FY17: (Rs. in crore)

Q2FY17 YoY (%)
Revenue 541.10 8.2
EBITDA 103.40 [4.7]
EBITDA Margin (%) 19.1 [259]
Net Profit (adjusted) 35.10 [11.6]
***EBITDA margin change is bps

Sobha Ltd.’s consolidated Q2FY17 result came in mixed against Bloomberg estimates. Revenue came in 8.5% higher than the estimate of Rs 499 cr. EBITDA stood 13.4% higher than the estimate of Rs 91 cr. However, net profit was 11.6% lower than the estimated figure of Rs 40 cr.

Revenue for the quarter increased 8.2% yoy to Rs 541.1 cr. This was led by 10% yoy growth in real estate segment.

EBITDA decreased by 4.7% yoy to Rs 103.4 cr led by 259 bps yoy fall in EBITDA margins. This was primarily driven by 7.8% & 6.4% yoy increase in expenses of subcontractors & other charges and purchase of project material respectively.

 Reported net profit was decreased by 11.6% yoy to Rs 35.1 cr. This was led by higher effective tax rate (increased to 43% from 36%).

Technical View:

Sobha Ltd is currently trading at Rs. 243, up by 2.6 points or 1.08% from its previous closing of Rs. 240.4 on the BSE.
The scrip opened at Rs. 242 and has touched a high and low of Rs. 245 and Rs. 237.7 respectively. So far 309062(NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.

BSE 543.10 [7.45] ([1.35]%)
NSE 542.85 [7.70] ([1.40]%)

***Note: This is a NSE Chart



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