Sobha gains over 1% after robust sales of Rs1,047.5cr in Q3FY22

10 Jan 2022 , 11:56 AM

Sobha Limited reported a sales volume of 13,22,684 square feet of super built-up area valued at Rs1,047.5cr in Q3FY22, up from a sales volume of 11,33,574 square feet of super built-up area valued at Rs887.6cr in Q3FY21. Sobha’s share of sale value stood at Rs908.2cr during the quarter, up from Rs677.7cr in the same quarter last year.

“Bengaluru, which is our primary market has shown outstanding sales performance during the quarter. Gurugram, Pune, and GIFT CITY have also performed well during the quarter and as a result, for nine months they have already crossed sales volumes achieved during FY21. The Kerala region sales performance was subdued due to sustained covid restrictions and the impact of the flood. We expect performance to improve in the coming quarters,” the company said in a filing on Friday.

At around 12.00 noon, Sobha Ltd was trading at Rs862.20 per share up by Rs8.95 or 1.05% from its previous closing of Rs853.25 per share on the BSE. The scrip opened at Rs872 and has touched a high and low of Rs891 and Rs861.45 respectively.

Key Operational Highlights – Q3FY22

• Achieved quarterly sales volume of 1,322,684 square feet of super built-up area valued at Rs10.48 billion.
• Achieved best ever Sobha Share of sale value of Rs9.08 billion during the quarter.
• Total sales volume, sale value, Sobha share of sale value are up by 17%, 18%, 34% respectively as compared to Q3-21.
• Average price realization during the quarter has grown by 4% as compared to Q2-22.
• Bengaluru sales volume has grown by 20% and 22% as compared to Q2-22 and Q3-21 respectively.
• Gurugram sales volume has grown by 97% as compared to Q3-21.
• During the quarter, we have launched ‘Sobha Avalon’ residential project in GIFT CITY with super builtup area of 329,550 square feet.
• Cash flow remains healthy during the.quarter which has resulted in further net debt reduction.
• Our average cost of borrowing has also come down during the quarter