Sobha jumps over 12% as sales bookings climb 49% YoY in Q2 FY22

Sobha surged 12.44% to Rs 852.85 after the company said its sales bookings rose 49.33% year-on-year to Rs 1,030.20 crore in Q2 September 2021 (Q2 FY22) on stable pickup in housing demand. The company had sold properties worth Rs 689.90 crore in the same quarter last year. In a regulatory filing, Sobha informed that sales bookings in volume terms rose to 13,48,864 square feet in Q2 FY22 from 8,91,700 square feet in Q2 FY21.

The company said it achieved the best-ever total sales volume and sale value of 22,44,403 square feet and Rs 1713 crore respectively during April-September of this fiscal year.

In the entire last fiscal year 2020-21, Sobha had clocked sales bookings of Rs 3,137.20 crore.

During the quarter, Sobha has achieved the best-ever sales volume at sustainable price realization. This was primarily driven by good sale numbers achieved in Bengaluru, Gurugram, Pune and GIFT CITY.

With the festive season coming in and our planned new launches in the coming quarters, we are expected to sustain momentum in the second half of the financial year, Sobha said.

Sobha is a real estate player primarily focused on residential and contractual projects. Its net profit soared 63.6% to Rs 10.80 crore on a 46.4% surge in net sales to Rs 512.30 crore in Q1 June 2021 over Q1 June 2020.

Overall, the benchmark equity indices traded with strong gains in the early trade on Thursday. At 09:55 IST, the S&P BSE Sensex was up 583 points or around 1% to 59,783. The Nifty 50 index added 172 points or 0.98% at 17,818. Among the Nifty 50 stocks, Tata Motors (up 4.94%), IndusInd Bank (up 1.80%), Mahindra and Mahindra (up 1.55%), ICICI Bank (up 1.14%) and Eicher Motors (up 1.13%) were the top index gainers. ONGC (down 1.81%), Divi’s Laboratories (down 0.81%), Coal India (down 0.54%), HDFC (down 0.03%) and Dr. Reddy’s Laboratories (down 0.02%) were the top index laggards.

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