Yesterday, it was Titan which published its Q1FY19 estimates and today it is realty company, Sobha. Unlike Titan, Sobha had good news to share and little wonder that it is currently the top gainer on the BSE. The stock price rose over 6% to Rs.507.
The company has said that despite the challenging environment – RERA and GST, low demand, Sibha has done well for Q1FY19.
The Company during the first quarter achieved new sales volume of 960,085 square feet total valued at Rs.762 crore with an average realisation of Rs.7 941 per square feet (SOBHA Share of sales value at Rs.612 crore with an average realisation of Rs.6,373 per square feet).
The sales volume and total sales value were up by 18% and 22% respectively as compared to corresponding quarter of last year. The markets of Bengaluru, Gurugram and Kochi continue to perform well and are ably supported by the Coimbatore and Mysore.
During this quarter, Sobha announced an investment of over Rs.500 crore towards residential development in Gujarat International Finance Tech-City (GIFT City) and have other launches planned in multiple cities over the next few quarters.
During the first quarter, the company had launched one plotted development project namely, 'Sobha Meadows', in Mysore, measuring total saleable area of 0.13 million square feet. Also, it has received RERA approval for one of its Bangalore project during last week of June 20, namely Sobha Lake Gardens' at Old Madras Road, having total saleable area of 0.89 million square feet. This project will be released for sale during July, 2018.