Sobha is having quite a roller coaster day. The stock, which had closed yesterday at Rs.712.95, opened much higher today at Rs.730, even going up to an intraday high at Rs.744.85, on the back of an over two-times surge in volume. From there though it fell to Rs.711.50 and is now trading at Rs.713 levels.
The company published its operational update for Q4FY22, wherein it said that during FY-22 it achieved best ever sales volume and sale value. This was achieved despite operational hurdles at the start of quarter due to Omicron wave.
During FY-22, Bengaluru, Pune, Gurugram, and GIFT City regions have shown high growth in terms of sales value & volume which is the highest ever since inception. Cash flows during the year remains strong resulting in net debt reduction as compared to FY-21.
The company improved the price realization from past few quarters, which would act as margin protection against recent cost increase.
In Q4FY22, the company achieved total sales volume of 1.34 million square feet of super built-up area and highest ever realization of Rs. 11.10 billion. Its share of sales value was the highest ever since inception.
Due to consistent demand across all the product segments and price increase, it was able to achieve best ever price realization of Rs. 8,265 per square feet. Its sales volume achieved by Gurugram region in Q4 was the highest ever since start of operations in the region.