Sobha gains 8% after posting its highest quarterly sales volume ever, in Q1

7 Jul 2022 , 12:05 PM

Following the presentation of the company’s operating report for the quarter ending June 30, 2022, shares of Sobha Limited soared more than 8% in Thursday’s (07-07-2022) trading.

Sobha, a midcap business with a market cap of Rs 5,920.28 crore and active in the real estate industry, was founded in 1995.

The business said in a press statement sent to exchanges that its quarterly sales volume of 1.36 million square feet, up 51.7% year over year, was the largest ever (YoY). The company reported a 67.7% YoY increase in overall sales value to Rs 11.45 billion. It also stated that its portion of sales value, at Rs 9,517 million, was the largest ever.

According to the statement, “Bengaluru sales volume and value have been the greatest ever since inception on the strength of three new project launches for the firm and their cash flows remained solid during the quarter, resulting in additional net debt reduction.”

The stock was trading at Rs 624.20 at 10:15 a.m., up 6.8% from its previous closing of Rs 584.10. It got as high as Rs. 635.85 during the day.